Colliers International Group (CIGI) Q4 2025 earnings summary

Executive summary

• 2025 delivered strong results with 15% revenue growth, 14% net revenue growth, and over 70% of earnings from recurring professional services, supported by robust free cash flow conversion and a major milestone acquisition of Ayesa Engineering to expand global reach and capabilities.

• The company doubled in size over five years, achieving a 15%+ CAGR, and expects similar growth in 2026.

• Three engineering tuck-in acquisitions were completed in early 2026, with the Ayesa Engineering acquisition expected to close in Q2 2026.

Financial highlights

• Q4 2025 revenues reached $1.61 billion, up 7% year-over-year; net revenues up 9% to $1,428.1 million; Adjusted EBITDA for Q4 was $245.1 million, up 9% year-over-year.

• Full-year 2025 revenues grew 15% to $5,558.5 million; net revenues up 14% to $4,866.5 million; Adjusted EBITDA up 14%.

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

• Assets under management reached $108.2 billion as of December 31, 2025, up 9% year-over-year.

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

Outlook and guidance

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

• Commercial Real Estate expects low teens revenue growth and modest margin improvement.

• Engineering segment expects 25%+ total top-line growth, including acquisitions, and margin expansion driven by Ayesa.

• Investment Management projects low teens net revenue growth, with margins expected to dip in H1 2026 due to integration costs and recover post-2026.

• Fundraising target for 2026 is $6–$9 billion, driven by new infrastructure and alternative funds.