Revenue growth has accelerated to 18.1% as of 2026Q1, though operating margins remain constrained at 4.9% due to the high SG&A costs required to support the firm's service platform.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Sales/Revenue | 42.17B | 40.55B | 35.77B | 31.95B | 30.83B | 27.75B | 23.83B | 23.89B | 21.34B | 18.63B | 17.37B | 10.86B | 9.05B | 7.18B | 6.51B | 5.91B | 5.12B | 4.17B | 5.13B | 6.03B | 4.03B | 2.91B | 2.37B | 1.63B | 1.17B | 562.83M |
| Revenue Growth % | 14.77% | 13.37% | 11.95% | 3.64% | 11.11% | 16.45% | -0.28% | 11.97% | 14.55% | 7.25% | 60% | 19.95% | 25.96% | 10.3% | 10.31% | 15.45% | 22.79% | -18.78% | -15% | 49.66% | 38.53% | 23.07% | 45.09% | 39.29% | 107.93% | - |
| Cost of Goods Sold | 27.41B | 34.48B | 28.75B | 25.65B | 24.21B | 21.58B | 19.01B | 18.69B | 16.45B | 14.31B | 13.38B | 7.08B | 5.61B | 4.19B | 3.74B | 3.46B | 2.96B | 2.45B | 2.93B | 3.2B | 2.11B | 1.47B | 1.2B | 796.41M | 0 | 0 |
| COGS % of Revenue | - | 85.03% | 80.37% | 80.28% | 78.52% | 77.78% | 79.77% | 78.22% | 77.08% | 76.79% | 77.06% | 65.25% | 62% | 58.31% | 57.45% | 58.54% | 57.87% | 58.76% | 57.06% | 53.04% | 52.34% | 50.51% | 50.9% | 48.86% | - | - |
| Gross Profit | 14.76B | 6.07B | 7.02B | 6.3B | 6.62B | 6.17B | 4.82B | 5.21B | 4.89B | 4.32B | 3.99B | 3.77B | 3.44B | 3B | 2.77B | 2.45B | 2.16B | 1.72B | 2.2B | 2.83B | 1.92B | 1.44B | 1.16B | 833.67M | 1.17B | 562.83M |
| Gross Margin % | 34.99% | 14.97% | 19.63% | 19.72% | 21.48% | 22.22% | 20.23% | 21.78% | 22.92% | 23.21% | 22.94% | 34.75% | 38% | 41.69% | 42.55% | 41.46% | 42.13% | 41.24% | 42.94% | 46.96% | 47.66% | 49.49% | 49.1% | 51.14% | 100% | 100% |
| Gross Profit Growth % | - | -13.52% | 11.45% | -4.86% | 7.38% | 27.91% | -7.39% | 6.42% | 13.12% | 8.49% | 5.63% | 9.72% | 14.8% | 8.08% | 13.21% | 13.6% | 25.45% | -21.99% | -22.28% | 47.46% | 33.39% | 24.04% | 39.3% | -28.76% | 107.93% | - |
| Operating Expenses | 13.19B | 4.78B | 5.61B | 5.18B | 5.11B | 4.53B | 3.85B | 3.95B | 3.8B | 3.25B | 3.17B | 2.94B | 2.65B | 2.38B | 2.11B | 2B | 1.72B | 1.48B | 2.99B | 2.08B | 1.37B | 1.07B | 964.75M | 756.65M | 1.06B | 500.1M |
| OpEx % of Revenue | - | 11.78% | 15.68% | 16.22% | 16.57% | 16.32% | 16.16% | 16.51% | 17.82% | 17.42% | 18.24% | 27.05% | 29.24% | 33.12% | 32.46% | 33.84% | 33.55% | 35.6% | 58.31% | 34.43% | 34.01% | 36.7% | 40.79% | 46.42% | 90.93% | 88.85% |
| Selling, General & Admin | 5.81B | 5.54B | 4.9B | 4.5B | 4.6B | 4.07B | 3.19B | 3.44B | 3.36B | 2.83B | 2.61B | 2.63B | 2.43B | 2.1B | 1.93B | 1.88B | 1.61B | 1.38B | 1.75B | 1.99B | 1.3B | 1.02B | 909.89M | 678.4M | 493.95M | 212.04M |
| SG&A % of Revenue | - | 13.67% | 13.69% | 14.1% | 14.92% | 14.68% | 13.4% | 14.38% | 15.73% | 15.2% | 15.04% | 24.26% | 26.83% | 29.29% | 29.65% | 31.88% | 31.43% | 33.21% | 34.06% | 32.96% | 32.34% | 35.13% | 38.47% | 41.62% | 42.21% | 37.67% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 1.58B | 1.29B | 1.41B | 1.12B | 1.51B | 1.64B | 969.76M | 1.26B | 1.09B | 1.08B | 816.83M | 835.94M | 792.25M | 616.13M | 670.59M | 462.86M | 446.38M | 241.84M | -788.47M | 698.97M | 550.14M | 372.41M | 171.01M | 40.2M | 106.06M | 62.73M |
