Income StatementBalance SheetCash FlowSegments
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CBRE Group Business Segments

Business, geographic, and product segment breakdowns

CBRE Group generates $42.2B in annual revenue across 3 key segments: Advisory Services ($3.9B), Project Management ($2.0B), and Real Estate Investments ($186.0M). The company-wide operating margin is 4.71%. Based on the Q1 2026 filing.

Advisory Services (TTM)$3.9BProject Management (TTM)$2.0BReal Estate Investments (TTM)$186.0M
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$41.2B
P/E Ratio31.39
ROE15.62%

Products & Services

Revenue from Contract with Customer, Excluding Assessed Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Facilities management$4.7B$4.8B$5.1B$5.1B$5.6B$5.2B
Project management$2.4B$1.6B$1.8B$2.0B$2.2B$1.8B
Advisory leasing$1.3B$862.0M$995.0M$1.1B$1.5B$1.0B
Property management$603.0M$582.0M$638.0M$648.0M$661.0M$659.0M
Critical infrastructure—$338.0M———$578.0M
Advisory sales$640.0M$360.0M$460.0M$544.0M$756.0M$513.0M
Valuation$222.0M$183.0M$196.0M$194.0M$242.0M$200.0M
Investment management$156.0M$154.0M$144.0M$148.0M$156.0M$154.0M
Other portfolio services$108.0M$81.0M$96.0M$90.0M$87.0M$75.0M
Commercial mortgage origination$78.0M$43.0M$58.0M$55.0M$95.0M$61.0M
Development services$112.0M$74.0M$71.0M$61.0M$60.0M$45.0M
Loan servicing$24.0M$23.0M$21.0M$47.0M$73.0M$37.0M

Total Out of Scope of Topic 606 Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Loan servicing$61.0M$97.0M$101.0M$80.0M$61.0M$83.0M
Commercial mortgage origination$135.0M$45.0M$69.0M$80.0M$106.0M$20.0M
Development services$8.0M$5.0M$1.0M$2.0M$3.0M$0.0

Related party receivable

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Investment management$156.0M———$91.0M—

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Development and construction management revenues$28.5M$24.5M$24.5M$24.5M$24.5M—
Servicing fees$82.3M$89.3M$89.3M$89.3M$89.3M—

Geographic

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Revenue$3.1B$2.5B$2.8B$3.1B$3.6B$3.1B

Business Segments

Acquisitions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advisory Services$2.0M$0.0$3.0M$21.0M$13.0M-$4.0M
Project Management$0.0$0.0$0.0$0.0$0.0$0.0
Real Estate Investments$0.0$0.0$0.0$0.0$0.0$0.0

Cost of revenue, excluding pass-through costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advisory Services—$955.0M—$1.3B—$1.2B
Project Management—$547.0M—$639.0M—$651.0M
Real Estate Investments—$47.0M—$39.0M—$26.0M

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advisory Services$80.0M$67.0M$67.0M$69.0M$71.0M$33.0M
Project Management$28.0M$25.0M$26.0M$28.0M$25.0M$26.0M
Real Estate Investments$3.0M$3.0M$3.0M$2.0M$4.0M$4.0M

Equity (loss) income from unconsolidated subsidiaries

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Estate Investments$88.0M-$7.0M-$3.0M$49.0M$9.0M-$7.0M
Advisory Services$9.0M$1.0M-$1.0M$0.0$0.0-$1.0M
Project Management-$1.0M$0.0$0.0$0.0$0.0$0.0

Gain on disposition of real estate

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Estate Investments$130.0M—$19.0M$33.0M—$281.0M
Advisory Services$0.0—$0.0$0.0—$0.0
Project Management$0.0—$0.0$0.0—$0.0

Goodwill, Foreign Currency Translation, Gain (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Project Management$0.0-$19.0M-$40.0M$10.0M-$3.0M$8.0M
Advisory Services$8.3M-$17.0M-$47.0M$9.0M-$3.0M$4.0M
Real Estate Investments$3.0M-$4.0M-$9.0M$2.0M$0.0$2.0M

Goodwill, Gross

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advisory Services$3.4B$2.3B$2.4B$2.4B$2.4B$2.4B
Project Management$0.0$1.3B$1.4B$1.4B$1.4B$1.3B
Real Estate Investments$594.0M$415.0M$424.0M$422.0M$422.0M$420.0M

Operating expenses and allocations

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advisory Services$796.0M$428.0M$455.0M$481.0M$502.0M$469.0M
Real Estate Investments$275.0M$166.0M$182.0M$192.0M$521.0M$287.0M
Project Management$119.0M$119.0M$122.0M$124.0M$136.0M$127.0M

Operating Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advisory Services$675.0M$301.0M$380.0M$444.0M$709.0M$375.0M
Real Estate Investments$150.0M$25.0M$25.0M$73.0M$201.0M$180.0M
Project Management$168.0M$113.0M$121.0M$153.0M$174.0M$135.0M

Other income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advisory Services$3.0M$1.0M$2.0M$1.0M$2.0M$1.0M
Project Management$1.0M$0.0$0.0$0.0$2.0M$0.0
Real Estate Investments—$0.0$0.0$0.0$0.0$0.0

Other segment adjustments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Estate Investments$0.0$12.0M$12.0M$11.0M$152.0M$20.0M
Advisory Services$18.0M$0.0$2.0M$0.0$149.0M$9.0M
Project Management$0.0$8.0M$2.0M$2.0M$11.0M$2.0M

Pass-through costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Project Management$1.2B$858.0M$939.0M$1.1B$1.3B$927.0M
Advisory Services$56.0M$12.0M$13.0M$13.0M$12.0M$8.0M
Real Estate Investments$0.0$0.0$0.0$0.0$0.0$0.0

Reallocation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Project Management—$1.3B$0.0$0.0$0.0-$27.0M
Advisory Services—-$290.0M$0.0$0.0$0.0$0.0
Real Estate Investments—$0.0$0.0$0.0$0.0$0.0

Revenue from Contract with Customer, Excluding Assessed Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advisory Services$3.1B$1.7B$2.0B$2.2B$2.9B$2.0B
Real Estate Investments$276.0M$233.0M$215.0M$211.0M$220.0M$199.0M

Total Out of Scope of Topic 606 Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advisory Services$196.0M$142.0M$170.0M$160.0M$167.0M$103.0M
Real Estate Investments$8.0M$5.0M$0.0$2.0M$4.0M$0.0

Amortization of right-to-use assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Building Operations & Experience$14.0M$18.8M$18.8M$18.8M$18.8M—

Estimated based on discounted forecasted cash flows

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Project Management—$371.0M$408.0M$409.0M$433.0M$447.0M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Project Management$2.0B$1.6B$1.8B$2.0B$2.2B$1.8B