Cash Flow Statement

Operating Cash Flow

-4%

-15%

10Y

Currency: USD

	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	(35)	(50)	(52)	(12)	65	96	143	188	217	240	254	289	319	294	371	393	405	414	281	223	(1 050)	(1 125)	(1 147)	(1 214)	(28)	11	69	135	156	217	247	251	290	276	276	259	305	337	335	387	349	355	411	426	514	539	542	582	559	550	541	502	585	640	719	808	704	715	742	833	1 066	1 087	1 080	1 047	1 292	1 294	1 153	1 080	756	851	1 213	1 464	1 842	1 969	2 016	2 031	1 424	1 153	869	618	1 027	1 050	986	1 030	1 036	1 079	1 177	1 328	1 277
Depreciation & Amortization	93	103	108	79	55	49	48	48	46	50	52	55	68	80	95	109	114	110	108	105	103	105	104	103	100	100	104	105	109	106	104	110	117	140	153	161	171	171	177	184	191	210	229	249	265	270	277	285	314	331	351	369	367	374	384	394	406	420	433	444	452	450	443	441	439	447	457	473	502	510	513	508	526	553	596	616	613	626	618	625	622	619	625	654	674	741	817	869	928
Change in Deffered Taxes	(9)	(16)	(12)	5	16	17	24	19	(6)	(7)	(14)	(26)	(23)	(15)	(19)	(8)	5	4	4	7	(62)	(62)	(62)	(61)	6	0	0	0	1	0	0	0	0	0	0	(0)	0	0	0	(5)	(12)	0	(20)	(1)	(29)	0	(23)	(40)	(15)	0	0	0	(9)	0	0	0	(7)	0	0	0	(11)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(3)	(3)	(69)	(269)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	8	2	4	7	10	8	8	9	30	35	41	48	38	41	44	47	47	47	46	44	44	45	46	49	52	52	51	51	48	48	51	55	60	65	64	64	75	71	74	70	63	66	83	89	93	107	106	121	128	128	132	130	128	97	82	71	60	97	126	152	185	186	182	175	160	141	117	109	96	108	126	135	146	137	140	144	120
Other Non-Cash Items	38	44	54	63	45	50	37	32	34	26	55	38	32	416	406	449	498	147	184	167	1 407	1 427	1 388	1 399	138	106	84	38	27	(26)	(25)	117	(23)	(48)	15	(137)	(38)	(11)	(32)	(53)	38	46	(17)	8	(97)	(98)	(99)	(93)	(173)	(209)	(235)	(286)	(59)	(21)	43	100	(66)	6	(15)	(102)	(59)	(51)	(52)	423	58	70	102	(277)	117	(15)	(25)	(40)	(148)	79	169	21	291	167	(91)	78	(261)	(241)	(18)	(8)	(71)	(151)	(192)	(279)	(310)
Cash Taxes Paid	18	7	5	4	18	24	30	44	57	116	163	167	219	189	182	299	317	331	354	275	197	143	15	(42)	(48)	(52)	(68)	(21)	(12)	48	161	160	190	210	238	226	218	197	186	174	203	248	274	333	331	290	297	276	286	312	298	300	295	249	298	274	357	357	353	388	376	393	425	443	365	255	102	67	52	146	237	269	330	381	536	617	604	598	571	480	467	475	408	435	467	508	574	573	599
Cash Interest Paid	64	64	82	89	79	81	63	55	52	50	60	58	56	89	99	131	149	144	145	148	149	144	132	136	169	169	197	191	169	153	152	126	138	147	151	162	162	161	147	155	117	126	102	102	119	127	111	119	88	105	108	126	126	124	122	119	117	114	117	101	104	89	91	89	87	80	71	67	68	55	53	36	41	39	53	81	89	116	153	148	191	252	270	370	396	398	452	415	448
