CBRE Group Inc (CBRE) Earnings

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Sep 2026upcoming

Next quarter

Reports Oct 22, 2026.

Consensus is $1.93 EPS for Sep 2026 across 4 estimates, ranging $1.76 to $2.03.

CBRE Jun 2026

Reported Jul 29, 2026

: 6.12%
: +1.14%

: $1.47
: $1.56
: —
: $11.11B

Reported results

: $11.11B; from $9.60B
: 17.76%; from 17.24%
: $365.00M; from $374.00M
: 3.28%; from 3.90%
: $204.00M; from $215.00M
: $0.69; from $0.72

Highlights

Core earnings: Core EPS was $1.56, 6.1% above the $1.47 consensus and up 30% from $1.20 a year ago; GAAP EPS was $0.69 versus $0.72.
Broad-based growth: Revenue rose 15.5% to $11.23 billion, with resilient businesses up 15% and transactional businesses up 19%.
Segment profitability: Segment operating profit increased 33% to $835 million, with Advisory, BOE, Project Management and REI each growing profit by more than 25%.
Outlook raised: CBRE increased its 2026 core EPS outlook to $7.80-$7.90 from $7.60-$7.80, implying 23% growth at the midpoint.
Critical infrastructure: BOE critical infrastructure revenue increased 68% to $676 million, driven by data-center demand and the Pearce Services acquisition.
Advisory recovery: Advisory revenue rose 18% to $2.31 billion, led by 24% growth in global leasing and 20% growth in property sales.
Telford charge: A $168 million non-cash provision for U.K. fire-safety remediation reduced GAAP net income; excluding it, GAAP net income would have increased 53% and GAAP EPS 57%.
Capital returns and leverage: CBRE repurchased nearly $1.0 billion of shares year to date, while net leverage stood at 1.60x and total liquidity at $4.4 billion.

Analysis

CBRE delivered a strong underlying second quarter, beating the $1.47 consensus with core EPS of $1.56, although GAAP EPS fell to $0.69 from $0.72 a year ago. Revenue increased 15.5% to $11.23 billion from $9.72 billion, while core EBITDA rose 34% to $836 million. Compared with the first quarter, revenue grew from $10.42 billion, but operating income fell from $511 million to $365 million, net income from $318 million to $204 million and GAAP EPS from $1.07 to $0.69. The sequential decline was heavily affected by the quarter's $168 million Telford fire-safety remediation provision and the absence of the prior quarter's stronger real-estate disposition contribution.

The print was defined by broad strength across both cyclical and recurring businesses. Advisory benefited from recovering leasing and sales activity, BOE continued to scale facilities and critical-infrastructure work, and Project Management revenue grew 19%. Pearce helped drive a 68% increase in critical-infrastructure revenue, while all four operating segments delivered more than 25% growth in segment operating profit. Management raised full-year core EPS guidance to $7.80-$7.90, and trailing-12-month free cash flow reached $1.68 billion. The main offsets were higher compensation and acquisition-related amortization, the Telford charge, and REI revenue declining 10% year over year.

Underlying earnings and outlook

Core EPS: Core EPS increased 30% year over year to $1.56, ahead of the $1.47 consensus. Core adjusted net income rose 27% to $459 million, while core EBITDA increased 34% to $836 million.
GAAP distortion: GAAP net income attributable to CBRE declined 5% to $204 million and GAAP EPS fell to $0.69 from $0.72. The $168 million non-cash Telford provision was the principal distortion; excluding it, GAAP net income would have risen 53% and GAAP EPS 57%.
Guidance: Full-year 2026 core EPS guidance increased to $7.80-$7.90 from $7.60-$7.80, representing 23% growth at the midpoint.

Broad segment acceleration

Advisory: Revenue grew 18% to $2.31 billion and segment operating profit rose 29% to $449 million. Leasing revenue increased 24%, property sales revenue 20%, and valuations revenue 12%.
Building Operations & Experience: Revenue increased 15% to $6.69 billion and segment operating profit rose 26% to $335 million. Facilities management grew 11%, property management 8%, and critical infrastructure 68%.
Project Management: Revenue rose 19% to $2.05 billion and segment operating profit increased 28% to $147 million, supported by infrastructure activity in the U.K., Europe and the Middle East and real-estate projects in North America and Asia.
Real Estate Investments: Revenue declined 10% to $193 million, but segment operating profit increased 68% to $42 million, helped by lower development costs and an $8 million equity income contribution.

Transactional recovery

CBRE's transactional businesses provided a meaningful part of the acceleration. Global leasing revenue rose 24%, with U.S. leasing also up 24% and led by office and industrial. Global property sales revenue increased 20%, driven by broad-based U.S. growth across industrial, multifamily, retail and office. Mortgage origination revenue increased 8%, although lower government-agency lending partly offset stronger private-capital activity. The loan-servicing portfolio grew 2% to more than $468 billion, but revenue was tempered by lower escrow income as average interest rates declined.

Critical infrastructure scale

BOE's critical-infrastructure business continued to be the fastest-growing major activity, with revenue reaching $676 million, up 68% year over year. Growth reflected strong demand for data-center solutions and the contribution from Pearce Services, acquired in November 2025. The company tied this demand to outsized artificial-intelligence investment and data-center buildouts. BOE's broader facilities-management revenue increased 11%, supported by local facilities management and enterprise outsourcing wins, although cost of revenue grew faster than segment revenue and rose to 36.8% of sales from 35.4%.

Telford remediation exposure

The Telford fire-safety issue remained the quarter's principal reported earnings charge. CBRE increased its estimated remediation liability to approximately $456 million at June 30 from $321 million at year-end, reflecting an expanded scope of work and higher estimated costs. The $168 million quarterly provision was non-cash and excluded from core results, but it drove the decline in GAAP earnings and pushed consolidated operating income to $365 million from $374 million a year earlier. Management cited fire-engineer assessments, updated surveys, regulatory feedback, internal fire-containment work and direct program costs as the main drivers.

Cash returns and leverage

Share repurchases: CBRE repurchased 6.68 million shares for $945 million during the first half and nearly $1.0 billion year to date. The company had approximately $3.9 billion of authorization remaining.
Cash generation: Trailing-12-month cash flow from operations was $1.36 billion and free cash flow was $1.68 billion, including $746 million of real-estate disposition gains. Six-month operating cash flow was negative $687 million because of working-capital outflows tied to revenue growth and collections timing.
Balance sheet: Net debt was $5.89 billion against trailing-12-month core EBITDA of $3.68 billion, producing 1.60x net leverage. Total liquidity was $4.4 billion, including $1.49 billion of cash.

CBRE Group Inc

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