CBRE Group 10-Q 2026-06-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File Number 001-32205

CBRE GROUP, INC.

(Exact name of registrant as specified in its charter)

___________________________________________________________

Delaware		94-3391143
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
2121 North Pearl Street**,** Suite 300**,** Dallas**,** Texas		75201
(Address of principal executive offices)		(Zip Code)

(214) 979-6100

(Registrant’s telephone number, including area code)

---

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.01 par value per share	“CBRE”	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of

1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to

such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule

405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to

submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,

or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging

growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒		Accelerated filer	☐
Non-accelerated filer	☐		Smaller reporting company	☐
			Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with

any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of Class A common stock outstanding at July 27, 2026 was 289,575,298.

FORM 10-Q

June 30, 2026

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION		Page
Item 1.	Financial Statements (Unaudited)
	Consolidated Balance Sheets	1
	Consolidated Statements of Operations	2
	Consolidated Statements of Comprehensive Income	3
	Consolidated Statements of Cash Flows	4
	Consolidated Statements of Equity	5
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	60
Item 4.	Controls and Procedures	62
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	63
Item 1A.	Risk Factors	63
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63
Item 5.	Other Information	64
Item 6.	Exhibits	65
Signatures		66

PART I – FINANCIAL INFORMATION

CBRE GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in millions, except share data)

	June 30, 2026		December 31, 2025
	(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$1,489		$1,864
Restricted cash	150		150
Receivables, less allowance for doubtful accounts of $136 and $125 at June 30, 2026 and December 31, 2025, respectively	8,783		8,284
Warehouse receivables	722		1,630
Contract assets	520		462
Prepaid expenses	408		372
Income taxes receivable	192		175
Other current assets	648		552
Total Current Assets	12,912		13,489
Property and equipment, net of accumulated depreciation and amortization of $2,280 and $2,137 at June 30, 2026 and December 31, 2025, respectively	1,043		1,049
Goodwill	6,998		7,051
Other intangible assets, net of accumulated amortization of $2,933 and $2,764 at June 30, 2026 and December 31, 2025, respectively	2,844		2,972
Operating lease assets	2,117		2,062
Investments in unconsolidated subsidiaries (with $425 and $421 at fair value at June 30, 2026 and December 31, 2025, respectively)	853		870
Non-current contract assets	72		103
Real estate under development	982		646
Non-current income taxes receivable	103		106
Deferred tax assets, net	716		697
Other assets	1,831		1,832
Total Assets	$30,471		$30,877
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$4,934		$4,838
Compensation and employee benefits payable	1,635		1,630
Accrued bonus and profit sharing	1,147		1,879
Operating lease liabilities	323		284
Contract liabilities	469		448
Income taxes payable	55		258
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase)	711		1,609
Other short-term borrowings	1,582		856
Current maturities of long-term debt	69		71
Other current liabilities	392		447
Total Current Liabilities	11,317		12,320
Long-term debt, net of current maturities	5,731		5,050
Non-current operating lease liabilities	2,161		2,121
Non-current tax liabilities	204		183
Deferred tax liabilities, net	246		238
Other liabilities	1,638		1,339
Total Liabilities	21,297		21,251
Mezzanine Equity:
Redeemable non-controlling interests in consolidated entities	454		433
Equity:
CBRE Group, Inc. Stockholders’ Equity:
Class A common stock; $0.01 par value; 525,000,000 shares authorized; 289,848,678 and 295,731,478 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	3		3
Additional paid-in capital	—		—
Accumulated earnings	9,512		9,916
Accumulated other comprehensive loss	(1,117)		(1,041)
Total CBRE Group, Inc. Stockholders’ Equity	8,398		8,878
Non-controlling interests	322		315
Total Equity	8,720		9,193
Total Liabilities and Equity	$30,471		$30,877

The accompanying notes are an integral part of these consolidated financial statements.

