CBRE Group (CBRE) Q1 2026 earnings summary

Executive summary

• Revenue increased 19% year-over-year to $10.53 billion for Q1 2026, with strong growth across all business segments, including double-digit gains in Advisory, Building Operations & Experience, and Project Management.

• GAAP net income rose 95% to $318 million, and GAAP EPS nearly doubled to $1.07, with Core EPS up 81% to $1.61.

• Core EBITDA grew 60% year-over-year, and profits from the data center land development program were realized earlier than anticipated.

• Recent acquisitions, including Pearce Services and Industrious, expanded capabilities in digital infrastructure and flexible workspace solutions.

• Upgraded full-year Core EPS guidance to $7.60–$7.80, reflecting over 20% growth at the midpoint, based on Q1 outperformance and continued momentum.

Financial highlights

• Core net income reached $478 million, up 78% year-over-year, with Core EBITDA at $831 million, up 60%.

• Free cash flow for the trailing twelve months was $1.7 billion, with a 78% conversion rate.

• Net leverage at quarter-end was 1.5x, with liquidity of $4.4 billion and net debt at $5.3 billion.

• Share buybacks totaled nearly $540 million year-to-date at an average price of ~$148.

• Operating margin was 4.3%, and gross margin was 59.8%.

Outlook and guidance

• Raised full-year Core EPS guidance to $7.60–$7.80, reflecting over 20% growth at midpoint, driven by Q1 outperformance and strong pipelines.

• Advisory Services SOP expected to grow in the high teens; Building Operations & Experience SOP to grow ~25%.

• Project Management SOP projected for low-teens growth; Real Estate Investments to match 2025 levels.

• H1 2026 expected to comprise nearly 40% of full-year Core EPS.

• Guidance assumes stable macroeconomic and interest rate environments.