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v3.25.3

Business Segments (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Summarized Unaudited Financial Information by Business Segments | Summarized financial information by business segment is as follows.
Real Estate Management Services | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2025 | 2024 |  | 2025 | 2024
Workplace Management | $ | 3,423.6 |  | 3,164.6 |  |  | $ | 10,036.3 |  | 9,057.4 |
Project Management | 967.9 |  | 771.3 |  |  | 2,687.0 |  | 2,215.8 |
Property Management | 461.1 |  | 452.3 |  |  | 1,361.1 |  | 1,318.6 |
Portfolio Services and Other | 129.8 |  | 132.3 |  |  | 361.4 |  | 367.8 |
Revenue | $ | 4,982.4 |  | 4,520.5 |  |  | $ | 14,445.8 |  | 12,959.6 |
Less: |  |  |  |  |
Platform compensation and benefits | $ | 475.2 |  | 436.4 |  |  | $ | 1,372.6 |  | 1,253.4 |
Platform operating, administrative and other | 148.4 |  | 159.5 |  |  | 435.1 |  | 434.9 |
Gross contract costs | 4,255.5 |  | 3,829.9 |  |  | 12,358.8 |  | 11,016.1 |
Add: |  |  |  |  |
Equity earnings | 0.1 |  | 1.1 |  |  | 1.0 |  | 2.5 |
Other segment items | (1.2) |  | (1.3) |  |  | (5.2) |  | (3.2) |
Adjusted EBITDA | $ | 102.2 |  | 94.5 |  |  | $ | 275.1 |  | 254.5 |
Depreciation and amortization(1) | $ | 25.1 |  | 32.0 |  |  | $ | 84.9 |  | 88.3 |
(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.
Leasing Advisory | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2025 | 2024 |  | 2025 | 2024
Leasing | $ | 719.1 |  | 665.4 |  |  | $ | 1,936.7 |  | 1,781.8 |
Advisory, Consulting and Other | 22.8 |  | 26.1 |  |  | 68.1 |  | 72.3 |
Revenue | $ | 741.9 |  | 691.5 |  |  | $ | 2,004.8 |  | 1,854.1 |
Less: |  |  |  |  |
Platform compensation and benefits | $ | 538.3 |  | 494.9 |  |  | $ | 1,444.4 |  | 1,337.4 |
Platform operating, administrative and other | 64.2 |  | 55.5 |  |  | 198.8 |  | 174.4 |
Gross contract costs | 3.1 |  | 9.7 |  |  | 8.4 |  | 24.4 |
Add: |  |  |  |  |
Equity earnings | — |  | — |  |  | — |  | 0.1 |
Other segment items | 0.6 |  | 0.3 |  |  | 1.1 |  | 0.6 |
Adjusted EBITDA | $ | 136.9 |  | 131.7 |  |  | $ | 354.3 |  | 318.6 |
Depreciation and amortization | $ | 10.9 |  | 9.1 |  |  | $ | 33.9 |  | 27.2 |
Capital Markets Services | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2025 | 2024 |  | 2025 | 2024
Investment Sales, Debt/Equity Advisory and Other | $ | 479.5 |  | 371.8 |  |  | $ | 1,172.7 |  | 950.8 |
Value and Risk Advisory | 89.9 |  | 86.0 |  |  | 269.2 |  | 262.0 |
Loan Servicing | 42.7 |  | 41.0 |  |  | 125.8 |  | 121.2 |
Revenue | $ | 612.1 |  | 498.8 |  |  | $ | 1,567.7 |  | 1,334.0 |
Less: |  |  |  |  |
Platform compensation and benefits | $ | 436.8 |  | 365.5 |  |  | $ | 1,140.4 |  | 994.2 |
Platform operating, administrative and other | 85.8 |  | 62.3 |  |  | 251.5 |  | 206.4 |
Gross contract costs | 1.5 |  | 11.5 |  |  | 4.3 |  | 36.9 |
Add: |  |  |  |  |
Equity earnings | 0.8 |  | 0.2 |  |  | 3.2 |  | 0.8 |
Other segment items | 1.1 |  | 6.0 |  |  | 18.5 |  | 27.2 |
Adjusted EBITDA | $ | 89.9 |  | 65.7 |  |  | $ | 193.2 |  | 124.5 |
Depreciation and amortization | $ | 9.8 |  | 16.6 |  |  | $ | 46.2 |  | 50.3 |
Investment Management | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2025 | 2024 |  | 2025 | 2024
Advisory fees | $ | 93.0 |  | 92.7 |  |  | $ | 275.6 |  | 278.1 |
Transaction fees and other | 5.9 |  | 8.6 |  |  | 20.9 |  | 24.4 |
Incentive fees | 16.5 |  | — |  |  | 20.5 |  | 4.8 |
Revenue | $ | 115.4 |  | 101.3 |  |  | $ | 317.0 |  | 307.3 |
Less: |  |  |  |  |
Platform compensation and benefits | $ | 68.0 |  | 59.8 |  |  | $ | 187.2 |  | 180.1 |
