v3.26.1
Revenue from Contracts with Customers (Tables)
6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue from Contracts with Customers 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.