Every material Form 8-K CBRE has filed with the SEC since June 24, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
CBRE Services, a wholly-owned subsidiary of CBRE Group, completed a $1 billion offering of senior notes in two $500 million tranches due 2032 and 2037. The Company intends to use the proceeds for general corporate purposes, including repaying commercial paper borrowings and funding the pending acquisition of Onnec Group Limited, which adds debt that shareholders will need to service.
$500 million of 5.650% Senior Notes due January 15, 2032, with semi-annual interest beginning January 15, 2027
$500 million of 5.900% Senior Notes due January 15, 2037, with semi-annual interest beginning January 15, 2027
Notes are fully and unconditionally guaranteed on a senior unsecured basis by CBRE Group, Inc.
Proceeds intended for commercial paper repayment and the pending acquisition of Onnec Group Limited
CBRE Group and its subsidiary CBRE Services entered an underwriting agreement on October 27, 2026, for the sale of $1 billion in senior notes in two tranches: $500 million of 5.650% notes due 2032 and $500 million of 5.900% notes due 2037. The closing is expected November 5, 2026. The company plans to use the proceeds for general corporate purposes, including repaying commercial paper borrowings and funding its acquisition of Onnec Group Limited, which adds new debt to the balance sheet.
$500 million of 5.650% senior notes due 2032 and $500 million of 5.900% senior notes due 2037
Underwriting agreement dated October 27, 2026; closing expected November 5, 2026
Proceeds for general corporate purposes, including commercial paper repayment and funding the Onnec Group Limited acquisition
CBRE Group reported third-quarter 2026 results on October 22, 2026, with revenue of $11.5 billion, up 13% from a year earlier. GAAP earnings per diluted share rose 26% to $1.52, and core earnings per share rose 28% to $2.05, so the headline profit and revenue measures both improved for shareholders.
GAAP EPS of $1.52 for Q3 2026, up from $1.21 in Q3 2025; core EPS of $2.05, up from $1.60
Revenue of $11,517 million, up from $10,221 million; Building Operations & Experience revenue rose 17% to $6,856 million
Free cash flow of $1.8 billion for the 12 months ended September 30, 2026; nearly $1.2 billion of shares repurchased year to date
Net leverage ratio of 1.36x as of September 30, 2026; total liquidity of $5.0 billion
CBRE Group announced a definitive agreement to acquire Onnec Group Limited, a data center infrastructure services provider in Europe and Asia Pacific, for an initial cash price of £460 million (approximately $610 million), plus a multi-year earnout of up to £300 million (approximately $400 million) tied to growth thresholds. The company says the deal is immediately accretive to core earnings per share, and completion is expected around the end of 2026, subject to customary regulatory approvals.
Initial cash purchase price of £460 million (approximately $610 million), with an earnout of up to £300 million (approximately $400 million) subject to Onnec meeting growth thresholds
Onnec expected to generate approximately £370 million ($498 million) in revenue and more than £50 million ($67 million) of core EBITDA in 2027
Onnec will join the Critical Infrastructure Services business line, which CBRE expects to generate nearly $4.5 billion of total revenue in 2027, including Onnec
Transaction expected to be completed around the end of the year, subject to customary regulatory approvals
CBRE reported second-quarter 2026 revenue of $11.2 billion, up 16%, and core EPS of $1.56, up 30% from $1.20 a year earlier. GAAP EPS fell to $0.69 from $0.72, reflecting a $168 million non-cash charge tied to an increased reserve for fire-safety remediation in its U.K. development business. The company raised its 2026 core EPS outlook to $7.80-$7.90 from $7.60-$7.80.
Q2 2026 revenue rose 16% to $11.2 billion; GAAP net income attributable to CBRE fell to $204 million from $215 million
Core EPS rose 30% to $1.56; GAAP EPS was $0.69 versus $0.72, with the $168 million U.K. fire-safety reserve reducing GAAP net income
2026 core EPS outlook raised to $7.80-$7.90 from $7.60-$7.80
Year-to-date stock repurchases totaled nearly $1.0 billion; net leverage ratio was 1.60x as of June 30, 2026
CBRE Group entered a new 364-day senior unsecured revolving credit agreement on June 23, 2026, providing up to $1 billion to its subsidiary CBRE Services, with Wells Fargo as administrative agent. The facility replaces a June 24, 2025 agreement that was set to expire June 23, 2026, and it is guaranteed by the parent company. The filing describes a routine renewal of existing credit access rather than a change in operations.
Facility provides up to $1 billion in senior unsecured revolving credit to CBRE Services, Inc.
Replaces the previous 364-day facility dated June 24, 2025, which was scheduled to terminate June 23, 2026.
Loans bear interest at Term SOFR plus 0.645% to 1.125%, depending on the company's credit rating; facility fee of 0.055% to 0.125%.
Loans mature June 22, 2027; agreement includes a maximum leverage ratio covenant tested each fiscal quarter.
