CBREMEDIUM SIGNALOPERATIONAL10-K

CBRE significantly expanded through strategic acquisitions including full ownership of Industrious and new acquisition of Pearce Services, while demonstrating strong operational execution with 67% cash growth and improved profitability.

The company is actively executing on its strategy to expand into secular growth areas and cyclically resilient businesses, as evidenced by the acquisitions in flexible workspace, government services, and digital infrastructure. The strong financial performance with growing cash reserves and reduced interest expense suggests successful integration and operational leverage from these investments.

Comparing 2026-02-12 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

CBRE showed robust growth across key metrics with total assets expanding 27% to $30.9B and cash surging 67% to $1.9B, indicating strong cash generation and acquisition financing capacity. Operating income grew 24% to $1.8B while interest expense declined 22%, demonstrating improved operational efficiency and better debt management. The 54% increase in share buybacks to $968M, combined with 20% net income growth, signals management confidence and strong capital allocation discipline despite the significant expansion in total liabilities to fund acquisitions.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+67.3%
$1.1B→$1.9B

Cash position surged 67.3% — strong cash generation or capital raise providing significant financial cushion.

Share Buybacks
Cash Flow
+54.4%
$627.0M→$968.0M

Share repurchases increased 54.4% — management returning capital, signals confidence in intrinsic value.

Total Liabilities
Balance Sheet
+39.9%
$15.2B→$21.3B

Liabilities grew 39.9% — significant increase in debt or obligations, assess impact on financial flexibility.

Current Assets
Balance Sheet
+35.3%
$10.0B→$13.5B

Current assets grew 35.3% — improving short-term liquidity or inventory/receivables build.

Current Liabilities
Balance Sheet
+32.7%
$9.3B→$12.3B

Current liabilities surged 32.7% — significant near-term obligations; verify ability to meet short-term debt.

Total Assets
Balance Sheet
+26.6%
$24.4B→$30.9B

Asset base grew 26.6% — expansion through organic growth, acquisitions, or capital deployment.

Operating Income
P&L
+24.1%
$1.4B→$1.8B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Capital Expenditure
Cash Flow
+24%
$209.9M→$260.1M

Capex increased 24% — ongoing investment in capacity or infrastructure for future growth.

Interest Expense
P&L
-21.6%
$136.8M→$107.3M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Net Income
P&L
+19.5%
$968.0M→$1.2B

Net income grew 19.5% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-02-12
PRIOR — 2025-02-14
ADDED
Company Overview CBRE is the world s largest commercial real estate services and investments firm (based on 2025 revenue).
We derive competitive advantage from our considerable scale and ability to offer integrated solutions for real estate investors and occupiers in more than 100 countries.
We are global market leaders in most of our business lines and drive significant growth by helping clients optimize real estate costs, value, investment returns and workplace experiences.
We are committed to deploying our resources and capital in parts of our business that benefit from secular tailwinds and/or are cyclically resilient across these four dimensions.
Examples of how we have expanded our participation in secularly favored and resilient businesses and enlarged our total addressable market include our acquisitions of: Turner Townsend, the global project management firm, in which we hold a majority ownership interest; J J Worldwide Services (now doing business as CBRE Government Defense Services), which markedly increased the facilities-related services we provide to the U.S.
federal government; Direct Line Global, a provider of technical facilities management services to data centers; Industrious National Management Company, LLC (Industrious), a flexible workplace solutions and workplace experience platform, which we fully acquired in January 2025; and Pearce Services, LLC (Pearce), a leading provider of advanced technical services for digital and power infrastructure, which we acquired in November 2025.
In addition, we have increased our scale in certain geographies, such as Japan and India, and asset classes that are positioned for continued growth, such as data centers.
Business Segments We serve clients and report our financial results through four business segments: Advisory Services, Building Operations Experience, Project Management and Real Estate Investments.
We also report results for a Corporate and other segment, which encompasses our platform and non-core investments.
Advisory Services Advisory Services provides a comprehensive range of services globally, including leasing, capital markets (property sales and mortgage origination), loan servicing, and valuation.
REMOVED
Company Overview CBRE is the world s largest commercial real estate services and investments firm.
Our competitive advantage comes from our considerable scale and ability to offer integrated solutions to real estate investors and occupiers in more than 100 countries.
We are global market leaders in most of our lines of business and drive significant growth from bundling our services, while helping clients optimize real estate costs, value, investment returns and workplace experiences.
We are committed to deploying our resources and capital across these four dimensions in parts of our business that benefit from secular tailwinds and/or provide cyclical resilience.
Examples of how we have expanded our participation in secularly favored and resilient businesses and enlarged our total addressable market include our investments in the global project management firm, Turner Townsend, in which we hold a majority ownership interest; the flexible office platform, Industrious, in which we acquired full ownership in January 2025; J J Worldwide Services, a provider of facilities management and related services to the U.S.
federal government; and Direct Line Global, a provider of technical facilities management services to data centers.
In addition, we have increased our focus on geographies, such as Japan, and asset classes, such as industrial, multi-family and data centers, that are positioned for growth.
Business Segments As of December 31, 2024, we served clients through three business segments: Advisory Services, Global Workplace Solutions and Real Estate Investments, and a fourth segment, called Corporate and other, which encompasses our platform and non-core investments.
On January 1, 2025, we combined our project management business with our Turner Townsend subsidiary and increased our ownership in the combined entity to 70%.
We will publicly report financial results for a fourth business segment, Project Management, beginning in the first quarter of 2025.
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