CBRE Core EPS Rises 28% To $2.05 On 13% Revenue Growth, Led By Infrastructure Services
Critical infrastructure services revenue rose 80% in local currency, while project management growth slowed with corporate capital spending.
CBRE's core earnings per share, its adjusted measure, rose 28% to $2.05 in the third quarter, on a 13% increase in revenue to $11.5 billion, the company said in an 8-K filed Thursday. 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) — SEC EDGAR
- Exhibit cbre-20261022x8kexx991.htm — CBRE GROUP, INC. 8-K exhibit — SEC EDGAR
