CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,277	$ 1,036	$ 1,027
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization	729	674	622
Amortization of other assets	199	195	168
Net non-cash mortgage servicing rights and premiums on loan sales	(187)	(162)	(102)
Deferred income taxes	(269)	(194)	(121)
Stock-based compensation expense	120	146	96
Equity (income) loss from investments	(40)	19	(248)
Gain on sale of real estate assets	(459)	(142)	(27)
Other non-cash adjustments	227	8	(18)
Changes in:
Sale of mortgage loans	15,135	12,817	9,714
Origination of mortgage loans	(16,163)	(12,668)	(9,905)
Warehouse lines of credit	1,057	(114)	218
Receivables, prepaid expenses and other assets	(882)	(597)	(702)
Accounts payable, accrued liabilities and other liabilities	570	566	34
Accrued compensation expenses	285	206	(173)
Income taxes, net	(40)	(82)	(103)
Net cash provided by operating activities	1,559	1,708	480
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(366)	(307)	(305)
Payments for business acquired, net of cash acquired	(1,374)	(1,067)	(203)
Capital contributions related to investments	(161)	(136)	(127)
Acquisition and development of real estate assets	(390)	(389)	(171)
Proceeds from disposition of real estate assets	509	235	77
Other investing activities, net	155	150	48
Net cash used in investing activities	(1,627)	(1,514)	(681)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility	0	4,173	4,006
Repayment of revolving credit facility	(132)	(4,041)	(4,184)
Proceeds from commercial paper, net	677	175	0
Proceeds from long-term debt	2,410	495	1,723
Repayment of long-term debt	(670)	(9)	(437)
Repurchase of common stock	(968)	(627)	(665)
Other financing activities, net	(521)	(387)	(289)
Net cash provided by (used in) financing activities	796	(221)	154
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash	65	(123)	13
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	793	(150)	(34)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF PERIOD	1,221	1,371	1,405
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD	2,014	1,221	1,371
Cash paid during the period for:
Interest	448	396	191
Income Taxes Paid, Net	599	467	467
Non-cash investing and financing activities:
Deferred and/or contingent consideration	$ 183	$ 19	$ 54

CBRE GROUP, INC. 10-K