Record Quarterly Revenue and EPS Growth
Fourth quarter revenue increased 12% year-over-year and core EPS rose 18% (both reaching all-time highs for CBRE). Core EBITDA grew 19% for the quarter.
Strong Advisory Leasing Performance
Global leasing revenue grew 14% with EMEA Continental Europe up 29% and the U.K. up 16%. U.S. leasing revenue increased 12%, including data center leasing which more than doubled and industrial leasing up 20%.
Robust Capital Markets and Mortgage Origination Momentum
Capital Markets (sales and mortgage origination) grew at high-teens rates. U.S. sales revenue rose 27%. Mortgage origination fees grew over 20%, supported by a 23% increase in loan volume.
Data Center and Digital Infrastructure Growth
Data Center Solutions revenue grew >20% in 2025, is growing at ~20% per year, and is expected to reach $2.0 billion in revenue in 2026. Data center and digital infrastructure work accounted for ~14% of core EBITDA in 2025.
Resilient Services and BOE Performance
Resilient businesses delivered double-digit revenue growth. Building Operations & Experience (BOE) segment operating profit grew 20%, outpacing revenue growth, and local facilities management expanded meaningfully (Americas local revenue grew from $330M in 2021 to $800M in 2025).
Project Management Integration Progress
Project Management delivered solid revenue growth and the integration of Turner & Townsend with legacy CBRE project management is largely operating as a combined global business; segment delivered healthy operating leverage for the full year.
Investment Management Fundraising and AUM Increase
Raised over $11 billion of capital in 2025; Assets under Management ended the year at $155 billion, up more than $9 billion year-over-year.
Strong Free Cash Flow and Capital Allocation
Generated nearly $1.7 billion of free cash flow in 2025, an 86% conversion on core net income (above the 75%–85% target range). Net leverage ended the year at 1.2x. Since Q3 end, allocated >$1.5 billion of capital (including ~$1.2 billion acquisition of Pearce Services and nearly $400 million of share repurchases).
2026 Financial Guidance
Company expects core EPS of $7.30 to $7.60 for 2026, implying ~17% growth at the midpoint, driven by continued double-digit growth in resilient businesses and recovery in transactional businesses.
Operational Wins and Product Investments
Progress on AI and data initiatives: management expects concrete evidence of extracting and delivering proprietary real estate data to professionals by end of 2026 and anticipates ~25% savings in research costs from AI-driven efficiencies. Also expanding Industrious to >300 locations and building Americas infrastructure capabilities.