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Segments | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segments | Segments In January 2025, we combined our project management business with our Turner & Townsend majority-owned subsidiary and created a fourth reportable segment, Project Management. In addition, on January 16, 2025, we acquired full ownership of Industrious, a provider of premium flexible workplace solutions and established a new business segment, Building Operations & Experience, comprised of enterprise and local facilities management, property management and flexible workplace solutions. In connection with the transactions described above, we reorganized our operations around and publicly report our financial results on four reportable segments – Advisory Services, Building Operations & Experience, Project Management and Real Estate Investments. We have recast prior period segment results to conform with the current presentation. In addition, we also have a “Corporate, other and eliminations” segment. Our Corporate segment primarily consists of corporate costs for leadership and certain other central functions. We track our strategic non-core equity investments in “other” which is considered an operating segment and reported together with Corporate as it does not meet the aggregation criteria for presentation as a separate reportable segment. These activities are not allocated to the other business segments. Corporate and other also includes eliminations related to inter-segment revenue. Segment operating profit (SOP) is the measure reported to Robert Sulentic, CBRE’s Chair and Chief Executive Officer (CEO), who is our chief operating decision maker (CODM) for purposes of assessing performance and making decisions about allocating resources to each segment. The CODM uses SOP results compared to prior periods and previously forecasted amounts to assess performance and identify trends of ongoing operations within each segment. SOP excludes the impact of certain costs and charges that may obscure the underlying performance of our businesses and related trends, including restructuring charges and other costs incurred, which are outside the ordinary course of business. SOP represents earnings, inclusive of amounts attributable to non-controlling interests, before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization, and asset impairments. In addition, management excludes the following costs from SOP (Other segment adjustments): •integration and other costs related to acquisitions, •carried interest incentive compensation expense (reversal) to align with the timing of associated revenue, •charges related to indirect tax audits and settlements, •net results related to the wind-down of certain businesses, •the impact of fair value adjustments related to unconsolidated equity investments, •business and finance transformation, •costs associated with efficiency and cost-reduction initiatives, •costs incurred related to legal entity restructuring, and •provision associated with Telford’s fire safety remediation efforts. There have been no significant changes to the measurement methods of expenses or methods of allocating expenses to segments during 2025. Summarized financial information by segment is as follows (dollars in millions):
Three Months Ended September 30, 2025 | Advisory Services |  | Building Operations & Experience |  | Project Management |  | Real Estate Investments |  | Corporate, other and eliminations (3) |  | Consolidated
Revenue | 2,235 |  |  | 5,794 |  |  | 2,027 |  |  | 211 |  |  | (9) |  |  | 10,258 |
Pass-through costs (1) | 13 |  |  | 3,085 |  |  | 1,113 |  |  | — |  |  | — |  |  | 4,211 |
Cost of revenue, excluding pass-through costs | 1,298 |  |  | 2,119 |  |  | 639 |  |  | 39 |  |  | (2) |  |  | 4,093 |
Operating expenses and allocations | 481 |  |  | 348 |  |  | 124 |  |  | 192 |  |  | 183 |  |  | 1,328 |
Other adjustments to segment operating profit (loss): |  |  |  |  |  |  |  |  |  |  |
Equity income from unconsolidated subsidiaries | — |  |  | 3 |  |  | — |  |  | 49 |  |  | 1 |  |  | 53 |
Other income | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 3 |
Gain on disposition of real estate | — |  |  | — |  |  | — |  |  | 33 |  |  | 3 |  |  | 36 |
