CBRE Group Reports Q3 2026 Results: Core EPS Up 28% on $11.5B Revenue

Executive Summary

On October 22, 2026, CBRE Group, Inc. (NYSE: CBRE) filed a Current Report on Form 8-K under Item 2.02 (Results of Operations and Financial Condition), furnishing its financial results for the third quarter ended September 30, 2026.

Key Financial Highlights

• Consolidated Revenue: Totaled $11,517 million, compared to $10,221 million in Q3 2025, an increase of 12.7% (12.9% in local currency).
• Pass-through Costs: $4,691 million, up 11.4% from $4,212 million in Q3 2025.
• Net Income & Margins:
  • GAAP Net Income: $443 million, up 22.0% YoY from $363 million.
  • Core Adjusted Net Income: $599 million, an increase of 24.5% YoY from $481 million.
• Diluted Earnings Per Share:
  • GAAP EPS: $1.52 vs. $1.21 in Q3 2025 (+25.6%).
  • Core EPS: $2.05 vs. $1.60 in Q3 2025 (+28.1%).
• Core EBITDA: Reached $1,001 million, representing a 28.5% year-over-year increase from $779 million in Q3 2025.
• Cash Flow Performance:
  • Operating cash flow totaled $869 million (+5.1% YoY).
  • Free cash flow grew 19.0% to $927 million, supported by $184 million in real estate disposition gains offset by $126 million in capital expenditures.
  • On a trailing 12-month basis, operating cash flow stood at $1.4 billion and free cash flow reached $1.8 billion.

Segment Operational Highlights

1. Advisory Services

• Revenue: $2,441 million, rising 11.0% YoY (11.2% in local currency) compared to $2,199 million.
• Segment Operating Profit: Rose 15.9% YoY to $467 million from $403 million.
• Property Sales: Global property sales revenue climbed 28% (29% in local currency), led by a 37% increase in the U.S. driven by industrial and retail asset demand.
• Leasing: Global leasing revenue increased 6% (same in local currency), with EMEA up 21% (led by the U.K.) and U.S. up 4% (driven by industrial, offset by office down 2%).

2. Building Operations & Experience (BOE)

• Revenue: Reached $6,856 million, up 17.4% YoY (17.5% in local currency) from $5,842 million in Q3 2025.
• Segment Operating Profit: Rose 20.8% YoY to $349 million from $289 million.
• Critical Infrastructure Services: Revenue surged 80% YoY, propelled by rapid adoption of data center solutions and additions from the Pearce Services acquisition.

Strategic Takeaways & Outlook

CBRE delivered double-digit growth across both its resilient business units (e.g., facilities management and critical infrastructure) and transactional lines (property sales and leasing). The substantial expansion in data center and critical infrastructure services demonstrates the company's successful capitalization on AI and technology infrastructure demand, providing diversified recurring revenue alongside transaction fee recovery.