Cbre Group, Inc. (CBRE) · Oct 22, 2026 · Earnings

CBRE earnings beat on EPS as revenue misses expectations

Beat — Core EPS $2.05 vs ~$1.97 consensus

CBRE earnings show a core EPS beat and broad operating growth, but revenue fell short of consensus despite an 80% critical-infrastructure surge.

CBRE is a commercial real estate services platform trying to make its earnings less dependent on cyclical transactions by expanding recurring facilities, project-management and critical-infrastructure work, including data-center and power services through Pearce. That strategic shift was already visible before this quarter; CBRE’s latest filing shows the execution continuing, while the headline revenue result was softer than expected.

Earnings were a narrow beat, not a clean upside surprise. Core EPS reached $2.05, ahead of one published pre-release consensus estimate of approximately $1.97, but revenue of $11.52 billion came in below the roughly $11.79 billion estimate. That makes the scorecard technically a beat on the most watched adjusted-profit measure, but the topline miss keeps the overall read mixed.

Metric	Q3 2026	Q3 2025 / consensus	Change or read
Revenue	$11.52B	$10.22B / ~$11.79B consensus	+12.7% year over year; below consensus
GAAP EPS	$1.52	$1.21	+25.6%
Core EPS	$2.05	$1.60 / ~$1.97 consensus	+28.1%; above consensus
Core EBITDA	$1.00B	$779M	+28.5%
Free cash flow	$927M	$779M	+19.0%
Net leverage	1.36x	—	Moderate leverage

Growth was broad enough to validate the operating model. Advisory revenue rose 11.0%, Building Operations & Experience increased 17.4%, and Project Management grew 2.9%; segment operating profit improved in all four operating segments, with Real Estate Investments more than doubling to $166 million from $73 million. (Segment results) The company said, “Financially, core earnings per share improved 28% on a 13% revenue increase, with both resilient(1) and transactional(1) businesses growing by double digits.” 〔0〕

The strategic growth engine is increasingly infrastructure, not just property transactions. Critical-infrastructure-services revenue surged 80% in local currency, while facilities-management revenue increased 13%; the filing attributes the infrastructure growth to data-center services and the Pearce acquisition. 〔1〕 This matters because it supports CBRE’s effort to build steadier, secular demand around digital and power infrastructure even while traditional office activity remains uneven: U.S. office leasing was down 2%, versus industrial leasing growth of 16%. (Operating highlights)

Cash generation improved, but the quarter still relied partly on real-estate gains. Free cash flow rose to $927 million, helped by a $184 million gain on real-estate disposition, while operating cash flow increased only 5.1% to $869 million. (Cash Flow Results) The company also repurchased $1.16 billion of stock during the first nine months, and net leverage stood at 1.36x. (Cash Flow statement; Net leverage ratio) Those figures show financial capacity, but the cash-flow improvement is less purely operational than the adjusted-earnings growth suggests.

Bottom line: CBRE delivered a modest earnings beat with strong profit growth and accelerating infrastructure demand, but the revenue miss prevents this from being a clean upside quarter. The business story is improving structurally; the immediate result is mixed rather than decisively positive.

What to watch next

Q3 earnings call, October 22, 2026

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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CBRE earnings beat on EPS as revenue misses expectations

What to watch next

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