Financial Analysis

4. Acquisitions Pearce On November 4, 2025, we acquired 100% ownership interest in Pearce Services, LLC (Pearce), a leading provider of advanced technical services for digital and power infrastructure. Pearce forms part of our BOE segment. The Pearce acquisition was treated as a business combination under FASB Accounting Standards Codification (ASC) Topic 805, Business Combinations, and was accounted for using the acquisition method of accounting. We financed the acquisition with (i) cash on hand and (ii) borrowings under our existing commercial paper program, which were partially repaid with the net proceeds from the issuance of $750 million in aggregate principal amount of 4.900% senior notes in November 2025. See Note 12 Long-Term Debt and Short-Term Borrowings for more information on the above-mentioned debt instruments. The following summarizes the consideration transferred at closing for the Pearce acquisition (dollars in millions): Cash consideration $ 763 Settlement of long-term debt 280 Deferred and contingent consideration 134 Other 11 Total consideration $ 1,188 The purchase price includes a deferred consideration payment of $115 million, due on November 3, 2026. The transaction also includes contingent consideration related to a potential earnout payment of up to $115 million, which is subject to the achievement of certain performance thresholds through the calendar year 2027. In addition, certain Pearce performance-based stock compensation awards and certain tran …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

14. Commitments and Contingencies We are a party to a number of pending or threatened lawsuits arising out of, or incident to, our ordinary course of business. We believe that any losses in excess of the amounts accrued as liabilities on our consolidated financial statements are unlikely to be significant, but litigation is inherently uncertain and there is the potential for a material adverse effect on our consolidated financial statements if one or more matters are resolved in a particular period in an amount materially in excess of what we anticipated. In January 2008, CBRE MCI, a wholly-owned subsidiary of CBRE Capital Markets, entered into an agreement with Fannie Mae under Fannie Maes Delegated Underwriting and Servicing Lender Program (DUS Program) to provide financing for multifamily housing with five or more units. Under the DUS Program, CBRE MCI originates, underwrites, closes and services loans without prior approval by Fannie Mae, and typically, is subject to sharing up to one-third of any losses on loans originated under the DUS Program. CBRE MCI has funded loans with unpaid principal balances of $50.5 billion at December 31, 2025, of which $47.6 billion is subject to such loss sharing arrangements. CBRE MCI, under its agreement with Fannie Mae, must post cash reserves or other acceptable collateral under formulas established by Fannie Mae to provide for sufficient capital in the event losses occur. As of December 31, 2025 and 2024, CBRE MCI had $165 million and …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

