CBRE Q3 2026 earnings: net income rises 22% to $443M

Core EPS rose 28.1%, while trailing 12-month free cash flow was $1.832 billion and three of four segments increased revenue.

Rhea-AI Filing Summary

CBRE Group, Inc. reported third-quarter 2026 revenue of $11.517 billion, up 12.7% year over year. GAAP net income attributable to CBRE rose 22.0% to $443 million; diluted GAAP EPS increased 25.6% to $1.52, and core EPS rose 28.1% to $2.05. Core EBITDA was $1.001 billion, up 28.5%.

Revenue increased across Advisory Services (11.0%), Building Operations & Experience (17.4%) and Project Management (2.9%), while Real Estate Investments revenue fell 3.8%. Building Operations & Experience segment operating profit rose 20.8% to $349 million, and critical infrastructure services revenue grew 80% in local currency. Infrastructure services revenue rose 50% to $4.5 billion on a trailing 12-month basis.

Cash flow from operations was $1.403 billion and free cash flow was $1.832 billion for the trailing 12 months ended September 30, 2026. Year to date, CBRE repurchased nearly $1.2 billion of shares. Net leverage was 1.36x, with $5.295 billion of net debt and $3.902 billion of trailing 12-month core EBITDA; total liquidity was $5.0 billion at quarter-end.

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Positive

• Moderate pointRevenue increased 12.7% to $11.517 billion in Q3 2026.
• Moderate pointGAAP net income attributable to CBRE rose 22.0% to $443 million.
• Moderate pointCore EBITDA increased 28.5% to $1.001 billion.
• Moderate pointOperating cash flow rose 5.1% to $869 million in Q3 2026.

Negative

• None.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revenue: $11.517 billion; up 12.7% GAAP net income attributable to CBRE: $443 million; up 22.0% Diluted GAAP EPS: $1.52 per share; up 25.6% +5 more

8 metrics

Revenue $11.517 billion; up 12.7% Q3 2026 compared with Q3 2025

GAAP net income attributable to CBRE $443 million; up 22.0% Q3 2026 compared with Q3 2025

Diluted GAAP EPS $1.52 per share; up 25.6% Q3 2026 compared with Q3 2025

Core EPS $2.05 per share; up 28.1% Q3 2026 compared with Q3 2025

Core EBITDA $1.001 billion; up 28.5% Q3 2026 compared with Q3 2025

Infrastructure services revenue $4.5 billion; up 50% Trailing 12 months

Free cash flow $1.832 billion Trailing 12 months ended September 30, 2026

Net leverage ratio 1.36x As of September 30, 2026

Key Terms

Core EBITDA, Core EPS, Pass-through costs, Local currency, +1 more

5 terms

Core EBITDA financial

"The terms “core adjusted net income,” “core EBITDA,” “core EPS”"

Core EBITDA is a measure of a company's earnings from its regular business operations before interest, taxes, depreciation and amortization, with one-off, non-recurring or unusual items removed. Investors use it to see the underlying, repeatable cash-generating performance — like checking how well a store sells its usual products after ignoring a one-time sale or a one-off repair — which helps compare companies and judge ongoing profitability.

Core EPS financial

"core earnings per diluted share (or core EPS)"

Core EPS is a company’s reported earnings per share after removing one-time or unusual items so investors see the business’s regular profit per share; think of it as the household’s monthly income after ignoring a one-off inheritance or emergency expense. It matters because it highlights the company’s underlying, repeatable profitability and makes it easier to compare performance across periods and with other firms, though the adjustments can vary by company.

Pass-through costs financial

"Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work"

Costs that a company collects from customers and forwards to a third party instead of paying from its own pocket, such as taxes, shipping fees, or supplier surcharges. Investors care because these amounts inflate reported revenue without reflecting the firm’s underlying profit or operating performance—think of a store charging a delivery fee that it immediately sends to the courier rather than keeping it as income.

