CBRE Group Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,157	968	986	1,407	1,837
Depreciation & Amortization	928	869	790	613	526
Other Amortization	-	-	-	-	8
Loss (Gain) From Sale of Assets	-459	-142	-27	-203	-330
Asset Writedown & Restructuring Costs	-	-	-	59	-
Loss (Gain) From Sale of Investments	-	-	-	-	-42
Loss (Gain) on Equity Investments	-40	19	-248	160	-99
Stock-Based Compensation	120	146	96	160	185
Provision & Write-off of Bad Debts	-	-	-	-	24
Other Operating Activities	-109	-280	-200	-133	-79
Change in Accounts Receivable	-882	-597	-702	-503	-766
Change in Accounts Payable	570	566	34	64	105
Change in Income Taxes	-40	-82	-103	-133	248
Change in Other Net Operating Assets	1,342	92	45	-737	568
Operating Cash Flow	1,559	1,708	480	1,629	2,364
Operating Cash Flow Growth	-8.72%	255.83%	-70.53%	-31.09%	29.13%
Capital Expenditures	-366	-307	-305	-260	-210
Cash Acquisitions	-1,374	-1,067	-203	-173	-781
Sale (Purchase) of Real Estate	119	-154	-94	-	-
Investment in Securities	-161	-136	-127	-298	-479
Other Investing Activities	155	150	48	-101	189
Investing Cash Flow	-1,627	-1,514	-681	-832	-1,281
Short-Term Debt Issued	677	4,348	4,006	1,833	27
Long-Term Debt Issued	2,410	495	1,723	-	570
Total Debt Issued	3,087	4,843	5,729	1,833	597
Short-Term Debt Repaid	-132	-4,041	-4,184	-1,655	-
Long-Term Debt Repaid	-670	-9	-437	-	-409
Total Debt Repaid	-802	-4,050	-4,621	-1,655	-409
Net Debt Issued (Repaid)	2,285	793	1,108	178	188
Repurchase of Common Stock	-968	-627	-665	-1,888	-408
Other Financing Activities	-521	-387	-289	-56	-270
Financing Cash Flow	796	-221	154	-1,766	-490
Foreign Exchange Rate Adjustments	65	-123	13	-166	-92
Net Cash Flow	793	-150	-34	-1,135	501
Free Cash Flow	1,193	1,401	175	1,369	2,154
Free Cash Flow Growth	-14.85%	700.57%	-87.22%	-36.44%	37.71%
Free Cash Flow Margin	2.94%	3.92%	0.55%	4.44%	7.76%
Free Cash Flow Per Share	3.97	4.55	0.56	4.18	6.34
Cash Interest Paid	448	396	191	89	41
Cash Income Tax Paid	599	467	467	604	330
Levered Free Cash Flow	-84.25	1,741	371.13	1,840	2,087
Unlevered Free Cash Flow	50.75	1,875	464.25	1,883	2,111
Change in Working Capital	990	-21	-726	-1,309	155

Updated Feb 12, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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