Colliers International Group (CIGI) Q4 2025 earnings summary

Executive summary

• 2025 delivered strong results with double-digit revenue and net revenue growth, over 70% of earnings from recurring professional services, and robust free cash flow conversion at 105% of adjusted net earnings.

• Fourth quarter revenues reached $1.61 billion, up 7% year-over-year, with net revenues up 9% and Adjusted EBITDA up 9% compared to the prior year quarter.

• The company completed three engineering tuck-in acquisitions in early 2026 and announced the $700 million acquisition of Ayesa Engineering, expected to close in late Q2 2026, expanding global reach and positioning the engineering segment among the top 30 globally.

• Investment management ended the year with $108.2 billion in AUM, reflecting strong investor confidence and robust fundraising.

• AI and IT investments are viewed as long-term productivity and margin enhancers, with significant CapEx to drive automation and data-driven insights.

Financial highlights

• Q4 2025 revenues rose to $1.61 billion, up 7% year-over-year; net revenues up 9% to $1.43 billion.

• Adjusted EBITDA for Q4 was $245.1 million, up 9% year-over-year; margin at 15.3%.

• Full-year 2025 revenues grew 15% to $5.56 billion; net revenues up 14% to $4.87 billion; Adjusted EBITDA up 14%.

• Adjusted EPS for Q4 was $2.34 (up 4%); full-year Adjusted EPS was $6.58 (up 14%).

• Free cash flow for 2025 was $352.3 million, with a conversion rate of 105% of adjusted net earnings.

Outlook and guidance

• 2026 guidance projects mid-teens growth in revenues, net revenues, Adjusted EBITDA, and Adjusted EPS, including the impact of the Ayesa Engineering acquisition expected to close in Q2.

• Commercial Real Estate expects low teens top-line growth, with modest AEBITDA margin improvement.

• Engineering segment anticipates over 25% total top-line growth with acquisitions and margin expansion driven by Ayesa.

• Investment Management net revenue growth projected in the low teens, with AEBITDA margin expected to dip in H1 2026 due to integration costs.

• Fundraising target for 2026 is $6–$9 billion, with broad-based contributions from infrastructure, alternatives, and credit funds.