Local currency financial

"Local currency percentage change is calculated by comparing current-period results at prior-period exchange rates"

The currency that is officially used for everyday transactions and accounting within a particular country or region. For investors, local currency matters because changes in its value relative to other currencies can raise or lower the real returns on foreign investments, affect a company’s revenues and costs when converted for reporting, and influence the local cost of borrowing—similar to how the value of gasoline affects the operating cost of running a car.

Net leverage ratio financial

"net debt to trailing twelve-month core EBITDA"

The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.

Earnings Snapshot

Revenue: $11.517 billion

Q3 2026

Revenue $11.517 billion 12.7% year over year

GAAP net income attributable to CBRE $443 million 22.0% year over year

Diluted GAAP EPS $1.52 per share 25.6% year over year

Core EPS $2.05 per share 28.1% year over year

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was CBRE's revenue in Q3 2026?

CBRE reported revenue of $11.517 billion for the third quarter ended September 30, 2026, up 12.7% from $10.221 billion in Q3 2025.

What were CBRE's GAAP and core EPS in Q3 2026?

CBRE reported diluted GAAP EPS of $1.52 and core EPS of $2.05 for Q3 2026. The year-over-year increases were 25.6% and 28.1%, respectively.

What drove CBRE's Real Estate Investments operating profit in Q3 2026?

Real Estate Investments segment operating profit was $166 million, compared with $73 million in Q3 2025. Development operating profit was $128 million, reflecting strong data center land sale activity and monetization of other assets; investment management operating profit was $38 million, down from $43 million.

How does CBRE calculate free cash flow?

CBRE defines free cash flow as cash flow provided by operations, plus gain on sale of real estate assets, less capital expenditures. It reported $927 million of free cash flow for Q3 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/22/2026 - 07:04 AM EDT Accepted by SEC EDGAR 10/22/2026 - 07:03 AM EDT Learn about SEC filing dates

0001138118false00011381182026-10-222026-10-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________________________________________

FORM 8-K

_________________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 22, 2026

_________________________________________________________________________________

CBRE GROUP, INC.

(Exact name of registrant as specified in its charter)

_________________________________________________________________________________

Delaware

001-32205

94-3391143

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

2121 North Pearl Street

Suite 300

Dallas, TX

75201

(Address of principal executive offices)

(Zip Code)

(214)

979-6100

Registrant’s telephone number, including area code

Not Applicable

_____________________________________________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.01 par value per share

“CBRE”

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company, as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

This Current Report on Form 8-K is filed by CBRE Group, Inc., a Delaware corporation (the “Company”), in connection with the matters described herein.

Item 2.02  Results of Operations and Financial Condition

On October 22, 2026, the Company issued a press release reporting its financial results for the third quarter of 2026. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained herein, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

Item 9.01  Financial Statements and Exhibits.

(d) Exhibits

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)

* Furnished herewith.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 22, 2026			CBRE GROUP, INC.
			By:			/s/ ANDREW S. HORN
						Andrew S. Horn Deputy Chief Financial Officer (Principal Accounting Officer)

EXHIBIT 99.1

Press Release

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

CBRE GROUP, INC. REPORTS FINANCIAL RESULTS FOR Q3 2026

Dallas – October 22, 2026 — CBRE Group, Inc. (NYSE: CBRE) today reported financial results for the third quarter ended September 30, 2026.

Key Highlights:

•GAAP EPS up 26% to $1.52 and Core EPS up 28% to $2.05

•Revenue up 13% to $11.5 billion

•Infrastructure services revenue up 50% to $4.5 billion on a trailing 12-month basis

•Cash flow from operations of $1.4 billion and free cash flow of $1.8 billion, both on a trailing 12-month basis

“CBRE produced another quarter of strong financial results and continued to make strategic gains in targeted areas of our business,” said Bob Sulentic, CBRE’s chair and chief executive officer. “Financially, core earnings per share improved 28% on a 13% revenue increase, with both resilient(1) and transactional(1) businesses growing by double digits. Strategically, we continued to advance both our Critical Infrastructure Services business line as well as the broader infrastructure services work we perform across the company.”

