Analysis for CBRE

📈 Growth & Financial Trajectory

Over 8 quarters, CBRE's revenues rose from $9.04B (2024 Q3) to $11.23B (2026 Q2), a roughly 24% lift, with a quarterly CAGR near 3%. Net income grew from $142M to $247M, up about 74%, though results fluctuated (peak around 2025 Q3 before a softer close in 2026 Q2). The trend reflects top-line expansion with modest profitability progression.

💰 Margins & Cash Flow

Gross margins held steady around 20% (roughly 19–21%), while operating margins ranged from about 3–6%, indicating limited operating leverage but overall earnings support. Net income aligned with margins after tax and equity-method items. Operating cash flow was generally positive (e.g., 2026 Q2 +$138M), offset by negative investing cash flow; free cash flow remained pressured by investing activity.

🛡️ Balance Sheet & Liquidity

Total assets around $30B; current assets around $11–13B; current liabilities around $9–11B; current ratio ~1.1–1.2. Leverage moderate with liabilities around $18–21B and equity near $8–9B, supporting resilience.

⚠️ Key Drivers & Risks

• Drivers: Demand for CBRE's services in commercial real estate, transactional activity, outsourcing/tech-enabled property management.
• Risks: Real estate cycle sensitivity, interest-rate/macroeconomic headwinds, quarterly profitability volatility, valuation sensitivity to market conditions.