CBRE Services, a wholly owned subsidiary of CBRE Group, completed a $750 million offering of 5.250% senior notes maturing June 1, 2036, guaranteed by the parent. The company said it intends to use the net proceeds to repay commercial paper borrowings, which shifts short-term debt into longer-term fixed-rate debt.
Principal amount: $750 million; issue date May 4, 2026; interest of 5.250% paid semi-annually
Notes mature June 1, 2036; first interest payment due December 1, 2026
Proceeds to repay borrowings under the company's commercial paper program
Indenture includes limits on liens, sale/leaseback transactions and mergers, and events of default including nonpayment
CBRE Group and its subsidiary CBRE Services entered into an underwriting agreement on April 27, 2026 for a $750 million offering of 5.250% Senior Notes due 2036. The closing is expected May 4, 2026, and the company intends to use the net proceeds to repay commercial paper borrowings. The filing is a debt financing that replaces short-term borrowings with longer-term notes, and it does not report any change in earnings or guidance.
Principal amount: $750,000,000 of 5.250% Senior Notes due 2036
Underwriters include Wells Fargo Securities, BofA Securities, Citigroup Global Markets and Scotia Capital (USA)
Expected closing and Issue Date: May 4, 2026
Net proceeds intended to repay commercial paper borrowings
CBRE reported first-quarter 2026 revenue of $10.5 billion, up 19% from $8.9 billion a year earlier, and GAAP diluted EPS of $1.07 versus $0.54. The company raised its 2026 core EPS outlook to $7.60-$7.80 from $7.30-$7.60, which matters to shareholders because it signals higher expected profit for the full year. Quarterly cash flow was negative, with cash used in operations of $825 million.
Revenue rose 18.6% to $10,527 million from $8,875 million in Q1 2025.
GAAP diluted EPS was $1.07 versus $0.54; core EPS was $1.61 versus $0.89.
2026 core EPS outlook raised to $7.60-$7.80 from $7.30-$7.60.
Q1 free cash flow was negative $605 million, including a $301 million gain on disposition of real estate.
On March 20, 2026, CBRE's board adopted a Second Amended and Restated Change in Control and Severance Plan for Senior Management, which lowers severance multiples and equity acceleration outside a change-in-control period. Changes adverse to participants take effect March 20, 2027, and the plan adds a non-competition covenant.
Outside a change-in-control period, the CEO's cash severance multiple falls from 2.0 to 1.5, and the multiple for all current executive officers falls from 1.5 to 1.25.
Equity acceleration for the CEO falls from 24 months to 18 months, and for Tier II participants from 18 months to 15 months.
Good Reason resignation requires an annual equity grant reduction of more than 15% versus the prior year.
Changes adverse to a participant do not apply to that participant until March 20, 2027.
CBRE Group disclosed that on February 25, 2026, its board set new compensation targets for Chad J. Doellinger, Chief Legal & Administrative Officer, and Daniel G. Queenan, Executive Group President of Trammell Crow Company. Targets for the other named executive officers were unchanged. For shareholders, the filing shows how the company is structuring executive pay, with total equity award targets of $2.75 million for Doellinger and $3 million for Queenan.
Doellinger: base salary of $700,000 and total equity award target of $2.75 million
Queenan: base salary of $700,000 and total equity award target of $3 million
Queenan's annual performance award target is $1.3 million, versus $1.15 million for Doellinger
Targets for Robert E. Sulentic, Emma E. Giamartino and Vikram Kohli remained unchanged
On February 25, 2026, CBRE's Compensation Committee issued a one-time retention award with a $5.0 million total target grant value to Vikram Kohli, the company's Chief Operating Officer and Chief Executive Officer, Advisory Services. The award consists entirely of performance RSUs that vest only if relative TSR or relative EPS goals are met over five-year periods, and it is also contingent on Kohli remaining employed for the full five-year vesting period.
Total target grant value of $5.0 million, split equally between relative TSR and relative EPS performance RSUs
Payouts range from 0% to 175% of target, with no vesting unless performance exceeds the 40th percentile of S&P 500 companies as of February 25, 2026
rTSR measurement period runs from February 25, 2026 to January 31, 2031; rEPS period runs from January 1, 2026 to December 31, 2030
Vesting term of five years is longer than the three-year vesting period for CBRE's annual Performance RSU awards
CBRE reported fourth-quarter 2025 revenue of $11.6 billion, up 12%, and core EPS of $2.73, up from $2.32 a year earlier. GAAP EPS fell to $1.39 from $1.58 after a $279 million reduction tied to a U.K. pension buy-out and a higher U.K. fire-safety reserve. The company expects 2026 core EPS of $7.30 to $7.60, which it says reflects 17% growth at the midpoint.
