CBRE Group, Inc. (CBRE) Cash Flow Statement
Where CBRE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.56B −13.3% vs 2024
- Capital expenditures
- $366.0M 0.9% of revenue
- Free cash flow
- $1.19B 2.9% margin
- Returned to shareholders
- $968.0M 81% of free cash flow
- Change in cash
- $793.0M cash at year-end $2.01B
Cash from operations
$1.56B
Capital expenditures
−$366.0M
Acquisitions & other
−$1.26B
Share buybacks (net)
−$968.0M
Net borrowing (repayment)
+$2.29B
Other financing
−$521.0M
Currency & other
+$65.0M
Change in cash
$793.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CBRE operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CBRE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $658.1M2016 | $1.56B2025 | +10.1%/yr | |
| Capital expenditures | $191.2M2016 | $366.0M2025 | +7.5%/yr | |
| Free cash flow | $466.9M2016 | $1.19B2025 | +11.0%/yr | |
| Free cash flow margin | 2.7%2016 | 2.9%2025 | +0.3 pts | |
| Operating cash flow / net income | 1.152016 | 1.352025 | +0.20 | |
| Stock-based compensation | $63.5M2016 | $120.0M2025 | +7.3%/yr | |
| Dividends paid | $19.1M2016 | $13.4M2018 | −16.3%/yr | |
| Share buybacks (net) | $27.4M2016 | $968.0M2025 | +48.6%/yr | |
| Capex / revenue | 1.1%2016 | 0.9%2025 | −0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CBRE cash flow by activity
OperatingInvestingFinancingChange in cash
CBRE net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CBRE cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.16B | $968.0M | $986.0M | $1.41B | $1.84B | $752.0M | $1.28B | $1.06B | $697.1M | $572.0M |
| Depreciation & amortization | $729.0M | $701.0M | $622.0M | $613.1M | $525.9M | $534.4M | $439.2M | $452.0M | $406.1M | $366.9M |
| Stock-based compensation | $120.0M | $146.0M | $2.0M | $160.0M | $185.0M | $60.4M | $127.7M | $128.2M | $93.1M | $63.5M |
| Change in working capital | −$67.0M | $193.0M | −$1.00B | −$434.4M | $334.4M | $520.6M | −$449.1M | −$223.5M | −$70.3M | −$206.7M |
| Other non-cash items | −$380.0M | −$209.0M | −$76.0M | −$29.8M | −$441.8M | $52.1M | −$143.6M | −$229.0M | −$175.9M | −$137.5M |
| Cash from operating activities | $1.56B | $1.80B | $534.0M | $1.72B | $2.44B | $1.92B | $1.26B | $1.19B | $950.1M | $658.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$366.0M | −$307.0M | −$305.0M | −$260.1M | −$209.9M | −$266.6M | −$293.5M | −$227.8M | −$178.0M | −$191.2M |
| Investments (net) | — | −$1.51B | −$765.8M | −$832.5M | −$1.28B | −$57.7M | −$76.8M | −$18.7M | $175.4M | $140.8M |
| Acquisitions & other investing | −$1.26B | $216.0M | $341.8M | $175.4M | −$70.2M | $289.8M | −$337.3M | −$350.6M | −$358.3M | $23.0M |
| Cash from investing activities | −$1.63B | −$1.60B | −$729.0M | −$917.2M | −$1.56B | −$34.5M | −$707.7M | −$597.0M | −$361.0M | −$27.4M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | −$13.4M | −$8.7M | −$19.1M |
| Share repurchases & issuance (net) | −$968.0M | −$627.0M | −$665.0M | −$1.85B | −$368.6M | −$50.0M | −$145.1M | −$161.0M | −$29.5M | −$27.4M |
| Net borrowing (repayment) | $2.29B | $793.0M | $1.11B | $189.5M | $187.8M | −$499.7M | −$110.7M | −$295.6M | −$557.5M | −$158.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$521.0M | −$387.0M | −$295.0M | −$107.7M | −$105.6M | −$471.4M | −$62.7M | −$59.8M | −$29.3M | $8.3M |
| Cash from financing activities | $796.0M | −$221.0M | $148.0M | −$1.77B | −$286.4M | −$1.02B | −$318.6M | −$529.9M | −$625.0M | −$196.3M |
| Summary | ||||||||||
| Net change in cash | $793.0M | −$150.0M | −$33.8M | −$1.13B | $500.5M | $945.5M | $229.8M | $39.1M | −$6.6M | $218.2M |
| Cash at end of period | $2.01B | $1.22B | $1.37B | $1.40B | $2.54B | $2.04B | $1.09B | $863.9M | $824.8M | $831.4M |
| Free cash flow | $1.19B | $1.49B | $229.0M | $1.46B | $2.23B | $1.65B | $963.2M | $963.1M | $772.0M | $466.9M |
| Free cash flow margin | 2.9% | 4.2% | 0.7% | 4.7% | 8.0% | 6.9% | 4.0% | 4.5% | 4.1% | 2.7% |
| Capex / revenue | 0.9% | 0.9% | 1.0% | 0.8% | 0.8% | 1.1% | 1.2% | 1.1% | 1.0% | 1.1% |
