Key Highlights

● Revenue rose 15.5% to $11,226 million in the second quarter.

● Core earnings per share rose 30.0% to $1.56, with core EBITDA of $836 million.

● A $168 million non-cash UK fire-safety reserve increase explains the GAAP-core earnings gap.

● Management raised 2026 core EPS guidance to $7.80 to $7.90.

CBRE Group, Inc. (NYSE:CBRE) is a commercial real estate services and investment firm. It advises on leasing, property sales, mortgage origination and valuations, manages facilities and critical infrastructure sites such as data centers, runs project management for occupiers, and operates a real estate investments business that includes development. Its Class A common stock trades on the New York Stock Exchange as CBRE. CBRE has been an S&P 500 member since November 10, 2006 and is classified in Real Estate under Real Estate Services.

Latest reported results

CBRE reported second-quarter 2026 results on July 29, 2026, for the quarter ended June 30, 2026. Revenue was $11,226 million, up 15.5% from $9,717 million, while pass-through costs, which are reimbursed by clients, were $4,622 million. GAAP net income attributable to CBRE was $204 million, down 5.1%, and GAAP diluted earnings per share were $0.69 against $0.72. The company's headline core earnings per share rose 30.0% to $1.56, with core EBITDA of $836 million, up 33.5%.

The gap between GAAP and core figures is explained by a $168 million non-cash reserve increase for fire-safety remediation in the company's UK development business. The company says that excluding it, GAAP net income would have risen 53%.

By segment, Advisory Services revenue rose 17.7% to $2,306 million, with global leasing revenue up 24% and property sales up 20%. Building Operations and Experience revenue was $6,686 million, up 14.6%, with critical infrastructure services up 68% on data center demand and the Pearce Services acquisition. Project Management revenue rose 19.1% to $2,045 million, while Real Estate Investments revenue fell 10.2% to $193 million. Even so, that segment's operating profit rose 68.0% to $42 million, with development operating profit of $9 million, a $29.6 billion in-process and pipeline portfolio and about $155 billion of assets under management. Total segment operating profit was $835 million, and Building Operations and Experience operating profit rose 25.5% to $335 million.

Cash flow, balance sheet and guidance

Second-quarter operating cash flow was $138 million and free cash flow $29 million. Cash flow is seasonally weak in the first half; the six-month cash flow statement shows net cash used in operating activities of $687 million. The release cites trailing twelve-month free cash flow of nearly $1.7 billion. Repurchases were $940 million in the six-month statement, while the company's release text says nearly $1.0 billion year to date.

At June 30, 2026, cash was $1,489 million, total debt $7,382 million, net debt $5,893 million and the net leverage ratio 1.60 times. Total liquidity was $4.4 billion. Management raised 2026 core EPS guidance to $7.80 to $7.90 from $7.60 to $7.80. That is a forecast; the company offers no revenue or GAAP EPS guidance.

Rates, Remediation and Data Center Concentration

CBRE's transactional lines depend on capital markets conditions, interest rates and occupier decisions, while its outsourcing businesses are steadier but lower margin. Other risks include the UK building-safety remediation exposure, acquisition integration, data center concentration in a fast-growing line and leverage.