The strong Q2 beat and reaffirmed mid-teens growth outlook support a positive near-term view. However, the elevated leverage (2.8x) from the Ayesa acquisition is a key risk to monitor; watch for de-levering progress and margin trends in the Engineering segment in H2 2026. The conference call on July 30 may provide additional color on integration and capital allocation.
Price Chart
Executive Summary
Colliers reported strong Q2 2026 results with double-digit revenue growth across all three platforms (Commercial Real Estate, Engineering, Investment Management). Consolidated revenues rose 17% YoY to $1.57 billion, Adjusted EBITDA grew 14% to $205.3 million, and Adjusted EPS increased 6% to $1.83. The company reaffirmed its 2026 outlook for mid-teens percentage growth in revenues, Adjusted EBITDA, and Adjusted EPS. The Ayesa Engineering acquisition closed late in the quarter, expanding global engineering capabilities but also increasing net leverage to 2.8x, which management expects to de-lever through the balance of the year. The strong operational performance and reaffirmed guidance are positive, but the elevated leverage post-acquisition and a slight decline in GAAP operating earnings due to acquisition costs temper the outlook.
Key Facts
- Q2 2026 consolidated revenues of $1.57 billion, up 17% YoY (16% in local currency).
- Adjusted EBITDA of $205.3 million, up 14% YoY (13% in local currency).
- Adjusted EPS of $1.83, up 6% YoY.
- GAAP diluted EPS of $0.56 vs $0.08 in Q2 2025.
- Commercial Real Estate revenues up 12%, Engineering up 30%, Investment Management up 17%.
- Ayesa Engineering acquisition closed late in Q2; net debt/pro forma adjusted EBITDA leverage ratio increased to 2.8x from 2.0x at year-end 2025.
- 2026 full-year outlook reaffirmed: mid-teens percentage growth in revenues, Adjusted EBITDA, and Adjusted EPS.
- Trailing twelve-month free cash flow of $365.6 million, representing 106% of adjusted net earnings.
- Total assets under management (AUM) of $109.9 billion, up 6% from June 30, 2025.
Financial Impact
Q2 2026 revenues of $1.57B (+17% YoY), Adjusted EBITDA of $205.3M (+14% YoY), Adjusted EPS of $1.83 (+6% YoY). Net leverage increased to 2.8x post-Ayesa acquisition.
Risk Factors
- Elevated net leverage of 2.8x post-Ayesa acquisition increases financial risk if macroeconomic conditions deteriorate.
- Investment Management Adjusted EBITDA declined 1% YoY due to platform investments; continued margin compression could weigh on segment profitability.
- GAAP operating earnings declined slightly due to higher acquisition-related costs; integration of Ayesa may cause further near-term expense pressure.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-005053 |
| Exhibit: exh_992.htm | 0001171843-26-005053 |
| Document: f6k_073026.htm | 0001171843-26-005053 |
| Document: 0001171843-26-005053-index-headers.html | 0001171843-26-005053 |
| Document: 0001171843-26-005053-index.html | 0001171843-26-005053 |
| Document: 0001171843-26-005053.txt | 0001171843-26-005053 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 21, 2026 6w ago | Institutional Cluster | $107.06 $89.61 | ▼ −16.30% | ▼ −16.02% | $89.78 (−16.14%) |
Jul 30, 2026 9w ago | 6-K | $99.38 $102.97 | ▲ +3.61% | ▼ −0.35% | $89.78 (−9.66%) |
Jul 6, 2026 12w ago | Press Release | $98.84 $98.55 | ▼ −0.29% | ▲ +0.27% | $89.78 (−9.17%) |
Jun 21, 2026 14w ago | Institutional Cluster | $89.61 $101.92 | ▲ +13.74% | ▲ +13.89% | $89.78 (+0.19%) |
May 28, 2026 18w ago | Press Release | $94.36 $92.78 | ▼ −1.67% | ▲ +0.12% | $89.78 (−4.85%) |
May 27, 2026 18w ago | 6-K | $96.22 $88.81 | ▼ −7.70% | ▼ −5.80% | $89.78 (−6.69%) |
May 27, 2026 18w ago | Press Release | $96.22 $88.81 | ▼ −7.70% | ▼ −5.80% | $89.78 (−6.69%) |
May 13, 2026 20w ago | 6-K | $98.72 $97.11 | ▼ −1.63% | ▼ −1.02% | $89.78 (−9.06%) |
May 12, 2026 20w ago | Press Release | $95.40 $98.85 | ▲ +3.62% | ▲ +5.34% | $89.78 (−5.89%) |
May 11, 2026 20w ago | 6-K | $95.40 $98.85 | ▲ +3.62% | ▲ +5.34% | $89.78 (−5.89%) |
US Market Status
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