Cash & Cash Equivalents (FY2024)

Worsened from a decrease of $34 million in FY2023 to a decrease of $150 million in FY2024.

Higher operating cash flows (increased from $480M to $1,708M) were offset by significantly larger cash outflows in investing—driven by the acquisition of J&J Worldwide Services and Direct Line Global—and increased payments in financing activities, along with adverse currency effects. " "

Cash & Cash Equivalents (Q1 2025)

Increased by $268 million, from $1,114 million at the end of FY2024 to $1,382 million in Q1 2025.

Stronger financing inflows (increasing from $1,192M to $1,256M) combined with improved cash management and favorable currency effects helped offset operating and investing outflows, resulting in a robust improvement in the cash position. " "

Total Current Assets (FY2024)

Increased by $304 million, from $9,666 million in FY2023 to $9,970 million in FY2024.

Growth in receivables (an increase of approximately $635 million) driven by higher revenue, along with modest increases in restricted cash and other current assets, outweighed the decline in cash and cash equivalents. " "

Total Current Assets (Q1 2025)

Increased by $861 million, from $9,970 million as of FY2024 end to $10,831 million in Q1 2025.

A substantial rise in warehouse receivables (up $631 million) and cash (up $268 million), along with increases in restricted cash, contract assets, and other current assets—offset partially by a $252 million fall in net receivables—drove the marked growth in total current assets. "

Operating Cash Flow (Q1 2025)

Became more negative by $54 million, declining from –$492 million in Q1 2024 to –$546 million in Q1 2025.

Increased outflows from operating activities are linked to rising working capital needs—particularly due to changes in accounts payable, accrued expenses, and compensation liabilities—indicating higher short‐term operational demands compared to Q1 2024. "

Financing Cash Flow (Q1 2025)

Improved by $64 million, rising from $1,192 million in Q1 2024 to $1,256 million in Q1 2025.

Enhanced financing performance resulted from stronger proceeds via commercial paper issuance and senior term loans, which helped counterbalance the increased outflows from operating activities. "

Investing Cash Flow (Q1 2025)

Reduced cash outflow by $438 million, from –$900 million in Q1 2024 to –$462 million in Q1 2025.

A decline in acquisition costs and capital expenditures—notably lower investments in business and real estate assets—led to a significant improvement in the cash used for investing activities. "

Core EPS

FY 2025

$5.80 to $6.10 "

$5.80 to $6.10 " "

no change

Net Leverage

FY 2025

expected to end the year below 1 turn "

expects to end FY 2025 with under 1 turn "

no change

Currency Impact

Q1 2025

no prior guidance

2% to 3% headwinds "

no prior guidance

Capital Deployment

FY 2025

no prior guidance

prioritizing M&A and principal investments while balancing share repurchases "

no prior guidance

Margin Improvement and Operating Leverage

In Q4, Q3, and Q2, margin gains and operating leverage were driven by cost efficiency initiatives, higher‐margin activities in segments like GWS, Advisory, and Project Management, and several cost actions generating incremental improvements. " " " " " "

In Q1 2025, strong improvements were noted in Advisory (via higher margins and SOP growth), BOE (with a 100 bps margin expansion), and Project Management, confirming CBRE’s consistent focus on improving margins across segments. " " "

Consistent performance with ongoing emphasis on cost efficiencies and margin expansion.

Capital Markets Pipeline and Interest Rate Sensitivity

Q4, Q3, and Q2 readings highlighted a recovering pipeline with pent‐up demand and cautious outlook due to interest rate uncertainties, emphasizing recovery inflections and sensitivity to rate changes. " " " " " "

Q1 2025 maintained a strong pipeline overall though with some moderation observed in April; executives stressed activity would remain robust as long as the 10‑year Treasury yield stays below 5%. " " " "

Continued strength with increased attention to rate sensitivity and slight moderation.

Office Leasing Market Dynamics

Across Q4, Q3, and Q2, discussions focused on a recovering market with improved occupier confidence, record revenue in key markets, pricing stabilization, and upticks in volume for premium spaces. " " " " " " " "

Q1 2025 saw standout performance with U.S. office leasing revenue up 38% – with strong growth in both gateway and non‐gateway markets, and a robust global outlook supporting a post‑COVID recovery. " " "

Strengthening market momentum with robust recovery and expanding demand.

Macroeconomic Uncertainty Including Tariff Risks

Not mentioned in earlier periods.

Q1 2025 introduced significant discussion on tariff uncertainty, highlighting risks of recession and cautious client behavior impacting various segments. " " " "

Newly emerged negative sentiment due to tariff risks and broader macroeconomic uncertainty.

Real Estate Investments and Development Pipeline

Q4, Q3, and Q2 emphasized strong REI performance with high development pipeline activity, significant embedded profits from development assets, and a focus on data center related opportunities. " " " " "

Q1 2025 continued the positive trend with rising Investment Management profit, increased AUM, new project initiations, and a strategic wind‑down of Telford, underscoring a robust and expanding development pipeline. " "

Consistently positive with robust growth and expansion in development activities.

Reorganization into Building Operations and Experience

Q4 discussed the acquisition of Industrious and consolidation of building management businesses under a new leadership structure, while Q3/Q2 did not address it. " "

Q1 2025 reported strong BOE performance with 100 basis points margin expansion and 22% net revenue growth, confirming operational benefits from the reorganization. " "

Sustained positive momentum and operational benefits following the reorganization.

Data Center Market Exposure and Strategic Initiatives

Q4 emphasized increased data center profit contributions and monetization of land sites; Q3 and Q2 highlighted significant exposure via land plays, acquisitions like Direct Line, and strategic investments across facilities management and project management. " " " " " "

Q1 2025 continued to see robust performance in data center services – the acquisition of Direct Line Global and strong emphasis on strategic initiatives reaffirmed data center as a high‐growth focus area. " "

Consistent strategic focus with sustained growth and enhanced M&A activity in data centers.

Trammell Crow Company Strategic Role

In Q4, Q3, and Q2, Trammell Crow was portrayed as central to land acquisition and converting industrial sites to data center-eligible properties, with high embedded profit potential and strategic integration with other CBRE businesses. " " " " " "

Q1 2025 reiterated its pivotal role by highlighting initiatives to mitigate construction cost risks through GMP contracts, enhanced project management integration, and continued focus on data center development. " " "

Continued strategic centrality with an expanded role in development and risk mitigation.

Tax Rate Normalization Impact

Q4 highlighted a full-year tax rate of 18% (with expectations to normalize to 22% in 2025) while Q3 and Q2 did not mention it. "

Q1 2025 discussed that core EPS growth of 39% was achieved after excluding a prior one‑time tax benefit, reflecting normalized tax performance. "

Recurring topic with neutral sentiment reflecting normalization adjustments.

Cessation of Restructuring Benefits

Q4 2024 noted that one‑time restructuring cash adjustments were behind, with ongoing benefits from cost-efficiency programs already factored in. " "

Not mentioned in Q1 2025, indicating that the phase of restructuring benefits has largely concluded and the business has stabilized.

Topic no longer mentioned, suggesting a return to normalized operations.

Subdued Acquisition Activity

Q2 revealed a slight uptick in acquisitions from a very low base, Q3 balanced M&A activity with share buybacks, and Q4 noted cautious pacing with challenges in timing. " " "

Q1 2025 emphasized an active and robust M&A pipeline with a more optimistic tone, reflecting confidence in securing attractive deals driven by a strong balance sheet and strategic positioning. " "

A positive shift from subdued activity toward proactive and robust M&A engagement.