CBRE posts 16% revenue increase to $11.2B in 2Q

GAAP earnings per share (EPS) amounted to $0.69, while Core EPS reached $1.56, representing a 30% increase compared with the same period last year.

The strong performance was broad-based, with each of the company’s four core business segments—Advisory, Building Operations & Experience, Project Management, and Real Estate Investments—recording revenue growth of more than 25%.

“The momentum across CBRE’s businesses continued in the second quarter, with Core EPS increasing 30% and revenue rising 16%,” said Bob Sulentic, Chair and Chief Executive Officer. He noted that growth was balanced across the organization and that the company’s strategy is performing as intended, with capital and resources being directed toward businesses that support current growth while creating opportunities for long-term expansion.

Upgraded 2026 guidance

Following its strong first-half performance, CBRE raised its full-year 2026 Core EPS guidance. The company now expects Core EPS to range between $7.80 and $7.90, compared with its previous guidance of $7.60 to $7.80.

Based on the midpoint of the revised range, CBRE expects Core EPS to increase by approximately 23% year-on-year, underscoring the continued strength of its operating performance.

Operating cash flow totalled nearly $1.4 billion, while free cash flow reached almost $1.7 billion on a trailing 12-month basis through 30 June 2026.

The company also continued its share repurchase programme, buying back nearly $1 billion of its own shares since the beginning of the year.

Strong growth in real estate transactions

Transactional Businesses reported revenue growth of 19%, while Resilient Businesses increased revenue by 15%.

Within the Advisory segment, revenue and operating profit rose by 18% and 29%, respectively. On a constant currency basis, revenue increased by 17% and operating profit by 29%.

Global leasing delivered particularly strong performance, with revenue increasing by 24%. In the United States, leasing revenue also rose 24%, driven primarily by office and industrial properties.

In the EMEA region, leasing revenue increased by 27%, or 22% in local currency, supported by particularly strong growth in France, Germany and Spain. In Asia Pacific (APAC), leasing revenue increased by 19%, or 20% in local currency.

Property sales revenue also increased strongly, rising 20%, or 19% in local currency. In the United States, revenue grew by 24%, supported by broad-based strength across most property sectors, while growth in APAC and EMEA was more moderate.

Mortgage origination revenue increased by 8%, as strong activity from private capital sources partially offset lower financing volumes through government-sponsored agencies. The company’s loan servicing portfolio expanded by 2% during the quarter to more than $468 billion, while valuation services revenue increased by 12%, driven by particularly strong demand in the United States.

Data centres and infrastructure drive growth

Within the Building Operations & Experience segment, revenue increased by 15% and operating profit rose by 25%.

Critical infrastructure services delivered exceptional growth, with revenue increasing by 68%, or 66% in local currency. The performance was driven by strong demand for data centre solutions and by the contribution from Pearce Services, which was acquired in November 2025.

Facility management revenue increased by 11%, while property management revenue rose by 8%.

In the Project Management segment, revenue increased by 19% and operating profit grew by 28%, supported by strong infrastructure project activity in the United Kingdom, continental Europe and the Middle East, together with robust growth in real estate projects across North America and Asia.

Development pipeline reaches $29.6 billion

Within the Real Estate Investments segment, operating profit from development activities totalled $9 million. At the end of the second quarter, the company’s development portfolio and project pipeline remained stable quarter-on-quarter at $29.6 billion.

Excluding taxes, the development portfolio amounted to $21.2 billion, highlighting the significant scale of the company’s future development opportunities.

Within Investment Management, revenue increased by 2%, or 1% in local currency, primarily driven by higher recurring asset management fees. Operating profit rose by 3%, as higher management fees partially offset lower returns from co-investments.

Assets under management (AUM) stood at approximately $155 billion at the end of the second quarter, declining marginally from the previous quarter, mainly due to adverse foreign exchange movements.

Investing in long-term growth sectors

CBRE’s second-quarter performance reinforces its strategy of allocating capital and resources to businesses with strong long-term growth prospects, including real estate transactions, data centres, critical infrastructure and facility management.

The strong growth in leasing and property sales revenues, combined with robust expansion in services related to data centres and infrastructure, demonstrates the company’s increasingly diversified sources of growth.

With upgraded 2026 Core EPS guidance and substantial free cash flow generation, CBRE enters the second half of the year with strong momentum. Continued activity in global real estate transactions and ongoing investment in critical infrastructure are expected to remain key drivers of the company’s future growth.