Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
CBRE's free cash flow turned positive in the current quarter, driven by a sharp increase in operating cash flow compared to the prior quarter. Revenue also grew versus both the previous quarter and the same period last year.
- Revenue increased relative to the prior quarter and the year-ago quarter. Operating cash flow rose substantially, while capital expenditure was slightly higher, resulting in positive free cash flow and a higher free cash flow margin compared to both periods.
- Compared to the immediately preceding quarter, free cash flow improved from negative to positive, and the margin strengthened. Versus the same quarter one year earlier, free cash flow and margin were both higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.4B
Trailing twelve-month free cash flow.
Quarter free cash flow
$743.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$827.0M
Cash generated by operations before capital spending.
CapEx
$84.0M
Capital spending and related asset purchases.
FCF margin
7.4%
The share of revenue converted into free cash flow.
Cash flow trend
A short quarterly history shows whether FCF is scaling with revenue or only spiking for one period.
| Period | Revenue | Operating CF | CapEx | FCF | FCF margin |
|---|---|---|---|---|---|
| 2024-12-31 | $10.2B | $1.3B | $93.0M | $1.2B | 12.2% |
| 2025-03-31 | $8.8B | -$546.0M | $64.0M | -$610.0M | -6.9% |
| 2025-06-30 | $9.6B | $57.0M | $74.0M | -$17.0M | -0.2% |
| 2025-09-30 | $10.1B | $827.0M | $84.0M | $743.0M | 7.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 204.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.8% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$2.7B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Operating Cash Flow Strength
Operating cash flow increased significantly from both the prior quarter and the year-ago quarter, providing the main lift to free cash flow.
This improvement was the largest observable factor in the quarter's free cash flow performance.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue increased relative to the prior quarter and the year-ago quarter. Operating cash flow rose substantially, while capital expenditure was slightly higher, resulting in positive free cash flow and a higher free cash flow margin compared to both periods.
Compared to the immediately preceding quarter, free cash flow improved from negative to positive, and the margin strengthened. Versus the same quarter one year earlier, free cash flow and margin were both higher.
Future capital commitments and co-investment funding obligations as disclosed in the filing.