12. Long-Term Debt and Short-Term Borrowings Long-term debt and short-term borrowings consist of the following (dollars in millions): December 31, 2025 2024 Long-Term Debt Senior term loans due 2028 $ 1,325 $ 720 5.950% senior notes due 2034 1,000 1,000 4.900% senior notes due 2033 750 4.875% senior notes due 2026 600 4.800% senior notes due 2030 600 5.500% senior notes due 2035 500 5.500% senior notes due 2029 500 500 2.500% senior notes due 2031 500 500 Other 6 Total long-term debt 5,181 3,320 Less: current maturities of long-term debt 71 36 Less: unamortized discount 47 30 Less: unamortized debt issuance costs 13 9 Total long-term debt, net of current maturities $ 5,050 $ 3,245 Short-Term Borrowings Warehouse lines of credit, with interest ranging from 4.99% to 5.88%, due 2026 $ 1,609 $ 552 Commercial paper program, with interest ranging from 3.80% to 4.77% 852 175 Revolving credit facilities, with interest of 7.50% 132 Other 4 47 Total short-term borrowings $ 2,465 $ 906 Future annual aggregate maturities of total consolidated gross debt (excluding unamortized discount, premium and debt issuance costs) at December 31, 2025 are as follows (dollars in millions): 2026 2027 2028 2029 2030 Thereafter Future maturities of total consolidated gross debt $ 2,536 $ 332 $ 928 $ 500 $ 600 $ 2,750 Long-Term Debt We maintain credit facilities with third-party lenders, which we use for a variety of purposes. On July 10, 2023, CBRE Group, Inc. (CBRE Group), CBRE Services, Inc. (CBRE Serv …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or segment (dollars in millions): Year Ended December 31, 2025 Advisory Services Building Operations & Experience Project Management Real Estate Investments Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ $ 20,645 $ $ $ $ 20,645 Property management 2,579 (50) 2,529 Project management 7,657 7,657 Advisory leasing 4,497 4,497 Advisory sales 2,120 2,120 Valuation 815 815 Other portfolio services 354 354 Commercial mortgage origination (1) 251 251 Loan servicing (2) 164 164 Investment management 602 602 Development services 266 266 Topic 606 Revenue 8,201 23,224 7,657 868 (50) 39,900 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 300 300 Loan servicing 339 339 Development services (3) 11 11 Total Out of Scope of Topic 606 Revenue 639 11 650 Total Revenue $ 8,840 $ 23,224 $ 7,657 $ 879 $ (50) $ 40,550 Year Ended December 31, 2024 Advisory Services Building Operations & Experience Project Management Real Estate Investments Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ $ 18,232 $ $ $ $ 18,232 Property management 1,976 (17) 1,959 Project management 6,809 6,809 Advisory leasing 3,895 3,895 Advisory sales 1,767 1,767 Valuation 751 751 Other portfolio services 389 389 Commercial mortgage origination (1) 196 196 Loan servicing (2) 160 160 Investment management 650 6 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

7. Fair Value Measurements FASB ASC Topic 820, Fair Value Measurements and Disclosures, (Topic 820) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Topic 820 also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024 (dollars in millions): As of December 31, 2025 Fair Value Measured a …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

10. Goodwill and Other Intangible Assets We test each of our reporting units for goodwill impairment annually at October 1st, or upon a triggering event, in accordance with ASC Topic 350, Intangibles Goodwill and Other. We performed the 2025, 2024 and 2023 annual assessments as of October 1 and determined that no impairment existed as the estimated fair value of our reporting units was in excess of their carrying value. As of January 1, 2025, we reorganized our business into four reportable segments (see Note 20 Segments for further discussion). This changed the composition of our reporting units which resulted in the reallocation of goodwill from our Advisory Services and Global Workplace Solutions reportable segments to our newly created BOE and Project Management reportable segments as of January 1, 2025. Additionally, the change in composition of our reporting units was considered a triggering event requiring an interim goodwill impairment test as of January 1, 2025. We determined that no impairment existed as the estimated fair values of our reporting units were in excess of their respective carrying values, both before and after the reorganization. The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024 (dollars in millions): Advisory Services Global Workplace Solutions Building Operations & Experience Project Management Real Estate Investments Total Consolidated Balance as of December 31, 2023 Goo …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

16. Income Taxes Provision for Income Taxes The components of income before provision for income taxes consisted of the following (dollars in millions): Year Ended December 31, 2025 2024 2023 Domestic $ 868 $ 326 $ 665 Foreign 726 892 612 Total $ 1,594 $ 1,218 $ 1,277 Our tax provision (benefit) consisted of the following (dollars in millions): Year Ended December 31, 2025 2024 2023 Current provision: Federal $ 185 $ 48 $ 98 State 74 60 31 Foreign 327 268 242 Total current provision 586 376 371 Deferred provision: Federal (71) (57) (4) State (16) (33) 4 Foreign (182) (104) (121) Total deferred provision (269) (194) (121) Total provision for income taxes $ 317 $ 182 $ 250 Effective Tax Rate The following is a reconciliation of the difference between the U.S. statutory federal income tax rate and our effective tax rate (dollars in millions): Year Ended December 31, 2025 Amount Percent U.S. Federal statutory tax rate $ 335 21 % State and local income tax, net of federal (national) income tax effect (1) 46 3 % Foreign tax effects Bermuda Statutory rate difference between Bermuda and United States (21) (1) % Tax Credits (53) (3) % Other foreign jurisdictions 54 3 % Effect of cross-border tax laws Foreign Tax Credits (40) (3) % Tax credits (7) % Nontaxable or nondeductible items 20 1 % Changes in unrecognized tax benefits (8) (1) % Other adjustments (9) (1) % Effective Tax Rate $ 317 20 % ______________________________________________________________________________________________ …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

