CBRE GROUP, INC.
For the period ended Jun 30, 2026. Filed Jul 29, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 29, 2026
CBRE$135.51-0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-23.
0001138118-26-000015
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0001138118-26-000024
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 191 previous paragraphs and 673 current paragraphs.
63 unchanged; 117 reworded; 203 added; 10 removed; 1 previous and 290 current paragraphs rearranged.
Tables are not compared: 10 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (203)
Current report
Beginning with first-quarter 2026 results, we reclassified amortization associated with MSRs (mortgage servicing
Current report
increased property leasing and sales activity, particularly in the U.S. Leasing activity in the U.S. remained strong across all
Current report
property types, led by industrial and office, while global activity continued to strengthen in international markets as well.
Current report
During the second quarter, investment sales activity improved significantly in the U.S., while growth was more modest in
Current report
consolidated net income of$215 million on revenue of$9.7 billion in the prior year.
Current report
(REI) segment.
Current report
and British pound sterling partially offset byweakness in the Indian rupee.
Current report
pass-through costs.
Current report
prior year primarily reflecting business growth and higher employee compensation andcommission expenses. Foreign currency
Current report
translation had a 1.3% negative impact on total cost of revenue, excluding pass-through costs. Cost of revenue, excluding pass-
Current report
Operating, administrative and other expenses increased 20.5% during the quarter as compared to the same period in
Current report
prior year. The increase was primarily due to an increase in the provision related to fire safety remediation efforts for buildings
Current report
historically developed by our subsidiary, Telford Homes (see Note 17 – Telford Fire Safety Remediation). In addition,
Current report
operating, administrative and other expenses increased due to higher employee compensation expense, driven by business
Current report
growth. Foreign currency translation had a 1.3% negative impact on total operating expenses during the quarter. Operating,
Current report
administrative and other expenses as a percentage of revenue increased to 13.7% in thesecond quarter 2026 from 13.1% in the
Current report
Depreciation and amortization expense increased by 31.0% during the quarter, as compared to the same period in prior
Current report
We recorded equity income from unconsolidated subsidiaries of approximately$4 million, compared to equity loss of
Current report
$18 million in thesecond quarter 2025.
Current report
primarily attributable to increased commercial paper borrowings and the issuance of$750 million in senior notes, offset by the
Current report
compared to aprovision for income taxes of$61 million for thethree months ended June 30, 2025. Theincrease of$7 million
Current report
2026 from 20.3% forthe three months ended June 30, 2025. Our effective tax rate for thethree months ended June 30, 2026 is
Current report
differences.
Current report
We reported consolidated net income of$522 million for thesix months ended June 30, 2026 on revenue of
Current report
$21.8 billion as compared to consolidated net income of$378 million on revenue of$18.6 billion for thesix months ended
Current report
Foreign currency translation had a 2.6% positive impact on total revenue during thesix months ended June 30, 2026,
Current report
primarily driven bystrength in theeuro and British pound sterling, partially offset byweakness in the Indian rupee.
Current report
Pass-through costs increased 15.1% during thesix months ended June 30, 2026 as compared to the same period in
Current report
Cost of revenue, excluding pass-through costs increased 19.4% during thesix months ended June 30, 2026 as
Current report
compared to the same period in 2025 reflecting business growth andhigher employee compensation and commission expenses.
Current report
Foreign currency translation had a 2.6% negative impact on total cost of revenue, excluding pass-through costs. Cost of
Current report
Operating, administrative and other expenses increased 21.4% during thesix months ended June 30, 2026 as compared
Current report
to the same period last year primarily due to an increase in the provision related to fire safety remediation efforts for buildings
Current report
historically developed by our subsidiary, Telford Homes (see Note 17 – Telford Fire Safety Remediation). In addition,
Current report
operating, administrative and other expenses increased due to higher employee compensation expense, driven by business
Current report
growth. Foreign currency translation had a 2.6% negative impact on total operating expenses during thesix months ended
Current report
Depreciation and amortization expense increased by 29.6% during thesix months ended June 30, 2026 as compared to
Current report
the same period in 2025, reflecting higher depreciation and amortization expense related to assets acquired from recent
Current report
acquisitions, such as Pearce.