Other segment adjustments (2) | — |  |  | 39 |  |  | 2 |  |  | 11 |  |  | 51 |  |  | 103 |
Segment operating profit (loss) | $ | 444 |  |  | $ | 285 |  |  | $ | 153 |  |  | $ | 73 |  |  | $ | (134) |  |  | $ | 821 |
Three Months Ended September 30, 2024 | Advisory Services |  | Building Operations & Experience |  | Project Management |  | Real Estate Investments |  | Corporate, other and eliminations (3) |  | Consolidated
Revenue | 1,913 |  |  | 5,145 |  |  | 1,683 |  |  | 302 |  |  | (7) |  |  | 9,036 |
Pass-through costs (1) | 17 |  |  | 2,804 |  |  | 897 |  |  | — |  |  | — |  |  | 3,718 |
Cost of revenue, excluding pass-through costs | 1,105 |  |  | 1,830 |  |  | 541 |  |  | 60 |  |  | (2) |  |  | 3,534 |
Operating expenses and allocations | 447 |  |  | 282 |  |  | 117 |  |  | 229 |  |  | 162 |  |  | 1,237 |
Other adjustments to segment operating profit (loss): |  |  |  |  |  |  |  |  |  |  |
Equity (loss) income from unconsolidated subsidiaries | (9) |  |  | — |  |  | 1 |  |  | 14 |  |  | (10) |  |  | (4) |
Other income (loss) | 2 |  |  | (1) |  |  | — |  |  | 8 |  |  | 3 |  |  | 12 |
Loss on disposition of real estate | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Other segment adjustments (2) | 22 |  |  | 16 |  |  | — |  |  | 33 |  |  | 55 |  |  | 126 |
Segment operating profit (loss) | $ | 359 |  |  | $ | 244 |  |  | $ | 129 |  |  | $ | 67 |  |  | $ | (119) |  |  | $ | 680 |
Nine Months Ended September 30, 2025 | Advisory Services |  | Building Operations & Experience |  | Project Management |  | Real Estate Investments |  | Corporate, other and eliminations (3) |  | Consolidated
Revenue | 5,925 |  |  | 16,913 |  |  | 5,444 |  |  | 659 |  |  | (20) |  |  | 28,921 |
Pass-through costs (1) | 39 |  |  | 9,147 |  |  | 2,909 |  |  | — |  |  | — |  |  | 12,095 |
Cost of revenue, excluding pass-through costs | 3,403 |  |  | 6,095 |  |  | 1,797 |  |  | 121 |  |  | — |  |  | 11,416 |
Operating expenses and allocations | 1,364 |  |  | 983 |  |  | 365 |  |  | 540 |  |  | 542 |  |  | 3,794 |
Other adjustments to segment operating profit (loss): |  |  |  |  |  |  |  |  |  |  |
Equity (loss) income from unconsolidated subsidiaries | — |  |  | (14) |  |  | — |  |  | 40 |  |  | 24 |  |  | 50 |
Other income (loss) | 4 |  |  | 6 |  |  | 1 |  |  | — |  |  | (1) |  |  | 10 |
Gain on disposition of real estate | — |  |  | — |  |  | — |  |  | 52 |  |  | 3 |  |  | 55 |
Other segment adjustments (2) | 2 |  |  | 82 |  |  | 13 |  |  | 33 |  |  | 180 |  |  | 310 |
Segment operating profit (loss) | $ | 1,125 |  |  | $ | 762 |  |  | $ | 387 |  |  | $ | 123 |  |  | $ | (356) |  |  | $ | 2,041 |
Nine Months Ended September 30, 2024 | Advisory Services |  | Building Operations & Experience |  | Project Management |  | Real Estate Investments |  | Corporate, other and eliminations (3) |  | Consolidated
Revenue | 5,151 |  |  | 14,700 |  |  | 4,766 |  |  | 762 |  |  | (16) |  |  | 25,363 |
Pass-through costs (1) | 43 |  |  | 8,114 |  |  | 2,472 |  |  | — |  |  | — |  |  | 10,629 |
Cost of revenue, excluding pass-through costs | 2,941 |  |  | 5,165 |  |  | 1,622 |  |  | 161 |  |  | 3 |  |  | 9,892 |
Operating expenses and allocations | 1,304 |  |  | 885 |  |  | 320 |  |  | 586 |  |  | 443 |  |  | 3,538 |
Other adjustments to segment operating profit (loss): |  |  |  |  |  |  |  |  |  |  |
Equity (loss) income from unconsolidated subsidiaries | (8) |  |  | 4 |  |  | — |  |  | 29 |  |  | (102) |  |  | (77) |
Other income | 2 |  |  | 1 |  |  | 2 |  |  | 6 |  |  | 15 |  |  | 26 |
Gain on disposition of real estate | — |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  | 12 |
Other segment adjustments (2) | 22 |  |  | 76 |  |  | (22) |  |  | 49 |  |  | 137 |  |  | 262 |
Segment operating profit (loss) | $ | 879 |  |  | $ | 617 |  |  | $ | 332 |  |  | $ | 111 |  |  | $ | (412) |  |  | $ | 1,527 |
________________________________________________________________________________________________________________________________________ (1)Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work performed for clients. These costs are reimbursable by clients and the corresponding amounts owed are reflected within Revenue. (2)Other segment adjustments, as defined above. (3)Eliminations represent revenue from transactions between operating segments.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and Amortization |  |  |  |  |  |  |
Advisory Services | $ | 69 |  |  | $ | 67 |  |  | $ | 203 |  |  | $ | 192 |
