CBRE Q4 2024 Earnings Report

Key Takeaways

CBRE delivered record Q4 core earnings and free cash flow, with strong performance in leasing and capital markets driving revenue growth of 16.2% YoY.

Total Revenue

$10.4B

Previous year: $8.95B

+16.2%

EPS

$2.32

Previous year: $1.38

+68.1%

Operating Margin

5.71%

Previous year: 5.63%

+1.4%

Leasing Revenue Growth

15%

Property Sales Growth

35%

Cash and Equivalents

$1.22B

Previous year: $1.37B

-10.9%

Free Cash Flow

$1.3B

Previous year: $786M

+64.9%

Total Assets

$24.4B

Previous year: $22.5B

+8.1%

CBRE Revenue

CBRE EPS

CBRE Revenue by Segment

Forward Guidance

CBRE expects mid-teens growth in 2025 core EPS, driven by strong market fundamentals, strategic acquisitions, and operational efficiencies.

Positive Outlook

2025 Core EPS expected to reach $5.80 - $6.10
Expansion into flexible workplace solutions with full ownership of Industrious
Strong leasing activity and property sales momentum
Enhanced project management capabilities with Turner & Townsend integration
Significant share buybacks reflecting confidence in business valuation

Challenges Ahead

Market volatility may impact real estate investment trends
Higher incentive compensation costs due to improved business performance
Foreign currency fluctuations could affect financial results
Ongoing economic uncertainties may delay long-term occupier decisions
Potential headwinds from rising interest rates affecting mortgage activity