| Operating Margin % | 3.76% | 3.19% | 3.95% | 3.5% | 4.9% | 5.9% | 4.07% | 5.27% | 5.1% | 5.79% | 4.7% | 7.7% | 8.75% | 8.58% | 10.29% | 7.84% | 8.73% | 5.81% | -15.37% | 11.58% | 13.64% | 12.79% | 7.23% | 2.47% | 9.06% | 11.15% |
| Operating Income Growth % | - | -8.42% | 26.5% | -26.12% | -7.64% | 68.8% | -23.03% | 15.8% | 0.86% | 32.06% | -2.29% | 5.51% | 28.59% | -8.12% | 44.88% | 3.69% | 84.57% | 130.67% | -212.8% | 27.05% | 47.73% | 117.77% | 325.45% | -62.1% | 69.07% | - |
| EBITDA | 2.27B | 2.06B | 2.11B | 1.76B | 2.13B | 2.16B | 1.45B | 1.7B | 1.54B | 1.48B | 1.18B | 1.15B | 1.06B | 806.52M | 840.23M | 578.58M | 554.76M | 341.31M | -673.9M | 820.62M | 637.83M | 424.52M | 240.55M | 132.82M | 130.68M | 74.93M |
| EBITDA Margin % | 5.38% | 5.08% | 5.91% | 5.52% | 6.89% | 7.8% | 6.09% | 7.11% | 7.22% | 7.97% | 6.82% | 10.59% | 11.68% | 11.23% | 12.9% | 9.8% | 10.85% | 8.19% | -13.14% | 13.6% | 15.82% | 14.59% | 10.17% | 8.15% | 11.17% | 13.31% |
| EBITDA Growth % | 0.8% | -2.55% | 19.84% | -16.99% | -1.76% | 49.09% | -14.61% | 10.33% | 3.72% | 25.43% | 2.93% | 8.77% | 31.1% | -4.01% | 45.22% | 4.29% | 62.54% | 150.65% | -182.12% | 28.66% | 50.25% | 76.48% | 81.12% | 1.64% | 74.4% | - |
| D&A (Non-Cash Add-back) | 686M | 766M | 701M | 647M | 613M | 526M | 481.04M | 439.22M | 451.99M | 406.11M | 366.93M | 314.1M | 265.1M | 190.39M | 169.65M | 115.72M | 108.38M | 99.47M | 114.57M | 121.65M | 87.69M | 52.12M | 69.54M | 92.62M | 24.61M | 12.2M |
| EBIT | 2B | 1.82B | 1.45B | 1.18B | 1.42B | 1.57B | 1.15B | 1.33B | 1.08B | 1.09B | 1.01B | 825.17M | 745.12M | 700.71M | 670.59M | 579.79M | 463.21M | 188.5M | -858.52M | 755.9M | 550.14M | 372.41M | 196.58M | 1.81B | 1.36B | 62.73M |
| Net Interest Income | -194M | -223M | -215M | -149M | -69M | -50.35M | -67.75M | -85.75M | -98.69M | -126.96M | -136.8M | -112.57M | -105.8M | -128.79M | -167.43M | -140.81M | -182.74M | -183.02M | -149.39M | -86.82M | -35.19M | -45.06M | -84.06M | -81.17M | -53.96M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.59M | 9.85M | 8.05M | 6.31M | 6.23M | 6.29M | 7.64M | 9.44M | 8.42M | 6.13M | 17.76M | 29M | 9.82M | 9.27M | 4.26M | 6.04M | 3.27M | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 1.8B | 1.59B | 1.22B | 1.28B | 1.66B | 2.41B | 969.97M | 1.36B | 1.38B | 1.17B | 882.07M | 879.73M | 777.26M | 508.99M | 489.48M | 429.54M | 272.06M | -645K | -971.48M | 580.51M | 516.9M | 356.22M | 108.25M | -40.98M | 48.83M | 35.44M |
| Pretax Margin % | 4.28% | 3.93% | 3.41% | 4% | 5.38% | 8.69% | 4.07% | 5.7% | 6.46% | 6.29% | 5.08% | 8.1% | 8.59% | 7.08% | 7.51% | 7.27% | 5.32% | -0.02% | -18.94% | 9.62% | 12.82% | 12.24% | 4.58% | -2.51% | 4.17% | 6.3% |
| Income Tax | 378M | 317M | 182M | 250M | 234M | 568M | 214.1M | 69.89M | 313.06M | 467.76M | 296.9M | 320.85M | 263.76M | 187.19M | 185.32M | 189.1M | 130.37M | 26.99M | 50.81M | 192.64M | 198.33M | 138.88M | 43.53M | -6.28M | 30.11M | 18.02M |
