CBRE Group, Inc. (CBRE) Income Statement

The 15.1% YoY growth in 2026Q2, up from 8.7% in 2024Q2, suggests a strengthening commercial real estate services market. This acceleration is broad-based, with NOI also expanding 31.3% YoY, implying operational leverage. Investors should monitor whether this pace is sustainable given potential rate volatility.

The 93.7% NOI margin in 2025Q2 is an outlier, likely due to a large asset sale or one-time item, as other quarters cluster around 18-20%. Excluding that, margins are stable, suggesting consistent cost management. However, the volatility warrants scrutiny into the composition of NOI and potential non-recurring items.

FFO per share shows high volatility, with a 58% drop from 2024Q4 to 2026Q2, likely due to transaction timing and market conditions. AFFO/FFO ratio around 80% suggests recurring capital expenditures are modest, but investors should watch for potential dilution from equity raises. The lack of dividend yield data may indicate a non-traditional REIT structure.

The persistent gap between net income and FFO, with net income averaging about 55% of FFO, underscores the heavy depreciation burden typical of real estate. This distortion makes FFO the more reliable earnings metric. The relatively stable AFFO suggests maintenance capex is manageable, but investors should assess if depreciation reflects true economic wear and tear.

While same-store metrics are not explicitly provided, the consistent double-digit revenue growth across all quarters since 2025Q1 suggests robust organic expansion. This is likely driven by higher leasing volumes and rental rate growth. However, the cyclical nature of real estate services means this trend could reverse if economic conditions weaken.