Revenue from Contracts with Customers

9 Months Ended

Sep. 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 September 30, 2026
	Advisory Services	Building Operations & Experience	Project Management	Real Estate Investments	Corporate, other and eliminations	Consolidated
Topic 606 Revenue:
Facilities management	$—	$5,401	$—	$—	$—	$5,401
Property management	—	711	—	—	(18)	693
Critical infrastructure	—	744	—	—	—	744
Project management	—	—	2,035	—	—	2,035
Advisory leasing	1,213	—	—	—	—	1,213
Advisory sales	697	—	—	—	—	697
Valuation	206	—	—	—	—	206
Other portfolio services	98	—	—	—	—	98
Commercial mortgage origination (1)(4)	78	—	—	—	—	78
Loan servicing (2)	41	—	—	—	—	41
Investment management	—	—	—	154	—	154
Development services	—	—	—	47	—	47
Topic 606 Revenue	2,333	6,856	2,035	201	(18)	11,407
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination (4)	23	—	—	—	—	23
Loan servicing	85	—	—	—	—	85
Development services (3)	—	—	—	2	—	2
Total Out of Scope of Topic 606 Revenue	108	—	—	2	—	110
Total Revenue	$2,441	$6,856	$2,035	$203	$(18)	$11,517


	Three Months Ended September 30, 2025
	Advisory Services	Building Operations & Experience	Project Management	Real Estate Investments	Corporate, other and eliminations	Consolidated
Topic 606 Revenue:
Facilities management	$—	$4,771	$—	$—	$—	$4,771
Property management	—	657	—	—	(9)	648
Critical infrastructure	—	414	—	—	—	414
Project management	—	—	1,978	—	—	1,978
Advisory leasing	1,144	—	—	—	—	1,144
Advisory sales	545	—	—	—	—	545
Valuation	194	—	—	—	—	194
Other portfolio services	89	—	—	—	—	89
Commercial mortgage origination (1)(4)	58	—	—	—	—	58
Loan servicing (2)	40	—	—	—	—	40
Investment management	—	—	—	148	—	148
Development services	—	—	—	61	—	61
Topic 606 Revenue	2,070	5,842	1,978	209	(9)	10,090
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination (4)	42	—	—	—	—	42
Loan servicing	87	—	—	—	—	87
Development services (3)	—	—	—	2	—	2
Total Out of Scope of Topic 606 Revenue	129	—	—	2	—	131
Total Revenue	$2,199	$5,842	$1,978	$211	$(9)	$10,221


	Nine Months Ended September 30, 2026
	Advisory Services	Building Operations & Experience	Project Management	Real Estate Investments	Corporate, other and eliminations	Consolidated
Topic 606 Revenue:
Facilities management	$—	$15,941	$—	$—	$—	$15,941
Property management	—	2,094	—	—	(47)	2,047
Critical infrastructure	—	1,998	—	—	—	1,998
Project management	—	—	5,918	—	—	5,918
Advisory leasing	3,477	—	—	—	—	3,477
Advisory sales	1,761	—	—	—	—	1,761
Valuation	626	—	—	—	—	626
Other portfolio services	261	—	—	—	—	261
Commercial mortgage origination (1)(4)	206	—	—	—	—	206
Loan servicing (2)	117	—	—	—	—	117
Investment management	—	—	—	457	—	457
Development services	—	—	—	136	—	136
Topic 606 Revenue	6,448	20,033	5,918	593	(47)	32,945
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination (4)	73	—	—	—	—	73
Loan servicing	250	—	—	—	—	250
Development services (3)	—	—	—	2	—	2
Total Out of Scope of Topic 606 Revenue	323	—	—	2	—	325
Total Revenue	$6,771	$20,033	$5,918	$595	$(47)	$33,270


	Nine Months Ended September 30, 2025
	Advisory Services	Building Operations & Experience	Project Management	Real Estate Investments	Corporate, other and eliminations	Consolidated
Topic 606 Revenue:
Facilities management	$—	$14,024	$—	$—	$—	$14,024
Property management	—	1,889	—	—	(20)	1,869
Critical infrastructure	—	1,155	—	—	—	1,155
Project management	—	—	5,289	—	—	5,289
Advisory leasing	3,001	—	—	—	—	3,001
Advisory sales	1,364	—	—	—	—	1,364
Valuation	573	—	—	—	—	573
Other portfolio services	267	—	—	—	—	267
Commercial mortgage origination (1)(4)	154	—	—	—	—	154
Loan servicing (2)	116	—	—	—	—	116
Investment management	—	—	—	447	—	447
Development services	—	—	—	204	—	204
Topic 606 Revenue	5,475	17,068	5,289	651	(20)	28,463
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination (4)	89	—	—	—	—	89
Loan servicing	253	—	—	—	—	253
Development services (3)	—	—	—	8	—	8
Total Out of Scope of Topic 606 Revenue	342	—	—	8	—	350
Total Revenue	$5,817	$17,068	$5,289	$659	$(20)	$28,813

________________________________________________________________________________________________________________________________________

(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 $636 million ($565 million of which was current) and $565 million ($462 million of

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

We had contract liabilities totaling $554 million ($489 million of which was current) and $448 million (all of which

was current) as of September 30, 2026 and December 31, 2025, respectively. During the nine months ended September 30,

2026, we recognized revenue of $282 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