CBRE Press Release

October 22, 2026

Page 2

Consolidated Financial Results Overview

The following table presents highlights of CBRE performance (dollars in millions, except per share data):

															% 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		%

Advisory Services Segment

The following table presents highlights of the Advisory Services segment performance (dollars in millions):

															% 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%

•Revenue and segment operating profit increased by 11% (same local currency) and 16% (same local currency), respectively.

•Global leasing revenue increased 6% (same local currency). EMEA revenue grew 21% (22% local currency), driven by the U.K. U.S. revenue rose 4% overall, led by industrial, up 16%, while office was down 2%. APAC revenue was up 2% (same local currency).

•Global property sales revenue rose 28% (29% local currency). U.S. revenue was up 37%, driven by accelerated growth in industrial and retail. APAC revenue rose 10% (14% local currency), while EMEA revenue grew 8% (9% local currency).

•Mortgage origination revenue edged up 1% (same local currency). Increased activity with private capital sources was largely offset by lower government agency lending.

•The loan servicing portfolio rose 8% during the quarter to more than $500 billion. Revenue was down slightly as lower escrow income offset higher loan servicing fees.

•Valuations revenue rose 6% (same local currency), driven by the U.S.

CBRE Press Release

October 22, 2026

Page 3

Building Operations & Experience (BOE) Segment

The following table presents highlights of the BOE segment performance (dollars in millions):

															% Change
			Q3 2026						Q3 2025						USD						LC
Revenue			$	6,856					$	5,842					17.4%						17.5%
Pass-through costs			3,641						3,118						16.8%						17.1%
Segment operating profit			349						289						20.8%						21.1%

•Revenue and segment operating profit increased by 17% (18% local currency) and 21% (same local currency), respectively.

•Revenue from critical infrastructure services surged 80% (same local currency), driven by continued strong growth in data center services solutions and contributions from Pearce Services, acquired in November 2025.

•Facilities management revenue rose 13% (same local currency). Solid double-digit growth was achieved in both the enterprise business, led by technology, financial services and energy clients, and the local business, driven by the Americas, Asia Pacific and Western Europe.

•Property management revenue rose 8% (same local currency).

Project Management Segment

The following table presents highlights of the Project Management segment performance (dollars in millions):

															% Change
			Q3 2026						Q3 2025						USD						LC
Revenue			$	2,035					$	1,978					2.9%						3.2%
Pass-through costs			1,034						1,080						(4.3)%						(3.8)%
Segment operating profit			162						148						9.5%						9.5%

•Revenue increased by 3% (same local currency), while pass-through costs declined 4% (same local currency).

•Growth was driven by continued strong demand for program management and cost consulting services for infrastructure assets.

•The overall growth rate was tempered by a slowdown in corporate capital spending on real estate.

•Segment operating profit increased 9% (10% local currency), including a one-time cost in APAC that lowered the growth rate by six percentage points.

CBRE Press Release

October 22, 2026

Page 4

Real Estate Investments (REI) Segment

The following table presents highlights of the REI segment performance (dollars in millions):

															% Change
			Q3 2026						Q3 2025						USD						LC
Revenue			$	203					$	211					(3.8)		%				(2.8)		%
Segment operating profit			166						73						127.4		%				128.8		%

Real Estate Development

•Operating profit(8) totaled $128 million, up significantly from the third quarter of 2025, reflecting strong data center land sale activity and monetization of other assets.

•The portfolio of in-process projects and pipeline ended the third quarter at $29.6 billion, unchanged from the second quarter. Excluding fee development, the overall portfolio stands at $20.2 billion.

Investment Management

•Revenue increased 4% (5% local currency), reflecting higher recurring asset management fees as well as increased incentive fees.

•Operating profit(8) totaled $38 million, down from third-quarter 2025. Higher asset management fees were offset by lower co-investment returns.

•Assets under management (AUM) ended the third quarter at more than $155 billion.

Core Corporate Segment

Core corporate operating loss increased by approximately $9 million for the quarter, primarily driven by higher incentive compensation, reflecting the company’s strong performance in 2026.

Capital Allocation Overview

•Free Cash Flow – Free cash flow totaled $1.8 billion for the 12 months ended September 30, 2026.

•Stock Repurchase Program – Year-to-date, the company repurchased nearly $1.2 billion worth of shares.