Change in Working Capital	1	(10)	30	76	7	5	(19)	(16)	69	(76)	(76)	(46)	35	(48)	(182)	(310)	(374)	(455)	(472)	(373)	(528)	(171)	(115)	(73)	(2)	9	134	202	323	198	32	(83)	(23)	(192)	(128)	(146)	(147)	13	97	132	179	(44)	(166)	(104)	9	70	147	2	(33)	(155)	(160)	(118)	(267)	(359)	(427)	(237)	(142)	(168)	(233)	(156)	(316)	(485)	(530)	(1 095)	(565)	(324)	(189)	634	456	420	351	238	144	(437)	(583)	(688)	(699)	(667)	(583)	(880)	(908)	(694)	(563)	(455)	69	(12)	(375)	(171)	(67)
Cash from Operating Activities	88 N/A	72 -18%	127 +77%	211 +66%	187 -11%	216 +16%	234 +8%	272 +16%	360 +32%	233 -35%	271 +17%	309 +14%	430 +39%	727 +69%	670 -8%	633 -6%	648 +2%	219 -66%	105 -52%	128 +21%	(130) N/A	175 N/A	167 -5%	154 -8%	214 +38%	232 +9%	397 +71%	485 +22%	617 +27%	496 -20%	359 -28%	396 +10%	361 -9%	176 -51%	316 +79%	137 -57%	291 +112%	510 +75%	578 +13%	646 +12%	745 +15%	555 -26%	436 -21%	579 +33%	662 +14%	752 +14%	844 +12%	736 -13%	652 -11%	503 -23%	484 -4%	456 -6%	617 +35%	624 +1%	710 +14%	1 056 +49%	894 -15%	966 +8%	920 -5%	1 011 +10%	1 131 +12%	989 -13%	930 -6%	804 -14%	1 223 +52%	1 487 +22%	1 523 +2%	1 909 +25%	1 831 -4%	1 766 -4%	2 052 +16%	2 170 +6%	2 364 +9%	2 164 -8%	2 198 +2%	1 979 -10%	1 629 -18%	1 278 -22%	813 -36%	441 -46%	480 +9%	733 +53%	1 031 +41%	1 221 +19%	1 708 +40%	1 654 -3%	1 424 -14%	1 678 +18%	1 559 -7%
Investing Cash Flow
Capital Expenditures	(40)	(47)	(64)	(70)	(53)	(49)	(43)	(40)	(38)	(47)	(50)	(51)	(55)	(49)	(54)	(68)	(93)	(97)	(93)	(83)	(52)	(41)	(31)	(24)	(28)	(29)	(30)	(34)	(69)	(79)	(108)	(146)	(148)	(143)	(140)	(133)	(150)	(151)	(151)	(148)	(156)	(161)	(170)	(170)	(171)	(176)	(168)	(164)	(140)	(154)	(168)	(189)	(191)	(181)	(172)	(158)	(178)	(201)	(226)	(228)	(228)	(238)	(245)	(272)	(294)	(299)	(303)	(288)	(267)	(234)	(208)	(198)	(210)	(222)	(231)	(249)	(260)	(278)	(298)	(310)	(305)	(313)	(305)	(308)	(307)	(303)	(310)	(315)	(366)
Other Items	(268)	(278)	(276)	10	25	27	(8)	(74)	(78)	(76)	(92)	(111)	(2 007)	(2 074)	(2 038)	(2 072)	(192)	(274)	(357)	(400)	(368)	(231)	(178)	(82)	(91)	(77)	(22)	(9)	6	87	90	(442)	(332)	(478)	(522)	46	(47)	41	152	131	(309)	(321)	(362)	(436)	20	(79)	(152)	(1 505)	(1 480)	(1 357)	(1 320)	162	41	(14)	(33)	(90)	(125)	(123)	(360)	(391)	(333)	(332)	(88)	(106)	(428)	(441)	(405)	(368)	(478)	(209)	(342)	(493)	(1 071)	(960)	(1 035)	(1 080)	(572)	(574)	(574)	(455)	(376)	(1 153)	(1 314)	(1 330)	(1 207)	(773)	(364)	(369)	(1 261)