Current report
Gain on disposition of real estate increased by$287 million during thesix months ended June 30, 2026, driven by
Showing the first 40 of 203 passages. Open the source sections for the rest.
Removed paragraphs (10)
Previous report
(2)Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work performed for clients. These costs are reimbursable by clients and the corresponding amounts owed are reflected within Revenue.
Previous report
(2)Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work performed for clients. These costs are reimbursable by clients and the corresponding amounts owed are reflected within Revenue.
Previous report
Foreign currency translation had a 2.8% positive impact on total revenue during the quarter, primarily driven by strength in the euro and British pound sterling partially offset by weakness in the Indian rupee and Japanese yen.
Previous report
Operating, administrative and other expenses increased by 9.6%, as compared to the same period in 2025, primarily due to higher employee compensation and business promotion and advertising expenses driven by the growth in the business. Foreign currency translation had a 4.2% negative impact on total operating expenses.
Previous report
(2)Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work performed for clients. These costs are reimbursable by clients and the corresponding amounts owed are reflected within Revenue.
Previous report
Cost of revenue, excluding pass-through costs increased 23.4%, driven primarily by higher professional compensation and indirect managed spend due to revenue growth. Foreign currency translation had a 4.1% negative impact on total cost of revenue, excluding pass-through costs. Cost of revenue, excluding pass-through costs was 36.5% of total revenue, and increased compared to 35.6% in the first quarter 2025.
Previous report
Operating, administrative and other expenses increased 25.7%, primarily due to higher employee compensation and benefit expenses. Foreign currency translation had a 4.7% negative impact on total operating expenses during the quarter.
Previous report
(2)Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work performed for clients. These costs are reimbursable by clients and the corresponding amounts owed are reflected within Revenue.
Previous report
Revenue increased 15.3% due to strong business activity in the United Kingdom and Asia and increased revenue from pass-through costs. Foreign currency translation had a 4.3% positive impact on total revenue during the quarter, primarily driven by strength in the British pound sterling and euro partially offset by weakness in Indian rupee.
Previous report
Pass-through costs increased 12.1% during the quarter as compared to the same period in 2025 primarily due to revenue growth in the Project Management segment. Foreign currency translation had a 3.0% negative impact on pass-through costs.
Reworded paragraphs (117)
Previous wording
Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) provides the reader with management’s perspective on our financial condition, results of operations, liquidity and certain other factors that may affect future results. The MD&A in this Quarterly Report on Form 10-Q (Quarterly Report) for CBRE Group, Inc. for the three months ended March 31, 2026 should be read in conjunction with our consolidated financial statements and related notes included in our 2025 Annual Report on Form 10-K (2025 Annual Report) as well as the unaudited financial statements included elsewhere in this Quarterly Report.
Current wording
Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) provides the
Previous wording
In addition, the statements and assumptions in this Quarterly Report that are not statements of historical fact are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particular, statements about our plans, strategies and prospects as well as estimates of industry growth for the next quarter and beyond. For important information regarding these forward-looking statements, please see the discussion below under the caption “Cautionary Note on Forward-Looking Statements.”
Current wording
In addition, the statements and assumptions in this Quarterly Report that are not statements of historical fact are
Previous wording
During the first quarter of 2026, we began reclassifying amortization associated with MSRs (mortgage servicing rights) to net against the related revenue (Commercial mortgage origination). Historically, the corresponding MSR intangible assets were amortized through amortization expense over the estimated mortgage service period. Prior year amounts have been reclassified to conform to the fiscal 2026 presentation.
