The sequential improvement in net leverage from 1.60x to 1.36x and the $1.2B YTD buyback signal strong capital returns. Watch for continued infrastructure services momentum and data center monetization in Q4, which could drive further upside to the elevated Q2 guidance range of $7.80-$7.90 Core EPS.
Price Chart
Executive Summary
CBRE reported Q3 2026 Core EPS of $2.05, up 28% YoY, on revenue of $11.5 billion (+13% YoY). Both resilient and transactional businesses grew double-digits, and the company generated $1.8 billion in trailing twelve-month free cash flow. The results continue the strong momentum from Q2, with particular strength in critical infrastructure services (up 80%) and property sales (up 28%).
Key Financial Metrics
Key Facts
- Core EPS of $2.05, up 28.1% YoY from $1.60
- GAAP EPS of $1.52, up 25.6% YoY from $1.21
- Revenue of $11.5 billion, up 12.7% YoY
- Core EBITDA of $1.0 billion, up 28.5% YoY
- Free cash flow of $1.8 billion on a trailing 12-month basis
- Net leverage ratio improved to 1.36x from 1.60x in Q2 2026
- Year-to-date share repurchases of nearly $1.2 billion
- Critical infrastructure services revenue surged 80% YoY
- Global property sales revenue rose 28% YoY
- REI segment operating profit more than doubled to $166M, driven by data center land sales
Financial Impact
Core EPS beat consensus by +4.1% ($2.05 vs $1.97 est); revenue of $11.5B was below $13.37B consensus but the consensus likely included pass-through costs differently — the filing shows 13% organic growth
Risk Factors
- Project Management segment growth slowed to 3% due to tempered corporate capital spending on real estate
- Investment Management operating profit declined as higher fees were offset by lower co-investment returns
- REI segment revenue declined 3.8% YoY despite operating profit surge from land sales
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001138118-26-000028 |
| Document: cbre-20261022.htm | 0001138118-26-000028 |
| Document: 0001138118-26-000028-index-headers.html | 0001138118-26-000028 |
| Document: 0001138118-26-000028-index.html | 0001138118-26-000028 |
| Document: 0001138118-26-000028.txt | 0001138118-26-000028 |
| 8-K Data (Synthetic) | 0001138118-26-000028 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 8-K | $131.24 | awaiting T+5 | awaiting T+5 | $121.65 (−7.31%) |
Oct 21, 2026 6d ago | Institutional Cluster | $131.24 | awaiting T+5 | awaiting T+5 | $121.65 (−7.31%) |
Oct 20, 2026 7d ago | 8-K | $134.65 | awaiting T+5 | awaiting T+5 | $121.65 (−9.65%) |
Aug 14, 2026 10w ago | Insider Cluster | $147.96 $151.93 | ▲ +2.68% | ▲ +3.87% | $121.65 (−17.78%) |
Jul 29, 2026 12w ago | 8-K | $147.78 $151.16 | ▲ +2.29% | ▼ −3.24% | $121.65 (−17.68%) |
Jun 23, 2026 18w ago | 8-K | $133.94 $138.30 | ▲ +3.26% | ▲ +1.55% | $121.65 (−9.18%) |
Jun 15, 2026 19w ago | 8-K | $135.47 $133.21 | ▼ −1.67% | ▲ +0.56% | $121.65 (−10.20%) |
May 4, 2026 25w ago | 8-K | $142.57 $144.06 | ▲ +1.05% | ▼ −0.94% | $121.65 (−14.67%) |
May 1, 2026 25w ago | Court Ruling | $141.81 $146.70 | ▲ +3.45% | ▲ +1.10% | $121.65 (−14.22%) |
Apr 23, 2026 26w ago | 8-K | $149.31 $142.51 | ▼ −4.55% | ▼ −6.03% | $121.65 (−18.53%) |
US Market Status
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