Cash from Investing Activities	(308) N/A	(326) -6%	(340) -4%	(61) +82%	(28) +53%	(22) +23%	(51) -134%	(113) -122%	(116) -2%	(122) -6%	(142) -16%	(162) -14%	(2 062) -1 177%	(2 122) -3%	(2 092) +1%	(2 139) -2%	(284) +87%	(370) -30%	(450) -22%	(482) -7%	(419) +13%	(272) +35%	(208) +23%	(106) +49%	(119) -13%	(105) +12%	(52) +51%	(42) +18%	(63) -47%	8 N/A	(19) N/A	(588) -3 028%	(480) +18%	(620) -29%	(662) -7%	(87) +87%	(198) -126%	(110) +45%	1 N/A	(18) N/A	(465) -2 498%	(482) -4%	(532) -10%	(606) -14%	(152) +75%	(255) -68%	(320) -26%	(1 669) -421%	(1 619) +3%	(1 511) +7%	(1 488) +2%	(27) +98%	(151) -464%	(195) -30%	(205) -5%	(249) -21%	(303) -22%	(324) -7%	(585) -81%	(619) -6%	(561) +9%	(570) -2%	(332) +42%	(378) -14%	(721) -91%	(739) -3%	(709) +4%	(656) +7%	(744) -13%	(443) +40%	(550) -24%	(691) -26%	(1 281) -86%	(1 183) +8%	(1 265) -7%	(1 329) -5%	(833) +37%	(852) -2%	(873) -2%	(766) +12%	(681) +11%	(1 466) -115%	(1 619) -10%	(1 638) -1%	(1 514) +8%	(1 076) +29%	(674) +37%	(684) -1%	(1 627) -138%
Financing Cash Flow
Net Issuance of Common Stock	121	121	256	143	145	147	13	8	12	13	12	13	16	17	19	17	(623)	(626)	(628)	(628)	211	210	358	368	456	0	306	295	2	0	7	9	7	0	5	16	20	0	21	(8)	(11)	0	(13)	(11)	(11)	(16)	(15)	(16)	(17)	(16)	(19)	(26)	(27)	(25)	(25)	(30)	(30)	(32)	(32)	(28)	(190)	(240)	(241)	(273)	(164)	(196)	(196)	(145)	(94)	(103)	(131)	(227)	(408)	(711)	(1 312)	(1 622)	(1 888)	(1 665)	(1 040)	(1 148)	(737)	(658)	(701)	(252)	(732)	(1 053)	(1 268)	(1 197)	(968)
Net Issuance of Debt	207	193	143	(179)	(209)	(195)	(163)	(63)	(57)	(29)	(199)	(299)	1 392	1 464	1 622	1 668	172	554	670	882	160	26	(218)	(457)	54	(317)	(208)	(308)	(775)	(746)	(315)	194	834	832	451	103	(91)	(508)	(716)	(761)	(704)	(54)	75	245	(183)	(431)	(464)	855	852	1 174	1 151	(371)	(149)	(314)	(307)	(202)	(560)	(485)	(266)	(720)	(305)	(162)	(358)	(80)	(111)	(447)	129	(152)	(434)	82	(367)	100	188	(113)	(44)	(75)	190	1 005	1 261	1 706	1 141	1 427	1 208	567	793	1 317	1 434	1 359	2 285
Other	(24)	(25)	(27)	(51)	(3)	(44)	(21)	32	(2)	4	(11)	(9)	12	0	87	106	174	166	94	64	4	2	(28)	(36)	(33)	(19)	1	15	(12)	(25)	(47)	(115)	(129)	(111)	(111)	(56)	(31)	(88)	(120)	(124)	(151)	(97)	(77)	(78)	(39)	(55)	(45)	(43)	(45)	(36)	(20)	(24)	(44)	(45)	(60)	(55)	(38)	(38)	(34)	(27)	(11)	15	12	8	2	(31)	(14)	(34)	305	(101)	(125)	(112)	(271)	(278)	(275)	(281)	(67)	(136)	(152)	(205)	(250)	(184)	(185)	(140)	(282)	(421)	(469)	(478)	(521)
Cash from Financing Activities	304 N/A	290 -5%	372 +28%	(87) N/A	(67) +22%	(92) -37%	(171) -85%	(23) +87%	(47) -106%	(12) +74%	(197) -1 531%	(296) -50%	1 420 N/A	1 480 +4%	1 728 +17%	1 791 +4%	(277) N/A	93 N/A	136 +46%	318 +134%	374 +18%	238 -36%	113 -53%	(124) N/A	477 N/A	120 -75%	98 -18%	2 -98%	(784) N/A	(769) +2%	(356) +54%	88 N/A	711 +706%	728 +2%	346 -53%	64 -81%	(101) N/A	(575) -471%	(815) -42%	(893) -10%	(866) +3%	(161) +81%	(16) +90%	156 N/A	(232) N/A	(501) -116%	(523) -4%	796 N/A	790 -1%	1 122 +42%	1 112 -1%	(422) N/A	(221) +48%	(384) -74%	(392) -2%	(287) +27%	(628) -118%	(556) +11%	(332) +40%	(774) -133%	(507) +35%	(388) +23%	(587) -51%	(345) +41%	(272) +21%	(673) -148%	(81) +88%	(331) -309%	(223) +33%	(122) +45%	(623) -411%	(239) +62%	(491) -105%	(1 102) -125%	(1 630) -48%	(1 978) -21%	(1 766) +11%	(796) +55%	69 N/A	353 +410%	154 -56%	585 +280%	321 -45%	175 -46%	(221) N/A	(157) +29%	(303) -93%	(316) -4%	796 N/A
