CBRE Group (CBRE) Q4 2025 earnings summary

Executive summary

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

• Data center and digital infrastructure services contributed 14% of Core EBITDA in 2025, with significant gains from the Pearce Services acquisition.

• AI is being leveraged for efficiency and to enhance data-driven competitive advantages.

• 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.

• Cash flow from operations for 2025 was ~$1.6 billion, with free cash flow of ~$1.7 billion and 86% conversion on core net income.

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 $1.65 billion, with 86% conversion, above the 75–85% target range.

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

Outlook and guidance

• 2026 Core EPS guidance range set at $7.30–$7.60, reflecting 17% growth at the midpoint.

• Double-digit revenue growth anticipated in resilient businesses; transactional businesses to grow above cycle.

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

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

• Q1 2026 expected to comprise about 15% of full year Core EPS, higher than last year.