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

CBRE Group, Inc. reported core earnings per share of $2.05 for the third quarter ended September 30, 2026, a 28% increase from the prior-year period. The company stated that revenue rose 13% to $11.5 billion, with both resilient and transactional businesses posting double-digit growth.

Chair and chief executive officer Bob Sulentic attributed the performance to strategic gains in targeted areas, specifically highlighting the Critical Infrastructure Services business line. He noted that core earnings per share improved by 28% alongside the 13% revenue increase.

The Building Operations & Experience segment was a primary driver of the top-line expansion, with revenue increasing 17% in local currency terms. Revenue from critical infrastructure services surged 80% in local currency, driven by data center services solutions and contributions from Pearce Services, which CBRE acquired in November 2025. Facilities management revenue rose 13%, while property management revenue increased 8% in local currency.

In the Advisory Services segment, revenue grew 11% in local currency. Global property sales revenue rose 28% in local currency, with U.S. revenue up 37% due to accelerated growth in industrial and retail sectors. Conversely, U.S. office leasing revenue declined 2%, even as overall global leasing revenue increased 6% in local currency.

The Project Management segment saw revenue rise 3% in local currency, supported by demand for program management and cost consulting for infrastructure assets. This growth was tempered by a slowdown in corporate capital spending on real estate. Segment operating profit increased 9%, though a one-time cost in Asia Pacific lowered the growth rate by six percentage points.

Real estate development operating profit totaled $128 million, reflecting strong data center land sale activity and asset monetization. The portfolio of in-process projects and pipeline ended the quarter at $29.6 billion, unchanged from the previous quarter. Investment management assets under management exceeded $155 billion, with revenue increasing 4% in local currency.

For the trailing twelve months ended September 30, 2026, CBRE reported cash flow from operations of $1.4 billion and free cash flow of $1.8 billion. The company’s net leverage ratio stood at 1.36x as of September 30, 2026, with total liquidity of $5.0 billion at the end of the third quarter. Year-to-date, CBRE repurchased nearly $1.2 billion worth of shares.