Current wording
rights) to net against the related revenue (commercial mortgage origination). Historically, we have recognized the
Previous wording
The strong recovery of the commercial real estate market that began in 2025 continued in early 2026. This is evident in the continuation of markedly increased property leasing and sales activity during the first quarter. Occupier demand remained notably strong in the U.S. particularly for industrial, office and data center space in the U.S. During the quarter, investment sales and financing activity improved sharply in most global markets, buoyed by broad capital availability, improved occupancy market fundamentals and tighter bid-ask spreads. Large occupiers’ growing appetite for outsourcing services continued to underpin demand for facilities management and project management activities, while the outsized growth of Artificial Intelligence investments and data center buildouts fuels strong demand for critical infrastructure services. To date, the ongoing Middle East conflict has had limited impact on CBRE’s business except for a notable slowdown in fundraising from capital sources based in the region.
Current wording
The strong recovery of the commercial real estate market continued in the first half of 2026. This is reflected in
Previous wording
We deployed $538 million in 2026 to repurchase 3,639,682 shares as of April 21, 2026.
Current wording
We deployed$988 million in 2026 to repurchase 6,984,186 shares as of July 27, 2026.
Previous wording
The following table sets forth items derived from our consolidated statements of operations for the three months ended March 31, 2026 and 2025 (dollars in millions):
Current wording
The following table sets forth items derived from our consolidated statements of operations for thethree and six
Previous wording
We reported consolidated net income of $318 million for the quarter, on revenue of $10.5 billion as compared to consolidated net income of $163 million on revenue of $8.9 billion in the prior year.
Current wording
We reported consolidated net income of$204 million for the quarter, on revenue of$11.2 billion as compared to
Previous wording
Revenue increased 18.6% reflecting double-digit growth across the Advisory Services, Building Operations & Experience (BOE) and Project Management segments, partially offset by a decrease in revenue in the Real Estate Investments (REI) segment.
Current wording
Experience (BOE) and Project Management segments, partially offset by a decrease in revenue in the Real Estate Investments
Previous wording
Foreign currency translation had a 4.0% positive impact on revenue, reflecting strength in the euro and British pound sterling partially offset by weakness in the Indian rupee.
Current wording
Foreign currency translation had a 1.2% positive impact on revenue, reflecting strength in theeuro, Australian dollar
Previous wording
Pass-through costs increased 17.1% during the quarter as compared to the same period in prior year primarily due to revenue growth in the BOE and Project Management segments. Foreign currency translation had a 4.1% negative impact on pass-through costs.
Current wording
Pass-through costs increased 13.1% during the quarter as compared to the same period in prior year primarily due to
Previous wording
Cost of revenue, excluding pass-through costs increased 21.9% during the quarter as compared to the same period in prior year primarily reflecting business growth and higher commission expenses and employee compensation, as well as higher indirect reimbursed costs. Foreign currency translation had a 4.0% negative impact on total cost of revenue, excluding pass-through costs. Cost of revenue, excluding pass-through costs increased to 40.2% of total revenue from 39.1% driven by higher costs to support growth in revenues.
Current wording
through costs increased to 40.2% of total revenue from 39.7% driven by higher costs to support growth in revenues.
Previous wording
Operating, administrative and other expenses increased 22.5% during the quarter as compared to the same period in prior year. The increase was primarily due to higher employee compensation and business promotion and advertising expense, driven by business growth. Foreign currency translation had a 4.0% negative impact on total operating expenses during the quarter. Operating, administrative and other expenses as a percentage of revenue increased to 13.9% in the first quarter 2026 from 13.4% in the first quarter 2025, as operating expenses grew higher than revenue.
Current wording
second quarter 2025, as operating expenses grew higher than revenue.
Previous wording
Depreciation and amortization expense increased 52.9%, reflecting higher amortization expense related to intangible assets from recent acquisitions, such as Pearce.
Current wording
year, reflecting higher amortization expense related to intangible assets from recent acquisitions, such as Pearce.
Previous wording
Gain on disposition of real estate increased by $301 million during the quarter, driven by monetization of real estate development assets in the REI segment.
Current wording
Gain on disposition of real estate decreased by$14 million during the quarter, driven by lower sales of real estate
Previous wording
Interest expense, net of interest income, increased by 18.0%, compared with the first quarter 2025. This increase was primarily attributable to increased commercial paper borrowings, offset by the impact of net investment hedging activity.