Platform operating, administrative and other | 16.1 |  | 18.7 |  |  | 49.9 |  | 52.1 |
Gross contract costs | 7.8 |  | 9.3 |  |  | 24.3 |  | 26.5 |
Add: |  |  |  |  |
Other segment items | 0.2 |  | 0.5 |  |  | 0.2 |  | 9.1 |
Adjusted EBITDA | $ | 23.7 |  | 14.0 |  |  | $ | 55.8 |  | 57.7 |
Depreciation and amortization | $ | 2.7 |  | 1.9 |  |  | $ | 8.4 |  | 5.9 |
Equity earnings (losses) | $ | 9.3 |  | (13.8) |  |  | $ | 1.9 |  | (25.0) |
Software and Technology Solutions | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2025 | 2024 |  | 2025 | 2024
Revenue | $ | 58.6 |  | 56.7 |  |  | $ | 171.6 |  | 167.0 |
Less: |  |  |  |  |
Platform compensation and benefits | $ | 46.4 |  | 48.1 |  | $ | 143.9 |  | 146.8
Platform operating, administrative and other | 13.0 |  | 12.8 |  | 42.3 |  | 35.7
Gross contract costs | 0.8 |  | 1.4 |  | 2.0 |  | 4.0 |
Add: |  |  |  |  |
Other segment items | 0.5 |  | — |  |  | 1.4 |  | — |
Adjusted EBITDA | $ | (1.1) |  | (5.6) |  |  | $ | (15.2) |  | (19.5) |
Depreciation and amortization | $ | 8.2 |  | 4.9 |  |  | $ | 20.7 |  | 14.2 |
The following table is a reconciliation of segment revenue to consolidated revenue.
| Three Months Ended September 30, | Nine Months Ended September 30,
(in millions) | 2025 | 2024 | 2025 | 2024
Real Estate Management Services | $ | 4,982.4 |  | 4,520.5 |  | 14,445.8 |  | 12,959.6 |
Leasing Advisory | 741.9 |  | 691.5 |  | 2,004.8 |  | 1,854.1 |
Capital Markets Services | 612.1 |  | 498.8 |  | 1,567.7 |  | 1,334.0 |
Investment Management | 115.4 |  | 101.3 |  | 317.0 |  | 307.3 |
Software and Technology Solutions | 58.6 |  | 56.7 |  | 171.6 |  | 167.0 |
Total Revenue | $ | 6,510.4 |  | 5,868.8 |  | 18,506.9 |  | 16,622.0 |
The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders.
| Three Months Ended September 30, | Nine Months Ended September 30,
(in millions) | 2025 | 2024 | 2025 | 2024
Adjusted EBITDA - Real Estate Management Services | $ | 102.2 |  | 94.5 |  | $ | 275.1 |  | 254.5 |
Adjusted EBITDA - Leasing Advisory | 136.9 |  | 131.7 |  | 354.3 |  | 318.6 |
Adjusted EBITDA - Capital Markets Services | 89.9 |  | 65.7 |  | 193.2 |  | 124.5 |
Adjusted EBITDA - Investment Management | 23.7 |  | 14.0 |  | 55.8 |  | 57.7 |
Adjusted EBITDA - Software and Technology Solutions | (1.1) |  | (5.6) |  | (15.2) |  | (19.5) |
Adjusted EBITDA - All Other | (4.3) |  | (2.2) |  | 0.6 |  | (4.3) |
Adjusted EBITDA - Consolidated | $ | 347.3 |  | 298.1 |  | $ | 863.8 |  | 731.5 |
Adjustments: |  |  |  |
Restructuring and acquisition charges | $ | (11.7) |  | 8.8 |  | $ | (52.7) |  | (4.4) |
Interest on employee loans, net of forgiveness | 1.5 |  | 1.8 |  | 5.1 |  | 4.1 |
Equity earnings (losses) - Investment Management and Proptech Investments(1) | 26.6 |  | (2.2) |  | (29.1) |  | (23.4) |
Credit losses on convertible note investments | (2.2) |  | (6.3) |  | (2.9) |  | (6.3) |
Net non-cash MSR and mortgage banking derivative activity | (0.2) |  | (5.1) |  | (17.3) |  | (25.9) |
Interest expense, net of interest income | (29.2) |  | (38.1) |  | (89.1) |  | (110.3) |
Income tax provision | (52.6) |  | (37.4) |  | (93.3) |  | (73.8) |
Depreciation and amortization(1) | (56.7) |  | (64.5) |  | (194.1) |  | (185.9) |
Net income attributable to common shareholders | $ | 222.8 |  | 155.1 |  | $ | 390.4 |  | 305.6 |
(1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders.

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- 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
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