| Operating cash flow / net income | 1.35 | 1.86 | 0.54 | 1.22 | 1.33 | 2.55 | 0.98 | 1.12 | 1.36 | 1.15 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $204.0M | $342.0M | $450.0M | $449.0M | $215.0M | $163.0M | $487.0M | $225.0M | $130.0M | $148.0M | $477.2M | $190.6M |
| Depreciation & amortization | $291.0M | $182.0M | $189.0M | $302.0M | $182.0M | $177.0M | $177.0M | $178.0M | $161.0M | $158.0M | $182.2M | $149.0M |
| Stock-based compensation | $59.0M | $48.0M | $10.0M | $110.0M | $3.0M | $21.0M | $34.0M | $43.0M | $39.0M | $30.0M | $23.0M | $34.0M |
| Change in working capital | −$413.0M | −$1.86B | $982.0M | $1.37B | −$405.0M | −$969.0M | $924.0M | $167.0M | −$70.0M | −$828.0M | $338.1M | $69.0M |
| Other non-cash items | −$3.0M | $462.0M | −$410.0M | −$1.41B | $62.0M | $62.0M | −$239.0M | −$21.0M | $34.0M | $22.0M | −$140.9M | −$53.2M |
| Cash from operating activities | $138.0M | −$825.0M | $1.22B | $827.0M | $57.0M | −$546.0M | $1.38B | $592.0M | $294.0M | −$470.0M | $879.5M | $389.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$114.0M | −$81.0M | −$144.0M | −$84.0M | −$74.0M | −$64.0M | −$93.0M | −$79.0M | −$67.0M | −$68.0M | −$93.7M | −$76.3M |
| Investments (net) | — | — | — | −$197.0M | −$5.0M | −$462.0M | −$20.0M | −$187.0M | −$407.0M | −$900.0M | −$143.9M | −$167.8M |
| Acquisitions & other investing | −$159.0M | $145.0M | −$819.0M | $84.0M | $74.0M | $64.0M | $28.0M | $65.0M | $76.0M | $47.0M | $71.6M | $69.4M |
| Cash from investing activities | −$273.0M | $64.0M | −$963.0M | −$197.0M | −$5.0M | −$462.0M | −$85.0M | −$201.0M | −$398.0M | −$921.0M | −$166.0M | −$174.6M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$410.0M | −$530.0M | −$288.0M | $680.0M | −$262.0M | −$418.0M | −$517.0M | −$63.0M | −$47.0M | −$97.0M | −$19.1M | −$516.1M |
| Net borrowing (repayment) | $381.0M | $1.05B | $490.0M | −$293.0M | $247.0M | $1.84B | −$436.0M | −$257.0M | — | — | — | $422.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $11.0M | $27.0M | −$238.0M | $957.0M | −$81.0M | −$167.0M | −$173.0M | $0 | $81.0M | $1.29B | −$737.2M | −$75.1M |
| Cash from financing activities | −$18.0M | $545.0M | −$36.0M | $1.34B | −$96.0M | $1.26B | −$1.13B | −$320.0M | $34.0M | $1.19B | −$756.3M | −$168.7M |
| Summary | ||||||||||||
| Net change in cash | −$156.0M | −$219.0M | $205.0M | $277.0M | $19.0M | $292.0M | $64.0M | $124.0M | −$94.0M | −$244.0M | $17.9M | −$4.3M |
| Cash at end of period | $1.64B | $1.79B | $2.01B | $1.81B | $1.53B | $1.51B | $1.22B | $1.16B | $1.03B | $1.13B | $1.37B | $1.35B |
| Free cash flow | $24.0M | −$906.0M | $1.08B | $743.0M | −$17.0M | −$610.0M | $1.29B | $513.0M | $227.0M | −$538.0M | $785.8M | $313.1M |
| Free cash flow margin | 0.2% | −8.6% | 9.3% | 7.2% | −0.2% | −6.8% | 12.4% | 5.7% | 2.7% | −6.8% | 8.8% | 4.0% |
| Capex / revenue | 1.0% | 0.8% | 1.2% | 0.8% | 0.8% | 0.7% | 0.9% | 0.9% | 0.8% | 0.9% | 1.0% | 1.0% |
| Operating cash flow / net income | 0.68 | −2.41 | 2.71 | 1.84 | 0.27 | −3.35 | 2.84 | 2.63 | 2.26 | −3.18 | 1.84 | 2.04 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CBRE cash generation
In fiscal 2025 (ended December 31, 2025), CBRE generated $1.6 billion of cash from operations (down 13.3%) and spent $366.0 million on capital expenditures, leaving free cash flow of $1.2 billion, 2.9% of revenue. It returned $968.0 million to shareholders through dividends ($0) and net share buybacks ($968.0 million). Cash and equivalents rose by $793.0 million over the year.
Related: CBRE income statement, CBRE balance sheet. See the CBRE stock overview for the latest quote and news.
CBRE cash flow FAQ
What is CBRE's free cash flow?
CBRE's free cash flow was $1.2 billion in fiscal 2025: $1.6 billion of operating cash flow minus $366.0 million of capital expenditures It was $1.5 billion a year earlier..
How much cash does CBRE generate from operations?
CBRE generated $1.6 billion of cash from operating activities in fiscal 2025, 1.35 times its net income of $1.2 billion.
How much does CBRE spend on capital expenditures?
CBRE spent $366.0 million on capital expenditures in fiscal 2025, 0.9% of revenue, compared with $307.0 million the year before.
How much stock does CBRE buy back?
CBRE spent $968.0 million on net share repurchases in fiscal 2025.