CBRE Revenue Growth Cools After Two Faster Quarters

The Tip Desk · October 27, 2026 · 3 min read

Third-quarter revenue rose 13% to $11.5 billion as core EPS reached $2.05.

CBRE Group, Inc. (CBRE), the commercial real estate services and investment firm, reported third-quarter revenue of $11.5 billion, a 13% increase from a year earlier, after 16% growth in the second quarter and 19% in the first.

Core earnings rose 28% to $2.05 a share, slower than 30% growth in the second quarter and 81% in the first. GAAP earnings were $1.52 a share, up 26%. Core EBITDA was $1.001 billion, up 29%.

Chair and Chief Executive Officer Bob Sulentic said core earnings per share improved 28% on a 13% revenue increase, with both resilient and transactional businesses growing by double digits.

Advisory Services, the leasing, sales and mortgage franchise, saw revenue growth slow to 11% in local currency from 17% in the second quarter and 19% in the first. Segment revenue was $2.441 billion. Segment operating profit rose 16% to $467 million.

Global leasing revenue growth slowed to 6% in local currency from 23% in the second quarter and 18% in the first. U.S. leasing rose 4% overall, with industrial up 16% and office down 2%. EMEA leasing grew 21%, driven by the U.K. APAC leasing was up 2% in local currency.

Global property sales revenue rose 28%, or 29% in local currency. U.S. sales were up 37%, which the company attributed to accelerated growth in industrial and retail. APAC sales rose 10% and EMEA 8%. Mortgage origination revenue edged up 1% in local currency after 53% growth in the first quarter; the company said increased activity with private capital sources was largely offset by lower government agency lending. The loan servicing portfolio rose 8% during the quarter to more than $500 billion. Valuations revenue rose 6% in local currency, driven by the U.S.

Building Operations & Experience, the largest segment, posted revenue of $6.856 billion, up 17% in local currency, and segment operating profit of $349 million, up 21%. Critical infrastructure services revenue surged 80% in local currency, which the company attributed to continued strong growth in data center services solutions and contributions from Pearce Services, acquired in November 2025. Facilities management revenue rose 13% and property management 8%.

Project Management revenue was $2.035 billion, up 3% in local currency, with pass-through costs down 4%. Segment operating profit rose 9% to $162 million, including a one-time cost in APAC that lowered growth by six percentage points. The company said growth was driven by demand for program management and cost consulting for infrastructure assets and tempered by a slowdown in corporate capital spending on real estate.

Real Estate Investments revenue fell 4% to $203 million, while segment operating profit rose 127% to $166 million. Development operating profit totaled $128 million, reflecting strong data center land sale activity and monetization of other assets. Investment management operating profit was $38 million. Assets under management ended the quarter at more than $155 billion. The in-process development portfolio and pipeline ended at $29.6 billion, unchanged from the second quarter.

Free cash flow was $927 million in the quarter, up 19% from $779 million a year earlier. Trailing 12-month free cash flow was $1.8 billion. Year-to-date, the company repurchased nearly $1.2 billion of shares. Net leverage was 1.36 times as of September 30, 2026, with net debt of $5.295 billion. Liquidity was $5.0 billion.