13. Leases We are the lessee in contracts for office space tenancies, leased vehicles, office space in our flexible workplace solutions business, Industrious, and leases of land in our development business. As it relates to service arrangements, we monitor these types of contracts to evaluate whether they meet the definition of a lease. Supplemental balance sheet information related to our leases is as follows (dollars in millions): December 31, Category Classification 2025 2024 Assets Operating (1) Operating lease assets $ 2,062 $ 1,198 Finance Other assets 334 260 Total leased assets $ 2,396 $ 1,458 Liabilities Current: Operating (2) Operating lease liabilities $ 284 $ 200 Finance Other current liabilities 69 43 Non-current: Operating (2) Non-current operating lease liabilities 2,121 1,307 Finance Other liabilities 167 122 Total lease liabilities $ 2,641 $ 1,672 ________________________________________________________________________________________________________________________________________ (1) Operating lease assets as of December 31, 2025 includes operating lease assets acquired from Industrious. (2) Current and non-current operating lease liabilities as of December 31, 2025 include operating lease liabilities acquired from Industrious. Components of lease cost are as follows (dollars in millions): Year Ended December 31, Component Classification 2025 2024 Operating lease cost Cost of Revenue and Operating, administrative and other $ 319 $ 230 Finance lease cost: Am …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Improvements to Income Tax Disclosures. This ASU requires disaggregated information about a reporting entitys effective tax rate reconciliation as well as information on income taxes paid and is effective for annual periods beginning after December 15, 2024. The new requirements should be applied on a prospective basis with an option to apply them retrospectively. Early adoption is permitted. We adopted ASU 2023-09 prospectively in 2025 and have updated our income tax disclosures in our annual consolidated financial statements. Recent Accounting Pronouncements Pending Adoption In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. These requirements should be applied on a prospective basis with an option to apply them retrospectively. We anticipate ASU 2024-03 will result in expanded disclosures related to our income s …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

15. Employee Benefit Plans Stock Incentive Plans 2019 Equity Incentive Plan Our 2019 Plan was adopted by our board of directors on March 1, 2019 and approved by our stockholders on May 17, 2019. The 2019 Plan authorizes the grant of stock-based awards to employees, directors and independent contractors. Unless terminated earlier, the 2019 Plan will terminate on March 1, 2029. A total of 9,900,000 shares of our Class A common stock are reserved for issuance under the 2019 Plan, less 189,499 shares granted under our 2017 Equity Incentive Plan (the 2017 Plan) between March 1, 2019, the date our board of directors approved the plan, and May 17, 2019, the date our stockholders approved the 2019 Plan. Additionally, shares underlying awards outstanding under the 2017 Plan at termination of such plan in May 2019 that were subsequently canceled, forfeited or terminated without issuance to the holder thereof will be available for reissuance under the 2019 Plan. On May 27, 2022, an additional 7,700,000 shares of our Class A common stock was reserved for issuance under the 2019 Plan. As of December 31, 2025, 996,395 shares were cancelled and 1,601,597 shares were withheld for payment of taxes under the 2017 Plan and added to the authorized pool for the 2019 Plan, bringing the total authorized amount under the 2019 Plan to 20,008,493 shares of our Class A common stock. Shares underlying expired, canceled, forfeited or terminated awards under the 2019 Plan (other than awards granted in sub …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

21. Related Party Transactions The accompanying consolidated balance sheets include loans to related parties, primarily employees other than our executive officers, of $697 million and $780 million as of December 31, 2025 and 2024, respectively. The majority of these loans represent sign-on and retention bonuses issued or assumed in connection with acquisitions and prepaid commissions as well as prepaid retention and recruitment awards issued to employees. These loans are at varying principal amounts, bear interest at rates up to 5.30% per annum and mature on various dates through 2035. See Note 11 Investments in Unconsolidated Subsidiaries for additional details on related party revenue and receivables disclosure for the REI segment. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

