Colliers International Group Inc

Latest Results (13.05.2026):

Colliers International Group Inc. — fourth quarter 2025 results: Colliers reported strong Q4 2025 operating performance with consolidated revenues of $1.61 billion (up 7% vs. Q4 2024), net revenues of $1.43 billion (up 9%), Adjusted EBITDA of $245.1 million (up 9%) and Adjusted EPS of $2.34 (up 4%). For the full year 2025, revenues were $5.56 billion (up 15%), Adjusted EBITDA was $732.5 million (up 14%), and Adjusted EPS was $6.58 (up 14%). GAAP diluted EPS was $1.19 in Q4 2025 (vs. $1.47 prior year) and $2.02 for the year (vs. $3.22 prior year). The company reported >70% of earnings from recurring revenues and free cash flow conversion of 105% for 2025.

Quarter financials (Q4 2025)

Q4 consolidated revenues: $1,606.5m (+7% / +5% local); net revenues: $1,428.1m (+9% / +7% local); Adjusted EBITDA: $245.1m (+9% / +6% local); Adjusted EPS: $2.34 (+4%). GAAP operating earnings were $135.5m and GAAP diluted EPS was $1.19 (foreign exchange added about $0.06 to adjusted EPS and GAAP EPS).

Full-year 2025 performance

Full-year revenues: $5,558.5m (+15%); net revenues: $4,866.5m (+14%); Adjusted EBITDA: $732.5m (+14%); Adjusted EPS: $6.58 (+14%). GAAP operating earnings were $371.0m (down vs. prior year, which benefited from a contingent consideration reversal) and GAAP diluted EPS was $2.02.

Segment results — Q4 and FY highlights

Commercial Real Estate (Q4): revenues $1,029.7m (+9%), net revenues $966.6m (+9%), Adjusted EBITDA $152.8m (+12%). Engineering (Q4): revenues $433.0m (+3%), net revenues $329.1m (+10%), Adjusted EBITDA $40.8m (+7%). Investment Management (Q4): revenues $143.7m (+5%), net revenues $132.1m (+7%), Adjusted EBITDA $56.2m (+3%); AUM was $108.2 billion as of Dec 31, 2025 (up 9% YoY).

Cash flow and balance sheet

Free cash flow for 2025 was $352.3m (conversion at 105% of adjusted net earnings). Net cash provided by operating activities in Q4 was $256.7m. Total assets were $6.79 billion and shareholders’ equity was $1.53 billion at Dec 31, 2025. Net debt / pro forma adjusted EBITDA ratio reported at 2.0x.

Recurring revenue and profitability mix

More than 70% of 2025 earnings came from recurring revenue streams (Engineering, Outsourcing and Investment Management as defined), supporting the company’s focus on durable, contract/ repeatable businesses and improved operating leverage (notably margin gains in Commercial Real Estate).

Outlook and M&A

Colliers expects mid‑teens growth in revenues, Adjusted EBITDA and Adjusted EPS for 2026, including the anticipated close of the Ayesa Engineering acquisition (expected late Q2 2026). Management cites continued internal growth plus the impact of recent acquisitions as drivers of guidance.