CBRE GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in millions, except share and per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue	$11,226		$9,717		$21,753		$18,592
Costs and expenses:
Cost of revenue	9,140		7,942		17,815		15,207
Operating, administrative and other	1,536		1,275		2,996		2,467
Depreciation and amortization	190		145		372		287
Total costs and expenses	10,866		9,362		21,183		17,961
Gain on disposition of real estate	5		19		306		19
Operating income	365		374		876		650
Equity income (loss) from unconsolidated subsidiaries	4		(18)		(5)		(2)
Other income	6		6		17		7
Interest expense, net of interest income	60		59		119		109
Write-off of financing costs on extinguished debt	—		2		—		2
Income before provision for income taxes	315		301		769		544
Provision for income taxes	68		61		180		113
Net income	247		240		589		431
Less: Net income attributable to non-controlling interests	43		25		67		53
Net income attributable to CBRE Group, Inc.	$204		$215		$522		$378
Basic income per share:
Net income per share attributable to CBRE Group, Inc.	$0.70		$0.72		$1.78		$1.26
Weighted-average shares outstanding for basic income per share	291,824,424		297,950,927		293,089,123		299,113,472
Diluted income per share:
Net income per share attributable to CBRE Group, Inc.	$0.69		$0.72		$1.77		$1.25
Weighted-average shares outstanding for diluted income per share	293,859,609		300,008,422		295,411,671		301,455,253

The accompanying notes are an integral part of these consolidated financial statements.

CBRE GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(Dollars in millions)

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$247		$240		$589		$431
Other comprehensive income (loss):
Foreign currency translation gain (loss)	45		2		(79)		19
Other, net of tax	—		(26)		(1)		(14)
Total other comprehensive income (loss)	45		(24)		(80)		5
Comprehensive income	292		216		509		436
Less: Comprehensive income attributable to non-controlling interests	44		37		63		77
Comprehensive income attributable to CBRE Group, Inc.	$248		$179		$446		$359

CBRE GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in millions)

	Six Months Ended June 30,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$589		$431
Reconciliation of net income to net cash used in operating activities:
Depreciation and amortization	372		287
Amortization of other assets	101		103
Net non-cash mortgage servicing rights and premiums on loan sales	15		(2)
Deferred income taxes	7		(3)
Stock-based compensation expense	107		63
Equity loss from investments	5		2
Gain on sale of real estate assets	(306)		(19)
Other non-cash adjustments	30		23
Sale of mortgage loans	7,422		5,776
Origination of mortgage loans	(6,506)		(6,646)
Changes in:
Warehouse lines of credit	(898)		880
Receivables, prepaid expenses and other assets	(783)		(167)
Accounts payable, accrued liabilities and other liabilities	88		(176)
Accrued compensation expenses	(706)		(787)
Income taxes, net	(224)		(254)
Net cash used in operating activities	(687)		(489)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(195)		(138)
Payments for business acquired, net of cash acquired	(6)		(31

Showing the first 8K of 134K characters. Open the full section

Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) provides the

reader with management’s perspective on our financial condition, results of operations, liquidity and certain other factors that

may affect future results. The MD&A in this Quarterly Report on Form 10-Q (Quarterly Report) for CBRE Group, Inc. for the

three and six months ended June 30, 2026 should be read in conjunction with our consolidated financial statements and related

notes included in our 2025 Annual Report on Form 10-K (2025 Annual Report) as well as the unaudited financial statements

included elsewhere in this Quarterly Report.

In addition, the statements and assumptions in this Quarterly Report that are not statements of historical fact are

forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities

Exchange Act of 1934, each as amended, including, in particular, statements about our plans, strategies and prospects as well as

estimates of industry growth for the next quarter and beyond. For important information regarding these forward-looking

statements, please see the discussion below under the caption “Cautionary Note on Forward-Looking Statements.”

Beginning with first-quarter 2026 results, we reclassified amortization associated with MSRs (mortgage servicing

rights) to net against the related revenue (commercial mortgage origination). Historically, we have recognized the

corresponding MSR intangible asset as an amortization expense over the estimated mortgage service period. Prior year amounts

have been reclassified to conform with the 2026 presentation.

Business Environment

The strong recovery of the commercial real estate market continued in the first half of 2026. This is reflected in

increased property leasing and sales activity, particularly in the U.S. Leasing activity in the U.S. remained strong across all

property types, led by industrial and office, while global activity continued to strengthen in international markets as well.

During the second quarter, investment sales activity improved significantly in the U.S., while growth was more modest in

overseas markets. Investment activity has been supported by broad capital availability, improved occupancy market

fundamentals and narrower bid-ask spreads. Large occupiers’ growing appetite for outsourcing services continued to underpin

demand for facilities management and project management activities, while the outsized growth of Artificial Intelligence

investments and data center buildouts has fueled continued strong demand for critical infrastructure services. Through the first

half of 2026, the ongoing Middle East conflict has had limited impact on CBRE’s business except for a slowdown in

fundraising from capital sources based in the region.

