CBRE Group, Inc.

NYSE-CBRE

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	396	240	191	501	245	142
Net Income
Depreciation & Amortization	230	237	225	37	226	206
Depreciation and Amortization
Amortization of Financing Costs
Amortization of Other Assets
Stock Based Compensation	47	42	21	34	43	39
Stock-Based Compensation Expense
Other Adjustments	-186	-28.5	-44	3	-86	-25
Acquisition of Businesses (Other Than GWS), Including Net Assets Acquired, Intangibles and Goodwill
Costs Related to Mortgage Servicing Rights, Premiums on Loan Sales and Sales of Other Assets
Gains Related to Mortgage Servicing Rights, Premiums on Loan Sales and Sales of Other Assets
Gain Associated with Remeasuring Our Investment in a Previously Unconsolidated Subsidiary to Fair Value as of the Date We Acquired the Remaining Interest
Gain on Disposition of Real Estate Assets
Net Realized and Unrealized Gains, Primarily from Investments
Provision for Doubtful Accounts
Asset Impairments
Deferred Income Taxes
Incremental Tax Benefit from Stock Options Exercised
Equity Income from Investments
Gain Recognized Upon Deconsolidation of SPAC
Other Non-Cash Adjustments to Net Income
Distribution of Earnings from Unconsolidated Subsidiaries
Other Non-Cash Adjustments
Net Non-Cash Mortgage Servicing Rights and Premiums on Loan Sales
Other Non-Cash Adjustments
Changes in Trade Receivables	-252	-374	207	-409.5	-561	-122
Change in Receivables
Receivables, Prepaid Expenses and Other Assets
Change in Receivables, Prepaid Expenses and Other Assets (Including Contract and Lease Assets)
Receivables, Prepaid Expenses and Other Assets
Changes in Inventories	—	—	—	-6	-3	—
Change in Real Estate Under Development
Change in Real Estate Held for Sale and Under Development
Changes in Accounts Payable	181	65	-241	449	153	147
Change in Accounts Payable and Accrued Expenses
Change in Accounts Payable and Accrued Expenses and Other Liabilities (Including Contract and Lease Liabilities)
Accounts Payable, Accrued Liabilities and Other Liabilities
Changes in Accrued Expenses	356	72	-859	731	263	36
Accrued Compensation Expenses
Changes in Income Taxes Payable	50	-178	-76	149	-4	-110
Income Taxes, Net
Changes in Other Operating Activities	172	-394	237	-799.5	-455	-148
Sale of Mortgage Loans
Origination of Mortgage Loans
Warehouse Lines of Credit
Change in Advance Warehouse Funding
Tenant Concessions Received
Purchase of Equity Securities
Proceeds from Sale of Equity Securities
Proceeds from Securities Sold, Not Yet Purchased
Securities Purchased to Cover Short Sales
Change in Prepaid Expenses and Other Assets
Change in Real Estate Under Development
Change in Receivables, Prepaid Expenses and Other Assets (Including Contract and Lease Assets)
Change in Real Estate Held for Sale and Under Development
Receivables, Prepaid Expenses and Other Assets
Change in Other Liabilities
Other Operating Activities, Net
Cash from Operating Activities	827	57	-546	1,340	573	287
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-190	-142	-130	-270	-155	-144
Capital Expenditures
Acquisition and Development of Real Estate Assets
Proceeds from Sale of Property, Plant & Equipment	—	—	—	235	117.5	—
Proceeds from Disposition of Real Estate Assets
Proceeds from Sale of Intangible Assets	—	—	—	—	—	—
Proceeds from the Sale of Servicing Rights and Other Assets
Purchases of Investments	—	—	—	—	—	—
Purchase of Equity Securities
Purchase of Available for Sale Debt Securities
Purchase of Available for Sale Securities
Investment in VTS
Investment in Altus Power, Inc. Class a Stock
Purchase of Marketable Securities - Special Purpose Acquisition Company Trust Account
Proceeds from Sale of Investments	—	—	—	—	—	—
Proceeds from Sale of Equity Securities
