CBRE Group (CBRE) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue rose 16% year-over-year to $11.2 billion, with Core EPS up 30% to $1.56 and GAAP EPS at $0.69; all segments—Advisory, Building Operations & Experience (BOE), Project Management, and Real Estate Investments (REI)—grew segment operating profit by over 25%.

• Core EBITDA increased 34% to $836 million, marking the fifth consecutive quarter of at least 18% Core EPS growth.

• Free cash flow for the trailing twelve months was nearly $1.7 billion, with significant share buybacks nearing $1 billion year-to-date.

• The commercial real estate market recovery continued, with robust leasing, sales, and strong demand for facilities management and critical infrastructure services.

• Operating income and GAAP net income were impacted by a $168 million non-cash reserve for UK fire-safety remediation.

Financial highlights

• Q2 2026 revenue: $11.2 billion (up 16% year-over-year); Core EBITDA: $836 million (up 34%); Core EPS: $1.56 (up 30%); GAAP net income: $204 million (down 5% year-over-year); Core net income: $459 million (up 27%).

• Advisory Services revenue grew 18%, with global leasing up 24% and property sales up 20%; U.S. office leasing up 29%.

• BOE revenue increased 15%, led by critical infrastructure services up 68%; SOP up 25%.

• Project Management revenue up 19%, SOP up 28%, driven by infrastructure and technology client demand.

• REI revenue down 10%, but segment operating profit up 68%; AUM at $155 billion.

Outlook and guidance

• 2026 Core EPS guidance raised to $7.80–$7.90, reflecting 23% growth at the midpoint; Q3 Core EPS growth expected to exceed 20% year-over-year.

• Advisory SOP expected to grow ~20%, BOE ~25%, Project Management mid-teens, and REI higher than prior year.

• At least 15% Core EPS growth targeted for 2027, assuming stable macroeconomic and interest rate conditions.

• Management expects continued strong demand for outsourcing, facilities management, and project management, supported by AI investments and data center buildouts.

• Guidance assumes no material changes in macroeconomic or interest rate environment.