Colliers International Group (CIGI) Q2 2026 earnings summary

Executive summary

• Achieved double-digit revenue growth across all three business platforms in Q2 2026, with consolidated revenues up 17% year-over-year (16% in local currency), driven by strong internal growth and improved earnings quality.

• The Ayesa Engineering acquisition expanded global capabilities, particularly in infrastructure, transportation, water, property, and buildings, enhancing the engineering footprint in Europe, Latin America, Middle East, and Australia.

• 70% of trailing twelve-month earnings now come from resilient, recurring business lines, supporting a diversified and durable business model.

• Harrison Street assets under management reached $110 billion, with revenues up 17%.

• Adjusted EBITDA increased 14% to $205.3 million, while adjusted EPS rose 6% to $1.83 compared to Q2 2025.

Financial highlights

• Q2 2026 revenues: $1.57B (+17%); net revenues: $1.39B (+17%); Adjusted EBITDA: $205.3M (+14%); Adjusted EPS: $1.83 (+6%).

• GAAP diluted EPS: $0.56 (up from $0.08 in Q2 2025).

• Six-month revenues: $2.89B (+16%); net revenues: $2.54B (+16%); Adjusted EBITDA: $330.1M (+11%).

• Free cash flow for Q2 was $151.3M, up from $32.4M in the prior year quarter; TTM free cash flow was $365.6M, representing 106% of adjusted net earnings.

• $900M in available liquidity as of June 30, 2026.

Outlook and guidance

• Full-year 2026 outlook reaffirmed: mid-teens percentage growth expected in revenues, Adjusted EBITDA, and Adjusted EPS.

• Commercial Real Estate and Investment Management anticipate low-teens growth; Engineering expects 25%+ growth, including Ayesa.

• Net AEBITDA margin expected to improve in Commercial Real Estate and Engineering, remain stable or modestly up in other segments, but decline in Investment Management due to integration costs.

• Anticipate significant deleveraging in the second half, targeting year-end leverage of 2.3x.