Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

15. Revenue from Contracts with Customers

We account for revenue with customers in accordance with FASB ASC Topic 606, “Revenue from Contracts with

Customers” (Topic 606). Revenue is recognized when, or as control of, the promised services is transferred to our customers, in

an amount that reflects the consideration we expect to be entitled to receive in exchange for those services.

Disaggregated Revenue

The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or

segment (dollars in millions):


	Three Months Ended June 30, 2026
	Advisory Services	Building Operations & Experience	Project Management	Real Estate Investments	Corporate, other and eliminations	Consolidated
Topic 606 Revenue:
Facilities management	$—	$5,311	$—	$—	$—	$5,311
Property management	—	699	—	—	(4)	695
Critical infrastructure	—	676	—	—	—	676
Project management	—	—	2,045	—	—	2,045
Advisory leasing	1,229	—	—	—	—	1,229
Advisory sales	551	—	—	—	—	551
Valuation	220	—	—	—	—	220
Other portfolio services	88	—	—	—	—	88
Commercial mortgage origination (1)(4)	67	—	—	—	—	67
Loan servicing (2)	39	—	—	—	—	39
Investment management	—	—	—	149	—	149
Development services	—	—	—	44	—	44
Topic 606 Revenue	2,194	6,686	2,045	193	(4)	11,114
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination (4)	30	—	—	—	—	30
Loan servicing	82	—	—	—	—	82
Development services (3)	—	—	—	—	—	—
Total Out of Scope of Topic 606 Revenue	112	—	—	—	—	112
Total Revenue	$2,306	$6,686	$2,045	$193	$(4)	$11,226


	Three Months Ended June 30, 2025
	Advisory Services	Building Operations & Experience	Project Management	Real Estate Investments	Corporate, other and eliminations	Consolidated
Topic 606 Revenue:
Facilities management	$—	$4,784	$—	$—	$—	$4,784
Property management	—	646	—	—	(7)	639
Critical infrastructure	—	403	—	—	—	403
Project management	—	—	1,717	—	—	1,717
Advisory leasing	995	—	—	—	—	995
Advisory sales	459	—	—	—	—	459
Valuation	196	—	—	—	—	196
Other portfolio services	97	—	—	—	—	97
Commercial mortgage origination (1)(4)	54	—	—	—	—	54
Loan servicing (2)	37	—	—	—	—	37
Investment management	—	—	—	145	—	145
Development services	—	—	—	70	—	70
Topic 606 Revenue	1,838	5,833	1,717	215	(7)	9,596
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination (4)	36	—	—	—	—	36
Loan servicing	85	—	—	—	—	85
Development services (3)	—	—	—	—	—	—
Total Out of Scope of Topic 606 Revenue	121	—	—	—	—	121
Total Revenue	$1,959	$5,833	$1,717	$215	$(7)	$9,717


	Six Months Ended June 30, 2026
	Advisory Services	Building Operations & Experience	Project Management	Real Estate Investments	Corporate, other and eliminations	Consolidated
Topic 606 Revenue:
Facilities management	$—	$10,540	$—	$—	$—	$10,540
Property management	—	1,383	—	—	(29)	1,354
Critical infrastructure	—	1,254	—	—	—	1,254
Project management	—	—	3,883	—	—	3,883
Advisory leasing	2,264	—	—	—	—	2,264
Advisory sales	1,064	—	—	—	—	1,064
Valuation	420	—	—	—	—	420
Other portfolio services	163	—	—	—	—	163
Commercial mortgage origination (1)(4)	128	—	—	—	—	128
Loan servicing (2)	76	—	—	—	—	76
Investment management	—	—	—	303	—	303
Development services	—	—	—	89	—	89
Topic 606 Revenue	4,115	13,177	3,883	392	(29)	21,538
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination (4)	50	—	—	—	—	50
Loan servicing	165	—	—	—	—	165
Development services (3)	—	—	—	—	—	—
Total Out of Scope of Topic 606 Revenue	215	—	—	—	—	215
Total Revenue	$4,330	$13,177	$3,883	$392	$(29)	$21,753


	Six Months Ended June 30, 2025
	Advisory Services	Building Operations & Experience	Project Management	Real Estate Investments	Corporate, other and eliminations	Consolidated
Topic 606 Revenue:
Facilities management	$—	$9,253	$—	$—	$—	$9,253
Property management	—	1,232	—	—	(11)	1,221
Critical infrastructure	—	741	—	—	—	741
Project management	—	—	3,311	—	—	3,311
Advisory leasing	1,857	—	—	—	—	1,857
Advisory sales	819	—	—	—	—	819
Valuation	379	—	—	—	—	379
Other portfolio services	178	—	—	—	—	178
Commercial mortgage origination (1)(4)	91	—	—	—	—	91
Loan servicing (2)	76	—	—	—	—	76
Investment management	—	—	—	299	—	299
Development services	—	—	—	143	—	143
Topic 606 Revenue	3,400	11,226	3,311	442	(11)	18,368
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination (4)	52	—	—	—	—	52
Loan servicing	166	—	—	—	—	166
Development services (3)	—	—	—	6	—	6
Total Out of Scope of Topic 606 Revenue	218	—	—	6	—	224
Total Revenue	$3,618	$11,226	$3,311	$448	$(11)	$18,592

________________________________________________________________________________________________________________________________________

(1)We earn fees for arranging financing for borrowers with third-party lender contacts. Such fees are in scope of Topic 606.

(2)Loan servicing fees earned from servicing contracts for which we do not hold mortgage servicing rights are in scope of Topic 606.

(3)Out of scope revenue consists of selling profit from transfers of sales-type leases accounted for in accordance with ASC 842, “Leases.”

(4)As described in Note 1 – Basis of Presentation, in the first quarter of 2026, we began reclassifying amortization associated with MSRs to net against

revenue from commercial mortgage origination.

Contract Assets and Liabilities

We had contract assets totaling $592 million ($520 million of which was current) and $565 million ($462 million of

which was current) as of June 30, 2026 and December 31, 2025, respectively.

We had contract liabilities totaling $469 million (all of which was current) and $448 million (all of which was current)

as of June 30, 2026 and December 31, 2025, respectively. During the six months ended June 30, 2026, we recognized revenue

of $242 million, that was included in the contract liability balance at December 31, 2025.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details