v3.26.1
Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments 16.        Segments
We organize our operations around and publicly report our financial results on four reportable segments – Advisory
Services, BOE, Project Management and REI. In addition, we also have a “Corporate, other and eliminations” segment. Our
Corporate segment primarily consists of corporate costs for leadership and certain other central functions. We track our
strategic non-core equity investments in “other” which is considered an operating segment and reported together with Corporate
as it does not meet the aggregation criteria for presentation as a separate reportable segment. These activities are not allocated to
the other business segments. Corporate and other also includes eliminations related to inter-segment revenue.
On January 1, 2026, we transferred the data center project work that is integrated with our Data Center Services
facilities management business from the Project Management segment to the BOE segment. We have recast prior period
segment results to conform with the current presentation.
Segment operating profit (SOP) is the measure reported to Robert Sulentic, CBRE’s Chair and Chief Executive Officer
(CEO), who is our chief operating decision maker (CODM) for purposes of assessing performance and allocating resources to
each segment. The CODM uses SOP results compared to prior periods and previously forecasted amounts to assess
performance and identify trends of ongoing operations within each segment. SOP excludes the impact of certain costs and
charges that may obscure the underlying performance of our businesses and related trends, including restructuring charges and
other costs incurred, which are outside the ordinary course of business. SOP represents earnings, inclusive of amounts
attributable to non-controlling interests, before net interest expense, write-off of financing costs on extinguished debt, income
taxes, depreciation and amortization, and asset impairments. In addition, management excludes the following costs from SOP
(Other segment adjustments):
•net non-cash mortgage servicing rights,
•integration and other costs related to acquisitions,
•carried interest incentive compensation (reversal) expense to align with the timing of associated revenue,
•charges related to indirect tax audits and settlements,
•net results related to the wind-down of certain businesses,
•impact of fair value non-cash adjustments related to unconsolidated equity investments,
•business and finance transformation,
•costs associated with efficiency and cost-reduction initiatives, and
•provision associated with Telford’s fire safety remediation efforts.
There have been no significant changes to the measurement methods of expenses or methods of allocating expenses to
segments during 2026.
Summarized financial information by segment is as follows (dollars in millions):
Three Months Ended June 30, 2026
Advisory
Services
Building
Operations &
Experience
Project
Management
Real Estate
Investments
Corporate,
other and
eliminations (3)
Consolidated
Revenue
$2,306
$6,686
$2,045
$193
$(4)
$11,226
Pass-through costs (1)
8
3,534
1,080
—
—
4,622
Cost of revenue, excluding pass-through costs
1,358
2,461
686
15
(2)
4,518
Operating expenses and allocations
504
381
134
311
206
1,536
Other adjustments to segment operating profit (loss):
Equity (loss) income from unconsolidated
subsidiaries
(2)
(2)
—
8
—
4
Other income
—
5
1
—
—
6
Gain on disposition of real estate
—
—
—
5
—
5
Other segment adjustments (2)
15
22
1
162
70
270
Segment operating profit (loss)
$449
$335
$147
$42
$(138)
$835
Three Months Ended June 30, 2025
Advisory
Services
Building
Operations &
Experience
Project
Management
Real Estate
Investments
Corporate,
other and
eliminations (3)
Consolidated
Revenue
$1,959
$5,833
$1,717
$215
$(7)
$9,717
Pass-through costs (1)
13
3,188
884
—
—
4,085
Cost of revenue, excluding pass-through costs
1,151
2,063
603
35
5
3,857
Operating expenses and allocations
455
343
118
182
177
1,275
Other adjustments to segment operating profit (loss):
Equity (loss) income from unconsolidated
subsidiaries
(1)
(17)
—
(2)
2
(18)
Other income
2
3
1
—
—
6
Gain on disposition of real estate
—
—
—
19
—
19
Other segment adjustments (2)
6
42
2
10
61
121
Segment operating profit (loss)
$347
$267
$115
$25
$(126)
$628
Six Months Ended June 30, 2026
Advisory
Services
Building
Operations &
Experience
Project
Management
Real Estate
Investments
Corporate,
other and
eliminations (3)
Consolidated
Revenue
$4,330