CBRE Press Release

October 22, 2026

Page 5

Leverage and Financing Overview

•Leverage – CBRE’s net leverage ratio (net debt(9) to trailing twelve-month core EBITDA) was 1.36x as of September 30, 2026. The net leverage ratio is computed as follows (dollars in millions):

			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

•Liquidity – At the end of the third quarter, the company had $5.0 billion of total liquidity.(10)

Conference Call Details

The company’s third quarter earnings webcast and conference call will be held today, Thursday, October 22, 2026 at 8:30 a.m. Eastern Time. Investors are encouraged to access the webcast via this link or they can click this link beginning at 8:15 a.m. Eastern Time for automated access to the conference call.

Alternatively, investors may dial into the conference call using these operator-assisted phone numbers: 877.407.8037 (U.S.) or 201.689.8037 (International). A replay of the call will be available starting at 1:00 p.m. Eastern Time on October 22, 2026. The replay is accessible by dialing 877.660.6853 (U.S.) or 201.612.7415 (International) and using the access code: 13762549#. A transcript of the call will be available on the company’s Investor Relations website at https://ir.cbre.com.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services. The company has more than 155,000 employees serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, critical infrastructure); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website at https://ir.cbre.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, Securities and Exchange Commission filings and public conference calls and webcasts.

Safe Harbor and Footnotes

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the economic outlook, the company’s future growth momentum, operations and business outlook. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results and performance in future periods to be materially different from any future results or performance suggested in forward-looking statements in this press release. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, the company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the company does update one or more forward-looking statements, no inference should

CBRE Press Release

October 22, 2026

Page 6

be drawn that it will make additional updates with respect to those or other forward-looking statements. Factors that could cause results to differ materially include, but are not limited to: disruptions in general economic, political and regulatory conditions and significant public health events, particularly in geographies or industry sectors where our business may be concentrated; volatility or adverse developments in the securities, capital or credit markets, interest rate increases and conditions affecting the value of real estate assets, inside and outside the United States; poor performance of real estate investments or other conditions that negatively impact clients’ willingness to make real estate or long-term contractual commitments; cost and availability of capital for investment in real estate; foreign currency fluctuations and changes in currency restrictions, trade sanctions and import/export and transfer pricing rules; our ability to compete globally, or in specific geographic markets or business segments that are material to us; our ability to identify, acquire and integrate accretive businesses; costs and potential future capital requirements relating to businesses we may acquire; integration challenges arising out of companies we may acquire; increases in unemployment and general slowdowns in economic or commercial activity; trends in pricing and risk assumption for commercial real estate services; the effect of significant changes in supply/demand and capitalization rates across different property types; a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect our revenues and operating performance; client actions to restrain project spending and reduce outsourced staffing levels; our ability to further diversify our revenue model to offset cyclical economic trends in the commercial real estate industry; our ability to attract new occupier and investor clients; our ability to retain major clients and renew related contracts; our ability to leverage our global services platform to maximize and sustain long-term cash flow; our ability to continue investing in our platform and client service offerings; our ability to maintain expense discipline; the emergence of disruptive business models and technologies; negative publicity or harm to our brand and reputation; the failure by third parties to comply with service level agreements or regulatory or legal requirements; the ability of our investment management business to maintain and grow assets under management and achieve desired investment returns for our investors, and any potential related litigation, liabilities or reputational harm possible if we fail to do so; our ability to manage fluctuations in net earnings and cash flow, which could result from poor performance in our investment programs, including our participation as a principal in real estate investments; the ability of our indirect wholly-owned subsidiary, CBRE Capital Markets, Inc. to periodically amend, or replace, on satisfactory terms, the agreements for its warehouse lines of credit; declines in lending activity of U.S. Government Sponsored Enterprises, regulatory oversight of such activity and our loan servicing revenue from the commercial real estate mortgage market; changes in U.S. and international law and regulatory environments (including relating to anti-corruption, anti-money laundering, trade sanctions, tariffs, currency controls and other trade control laws), particularly in Asia, Africa, Russia, Eastern Europe and the Middle East, due to the level of political instability in those regions; litigation and its financial and reputational risks to us; our exposure to liabilities in connection with real estate advisory and property management activities and our ability to procure sufficient insurance coverage on acceptable terms; our ability to retain, attract and incentivize key personnel; our ability to manage organizational challenges associated with our size; liabilities under guarantees, or for construction defects, that we incur in our development services business; our leverage under our debt instruments as well as the limited restrictions therein on our ability to incur additional debt, and the potential increased borrowing costs to us from a credit-rating downgrade; our and our employees’ ability to execute on, and adapt to, information technology strategies and trends; cybersecurity threats or other threats to our information technology networks, including the potential misappropriation of assets or sensitive information, corruption of data or operational disruption; our ability to comply with laws and regulations related to our global operations, including real estate licensure, tax, labor and employment laws and regulations, fire and safety building requirements and regulations, as well as data privacy and protection regulations, sustainability matters, and the anti-corruption laws and trade sanctions of the U.S. and other countries; changes in applicable tax or accounting requirements; any inability for us to implement and maintain effective internal controls over financial reporting; the effect of implementation of new accounting rules and standards or the impairment of our goodwill and intangible assets; and the performance of our equity investments in companies we do not control.

Additional information concerning factors that may influence the company’s financial information is discussed under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures About Market Risk” and “Cautionary Note on Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2025, our quarterly reports on Form 10-Q, as well as in the company’s press releases and other periodic filings with the Securities and Exchange Commission (SEC). Such filings are available publicly and may be obtained on the company’s website at www.cbre.com or upon written request from CBRE’s Investor Relations Department at investorrelations@cbre.com.

The terms “core adjusted net income,” “core EBITDA,” “core EPS,” “business line operating profit (loss),” “net debt” and “free cash flow,” all of which CBRE uses in this press release, are non-GAAP financial measures under SEC guidelines, and you should refer to the footnotes below as well as the “Non-GAAP Financial Measures” section in this press release for a further explanation of these measures. We have also included in that section reconciliations of these measures in specific periods to their most directly comparable financial measure calculated and presented in accordance with GAAP for those periods.

CBRE Press Release

October 22, 2026

Page 7

(1)Resilient Businesses include facilities management, critical infrastructure services, property management, project management, loan servicing, valuations, other portfolio services and recurring investment management fees. Transactional Businesses include property sales, leasing, mortgage origination, carried interest and incentive fees in the investment management business, and development fees.

(2)Local currency percentage change is calculated by comparing current-period results at prior-period exchange rates versus prior-period results.

(3)Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work performed for clients. These costs are reimbursable by clients and the corresponding amounts owed are reflected within Revenue.

(4)Core adjusted net income and core earnings per diluted share (or core EPS) exclude the effect of select items from U.S. GAAP net income and U.S. GAAP earnings per diluted share. Adjustments during the periods presented included non-cash amortization expense related to intangible assets attributable to acquisitions, interest expense related to indirect tax audits and settlements, write-off of financing costs on extinguished debt, impact of adjustments on non-controlling interest, the tax impact of adjusted items and strategic non-core investments, net non-cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind-down of certain businesses, impact of fair value non-cash adjustments related to unconsolidated equity investments, business and finance transformation, costs associated with efficiency and cost-reduction initiatives, provision associated with Telford’s fire safety remediation efforts, and net fair value adjustments on strategic non-core investments.

(5)Core EBITDA represents earnings before the portion attributable to non-controlling interests, depreciation and amortization, asset impairments, net interest expense, write-off of financing costs on extinguished debt, income taxes, further adjusted for net non-cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind-down of certain businesses, impact of fair value non-cash adjustments related to unconsolidated equity investments, business and finance transformation, non-cash pension buy-out settlement loss, costs associated with efficiency and cost-reduction initiatives, provision associated with Telford’s fire safety remediation efforts and net fair value adjustments on strategic non-core investments.

(6)Free cash flow is calculated as cash flow provided by operations, plus gain on sale of real estate assets, less capital expenditures (reflected in the investing section of the consolidated statement of cash flows).