| Effective Tax Rate % | 20.94% | 19.89% | 14.94% | 19.58% | 14.11% | 23.57% | 22.07% | 5.13% | 22.7% | 39.93% | 33.66% | 36.47% | 33.93% | 36.78% | 37.86% | 44.02% | 47.92% | -4184.96% | -5.23% | 33.18% | 38.37% | 38.99% | 40.21% | 15.31% | 61.65% | 50.83% |
| Net Income | 1.31B | 1.16B | 968M | 986M | 1.41B | 1.84B | 751.99M | 1.28B | 1.06B | 691.48M | 571.97M | 547.13M | 484.5M | 316.54M | 315.56M | 239.16M | 200.34M | 33.34M | -1.01B | 390.5M | 318.57M | 217.34M | 64.72M | -34.7M | 18.73M | 17.43M |
| Net Margin % | 3.11% | 2.85% | 2.71% | 3.09% | 4.56% | 6.62% | 3.16% | 5.37% | 4.98% | 3.71% | 3.29% | 5.04% | 5.35% | 4.41% | 4.84% | 4.05% | 3.92% | 0.8% | -19.73% | 6.47% | 7.9% | 7.47% | 2.74% | -2.13% | 1.6% | 3.1% |
| Net Income Growth % | 30.55% | 19.52% | -1.83% | -29.92% | -23.41% | 144.29% | -41.36% | 20.61% | 53.76% | 20.89% | 4.54% | 12.93% | 53.06% | 0.31% | 31.94% | 19.38% | 500.9% | 103.29% | -359.17% | 22.58% | 46.58% | 235.79% | 286.51% | -285.32% | 7.47% | - |
| Net Income (Continuing) | 1.43B | 1.28B | 1.04B | 1.03B | 1.42B | 1.84B | 755.87M | 1.29B | 1.07B | 703.58M | 585.17M | 558.88M | 513.5M | 321.8M | 0 | 240.44M | 141.69M | -27.64M | -1.08B | 399.75M | 324.69M | 219.5M | 64.72M | -34.7M | 18.73M | 17.43M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 340M | 748M | 781M | 800M | 753M | 830.92M | 427.33M | 40.42M | 71.11M | 60.12M | 42.76M | 46.42M | 41.57M | 40.22M | 142.6M | 265.68M | 157.58M | 155.17M | 231.04M | 263.61M | 78.14M | 6.82M | 5.92M | 6.66M | 5.62M | 4.3M |
| EPS (Diluted) | 4.42 | 3.85 | 3.14 | 3.15 | 4.29 | 5.41 | 2.22 | 3.77 | 3.10 | 2.05 | 1.69 | 1.63 | 1.45 | 0.95 | 0.97 | 0.74 | 0.63 | 0.12 | -4.81 | 1.66 | 1.35 | 0.95 | 0.30 | -0.23 | 0.15 | 0.38 |
| EPS Growth % | 33.95% | 22.61% | -0.32% | -26.57% | -20.7% | 143.69% | -41.11% | 21.61% | 51.22% | 21.3% | 3.68% | 12.41% | 52.63% | -2.06% | 31.08% | 17.46% | 425% | 102.49% | -389.76% | 22.96% | 42.11% | 216.67% | 230.43% | -253.33% | -60.53% | - |
| EPS (Basic) | - | 3.88 | 3.16 | 3.20 | 4.36 | 5.48 | 2.24 | 3.82 | 3.13 | 2.06 | 1.71 | 1.64 | 1.47 | 0.96 | 0.98 | 0.75 | 0.64 | 0.12 | -4.81 | 1.71 | 1.41 | 0.98 | 0.32 | -0.23 | 0.15 | 0.39 |
| Diluted Shares Outstanding | 296.99M | 300.75M | 308.03M | 312.55M | 327.7M | 339.72M | 338.39M | 340.52M | 343.12M | 340.78M | 338.42M | 336.41M | 334.17M | 331.76M | 327.04M | 323.72M | 319.02M | 280M | 210.54M | 234.98M | 235.12M | 229.86M | 214.04M | 152.76M | 126.56M | 45.39M |
| Basic Shares Outstanding | 294.38M | 298.16M | 305.86M | 308.43M | 322.81M | 335.23M | 335.2M | 335.8M | 339.32M | 337.66M | 335.41M | 332.62M | 330.62M | 328.11M | 322.32M | 318.45M | 313.87M | 277.36M | 210.54M | 228.48M | 226.69M | 222.13M | 203.33M | 152.76M | 124.92M | 45.15M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 40.48% | - | - | - | - | - | - | - | - |
Commercial real estate cyclicality
According to the latest quarterly filings, CBRE achieved an 18.1% year-over-year revenue growth rate in 2026Q1, signaling a notable acceleration from the 7.1% growth observed in 2024Q1, which suggests that the firm is successfully capturing market share despite broader headwinds in the commercial real estate sector.
