Colliers International Group (CIGI) Q3 2025 earnings summary

Executive summary

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

• 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 $1,463.1M; net revenues up 19% to $1,258.9M.

• Adjusted EBITDA increased 24% to $191.1M; adjusted EBITDA margin steady at 13.1%.

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

• Real estate services revenues rose 13–14%, with capital markets up 21% and leasing revenues up 14–15%.

• Engineering Q3 revenues up 54%, with net revenue up 36% and internal growth of 6%.

Outlook and guidance

• Maintains 2025 outlook: expects low-teens revenue growth, mid-teens Adjusted EBITDA growth, and mid to high-teens Adjusted EPS growth for the full year.

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

• Fundraising expected to reach midpoint of $5–8 billion target for the year.

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

• Solid backlogs and strong pipelines provide confidence heading into 2026.