CBRE

CBRE GROUP, INC.

NYSE · REAL ESTATE · REAL ESTATE

134.65

+0.42 +0.31%

USD · close Oct 21

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MKT CAP $39BP/E 30.9DIV YIELD —FCF YIELD 2.41%REV TTM $43.6B +14.7%NET INCOME $1.3B +19.4%NET DEBT $1.1B52W 124.64 – 171.61SEC XBRL · TTM TO Invalid Date

How CBRE rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

68%

of sentences unchanged

Added

new sentences

Dropped

sentences removed

Length

−187

words, now 10,645

New in FY2025

Periods of economic weakness or recession, fiscal or political uncertainty, market volatility, declining employment levels, declining demand for commercial real estate, falling real estate values, disruption to the global capital or credit markets, disputes with U.S. trading partners, unpredictable changes in U.S. trading policy, increased tariffs, inflationary pressures, significant rises in interest rates or the public perception that any of these events may occur, may materially and negatively affect the performance of some or all of our business lines.
Our businesses could also suffer from geopolitical or economic disruptions (or the perception that such disruptions may occur) or interest rate or currency fluctuations, capital availability and changes in cost of capital, or heightened financial, market or regulatory uncertainty.
Our investment management, development services, capital markets (including property sales and mortgage origination) and loan servicing businesses are sensitive to credit cost and availability as well as financial liquidity.
During the year ended December 31, 2025, approximately 43.6% of our revenue was transacted in foreign currencies.
As a result, the strengthening or weakening of the U.S. dollar will negatively or positively impact our reported results, including revenue and earnings as well as the assets under management for our investment management business, which could have a material adverse effect on our business, financial condition and operating results.
The global nature of our operations subject us to international social, political, legal and economic risks across a number of jurisdictions.
International economic trends and governmental policy actions and the following factors may have a material adverse effect on the performance of our business: • difficulties and costs of staffing and managing international operations among diverse geographies, languages and cultures; • currency restrictions, transfer-pricing regulations and adverse tax consequences, which may affect our ability to transfer capital and profits; • adverse changes in regulatory, tax or trade policies (including tariffs) or uncertainty about potential changes in such regulatory, tax or trade policies; • responsibility for complying with numerous, potentially conflicting and frequently complex and changing laws in multiple jurisdictions ( e.g. , with respect to data privacy and protection, sustainability, corrupt practices, embargoes, trade sanctions, employment and licensing); • the impact of regional or country-specific business cycles and economic instability, including those related to geopolitical, weather, public health or safety events; • greater difficulty in collecting accounts receivable or delays in client payments in some geographic regions; • potential interest rate and /or inflation rate increases and less available and more expensive debt capital; • foreign ownership restrictions in certain countries, particularly in Asia Pacific and the Middle East, or the risk that such restrictions will be adopted in the future; and • changes in laws or policies governing foreign trade or investment and use of foreign operations or workers, and any negative sentiments towards multinational companies as a result of any such changes to laws or policies as well as other geopolitical risks.
We have invested in enhancing our service and product offerings globally.
If we do not successfully execute these initiatives or effectively manage the risks inherent in operating on a global scale, our business, financial condition, or results of operations could be materially adversely affected.
Additionally, political, regulatory, and cultural conditions in certain countries may limit our ability to operate effectively or implement our strategic priorities, which could negatively impact our performance in those regions.
We compete across a variety of business disciplines within the commercial real estate services and investment industry, including property management, facilities management, project and transaction management, tenant and landlord leasing, capital markets solutions (property sales and commercial mortgage origination), real estate investment management, valuation, loan servicing, development services and proprietary research.
Although we are the largest commercial real estate services firm in the world in terms of 2025 revenue, our relative competitive position varies across geographies, property types and services and business lines.
In addition, future changes in laws could lead to the entry of other new competitors.
As of December 31, 2025, we had a net investment of approximately $375 million and had committed $216 million to fund future co-investments in our investment funds, up to $70 million of which is expected to be funded during 2026.
The failure to provide these contributions could have adverse consequences to our interests in these investments, including damage to our reputation with our co-investment partners and clients, as well as the necessity of obtaining alternative funding from other sources that may result in dilution of our interest in the investment, or be on disadvantageous terms for us and the other co-investors.
