CBRE Q2 FY2026: revenue up 14.4%, core EPS $1.56 beats
CBRE's operating engine ran hot: core EPS of $1.56 beat the $1.5199 consensus and management raised 2026 core EPS guidance to $7.80–$7.90. The catch is the GAAP line, which fell to $0.69 per share after a $168 million non-cash charge tied to U.K. fire-safety remediation. Read the quarter through both lenses: the businesses grew profit smartly, while reported earnings and a near-zero $29 million of quarterly free cash flow carry the noise. Score the operating trend, not the reported line.
1 · Expected vs. Actual
Free preview belowCore EPS of $1.56 rose 30.0% from $1.20 and beat the $1.5199 consensus by 2.6%, while GAAP EPS fell 4.2% to $0.69. The entire gap is a $168 million non-cash fire-safety remediation reserve in the U.K. development business; CBRE says that without it, GAAP net income would have risen 53% and GAAP EPS 57%. Core EBITDA of $836 million rose 33.5%.
Revenue was $11.11 billion, up 14.4% from $9.72 billion a year earlier, and gross margin improved to 17.8% from 17.2%. Advisory revenue rose 17.7% and Project Management 19.1%, while Real Estate Investments fell 10.2%. Remember that revenue includes $4.62 billion of pass-through costs — client-reimbursed third-party vendor work — which is a big reason gross margin looks thin.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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