At a glance
CBRE Group Inc is worth $39.41B, about 36 times its fiscal 2025 earnings. Revenue grew 13.4% to $40.55B in fiscal 2025, with 2.9% kept as profit; over 5 years it has grown 11.2% a year. It pays no dividend; it spent $4.48B buying back its shares over FY2021–FY2025. The stock returned −10.3% over the past year with dividends reinvested and +6.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 53.2% in the 2020 crash (S&P 500: 33.7%) and 38.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 22 months after the lows.
The business in plain English
CBRE Group sells commercial real estate services and investment management. The company describes itself as the world's largest firm of its kind, based on 2025 revenue. Its clients are occupiers (companies that rent and use offices, warehouses and data centers) and the investors who own those buildings. It operates in more than 100 countries, and its clients included nearly 90% of Fortune 100 companies in 2025.
Running buildings is the biggest business. Building Operations & Experience brought in $23.2 billion, or 57% of total revenue of $40.6 billion in fiscal 2025. This segment maintains building systems such as heating and elevators, manages properties for owners, services data centers and runs Industrious flexible offices. Advisory Services (22%) earns fees and commissions on leasing, property sales, mortgages, loan servicing and valuations. Project Management (19%) works through Turner & Townsend, which CBRE owns 70% of. It keeps construction projects such as data centers and airports on schedule and on budget.
Real Estate Investments supplied just 2%. It includes CBRE Investment Management, which managed $155.5 billion for pension funds and other institutions as of December 31, 2025, and the developer Trammell Crow Company. The US produced 56% of revenue and the UK 14%. Margins are thin: the net margin was 2.9% in fiscal 2025. Clients reimburse the costs of about 61% of CBRE's staff (excluding Turner & Townsend), mostly in building operations.
Price history
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CBRE -10.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Facilities management | $20.64B | 50.9% |
| Project management | $7.66B | 18.9% |
| Advisory leasing | $4.50B | 11.1% |
| Property management | $2.53B | 6.2% |
| Advisory sales | $2.12B | 5.2% |
| Valuation | $815.0M | 2% |
| Investment management | $602.0M | 1.5% |
| Servicing fees | $357.0M | 0.9% |
| Other portfolio services | $354.0M | 0.9% |
| Development services | $266.0M | 0.7% |
| Commercial mortgage origination | $251.0M | 0.6% |
| Loan servicing | $164.0M | 0.4% |
By business segment
| Building Operations & Experience | $23.22B | 57.3% |
| Advisory Services | $8.84B | 21.8% |
| Project Management | $7.66B | 18.9% |
| Real Estate Investments | $879.0M | 2.2% |
By geography
| United States | $22.85B | 56.3% |
| All other countries | $11.99B | 29.6% |
| United Kingdom | $5.71B | 14.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $11.52B, up 12.7% from a year earlier, and net income was $443.0M (+22.0%).
- For fiscal 2025, revenue was $40.55B (+13.4% year over year; +11.2% a year from FY2020 to FY2025) with a 2.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.2% good |
|---|---|
| Operating margin | 4.3% weak |
| Free cash flow margin | 2.9% watch |
| Return on equity (FY2025) | 13% watch |
| Return on assets (FY2025) | 3.7% watch |
| Net cash (cash minus debt) | $-6.23B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $23.83B | $752.0M | $1.56B |
| FY2021 | $27.75B | $1.84B | $2.15B |
| FY2022 | $30.83B | $1.41B | $1.37B |
| FY2023 | $31.95B | $986.0M | $175.0M |
| FY2024 | $35.77B | $968.0M | $1.40B |
| FY2025 | $40.55B | $1.16B | $1.19B |
Valuation snapshot
| Market value | $39.41B |
|---|---|
| P/E ratio | 35.5 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
CBRE Group Inc’s market value went from $13.65B at the end of 2018 to $39.41B on Nov 2, 2026, about 2.9 times as much; since the end of 2025 it is down 18%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $39.41B | -17.6% |
| 2025 | $47.85B | +19.1% |
| 2024 | $40.18B | +41.6% |
| 2023 | $28.37B | +16.7% |
| 2022 | $24.32B | -33.0% |
| 2021 | $36.31B | +72.6% |
| 2020 | $21.04B | +2.5% |
| 2019 | $20.52B | +50.3% |
| 2018 | $13.65B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CBRE price data to Nov 2, 2026 | -15.0% | -10.3% | +24.0% | +6.0% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -14.9% |
| 2025 | +22.5% |
| 2024 | +41.0% |
| 2023 | +21.0% |
| 2022 | -29.1% |
| 2021 | +73.0% |
| 2020 | +2.3% |
| 2019 | +53.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 52.9% over that stretch · deepest drop along the way 53.2%, back to its old high 8.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 36.9% over that stretch · deepest drop along the way 38.8%, back to its old high 21.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 7 sales ($1.2M), 7 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 29, 2026 | Vikramaditya Kohli COO & CEO, Advisory Services | sell (plan) | $400K |
| Aug 13, 2026 | Emma E. Giamartino CFO & Chief Investment Officer | sell (plan) | $334K |
| May 15, 2026 | Emma E. Giamartino CFO & Chief Investment Officer | sell (plan) | $294K |
| Mar 11, 2026 | Chad J Doellinger Chief Legal & Admin. Officer | sell (plan) | $63K |
| Aug 13, 2026 | Chad J Doellinger Chief Legal & Admin. Officer | sell (plan) | $34K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 8.75% | Mar 31, 2026 |
| Vanguard Capital Management | 7.43% | Mar 31, 2026 |
ETFs with the most weight in CBRE
| FPRO Fidelity Real Estate Investment ETF | 4.28% |
| XLRE Real Estate Select Sector SPDR Fund | 3.54% |
| RSPR Invesco S&P 500 Equal Weight Real Estate ETF | 3.24% |
| IYR iShares U.S. Real Estate ETF | 2.9% |
| OAKM Oakmark U.S. Large Cap ETF | 2.89% |
| IYRI NEOS Real Estate High Income ETF | 2.86% |
| FREL Fidelity MSCI Real Estate Index ETF | 2.73% |
| TXS Texas Capital Texas Equity Index ETF | 2.56% |
What could go wrong
- Deals slow when credit gets tight. Leasing, property sales and mortgage arranging depend on how easy and cheap it is to borrow. After central banks raised rates in 2023, CBRE saw a long slowdown in property sales and debt financing that lasted into early 2024.