$13,177
$3,883
$392
$(29)
$21,753
Pass-through costs (1)
16
7,047
2,007
—
—
9,070
Cost of revenue, excluding pass-through costs
2,539
4,832
1,337
41
(4)
8,745
Operating expenses and allocations
973
758
261
598
406
2,996
Other adjustments to segment operating profit (loss):
Equity (loss) income from unconsolidated
subsidiaries
(3)
—
—
1
(3)
(5)
Other income (loss)
1
16
1
—
(1)
17
Gain on disposition of real estate
—
—
—
286
20
306
Other segment adjustments (2)
24
59
3
182
133
401
Segment operating profit (loss)
$824
$615
$282
$222
$(282)
$1,661
Six Months Ended June 30, 2025
Advisory
Services
Building
Operations &
Experience
Project
Management
Real Estate
Investments
Corporate,
other and
eliminations (3)
Consolidated
Revenue
$3,618
$11,226
$3,311
$448
$(11)
$18,592
Pass-through costs (1)
25
6,147
1,711
—
—
7,883
Cost of revenue, excluding pass-through costs
2,106
3,985
1,150
82
1
7,324
Operating expenses and allocations
883
643
233
348
360
2,467
Other adjustments to segment operating profit (loss):
Equity (loss) income from unconsolidated
subsidiaries
—
(16)
—
(9)
23
(2)
Other income (loss)
3
4
1
—
(1)
7
Gain on disposition of real estate
—
—
—
19
—
19
Other segment adjustments (2)
19
46
9
22
128
224
Segment operating profit (loss)
$626
$485
$227
$50
$(222)
$1,166
________________________________________________________________________________________________________________________________________
(1)Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work performed for clients. These costs are
reimbursable by clients and the corresponding amounts owed are reflected within Revenue.
(2)Other segment adjustments, as defined above.
(3)Eliminations represent revenue from transactions between operating segments.
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Depreciation and Amortization
Advisory Services
$33
$30
$66
$62
Building Operations & Experience
108
61
215
131
Project Management
26
26
52
51
Real Estate Investments
9
3
13
6
Corporate, other and eliminations
14
25
26
37
Total depreciation and amortization
$190
$145
$372
$287
Equity income (loss) from unconsolidated subsidiaries
Advisory Services
$(2)
$(1)
$(3)
$—
Building Operations & Experience
(2)
(17)
—
(16)
Project Management
—
—
—
—
Real Estate Investments
8
(2)
1
(9)
Corporate, other and eliminations
—
2
(3)
23
Equity income (loss) from unconsolidated subsidiaries
$4
$(18)
$(5)
$(2)
Reconciliation of total segment operating profit to net income is as follows (dollars in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net income attributable to CBRE Group, Inc.
$204
$215
$522
$378
Net income attributable to non-controlling interests
43
25
67
53
Net income
247
240
589
431
Adjustments to increase (decrease) net income:
Depreciation and amortization
190
145
372
287
Interest expense, net of interest income
60
59
119
109
Write-off of financing costs on extinguished debt
—
2
—
2
Provision for income taxes
68
61
180
113
Net non-cash mortgage servicing rights
11
4
23
17
Integration and other costs related to acquisitions
45
76
114
144
Carried interest incentive compensation (reversal) expense to align with the
timing of associated revenue
(11)
3
(10)
7
Charges related to indirect tax audits and settlements
—
—
—
(1)
Net results related to the wind-down of certain businesses (1)
10
8
30
14
Impact of fair value non-cash adjustments related to unconsolidated equity
investments
—
2
—
2
Business and finance transformation
38
28
70
28
Costs associated with efficiency and cost-reduction initiatives
9
—
6
13
Provision associated with Telford’s fire safety remediation efforts
168
—
168
—
Total segment operating profit
$835
$628
$1,661
$1,166
________________________________________________________________________________________________________________________________________
(1)Management made the decision to wind down the legacy Telford Homes’ construction self-delivery business and certain businesses within the BOE
Segment.
Our CODM is not provided with total asset information by segment and accordingly, does not measure or allocate total
assets on a segment basis. As a result, we have not disclosed any asset information by segment.
Geographic Information
Revenue in the table below is allocated based upon the country in which services are performed (dollars in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Revenue
United States
$6,400
$5,489
$12,381
$10,623
United Kingdom
1,524
1,386
2,971
2,619
All other countries
3,302
2,842
6,401
5,350
Total revenue
$11,226
$9,717
$21,753
$18,592