Item 5. Other Information

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Item 5. Other Information

During the three months ended March 31, 2026, none of our officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Supplemental Unaudited Recasted Consolidated and Segment Results

The following tables set forth supplemental recasted consolidated and segment results for each of the three years ended December 31, 2025, 2024 and 2023, reflecting the following changes (dollars in millions):

Reclassification of amortization associated with MSRs (mortgage servicing rights) to net against the related revenue (Commercial mortgage origination), as described in Note 1 – Basis of Presentation of the Notes to the Consolidated Financial Statements (Unaudited), set forth in Item 1 of this Quarterly Report.
Transfer of 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.


	Year Ended December 31,
	2025		2024		2023
Revenue:
Advisory leasing	$	4,497	$	3,895	$	3,468
Advisory sales	2,120		1,767		1,606
Valuation	815		751		716
Loan servicing	503		497		440
Commercial mortgage origination	405		292		157
Other portfolio services	354		389		376
Advisory Services	8,694		7,591		6,763

Facilities management	19,161		17,301		15,437
Property management	2,579		1,976		1,676
Critical Infrastructure (1)	1,717		1,106		858
Building Operations & Experience	23,457		20,383		17,971

Project Management	7,424		6,634		6,136

Investment management	602		650		592
Development services	277		388		360
Real Estate Investments	879		1,038		952

Corporate, other and eliminations	(50)		(17)		(17)

Total revenue	$	40,404	$	35,629	$	31,805

Pass-through costs	$	16,746	$	14,899	$	13,673

(1)A new line of business was established within the BOE segment called Critical Infrastructure.

Summarized financial information by segment is as follows (dollars in millions):


Year Ended December 31, 2025	Advisory Services		Building Operations & Experience		Project Management		Real Estate Investments		Corporate, other and eliminations (2)		Consolidated
Revenue	$	8,694	$	23,457	$	7,424	$	879	$	(50)	$	40,404
Costs and expenses:
Pass-through costs	50		12,711		3,985		—		—		16,746
Cost of revenue, excluding pass-through costs	5,247		8,389		2,434		161		7		16,238
Operating, administrative and other	1,866		1,369		485		1,061		762		5,543
Depreciation and amortization	128		269		104		12		70		583

Total costs and expenses	7,291		22,738		7,008		1,234		839		39,110
Gain on disposition of real estate	—		—		—		432		27		459
Operating income (loss)	1,403		719		416		77		(862)		1,753
Equity (loss) income from unconsolidated subsidiaries	—		(11)		—		48		3		40
Other income	6		11		2		—		—		19
Add-back: Depreciation and amortization	128		269		104		12		70		583

Adjustments:
Other segment adjustments (1)	146		124		21		187		285		763
Segment operating profit (loss)	$	1,683	$	1,112	$	543	$	324	$	(504)	$	3,158
Net fair value adjustments on strategic non-core investments											(1)
Core EBITDA											$	3,157


Year Ended December 31, 2024	Advisory Services		Building Operations & Experience		Project Management		Real Estate Investments		Corporate, other and eliminations (2)		Consolidated
Revenue	$	7,591	$	20,383	$	6,634	$	1,038	$	(17)	$	35,629
Costs and expenses:
Pass-through costs	61		11,302		3,536		—		—		14,899
Cost of revenue, excluding pass-through costs	4,416		7,083		2,163		224		26		13,912
Operating, administrative and other	1,793		1,207		426		862		723		5,011
Depreciation and amortization	121		234		111		13		57		536

Total costs and expenses	6,391		19,826		6,236		1,099		806		34,358
Gain on disposition of real estate	—		—		—		142		—		142
Operating income (loss)	1,200		557		398		81		(823)		1,413
Equity (loss) income from unconsolidated subsidiaries	(8)		6		—		117		(134)		(19)
Other income	2		4		2		6		25		39
Add-back: Depreciation and amortization	121		234		111		13		57		536

Adjustments:
Other segment adjustments (1)	64		104		(22)		44		305		495
Segment operating profit (loss)	$	1,379	$	905	$	489	$	261	$	(570)	$	2,464
Net fair value adjustments on strategic non-core investments											117
Core EBITDA											$	2,581


Year Ended December 31, 2023	Advisory Services		Building Operations & Experience		Project Management		Real Estate Investments		Corporate, other and eliminations (2)		Consolidated
Revenue	$	6,763	$	17,971	$	6,136	$	952	$	(17)	$	31,805
Costs and expenses:
Pass-through costs	51		10,304		3,318		—		—		13,673
Cost of revenue, excluding pass-through costs	3,945		5,908		1,966		186		(3)		12,002
Operating, administrative and other	1,769		1,094		455		784		460		4,562
Depreciation and amortization	128		158		121		15		56		478

Total costs and expenses	5,893		17,464		5,860		985		513		30,715
Gain on disposition of real estate	—		—		—		27		—		27
Operating income (loss)	870		507		276		(6)		(530)		1,117
Equity income from unconsolidated subsidiaries	2		2		1		216		27		248
Other income	38		8		2		—		13		61
Add-back: Depreciation and amortization	128		158		121		15		56		478

Adjustments:
Other segment adjustments (1)	103		49		21		14		66		253
Segment operating profit (loss)	$	1,141	$	724	$	421	$	239	$	(368)	$	2,157
Net fair value adjustments on strategic non-core investments											(32)
Core EBITDA											$	2,125

(1)Other segment adjustments, as defined in Note 16 – Segments of the Notes to Consolidated Financial Statements (Unaudited) set forth in Item 1 of this Quarterly Report.

(2)Eliminations represent revenue from transactions between operating segments.

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