CBRE Group
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CBRE Group (CBRE) investor relations material

CBRE Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved record Q4 and full-year 2025 revenue and core EPS, both rising by double digits year-over-year, with broad-based strength across resilient and transactional businesses.

  • Data center and digital infrastructure services contributed significantly, accounting for 14% of Core EBITDA in 2025, with strong gains in U.S. and international sales and leasing.

  • Strategic investments included the Pearce Services acquisition and expansion in data center solutions, positioning for secular growth trends.

  • AI is being leveraged for efficiency and to enhance data-driven competitive advantages, with ongoing investments in technology and talent.

  • GAAP earnings were reduced by $279 million due to a non-cash U.K. pension plan buy-out and increased reserve for fire-safety remediation.

Financial highlights

  • Q4 2025 revenue rose 12% year-over-year to $11.6 billion; full-year revenue up 13% to $40.6 billion.

  • Q4 Core Net Income increased 15% to $818 million; Core EBITDA up 19% to $1.29 billion; Core EPS up 18% to $2.73.

  • Full-year Core Net Income up 22% to $1.92 billion; Core EBITDA up 22% to $3.31 billion; Core EPS up 25% to $6.38.

  • Free cash flow for 2025 was nearly $1.7 billion, with 86% conversion on core net income.

  • Over $11 billion in capital raised in 2025; AUM ended at $155 billion, up $9 billion year-over-year.

Outlook and guidance

  • 2026 Core EPS expected in the range of $7.30–$7.60, representing 17% growth at the midpoint.

  • Double-digit revenue growth anticipated in resilient businesses; transactional businesses expected to outpace through-cycle growth.

  • Advisory, BOE, and project management segments forecasted to deliver double-digit SOP growth in Q1 2026.

  • Free cash flow conversion expected within the 75%-85% range for 2026.

  • Reporting enhancements in 2026 include aligning OMSR recognition with industry standards and consolidating Data Center Solutions under BOE.

Drivers of 2026 Core EPS growth
Future cash savings from pension buy-out?
REI segment's incentive fee outlook
Data center talent acquisition strategy
Quantify AI's impact on research costs
Capital Markets recovery drivers beyond rates
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Frequently asked questions

Commercial Real Estate

CBRE Group is one of the world's largest commercial real estate services and investment firms. Founded in 1906, CBRE has its roots in San Francisco but has grown to command an international presence in over 100 countries. With a spectrum of services from facilities management, project management, and property management to appraisal and valuation, CBRE plays an important role in the global real estate industry.

A Century of Growth

From its initial days in San Francisco, CBRE has experienced steady growth over the decades. Today CBRE with its network of offices spanning the globe serves a diverse clientele, which includes corporate entities, government bodies, and individual property owners. CBRE is oftentimes referred to as one of the “Big Four” in commercial real estate together with its peers JLL, Colliers, and Cushman & Wakefield.

Comprehensive Real Estate Solutions

CBRE's comprehensive range of services is its biggest asset. While primarily known for commercial property leasing and sales, CBRE’s services have expanded to accommodate the evolving needs of its clientele. The company offers investment management services through its CBRE Global Investors arm. Its advisory and consultancy services assist clients in navigating the complex world of real estate, helping them make informed decisions. Additionally, CBRE has been integrating technology into its business, offering its clients advanced analytics, digital leasing solutions, and state-of-the-art property visualization tools.

A Partner to Global Giants

With a clientele ranging from tech giants and international banks to local enterprises and public institutions, CBRE is an important player in global commercial real estate. Its market position can largely be attributed to three things: its vast global network, its comprehensive range of services, and its longstanding reputation. CBRE is often involved in large real estate deals, advising global corporations on their real estate strategies or aiding in the transformation of cityscapes. CBRE's robust suite of services, properties, and its longstanding reputation have enabled it to maintain a strong position in the industry.

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