Capital Allocation

We deployed $988 million in 2026 to repurchase 6,984,186 shares as of July 27, 2026.

Results of Operations

The following table sets forth items derived from our consolidated statements of operations for the three and six

months ended June 30, 2026 and 2025 (dollars in millions):

	Three Months Ended June 30, (1)								Six Months Ended June 30, (1)
	2026				2025				2026				2025
Revenue:
Facilities management	$5,311		47.3%		$4,784		49.2%		$10,540		48.5%		$9,253		49.8%
Property management	699		6.2%		646		6.6%		1,383		6.4%		1,232		6.6%
Critical infrastructure	676		6.0%		403		4.1%		1,254		5.8%		741		4.0%
Project management	2,045		18.2%		1,717		17.7%		3,883		17.9%		3,311		17.8%
Advisory leasing	1,229		10.9%		995		10.2%		2,264		10.4%		1,857		10.0%
Valuation	220		2.0%		196		2.0%		420		1.9%		379		2.0%
Loan servicing	121		1.1%		122		1.3%		241		1.1%		242		1.3%
Other portfolio services	88		0.8%		97		1.0%		163		0.7%		178		1.0%
Capital markets:
Advisory sales	551		4.9%		459		4.7%		1,064		4.9%		819		4.4%
Commercial mortgage origination	97		0.9%		90		0.9%		178		0.8%		143		0.8%
Investment management	149		1.3%		145		1.5%		303		1.4%		299		1.6%
Development services	44		0.4%		70		0.7%		89		0.4%		149		0.8%
Corporate, other and eliminations	(4)		0.0%		(7)		(0.1)%		(29)		(0.1)%		(11)		(0.1)%
Total revenue	11,226		100.0%		9,717		100.0%		21,753		100.0%		18,592		100.0%
Costs and expenses:
Pass-through costs (2)	4,622		41.2%		4,085		42.0%		9,070		41.7%		7,883		42.4%
Cost of revenue, excluding pass-through costs	4,518		40.2%		3,857		39.7%		8,745		40.2%		7,324		39.4%
Operating, administrative and other	1,536		13.7%		1,275		13.1%		2,996		13.8%		2,467		13.3%
Depreciation and amortization	190		1.7%		145		1.5%		372		1.7%		287		1.5%
Total costs and expenses	10,866		96.8%		9,362		96.3%		21,183		97.4%		17,961		96.6%
Gain on disposition of real estate	5		0.0%		19		0.2%		306		1.4%		19		0.1%
Operating income	365		3.3%		374		3.8%		876		4.0%		650		3.5%
Equity income (loss) from unconsolidated subsidiaries	4		0.0%		(18)		(0.2)%		(5)		0.0%		(2)		—%
Other income	6		0.1%		6		0.1%		17		0.1%		7		0.0%
Interest expense, net of interest income	60		0.5%		59		0.6%		119		0.5%		109		0.6%
Write-off of financing costs on extinguished debt	—		0.0%		2		0.0%		—		0.0%		2		0.0%
Income before provision for income taxes	315		2.8%		301		3.1%		769		3.5%		544		2.9%
Provision for income taxes	68		0.6%		61		0.6%		180		0.8%		113		0.6%
Net income	247		2.2%		240		2.5%		589		2.7%		431		2.3%
Less: Net income attributable to non-controlling interests	43		0.4%		25		0.3%		67		0.3%		53		0.3%
Net income attributable to CBRE Group, Inc.	$204		1.8%		$215		2.2%		$522		2.4%		$378		2.0%
Core EBITDA	$836		7.4%		$626		6.4%		$1,667		7.7%		$1,144		6.2%

---

(1)Calculated as a percentage of total revenue.

(2)Pass-through costs represent certain costs incurred associated with subcontracted third-party vendor work performed for clients. These costs are

reimbursable by clients and the corresponding amounts owed are reflected within Revenue.

Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025

We reported consolidated net income of $204 million for the quarter, on revenue of $11.2 billion as compared to

consolidated net income of $215 million on revenue of $9.7 billion in the prior year.