Q4 revenue $11.6 billion, up 12% from $10.4 billion; full-year 2025 revenue $40.6 billion, up 13%
Q4 GAAP EPS $1.39 vs. $1.58 a year earlier; core EPS $2.73 vs. $2.32
Q4 GAAP net income reduced by $279 million from a non-cash U.K. pension buy-out and increased U.K. fire-safety reserve
2026 core EPS guidance of $7.30 to $7.60; full-year 2025 free cash flow of about $1.7 billion
CBRE Services, a wholly owned subsidiary of CBRE Group, completed a $750 million offering of 4.900% senior notes maturing January 15, 2033. The company says it intends to use the net proceeds to repay commercial paper borrowings used for the Pearce Services acquisition and for other corporate purposes, and the company guarantees the notes. The filing adds new debt to the company's obligations, with interest payable semi-annually.
Offering size: $750 million aggregate principal amount of 4.900% senior notes due January 15, 2033
Interest payable semi-annually on January 15 and July 15, starting July 15, 2026
Proceeds intended to repay commercial paper borrowings used for the Pearce Services, LLC acquisition and for other corporate purposes
Notes issued under an indenture dated March 14, 2013, as supplemented on November 13, 2025, with Computershare Trust Company as trustee
CBRE Group and its subsidiary CBRE Services entered into an underwriting agreement dated November 5, 2025, to sell $750 million of 4.900% Senior Notes due 2033. The closing is expected on November 13, 2025, subject to customary conditions. Proceeds are intended to repay commercial paper borrowings used for the acquisition of Pearce Services, LLC and for other corporate purposes.
Principal amount: $750 million of 4.900% Senior Notes due 2033
Underwriting agreement dated November 5, 2025, with Wells Fargo Securities, BofA Securities, Citigroup Global Markets and J.P. Morgan Securities
Expected closing and Issue Date: November 13, 2025
Net proceeds to repay commercial paper borrowings tied to the Pearce Services acquisition and for other corporate purposes
CBRE Group reported third-quarter 2025 results, with revenue up 14% to $10.3 billion and GAAP EPS up 66% to $1.21. The company raised its 2025 Core EPS outlook to $6.25 to $6.35 from $6.10 to $6.20, which points to higher expected profit for shareholders this year.
Q3 GAAP EPS $1.21 vs. $0.73 a year earlier; Core EPS $1.61, up 34%
Revenue $10.3 billion, up 14%; GAAP net income $363 million, up 61%
2025 Core EPS outlook raised to $6.25 to $6.35 from $6.10 to $6.20
Repurchased about 5.2 million shares for $663 million since year-end 2024; about $5.2 billion of authorization remained as of September 30, 2025
CBRE said Chief Accounting Officer Lindsey Caplan will step down from that role on August 31, 2025, and leave the company on December 31, 2025, to pursue other opportunities. Deputy Chief Financial Officer Andrew Horn will take on principal accounting officer responsibilities effective September 1, 2025. The change concerns the company's top accounting role, but the filing does not report any financial results or guidance.
Lindsey Caplan steps down as Chief Accounting Officer on August 31, 2025 and leaves CBRE on December 31, 2025
Andrew Horn, Deputy Chief Financial Officer since January 2025, becomes principal accounting officer effective September 1, 2025
Horn previously served as CFO of CBRE's Advisory Services and Global Workplace Solutions segments and of its Real Estate Investments segment
CBRE reported second-quarter 2025 results on July 29, 2025, with revenue up 16% to $9.8 billion and GAAP net income up 65% to $215 million. The company raised its 2025 core EPS outlook to $6.10 to $6.20 from $5.80 to $6.10, which would be higher by at least $0.10 based on current forward currency rates.
Q2 2025 GAAP EPS rose 71% to $0.72 and core EPS rose 47% to $1.19.
Q2 revenue rose 16% to $9.8 billion; Q2 free cash flow was $2 million, down from $220 million a year earlier.
Stock repurchases since year-end 2024 totaled about 5.2 million shares for $663 million, with about $5.2 billion of authorization remaining as of June 30, 2025.
CBRE entered two new senior unsecured revolving credit agreements on June 24, 2025, totaling up to $4.5 billion in commitments, with Wells Fargo as administrative agent. The new 5-year facility replaced and terminated the existing $3.5 billion-type revolver dated August 5, 2022, which Services repaid for approximately $661,639.40, and the company also amended its term loan credit agreement to remove the interest coverage ratio covenant.
5-Year Revolving Credit Agreement: up to $3.5 billion in commitments, maturing June 24, 2030, replacing the Existing Revolving Credit Agreement dated August 5, 2022
364-Day Revolving Credit Agreement: up to $1 billion in commitments, maturing June 23, 2026
Services paid approximately $661,639.40 to satisfy all outstanding obligations under the Existing Revolving Credit Agreement
Amendment No. 3 to the Term Loan Credit Agreement, dated July 10, 2023, removed the interest coverage ratio covenant
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