The recent revenue trajectory appears to be driven by the firm's ability to scale its Global Workplace Solutions segment, which provides a recurring revenue buffer against transactional volatility. Investors should monitor whether this growth is sustainable or if it reflects a temporary surge in project-based activity that may normalize in subsequent quarters.
As reported in financial statements, CBRE's gross margin fluctuated significantly, reaching 17.6% in 2026Q1 compared to 21.0% in 2023Q4, a trend that highlights the inherent sensitivity of the firm's cost structure to shifts in the mix between high-margin advisory services and lower-margin facilities management contracts.
The compression in gross margins suggests that the firm is increasingly reliant on pass-through heavy service contracts, which inherently dilute profitability. This shift warrants further investigation into whether the firm can achieve operating leverage through digital tools or if margin pressure will persist as a structural feature of the current business model.
Based on the provided income statement data, CBRE's operating margin of 4.9% in 2026Q1 indicates that operating income is not scaling proportionally with revenue growth, as SG&A expenses continue to absorb a significant portion of the gross profit generated by the firm's diverse service platform.
The inability to consistently expand operating margins during periods of revenue acceleration suggests that the firm's cost base is relatively rigid, likely due to high fixed compensation and administrative requirements. This lack of operating leverage may imply that profitability is highly sensitive to transaction velocity and labor cost inflation.
Data from recent filings reveals that EPS growth has been highly erratic, swinging from a 98.1% increase in 2026Q1 to a 12.0% decline in 2025Q4, which appears to be driven by non-operating items and the irregular timing of carried interest within the Real Estate Investments segment.
The inconsistency in bottom-line results suggests that investors should focus on adjusted metrics rather than GAAP net income to gauge true operational health. The presence of stock-based compensation, which reached $48 million in 2026Q1, further complicates the assessment of earnings quality and warrants a cautious approach to valuation.
Quick answers to the most common questions about buying CBRE stock.
For fiscal year 2025, CBRE Group, Inc. (CBRE) reported total revenue of $40.55B. This represents a 7104.7% increase compared to $562.8M in 2001.
CBRE Group, Inc. (CBRE) is profitable, generating $1.16B in net income for the fiscal year ending 2025 with a net profit margin of 2.9%.
CBRE Group, Inc. (CBRE) reported an operating income of $1.29B, resulting in an operating profit margin of 3.2%. This margin reflects the operational efficiency of the business before interest and taxes.
CBRE Group, Inc. (CBRE) generated $6.07B in gross profit for the year, representing a gross profit margin of 15.0%. This demonstrates the company's core pricing power and production efficiency.