CBRE third-quarter core EPS rises 28% to $2.05 on 13% revenue growth

CBRE Group, Inc. (CBRE) said in a filing Thursday that third-quarter revenue rose 13% to $11.5 billion, and core earnings per share climbed 28% to $2.05.

The commercial real estate services firm released the results for the quarter ended Sept. 30, 2026, in a press release furnished with its Form 8-K.

Here's how the company did:

• Revenue: $11.517 billion vs. $10.221 billion a year earlier
• GAAP diluted EPS: $1.52 vs. $1.21 a year earlier
• Core EPS: $2.05 vs. $1.60 a year earlier
• Net income attributable to CBRE Group, Inc.: $443 million vs. $363 million a year earlier

GAAP diluted earnings per share rose 26% to $1.52, and net income attributable to the company rose 22% to $443 million.

Core adjusted net income rose 24.5% to $599 million. Core EBITDA, or earnings before interest, taxes, depreciation and amortization adjusted for items the company excludes, rose 28.5% to $1,001 million from $779 million.

"CBRE produced another quarter of strong financial results and continued to make strategic gains in targeted areas of our business," chair and chief executive officer Bob Sulentic said in the release.

Nine-month results

For the first nine months, revenue was $33.270 billion, up from $28.813 billion a year earlier. Diluted GAAP earnings per share were $3.28, compared with $2.46.

Core EPS for the nine months was $5.22, against $3.69. Core EBITDA reached $2.668 billion, up from $1.923 billion.

The non-GAAP figures exclude a $168 million provision associated with Telford's fire safety remediation efforts, the release shows.

The release does not include updated guidance. The company said its webcast and conference call were scheduled for 8:30 a.m. Eastern Time on Thursday.

Segment results

Here's how other CBRE segments did during the quarter:

• Building Operations & Experience: revenue $6.856 billion vs. $5.842 billion, up 17.4%; segment operating profit $349 million vs. $289 million, up 20.8%
• Advisory Services: revenue $2.441 billion vs. $2.199 billion, up 11.0%; segment operating profit $467 million vs. $403 million, up 15.9%
• Project Management: revenue $2.035 billion vs. $1.978 billion, up 2.9%; segment operating profit $162 million vs. $148 million, up 9.5%
• Real Estate Investments: revenue $203 million vs. $211 million, down 3.8%; segment operating profit $166 million vs. $73 million, up 127.4%

In Building Operations & Experience, revenue from critical infrastructure services rose 80% on a same-local-currency basis. The growth was driven by data center services solutions and contributions from Pearce Services, which the company acquired in November 2025.

Facilities management revenue in the same segment rose 13% on a same-local-currency basis, with double-digit growth in both its enterprise and local businesses.

In Advisory Services, global property sales revenue rose 28%, and U.S. property sales revenue was up 37%. Global leasing revenue rose 6% on a same-local-currency basis, and EMEA revenue grew 21%.

Mortgage origination revenue edged up 1%. Lower government agency lending largely offset higher activity with private capital sources.

The loan servicing portfolio rose 8% during the quarter to more than $500 billion.

Project Management revenue rose 3%. The company said the growth rate was tempered by a slowdown in corporate capital spending on real estate.

Segment operating profit in Project Management rose 9.5%, but a one-time cost in APAC lowered that growth rate by six percentage points.

Real estate development operating profit totaled $128 million, up significantly from the third quarter of 2025, reflecting data center land sale activity and monetization of other assets. The in-process projects and pipeline ended the quarter at $29.6 billion, unchanged from the second quarter.

Investment management revenue rose 4%, but operating profit of $38 million was down from $43 million a year earlier. Assets under management ended the quarter at more than $155 billion.

Cash flow, buybacks and leverage

Free cash flow totaled $927 million in the quarter, up 19% from $779 million. On a trailing 12-month basis, free cash flow was $1.832 billion.

Year to date, the company repurchased nearly $1.2 billion of its shares, according to the release.

Net leverage, measured as net debt to trailing 12-month core EBITDA, was 1.36x as of Sept. 30. Net debt was $5.295 billion, calculated from total debt of $6.978 billion less cash and cash equivalents of $1.683 billion.

The company had $5.0 billion of total liquidity at quarter end, including availability under its revolving credit facilities and commercial paper program.

Core corporate operating loss increased by about $9 million in the quarter, mainly from higher incentive compensation.