As of December 31, 2025, we were involved as a principal in 47 real estate projects that were consolidated in our financial statements with invested equity of $1.0 billion and co-invested with our clients in approximately 128 unconsolidated real estate projects with a net investment of $397 million.
We had committed, but not funded, additional capital of $226 million and $56 million to consolidated and unconsolidated projects, respectively, as of December 31, 2025.
The success of our BOE business depends on our ability to enter into mutually beneficial contracts, deliver high quality levels of service, manage our contractual obligations and accurately assess working capital requirements.
Contracts for our BOE clients often include complex terms regarding payment of fees, risk transfer, liability limitations, termination, due diligence and transition timeframes.
Further, our BOE business is often impacted by transition activities in the first year of a contract as well as the timing of starting operations on these large client contracts.
Additionally, if we do not have adequate governance, processes, technology, quality assurance or expertise available to appropriately manage contracts with our clients and our obligations under such contracts, or if we fail to deliver the high-quality levels of service expected by our clients, it may result in reputational and financial damage, and could impact our ability to retain existing clients and attract new clients.
Our BOE clients also include the U.S. federal government.
Contracting with government entities carries additional risks, including uncapped liability and the absence of client indemnification.
These engagements also require compliance with public disclosure obligations, government labor standards, and heightened ethical requirements associated with taxpayer‑funded work.
Noncompliance may result in significant penalties, including potential debarment from future government contracts.
Extended shutdowns of the U.S. federal government may result in payment delays, contract cancellation or postponement and other disruptions from these clients, which may adversely affect the performance of our BOE business.
Our BOE business also requires us to accurately model the working capital needs of this business.
Should we fail to accurately assess working capital requirements, or if we are unable to enforce timely payment from clients in accordance with our contractual terms, the cash flows generated by this business may be adversely impacted.
Having large and concentrated clients may lead to greater or more concentrated risks of loss if, among other possibilities, such a client (i) experiences its own financial problems, which may lead to larger individual credit risks; (ii) becomes bankrupt or insolvent, which may lead to our failure to be paid for services we have previously provided or funds we have previously advanced; (iii) decides to reduce its real estate operations; (iv) makes a change in its real estate strategy, such as no longer outsourcing its real estate operations; (v) decides to change its providers of real estate services; or (vi) merges with another corporation or otherwise undergoes a change of control, which may result in new management taking over with a different real estate philosophy or in different relationships with other real estate providers.
An inability to maintain a strong pipeline of successors for key management roles could also have a negative impact on our ability to achieve our strategic goals.
We have approximately 155,000 employees (including Turner & Townsend employees) as well as independent contractors working in over 100 countries.
We have undertaken to implement what we believe to be best practices to safeguard the health, safety and security of our employees (including members of our executive leadership team who may be subject to heightened security risks by virtue of their roles), independent contractors, clients and others at our worksites.
As of December 31, 2025, our total debt, excluding notes payable on real estate (which are generally non-recourse to us) and warehouse lines of credit (which are recourse only to our wholly-owned subsidiary, CBRE Capital Markets, and are secured by our related warehouse receivables), was $6.0 billion.
For the year ended December 31, 2025, our interest expense was $490 million.
Our credit agreements require us to maintain a maximum leverage ratio of total debt (as defined in the applicable credit agreement) less available cash (as defined in the applicable credit agreement) to consolidated EBITDA as of the end of each fiscal quarter.
In addition, Moody’s Ratings, Standard & Poor’s Ratings Services and Fitch Ratings, rate our significant outstanding debt.
Implementation of such investments in information technology, including generative and agentic AI tools, could be complicated, heavily dependent on the quality, accuracy and relevance of data inputs and methodologies, require sophisticated infrastructure and skilled talent, have ethical and societal implications, and could exceed estimated budgets.
With respect to AI capabilities in particular, leveraging such AI capabilities for our internal functions and operations may present new risks, costs and challenges.
The development, adoption and use of AI technologies is still in the early stages and involves significant uncertainties, which may expose us to legal, reputational and financial harm.
Moreover, the use of AI may give rise to risks related to harmful content, accuracy, bias, intellectual property infringement or misappropriation, defamation, data privacy, cybersecurity and health and safety, among others, and also brings the possibility of new or enhanced governmental or regulatory scrutiny, litigation or other legal liability, or ethical concerns and could adversely affect our business.

and 17 more.

Gone since FY2024

Periods of economic weakness or recession, fiscal or political uncertainty, market volatility, declining employment levels, declining demand for commercial real estate, falling real estate values, disruption to the global capital or credit markets, inflationary pressures, significant rises in interest rates or the public perception that any of these events may occur, may materially and negatively affect the performance of some or all of our business lines.
Our businesses could also suffer from geopolitical or economic disruptions (or the perception that such disruptions may occur) or currency fluctuations that affect interest rates, capital availability and cost, or heighten financial, market or regulatory uncertainty.
Our investment management, development services, capital markets (including property sales and mortgage origination) and mortgage servicing businesses are sensitive to credit cost and availability as well as financial liquidity.
During the year ended December 31, 2024, approximately 43.6% of our revenue was transacted in foreign currencies.
As a result, the strengthening or weakening of the U.S. dollar will positively or negatively impact our reported results, including revenue and earnings as well as the assets under management for our investment management business, which could have a material adverse effect on our business, financial condition and operating results.
Our operations are subject to international social, political and economic risks in foreign countries.
International economic trends, foreign governmental policy actions and the following factors may have a material adverse effect on the performance of our business: • difficulties and costs of staffing and managing international operations among diverse geographies, languages and cultures; • currency restrictions, transfer-pricing regulations and adverse tax consequences, which may affect our ability to transfer capital and profits; • adverse changes in regulatory, tax or trade policies or uncertainty about potential changes in such regulatory, tax or trade policies; • responsibility for complying with numerous, potentially conflicting and frequently complex and changing laws in multiple jurisdictions ( e.g. , with respect to data privacy and protection, sustainability, corrupt practices, embargoes, trade sanctions, employment and licensing); • the impact of regional or country-specific business cycles and economic instability, including those related to public health or safety events; • greater difficulty in collecting accounts receivable or delays in client payments in some geographic regions; • potential interest rate and /or inflation rate increases and less available and more expensive debt capital; • foreign ownership restrictions in certain countries, particularly in Asia Pacific and the Middle East, or the risk that such restrictions will be adopted in the future; and • changes in laws or policies governing foreign trade or investment and use of foreign operations or workers, and any negative sentiments towards multinational companies as a result of any such changes to laws or policies as well as other geopolitical risks.
Our international operations require us to comply with a broad range of complex legal, geopolitical and regulatory environments in which we operate.
We may not be successful in complying with regulations in all situations and violations may result in criminal or material civil sanctions and other costs against us or our employees, and may have a material adverse effect on our reputation and business.
Furthermore, our efforts to comply with developments in these laws may adversely impact our business.
We have committed resources to expand our worldwide sales and marketing activities, to globalize our service offerings and products in select markets and to develop local sales and support channels.
If we are unable to successfully implement these plans, maintain adequate long-term strategies that successfully manage the risks associated with our global business or adequately manage operational fluctuations, our business, financial condition or results of operations could be harmed.
In addition, we have established operations and seek to grow our presence in many emerging markets to further expand our global platform.
However, we may not be successful in effectively evaluating and monitoring the key business, operational, legal and compliance risks specific to those markets.
The political and cultural risks present in emerging countries could also harm our ability to successfully execute our operations or manage our businesses there.
We compete across a variety of business disciplines within the commercial real estate services and investment industry, including property management, facilities management, project and transaction management, tenant and landlord leasing, capital markets solutions (property sales and commercial mortgage origination) and mortgage servicing, real estate investment management, valuation, loan servicing, development services and proprietary research.
Although we are the largest commercial real estate services firm in the world in terms of 2024 revenue, our relative competitive position varies across geographies, property types and services and business lines.
In addition, future changes in laws could lead to the entry of other new competitors, such as financial institutions.