Change in Cash
Effect of Foreign Exchange Rates	1	(1)	(2)	(1)	2	1	1	1	(5)	(3)	3	2	8	9	5	12	12	24	21	3	(9)	(30)	(12)	1	12	10	(10)	(2)	(5)	13	24	(2)	(6)	(8)	(21)	(0)	3	(11)	(9)	(9)	(11)	(2)	8	(16)	(29)	(45)	(45)	(38)	(23)	(5)	(13)	(2)	(28)	(15)	(7)	2	29	43	(10)	(31)	(25)	(64)	(1)	(6)	(1)	(29)	(32)	22	82	68	65	(11)	(92)	(89)	(229)	(324)	(166)	(103)	18	102	13	(45)	(58)	46	(123)	(35)	52	(26)	65
Net Change in Cash	84 N/A	35 -59%	157 +350%	62 -60%	93 +49%	104 +11%	13 -88%	137 +984%	192 +41%	95 -50%	(65) N/A	(146) -125%	(205) -40%	93 N/A	311 +233%	297 -4%	98 -67%	(33) N/A	(188) -465%	(34) +82%	(184) -435%	110 N/A	59 -47%	(75) N/A	583 N/A	257 -56%	434 +69%	443 +2%	(235) N/A	(253) -8%	9 N/A	(106) N/A	587 N/A	276 -53%	(21) N/A	114 N/A	(4) N/A	(185) -4 651%	(246) -33%	(274) -11%	(597) -118%	(91) +85%	(104) -15%	113 N/A	249 +121%	(49) N/A	(46) +8%	(175) -285%	(201) -15%	110 N/A	95 -13%	6 -94%	218 +3 600%	30 -86%	106 +248%	521 +392%	(7) N/A	129 N/A	(7) N/A	(413) -5 710%	39 N/A	(34) N/A	10 N/A	74 +651%	230 +209%	45 -80%	701 +1 450%	944 +35%	946 +0%	1 269 +34%	943 -26%	1 230 +30%	501 -59%	(209) N/A	(926) -343%	(1 653) -78%	(1 135) +31%	(473) +58%	27 N/A	130 +389%	(34) N/A	(193) -467%	(324) -68%	(196) +40%	(150) +24%	386 N/A	499 +29%	652 +31%	793 +22%
Free Cash Flow
Free Cash Flow	47 N/A	24 -49%	63 +158%	140 +124%	134 -4%	167 +25%	190 +14%	232 +22%	322 +39%	186 -42%	221 +19%	258 +17%	375 +45%	678 +81%	616 -9%	565 -8%	555 -2%	123 -78%	12 -90%	45 +265%	(182) N/A	134 N/A	137 +2%	130 -5%	185 +42%	204 +10%	368 +81%	452 +23%	548 +21%	416 -24%	251 -40%	250 0%	213 -15%	34 -84%	176 +423%	4 -98%	141 +3 423%	359 +155%	426 +19%	497 +17%	589 +18%	394 -33%	266 -32%	409 +54%	491 +20%	576 +17%	676 +17%	572 -15%	512 -10%	349 -32%	316 -9%	268 -15%	426 +59%	443 +4%	538 +21%	897 +67%	716 -20%	765 +7%	694 -9%	783 +13%	903 +15%	751 -17%	686 -9%	532 -22%	930 +75%	1 189 +28%	1 219 +3%	1 621 +33%	1 564 -4%	1 532 -2%	1 843 +20%	1 973 +7%	2 154 +9%	1 942 -10%	1 967 +1%	1 729 -12%	1 369 -21%	999 -27%	514 -49%	130 -75%	175 +34%	420 +140%	726 +73%	914 +26%	1 401 +53%	1 351 -4%	1 114 -18%	1 363 +22%	1 193 -12%

Income Statement Balance Sheet Cash Flow Statement

CBRE Group Inc
NYSE:CBRE

Cash Flow Statement

Cash Flow Statement
CBRE Group Inc

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CBRE Group Inc NYSE:CBRE

Cash Flow Statement

Cash Flow Statement CBRE Group Inc

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CBRE Group Inc
NYSE:CBRE

Cash Flow Statement
CBRE Group Inc