Q2 FY2026
Filed Jul 30, 2026Colliers Reports Second Quarter Results Double-digit revenue growth across all three platforms; 2026 outlook reaffirmed
Second-quarter revenues, net revenues and Adjusted EBITDA each grew at double-digit rates, with growth across all three platforms and improved Commercial Real Estate profitability. GAAP operating earnings declined modestly as acquisition-related costs increased, while Investment Management Adjusted EBITDA declined amid continued platform investment.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenuesGAAP | $1,572.5 million | – | 17% |
| Revenues growth in local currencyother | 16% | – | – |
| Consolidated internal revenue growth measured in local currenciesnon-GAAP | 8% | – | 8% |
| Net Revenuesnon-GAAP | $1,386.3 million | – | 17% |
| Net Revenues growth in local currencyother | 16% | – | – |
| Cost of revenuesGAAP | $937,394 thousand | – | – |
| Selling, general and administrative expensesGAAP | $436,752 thousand | – | – |
| DepreciationGAAP | $20,964 thousand | – | – |
| Amortization of intangible assetsGAAP | $50,760 thousand | – | – |
| Acquisition-related itemsGAAP | $27,387 thousand | – | – |
| Loss on disposal of operationsGAAP | $800 thousand | – | – |
| GAAP operating earningsGAAP | $98.4 million | – | – |
| Interest expense, netGAAP | $26,417 thousand | – | – |
| Earnings before income taxGAAP | $76,054 thousand | – | – |
| Income taxGAAP | $26,838 thousand | – | – |
| Net earningsGAAP | $49,216 thousand | – | – |
| Net earnings attributable to CompanyGAAP | $28,509 thousand | – | – |
| GAAP diluted net earnings per common shareGAAP | $0.56 | – | – |
| Adjusted EBITDAnon-GAAP | $205.3 million | – | 14% |
| Adjusted EBITDA growth in local currencyother | 13% | – | – |
| Adjusted net earningsnon-GAAP | $93,613 thousand | – | – |
| Adjusted EPSnon-GAAP | $1.83 | – | 6% |
| Net cash provided by operating activitiesGAAP | $139,661 thousand | – | – |
| Free cash flownon-GAAP | $151,257 thousand | – | – |
| Trailing twelve months free cash flownon-GAAP | $365.6 million | – | – |
| Trailing twelve months free cash flow as a percentage of adjusted net earningsnon-GAAP | 106% | – | – |
| Total assets under managementother | $109.9 billion | – | 6% |
| Adjusted EBITDA from resilient revenue percentagenon-GAAP | approximately 70% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Commercial Real EstateCapital Markets revenues were up 23% with strong growth across all geographies, led by the Americas and Asia Pacific. Leasing also generated strong growth across all geographies, up 23% led by the US on continued momentum in the industrial and office asset classes. | $997.3 million | – | 12% |
| EngineeringNet revenues were driven by a combination of recent acquisitions and solid internal growth. | $427.8 million | – | 30% |
| Investment ManagementNet revenues were driven by internal growth and the favourable impact of a recent acquisition. | $147.2 million | – | 17% |
| CorporateUnallocated global corporate costs as reported in Adjusted EBITDA were $2.1 million, relative to a cost of $3.1 million in the prior year quarter. | $175 thousand | – | – |
2026 outlook
- Revenuemid-teens percentage growth
- NoteAdjusted EBITDA: mid-teens percentage growth
- NoteAdjusted EPS: mid-teens percentage growth
- NoteThe outlook includes the impact of Ayesa.
- NoteThe outlook does not include any further acquisitions.
- NoteThe outlook drivers by segment are also reaffirmed and are described in the accompanying earnings call presentation.
Capital returns
- Dividends paid to common shareholders: $7,665 thousand for the six months ended June 30, 2026, compared to $7,592 thousand for the six months ended June 30, 2025.
- Dividends paid to common shareholders: - for the three months ended June 30, 2026 and 2025.
What drove it
- Commercial Real Estate net revenues were $891.4 million, up 13% (up 12% in local currency), and Adjusted EBITDA was $105.9 million, up 14% (13% in local currency).
- Engineering net revenues were $359.4 million, up 28% (27% in local currency), and Adjusted EBITDA was $52.1 million, up 28% (27% in local currency).
- Investment Management net revenues were $135.3 million, up 15% (15% in local currency).
- The acquisition of Ayesa late in the quarter expanded global Engineering capabilities and expertise across infrastructure, transportation, water, property and buildings.
- Commercial Real Estate net margin increased modestly on operating leverage from higher transactional revenues.
- Adjusted EPS would have been approximately $0.01 lower excluding foreign exchange impacts.
Concerns
- GAAP operating earnings were $98.4 million compared to $99.2 million in the prior year quarter, with the current period impacted by higher acquisition costs primarily related to the Ayesa Engineering acquisition.
- Investment Management Adjusted EBITDA was $49.4 million, down 1% (1% in local currency), reflecting continued investments in strengthening the global platform under the Harrison Street Asset Management brand.
- Investment Management stated that these investments are expected to continue in the second half of the year.
- Net debt / pro forma adjusted EBITDA ratio increased to 2.8 as of June 30, 2026 from 2.0 as of December 31, 2025.
- Net cash used in operating activities was $(47,765) thousand for the six months ended June 30, 2026, compared with $(39,913) thousand for the six months ended June 30, 2025.
