Cbre Group, Inc 8-K, filed Oct 22, 2026

Cbre Group, Inc. (CBRE)

8-K 2026-10-22 For: 2026-10-22

Added on October 22, 2026

About this 8-K

Cbre Group, Inc filed this 8-K on October 22, 2026.

CBRE Group, Inc. reported third-quarter 2026 results for the quarter ended September 30, 2026: revenue rose 13% to $11.5 billion, GAAP EPS increased 26% to $1.52, and Core EPS increased 28% to $2.05. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Exhibit No.						Description

99.1 *						Press Release of Financial Results for the Third Quarter of 2026
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)


Date: October 22, 2026	CBRE GROUP, INC.

	By:	/s/ ANDREW S. HORN
		Andrew S. Horn Deputy Chief Financial Officer (Principal Accounting Officer)


FOR IMMEDIATE RELEASE

For further information:
Chandni Luthra - Investors			Steve Iaco - Media

212.984.8113			212.984.6535
Chandni.Luthra@cbre.com			Steven.Iaco@cbre.com


					% Change
	Q3 2026		Q3 2025		USD		LC (2)
Operating Results
Revenue	$	11,517	$	10,221	12.7	%	12.9	%
Pass-through costs (3)	4,691		4,212		11.4	%	11.8	%
GAAP net income	443		363		22.0	%	23.4	%
Core adjusted net income (4)	599		481		24.5	%	25.6	%
GAAP EPS	1.52		1.21		25.6	%	27.3	%
Core EPS (4)	2.05		1.60		28.1	%	29.4	%
Core EBITDA (5)	1,001		779		28.5	%	29.1	%

Cash Flow Results
Cash flow provided by operations	$	869	$	827	5.1	%
Gain on disposition of real estate	184		36		411.1	%
Less: Capital expenditures	126		84		50.0	%
Free cash flow (6)	$	927	$	779	19.0	%


					% Change
	Q3 2026		Q3 2025		USD	LC
Revenue	$	2,441	$	2,199	11.0%	11.2%
Pass-through costs	16		14		14.3%	14.3%
Segment operating profit (7)	467		403		15.9%	16.4%


	As of
	September 30, 2026
Total debt	$	6,978
Less: Cash and cash equivalents	1,683
Net debt (9)	$	5,295

Divided by: Trailing twelve-month Core EBITDA	$	3,902

Net leverage ratio	1.36x


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenue	$	11,517	$	10,221	$	33,270	$	28,813

Costs and expenses:
Cost of revenue	9,392		8,304		27,207		23,511
Operating, administrative and other	1,564		1,327		4,560		3,794
Depreciation and amortization	184		145		556		432

Total costs and expenses	11,140		9,776		32,323		27,737

Gain on disposition of real estate	184		36		490		55

Operating income	561		481		1,437		1,131

Equity income from unconsolidated subsidiaries	104		52		99		50
Other income	8		3		25		10
Interest expense, net of interest income	62		50		181		159
Write-off of financing costs on extinguished debt	—		—		—		2
Income before provision for income taxes	611		486		1,380		1,030
Provision for income taxes	131		90		311		203
Net income	480		396		1,069		827
Less: Net income attributable to non-controlling interests	37		33		104		86
Net income attributable to CBRE Group, Inc.	$	443	$	363	$	965	$	741

Basic income per share:
Net income per share attributable to CBRE Group, Inc.	$	1.53	$	1.22	$	3.31	$	2.48
Weighted-average shares outstanding for basic income per share	289,273,856		297,557,891		291,788,599		298,589,340

Diluted income per share:
Net income per share attributable to CBRE Group, Inc.	$	1.52	$	1.21	$	3.28	$	2.46
Weighted-average shares outstanding for diluted income per share	291,609,847		300,257,330		294,115,627		301,050,341

