10-Q · April 23, 2026
CBRE reported quarterly revenue of $10,527.0 million, up 18.6% year-over-year, driving consolidated operating income of $511 million (4.9% margin) and net income attributable to CBRE of $318 million. Core EBITDA rose to…
Earnings analysis · 10-Q
CBRE earnings analysis
Filed October 22, 2026 · Our reading of the company's report
The latest report
CBRE delivered strong operating momentum in Q3, with revenue of $11.517 billion, 17.4% BOE growth, an 80% increase in critical infrastructure services revenue in local currency and a 127.4% increase in REI operating…
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CBRE delivered strong operating momentum in Q3, with revenue of $11.517 billion, 17.4% BOE growth, an 80% increase in critical infrastructure services revenue in local currency and a 127.4% increase in REI operating profit. Core EPS of $2.05 beat consensus, but GAAP EPS was $1.52 and revenue missed the $11.891 billion estimate. Margins improved sequentially and free cash flow rebounded to $637 million, but foreign-currency exposure, interest-rate sensitivity and the absence of new quantitative guidance temper the outlook.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.52
- Segment
- Building Operations & Experience (BOE) revenue grew 17.4% year over year.
- Segment
- Critical infrastructure services revenue increased 80% in local currency.
- Segment
- REI segment operating profit increased 127.4% year over year.
What stood out
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Revenue grew 12.3% year over year
Q3 revenue was $11.517 billion, up from $11.23 billion in Q2 2026 and $10.26 billion in Q3 2025, representing approximately 2.6% sequential and 12.3% year-over-year growth.
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Operating margin improved sequentially
Gross margin was 19.1%, up from 18.6% in Q2 2026 and flat versus Q3 2025. Operating margin was 4.7%, up from 3.2% sequentially and flat year over year.
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Core EPS beat and cash flow rebounded
Core EPS was $2.05, exceeding the $1.96 consensus estimate, although GAAP EPS was $1.52. Free cash flow was $637 million, compared with negative $148 million in Q2 2026.
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BOE and infrastructure drove growth
BOE revenue increased 17.4% year over year, while critical infrastructure services revenue rose 80% in local currency, reflecting strong data-center-related demand.
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REI profitability expanded sharply
REI segment operating profit increased 127.4% year over year, indicating substantial profit growth in the segment despite the consolidated revenue miss versus the $11.891 billion estimate.
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Share repurchases remained active
The company repurchased $217 million of common stock during Q3 and had $3.7 billion remaining under its repurchase authorization as of September 30, 2026.
What to watch
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Significant foreign-currency exposure
There were no material changes to the risk factors disclosed in the 2025 Annual Report. However, approximately 43.0% of Q3 revenue was transacted in foreign currencies, creating translation and operating exposure.
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Currency volatility remains material
Cross-currency swaps had a total fair value of $95 million in current and other assets and $361 million in other liabilities as of September 30, 2026, highlighting the scale of hedging exposure.
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Interest-rate and liquidity sensitivity
A 100-basis-point increase in rates on outstanding variable-rate debt would have reduced nine-month 2026 pretax income by $18 million. The filing also identifies high interest rates, limited debt-market access and liquidity constraints as potential adverse conditions.
Management's outlook
No quantitative quarterly or annual revenue or EPS guidance, and no change to prior guidance, was provided.
Earlier filings 4
10-K · February 12, 2026
CBRE emphasizes scale and an integrated platform as its competitive moat, citing operations in more than 100 countries and serving nearly 90% of Fortune 100 companies. Management reorganized services in 2025 (creating…
10-Q · October 23, 2025
CBRE reported a beat in Q3 with revenue of $10,258 million and diluted EPS of $1.21, up materially versus the comparable 2024 quarter. Operating income rose to $481 million (4.7% operating margin) driven by higher…
10-Q · April 24, 2025
CBRE reported quarterly revenue of $8,910 million (up $975 million, +12.3% YoY vs $7,935 million) and GAAP diluted EPS of $0.54 (up $0.13, +31.7% YoY vs $0.41). Operating income rose to $276 million (vs $204 million a…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.