Current wording
Interest expense, net of interest income, increased by 1.7%, compared with thesecond quarter 2025. This increase was
Previous wording
Our provision for income taxes on a consolidated basis was $112 million for the three months ended March 31, 2026 as compared to a provision for income taxes of $52 million for the three months ended March 31, 2025. The increase of $60 million is primarily related to an increase in earnings. Our effective tax rate increased to 24.7% for the three months ended March 31, 2026 from 21.4% for the three months ended March 31, 2025. Our effective tax rate for the three months ended March 31, 2026 is different than the U.S. federal statutory tax rate of 21.0% primarily due to the U.S. state taxes and permanent book tax differences.
Current wording
Ourprovision for income taxes on a consolidated basis was$68 million for thethree months ended June 30, 2026 as
Previous wording
The Organization for Economic Co-operation & Development (OECD) Pillar Two Model Rules established a minimum global effective tax rate of 15% on country-by-country profits of large multinational companies. European Union member states along with many other countries adopted or expect to adopt the OECD Pillar Two Model effective January 1, 2024 or thereafter. In January 2026, the OECD issued a comprehensive Side by Side Package, which introduces additional administrative guidance intended to enhance coordination and simplify aspects of the global minimum tax framework. The package includes several new safe harbors including the new Side by Side and Ultimate Parent Entity safe harbors that may deem certain top-up taxes to be zero in jurisdictions with qualifying minimum tax regimes, such as the United States. We will continue to monitor additional administrative guidance and legislative action to incorporate the guidance into local law to assess the global impact of the Pillar Two Model Rules. The impact of Pillar Two top-up taxes is expected to be insignificant for 2026.
Current wording
The Organization for Economic Co-operation & Development (OECD) Pillar Two Model Rules established a
Previous wording
On July 4, 2025, the U.S. federal government enacted, H.R.1, the One Big Beautiful Bill Act (OBBBA), a budget reconciliation package that changes the U.S. federal income tax laws, including extensions of various expiring provisions from the Tax Cuts and Jobs Act of 2017. The 2026 impacts of the OBBBA are insignificant based on our current operations.
Current wording
On July 4, 2025, the U.S. federal government enacted, H.R.1, the One Big Beautiful Bill Act (OBBBA), a budget
Previous wording
We organize our operations around, and publicly report our financial results for, four reportable business segments: (1) Advisory Services; (2) BOE; (3) Project Management; and (4) REI.
Current wording
We organize our operations around, and publicly report our financial results for, four reportable business segments: (1)
Previous wording
Advisory Services provides a comprehensive range of services globally, including leasing, capital markets (property sales and loan origination), loan servicing, and valuation. BOE provides a broad suite of integrated, contractually based outsourcing services to occupiers and owners of real estate, including facilities management, property management and critical infrastructure. Our Project Management business delivers program management and cost consultancy services across commercial real estate, infrastructure and natural resources sectors. REI is a major real assets developer, investor and operator and is comprised of two businesses: investment management and development services.
Current wording
Advisory Services provides a comprehensive range of services globally, including leasing, capital markets (property
Previous wording
We also have a Corporate and Other segment. Corporate primarily consists of corporate overhead costs, and costs associated with our platform that are not allocated to segments, including corporate leadership costs. Other consists of activities from strategic non-core, non-controlling equity investments and is considered an operating segment but does not meet the aggregation criteria for presentation as a separate reportable segment and is, therefore, combined with Corporate and reported within Corporate and Other. It also includes eliminations related to inter-segment revenue. For additional information on our segments, see Note 16 – Segments of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report.
Current wording
We also have a Corporate and Other segment. Corporate primarily consists of corporate overhead costs, and costs
Previous wording
The following table summarizes our results of operations for our Advisory Services operating segment for the three months ended March 31, 2026 and 2025 (dollars in millions):
Current wording
The following table summarizes our results of operations for our Advisory Services operating segment for thethree
Previous wording
Revenue increased 22.0% during the quarter compared to the same period in 2025. Property sales revenue grew 42.5%, led by industrial, retail, multifamily, office, and data centers in the U.S. and Asia Pacific. Globally, sales grew double-digits across industrial, office, and multifamily. Global leasing revenue rose 20.1%, led by data centers, industrial and office leasing driven by growth in the Americas which grew 20.5%, including 20.7% in the United States, and growth in Asia Pacific which grew 24.4%.
