CBRE Group (CBRE) Q4 2025 earnings summary

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.