CBRE Group Q1 2025 Financial Summary

- Revenue: $8.91 billion (up 12.3% YoY)
- Net revenue (excludes pass-through): $5.11 billion (up 15%)
- GAAP net income: $163 million (up 29%)
- GAAP EPS: $0.54 (up 32%)
- Core EPS: $0.86 (up 10%)
- Core EBITDA: $540 million (up 27%)
- Free cash flow (Q1): $(610) million; trailing 12-month: $1.48 billion
- Net cash flow from operations (trailing 12-month): $1.65 billion
- Net leverage ratio: 1.45x (well below 4.25x covenant)

**Segment Performance**

*Advisory Services*
- Revenue: $1.69 billion (up 13%)
- Segment operating profit: $301 million (up 30%)
- Leasing revenue rose 18% globally; U.S. office leasing +38%
- Mortgage origination revenue rose 52%

*Building Operations & Experience (BOE)*
- Revenue: $5.36 billion (up 14%)
- Net revenue: $2.43 billion (up 20%)
- Segment profit: $217 million (up 35%)
- Property management net revenue +36% (boosted by Industrious acquisition)

*Project Management*
- Revenue: $1.63 billion (up 7%)
- Net revenue: $774 million
- Segment profit: $113 million (up 12%)
- Strength from infrastructure and real estate mandates

*Real Estate Investments (REI)*
- Revenue: $233 million (up 2%)
- Segment profit: $25 million (down 27%)
- Investment Management profit: $52 million
- Real estate development loss: $25 million
- Assets Under Management (AUM): $149.1 billion

**Capital Allocation and Liquidity**
- Share repurchases: $585 million (4.6 million shares at avg. $127.98)
- Remaining buyback authorization: $5.2 billion
- Total liquidity: $3.5 billion
- Recent acquisition: full ownership of Industrious

**Cash Flow Summary (Q1 2025)**
- Operating cash flow: $(546) million
- Investing cash flow: $(462) million
- Financing cash flow: $1.26 billion
- Ending cash and equivalents: $1.51 billion