19. Revenue from Contracts with Customers We account for revenue with customers in accordance with FASB ASC Topic 606, Revenue from Contracts with Customers (Topic 606). Revenue is recognized when or as control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those services. Disaggregated Revenue The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or segment (dollars in millions): Year Ended December 31, 2025 Advisory Services Building Operations & Experience Project Management Real Estate Investments Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ $ 20,645 $ $ $ $ 20,645 Property management 2,579 (50) 2,529 Project management 7,657 7,657 Advisory leasing 4,497 4,497 Advisory sales 2,120 2,120 Valuation 815 815 Other portfolio services 354 354 Commercial mortgage origination (1) 251 251 Loan servicing (2) 164 164 Investment management 602 602 Development services 266 266 Topic 606 Revenue 8,201 23,224 7,657 868 (50) 39,900 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 300 300 Loan servicing 339 339 Development services (3) 11 11 Total Out of Scope of Topic 606 Revenue 639 11 650 Total Revenue $ 8,840 $ 23,224 $ 7,657 $ 879 $ (50) $ 40,550 Year Ended December 31, 2024 Advisory Services Building Operations & Experience Project Management Real Es …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

20. Segments In January 2025, we combined our project management business with our Turner & Townsend majority-owned subsidiary and created a fourth reportable segment, Project Management. In addition, on January 16, 2025, we acquired full ownership of Industrious, a provider of premium flexible workplace solutions and established a new business segment, BOE, comprised of enterprise and local facilities management, property management and digital infrastructure. In connection with the transactions described above, we reorganized our operations around and publicly report our financial results on four reportable segments Advisory Services, BOE, Project Management and REI. We have recast prior period segment results to conform with the current presentation. In addition, we also have a Corporate, other and eliminations segment. Our Corporate segment primarily consists of corporate costs for leadership and certain other central functions. We track our strategic non-core equity investments in other which is considered an operating segment and reported together with Corporate as it does not meet the aggregation criteria for presentation as a separate reportable segment. These activities are not allocated to the other business segments. Corporate and other also includes eliminations related to inter-segment revenue. Segment operating profit (SOP) is the measure reported to Robert Sulentic, CBREs Chair and Chief Executive Officer (CEO), who is our chief operating decision maker (CO …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

2. Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries, which are comprised of variable interest entities in which we are the primary beneficiary and voting interest entities, in which we determined we have a controlling financial interest, under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 810, Consolidations. The equity attributable to non-controlling interests in subsidiaries is shown separately in the accompanying consolidated balance sheets. All significant intercompany accounts and transactions have been eliminated in consolidation. Variable Interest Entities (VIEs) We determine whether an entity is a VIE and, if so, whether it should be consolidated by utilizing judgments and estimates that are inherently subjective. Our determination of whether an entity in which we hold a direct or indirect variable interest is a VIE is based on several factors, including whether the entitys total equity investment at risk upon inception is sufficient to finance the entitys activities without additional subordinated financial support. We make judgments regarding the sufficiency of the equity at risk based first on a qualitative analysis, and then a quantitative analysis, if necessary. We analyze any investments in VIEs to determine if we are the primary beneficiary. In evaluating whether we are the primary benefici …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