Building Operations & Experience | 65 |  |  | 67 |  |  | 196 |  |  | 169 |
Project Management | 28 |  |  | 26 |  |  | 78 |  |  | 83 |
Real Estate Investments | 2 |  |  | 4 |  |  | 8 |  |  | 10 |
Corporate, other and eliminations | 17 |  |  | 14 |  |  | 55 |  |  | 43 |
Total depreciation and amortization | $ | 181 |  |  | $ | 178 |  |  | $ | 540 |  |  | $ | 497 |
Equity income (loss) from unconsolidated subsidiaries |  |  |  |  |  |  |
Advisory Services | $ | — |  |  | $ | (9) |  |  | $ | — |  |  | $ | (8) |
Building Operations & Experience | 3 |  |  | — |  |  | (14) |  |  | 4 |
Project Management | — |  |  | 1 |  |  | — |  |  | — |
Real Estate Investments | 49 |  |  | 14 |  |  | 40 |  |  | 29 |
Corporate, other and eliminations | 1 |  |  | (10) |  |  | 24 |  |  | (102) |
Equity income (loss) from unconsolidated subsidiaries | $ | 53 |  |  | $ | (4) |  |  | $ | 50 |  |  | $ | (77) |
Reconciliation of total segment operating profit to net income is as follows (dollars in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Net income attributable to CBRE Group, Inc. | $ | 363 |  |  | $ | 225 |  |  | $ | 741 |  |  | $ | 481 |  |
Net income attributable to non-controlling interests | 33 |  |  | 20 |  |  | 86 |  |  | 54 |  |
Net income | 396 |  |  | 245 |  |  | 827 |  |  | 535 |  |
Adjustments to increase (decrease) net income: |  |  |  |  |  |  |  |
Depreciation and amortization | 181 |  |  | 178 |  |  | 540 |  |  | 497 |  |
Interest expense, net of interest income | 50 |  |  | 64 |  |  | 159 |  |  | 163 |  |
Write-off of financing costs on extinguished debt | — |  |  | — |  |  | 2 |  |  | — |  |
Provision for income taxes | 91 |  |  | 67 |  |  | 203 |  |  | 70 |  |
Integration and other costs related to acquisitions | 60 |  |  | 22 |  |  | 204 |  |  | 30 |  |
Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue | 3 |  |  | (4) |  |  | 10 |  |  | 12 |  |
Charges related to indirect tax audits and settlements | — |  |  | 25 |  |  | (1) |  |  | 39 |  |
Net results related to the wind-down of certain businesses (1) | 30 |  |  | — |  |  | 44 |  |  | — |  |
Impact of fair value non-cash adjustments related to unconsolidated equity investments | — |  |  | 9 |  |  | 2 |  |  | 9 |  |
Business and finance transformation | 10 |  |  | — |  |  | 38 |  |  | — |  |
Costs associated with efficiency and cost-reduction initiatives | — |  |  | 41 |  |  | 13 |  |  | 137 |  |
Costs incurred related to legal entity restructuring | — |  |  | — |  |  | — |  |  | 2 |  |
Provision associated with Telford’s fire safety remediation efforts | — |  |  | 33 |  |  | — |  |  | 33 |  |
Total segment operating profit | $ | 821 |  |  | $ | 680 |  |  | $ | 2,041 |  |  | $ | 1,527 |  |
________________________________________________________________________________________________________________________________________ (1) In the first quarter of 2025, management made the decision to wind down Telford Homes’ legacy construction business. A new Telford entity, Telford Living, is developing residential housing in the U.K. under a new business model under which the company does not self-perform general contracting. In the third quarter of 2025, management made the decision to wind down certain businesses within the BOE Segment. Our CODM is not provided with total asset information by segment and accordingly, does not measure or allocate total assets on a segment basis. As a result, we have not disclosed any asset information by segment. Geographic Information Revenue in the table below is allocated based upon the country in which services are performed (dollars in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue |  |  |  |  |  |  |
United States | $ | 5,736 |  |  | $ | 5,210 |  |  | $ | 16,431 |  |  | $ | 14,302 |
United Kingdom | 1,446 |  |  | 1,257 |  |  | 4,066 |  |  | 3,537 |
All other countries | 3,076 |  |  | 2,569 |  |  | 8,424 |  |  | 7,524 |
Total revenue | $ | 10,258 |  |  | $ | 9,036 |  |  | $ | 28,921 |  |  | $ | 25,363 |

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- Definition The entire disclosure for reporting segments including data and tables. 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