CBRE GROUP, INC. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$39.9B
Gross margin	17.3%
Operating income	$1.8B
Net income	$1.2B
Diluted EPS	$3.85
Cash & equivalents	$1.9B
Total assets	$30.9B
Long-term debt	$5.0B

Key takeaway

Revenue increased 13.4% to $40.6B in 2025, with double-digit growth in Advisory Services, Building Operations & Experience (BOE), and Project Management, partially offset by a decline in Real Estate Investments (REI).

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Beneath the surface

Cash of $1,864M against total debt of roughly $5,181M implies a net debt position of about $3.3B, meaningfully larger than the standalone long-term debt figure suggests.

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