CBRE Q3 Revenue Rises 13% to $11.5 Billion as Core EPS Gains 28%

CBRE Group, Inc. reported revenue of $11,517 million for the third quarter ended September 30, 2026, up 12.7% in U.S. dollars and 12.9% in local currency from $10,221 million a year earlier, according to the company’s third-quarter 2026 earnings release issued October 22, 2026. Net income attributable to CBRE was $443 million, or $1.52 per diluted share, versus $363 million, or $1.21 per diluted share, in the prior-year quarter.

Core adjusted net income was $599 million versus $481 million, and core EPS rose 28.1% to $2.05 from $1.60. Core EBITDA was $1,001 million versus $779 million, up 28.5%. Core adjusted net income, core EPS and core EBITDA are non-GAAP measures under SEC guidelines, the company states, with adjustments that included acquisition-related intangible amortization, integration and other costs related to acquisitions, and business and finance transformation. Pass-through costs, which the company describes as reimbursable costs tied to subcontracted third-party vendor work that are reflected within revenue, totaled $4,691 million versus $4,212 million.

Chair and chief executive officer Bob Sulentic said core earnings per share improved 28% on a 13% revenue increase, with both the company’s resilient and transactional businesses growing by double digits. “Strategically, we continued to advance both our Critical Infrastructure Services business line as well as the broader infrastructure services work we perform across the company,” Sulentic said. On a trailing 12-month basis, infrastructure services revenue rose 50% to $4.5 billion, according to the release.

For the nine months ended September 30, 2026, revenue was $33,270 million versus $28,813 million a year earlier. Net income attributable to CBRE was $965 million, or $3.28 per diluted share, versus $741 million, or $2.46 per diluted share. Core EBITDA for the nine-month period was $2,668 million versus $1,923 million.

Segment Results

Advisory Services revenue rose 11.0% to $2,441 million from $2,199 million, and segment operating profit increased 15.9% to $467 million from $403 million. Global leasing revenue increased 6%, the same in local currency: EMEA leasing grew 21% (22% local currency), driven by the U.K.; U.S. leasing rose 4% overall, led by industrial, up 16%, while office was down 2%; APAC leasing rose 2%. Global property sales revenue rose 28% (29% local currency), with U.S. revenue up 37% on accelerated growth in industrial and retail, APAC up 10% (14% local currency) and EMEA up 8% (9% local currency). Mortgage origination revenue edged up 1%, as increased activity with private capital sources was largely offset by lower government agency lending, the company said. The loan servicing portfolio rose 8% during the quarter to more than $500 billion, with servicing revenue down slightly as lower escrow income offset higher loan servicing fees. Valuations revenue rose 6%, driven by the U.S.

Building Operations & Experience revenue rose 17.4% to $6,856 million from $5,842 million, and segment operating profit increased 20.8% to $349 million from $289 million. Revenue from critical infrastructure services surged 80% in local currency, driven by continued strong growth in data center services solutions and contributions from Pearce Services, which CBRE acquired in November 2025, the company said. Facilities management revenue rose 13% in local currency, with double-digit growth in the enterprise business led by technology, financial services and energy clients, and property management revenue rose 8%.

Project Management revenue rose 2.9% to $2,035 million from $1,978 million, while pass-through costs declined 4.3% to $1,034 million. Segment operating profit increased 9.5% to $162 million from $148 million. The company said growth was driven by continued strong demand for program management and cost consulting services for infrastructure assets, tempered by a slowdown in corporate capital spending on real estate, and that a one-time cost in APAC lowered the segment’s operating profit growth rate by six percentage points.

Real Estate Investments revenue fell 3.8% to $203 million from $211 million, while segment operating profit rose 127.4% to $166 million from $73 million. Global real estate development operating profit was $128 million versus $35 million in the third quarter of 2025, which the company attributed to strong data center land sale activity and monetization of other assets. The portfolio of in-process projects and pipeline ended the quarter at $29.6 billion, unchanged from the second quarter, and stands at $20.2 billion excluding fee development. Investment management revenue rose 4% (5% local currency) on higher recurring asset management fees and increased incentive fees, while operating profit was $38 million, down from $43 million, as higher fees were offset by lower co-investment returns. Assets under management ended the quarter at more than $155 billion. Core corporate operating loss increased by approximately $9 million for the quarter, primarily driven by higher incentive compensation, the company said.

Cash Flow, Leverage and Liquidity

Third-quarter cash flow provided by operations was $869 million versus $827 million a year earlier. Gain on disposition of real estate was $184 million versus $36 million, and capital expenditures were $126 million versus $84 million. Free cash flow, which the company defines as operating cash flow plus gains on real estate sales less capital expenditures, was $927 million versus $779 million, up 19.0%. For the trailing 12 months ended September 30, 2026, cash flow from operations was $1,403 million and free cash flow was $1,832 million.

Year-to-date, CBRE repurchased nearly $1.2 billion worth of shares; the nine-month cash flow statement shows $1,158 million of common stock repurchases. The company’s net leverage ratio was 1.36x as of September 30, 2026, computed as total debt of $6,978 million less cash and cash equivalents of $1,683 million, for net debt of $5,295 million, divided by trailing 12-month core EBITDA of $3,902 million. Total liquidity at quarter end was $5.0 billion, including cash available for company use and availability under its revolving credit facilities and commercial paper program.

The earnings webcast and conference call were scheduled for October 22, 2026 at 8:30 a.m. Eastern Time. A replay was set to be available from 1:00 p.m. Eastern Time the same day, and a transcript of the call will be posted on the company’s investor relations website.