17. Stockholders Equity Our board of directors is authorized, subject to any limitations imposed by law, without the approval of our stockholders, to issue a total of 25,000,000 shares of preferred stock, in one or more series, with each such series having rights and preferences including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, as our board of directors may determine. As of December 31, 2025 and 2024, no shares of preferred stock have been issued. Our board of directors is authorized to issue up to 525,000,000 shares of Class A common stock, $0.01 par value per share (common stock), of which 295,731,478 shares and 302,052,229 shares were issued and outstanding as of December 31, 2025 and 2024, respectively. Stock Repurchase Program On November 21, 2024, our board of directors authorized an additional $5.0 billion to our existing $4.0 billion share repurchase program (as amended, the 2024 program) bringing the total authorized amount under the 2024 program to a total of $9.0 billion as of December 31, 2025. The board also extended the term of the 2024 program through December 31, 2029. During the year ended December 31, 2025, we repurchased 7,052,481 shares of our common stock with an average price of $135.52 per share for an aggregate of $956 million under the 2024 program. During the years ended December 31, 2024 and 2023, we repurchased 5,110,624 and 7,867,348 shares of our common stock for an aggregate of $644 m …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

3. Acquisitions Pearce On November 4, 2025 , we acquired 100% ownership interest in Pearce Services, LLC ( Pearce ), a leading provider of advanced technical services for digital and power infrastructure. Pearce forms part of our Building Operations & Experience (BOE) segment. The Pearce acquisition was treated as a business combination under FASB Accounting Standards Codification (ASC) Topic 805, Business Combinations, and was accounted for using the acquisition method of accounting. We financed the acquisition with (i) cash on hand and (ii) borrowings under our existing commercial paper program, which were partially repaid with the net proceeds from the issuance of $750 million in aggregate principal amount of 4.900% senior notes in November 2025. See Note 10 Long-Term Debt and Short-Term Borrowings for more information on the above-mentioned debt instruments. The following summarizes the consideration transferred at closing for the Pearce acquisition (dollars in millions): Cash consideration $ 763 Settlement of long-term debt 280 Deferred and contingent consideration 132 Other 11 Total consideration $ 1,186 The purchase price includes a deferred consideration payment of $115 million , due on November 3, 2026 . The transaction also includes contingent consideration related to a potential earnout payment of up to $115 million , which is subject to the achievement of certain performance thresholds through the calendar year 2027 . In addition, certain Pearce performance- b …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

12. Commitments and Contingencies We are a party to a number of pending or threatened lawsuits arising out of, or incident to, our ordinary course of business. We believe that any losses in excess of the amounts accrued as liabilities on our consolidated financial statements are unlikely to be significant, but litigation is inherently uncertain and there is the potential for a material adverse effect on our consolidated financial statements if one or more matters are resolved in a particular period in an amount materially in excess of what we anticipated. In January 2008, CBRE MCI, a wholly-owned subsidiary of CBRE Capital Markets, entered into an agreement with Fannie Mae under Fannie Maes Delegated Underwriting and Servicing Lender Program (DUS Program) to provide financing for multifamily housing with five or more units. Under the DUS Program, CBRE MCI originates, underwrites, closes and services loans without prior approval by Fannie Mae, and typically, is subject to sharing up to one-third of any losses on loans originated under the DUS Program. CBRE MCI has funded loans with unpaid principal balances of $51.0 billion at June 30, 2026 , of which $48.5 billion is subject to such loss sharing arrangements. CBRE MCI, under its agreement with Fannie Mae, must post cash reserves or other acceptable collateral under formulas established by Fannie Mae to provide for sufficient capital in the event losses occur. As of both June 30, 2026 and December 31, 2025 , CBRE MCI had $165 …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