Current wording
Revenue increased 17.7% during the quarter compared to the same period in 2025. Global leasing revenue rose 23.5%,
Previous wording
Cost of revenue, excluding pass-through costs increased 23.7%, primarily reflecting business growth and higher commission expense, salaries and bonus. Foreign currency translation had a 3.0% negative impact on total cost of revenue, excluding pass-through costs.
Current wording
commission expense, salaries and bonus. Foreign currency translation had a 1.0% negative impact on total cost of revenue,
Previous wording
For the three months ended March 31, 2026, gross income from mortgage servicing rights (MSR) was $26 million, offset by $38 million of amortization of related intangible assets, resulting in a net reduction to Commercial Mortgage Origination revenue of $12 million. For the three months ended March 31, 2025, the comparable amounts were $22 million and $35 million, respectively, resulting in a net reduction of $13 million. The change was associated with higher origination activity given an increase in financing activities.
Current wording
For the three months ended June 30, 2026, gross income from mortgage servicing rights (MSR) was$27 million,
Previous wording
In connection with the origination and sale of mortgage loans with servicing rights retained, we record servicing assets or liabilities based on the fair value of mortgage servicing rights (MSRs) on the date the loans are sold. Upon origination of a mortgage loan held for sale, the fair value of the mortgage servicing rights to be retained is included in the forecasted proceeds from the anticipated loan sale and results in a net gain (which is reflected in revenue). Our MSRs are initially recorded at fair value. Subsequent to the initial recording, MSRs are amortized in proportion to and over the period that the servicing income is expected to be received based on projections and timing of estimated future net cash flows and assessed for impairment based on the fair value each reporting period. During the first quarter of 2026, we began reclassifying amortization associated with MSRs (mortgage servicing rights) to net against the related revenue (Commercial mortgage origination). Historically, the corresponding MSR intangible assets were amortized through amortization expense over the estimated mortgage service period. Prior year amounts have been reclassified to conform to the fiscal 2026 presentation.
Current wording
In connection with the origination and sale of mortgage loans with servicing rights retained, we record servicing assets
Previous wording
The following table summarizes our results of operations for our BOE operating segment for the three months ended March 31, 2026 and 2025 (dollars in millions):
Current wording
The following table summarizes our results of operations for our BOE operating segment for thethree and six months
Previous wording
Depreciation and amortization expense increased by 28.2% during the quarter, as compared to the same period in prior year, reflecting higher amortization expense related to intangible assets from recent acquisitions, such as Pearce.
Current wording
Depreciation and amortization expense increased 77.0%, reflecting higher amortization expense related to intangible
Previous wording
Revenue increased 20.4%, reflecting double-digit increases in facilities management, critical infrastructure and property management, primarily due to growth in clients driving increased management fees and reimbursements as well as the impact from recent acquisitions. Foreign currency translation had a 4.4% positive impact on total revenue during the quarter, primarily driven by strength in the euro and British pound sterling, partially offset by weakness in the Indian rupee.
Current wording
client wins driving increased management fees and reimbursements as well as the impact from recent acquisitions. Foreign
Previous wording
Pass-through costs increased 18.7% during the quarter as compared to the same period in 2025 primarily due to revenue growth in the BOE segment. Foreign currency translation had a 4.4% negative impact on pass-through costs.
Current wording
2025 primarily due to revenue growth in the BOE segment. Foreign currency translation had a 2.8% negative impact on pass-
Previous wording
The following table summarizes our results of operations for our Project Management operating segment for the three months ended March 31, 2026 and 2025 (dollars in millions):
Current wording
The following table summarizes our results of operations for our Project Management operating segment for thethree
Previous wording
Cost of revenue, excluding pass-through costs increased 19.0%, driven by increased professional compensation and third party spend due to revenue growth. Foreign currency translation had a 5.7% negative impact on total cost of revenue, excluding pass-through costs. Cost of revenue, excluding pass-through costs was 35.4% of total revenue, and increased from 34.3% in the first quarter 2025.
