Colliers International Group (CIGI) Q3 2025 earnings summary

Executive summary

• Delivered strong third-quarter results with momentum across all business segments, especially engineering and real estate services, driven by both acquisitions and organic growth.

• Engineering segment now generates over $1.7 billion in annualized revenue and employs more than 10,000 professionals globally.

• Real estate services saw a surge in leasing and capital markets transactions, with positive outlook as interest rates stabilize.

• Investment management advanced global integration under the Harrison Street brand and reported higher assets under management.

• Over 70% of earnings from recurring revenues; free cash flow conversion at 96% of adjusted net earnings.

Financial highlights

• Q3 2025 revenues rose 24% year-over-year to $1.46B; net revenues up 19% to $1.26B.

• Adjusted EBITDA was $191.1M, a 24% increase from last year; margin steady at 13.1%.

• Adjusted EPS up 24% to $1.64; GAAP diluted EPS up 12% to $0.82.

• Real estate services revenues increased 14%, with capital markets up 21% and leasing up 15%.

• Assets under management ended the quarter at $108.3B, up 10% year over year and 5% sequentially.

Outlook and guidance

• Full-year consolidated outlook maintained; expects low-teens revenue growth, mid-teens Adjusted EBITDA growth, and mid to high-teens Adjusted EPS growth.

• Real estate services and engineering may exceed previous guidance; investment management expected slightly below guidance due to integration costs.

• Fundraising for the year expected near the midpoint of the $5–$8B target.

• Outlook assumes lower global trade uncertainty and interest rate volatility in Q4.

• Solid backlogs across geographies provide confidence heading into 2026.