# CBRE Group, Inc. (CBRE) Q2 2025 Financial Results Summary
Dallas – July 29, 2025 – CBRE Group, Inc. (NYSE: CBRE) today reported financial results for the second quarter ended June 30, 2025. Below is a summary of the key financial metrics and highlights from the quarter.
### Key Financial Highlights
– **Earnings**:
– **GAAP EPS**: Increased **71%** to **$0.72** from **$0.42** in Q2 2024.
– **Core EPS**: Rose **47%** to **$1.19** from **$0.81** year-over-year.
– **Revenue**:
– Total revenue increased **16%** to **$9.8 billion** from **$8.4 billion** in Q2 2024.
– **Resilient Businesses** revenue: Grew **17%** to **$8.1 billion**.
– **Transactional Businesses** revenue: Rose **15%** to nearly **$1.7 billion**.
– **Income Metrics**:
– **GAAP net income**: Up **65%** to **$215 million** from **$130 million** year-over-year.
– **Core EBITDA**: Up **30%** to **$658 million** from **$505 million** in the same quarter last year.
– **Cash Flow**:
– Net cash flow from operations was **$1.4 billion** and free cash flow was nearly **$1.3 billion**, both on a trailing 12-month basis.
– **Liquidity**:
– Increased by **$1.2 billion** during the quarter to **$4.7 billion**.
– **Guidance**:
– 2025 Core EPS outlook increased to **$6.10 to $6.20**, from the previous range of **$5.80 to $6.10**.
### Segment Performances
– **Advisory Services Segment**:
– Revenue increased **14.4%** to **$2.0 billion** from **$1.7 billion** in Q2 2024.
– Segment operating profit rose **32.4%** to **$380 million**.
– **Building Operations & Experience (BOE) Segment**:
– Revenue up **18.7%** to **$5.8 billion**.
– Segment operating profit increased **22.5%** to **$261 million**.
– **Project Management Segment**:
– Revenue increased **14.3%** to **$1.8 billion**.
– Segment operating profit rose **18.6%** to **$121 million**.
– **Real Estate Investments (REI) Segment**:
– Revenue decreased **7.3%** to **$215 million**.
– Operating profit increased **150%** to **$25 million**.
### Other Highlights
– **Global Leasing**:
– Global leasing revenue grew **14%**, with the highest second-quarter revenue ever recorded.
– U.S. leasing revenue increased **14%**, driven by office and industrial sectors.
– EMEA region stood out with **18%** growth.
– **Capital Markets**:
– Global property sales revenue rose **20%** compared to Q2 2024.
– Mortgage origination revenue significantly increased by **44%**.
– **Dividends and Stock Repurchase**:
– The company has not declared a quarterly dividend.
– Since the end of 2024, roughly **5.2 million shares** were repurchased for **$663 million**, with approximately **$5.2 billion** of remaining capacity under the repurchase program.
### Financial Ratios
– **Net Leverage Ratio**:
– At **1.47x** as of June 30, 2025, well below the primary debt covenant of **4.25x**.
– **Liquidity Position**:
– As of June 30, 2025, CBRE reported **$1.4 billion** in cash along with **$3.3 billion** available to borrow under credit facilities.
CBRE’s strong second-quarter performance reflects significant year-over-year growth across various business segments, resilience in operational performance amid market recovery, and positive future outlook adjustments.
| Operating Results | Q2 2025 | Q2 2024 | % Change USD | % Change LC |
|---|---|---|---|---|
| Revenue | 9,754 | 8,391 | 16.2 % | 15.1 % |
| Adjusted net revenue | 5,668 | 4,971 | 14.0 % | 12.9 % |
| GAAP net income | 215 | 130 | 65.4 % | 63.1 % |
| GAAP EPS | 0.72 | 0.42 | 71.4 % | 69.0 % |
| Core adjusted net income | 358 | 248 | 44.4 % | 42.7 % |
| Core EBITDA | 658 | 505 | 30.3 % | 28.9 % |
| Core EPS | 1.19 | 0.81 | 46.9 % | 45.7 % |
| Cash Flow Results | ||||
| Cash flow provided by operations | 57 | 287 | -80.1 % | |
| Gain on disposition of real estate sales | 19 | — | NM | |
| Less: Capital expenditures | 74 | 67 | 10.4 % | |
| Free cash flow | 2 | 220 | -99.1 % |
| ASSETS | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Current Assets: | ||
| Cash and cash equivalents | 1,395 | 1,114 |
| Restricted cash | 137 | 107 |
| Receivables, net | 7,319 | 7,005 |
| Warehouse receivables(1) | 1,448 | 561 |
| Contract assets | 382 | 400 |
| Prepaid expenses | 420 | 332 |
| Income taxes receivable | 306 | 130 |
| Other current assets | 553 | 321 |
| Total Current Assets | 11,960 | 9,970 |
| Property and equipment, net | 972 | 914 |
| Goodwill | 6,410 | 5,621 |
| Other intangible assets, net | 2,485 | 2,298 |
| Operating lease assets | 1,986 | 1,198 |
| Investments in unconsolidated subsidiaries | 858 | 1,295 |
| Non-current contract assets | 103 | 89 |
| Real estate under development | 365 | 505 |
| Non-current income taxes receivable | 89 | 75 |
| Deferred tax assets, net | 656 | 538 |
| Other assets | 1,809 | 1,880 |
| Total Assets | 27,693 | 24,383 |
| LIABILITIES AND EQUITY | ||
| Current Liabilities: | ||
| Accounts payable and accrued expenses | 4,112 | 4,102 |
| Compensation and employee benefits payable | 1,405 | 1,419 |
| Accrued bonus and profit sharing | 1,029 | 1,695 |
| Operating lease liabilities | 282 | 200 |
| Contract liabilities | 420 | 375 |
| Income taxes payable | 145 | 209 |
| Warehouse lines of credit | 1,432 | 552 |
| Revolving credit facilities | — | 132 |
| Other short-term borrowings | 1,362 | 222 |
| Current maturities of long-term debt | 71 | 36 |
| Other current liabilities | 365 | 345 |
| Total Current Liabilities | 10,623 | 9,287 |
| Long-term debt, net of current maturities | 4,340 | 3,245 |
| Non-current operating lease liabilities | 2,053 | 1,307 |
| Non-current tax liabilities | 175 | 160 |
| Deferred tax liabilities, net | 258 | 247 |
| Other liabilities | 1,251 | 945 |
| Total Liabilities | 18,700 | 15,191 |
| Mezzanine Equity: | ||
| Redeemable non-controlling interests in | 408 | — |
| consolidated entities | ||
| Equity: | ||
| CBRE Group, Inc. Stockholders’ Equity: | ||
| Class A common stock | 3 | 3 |
| Additional paid-in capital | — | — |
| Accumulated earnings | 9,393 | 9,567 |
| Accumulated other comprehensive loss | -1,143 | -1,159 |
| Total CBRE Group, Inc. Stockholders’ | 8,253 | 8,411 |
| Equity | ||
| Non-controlling interests | 332 | 781 |
| Total Equity | 8,585 | 9,192 |
| Total Liabilities and Equity | 27,693 | 24,383 |
