The mixed quarter (Adjusted EPS miss but revenue beat) and unchanged guidance suggest limited near-term catalyst. Watch for Ayesa Engineering closing in late May and Q2 margin trends in Investment Management, where Adjusted EBITDA declined 8% YoY due to fundraising investments. The GAAP loss and negative FCF warrant caution despite the resilient revenue base.
Price Chart
Executive Summary
Colliers reported Q1 2026 Adjusted EPS of $0.91, beating the $0.93 consensus by a narrow margin, while revenue of $1.31B exceeded the $1.27B estimate. However, GAAP diluted net loss per share widened to -$0.47 from -$0.08, driven by a $30.5M non-controlling interest redemption increment and higher acquisition-related costs. The company maintained its 2026 outlook, including the pending Ayesa Engineering acquisition, but the GAAP loss and negative free cash flow temper the headline beat.
Key Financial Metrics
Key Facts
- Adjusted EPS $0.91 vs consensus $0.93 (miss of ~2.2%)
- Revenue $1.31B vs consensus $1.27B (beat of ~3.1%)
- GAAP diluted net loss per share -$0.47 vs -$0.08 YoY
- Adjusted EBITDA $124.8M, up 8% YoY
- Free cash flow -$162.6M in Q1 vs -$56.9M YoY; TTM FCF $246.7M
- Commercial Real Estate revenues up 14%, Capital Markets up 47%
- Engineering revenues up 23%, Investment Management revenues up 7%
- 2026 outlook unchanged, including Ayesa Engineering acquisition expected to close late May
- Net debt / pro forma adjusted EBITDA ratio 2.3x
- Total AUM $109.3B, up 9% YoY
Financial Impact
Adjusted EPS $0.91 vs $0.93 consensus (miss); Revenue $1.31B vs $1.27B consensus (beat). GAAP net loss -$24.0M vs -$4.3M YoY.
Risk Factors
- GAAP net loss widening to -$24.0M from -$4.3M YoY
- Negative free cash flow of -$162.6M in Q1 vs -$56.9M YoY
- Investment Management Adjusted EBITDA down 8% YoY due to planned investments
- Net debt / EBITDA ratio increased to 2.3x from 2.0x at year-end 2025
- Pending Ayesa Engineering integration risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3287477 |
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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