Colliers Reports Third Quarter Results

Executive Summary

• Colliers International reported Q3 2025 consolidated revenues of $1.46 B, up 24% YoY, and Adjusted EBITDA of $191.1 M, up 24% YoY.
• Adjusted EPS increased 24% to $1.64 per share; GAAP diluted EPS rose to $0.82.
• The company reaffirmed its full‑year 2025 outlook: low‑teens revenue growth, mid‑teens Adjusted EBITDA growth and mid‑to‑high‑teens Adjusted EPS growth.

Key Details

• Revenue Highlights
• Q3 2025 consolidated revenues: $1,463.1 M (vs. $1,179.1 M in Q3 2024).

• Nine‑month revenue to Sep 30 2025: $3,951.9 M, up 19% YoY.

• Profitability

• Adjusted EBITDA Q3 2025: $191.1 M (up 24%).
• GAAP operating earnings Q3 2025: $104.7 M (down slightly from $109.7 M in prior year, impacted by reversal of contingent acquisition consideration).

• Adjusted EPS Q3 2025: $1.64, up 24% YoY.

• Segment Performance

• Real Estate Services: Revenue $838.6 M (+14%); Adjusted EBITDA $88.0 M (+36%).
• Engineering: Revenue $488.1 M (+54%); Adjusted EBITDA $53.6 M (+35%).

• Investment Management: Revenue $136.3 M (+7%); Adjusted EBITDA $53.6 M (‑4%).

• Balance Sheet

• Total assets: $6.81 B; total liabilities and equity balanced.
• Cash & cash equivalents: $212.5 M (up from $176.3 M YoY).

• Net debt / Adjusted EBITDA ratio: 2.3×.

• Cash Flow

• Operating cash flow Q3 2025: $113.4 M.

• Free cash flow Q3 2025 (trailing twelve months): $317.1 M.

• Outlook & Guidance

• Maintaining 2025 outlook: low‑teens % revenue growth, mid‑teens Adjusted EBITDA growth, mid‑to‑high‑teens Adjusted EPS growth.

• Drivers include continued internal revenue growth, lower global trade uncertainty and reduced interest‑rate volatility.

• Conference Call

• Management will discuss results on Nov 4, 2025 at 11:00 a.m. ET (webcast available).

Notable Quotes

“Colliers delivered excellent third quarter results, highlighting our momentum across all segments of our business… We are well positioned to seize opportunities and deliver lasting value for shareholders,” – Jay S. Hennick, Chairman & CEO.