CBRE Group, Inc. (CBRE) Earnings
CBRE Group, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $1.49. CBRE has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +16.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $1.13 | $1.61 | +42.5% | $10.5B | +2.9% |
| Feb 12, 2026 | $2.68 | $2.73 | +1.9% | $11.6B | -0.5% |
| Oct 23, 2025 | $1.46 | $1.61 | +10.3% | $10.3B | +1.4% |
| Jul 29, 2025 | $1.07 | $1.19 | +11.2% | $9.8B | +3.1% |
| Apr 24, 2025 | $0.76 | $0.86 | +13.2% | $8.9B | -0.9% |
| Feb 13, 2025 | $2.20 | $2.32 | +5.5% | $10.4B | +1.2% |
| Oct 24, 2024 | $1.06 | $1.20 | +13.2% | $9.0B | +2.7% |
| Jul 25, 2024 | $0.71 | $0.81 | +14.2% | $8.4B | +1.0% |
| May 3, 2024 | $0.69 | $0.78 | +12.6% | $7.9B | -0.1% |
| Feb 15, 2024 | $1.18 | $1.38 | +16.9% | $8.9B | +6.0% |
| Oct 27, 2023 | $0.67 | $0.72 | +7.5% | $7.9B | +6.0% |
| Jul 27, 2023 | $0.76 | $0.82 | +7.9% | $7.7B | +5.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 23, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- CBRE generated strong financial results in Q1 2026 with 20% revenue growth in services segments and nearly 30% operating profit growth. - Profits from data center land development program delivered earlier than anticipated. - Resilient businesses grew 18% reflecting strategy of through-cycle growth. Transactional businesses grew 22% maintaining market leadership. - Infrastructure assets work a source of significant profits and growth across segments, with over $3B total revenue from infrastructure in 2025 and nearly $950M in Q1. - BOE segment created dedicated critical infrastructure services business line with $1.7B 2025 revenue and $580M Q1 revenue expected to grow over 60% in 2026. - Upgraded EPS expectations to $7.60-$7.80 for the year with over 20% growth at midpoint assuming supportive economic environment.
Guidance
- Upgraded full-year core EPS to range of $7.60 to $7.80 from prior $7.30 to $7.60. - Advisory expected to deliver high-teens SOP growth. - BOE expected to have approximately 25% SOP growth including high team growth and cost reclassification with neutral impact to net income. - Project management and REI SOP expectations unchanged. - Outlook assumes no material changes to macroeconomic or interest rate environment, expecting nearly 40% of EPS in first half due to Q1 outperformance.
Segment performance
Our three services segments - advisory, building operations and experience (BOE), and project management grew revenue by 20% and operating profit by nearly 30%. Resilient businesses grew revenue by 18%. Advisory services saw leasing strength and accelerated sales growth. Leasing revenue grew 18% globally and 21% in US, with industrial leasing up 24% in US. Global property sales revenue growth accelerated 39%. BOE segment revenue grew 16%, with dedicated critical infrastructure services business line totaling $1.7B in 2025 and $580M in Q1. Project management revenue increased 11% with strong infrastructure activity. Resilient businesses' revenue contribution was 18%, transactional businesses 22%. Infrastructure activities generated over $3B total revenue in 2025 and nearly $950M in Q1.
Risks & headwinds
- Macroeconomic environment risks impacting business outlook. - Potential impact from Middle East situation on certain regions. - AI-related risks including potential job losses in some functions but protection in transactional businesses. - Uncertainty in corporate capital investment and decision-making in some regions like APAC and EMEA due to energy prices and visibility issues.
Analyst Q&A
Q: How thinking about second half of year, pulling forward development profits?
A: Increased midpoint of guidance, a third based on Q1 outperformance in advisory and BOE, two-thirds increasing expectations for remainder of year. Advisory has strong pipelines into Q2, BOE guidance raised slightly.
Q: About Trammell Crow pipeline, industrial, multifamily, data center land?
A: Biggest portion of Trammell Crow portfolio in industrial, multifamily, data center land. Core competency of acquiring, entitling, improving land. Considerable investment in multifamily and industrial due to dearth of new development, and secured data center land sites with potential to be entitled and powered.
Q: Conversations with C-suite on macro, Middle East impact on leasing and sales?
A: Economy generally felt good unless energy prices spike. Middle East not materially impacting company's segments. AI job creation/destruction not causing clients to back off on leasing, average lease length in office unchanged. Biggest challenge in critical infrastructure is hiring skilled people.
Q: Training partnership with Meta, other big tech opportunities?
A: Not one-time, building capability to recruit, train, place technical people for Meta and others. Enduring service provided. Industrious co-working business adding units exceeding expectations, seen as premium offering for corporates.
Q: Pipeline slowing due to rates, borrowing spreads?
A: Pipeline hasn't slowed, stronger in Q2. As long as 10-year in 4%-4.5% range, sales and loan origination activity continue to grow.
Q: Capital allocation, AI impact on buybacks and bolt-ons?
A: Capital allocation priorities remain M&A with greater opportunity in data center space, continue buybacks when undervalued. AI investing done organically through CapEx, not investing in specific AI companies. Rationalizing headcount due to AI will take years, start in functions.
Q: BOE growth, mix of existing tenants vs new businesses?
A: BOE growth from enterprise facilities management (low double-digit), local business (30% growth in Americas), and critical infrastructure services (tremendous growth). Keeps growth rate in mid-teens and above over time.
Q: Margin upside in segments?
A: Advisory nearing 2019 margin levels with incremental uplift. Greatest margin opportunity in BOE and project management with steadier incremental gains.