v3.26.3
Revenue from Contracts with Customers (Tables)
9 Months Ended
Sep. 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 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.