Moreover, the steps we take to protect our brand may not adequately protect our rights or prevent third parties from infringing or misappropriating our trademarks.
Even when we detect infringement or misappropriation of our trademarks, we may not be able to enforce all such trademarks.
Any unauthorized use by third parties of our brand may adversely affect our brand.
Furthermore, as we continue to expand our business, especially internationally, there is a risk we may face claims of infringement or other alleged violations of third-party intellectual property rights, which may restrict us from leveraging our brand in a manner consistent with our business goals.
As of December 31, 2024, we had a net investment of approximately $361 million and had committed $205 million to fund future co-investments in our investment funds, approximately $74 million of which is expected to be funded during 2025.
The failure to provide these contributions could have adverse consequences to our interests in these investments, including damage to our reputation with our co-investment partners and clients, as well as the necessity of obtaining alternative funding from other sources that may be on disadvantageous terms for us and the other co-investors.
As of December 31, 2024, we were involved as a principal in 44 real estate projects that were consolidated in our financial statements with invested equity of $649 million and co-invested with our clients in approximately 125 unconsolidated real estate projects with a net investment of $340 million.
We had committed, but not funded, additional capital of $330 million and $67 million to consolidated and unconsolidated projects, respectively, as of December 31, 2024.
The success of our GWS business depends on our ability to enter into mutually beneficial contracts, deliver high quality levels of service, manage our contractual obligations and accurately assess working capital requirements.
Contracts for our Global Workplace Solutions clients often include complex terms regarding payment of fees, risk transfer, liability limitations, termination, due diligence and transition timeframes.
Further, our Global Workplace Solutions business is often impacted by transition activities in the first year of a contract as well as the timing of starting operations on these large client contracts.
Further, if we do not have adequate governance, processes, technology, quality assurance or expertise available to appropriately manage contracts with our clients and our obligations under such contracts, or if we fail to deliver the high-quality levels of service expected by our clients, it may result in reputational and financial damage, and could impact our ability to retain existing clients and attract new clients.
Our Global Workplace Solutions business also requires us to accurately model the working capital needs of this business.
Should we fail to accurately assess working capital requirements, the cash flows generated by this business may be adversely impacted.
Having large and concentrated clients may lead to greater or more concentrated risks of loss if, among other possibilities, such a client (i) experiences its own financial problems, which may lead to larger individual credit risks; (ii) becomes bankrupt or insolvent, which may lead to our failure to be paid for services we have previously provided or funds we have previously advanced; (iii) decides to reduce its real estate operations; (iv) makes a change in its real estate strategy; (v) decides to change its providers of real estate services; or (vi) merges with another corporation or otherwise undergoes a change of control, which may result in new management taking over with a different real estate philosophy or in different relationships with other real estate providers.
We have approximately 140,000 employees (including Turner & Townsend employees) as well as independent contractors working in over 100 countries.
We have undertaken to implement what we believe to be best practices to safeguard the health, safety and security of our employees, independent contractors, clients and others at our worksites.
As of December 31, 2024, our total debt, excluding notes payable on real estate (which are generally non-recourse to us) and warehouse lines of credit (which are recourse only to our wholly-owned subsidiary, CBRE Capital Markets, and are secured by our related warehouse receivables), was $3.6 billion.
For the year ended December 31, 2024, our interest expense was $440 million.
Our credit agreements require us to maintain a minimum interest coverage ratio of consolidated EBITDA (as defined in the applicable credit agreement) to consolidated interest expense (as defined in the applicable credit agreement) and a maximum leverage ratio of total debt (as defined in the applicable credit agreement) less available cash (as defined in the applicable credit agreement) to consolidated EBITDA as of the end of each fiscal quarter.
In addition, Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services, rate our significant outstanding debt.
Implementation of such investments in information technology, including generative AI tools, could be complicated, heavily dependent on the quality, accuracy and relevance of data inputs and methodologies, require sophisticated infrastructure and skilled talent, have ethical and societal implications, and could exceed estimated budgets.

and 24 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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