EarningsQ3 2026 Earnings Report
MX:CBRE Q3 2026 EPS Results
Actual EPS$38.30
Consensus EPS$36.69
Beat/MissBeat by +$1.61
One Year Ago EPS$30.08
MX:CBRE Q3 2026 Revenue Results
Actual Revenue$215.18B
Expected Revenue$220.63B
Beat/MissMissed by -$5.45B
YoY Revenue Growth+12.27%
Earnings Announcement Details
QuarterQ3 2026
Date10/22/2026
TimeBefore Open
Conference CallThursday, October 22, 2026
MX:CBRE Upcoming Earnings
CBRE Group's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:CBRE Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive, supported by 28% core EPS growth, 13% revenue growth, strong performance in infrastructure services, property sales, facilities management and real estate investments, maintained 2026 guidance, and a stated path to 15% core EPS growth in 2027. These strengths were tempered by interest-rate-driven capital markets pressure, expected moderation in Advisory, lower office leasing, enterprise facilities management account restructuring, lower Investment Management profit and reduced share repurchases.Company Guidance
Strong Third-Quarter Financial Performance
Core EPS improved 28% on a 13% increase in revenue, with both resilient and transactional businesses growing by double digits.
Infrastructure Services Growth Outlook
Critical Infrastructure Services is expected to generate nearly $4.5 billion of revenue in 2027. Including broader infrastructure services across the company, total infrastructure services revenue is expected to reach nearly $7 billion in 2027, growing more than 40% from this year.
Global Leasing Growth and Fourth-Quarter Outlook
Global Leasing revenue grew 6%, led by 21% growth in EMEA, including a standout performance in the U.K. APAC grew 2%, supported by India and the Pacific, while U.S. leasing increased 4%, led by 16% growth in industrial. The company expects global leasing revenue to grow at a low double-digit rate in the fourth quarter.
Property Sales Revenue Growth
Global property sales revenue increased 28%, led by a 37% increase in the U.S. driven by accelerated growth in industrial and retail. Sales revenue grew 8% in EMEA, including 33% growth in the U.K., and 10% in Asia Pacific, led by Japan.
Advisory Services and Mortgage Origination Performance
Advisory SOP grew 16%. Mortgage origination revenue rose 1%, with a double-digit increase from private capital sources, driven by debt funds and insurance companies, partially offset by a decline in government agency lending.
Critical Infrastructure Services Momentum
Building Operations and Experience revenue increased 17%, led by an 80% increase in Critical Infrastructure Services. Growth was driven by strong hyperscaler demand for data center services solutions and contributions from the Pearce acquisition. BOE SOP grew 21%.
Facilities Management Growth
Facilities Management revenue grew 13%. Enterprise Facilities Management was led by technology, financial services and energy clients, while local facilities management grew more than 25% in the Americas and continued to show strength in Asia Pacific and Western Europe.
Project Management Infrastructure Growth
Project Management revenue grew 3% and SOP grew 9% despite a one-time cost in APAC related to a client default. On a net revenue basis, Project Management grew 11%, and SOP grew 15% excluding that project write-down, as infrastructure growth more than offset the slowdown in real estate.
Real Estate Investments Profit Improvement
Real Estate Investments segment operating profit rose to $166 million from $73 million in the prior-year quarter, driven by data center land sales and the monetization of other assets.
Development Portfolio Embedded Gains
The company estimated that embedded gains in its development portfolio totaled about $800 million after adjusting the value for the recent increase in interest rates. Data center land sales would generate additional profits over and above the $800 million.
Investment Management Scale and Fundraising
Investment Management ended the quarter with more than $155 billion of assets under management and raised approximately $2 billion of new capital, up from $1.6 billion in the second quarter.
Strong Free Cash Flow and Balance-Sheet Outlook
Trailing 12-month free cash flow totaled $1.8 billion. The company remains on track to achieve full-year free cash flow conversion within its target range of 75% to 85% and expects to end the year with slightly above 1 turn of net leverage.
2026 Earnings Guidance Maintained
The company maintained its 2026 core EPS guidance range of $7.80 to $7.90, representing 23% growth at the midpoint.
Path to 2027 Core EPS Growth
Management continued to see a path to 15% core EPS growth in 2027, supported by outsized growth in infrastructure services and data centers, consistent growth in BOE and Project Management, development asset monetization, and additional M&A. The outlook includes the benefit from Onnec and likely additional M&A.
Onnec Acquisition Expands Data Center Capabilities
CBRE agreed to acquire Onnec and expects to close the acquisition around the end of the year. Including Onnec, the Critical Infrastructure Services business line would have generated approximately at least $3 billion of revenue over the past 12 months. Onnec adds capabilities in Malaysia, the Nordics and Australia and expands the company’s international data center project and technical services footprint.
Additional Data Center M&A Opportunity
Management described the data center services market as highly fragmented, with considerable M&A targets in the U.S. and internationally. The company said it is receiving inbound requests from potential sellers and is targeting strong returns of at least 15% on acquisitions.
Data Center Land Sales Pipeline
The company has more than 20 sites under control that could potentially be sold as data center sites, is actively seeking new sites, and considers data center land sales an ongoing business, although not a ratable one.
MX:CBRE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed