CBRE Group reported third-quarter 2026 revenue of $11.5 billion, up 12.7% from $10.2 billion a year earlier. GAAP net income rose 22.0% to $443 million, and diluted GAAP earnings per share increased 25.6% to $1.52. Core adjusted net income climbed 24.5% to $599 million, while core EPS advanced 28.1% to $2.05. Core EBITDA increased 28.5% to $1.0 billion.
Cash flow from operations reached $869 million, up 5.1% from $827 million in the prior-year quarter. Free cash flow improved 19.0% to $927 million from $779 million. Capital expenditures rose to $126 million from $84 million, while gains on disposition of real estate jumped to $184 million from $36 million.
In advisory services, revenue increased 11.0% to $2.44 billion, and segment operating profit rose 15.9% to $467 million. Leasing revenue increased 6% in local currency. Property sales revenue rose 28% in local currency, with U.S. property sales up 37%. Mortgage origination revenue edged up 1%, and the loan servicing portfolio expanded 8% during the quarter to more than $500 billion. Valuations revenue increased 6%.
Building operations and experience delivered the strongest top-line growth among the major operating segments, with revenue up 17.4% to $6.86 billion and segment operating profit up 20.8% to $349 million. Critical infrastructure services revenue surged 80% in local currency. Facilities management revenue rose 13% in local currency, and property management revenue increased 8%.
Project management revenue increased 2.9% to $2.04 billion, while segment operating profit rose 9.5% to $162 million. Pass-through costs in the segment fell 4.3% to $1.03 billion.
Real estate investments revenue slipped 3.8% to $203 million, but segment operating profit surged to $166 million from $73 million a year earlier. Within the segment, real estate development operating profit reached $128 million, up sharply from the prior year, while investment management revenue rose 4% to $203 million and operating profit was $38 million. Assets under management ended the quarter at more than $155 billion.
CBRE ended the quarter with net debt of $5.3 billion, total debt of $7.0 billion, cash of $1.7 billion, and a net leverage ratio of 1.36x. Total liquidity stood at $5.0 billion. Year to date, the company repurchased nearly $1.2 billion of shares. Today the company's shares have moved 0.31% to a price of $134.65. Check out the company's full 8-K submission here.
