v3.26.3
Segments
 9 Months Ended
Sep. 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. 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 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,
•costs associated with 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 September 30, 2026
Advisory
Services
Building
Operations &
Experience
Project
Management
Real Estate
Investments
Corporate,
other and
eliminations (3)
Consolidated
Revenue
$2,441
$6,856
$2,035
$203
$(18)
$11,517
Pass-through costs (1)
16
3,641
1,034
—
—
4,691
Cost of revenue, excluding pass-through costs
1,482
2,507
710
3
(1)
4,701
Operating expenses and allocations
486
407
132
331
208
1,564
Other adjustments to segment operating profit (loss):
Equity income (loss) from unconsolidated
subsidiaries
1
3
—
101
(1)
104
Other income (loss)
2
4
1
2
(1)
8
Gain on disposition of real estate
—
—
—
172
12
184
Other segment adjustments (2)
7
41
2
22
63
135
Segment operating profit (loss)
$467
$349
$162
$166
$(152)
$992
Three Months Ended September 30, 2025
Advisory
Services
Building
Operations &
Experience
Project
Management
Real Estate
Investments
Corporate,
other and
eliminations (3)
Consolidated
Revenue
$2,199
$5,842
$1,978
$211
$(9)
$10,221
Pass-through costs (1)
14
3,118
1,080
—
—
4,212
Cost of revenue, excluding pass-through costs
1,297
2,125
632
39
(1)
4,092
Operating expenses and allocations
481
352
120
192
182
1,327
Other adjustments to segment operating profit (loss):
Equity income from unconsolidated subsidiaries
—
2
—
49
1
52
Other income
1
2
—
—
—
3
Gain on disposition of real estate
—
—
—
33
3
36
Other segment adjustments (2)
(5)
38
2
11
52
98
Segment operating profit (loss)
$403
$289
$148
$73
$(134)
$779
Nine Months Ended September 30, 2026
Advisory
Services
Building
Operations &
Experience
Project
Management
Real Estate
Investments
Corporate,
other and
eliminations (3)
Consolidated
Revenue
$6,771
$20,033
$5,918
$595
$(47)
$33,270
Pass-through costs (1)
32
10,688
3,041
—
—
13,761
Cost of revenue, excluding pass-through costs
4,021
7,339
2,047
44
(5)
13,446
Operating expenses and allocations
1,459
1,165
393
929
614
4,560
Other adjustments to segment operating profit (loss):
Equity (loss) income from unconsolidated
subsidiaries
(2)
3
—
102
(4)
99
Other income (loss)
3
20
2
2
(2)
25
Gain on disposition of real estate
—
—
—
458
32
490
Other segment adjustments (2)
31
100
5
204
196
536
Segment operating profit (loss)
$1,291
$964
$444
$388
$(434)
$2,653
Nine Months Ended September 30, 2025
Advisory
Services
Building
Operations &
Experience
Project
Management
Real Estate
Investments
Corporate,
other and
eliminations (3)
Consolidated
Revenue
$5,817
$17,068
$5,289
$659
$(20)
$28,813
Pass-through costs (1)
39
9,265
2,791
—
—
12,095
Cost of revenue, excluding pass-through costs
3,403
6,110
1,782
121
—
11,416
Operating expenses and allocations
1,364
995
353
540
542
3,794
Other adjustments to segment operating profit (loss):
Equity (loss) income from unconsolidated
subsidiaries
—
(14)
—
40
24
50
Other income (loss)
4
6
1
—
(1)
10
Gain on disposition of real estate
—
—
—
52
3
55
Other segment adjustments (2)
14
84
11
33
180
322
Segment operating profit (loss)
$1,029
$774
$375
$123
$(356)
$1,945
________________________________________________________________________________________________________________________________________
(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
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Depreciation and Amortization
Advisory Services
$30
$33
$96
$95
Building Operations & Experience
110
65
325
196
Project Management
26
27
78
78
Real Estate Investments
5
2
18
8
Corporate, other and eliminations
13
18
39
55
Total depreciation and amortization
$184
$145
$556
$432
Equity income from unconsolidated subsidiaries
Advisory Services
$1
$—
$(2)
$—
Building Operations & Experience
3
2
3
(14)
Project Management
—
—
—
—
Real Estate Investments
101
49
102
40
Corporate, other and eliminations
(1)
1
(4)
24
Equity income from unconsolidated subsidiaries
$104
$52
$99
$50
Reconciliation of total segment operating profit to net income is as follows (dollars in millions):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Net income attributable to CBRE Group, Inc.
$443
$363
$965
$741
Net income attributable to non-controlling interests
37
33
104
86
Net income
480
396
1,069
827
Adjustments to increase (decrease) net income:
Depreciation and amortization
184
145
556
432
Interest expense, net of interest income
62
50
181
159
Write-off of financing costs on extinguished debt
—
—
—
2
Provision for income taxes
131
90
311
203
Net non-cash mortgage servicing rights
6
(5)
29
12
Integration and other costs related to acquisitions
76
60
190
204
Carried interest incentive compensation expense to align with the timing of
associated revenue
12
3
2
10
Charges related to indirect tax audits and settlements
—
—
—
(1)
Net results related to the wind-down of certain businesses (1)
6
30
36
44
Impact of fair value non-cash adjustments related to unconsolidated equity
investments
—
—
—
2
Business and finance transformation
35
10
105
38
Costs associated with efficiency and cost-reduction initiatives
—
—
6
13
Provision associated with Telford’s fire safety remediation efforts
—
—
168
—
Total segment operating profit
$992
$779
$2,653
$1,945
________________________________________________________________________________________________________________________________________
(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
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Revenue
United States
$6,565
$5,700
$18,946
$16,323
United Kingdom
1,621
1,452
4,592
4,071
All other countries
3,331
3,069
9,732
8,419
Total revenue
$11,517
$10,221
$33,270
$28,813