Analysis for CBRE

📈 Growth & Financial Trajectory

CBRE shows an 8-quarter progression from 2024Q1 revenues of $8.91B to 2026Q1 revenues of $10.53B, a gain of about $1.62B (≈18%). Net income attributable to parent rises from $126M in 2024Q1 to $318M in 2026Q1, with a peak near $450M in 2024Q3 and a trough around $225M in 2025Q2, indicating earnings volatility but a positive directional trend.

💰 Margins & Cash Flow

Gross margin averages around 20%, with operating margins near 4%. The company posts positive operating income in most quarters, supported by steady cost control. Cash flow is mixed: operating cash flow is positive in most quarters but negative in 2026Q1, while investing cash flow remains cash‑consuming and financing activity fluctuates across quarters. Free cash flow cycles, reflecting seasonality and working capital effects.

🛡️ Balance Sheet & Liquidity

Balance sheet is solid: current assets ~$12.5B–$12.7B against current liabilities near $11.0B–$11.8B, yielding a conservative current ratio around 1.1x. Liabilities vs. assets run in the mid‑60s percent range, and equity remains meaningful, supporting resilience through cycles.

⚠️ Key Drivers & Risks

• Drivers: scale in real estate services; diversified fee‑based revenues.
• Risks: real estate cycle sensitivity and interest‑rate exposure; earnings volatility.