10. Long-Term Debt and Short-Term Borrowings Long-term debt and short-term borrowings consist of the following (dollars in millions): June 30, 2026 December 31, 2025 Long-Term Debt Senior term loans due 2028 $ 1,266 $ 1,325 5.500% senior notes due 2029 500 500 4.800% senior notes due 2030 600 600 2.500% senior notes due 2031 500 500 4.900% senior notes due 2033 750 750 5.950% senior notes due 2034 1,000 1,000 5.500% senior notes due 2035 500 500 5.250% senior notes due 2036 750 Other 5 6 Total long-term debt 5,871 5,181 Less: current maturities of long-term debt 69 71 Less: unamortized discount 57 47 Less: unamortized debt issuance costs 14 13 Total long-term debt, net of current maturities $ 5,731 $ 5,050 Short-Term Borrowings Warehouse lines of credit $ 711 $ 1,609 Commercial paper program 1,575 852 Other 7 4 Total short-term borrowings $ 2,293 $ 2,465 We maintain credit facilities with third-party lenders, which we use for a variety of purposes. On July 10, 2023 , CBRE Group, Inc. (CBRE Group) , CBRE Services, Inc. (CBRE Services) and Relam Amsterdam Holdings B.V., a wholly owned subsidiary of CBRE Services (Relam Borrower), entered into a 5 -year senior unsecured Credit Agreement ( 2023 Credit Agreement ) maturing on July 10, 2028 , which refinanced and replaced a prior credit agreement. The 2023 Credit Agreement provides for a senior unsecured term loan credit facility comprised of (i) tranche A Euro-denominated term loans in an aggregate principal amount of 367 million …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or segment (dollars in millions): Three Months Ended June 30, 2026 Advisory Services Building Operations & Experience Project Management Real Estate Investments Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ $ 5,311 $ $ $ $ 5,311 Property management 699 (4) 695 Critical infrastructure 676 676 Project management 2,045 2,045 Advisory leasing 1,229 1,229 Advisory sales 551 551 Valuation 220 220 Other portfolio services 88 88 Commercial mortgage origination (1)(4) 67 67 Loan servicing (2) 39 39 Investment management 149 149 Development services 44 44 Topic 606 Revenue 2,194 6,686 2,045 193 (4) 11,114 Out of Scope of Topic 606 Revenue: Commercial mortgage origination (4) 30 30 Loan servicing 82 82 Development services (3) Total Out of Scope of Topic 606 Revenue 112 112 Total Revenue $ 2,306 $ 6,686 $ 2,045 $ 193 $ (4) $ 11,226 Three Months Ended June 30, 2025 Advisory Services Building Operations & Experience Project Management Real Estate Investments Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ $ 4,784 $ $ $ $ 4,784 Property management 646 (7) 639 Critical infrastructure 403 403 Project management 1,717 1,717 Advisory leasing 995 995 Advisory sales 459 459 Valuation 196 196 Other portfolio services 97 97 Commercial mortgage origination (1)(4) 54 54 Loan servicing (2) 37 37 In …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

7. Fair Value Measurements FASB ASC Topic 820, Fair Value Measurements and Disclosures, (Topic 820) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Topic 820 also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. There have been no significant changes to the valuation techniques and inputs used to develop the recurring fair value measurements from those disclosed in our 2025 Annual Report . The following tables present the f …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

13. Income Taxes Our provision for income taxes on a consolidated basis was $68 million for the three months ended June 30, 2026 as compared to a provision for income taxes of $61 million for the three months ended June 30, 2025 . The increase of $7 million is primarily related to an increase in earnings. Our effective tax rate increased to 21.6% for the three months ended June 30, 2026 from 20.3% for the three months ended June 30, 2025 . Our provision for income taxes on a consolidated basis was $180 million for the six months ended June 30, 2026 as compared to a provision for income taxes of $113 million for the six months ended June 30, 2025 . The increase of $67 million is primarily related to an increase in earnings. Our effective tax rate increased to 23.4% for the six months ended June 30, 2026 from 20.8% for the six months ended June 30, 2025 . Our effective tax rates for the three and six months ended June 30, 2026 were different than the U.S. federal statutory tax rate of 21.0% primarily due to the U.S. state taxes and permanent book tax differences. On July 4, 2025, the U.S. federal government enacted H.R.1, the One Big Beautiful Bill Act (OBBBA), a budget reconciliation package that changes the U.S. federal income tax laws, including extensions of various expiring provisions from the Tax Cuts and Jobs Act of 2017. The 2026 impacts of the OBBBA are insignificant based on our current operations. As of June 30, 2026 and December 31, 2025 , the company had gross unre …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

