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CBRE Group CBRE Project Management — Cost of revenue, excluding pass-through costs

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Other financials

Income statement

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Revenue$10.5B+18.6%
Gross profit$1.9B+15.0%
Operating income$511.0M+85.1%
Net income$318.0M+95.1%
EPS (diluted)$1.07+98.1%

Balance sheet

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Cash & equivalents$1.7B+10.0%
Total debt$10.5B+25.5%
Total equity$8.5B+2.9%
Total assets$30.2B+14.4%

Cash flow

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Operating cash flow-$825.0M-51.1%
CapEx$81.0M+26.6%
Free cash flow-$906.0M-48.5%

Valuation

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Market cap$40.23B-3.0%
Enterprise value$49.08B-1.3%
P/E30.7×-7.4×
P/S-0.1×

Profitability

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Gross margin18.4%-0.9pp
Operating margin4.7%+0.7pp
Net margin3.1%+0.4pp
FCF margin2.1%-1.6pp

Returns & leverage

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Return on equity15.6%+3.5pp
Debt / equity1.2×+0.2×
Current ratio1.1×+0.1×

Where this comes from

Reported directly by CBRE Group in its filing.

Tagged under the XBRL concept cbre:CostOfRevenueExcludingPassThroughCosts.

The official record: CBRE Group’s 10-Q, filed April 23, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is CBRE Group's project management — cost of revenue, excluding pass-through costs?
CBRE Group (CBRE) reported project management — cost of revenue, excluding pass-through costs of $651M in Q1 2026.
How has CBRE Group's project management — cost of revenue, excluding pass-through costs changed year-over-year?
CBRE Group's project management — cost of revenue, excluding pass-through costs increased by 19.0% year-over-year, from $547M to $651M.
What does project management — cost of revenue, excluding pass-through costs mean?
This metric represents the direct costs associated with delivering project management services, excluding reimbursed pass-through expenses. It provides a clearer view of the underlying operational efficiency and labor costs required to generate service revenue.