Core EBITDA	$	1,001	$	779	$	2,668	$	1,923


	Three Months Ended September 30, 2026
	Advisory Services		Building Operations & Experience		Project Management		Real Estate Investments		Corporate(1)		Total Core		Other		Total Consolidated
Revenue	$	2,441	$	6,856	$	2,035	$	203	$	(18)	$	11,517	$	—	$	11,517
Pass-through costs	16		3,641		1,034		—		—		4,691		—		4,691

Cost of revenue, excluding pass-through costs	1,482		2,507		710		3		(1)		4,701		—		4,701
Operating, administrative and other	486		407		132		331		201		1,557		7		1,564
Depreciation and amortization	30		110		26		5		13		184		—		184

Gain on disposition of real estate	—		—		—		172		12		184		—		184

Operating income (loss)	427		191		133		36		(219)		568		(7)		561

Equity income (loss) from unconsolidated subsidiaries	1		3		—		101		—		105		(1)		104
Other income (loss)	2		4		1		2		—		9		(1)		8
Add-back: Depreciation and amortization	30		110		26		5		13		184		—		184

Adjustments:
Net non-cash mortgage servicing rights	6		—		—		—		—		6		—		6
Integration and other costs related to acquisitions	—		29		2		5		40		76		—		76
Carried interest incentive compensation expense to align with the timing of associated revenue	—		—		—		12		—		12		—		12

Net results related to the wind-down of certain businesses	—		1		—		5		—		6		—		6

Business and finance transformation	1		11		—		—		23		35		—		35






Total segment operating profit (loss)	$	467	$	349	$	162	$	166	$	(143)			$	(9)	$	992

Core EBITDA											$	1,001


	Three Months Ended September 30, 2025

	Advisory Services		Building Operations & Experience		Project Management		Real Estate Investments		Corporate(1)		Total Core		Other		Total Consolidated
Revenue	$	2,199	$	5,842	$	1,978	$	211	$	(9)	$	10,221	$	—	$	10,221


Pass-through costs	14		3,118		1,080		—		—		4,212		—		4,212

Cost of revenue, excluding pass-through costs	1,297		2,125		632		39		(1)		4,092		—		4,092
Operating, administrative and other	481		352		120		192		182		1,327		—		1,327
Depreciation and amortization	33		65		27		2		18		145		—		145



Gain on disposition of real estate	—		—		—		33		3		36		—		36

Operating income (loss)	374		182		119		11		(205)		481		—		481

Equity income from unconsolidated subsidiaries	—		2		—		49		—		51		1		52
Other income (loss)	1		2		—		—		1		4		(1)		3
Add-back: Depreciation and amortization	33		65		27		2		18		145		—		145

Adjustments:
Net non-cash mortgage servicing rights	(5)		—		—		—		—		(5)		—		(5)
Integration and other costs related to acquisitions	—		16		2		—		42		60		—		60
Carried interest incentive compensation expense to align with the timing of associated revenue	—		—		—		3		—		3		—		3

Net results related to the wind-down of certain businesses	—		22		—		8		—		30		—		30

Business and finance transformation	—		—		—		—		10		10		—		10






Total segment operating profit (loss)	$	403	$	289	$	148	$	73	$	(134)			$	—	$	779

Core EBITDA											$	779


	September 30, 2026		December 31, 2025
	(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	1,683	$	1,864
Restricted cash	137		150
Receivables, net	9,048		8,284
Warehouse receivables (1)	945		1,630
Contract assets	565		462
Prepaid expenses	422		372
Income taxes receivable	186		175
Other current assets	679		552
Total Current Assets	13,665		13,489
Property and equipment, net	1,075		1,049
Goodwill	6,992		7,051
Other intangible assets, net	2,770		2,972
Operating lease assets	2,184		2,062
Investments in unconsolidated subsidiaries	913		870
Non-current contract assets	71		103
Real estate under development	1,048		646
Non-current income taxes receivable	122		106
Deferred tax assets, net	756		697
Other assets	1,733		1,832
Total Assets	$	31,329	$	30,877
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	5,006	$	4,838
Compensation and employee benefits payable	1,594		1,630
Accrued bonus and profit sharing	1,579		1,879
Operating lease liabilities	331		284
Contract liabilities	489		448
Income taxes payable	76		258
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase) (1)	936		1,609