11. Leases We are the lessee in contracts for office space tenancies, leased vehicles, office space in our flexible workplace solutions business, and leases of land in our development business. As it relates to service arrangements, we monitor these types of contracts to evaluate whether they meet the definition of a lease. Supplemental balance sheet information related to our leases is as follows (dollars in millions): Category Classification June 30, 2026 December 31, 2025 Assets Operating Operating lease assets $ 2,117 $ 2,062 Finance Other assets 325 334 Total leased assets $ 2,442 $ 2,396 Liabilities Current: Operating Operating lease liabilities $ 323 $ 284 Finance Other current liabilities 74 69 Non-current: Operating Non-current operating lease liabilities 2,161 2,121 Finance Other liabilities 155 167 Total lease liabilities $ 2,713 $ 2,641 Supplemental cash flow information and non-cash activity related to our operating and finance leases are as follows (dollars in millions): Six Months Ended June 30, 2026 2025 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 205 $ 781 Right-of-use assets obtained in exchange for new finance lease liabilities 39 40 Other non-cash increases in operating lease right-of-use assets (2) 3 69 Other non-cash decreases in finance lease right-of-use assets (2) (8) (5) ________________________________________________________________________________________________________________________________________ (1) Ri …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Pronouncements In July 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-05, Credit Losses ( Topic 326): Financial Instruments. This ASU provides a practical expedient to assume current economic conditions will not change for the remaining life of an asset when preparing forecasts as part of estimating expected credit losses. This guidance is effective for fiscal years and interim periods beginning after December 15, 2025, with early adoption permitted and should be applied on a prospective basis if the practical expedient is elected. We adopted ASU 2025-05 in the first quarter of 2026. The adoption did not have a material impact on our consolidated financial statements and related disclosures. Recent Accounting Pronouncements Pending Adoption In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. These requirements should be applied on a prospective basis with an option to apply them retrospective …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

15. Revenue from Contracts with Customers We account for revenue with customers in accordance with FASB ASC Topic 606, Revenue from Contracts with Customers (Topic 606). Revenue is recognized when, or as control of, the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those services. Disaggregated Revenue The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or segment (dollars in millions): Three Months Ended June 30, 2026 Advisory Services Building Operations & Experience Project Management Real Estate Investments Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ $ 5,311 $ $ $ $ 5,311 Property management 699 (4) 695 Critical infrastructure 676 676 Project management 2,045 2,045 Advisory leasing 1,229 1,229 Advisory sales 551 551 Valuation 220 220 Other portfolio services 88 88 Commercial mortgage origination (1)(4) 67 67 Loan servicing (2) 39 39 Investment management 149 149 Development services 44 44 Topic 606 Revenue 2,194 6,686 2,045 193 (4) 11,114 Out of Scope of Topic 606 Revenue: Commercial mortgage origination (4) 30 30 Loan servicing 82 82 Development services (3) Total Out of Scope of Topic 606 Revenue 112 112 Total Revenue $ 2,306 $ 6,686 $ 2,045 $ 193 $ (4) $ 11,226 Three Months Ended June 30, 2025 Advisory Services Building Operations & Experience Project Manag …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

16. Segments We organize our operations around and publicly report our financial results on four reportable segments Advisory Services, BOE, Project Management and REI. In addition, we also have a Corporate, other and eliminations segment. Our Corporate segment primarily consists of corporate costs for leadership and certain other central functions. We track our strategic non-core equity investments in other which is considered an operating segment and reported together with Corporate as it does not meet the aggregation criteria for presentation as a separate reportable segment. These activities are not allocated to the other business segments. Corporate and other also includes eliminations related to inter-segment revenue. On January 1, 2026 , we transferred the data center project work that is integrated with our Data Center Services facilities management business from the Project Management segment to the BOE segment. We have recast prior period segment results to conform with the current presentation. Segment operating profit (SOP) is the measure reported to Robert Sulentic, CBREs Chair and Chief Executive Officer (CEO), who is our chief operating decision maker (CODM) for purposes of assessing performance and allocating resources to each segment. The CODM uses SOP results compared to prior periods and previously forecasted amounts to assess performance and identify trends of ongoing operations within each segment. SOP excludes the impact of certain costs and charges that …

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