Colliers International Group Inc. reported first‑quarter 2026 revenue of $1.31 billion, a 15% year‑over‑year increase from $1.14 billion in Q1 2025. Net revenue rose 16% to $1.15 billion, driven by a 14% rise in Commercial Real Estate revenue to $841.2 million and a 23% jump in Engineering revenue to $336.8 million. Capital Markets revenue also accelerated sharply, up 47% from the prior year, underscoring the company’s diversified growth mix.
Adjusted EBITDA climbed 8% to $124.8 million, while Adjusted EPS increased 5% to $0.91 per share. The EPS figure fell $0.01 short of the consensus estimate of $0.92, a miss of 0.82%. The miss was largely attributed to a higher than expected tax rate related to certain European operations, as CFO Christian Mayer noted: "Our 1st quarter consolidated revenues were up 12%. Net revenues also increased 12% to $1.15 billion. Adjusted EBITDA was $125 million, up 8%. Adjusted EPS increased 5% to $0.91 and was tempered by a higher than expected tax rate related to certain European operations. We expect our tax rate to moderate in the coming quarters. The solid performance met our expectations and reflects effective execution across our business."
The company’s earnings are heavily supported by recurring businesses, which account for 70% of earnings. Colliers also secured a $400 million debt financing and extended its revolving credit facility to support the pending acquisition of Ayesa Engineering, a $700 million deal expected to close in Q2 2026. CEO Jay Hennick emphasized the strategic importance of the acquisition: "Our diversified business model continues to demonstrate resilience, and we are optimistic about our growth prospects despite the short‑term challenges."
Management reiterated its 2026 outlook, maintaining guidance for continued growth across its three business engines. The company projects mid‑teens growth in consolidated revenue, net revenue, adjusted EBITDA, and adjusted EPS for the full year, reflecting confidence in the Ayesa integration and the resilience of its recurring revenue streams. The outlook signals that, despite short‑term headwinds such as higher tax rates and integration costs, Colliers expects to sustain its growth trajectory.
Investors reacted cautiously to the results. The EPS miss, the significant increase in GAAP net loss to $24 million from a $4.26 million loss in the prior year, and uncertainty around revenue performance—some estimates suggested a miss while others indicated a beat—contributed to a muted market response. Integration costs and margin pressures in certain segments also weighed on sentiment, highlighting the company’s short‑term challenges even as it pursues long‑term expansion through acquisitions and recurring revenue growth.
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