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v3.25.3

Segments - Schedule of Segment Profit (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2025 | Sep. 30, 2024
Segment Reporting Information [Line Items] |  |  |  |
Revenue | $ 10,258 | $ 9,036 | $ 28,921 | $ 25,363
Other adjustments to segment operating profit (loss): |  |  |  |
Equity income (loss) from unconsolidated subsidiaries | 53 | (4) | 50 | (77)
Other income (loss) | 3 | 12 | 10 | 26
Gain (Loss) on disposition of real estate | 36 | (1) | 55 | 12
Operating income | 481 | 368 | 1,131 | 819
Operating Segments |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |
Revenue | 10,258 | 9,036 | 28,921 | 25,363
Pass-through costs | 4,211 | 3,718 | 12,095 | 10,629
Cost of revenue, excluding pass-through costs | 4,093 | 3,534 | 11,416 | 9,892
Operating expenses and allocations | 1,328 | 1,237 | 3,794 | 3,538
Other adjustments to segment operating profit (loss): |  |  |  |
Equity income (loss) from unconsolidated subsidiaries | 53 | (4) | 50 | (77)
Other income (loss) | 3 | 12 | 10 | 26
Gain (Loss) on disposition of real estate | 36 | (1) | 55 | 12
Other segment adjustments | 103 | 126 | 310 | 262
Operating income | 821 | 680 | 2,041 | 1,527
Corporate, other and eliminations |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |
Revenue | (9) | (7) | (20) | (16)
Pass-through costs | 0 | 0 | 0 | 0
Cost of revenue, excluding pass-through costs | (2) | (2) | 0 | 3
Operating expenses and allocations | 183 | 162 | 542 | 443
Other adjustments to segment operating profit (loss): |  |  |  |
Equity income (loss) from unconsolidated subsidiaries | 1 | (10) | 24 | (102)
Other income (loss) | 1 | 3 | (1) | 15
Gain (Loss) on disposition of real estate | 3 | 0 | 3 | 0
Other segment adjustments | 51 | 55 | 180 | 137
Operating income | (134) | (119) | (356) | (412)
Advisory Services | Operating Segments |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |
Revenue | 2,235 | 1,913 | 5,925 | 5,151
Pass-through costs | 13 | 17 | 39 | 43
Cost of revenue, excluding pass-through costs | 1,298 | 1,105 | 3,403 | 2,941
Operating expenses and allocations | 481 | 447 | 1,364 | 1,304
Other adjustments to segment operating profit (loss): |  |  |  |
Equity income (loss) from unconsolidated subsidiaries | 0 | (9) | 0 | (8)
Other income (loss) | 1 | 2 | 4 | 2
Gain (Loss) on disposition of real estate | 0 | 0 | 0 | 0
Other segment adjustments | 0 | 22 | 2 | 22
Operating income | 444 | 359 | 1,125 | 879
Building Operations & Experience | Operating Segments |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |
Revenue | 5,794 | 5,145 | 16,913 | 14,700
Pass-through costs | 3,085 | 2,804 | 9,147 | 8,114
Cost of revenue, excluding pass-through costs | 2,119 | 1,830 | 6,095 | 5,165
Operating expenses and allocations | 348 | 282 | 983 | 885
Other adjustments to segment operating profit (loss): |  |  |  |
Equity income (loss) from unconsolidated subsidiaries | 3 | 0 | (14) | 4
Other income (loss) | 1 | (1) | 6 | 1
Gain (Loss) on disposition of real estate | 0 | 0 | 0 | 0
Other segment adjustments | 39 | 16 | 82 | 76
Operating income | 285 | 244 | 762 | 617
Project Management | Operating Segments |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |
Revenue | 2,027 | 1,683 | 5,444 | 4,766
Pass-through costs | 1,113 | 897 | 2,909 | 2,472
Cost of revenue, excluding pass-through costs | 639 | 541 | 1,797 | 1,622
Operating expenses and allocations | 124 | 117 | 365 | 320
Other adjustments to segment operating profit (loss): |  |  |  |
Equity income (loss) from unconsolidated subsidiaries | 0 | 1 | 0 | 0
Other income (loss) | 0 | 0 | 1 | 2
Gain (Loss) on disposition of real estate | 0 | 0 | 0 | 0
Other segment adjustments | 2 | 0 | 13 | (22)
Operating income | 153 | 129 | 387 | 332
Real Estate Investments | Operating Segments |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |
Revenue | 211 | 302 | 659 | 762
Pass-through costs | 0 | 0 | 0 | 0
Cost of revenue, excluding pass-through costs | 39 | 60 | 121 | 161
Operating expenses and allocations | 192 | 229 | 540 | 586
Other adjustments to segment operating profit (loss): |  |  |  |
Equity income (loss) from unconsolidated subsidiaries | 49 | 14 | 40 | 29
Other income (loss) | 0 | 8 | 0 | 6
Gain (Loss) on disposition of real estate | 33 | (1) | 52 | 12
Other segment adjustments | 11 | 33 | 33 | 49
Operating income | $ 73 | $ 67 | $ 123 | $ 111

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