Revenue increased 15.5% reflecting double-digit growth across the Advisory Services, Building Operations &

Ex

Showing the first 8K of 91K characters. Open the full section

The information in this section should be read in connection with the information on market risk related to changes in

interest rates and non-U.S. currency exchange rates in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market

Risk” in our 2025 Annual Report and Note 8 – Derivatives and Hedging Activities to the Consolidated Financial Statements

(Unaudited) set forth in Item 1 of this Quarterly Report.

Our exposure to market risk primarily consists of foreign currency exchange rate fluctuations related to our

international operations and changes in interest rates on debt obligations. We manage such risks primarily by managing the

amount, sources, and duration of our debt funding and by using derivative financial instruments. See Note 7 – Fair Value

Measurements and Note 8 – Derivatives and Hedging Activities of the Notes to Consolidated Financial Statements set forth in

Item 1 of this Quarterly Report for additional information on fair value methodology used to value the swaps at June 30, 2026.

We apply Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 815, “Derivatives

and Hedging,” when accounting for derivative financial instruments. In all cases, we view derivative financial instruments as a

risk management tool and, accordingly, do not use derivatives for trading or speculative purposes.

International Operations

We conduct a significant portion of our business and employ a substantial number of people outside the U.S. As a

result, we are subject to risks associated with doing business globally. Our Investment Management business has significant

euro and British pound denominated assets under management (AUM), as well as associated revenue and earnings in Europe. In

addition, our BOE, Advisory and Project Management segments derive significant revenue and earnings in foreign currencies,

particularly the euro and British pound sterling. Fluctuations in foreign currency exchange rates may produce corresponding

changes in our AUM, revenue and earnings.

Our foreign operations expose us to fluctuations in foreign exchange rates. These fluctuations may impact the value of

our cash receipts and payments in terms of our functional (reporting) currency, which is the U.S. dollar. We use fixed to fixed

and float to float cross-currency swaps to hedge our exposure to changes in foreign exchange rates on certain foreign

investments as well as foreign currency denominated loans. As of June 30, 2026, we had outstanding cross-currency swaps with

a total fair value of $99 million included in other assets and $343 million included in other liabilities.

Our businesses could be adversely affected by rapid and unpredictable changes to U.S. trade policy, disputes with U.S.

trading partners, increased tariffs, high interest rates, limited access to debt capital or liquidity constraints, downturns in general

macroeconomic conditions, regulatory or financial market uncertainty, public health crises and geopolitical conflicts (or the

perception that any such events may occur).

During the three and six months ended June 30, 2026, approximately 43.0% and 43.1% of our revenue was transacted

in foreign currencies. The following table sets forth our revenue derived from our most significant currencies (dollars in

millions):

	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
United States dollar	$6,400		57.0%		$5,492		56.5%		$12,383		56.9%		$10,627		57.2%
British pound sterling	1,525		13.6%		1,386		14.3%		2,969		13.6%		2,620		14.1%
Euro	1,108		9.9%		908		9.3%		2,132		9.8%		1,674		9.0%
Canadian dollar	363		3.2%		278		2.9%		688		3.2%		529		2.8%
Australian dollar	267		2.4%		228		2.3%		490		2.3%		410		2.2%
Indian rupee	229		2.0%		222		2.3%		466		2.1%		436		2.3%
Japanese yen	141		1.3%		136		1.4%		294		1.4%		261		1.4%
Singapore dollar	116		1.0%		104		1.1%		238		1.1%		205		1.1%
Swiss franc	102		0.9%		111		1.1%		222		1.0%		223		1.2%
Chinese yuan	117		1.0%		113		1.2%		218		1.0%		219		1.2%
Other currencies (1)	858		7.7%		739		7.6%		1,653		7.6%		1,388		7.5%
Total revenue	$11,226		100.0%		$9,717		100.0%		$21,753		100.0%		$18,592		100.0%

---

**(1)**Approximately 49 and 46 currencies comprise 7.7% and 7.6% of our revenues for the three months ended June 30, 2026 and 2025, respectively.

Approximately 49 and 46 currencies comprise 7.6% and 7.5% of our revenues for the six months ended June 30, 2026 and 2025, respectively.

