CBRE · 10-K filed 12 Feb 2026 · year to 31 Dec 2025

CBRE Group

19 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. federal government

earns fromnamed as a risk

Extended shutdowns of the U.S. federal government may result in payment delays, contract cancellation or postponement and other disruptions from these clients, which may adversely affect the performance of our BOE business.Risk factors (Item 1A)

Also named by ACN, ADSK, AKAM, AMRC, APG, CACI, CI, CRM and 25 more

Partners and platforms

Fannie Mae

depends onnamed as a risk

A significant portion of our loan origination and servicing business (which we conduct through certain of our wholly-owned subsidiaries) depends upon our relationship with the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac), collectively the GSEs.Risk factors (Item 1A)

Also named by ABR, AGNC, BAC, DX, FICO, FSUN, JLL, LEN and 7 more

Freddie Mac

depends onnamed as a risk

Also named by ABR, AGNC, BAC, DX, FICO, FSUN, LEN, NLY and 5 more

Crow Holdings (Trammell Crow Company trade name license)

depends onnamed as a risk

We hold a license to use the “Trammell Crow Company” trade name pursuant to a license agreement with CF98, L.P., an affiliate of Crow Realty Investors, L.P., d/b/a Crow Holdings, which may be revoked if we fail to satisfy usage and quality control covenants under the license agreement.Business (Item 1)

CBRE Capital Markets warehouse lines of credit

depends onnamed as a risk

the ability of our indirect wholly-owned subsidiary CBRE Capital Markets, Inc. (CBRE Capital Markets) to periodically amend, or replace, on satisfactory terms, the agreements for its warehouse lines of credit;Business (Item 1)

Other companies

Moody's Ratings, S&P and Fitch credit ratings

$6.0 billionnamed as a risk

In addition, Moody’s Ratings, Standard & Poor’s Ratings Services and Fitch Ratings, rate our significant outstanding debt.Risk factors (Item 1A)

Turner & Townsend

70%

In January 2025, we merged our wholly owned CBRE project management services business into Turner & Townsend and established Project Management as a separate business segment and now own 70% of the combined entity.Business (Item 1)

Data centers

earns from

Our digital infrastructure business line provides technical services, including services support infrastructure and facilities management services for data centers in the rapidly growing hyperscale market, as well as the colocation and enterprise markets.Business (Item 1)

Also named by AESI, AGX, BKR, BSM, CEG, CMI, CNP, CTOS and 26 more

Places

United Kingdom

earns from · 14.0%named as a risk

In addition, our BOE, Advisory and Project Management segments derive significant revenue and earnings in foreign currencies, particularly the euro and British pound sterling.Market risk (Item 7A)

Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more

Commodities and inputs

Euro

exposed to its price · $3,878 million; 9.6%named as a risk

Our Investment Management business has significant euro and British pound denominated AUM, as well as associated revenue and earnings in Europe.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Canadian dollar

exposed to its price · $1,157 million; 2.9%named as a risk

During the year ended December 31, 2025, approximately 43.6% of our revenue was transacted in foreign currencies.Market risk (Item 7A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CDRE, CDW and 67 more

British pound sterling

exposed to its price · $5,693 million; 14.0%named as a risk

In addition, our BOE, Advisory and Project Management segments derive significant revenue and earnings in foreign currencies, particularly the euro and British pound sterling.Market risk (Item 7A)

Also named by AMG, BGC, BKNG, CTRE, FCFS, FDS, FIS, FSK and 31 more

Regulators

U.S. Securities and Exchange Commission (SEC)

subject tonamed as a risk

A number of our services, including the services provided by our indirect wholly-owned subsidiaries, CBRE Capital Markets and CBRE Investment Management, are subject to regulation by the SEC, Financial Industry Regulatory Authority (FINRA), or other self-regulatory organizations and state securities regulators and compliance failures or regulatory action could adversely affect our business.Risk factors (Item 1A)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

Financial Industry Regulatory Authority (FINRA)

subject tonamed as a risk

Also named by AB, ADP, AGNC, AMG, AMP, BAM, BEN, BR and 23 more

Laws and programs

OECD global minimum tax (Pillar Two)

subject to · 15%named as a risk

In addition, changes in tax laws or regulations and multi-jurisdictional changes enacted in response to the action items provided by the Organization for Economic Co-operation and Development (OECD), including the OECD’s accord to set a minimum global corporate tax rate of 15%, increase tax uncertainty and could impact the company’s effective tax rate and provision for income taxes.Risk factors (Item 1A)

Also named by AAPL, APP, ARW, AXP, BAC, BALL, CB, CROX and 15 more

Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk

We are also subject to laws of broader applicability, such as tax, securities, environmental, employment laws and anti-bribery, anti-money laundering and corruption laws, including the Fair Labor Standards Act, occupational health and safety regulations, U.S. state wage-and-hour laws, the U.S. FCPA and the U.K. Bribery Act.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

EU Corporate Sustainability Reporting Directive

subject tonamed as a risk

Further, new and emerging regulatory initiatives, particularly in the EU, U.K., Australia and California, related to climate change and sustainability matters, could adversely affect our business, including, for example, the EU Corporate Sustainability Reporting Directive, and Taskforce on Climate-related Financial Disclosures (TCFD)-aligned reporting requirements in some jurisdictions.Risk factors (Item 1A)

Also named by AMAT, AVY, FFIV, GNRC, HLT, IEX, INGR, IP and 19 more

U.K. building fire-safety remediation requirements (Telford Homes)

subject tonamed as a risk

Telford Homes, our residential development subsidiary in the U.K., is subject to certain U.K. laws and requirements that obligates U.K. homebuilders to remediate or fund the remediation work relating to certain fire-safety issues on their constructed buildings.Risk factors (Item 1A)

U.S. state real estate licensing

subject tonamed as a risk

Brokerage of real estate sales and leasing transactions and the provision of property management and valuation services require us and our employees to maintain applicable licenses in each U.S. state and certain non-U.S. jurisdictions in which we perform these services.Risk factors (Item 1A)