Current wording
Cost of revenue, excluding pass-through costs increased 13.8%, driven by increased professional compensation and
Previous wording
Operating, administrative and other expenses increased 10.4%, primarily due to higher employee compensation related expenses reflecting revenue growth. Foreign currency translation had a 3.4% negative impact on total operating expenses during the quarter.
Current wording
expenses. Foreign currency translation had a 3.4% negative impact on total operating expenses during the quarter.
Previous wording
The following table summarizes our results of operations for our REI operating segment for the three months ended March 31, 2026 and 2025 (dollars in millions):
Current wording
The following table summarizes our results of operations for our REI operating segment for thethree and six months
Previous wording
Revenue decreased 14.6% for the current quarter primarily due to lower management and development fees from development services. Foreign currency translation had a 4.7% positive impact on total revenue during the quarter primarily driven by strength in the British pound sterling and euro.
Current wording
Revenue decreased 10.2% for the current quarter primarily due to lower fees from development services, partially
Previous wording
Cost of revenue decreased 44.7% in the quarter as compared to the same period in 2025 due to lower construction management costs incurred on our real estate development projects. Foreign currency translation had a 4.2% negative impact on total cost of revenue during the quarter.
Current wording
Cost of revenue decreased 57.1% in the quarter as compared to the same period in 2025 due to lower construction
Previous wording
Operating, administrative and other expenses increased 72.9% primarily due to an increase in total compensation in our development services lines of business resulting from an increase in development sales during the quarter. Foreign currency translation had a 4.8% negative impact on total operating expenses.
Current wording
development services lines of business. Foreign currency translation had a 0.5% negative impact on total operating expenses.
Previous wording
Gain on disposition of real estate increased by $281 million compared with first quarter 2025, driven by monetization of real estate development assets in the current period versus none in the prior year quarter.
Current wording
monetization of real estate development assets in the current period versus higher sales in the prior year quarter.
Previous wording
A roll forward of our assets under management (AUM) by product type for the three months ended March 31, 2026 is as follows (dollars in billions):
Current wording
Below is a rollforward of our assets under management (AUM) by product type for thethree months ended June 30,
Previous wording
AUM generally refers to the properties and other assets with respect to which we provide (or participate in) oversight, investment management services and other advice, and which generally consist of real estate properties or loans, securities portfolios and investments in operating companies and joint ventures. Our AUM is intended principally to reflect the extent of our presence in the real estate market, not to be the basis for determining our management fees. Our assets under management consist of:
Current wording
AUM generally refers to the properties and other assets with respect to which we provide (or participate in) oversight,
Showing the first 40 of 117 pairs. Open the source sections for the rest.
Rearranged current paragraphs (290)
Current report — wording carried from elsewhere
reader with management’s perspective on our financial condition, results of operations, liquidity and certain other factors that
Current report — wording carried from elsewhere
may affect future results. The MD&A in this Quarterly Report on Form 10-Q (Quarterly Report) for CBRE Group, Inc. for the
Current report — wording carried from elsewhere
three and six months ended June 30, 2026 should be read in conjunction with our consolidated financial statements and related
Current report — wording carried from elsewhere
notes included in our 2025 Annual Report on Form 10-K (2025 Annual Report) as well as the unaudited financial statements
Current report — wording carried from elsewhere
included elsewhere in this Quarterly Report.
Current report — wording carried from elsewhere
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities
Current report — wording carried from elsewhere
Exchange Act of 1934, each as amended, including, in particular, statements about our plans, strategies and prospects as well as
Current report — wording carried from elsewhere
estimates of industry growth for the next quarter and beyond. For important information regarding these forward-looking
Current report — wording carried from elsewhere
statements, please see the discussion below under the caption “Cautionary Note on Forward-Looking Statements.”
