| Summarized Unaudited Financial Information by Business Segments |
Summarized financial information by business segment is as follows.
| | | | | | | | | | | | | | | | | | | Real Estate Management Services | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2026 | 2025 | | 2026 | 2025 | | Workplace Management | $ | 3,707.7 | | 3,349.1 | | | $ | 7,290.6 | | 6,612.7 | | | Project Management | 1,013.4 | | 971.6 | | | 1,857.4 | | 1,719.1 | | | Property Management | 468.6 | | 454.4 | | | 939.7 | | 900.0 | | | Portfolio Services and Other | 120.6 | | 118.9 | | | 231.5 | | 231.6 | | | Software & Technology Solutions | 58.1 | | 55.9 | | | 114.9 | | 113.0 | | | Revenue | $ | 5,368.4 | | 4,949.9 | | | $ | 10,434.1 | | 9,576.4 | | | Less: | | | | | | | Platform compensation and benefits | $ | 527.4 | | 515.4 | | | $ | 1,033.0 | | 994.9 | | | Platform operating, administrative and other | 172.6 | | 162.8 | | | 335.7 | | 316.0 | | | Gross contract costs | 4,560.9 | | 4,173.5 | | | 8,891.7 | | 8,104.5 | | | Add: | | | | | | | Equity earnings | 0.3 | | 0.5 | | | 0.8 | | 0.9 | | | Other segment items | (0.4) | | (0.9) | | | (1.7) | | (3.1) | | | Adjusted EBITDA | $ | 107.4 | | 97.8 | | | $ | 172.8 | | 158.8 | | Depreciation and amortization(1) | $ | 33.0 | | 35.4 | | | $ | 65.2 | | 72.3 | |
(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.
| | | | | | | | | | | | | | | | | | | Leasing Advisory | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2026 | 2025 | | 2026 | 2025 | | Revenue | $ | 836.9 | | 676.8 | | | $ | 1,523.2 | | 1,262.9 | | | Less: | | | | | | | Platform compensation and benefits | $ | 593.4 | | 479.3 | | | $ | 1,092.0 | | 906.1 | | | Platform operating, administrative and other | 74.1 | | 74.2 | | | 142.2 | | 134.6 | | | Gross contract costs | 3.6 | | 3.3 | | | 6.0 | | 5.3 | | | Add: | | | | | | | Equity losses | — | | — | | | (0.1) | | — | | | Other segment items | 0.8 | | 0.4 | | | 0.6 | | 0.5 | | | Adjusted EBITDA | $ | 166.6 | | 120.4 | | | $ | 283.5 | | 217.4 | | | Depreciation and amortization | $ | 10.8 | | 11.0 | | | $ | 22.3 | | 23.0 | |
| | | | | | | | | | | | | | | | | | | Capital Markets Services | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2026 | 2025 | | 2026 | 2025 | | Investment Sales, Debt/Equity Advisory and Other | $ | 472.2 | | 380.6 | | | $ | 874.7 | | 693.2 | | | Value and Risk Advisory | 102.7 | | 97.7 | | | 192.0 | | 179.3 | | | Loan Servicing | 45.3 | | 42.0 | | | 88.7 | | 83.1 | | | Revenue | $ | 620.2 | | 520.3 | | | $ | 1,155.4 | | 955.6 | | | Less: | | | | | | | Platform compensation and benefits | $ | 451.1 | | 374.1 | | | $ | 841.2 | | 703.6 | | | Platform operating, administrative and other | 83.5 | | 95.0 | | | 157.3 | | 165.7 | | | Gross contract costs | 2.0 | | 1.7 | | | 2.9 | | 2.8 | | | Add: | | | | | | | Equity earnings | 0.4 | | 0.8 | | | 0.7 | | 2.4 | | | Net non-cash MSR and mortgage banking derivative activity | 10.3 | | 4.2 | | | 15.8 | | 17.1 | | | Other segment items | 0.9 | | 0.2 | | | 1.8 | | 0.3 | | | Adjusted EBITDA | $ | 95.2 | | 54.7 | | | $ | 172.3 | | 103.3 | | | Depreciation and amortization | $ | 10.1 | | 17.5 | | | $ | 20.5 | | 36.4 | |
| | | | | | | | | | | | | | | | | | | Investment Management | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2026 | 2025 | | 2026 | 2025 | | Advisory fees | $ | 94.3 | | 93.3 | | | $ | 184.2 | | 182.6 | | | Incentive and transaction fees | 8.1 | | 9.8 | | | 17.5 | | 19.0 | | | Revenue | $ | 102.4 | | 103.1 | | | $ | 201.7 | | 201.6 | | | Less: | | | | | | | Platform compensation and benefits | $ | 62.2 | | 60.9 | | | $ | 121.4 | | 119.2 | | | Platform operating, administrative and other | 16.0 | | 17.5 | | | 32.5 | | 33.8 | | | Gross contract costs | 7.8 | | 8.3 | | | 16.4 | | 16.5 | | | Add: | | | | | | | Other segment items | — | | (0.1) | | | — | | — | | | Adjusted EBITDA | $ | 16.4 | | 16.3 | | | $ | 31.4 | | 32.1 | | | Depreciation and amortization | $ | 2.3 | | 2.8 | | | $ | 5.1 | | 5.7 | | | Equity earnings (losses) | $ | 5.1 | | (1.3) | | | $ | 10.6 | | (7.4) | |
