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# CBRE Core EPS Rises 28% To $2.05 On 13% Revenue Growth, Led By Infrastructure Services
- URL: https://www.bullished.co/cbre-core-eps-rises-28-to-2-05-on-13-revenue-growth-led-by-infrastructure-services-107730a0/
- Published: 2026-10-22T11:22:23.000Z
- Updated: 2026-10-22T11:22:23.000Z
- Description: Critical infrastructure services revenue rose 80% in local currency, while project management growth slowed with corporate capital spending.
- Author: Matteo Parrino
- Tags: Earnings, CBRE, Industry: Real Estate

[CBRE](https://www.bullished.co/tag/cbre/)'s core earnings per share, its adjusted measure, rose 28% to [$2.05](https://www.sec.gov/Archives/edgar/data/0001138118/000113811826000028/cbre-20261022x8kexx991.htm?ref=bullished.co) in the third quarter, on a 13% increase in revenue to $11.5 billion, the company said in an [8-K filed Thursday](https://www.sec.gov/Archives/edgar/data/0001138118/000113811826000028/cbre-20261022.htm?ref=bullished.co). Earnings per share under standard accounting rose 26% to $1.52.

## What the results show

Revenue was $11,517 million versus $10,221 million a year earlier. Core EBITDA, an adjusted operating earnings figure, reached $1,001 million versus $779 million. Core adjusted net income was $599 million versus $481 million.

Chair and CEO Bob Sulentic said core earnings per share "improved 28% on a 13% revenue increase, with both resilient (1) and transactional (1) businesses growing by double digits."

On a trailing 12-month basis, infrastructure services revenue rose 50% to $4.5 billion, the release said.

## Where the growth came from

In the Building Operations & Experience segment, revenue from critical infrastructure services rose 80% in local currency. The company attributed that to strong growth in data center services and contributions from Pearce Services, which it acquired in November 2025\. Segment revenue rose 17% to $6,856 million, and segment operating profit rose to $349 million from $289 million.

In the Advisory segment, property sales revenue rose 28% (29% in local currency), with U.S. revenue up 37%. Leasing revenue rose 6% in local currency.

Project Management revenue grew 3% in local currency to $2,035 million. The company said a slowdown in corporate capital spending on real estate tempered growth. Segment operating profit rose 9%, and a one-time cost in Asia-Pacific lowered that growth rate by six percentage points.

In Real Estate Investments, development operating profit totaled $128 million, up significantly from a year earlier, with strong data center land sale activity cited.

## Cash and leverage

Free cash flow was $1.8 billion for the 12 months ended September 30, 2026\. Year to date, CBRE repurchased nearly $1.2 billion of shares.

Net debt was $5,295 million against trailing twelve-month core EBITDA of $3,902 million, a net leverage ratio of 1.36x. Total liquidity was $5.0 billion.

The earnings webcast and call were scheduled for Thursday at 8:30 a.m. Eastern.

CBRE closed at $134.65 at Wednesday's close, up 0.31% in that session, before the results were released.

### Sources

- [8-K Filing — CBRE GROUP, INC. (CBRE)](https://www.sec.gov/Archives/edgar/data/0001138118/000113811826000028/cbre-20261022.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit cbre-20261022x8kexx991.htm — CBRE GROUP, INC. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001138118/000113811826000028/cbre-20261022x8kexx991.htm?ref=bullished.co) — SEC EDGAR

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