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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 ($5.5B), Project Management ($2.6B), and Real Estate Investments ($140.0M). The company-wide operating margin is 4.71%. Based on the Q1 2026 filing.

Advisory Services (TTM)$5.5BProject Management (TTM)$2.6BReal Estate Investments (TTM)$140.0M
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$38.6B
P/E Ratio29.44
ROE15.62%

Products & Services

Revenue from Contract with Customer, Excluding Assessed Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Facilities management$5B$4.5B$5.1B$5.1B$5.6B$5.2B
Project management$2B$1.6B$1.8B$2B$2.2B$1.8B
Advisory leasing$1.3B$862M$995M$1.1B$1.5B$1B
Property management$538M$582M$638M$648M$660M$659M
Critical infrastructure—$338M———$578M
Advisory sales$638M$360M$460M$544M$756M$513M
Valuation$223M$183M$196M$194M$242M$200M
Investment management$156M$154M$144M$148M$155M$154M
Other portfolio services$107M$81M$96M$90M$87M$75M
Commercial mortgage origination$79M$42M$58M$55M$96M$61M
Development services$112M$74M$71M$61M$62M$45M
Loan servicing$17M$39M$21M$47M$28M$37M

Total Out of Scope of Topic 606 Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Loan servicing$111M$81M$101M$80M$106M$83M
Commercial mortgage origination$90M$11M$69M$80M$104M$20M
Development services$8M$5M$1M$2M$3M$0

Related party receivable

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Investment management$156M———$91M—

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

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
United States$5.9B$5.1B$5.5B$5.7B$6.4B$6B
All other countries$3.1B$2.5B$2.8B$3.1B$3.6B$3.1B
United Kingdom$1.4B$1.2B$1.4B$1.4B$1.6B$1.4B

Business Segments

Acquisitions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advisory Services$2M$0$3M$21M$13M-$4M
Project Management$0$0$0$0$0$0
Real Estate Investments$0$0$0$0$0$0

Cost of revenue, excluding pass-through costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advisory Services$1.5B$955M$1.2B$1.3B$1.8B$1.2B
Project Management$558M$547M$611M$639M$656M$651M
Real Estate Investments$63M$47M$35M$39M$40M$26M

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advisory Services$67M$32M$67M$69M$71M$33M
Project Management$28M$25M$26M$28M$26M$26M
Real Estate Investments$3M$3M$3M$2M$4M$4M

Equity (loss) income from unconsolidated subsidiaries

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Estate Investments$88M-$7M-$3M$49M$8M-$7M
Advisory Services$0$1M-$1M$0$0-$1M
Project Management$0$0$0$0$0$0

Gain on disposition of real estate

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Estate Investments$130M$0$19M$33M$380M$281M
Advisory Services$0$0$0$0$0$0
Project Management$0$0$0$0$0$0

Goodwill, Foreign Currency Translation, Gain (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Project Management$0-$19M-$40M—-$3M$8M
Advisory Services$8.3M-$17M-$47M—-$3M$4M
Real Estate Investments$3M-$4M-$9M——$2M

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$1.3B$1.4B$1.4B$1.4B$1.3B
Real Estate Investments$594M$415M$424M$422M$422M$420M

Operating expenses and allocations

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advisory Services$489M$428M$455M$481M$502M$469M
Real Estate Investments$276M$166M$182M$192M$521M$287M
Project Management$119M$115M$122M$124M$136M$127M

Operating Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advisory Services$623M$279M$380M$444M$709M$375M
Real Estate Investments$150M$25M$25M$73M$201M$180M
Project Management$168M$112M$121M$153M$174M$135M

Other income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advisory Services$0$1M$2M$1M$2M$1M
Project Management$1M$0$0$0$1M$0
Real Estate Investments—$0$0$0$0$0

Other segment adjustments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Estate Investments$0$12M$12M$11M$154M$20M
Advisory Services$27M$13M$2M$0$149M$9M
Project Management$0$7M$2M$2M$10M$2M

Pass-through costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Project Management$1.2B$827M$939M$1.1B$1.3B$927M
Advisory Services$18M$12M$13M$13M$11M$8M
Real Estate Investments$0$0$0$0$0$0

Reallocation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Project Management—$1.3B———-$27M
Advisory Services—-$290M———$0
Real Estate Investments—$0$0$0$0$0

Revenue from Contract with Customer, Excluding Assessed Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advisory Services$2.6B$1.7B$2B$2.2B$2.9B$2B
Real Estate Investments$276M$233M$215M$211M$220M$199M

Total Out of Scope of Topic 606 Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advisory Services$201M$92M$170M$160M$210M$103M
Real Estate Investments$8M$5M$0$2M$3M$0

Amortization of right-to-use assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Building Operations & Experience$14M$18.8M$18.8M$18.8M$18.8M—

Estimated based on discounted forecasted cash flows

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Project Management—$371M$408M$409M$433M$447M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Project Management$2B$1.6B$1.8B$2B$2.2B$1.8B