(7)Segment operating profit (SOP) is the measure reported to the chief operating decision maker (CODM) for purposes of assessing performance and allocating resources to each segment. SOP represents earnings, inclusive of non-controlling interests, before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization and asset impairments, as well as adjustments related to the following: net non-cash mortgage servicing rights, integration and other costs related to acquisitions, carried interest incentive compensation expense to align with the timing of associated revenue, charges related to indirect tax audits and settlements, net results related to the wind-down of certain businesses, the impact of fair value non-cash adjustments related to unconsolidated equity investments, business and finance transformation, costs associated with efficiency and cost-reduction initiatives, and provision associated with Telford’s fire safety remediation efforts.

(8)Represents line of business profitability/losses, as adjusted.

(9)Net debt is calculated as total debt (excluding non-recourse debt) less cash and cash equivalents.

(10)Includes cash available for company use, as well as availability under the company’s revolving credit facilities and commercial paper program.

CBRE Press Release

October 22, 2026

Page 8

CBRE GROUP, INC.

OPERATING RESULTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025

(in millions, except share and per share data)

(Unaudited)

			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

CBRE Press Release

October 22, 2026

Page 9

CBRE GROUP, INC.

SEGMENT RESULTS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026

(in millions)

(Unaudited)

			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

_______________

(1)Includes elimination of inter-segment revenue and expense.

CBRE Press Release

October 22, 2026

Page 10

CBRE GROUP, INC.

SEGMENT RESULTS—(CONTINUED)

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025

(in millions)

(Unaudited)

			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

_______________

(1)Includes elimination of inter-segment revenue and expense.

CBRE Press Release

October 22, 2026

Page 11

CBRE GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions)

			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

________________________________________________________________________________________________________________________________________

(1)Represents loan receivables, the majority of which are offset by borrowings under related warehouse line of credit facilities.

CBRE Press Release

October 22, 2026

Page 12

CBRE GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)

(Unaudited)

			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)
Net cash (used in) provided by financing activities			(22)						832
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash			10						82
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			(194)						588
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF PERIOD			2,014						1,221
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD			$	1,820					$	1,809
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest			$	351					$	326
Income tax payments, net			$	549					$	457
Non-cash investing and financing activities:
Deferred and/or contingent consideration			$	(2)					$	37

CBRE Press Release

October 22, 2026

Page 13

Non-GAAP Financial Measures

The following measures are considered “non-GAAP financial measures” under SEC guidelines:

(i)Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (which we also refer to as “core adjusted net income”)

(ii)Core EBITDA

(iii)Core EPS

(iv)Business line operating profit/loss

(v)Net debt

(vi)Free cash flow

These measures are not recognized measurements under United States generally accepted accounting principles (GAAP). When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with GAAP. Because not all companies use identical calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies.

Our management generally uses these non-GAAP financial measures to evaluate operating performance and for other discretionary purposes. The company believes these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they eliminate the impact of selected charges that may obscure trends in the underlying performance of our business. The company further uses certain of these measures, and believes that they are useful to investors, for purposes described below.

With respect to core EBITDA, core EPS, core adjusted net income, and business line operating profit/loss, the company believes that investors may find these measures useful in evaluating our operating performance compared to that of other companies in our industry because their calculations generally eliminate the accounting effects of acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions, the effects of financings, income taxes and the accounting effects of capital spending. The presentation of core adjusted net income, excluding amortization of intangible assets acquired in business combinations, is useful to investors as a supplemental measure to evaluate the company’s ongoing operating performance. While amortization expense of acquisition-related intangible assets is excluded from core adjusted net income, the revenue generated from the acquired intangible assets is not excluded. All of these measures may vary for different companies for reasons unrelated to overall operating performance. In the case of core EBITDA, this measure is not intended to be a measure of free cash flow for our management’s discretionary use because it does not consider cash requirements such as tax and debt service payments. The core EBITDA measure calculated herein may also differ from the amounts calculated under similarly titled definitions in our credit facilities and debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt. The company also uses segment operating profit and core EPS as significant components when measuring our operating performance under our employee incentive compensation programs.