Although we operate globally, we report our results in U.S. dollars. As a result, the strengthening or weakening of the

U.S. dollar will negatively or positively impact our reported results. A hypothetical 10% increase in the value of the U.S. dollar

relative to the British pound sterling during the six months ended June 30, 2026, would have increased pre-tax income by

$17 million. A hypothetical 10% increase in the value of the U.S. dollar relative to the euro would have decreased pre-tax

income by $12 million. These hypothetical calculations estimate the impact of translating results into U.S. dollars and do not

include an estimate of the impact that a 10% change in the U.S. dollar against other currencies would have had on our foreign

operations.

Foreign currency exchange rate changes may have a materially adverse effect on our financial condition and operating

results. Due to our exposure to constantly changing currency rates, we cannot predict how currency exchange rate changes may

affect future operating results. In addition, currency exchange volatility may make it more difficult to perform period-to-period

comparisons of our reported results of operations. Our international operations are also subject to political instability and

changes in tax, trade and regulatory policies, among other things, which may adversely affect our future financial performance.

We monitor these risks and may add more oversight of our business activities in foreign countries where such risks and costs

are particularly significant.

Interest Rates

We manage our interest expense by using a combination of fixed and variable rate debt. We may also enter into

interest rate swap agreements to attempt to hedge the variability of future interest payments due to changes in interest rates. No

interest rate swap agreements were outstanding as of June 30, 2026 or December 31, 2025.

We utilize sensitivity analyses to assess the potential effect on our variable rate debt. If interest rates were to increase

100 basis points on our outstanding variable rate debt as of June 30, 2026, the net impact of the additional interest cost would

be a decrease of $14 million on pre-tax income for the six months ended June 30, 2026.

For additional information on the estimated fair value and carrying value of our long-term debt, see Note 12 – Long-

Term Debt and Short-Term Borrowings of the Notes to Consolidated Financial Statements set forth in Item 8 included in our

2025 Annual Report and Note 10 – Long-Term Debt and Short-Term Borrowings of the Notes to Consolidated Financial

Statements (Unaudited) set forth in Item 1 of this Quarterly Report.

Disclosure Controls and Procedures

Rule 13a-15(e) and 15d-15(e) of the Securities and Exchange Act of 1934, as amended, requires that we conduct an

evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly

Report, and we have a disclosure policy in furtherance of the same. This evaluation is designed to ensure that all corporate

disclosure is complete and accurate in all material respects. The evaluation is further designed to ensure that all information

required to be disclosed in our SEC reports is accumulated and communicated to management to allow timely decisions

regarding required disclosures and that information is recorded, processed, summarized and reported within the time periods

and in the manner specified in the SEC’s rules and forms. Any controls and procedures, no matter how well designed and

operated, can provide only reasonable assurance of achieving the desired control objectives. Our Chief Executive Officer and

Chief Financial Officer supervise and participate in this evaluation, and they are assisted by members of our Disclosure

Committee. Our Disclosure Committee consists of our Chief Legal & Administrative Officer, our Deputy Chief Financial

Officer, our senior officers of significant business lines and other select employees.

We conducted the required evaluation, and our Chief Executive Officer and Chief Financial Officer have concluded

that our disclosure controls and procedures (as defined by Securities Exchange Act Rule 13a-15(e)) were effective as of

June 30, 2026 to accomplish their objectives at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the fiscal quarter ended June 30,

2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1.Legal Proceedings

There have been no material changes to our legal proceedings as previously disclosed in our 2025 Annual Report.

There have been no material changes to our risk factors as previously disclosed in our 2025 Annual Report.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

Open market share repurchase activity during the three months ended June 30, 2026 was as follows (dollars in

millions, except per share amounts):

Period	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1)
April 1, 2026 - April 30, 2026	152,908	$139.67	152,908
May 1, 2026 - May 31, 2026	1,771,331	133.44	1,771,331
June 1, 2026 - June 30, 2026	1,172,102	133.95	1,172,102
	3,096,341	$133.94	3,096,341		$3,921

---

(1)In November 2024, our Board 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 June 30, 2026. The Board also extended the term of the 2024

program through December 31, 2029. During the second quarter of 2026, we repurchased an aggregate of $414 million of our common stock under the

2024 program. The remaining $3.9 billion in the table represents the amount available to repurchase shares under the 2024 program as of June 30, 2026.

