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CBRE Group (CBRE) investor relations material
CBRE Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary29 Jul, 2025
Executive summary
Revenue for Q2 2025 grew 16% year-over-year to $9.8B, with net income up 65% to $215M and Core EPS up 47% to $1.19; resilient businesses outpaced transactional with 17% growth versus 15%.
Core EBITDA increased 30% to $658M, driven by strong leasing, property sales, and expansion in BOE and Project Management.
Advisory segment achieved record global leasing revenue, with office demand recovering and property sales up 19%.
2025 Core EPS guidance raised to $6.10–$6.20, representing over 20% growth at midpoint, with expectations for a new earnings peak.
Major acquisitions (Industrious, Turner & Townsend) and $663M in share repurchases highlight strategic capital deployment.
Financial highlights
Q2 2025 revenue: $9.8B (up 16.2%); net income: $215M (up 65%); Core EBITDA: $658M (up 30%); Core EPS: $1.19 (up 47%).
Free cash flow for the trailing twelve months was $1.3B, with full-year expectations over $1.5B and conversion at the high end of the 75–85% target range.
Net leverage at quarter end was 1.5x, with liquidity at $4.7B, supported by a $1.1B bond offering and expanded credit facility.
GAAP EPS increased 71% to $0.72; GAAP net income up 65% to $215M.
Assets under management reached $155.3B, up nearly $9B since year-end 2024.
Outlook and guidance
Full-year Core EPS guidance increased to $6.10–$6.20, with at least $0.10 upside from FX trends.
Leasing growth in the second half expected at mid- to high-single digits; industrial leasing now forecast up double digits for the year.
Project Management revenue growth for the full year expected in low double digits on a net revenue basis.
Free cash flow conversion expected at the high end of the 75–85% target range.
Year-end results depend on timing of large development asset sales and continued economic resilience.
Explain the increase in liquidity this quarter.
How did Industrious enhance property management?
What drove the growth in US property sales?
Quantify potential BOE synergies for 2026.
How will infrastructure investments grow CBRE's market?
What drove the increase in full year core EPS guidance?
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Next CBRE Group earnings date
Q3 202523 Oct, 2025
Next CBRE Group earnings date
Q3 202523 Oct, 2025
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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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