REITs and Real Estate
REITs and Real Estate Services
CBRE Annual Revenue
Largest public CRE services firm on 2025 revenue. Total revenue includes pass-throughs. This is not NOI.
CBRE Revenue by Segment
Building Operations & Experience $23.2B. Advisory $8.8B. Project Management $7.7B. Real Estate Investments $879M.
CBRE Workforce
More than 155,000 employees including Turner & Townsend. $40.55B of 2025 revenue, up 13.4%.
Employees
>155,000
Including Turner & Townsend, at the FY 2025 release.
CBRE FY 2025 results
2025 revenue
$40.55B
Up 13.4% versus $35.767B in 2024. Includes pass-throughs.
CBRE FY 2025 results
Countries
>100
Client coverage cited in the FY 2025 release.
CBRE FY 2025 results
Core EPS
$6.38
FY 2025 core EPS, up 25% versus 2024 per the year-end release.
CBRE FY 2025 results
CoStar Quarterly Revenue
$3.247B in 2025, up 19%. Q4 was $900M. The 59th consecutive double-digit quarter per the company.
CoStar Revenue Mix
Commercial real estate $1.787B. Residential (Homes.com) $1.460B. Information and traffic, not landlord NOI.
CoStar Traffic
139 million site uniques. Homes.com network 108 million. Traffic is the product.
Site uniques
139M
Average monthly unique visitors across CoStar sites in the FY 2025 highlights.
CSGP FY 2025 highlights
Homes.com network
108M
Average monthly unique visitors on the Homes.com network.
CSGP FY 2025 highlights
FY 2026 revenue guide
$3.78-3.82B
Company guide from the FY 2025 release. Not a 2025 print.
CSGP FY 2025 results
CoStar Earnings Mix
GAAP net income $7M after Matterport and Domain costs. Adjusted EBITDA $442M. Use both prints.
GAAP net income
$7M
FY 2025. Matterport and Domain deal costs sit in this print.
CSGP FY 2025 results
Adjusted EBITDA
$442M
FY 2025. The run-rate earnings power the company emphasizes next to GAAP.
CSGP FY 2025 results
2025 revenue
$3.247B
Up 19% versus $2.736B in 2024. 59th consecutive double-digit quarter in Q4.
CSGP FY 2025 results
Services Layer
CBRE sells labor into the buildings. CoStar sells data and traffic. Neither is a landlord REIT.
| Name | Ticker | 2025 print | Role |
|---|---|---|---|
| CBRE Group | CBRE | $40.55B revenue; +13.4% vs 2024 | Advisory, building operations, project management, and real-estate investments. More than 155,000 employees including Turner & Townsend. Largest public CRE services firm on 2025 revenue. |
| CoStar Group | CSGP | $3.247B revenue; +19% | CRE information and marketplaces. Commercial real estate $1.787B. Residential $1.460B. FY 2026 revenue guide $3.78B to $3.82B. |
| CoStar traffic | CSGP | 139 million site uniques; Homes.com network 108 million | Average monthly unique visitors in the FY 2025 highlights. Traffic is the product. It is not NOI. |
| CoStar earnings mix | CSGP | GAAP net income $7M; adj. EBITDA $442M | Acquisition costs from Matterport and Domain compressed GAAP earnings. Use both prints, not one. |