CBRE Group, Inc. · CBRE · FY2024 Q2 · Calendar Q3 2024

CBRE raises outlook as all three segments beat in Q2

The quarter supports a constructive operating trajectory: broad segment strength, improving GWS margins and higher guidance outweighed concerns around rates, office activity and execution. The key test is whether transaction activity and planned development sales convert into durable earnings.

Reported Before market openNYSEReal Estate $35.53B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.81 Consensus $0.71
EPS surprise +14.2% Reported versus consensus
Reported revenue $8.39B Consensus $8.31B
Revenue surprise +1.0% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +9.3% Event window
SPY move -0.5% Same window
Abnormal move +9.8% Stock minus SPY
Volume 3.2× Versus trailing sessions
Subsequent drift +5.0% Up to 20 sessions
CBRESPY benchmark

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Transcript intelligence

What changed

Compared with the prior quarter, management raised full-year core EPS guidance, reported stronger performance across all three segments, and emphasized a more active capital-investment and M&A program. GWS margin improvement and data-center and development opportunities became more prominent growth supports.

Guidance delta

Raised: full-year core EPS guidance moved to $4.70-$4.90 from the prior quarter's maintained $4.25-$4.65 range.

Key takeaways

  • Management reported revenue and operating-profit beats across Advisory, GWS and REI.
  • GWS margins reached 10.1% after cost actions, with further improvement expected.
  • Management highlighted Turner & Townsend integration, data-center demand and development-asset sales as growth supports.

Management priorities

  • Complete Turner & Townsend integration and pursue targeted facilities and project-management M&A.
  • Invest in development projects and co-investments while harvesting embedded pipeline profit.
  • Continue cost transformation and technology investment to support margin expansion.

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Earnings History

Estimate Beat Miss Match
CBRE EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 2 future estimate-only quarters. Q2 '24 estimate $0.71 Q2 '24 actual $0.81, beat Q3 '24 estimate $1.06 Q3 '24 actual $1.20, beat Q2 '25 estimate $1.07 Q2 '25 actual $1.19, beat Q3 '25 estimate $1.46 Q3 '25 actual $1.61, beat Q4 '25 estimate $2.68 Q4 '25 actual $2.73, beat Q1 '26 estimate $1.13 Q1 '26 actual $1.61, beat Q2 '26 estimate $1.47 Q2 '26 actual $1.56, beat Q3 '26 estimate $1.96 Q3 '26 actual $2.05, beat Q4 '26 estimate $2.79 Q1 '27 estimate $1.50
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Analyst Consensus ?

ConsensusBuy20 ratings
Bullish1365.0%
Neutral630.0%
Bearish15.0%

Analyst 52W Price Targets

$123.3Current
$107Low
$150.7Average
$185High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 25, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Evercore ISI Group Outperform OutperformMaintainOct 23, 2026
Keefe, Bruyette & Woods Outperform OutperformMaintainOct 9, 2026
Barclays Overweight OverweightMaintainAug 17, 2026
UBS Buy BuyMaintainJul 30, 2026
Morgan Stanley Overweight OverweightMaintainOct 7, 2025
JP Morgan Overweight OverweightMaintainAug 26, 2025
Raymond James Outperform OutperformMaintainJul 24, 2025
Jefferies Buy HoldUpgradeJan 2, 2025
Citigroup Buy BuyMaintainNov 25, 2024
Goldman Sachs Buy BuyMaintainApr 11, 2023
Wolfe Research Outperform OutperformMaintainMar 10, 2022
CFRA Sell HoldDowngradeMay 8, 2020
Compass Point Neutral NeutralMaintainJul 11, 2019
Bank of America Neutral BuyDowngradeJan 3, 2019
B of A Securities Neutral BuyDowngradeJan 3, 2019
JMP Securities Market Perform Market OutperformDowngradeJan 24, 2018
Wedbush Outperform OutperformMaintainOct 6, 2016
Keefe Bruyette & Woods Perform Market PerformMaintainMay 16, 2016
Sterne Agee CRT Buy BuyMaintainAug 26, 2015
S&P Capital IQ Hold BuyDowngradeAug 1, 2012
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Named analyst price targets

Upside is calculated against the persisted current price $123.3. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BarclaysAnalyst unavailable$183$152.83 +48.4%Aug 17, 2026
Evercore ISIAnalyst unavailable$175$147.52 +41.9%Jul 30, 2026
BarclaysAnalyst unavailable$180$143.88 +46.0%Jul 28, 2026
Evercore ISIAnalyst unavailable$169$136.05 +37.1%Jun 30, 2026
BarclaysAnalyst unavailable$178$140.05 +44.4%May 5, 2026
Evercore ISIAnalyst unavailable$179$148.55 +45.2%Apr 24, 2026
BarclaysAnalyst unavailable$175$145.94 +41.9%Apr 14, 2026
UBSAnalyst unavailable$185$147.01 +50.0%Feb 22, 2026
Raymond JamesPatrick O\'Shaughnessy$180$133.87 +46.0%Feb 12, 2026
BarclaysAnalyst unavailable$192$164.25 +55.7%Jan 13, 2026
UBSAnalyst unavailable$175$164.2 +41.9%Oct 24, 2025
UBSAlex Kramm$165$152.46 +33.8%Oct 10, 2025
Evercore ISIAnalyst unavailable$185$164.98 +50.0%Aug 25, 2025
Raymond JamesPatrick O'Shaughnessy$152$141.02 +23.3%Jan 24, 2025
Evercore ISISteve Sakawa$132$120.84 +7.1%Oct 4, 2024
CFRACatherine Seifert$115$111.22 -6.7%Jul 29, 2024
Evercore ISISteve Sakawa$123$109.37 -0.2%Jul 26, 2024
Raymond JamesPatrick O'Shaughnessy$124$106.92 +0.6%Jul 25, 2024
UBSAlex Kramm$95$87.08 -23.0%Jul 3, 2024
JefferiesPeter Abramowitz$107$96.2 -13.2%Apr 10, 2024
Evercore ISISteve Sakawa$104$94.98 -15.7%Apr 2, 2024
Raymond JamesAnalyst unavailable$113$83.27 -8.4%Aug 5, 2022
Raymond JamesAnalyst unavailable$111$83.92 -10.0%Apr 26, 2022
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Company context

Snapshot as of publication

CBRE Group, Inc. operates as a commercial real estate services and investment company in the United States, the United Kingdom, and internationally. The company operates through Advisory Services, Building Operations and Experience, Project Management, and Real Estate Investments segments. The Advisory Services segment offers strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing of offices, and industrial and retail space; clients fully integrated property sales services under the CBRE Capital Markets brand; clients commercial mortgage and structured financing services; originates and sells commercial mortgage loans; property management services, such as marketing, building engineering, lease administration, accounting, investment reporting services, financial services on a contractual basis for owners of and investors in office, industrial, and retail properties; and valuation services…

Historical context

All CBRE earnings

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-10-17T05:10:49.140638+00:00
  3. Polygon adjusted daily market bars · 2026-10-25T15:40:42.731874+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-25T15:40:42.728938+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-25. For educational purposes only; not investment advice.