- Facilities contracts are complex and thin-margin. Building Operations & Experience is 57% of revenue. Profit depends on pricing contracts well, delivering good service and judging working capital, the cash tied up before clients pay. Thin margins leave little room for error.
- Co-investments can lose money in downturns. CBRE puts its own money into funds and development projects alongside clients. In a downturn, properties may sell late or below plan. That can cause losses, cost it performance fees and make new fundraising harder.
- Heavy reliance on very large clients. A large share of CBRE's business comes from a small number of very large clients. Losing one, or one failing to pay, would hurt. Their contracts can also carry higher liability limits, which exposes CBRE to bigger claims.
- Growth has leaned on acquisitions. CBRE's growth has benefited significantly from deals such as Turner & Townsend, Industrious and Pearce. Acquired firms may disappoint, good targets may run out, and write-downs of the premium paid could cut reported earnings.
- Debt and variable interest rates. As of September 30, 2026, CBRE had $7.9 billion of debt against $1.7 billion of cash and investments. Variable-rate borrowings cost more when rates rise, and a credit-rating downgrade could raise borrowing costs.
Recent events
- Major agreement signed
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Investor presentation or announcement
- Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Major agreement signed
- Quarterly results released
For income and retirement investors
CBRE does not pay a dividend and paid none in fiscal 2021 through 2025. Instead, it bought back $4.48 billion of its own stock over those five years. The share count fell 13.9% between October 2021 and October 2026. For an income investor, this means no regular cash payments. Returns come only from the share price, so raising cash means selling shares, possibly when the price is low.
The stock has fallen sharply in downturns. In the 2020 COVID crash it dropped 53.2% between February 20 and March 23, 2020, then regained its peak by December 3, 2020. In the 2022 bear market it fell 38.8% and did not recover until July 26, 2024, about 21.8 months after its low. As of October 28, 2026, shares were down 23.1% year to date. Single stocks carry more risk than diversified funds, and this one has no dividend to cushion a fall.
Questions investors ask
Does CBRE pay a dividend?
No. CBRE does not pay a dividend and paid none in fiscal 2021 through 2025. It returns cash through share buybacks instead, spending $4.48 billion on them over those five years. That helped shrink the share count by 13.9% between October 2021 and October 2026, so each remaining share has a claim on a larger slice of profits. An investor who wants regular income from CBRE would need to sell shares to raise cash.
How does CBRE make money?
Mostly by running buildings for companies and property owners. In fiscal 2025, the Building Operations & Experience segment, which covers facilities and property management, produced 57% of CBRE's $40.6 billion revenue. Advisory Services, which earns fees and commissions on leasing, property sales, mortgages and valuations, brought in 22%. Project Management, run through Turner & Townsend, which CBRE owns 70% of, added 19%. Real Estate Investments, covering investment management and Trammell Crow Company's development work, contributed 2%.
Is CBRE a REIT?
No. CBRE is a commercial real estate services company, not a real estate investment trust. A REIT mainly owns income-producing property and must pay out most of its taxable income as dividends. CBRE earns most of its revenue from services such as facilities management, project management and leasing, and it pays no dividend. Real estate sector ETFs still hold it, including the Real Estate Select Sector SPDR Fund (XLRE) and the iShares U.S. Real Estate ETF (IYR).
How has CBRE stock performed?
It has been strong over three years but weak over the latest year. As of October 28, 2026, the share price was down 22.4% over one year and 23.1% year to date. Over three years it gained 87% in total, about 23.2% a year. Over five years it gained only 18%, about 3.3% a year. Calendar-year price returns swung widely: up 73.0% in 2021, down 29.1% in 2022, then up 21.0% in 2023, 41.0% in 2024 and 22.5% in 2025.
What is CBRE's P/E ratio?
About 32.1 as of October 28, 2026, based on fiscal 2025 diluted earnings of $3.85 per share. The price-to-earnings (P/E) ratio divides the share price by a year of profit per share. A higher figure means investors pay more for each dollar of earnings. CBRE's market value was about $35.6 billion on that date. In fiscal 2025, net income rose 19.5% to $1.16 billion, and revenue grew 13.4%.