AI Takeaway
CBRE delivered strong FY2025 results with revenue surging 13.4% to $40.6B and net income rising 19.5% to $1.16B, driven by broad-based growth across its commercial real estate services segments, though long-term debt expanded significantly by 55.6% to $5.1B.
Revenue
$40.55B
++13.37% YoY
EPS (Basic)
$3.88
++22.78% YoY
Operating Income
$1.75B
++24.06% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
CBRE grew total revenue by 13.4% year-over-year from $35.8B to $40.6B in FY2025, reflecting strong demand for commercial real estate services including advisory, outsourcing, and investment management activities.
Source: Source: 10-K Income Statement, Financial Data
Operating income increased 24.1% to $1.75B, outpacing revenue growth and lifting the operating margin from 3.95% to 4.32%, suggesting improved operating leverage and cost discipline relative to revenue gains.
Source: Source: 10-K Income Statement, Financial Data
Total assets grew 26.6% to $30.9B while total liabilities surged 39.9% to $21.3B, with long-term debt rising 55.6% to $5.1B, indicating CBRE likely deployed capital for acquisitions or strategic investments during FY2025.
Source: Source: 10-K Balance Sheet, Financial Data
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Upgrade to unlockLong-term debt surged 55.6% to $5.1B in FY2025, significantly increasing CBRE's debt-to-equity ratio to 2.39x. In a higher-for-longer interest rate environment, this elevated leverage could pressure interest expense and reduce financial flexibility for future investments or downturns.
Source: Source: 10-K Balance Sheet, Financial Data
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Upgrade to unlockReported EPS of $2.73 versus the $2.73 analyst consensus — a +0.0% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $40.55B | $35.77B | +13.37% |
Cost of Revenue | $32.98B | $28.81B | +14.48% |
Operating Income | $1.75B | $1.41B | +24.06% |
Net Income | $1.16B | $968M | +19.52% |
EPS (Basic) | $3.88 | $3.16 | +22.78% |
EPS (Diluted) | $3.85 | $3.14 | +22.61% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $30.88B | $24.38B | +26.63% |
Current Assets | $13.49B | $9.97B | +35.30% |
Total Liabilities | $21.25B | $15.19B | +39.89% |
Current Liabilities | $12.32B | $9.29B | +32.66% |
Stockholders' Equity | $8.88B | $8.41B | +5.55% |
Cash & Equivalents | $1.86B | $1.11B | +67.32% |
Long-Term Debt | $5.05B | $3.25B | +55.62% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $1.56B | $1.71B | -8.72% |
Investing Cash Flow | $-1.63B | $-1.51B | -7.46% |
Financing Cash Flow | $796M | $-221M | +460.18% |
Share Buybacks | $968M | $627M | +54.39% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 4.3% | 4.0% | +0.37% |
Net Margin | 2.9% | — | — |
ROE | 13.0% | — | — |
ROA | 3.7% | — | — |
Current Ratio | $1.095 | — | — |
Debt to Equity | $2.394 | — | — |
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CBRE had a strong FY2025, with revenue growing 13.4% to $40.6B and net income rising 19.5% to $1.16B. Diluted EPS reached $3.85, up 22.6% year-over-year, partly boosted by $968M in share buybacks.
CBRE's long-term debt surged 55.6% to $5.1B in FY2025, pushing the debt-to-equity ratio to 2.39x. This significant increase likely reflects acquisitions or strategic capital deployment, as total assets also grew 26.6% to $30.9B during the same period.
CBRE's operating margin improved modestly to 4.32% from 3.95% in the prior year, and net margin stood at 2.85%. However, cost of revenue grew faster than revenue (14.5% vs. 13.4%), which partially offset the margin gains from operating leverage.
CBRE generated $1.56B in operating cash flow in FY2025, down 8.7% from $1.71B the prior year, despite higher net income — suggesting working capital headwinds. Investing outflows of $1.63B resulted in slightly negative free cash flow, while financing activities provided $796M, primarily from net debt issuance.
CBRE repurchased $968M worth of shares in FY2025, a 54.4% increase from $627M in the prior year. These buybacks helped reduce the share count and contributed to diluted EPS growing 22.6%, faster than the 19.5% growth in net income.