CBRE Group, Inc. reported third‑quarter 2025 results on 2025‑10‑25, showing revenue of $10,258 million, a 13.5% increase from the same quarter last year. GAAP net income rose to $363 million, while core adjusted net income reached $484 million, reflecting a 31.2% year‑over‑year gain. Core earnings per share were $1.61, up 34.2% from the prior year, and core EBITDA climbed to $821 million, a 19.3% increase.
Segment performance was strong across all four business lines. Advisory Services generated $2,235 million in revenue, a 16.8% rise, and operating profit of $444 million. Building Operations & Experience (BOE) posted $5,794 million in revenue, up 12.6%, with operating profit of $285 million. Project Management earned $2,027 million in revenue, a 20.4% increase, and $153 million in operating profit. Real Estate Investments (REI) reported $211 million in revenue, a 30.1% decline, but operating profit of $73 million.
Cash flow metrics were robust, with $827 million generated from operations and $779 million in free cash flow. Capital structure remained healthy, with total debt of $5,482 million and cash and equivalents of $1,669 million, resulting in a net debt of $3,813 million and a net leverage ratio of 1.23x. The company’s core EBITDA of $3,105 million underpins this leverage profile.
The earnings call was held on Thursday, October 23, 2025, at 8:30 a.m. Eastern Time, providing investors with additional context on the company’s performance and outlook.
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