The following table is a reconciliation of segment revenue to consolidated revenue. | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | (in millions) | 2026 | 2025 | 2026 | 2025 | | Real Estate Management Services | $ | 5,368.4 | | 4,949.9 | | $ | 10,434.1 | | 9,576.4 | | | Leasing Advisory | 836.9 | | 676.8 | | 1,523.2 | | 1,262.9 | | | Capital Markets Services | 620.2 | | 520.3 | | 1,155.4 | | 955.6 | | | Investment Management | 102.4 | | 103.1 | | 201.7 | | 201.6 | | | Total revenue | $ | 6,927.9 | | 6,250.1 | | $ | 13,314.4 | | 11,996.5 | |
The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders. The balances and activity associated with our investments (inclusive of convertible notes receivable) in proptech funds and early-to-mid-stage proptech companies ("Proptech Investments") do not constitute an operating or reporting segment and are reported in All Other below. | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | (in millions) | 2026 | 2025 | 2026 | 2025 | | Adjusted EBITDA - Real Estate Management Services | $ | 107.4 | | 97.8 | | $ | 172.8 | | 158.8 | | | Adjusted EBITDA - Leasing Advisory | 166.6 | | 120.4 | | 283.5 | | 217.4 | | | Adjusted EBITDA - Capital Markets Services | 95.2 | | 54.7 | | 172.3 | | 103.3 | | | Adjusted EBITDA - Investment Management | 16.4 | | 16.3 | | 31.4 | | 32.1 | | | Adjusted EBITDA - All Other | 0.7 | | 2.5 | | (0.1) | | 4.9 | | | Adjusted EBITDA - Consolidated | $ | 386.3 | | 291.7 | | $ | 659.9 | | 516.5 | | | Adjustments: | | | | | | Restructuring and acquisition charges | $ | (25.7) | | (21.3) | | $ | (31.0) | | (41.0) | | | Net gain on disposition | 0.6 | | — | | 0.6 | | — | | | Interest on employee loans, net of forgiveness | 1.7 | | 2.0 | | 4.2 | | 3.6 | | Equity (losses) earnings - Investment Management and Proptech Investments(1) | (3.0) | | (27.0) | | 3.0 | | (55.7) | | | Credit losses on convertible note investments | (0.1) | | (0.2) | | (0.4) | | (0.7) | | | Net non-cash MSR and mortgage banking derivative activity | (10.3) | | (4.2) | | (15.8) | | (17.1) | | | Interest expense, net of interest income | (26.4) | | (35.3) | | (43.4) | | (59.9) | | | Income tax provision | (51.3) | | (26.7) | | (89.4) | | (40.7) | | Depreciation and amortization(1) | (56.2) | | (66.7) | | (113.1) | | (137.4) | | | Net income attributable to common shareholders | $ | 215.6 | | 112.3 | | $ | 374.6 | | 167.6 | |
(1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders.
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| Segment Reporting, Reconciliation of Revenue by Segment to Consolidated |
The following table is a reconciliation of segment revenue to consolidated revenue. | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | (in millions) | 2026 | 2025 | 2026 | 2025 | | Real Estate Management Services | $ | 5,368.4 | | 4,949.9 | | $ | 10,434.1 | | 9,576.4 | | | Leasing Advisory | 836.9 | | 676.8 | | 1,523.2 | | 1,262.9 | | | Capital Markets Services | 620.2 | | 520.3 | | 1,155.4 | | 955.6 | | | Investment Management | 102.4 | | 103.1 | | 201.7 | | 201.6 | | | Total revenue | $ | 6,927.9 | | 6,250.1 | | $ | 13,314.4 | | 11,996.5 | |
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