Current report — wording carried from elsewhere
corresponding MSR intangible asset as an amortization expense over the estimated mortgage service period. Prior year amounts
Current report — wording carried from elsewhere
have been reclassified to conform with the 2026 presentation.
Current report — wording carried from elsewhere
overseas markets. Investment activity has been supported by broad capital availability, improved occupancy market
Current report — wording carried from elsewhere
fundamentals and narrower bid-ask spreads. Large occupiers’ growing appetite for outsourcing services continued to underpin
Current report — wording carried from elsewhere
demand for facilities management and project management activities, while the outsized growth of Artificial Intelligence
Current report — wording carried from elsewhere
investments and data center buildouts has fueled continued strong demand for critical infrastructure services. Through the first
Current report — wording carried from elsewhere
half of 2026, the ongoing Middle East conflict has had limited impact on CBRE’s business except for a slowdown in
Current report — wording carried from elsewhere
fundraising from capital sources based in the region.
Current report — wording carried from elsewhere
months ended June 30, 2026 and 2025 (dollars in millions):
Current report — wording carried from elsewhere
Revenue increased 15.5% reflecting double-digit growth across the Advisory Services, Building Operations &
Current report — wording carried from elsewhere
revenue growth in the BOE and Project Management segments. Foreign currency translation had a 1.1% negative impact on
Current report — wording carried from elsewhere
Cost of revenue, excluding pass-through costs increased 17.1% during the quarter as compared to the same period in
Current report — wording carried from elsewhere
development assets in the REI segment, compared to the prior year.
Current report — wording carried from elsewhere
impact of net investment hedging activity.
Current report — wording carried from elsewhere
is primarily related to an increase in earnings. Our effective tax rate increased to 21.6% for thethree months ended June 30,
Current report — wording carried from elsewhere
different than the U.S. federal statutory tax rate of 21.0% primarily due to the U.S. state taxes and permanent book tax
Current report — wording carried from elsewhere
minimum global effective tax rate of 15% on country-by-country profits of large multinational companies. European Union
Current report — wording carried from elsewhere
member states along with many other countries adopted or expect to adopt the OECD Pillar Two Model effective January 1,
Current report — wording carried from elsewhere
2024 or thereafter. In January 2026, the OECD issued a comprehensive Side by Side Package, which introduces additional
Current report — wording carried from elsewhere
administrative guidance intended to enhance coordination and simplify aspects of the global minimum tax framework. The
Current report — wording carried from elsewhere
package includes several new safe harbors including the new Side by Side and Ultimate Parent Entity safe harbors that may
Current report — wording carried from elsewhere
deem certain top-up taxes to be zero in jurisdictions with qualifying minimum tax regimes, such as the United States. We will
Current report — wording carried from elsewhere
continue to monitor additional administrative guidance and legislative action to incorporate the guidance into local law to assess
Current report — wording carried from elsewhere
the global impact of the Pillar Two Model Rules. The impact of Pillar Two top-up taxes is expected to be insignificant for 2026.
Current report — wording carried from elsewhere
reconciliation package that changes the U.S. federal income tax laws, including extensions of various expiring provisions from
Current report — wording carried from elsewhere
the Tax Cuts and Jobs Act of 2017. The 2026 impacts of the OBBBA are insignificant based on our current operations.
Current report — wording carried from elsewhere
Revenue increased 17.0%, reflecting double-digit growth across the Advisory Services, BOE and Project Management
Current report — wording carried from elsewhere
segments, partially offset by a decrease in revenue in the REI segment.
Current report — wording carried from elsewhere
2025 primarily due to revenue growth in the BOE and Project Management segments. Foreign currency translation had a 2.6%
Current report — wording carried from elsewhere
negative impact on pass-through costs.
Current report — wording carried from elsewhere
revenue, excluding pass-through costs increased to 40.2% of total revenue from 39.4%.
Showing the first 40 of 290 passages. Open the source sections for the rest.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
(1)Calculated as a percentage of Total Revenue