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Arphra AIPlain-English read on CBRE Group, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $27.75B | $30.83B | $31.95B | $35.77B | $40.55B | $43.2B | $47.27B | $50.6B | $51.7B |
| Cost of revenue | $21.58B | $24.21B | $25.65B | $28.75B | $34.48B | $35.23B | $39B | $40.28B | $41.85B |
| Gross profit | $6.17B | $6.62B | $6.3B | $7.02B | $6.07B | $7.82B | $8.62B | $9.1B | $9.28B |
| Gross margin | +22.22% | +21.48% | +19.72% | +19.63% | +14.97% | +18.10% | +18.24% | +17.99% | +17.96% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $4.07B | $4.6B | $4.51B | $4.9B | $5.54B | $5.91B | $6.57B | $7.15B | $7B |
| Total operating expenses | $4.53B | $5.11B | $5.18B | $5.61B | $4.78B | $6.43B | $6.7B | $7.32B | $7.56B |
| Operating income | $1.64B | $1.51B | $1.12B | $1.41B | $1.29B | $1.53B | $1.68B | $1.79B | $1.84B |
| Operating margin | +5.90% | +4.90% | +3.50% | +3.95% | +3.19% | +3.54% | +3.55% | +3.54% | +3.56% |
| EBITDA | $2.09B | $2.03B | $1.83B | $2.15B | $2.58B | $2.67B | $2.83B | $3.04B | $3.06B |
| EBIT | $1.57B | $1.42B | $1.18B | $1.45B | $1.82B | $1.8B | $1.97B | $2.04B | $2.05B |
| Below the line | |||||||||
| Interest expense | $50.35M | $69M | $149M | $215M | $223M | $235.43M | $258.18M | $280.52M | $286.79M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $773M | $146M | $160M | -$195M | $300M | — | — | — | — |
| Pre-tax income | $2.41B | $1.66B | $1.28B | $1.22B | $1.59B | $1.6B | $1.8B | $1.93B | $2B |
| Income tax expense | $568M | $234M | $250M | $182M | $317M | $287.67M | $328.93M | $354.52M | $344.88M |
| Earnings | |||||||||
| Net income | $1.84B | $1.41B | $986M | $968M | $1.16B | $1.24B | $1.33B | $1.49B | $1.49B |
| Net income · continuing ops | $1.84B | $1.42B | $1.03B | $1.04B | $1.28B | $1.36B | $1.5B | $1.59B | $1.59B |
| Net margin | +6.62% | +4.56% | +3.09% | +2.71% | +2.85% | +2.87% | +2.82% | +2.94% | +2.87% |
| EPS · basic | $5.48 | $4.36 | $3.20 | $3.16 | $3.88 | $7.73 | $8.85 | $9.94 | $11.29 |
| EPS · diluted | $5.41 | $4.29 | $3.15 | $3.14 | $3.85 | $7.69 | $8.82 | $9.93 | $11.26 |
| EPS · low estimate | — | — | — | — | — | $7.53 | $8.21 | $8.86 | $10.26 |
| EPS · high estimate | — | — | — | — | — | $7.80 | $9.29 | $12.27 | $12.43 |
| Shares · basic | 335.23M | 322.81M | 308.43M | 305.86M | 298.16M | 297.07M | 301.06M | 299.88M | 296.76M |
| Shares · diluted | 339.72M | 327.7M | 312.55M | 308.03M | 300.75M | 303.65M | 300.34M | 299.81M | 301.36M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 5 | 6 | 6 | 5 |
| Analysts (EPS) | — | — | — | — | — | 8 | 8 | 6 | 4 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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