XML 228 R38.htm IDEA: XBRL DOCUMENT
v3.25.3

Segments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Summarized Financial Information by Segment | 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) |
Schedule of Reconciliation of Segment Operating Profit to Net Income | 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.
Schedule of 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 |

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration