v3.26.1
Revenue from Contracts with Customers (Tables)
6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue from Contracts with Customers The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or
segment (dollars in millions):
Three Months Ended June 30, 2026
Advisory
Services
Building
Operations &
Experience
Project
Management
Real Estate
Investments
Corporate,
other and
eliminations
Consolidated
Topic 606 Revenue:
Facilities management
$—
$5,311
$—
$—
$—
$5,311
Property management
—
699
—
—
(4)
695
Critical infrastructure
—
676
—
—
—
676
Project management
—
—
2,045
—
—
2,045
Advisory leasing
1,229
—
—
—
—
1,229
Advisory sales
551
—
—
—
—
551
Valuation
220
—
—
—
—
220
Other portfolio services
88
—
—
—
—
88
Commercial mortgage origination (1)(4)
67
—
—
—
—
67
Loan servicing (2)
39
—
—
—
—
39
Investment management
—
—
—
149
—
149
Development services
—
—
—
44
—
44
Topic 606 Revenue
2,194
6,686
2,045
193
(4)
11,114
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination (4)
30
—
—
—
—
30
Loan servicing
82
—
—
—
—
82
Development services (3)
—
—
—
—
—
—
Total Out of Scope of Topic 606 Revenue
112
—
—
—
—
112
Total Revenue
$2,306
$6,686
$2,045
$193
$(4)
$11,226
Three Months Ended June 30, 2025
Advisory
Services
Building
Operations &
Experience
Project
Management
Real Estate
Investments
Corporate,
other and
eliminations
Consolidated
Topic 606 Revenue:
Facilities management
$—
$4,784
$—
$—
$—
$4,784
Property management
—
646
—
—
(7)
639
Critical infrastructure
—
403
—
—
—
403
Project management
—
—
1,717
—
—
1,717
Advisory leasing
995
—
—
—
—
995
Advisory sales
459
—
—
—
—
459
Valuation
196
—
—
—
—
196
Other portfolio services
97
—
—
—
—
97
Commercial mortgage origination (1)(4)
54
—
—
—
—
54
Loan servicing (2)
37
—
—
—
—
37
Investment management
—
—
—
145
—
145
Development services
—
—
—
70
—
70
Topic 606 Revenue
1,838
5,833
1,717
215
(7)
9,596
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination (4)
36
—
—
—
—
36
Loan servicing
85
—
—
—
—
85
Development services (3)
—
—
—
—
—
—
Total Out of Scope of Topic 606 Revenue
121
—
—
—
—
121
Total Revenue
$1,959
$5,833
$1,717
$215
$(7)
$9,717
Six Months Ended June 30, 2026
Advisory
Services
Building
Operations &
Experience
Project
Management
Real Estate
Investments
Corporate,
other and
eliminations
Consolidated
Topic 606 Revenue:
Facilities management
$—
$10,540
$—
$—
$—
$10,540
Property management
—
1,383
—
—
(29)
1,354
Critical infrastructure
—
1,254
—
—
—
1,254
Project management
—
—
3,883
—
—
3,883
Advisory leasing
2,264
—
—
—
—
2,264
Advisory sales
1,064
—
—
—
—
1,064
Valuation
420
—
—
—
—
420
Other portfolio services
163
—
—
—
—
163
Commercial mortgage origination (1)(4)
128
—
—
—
—
128
Loan servicing (2)
76
—
—
—
—
76
Investment management
—
—
—
303
—
303
Development services
—
—
—
89
—
89
Topic 606 Revenue
4,115
13,177
3,883
392
(29)
21,538
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination (4)
50
—
—
—
—
50
Loan servicing
165
—
—
—
—
165
Development services (3)
—
—
—
—
—
—
Total Out of Scope of Topic 606 Revenue
215
—
—
—
—
215
Total Revenue
$4,330
$13,177
$3,883
$392
$(29)
$21,753
Six Months Ended June 30, 2025
Advisory
Services
Building
Operations &
Experience
Project
Management
Real Estate
Investments
Corporate,
other and
eliminations
Consolidated
Topic 606 Revenue:
Facilities management
$—
$9,253
$—
$—
$—
$9,253
Property management
—
1,232
—
—
(11)
1,221
Critical infrastructure
—
741
—
—
—
741
Project management
—
—
3,311
—
—
3,311
Advisory leasing
1,857
—
—
—
—
1,857
Advisory sales
819
—
—
—
—
819
Valuation
379
—
—
—
—
379
Other portfolio services
178
—
—
—
—
178
Commercial mortgage origination (1)(4)
91
—
—
—
—
91
Loan servicing (2)
76
—
—
—
—
76
Investment management
—
—
—
299
—
299
Development services
—
—
—
143
—
143
Topic 606 Revenue
3,400
11,226
3,311
442
(11)
18,368
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination (4)
52
—
—
—
—
52
Loan servicing
166
—
—
—
—
166
Development services (3)
—
—
—
6
—
6
Total Out of Scope of Topic 606 Revenue
218
—
—
6
—
224
Total Revenue
$3,618
$11,226
$3,311
$448
$(11)
$18,592
________________________________________________________________________________________________________________________________________
(1)We earn fees for arranging financing for borrowers with third-party lender contacts. Such fees are in scope of Topic 606.
(2)Loan servicing fees earned from servicing contracts for which we do not hold mortgage servicing rights are in scope of Topic 606.
(3)Out of scope revenue consists of selling profit from transfers of sales-type leases accounted for in accordance with ASC 842, “Leases.”
(4)As described in Note 1 – Basis of Presentation, in the first quarter of 2026, we began reclassifying amortization associated with MSRs to net against
revenue from commercial mortgage origination.