Our stock repurchase program does not obligate us to acquire any specific number of shares. Under this program,

shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule

10b5-1 under the Exchange Act. We may utilize our stock repurchase programs to continue offsetting the impact of our stock-

based compensation program and on a more opportunistic basis if we believe our stock presents a compelling investment

compared to other discretionary uses. The timing of any future repurchases and the actual amounts repurchased will depend on

a variety of factors, including the market price of our common stock, general market and economic conditions and other factors.

During the three months ended June 30, 2026, one of our independent directors, Gerardo I. Lopez, entered into a Rule

10b5-1 Trading Plan (the Lopez Trading Plan) to purchase shares of the company’s Class A common stock. Additionally,

during the three months ended June 30, 2026, our Chief Legal & Administrative Officer, Chad J. Doellinger, entered into a

Rule 10b5-1 Trading Plan (the Doellinger Trading Plan) to sell shares of the company’s Class A common stock.

The table below provides certain information regarding the Trading Plans.

Name	Plan Adoption Date	Trade Commencement Date	Maximum Number of Shares That May Be Purchased or Sold Under the Plan	Plan Expiration Date
Gerardo I. Lopez	April 24, 2026	August 12, 2026	500 (purchased)	August 12, 2027
Chad J. Doellinger	April 24, 2026	August 13, 2026	(1)	May 14, 2027

---

(1)The Doellinger Trading Plan covers the sale of (i) 228 shares of the company’s Class A common stock and (ii) up to 5,304 shares of the company’s Class

A common stock in connection with the vesting of certain stock unit grants in 2027. The actual number of shares to be sold under this arrangement will be

determined based on the number of shares withheld to satisfy tax withholding obligations upon the vesting of such awards and, in some cases, the

achievement of certain performance-based vesting conditions and is not yet determinable.

We refer to the Lopez Trading Plan and the Doellinger Trading Plan collectively as the Trading Plans. The Trading

Plans are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Trading under the Trading Plan may

commence no sooner than as indicated in the table above and will end on the earlier of the applicable date set forth above and

the date on which all shares in the Trading Plan are purchased. The Trading Plans were adopted during an authorized trading

period and when Mr. Lopez and Mr. Doellinger were not in possession of material non-public information. The transactions

under the Trading Plans will be disclosed publicly through Form 144 (if applicable) and Form 4 filings with the SEC.

				Incorporated by Reference
Exhibit No.		Exhibit Description		Form		SEC File No.		Exhibit		Filing Date		Filed Herewith
3.1		Amended and Restated Certificate of Incorporation of CBRE Group, Inc.		8-K		001-32205		3.1		05/23/2018
3.2		Amended and Restated By-Laws of CBRE Group, Inc.		8-K		001-32205		3.1		03/07/2025
4.1		Thirteenth Supplemental Indenture, dated as of May 4, 2026, among CBRE Group, Inc., CBRE Services, Inc. and Computershare Trust Company, National Association, as successor to Wells Fargo Bank, National Association, as trustee, including the Form of 5.250% Senior Notes due 2036.		8-K		001-32205		4.2		05/04/2026
10.1		364-Day Revolving Credit Agreement, dated as of June 23, 2026, among CBRE Group, Inc., CBRE Services, Inc., the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent.		8-K		001-32205		10.1		06/23/2026
10.2		Guaranty Agreement, dated as of June 23, 2026, among CBRE Group, Inc., CBRE Services, Inc. and Wells Fargo Bank, National Association, as administrative agent.		8-K		001-32205		10.2		06/23/2026
10.3		Form of Indemnification Agreement for Directors and Officers +										X
22.1		Subsidiary Issuers and Guarantors of CBRE Group, Inc.’s Registered Debt										X
31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002										X
31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002										X
32		Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002										X
101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)										X
101.SCH		Inline XBRL Taxonomy Extension Schema Document										X
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document										X
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document										X
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document										X
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document										X
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)										X

---

• Denotes a management contract or compensatory arrangement.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this

report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CBRE GROUP, INC.
Date: July 29, 2026	/s/ EMMA E. GIAMARTINO
	Emma E. Giamartino Chief Financial Officer and Chief Investment Officer (Principal Financial Officer)
Date: July 29, 2026	/s/ ANDREW S. HORN
	Andrew S. Horn Deputy Chief Financial Officer (Principal Accounting Officer)