With respect to free cash flow, the company believes that investors may find this measure useful to analyze the cash flow generated from operations and real estate investment and development activities after accounting for cash outflows to support operations and capital expenditures. With respect to net debt, the company believes that investors use this measure when calculating the company’s net leverage ratio.

With respect to core EBITDA, core EPS and core adjusted net income, the company believes that investors may find these measures useful to analyze the underlying performance of operations without the impact of strategic non-core equity investments that are not directly related to our business segments. These can be volatile and are often non-cash in nature.

Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (or core adjusted net income), and core EPS, are calculated as follows (in millions, except share and per share data):

CBRE Press Release

October 22, 2026

Page 14

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Net income attributable to CBRE Group, Inc.			$	443					$	363					$	965					$	741
Adjustments:
Non-cash amortization expense related to intangible assets attributable to acquisitions			56						55						172						169
Interest expense related to indirect tax audits and settlements			4						1						8						4
Write-off of financing costs on extinguished debt			—						—						—						2
Net non-cash mortgage servicing rights			6						(5)						29						12
Integration and other costs related to acquisitions			76						60						190						204
Carried interest incentive compensation expense to align with the timing of associated revenue			12						3						2						10
Charges related to indirect tax audits and settlements			—						—						—						(1)
Net results related to the wind-down of certain businesses			6						30						36						44
Impact of fair value non-cash adjustments related to unconsolidated equity investments			—						—						—						2
Business and finance transformation			35						10						105						38
Costs associated with efficiency and cost-reduction initiatives			—						—						6						13
Provision associated with Telford’s fire safety remediation efforts			—						—						168						—
Net fair value adjustments on strategic non-core investments			9						—						15						(22)
Tax impact of adjusted items and strategic non-core investments			(48)						(36)						(160)						(105)
Core net income attributable to CBRE Group, Inc., as adjusted			$	599					$	481					$	1,536					$	1,111
Core diluted income per share attributable to CBRE Group, Inc., as adjusted			$	2.05					$	1.60					$	5.22					$	3.69
Weighted-average shares outstanding for diluted income per share			291,609,847						300,257,330						294,115,627						301,050,341

CBRE Press Release

October 22, 2026

Page 15

Core EBITDA is calculated as follows (in millions):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Net income attributable to CBRE Group, Inc.			$	443					$	363					$	965					$	741
Net income attributable to non-controlling interests			37						33						104						86
Net income			480						396						1,069						827
Adjustments:
Depreciation and amortization			184						145						556						432
Interest expense, net of interest income			62						50						181						159
Write-off of financing costs on extinguished debt			—						—						—						2
Provision for income taxes			131						90						311						203
Net non-cash mortgage servicing rights			6						(5)						29						12
Integration and other costs related to acquisitions			76						60						190						204
Carried interest incentive compensation expense to align with the timing of associated revenue			12						3						2						10
Charges related to indirect tax audits and settlements			—						—						—						(1)
Net results related to the wind-down of certain businesses			6						30						36						44
Impact of fair value non-cash adjustments related to unconsolidated equity investments			—						—						—						2
Business and finance transformation			35						10						105						38
Costs associated with efficiency and cost-reduction initiatives			—						—						6						13
Provision associated with Telford’s fire safety remediation efforts			—						—						168						—
Net fair value adjustments on strategic non-core investments			9						—						15						(22)
Core EBITDA			$	1,001					$	779					$	2,668					$	1,923

Core EBITDA for the trailing twelve months ended September 30, 2026 is calculated as follows (in millions):

			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

CBRE Press Release

October 22, 2026

Page 16

Below represents a reconciliation of REI business line operating profitability/loss to REI segment operating profit (in millions):

			Three Months Ended September 30,
Real Estate Investments			2026						2025
Investment management operating profit			$	38					$	43
Global real estate development operating profit			128						35
Segment overhead (and related adjustments)			—						(5)
Real estate investments segment operating profit			$	166					$	73

Below represents a reconciliation of cash flow provided by (used in) operations to free cash flow for the trailing twelve months ended September 30, 2026 (in millions):

						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

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