What to watch
- Delivery of the reaffirmed 2026 outlook for mid-teens percentage growth in revenues, Adjusted EBITDA and Adjusted EPS.
- Commercial Real Estate transactional activity, including Capital Markets and Leasing performance.
- Engineering internal growth and the integration and contribution of Ayesa.
- Investment Management platform investments, fundraising capabilities and assets under management.
- Debt and cash-flow trends following $725,065 thousand of second-quarter acquisitions and $675,817 thousand of net long-term debt issuance.
Balance sheet and cash flow
- Cash and cash equivalents were $265,191 thousand as of June 30, 2026, compared with $207,902 thousand as of December 31, 2025.
- Total debt was $2,505,699 thousand as of June 30, 2026, compared with $1,633,511 thousand as of December 31, 2025.
- Total debt, net of cash and cash equivalents was $2,240,508 thousand as of June 30, 2026, compared with $1,425,609 thousand as of December 31, 2025.
- Net debt / pro forma adjusted EBITDA ratio was 2.8 as of June 30, 2026, compared with 2.0 as of December 31, 2025.
- Acquisition of businesses, net of cash acquired was $725,065 thousand for the three months ended June 30, 2026, compared with $50,218 thousand for the three months ended June 30, 2025.
- Purchases of fixed assets were $31,306 thousand for the three months ended June 30, 2026, compared with $16,428 thousand for the three months ended June 30, 2025.
- Increase in long-term debt, net was $675,817 thousand for the three months ended June 30, 2026, compared with $118,878 thousand for the three months ended June 30, 2025.
- Net cash used in investing activities was $722,407 thousand for the three months ended June 30, 2026, compared with $101,566 thousand for the three months ended June 30, 2025.
- Net cash provided by financing activities was $651,661 thousand for the three months ended June 30, 2026, compared with $63,684 thousand for the three months ended June 30, 2025.
Analysis
Colliers reported broad-based second-quarter growth. Revenues were $1,572.5 million, up 17%, while net revenues were $1,386.3 million, also up 17%. Consolidated internal revenue growth measured in local currencies was 8%, and Adjusted EBITDA increased 14% to $205.3 million. Adjusted EPS increased 6% to $1.83. The company stated that foreign exchange impacts added approximately $0.01 to Adjusted EPS.
Commercial Real Estate produced $997.3 million of revenue, up 12%, supported by 23% growth in both Capital Markets and Leasing revenues. The segment's Adjusted EBITDA rose 14% to $105.9 million, and its net margin increased modestly on operating leverage from higher transactional revenues. Engineering was the fastest-growing platform, with revenue up 30% to $427.8 million and Adjusted EBITDA up 28% to $52.1 million, driven by acquisitions and solid internal growth.
Investment Management revenue rose 17% to $147.2 million and net revenue increased 15% to $135.3 million, while total assets under management reached $109.9 billion, up 6% from June 30, 2025. However, segment Adjusted EBITDA declined 1% to $49.4 million because of continued investment in the Harrison Street Asset Management platform. Consolidated GAAP operating earnings decreased to $98.4 million from $99.2 million as higher acquisition costs, primarily related to Ayesa, offset operating progress. Acquisition-related items were $27,387 thousand, compared with $16,059 thousand in the prior-year quarter.
Cash generation improved in the quarter, with operating cash flow of $139,661 thousand and free cash flow of $151,257 thousand. On a trailing twelve-month basis, free cash flow was $365.6 million, representing 106% of adjusted net earnings. The Ayesa-related acquisition activity was material: acquisition of businesses, net of cash acquired, was $725,065 thousand in the quarter, funded alongside $675,817 thousand of net long-term debt issuance. Total debt rose to $2,505,699 thousand and the net debt / pro forma adjusted EBITDA ratio increased to 2.8 from 2.0 at December 31, 2025.
Management reaffirmed its 2026 outlook, including Ayesa, for mid-teens percentage growth in revenues, Adjusted EBITDA and Adjusted EPS. The outlook excludes further acquisitions. Execution points for the remainder of the year are continued Commercial Real Estate transaction momentum, Engineering growth and Ayesa integration, the return on Investment Management platform investment, and leverage and cash-flow performance after the acquisition funding.
Management, verbatim
Colliers delivered another strong quarter, with double-digit revenue growth across all three platforms, healthy internal growth and continued improvement in earnings quality.
Jay S. Hennick, Global Chairman & CEO
Engineering continues to demonstrate why it has become such an important differentiator for Colliers. The acquisition of Ayesa late in the quarter expanded our global capabilities and deepened our expertise across infrastructure, transportation, water, property and buildings.
Jay S. Hennick, Global Chairman & CEO
Overall, our second quarter results reinforce our confidence in the future. We are benefiting from improving commercial real estate markets, strong secular growth in Engineering, continued expansion of Investment Management and the advantages of a diversified business model that differentiates Colliers from others.
Jay S. Hennick, Global Chairman & CEO
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported quarterly metrics were not provided.
- Gross profit and gross margin were not reported.
- A specific 2026 revenue dollar guidance range was not provided.
- A specific 2026 Adjusted EBITDA dollar guidance range was not provided.
- A specific 2026 Adjusted EPS guidance range was not provided.
- 2026 operating expense guidance was not provided.
- 2026 tax-rate guidance was not provided.
- Share repurchases were not reported.
- Fee paying assets under management was defined but not reported.
- Segment outlook drivers were referenced as being in the accompanying earnings call presentation but were not included in the filing text.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.