Company Reports

Third-quarter results fell shy of our expectations, with revenue and core earnings per share rising 13% and 28%, respectively. Management maintained its 2026 earnings per share guidance, yet lowered growth forecasts in its two largest segments, sending shares down by a low-single-digit percentage.

CBRE is the world’s largest commercial real estate brokerage and services firm, leveraging unmatched scale to serve nearly 90% of the Fortune 100. It aims to cement this leadership position by diversifying across four dimensions: geographies, clients, property types, and services. This scale allows CBRE to act as a one-stop shop for the full real estate lifecycle, reducing client friction and enhancing its competitive advantages over smaller, localized specialists, particularly in catering to large, multinational corporations, which we view as the most attractive client vertical.

CBRE is the world’s largest commercial real estate brokerage and services firm, leveraging unmatched scale to serve nearly 90% of the Fortune 100. It aims to cement this leadership position by diversifying across four dimensions: geographies, clients, property types, and services. This scale allows CBRE to act as a one-stop shop for the full real estate lifecycle, reducing client friction and enhancing its competitive advantages over smaller, localized specialists, particularly in catering to large, multinational corporations, which we view as the most attractive client vertical.

CBRE reported strong second-quarter results with revenue and adjusted earnings per share rising 16% and 30%, respectively, from a year ago. This surpassed expectations, prompting a raised full-year adjusted earnings per share guidance at the midpoint to $7.85 from $7.70, sending shares upward.

CBRE is the world’s largest commercial real estate brokerage and services firm, leveraging unmatched scale to serve nearly 90% of the Fortune 100. It aims to cement this leadership position by diversifying across four dimensions: geographies, clients, property types, and services. This scale allows CBRE to act as a one-stop shop for the full real estate lifecycle, reducing client friction and enhancing its competitive advantages over smaller, localized specialists, particularly in catering to large, multinational corporations, which we view as the most attractive client vertical.

We're transferring coverage of CBRE, a commercial real estate brokerage and services firm with a wide global reach, to a new analyst.

CBRE is the world’s largest commercial real estate brokerage and services firm, leveraging unmatched scale to serve nearly 90% of the Fortune 100. It aims to cement this leadership position by diversifying across four dimensions: geographies, clients, property types, and services. This scale allows CBRE to act as a one-stop shop for the full real estate lifecycle, reducing client friction and enhancing its competitive advantages over smaller, localized specialists, particularly in catering to large, multinational corporations, which we view as the most attractive client vertical.

CBRE reported very strong first-quarter 2026 results, with eye-popping growth in the firm's critical infrastructure business (up 65% in local currency) and a recovery in lucrative advisory revenue (up 19% in local currency), prompting management to raise full-year guidance.

CBRE has overseen a boom in the commercial real estate services industry since the nadir of the real estate-driven financial crisis of 2007. As the largest player in the space by market cap and in nearly every category it competes in, CBRE serves the real estate needs of nearly 90 of the Fortune 100 companies. The company’s industry-leading brand reputation, its localized expertise, and a platform that melds complementary business lines to serve its corporate clientele have been the keys to its success. The firm’s business mix has increasingly shifted from transactional to contractual revenue over the past decade as it diversifies across four dimensions: asset types, business lines, clients, and geographies.

Cushman & Wakefield reported solid adjusted fourth-quarter numbers, led by strong international project management fees and by continued momentum in the firm's capital markets business. While the stock fell slightly after the release Feb. 19, shares are still up roughly 6% over the past two days.

CBRE has overseen a boom in the commercial real estate services industry since the nadir of the real estate-driven financial crisis of 2007. As the largest player in the space by market cap and in nearly every category it competes in, CBRE serves the real estate needs of nearly 90 of the Fortune 100 companies. Key to this success has been the company’s industry-leading brand reputation, its localized expertise, and a platform that melds complementary business lines to serve its corporate clientele. The firm’s business mix has increasingly been shifting from transactional revenues toward more contractual revenues over the past decade as it diversifies its business across four dimensions: asset types, business lines, clients, and geographies.

CBRE reported fourth quarter 2025 earnings results, generating strong 12% growth in revenue and 18% growth in core EPS. Still, shares sold off 12% on Feb. 12 trading amid ongoing AI disruption fears.

Shares of commercial real estate brokers CBRE, JLL, and Cushman & Wakefield traded 11% to 13% lower intraday on Feb. 11, likely extending a broader selloff in financial services firms deemed susceptible to artificial intelligence-driven disruption.

CBRE has overseen a boom in the commercial real estate services industry since the nadir of the real estate-driven financial crisis of 2007. As the largest player in the space by market cap and in nearly every category it competes in, CBRE serves the real estate needs of 90 of the Fortune 100 companies. Key to this success has been the company’s industry-leading brand reputation, its localized expertise, and a platform that melds complementary business lines to serve its corporate clientele. The firm’s business mix has increasingly been shifting from transactional revenues toward more contractual revenues over the past decade as it diversifies its business across four dimensions: asset types, business lines, clients, and geographies.

CBRE has overseen a boom in the commercial real estate services industry since the nadir of the real estate-driven financial crisis of 2007. As the largest player in the space by market cap and in nearly every category it competes in, CBRE serves the real estate needs of 90 of the Fortune 100 companies. Key to this success has been the company’s industry-leading brand reputation, its localized expertise, and a platform that melds complementary business lines to serve its corporate clientele. The firm’s business mix has increasingly been shifting from transactional revenues toward more contractual revenues over the past decade as it diversifies its business across four dimensions: asset types, business lines, clients, and geographic markets.

CBRE reported solid third-quarter results as the commercial real estate market began to recover. Resilient businesses and transactional businesses revenue was up 14% and 13%, respectively, year over year. Management raised its 2025 core EPS guidance to $6.25-$6.35, up 2.4% at the midpoint.

CBRE's shares were up 8% in the market as the firm reported solid results in the second quarter. Revenue in the resilient and transactional businesses was up 17% and 15% respectively, on a year-over-year basis. Management has increased its 2025 core EPS to $6.10-$6.20, up 3.4% at the midpoint.

CBRE has transformed itself in the last two decades since the nadir of the real estate-driven financial crisis of 2007 and now has significantly higher exposure to noncyclical businesses such as facilities management that are resilient even in downturns.

CBRE has overseen a boom in the commercial real estate services industry since the nadir of the real estate-driven financial crisis of 2007. As the largest player in the space by market cap and in nearly every category it competes in, CBRE serves the real estate needs of 90 of the Fortune 100 companies. Key to this success has been the company’s industry-leading brand reputation, its localized expertise, and a platform that melds complementary business lines to serve its corporate clientele. The firm’s business mix has increasingly been shifting from transactional revenues toward more contractual revenues over the past decade as it diversifies its business across four dimensions: asset types, business lines, clients, and geographic markets.

CBRE has overseen a boom in the commercial real estate services industry since the nadir of the real estate-driven financial crisis of 2007. As the largest player in the space by market cap and in nearly every category it competes in, CBRE serves the real estate needs of 90 of the Fortune 100 companies. Key to this success has been the company’s industry-leading brand reputation, its localized expertise, and a platform that melds complementary business lines to serve its corporate clientele. The firm’s business mix has increasingly been shifting from transactional revenues toward more contractual revenues over the past decade as it diversifies its business across four dimensions: asset types, business lines, clients, and geographic markets.