Proceeds from the Sale of Available for Sale Debt Securities
Proceeds from the Sale of Available for Sale Securities
Proceeds from Sale of Marketable Securities - Special Purpose Acquisition Company Trust Account
Payments for Business Acquisitions	-20	-8	-303	-15	-1	-268
Acquisition of Businesses (Other Than Global Workplace Solutions (GWS)), Including Net Assets Acquired, Intangibles and Goodwill
Acquisition of Businesses (Other Than Global Workplace Solutions (GWS)), Including Net Assets Acquired, Intangibles and Goodwill, Net of Cash Acquired
Acquisition of GWS, Including Net Assets Acquired, Intangibles and Goodwill
Acquisition of Global Workplace Solutions, Including Net Assets Acquired, Intangibles and Goodwill, Net of Cash Acquired
Acquisition of Businesses (Other Than GWS), Including Net Assets Acquired, Intangibles and Goodwill, Net of Cash Acquired
Payments for Business Acquired, Net of Cash Acquired
Acquisition of Businesses (Other Than GWS), Including Net Assets Acquired, Intangibles and Goodwill
Other Investing Activities	13	145	-29	30	14.5	5
Capital Contributions Related to Investments
Distributions from Unconsolidated Subsidiaries
Change in Restricted Cash
Other Investing Activities, Net
Cash from Investing Activities	-197	-5	-462	-20	-187	-407
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	-272	-239	1,421	1,135	795.5	1,435
Proceeds from Revolving Credit Facility
Proceeds from Commercial Paper
Proceeds from Commercial Paper, Net
Proceeds from Short-Term Borrowings and Other Loans, Net
Repayments of Short-Term Debt	—	-66	-132	-1,511	-965	-1,315
Repayment of Revolving Credit Facility
Net Issuance / (Repayments) of Short-Term Debt	-272	-305	1,289	-376	-169.5	120
Issuance of Long-Term Debt	-6	1,089	585	—	—	—
Proceeds from Notes Payable on Real Estate Held for Investment
Proceeds from Notes Payable on Real Estate Held for Sale and Under Development
Proceeds from Senior Term Loans
Proceeds from Notes Payable on Real Estate
Proceeds from Issuance of Senior Notes
Proceeds from Issuance of 5.950% Senior Notes
Proceeds from Long-Term Debt
Repayments of Long-Term Debt	-15	-603	-33	-9	-4.5	—
Repayment of 5.25% Senior Notes
Repayment of 5.00% Senior Notes (Including Premium)
Repayment of Notes Payable on Real Estate Held for Investment
Repayment of Notes Payable on Real Estate Held for Sale and Under Development
Repayment of Debt Assumed in Acquisition of Telford Homes
Repayment of Senior Term Loans
Repayment of Notes Payable on Real Estate
Repayment of Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	-21	486	552	-9	-4.5	—
Issuance of Common Shares	—	—	—	—	—	—
Proceeds from Exercise of Stock Options
Repurchases of Common Shares	—	-262	-418	-622	-115.5	-47
Repurchase of Common Stock
Units Repurchased for Payment of Taxes on Equity Awards
Net Issuance / (Repurchases) of Common Shares	—	-262	-418	-622	-115.5	-47
Other Financing Activities	-35	-81	-167	-141	-135.5	-23
Proceeds from Short-Term Borrowings and Other Loans, Net
Acquisition of Business
Sale of Non-Controlling Interest - Special Purpose Acquisition Company
Acquisition of Businesses
Incremental Tax Benefit from Stock Options Exercised
Non-Controlling Interest Contributions
Non-Controlling Interest Distributions
Payment of Financing Costs
Redemption of Non-Controlling Interest-Special Purpose Acquisition Company and Payment of Deferred Underwriting Commission
Other Financing Activities, Net
Cash from Financing Activities	-328	-96	1,256	-1,148	-315	50
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	637	-85	-676	1,070	418	143
NOPAT	361.8	282.8	216.9	379.2	289.8	200.8
Levered Free Cash Flow	869	56	1,160	392.5	76	237
Unlevered Free Cash Flow	1,160.8	-57.2	-627.1	669.7	314.8	187.8
Net Change in Cash	302	-44	248	172	71	-70