Other short-term borrowings	1,199		856
Current maturities of long-term debt	69		71
Other current liabilities	399		447
Total Current Liabilities	11,678		12,320
Long-term debt, net of current maturities	5,710		5,050
Non-current operating lease liabilities	2,222		2,121

Non-current tax liabilities	213		183
Deferred tax liabilities, net	229		238
Other liabilities	1,800		1,339
Total Liabilities	21,852		21,251
Mezzanine Equity:
Redeemable non-controlling interests in consolidated entities	461		433
Equity:
CBRE Group, Inc. Stockholders’ Equity:
Class A common stock	3		3
Additional paid-in capital	—		—
Accumulated earnings	9,783		9,916
Accumulated other comprehensive loss	(1,114)		(1,041)
Total CBRE Group, Inc. Stockholders’ Equity	8,672		8,878
Non-controlling interests	344		315
Total Equity	9,016		9,193
Total Liabilities and Equity	$	31,329	$	30,877


	Trailing Twelve Months Ended September 30, 2026

Net income attributable to CBRE Group, Inc.	$	1,381
Net income attributable to non-controlling interests	138
Net income	1,519

Adjustments:
Depreciation and amortization	707

Interest expense, net of interest income	238

Provision for income taxes	425
Net non-cash mortgage servicing rights	12
Integration and other costs related to acquisitions	289
Carried interest incentive compensation expense to align with the timing of associated revenue	2

Net results related to the wind-down of certain businesses	66

Business and finance transformation	168
Non-cash pension buy-out settlement loss	147
Costs associated with efficiency and cost-reduction initiatives	(7)

Provision associated with Telford’s fire safety remediation efforts	300
Net fair value adjustments on strategic non-core investments	36
Core EBITDA	$	3,902


	Q4 2025		Q1 2026		Q2 2026		Q3 2026		Trailing Twelve Months
Cash Flow Results
Cash flow provided by (used in) operations	$	1,221	$	(825)	$	138	$	869	$	1,403
Gains on disposition of real estate sales	404		301		5		184		894
Less: Capital expenditures	144		81		114		126		465
Free cash flow	$	1,481	$	(605)	$	29	$	927	$	1,832


	Nine Months Ended September 30,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1,069	$	827
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization	556		432
Amortization of other assets	149		152
Net non-cash mortgage servicing rights and premiums on loan sales	12		(18)
Deferred income taxes	(36)		(69)
Stock-based compensation expense	158		110
Equity income from investments	(99)		(50)
Gain on sale of real estate assets	(490)		(55)

Other non-cash adjustments	120		43
Sale of mortgage loans	10,747		9,984
Origination of mortgage loans	(10,045)		(11,041)
Changes in:
Warehouse lines of credit	(673)		1,072
Receivables, prepaid expenses and other assets	(1,039)		(419)
Accounts payable, accrued liabilities and other liabilities	285		5
Accrued compensation expenses	(312)		(431)
Income taxes, net	(220)		(204)
Net cash provided by operating activities	182		338
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(321)		(222)
Payments for business acquired, net of cash acquired	(6)		(331)
Capital contributions related to investments	(125)		(93)
Acquisition and development of real estate assets	(432)		(240)
Proceeds from disposition of real estate assets	436		104
Other investing activities, net	84		118
Net cash used in investing activities	(364)		(664)
CASH FLOWS FROM FINANCING ACTIVITIES:

Repayment of revolving credit facility	—		(132)
Proceeds from commercial paper, net	343		910
Proceeds from long-term debt	742		1,668
Repayment of long-term debt	(53)		(651)
Repurchase of common stock	(1,158)		(680)
Other financing activities, net	104		(283)