What does real estate investments — pass-through costs mean?

Represents expenses incurred by the Real Estate Investments segment that are contractually reimbursable by clients. These costs do not impact the segment's net margin but are included in gross billings.

CBRE Group CBRE Real Estate Investments — Pass-through costs

Similar metrics at other companies

LADRReal Estate — Investment related expenses

-$4K-104%

LTCReal Estate Investments Portfolio — Real Estate Expenses

$2.39M-22.9%

JLLReal Estate Management Services — Gross contract costs

$4.33B+10.2%

ESRTReal Estate — Other segment expenses

$36.94M+4.4%

VALReimbursable expenses

$33M-19.5%

GNLReal Estate Investing — Investments in real estate, gross:

$4.69B-12.8%

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/S1×-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:RevenueFromContractWithCustomerPassThroughCostsRecognizedAsIncome.

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 real estate investments — pass-through costs?: CBRE Group (CBRE) reported real estate investments — pass-through costs of $0 in Q1 2026.
What does real estate investments — pass-through costs mean?: Represents expenses incurred by the Real Estate Investments segment that are contractually reimbursable by clients. These costs do not impact the segment's net margin but are included in gross billings.