Colliers’ adjusted EPS beat estimates, but revenue fell short and management took a more cautious view of the fourth quarter.
Colliers International Group Inc. (TSX: CIGI) reported third-quarter 2026 adjusted earnings of US$1.97 per share, 1.55% above the US$1.94 estimate. Revenue rose 12% from a year earlier to US$1.64 billion, but came in 2.28% below the US$1.68 billion consensus. All three businesses grew, though management pointed to geopolitical uncertainty and interest-rate volatility as near-term risks. For Canadian investors, it was a modest earnings beat, not a clean win across the board.
Recent earnings trend
Colliers International Group Inc Bats
CIGI.TO
CIGI.TO
Colliers International Group Inc Bats
WealthAwesomeMarket cap
$7.39B
P/E
49.5x
Div. yield
0.21%
Div. / share
$0.30
52W high
$214.48
52W low
$118.92
1W change
+4.64%
Beta
1.22
Analyst Price Targets
Based on analyst covering CIGI · as of Nov 5, 2026
Wall Street analysts forecast CIGI stock price to rise 102.8% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$199.79
+102.8% Upside
Previously C$199.69 on Nov 4, 2026
Current Price
C$98.50
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on CIGI's historical volatility
30-Day Vol
38.7%
Annualized
90-Day Vol
38.3%
Annualized
Trend (90d)
-5.8%
Annualized drift
90d Mean
C$134.55
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$136.43 | C$119.38 – C$155.92 |
| 60 trading days | C$135.49 | C$112.18 – C$163.64 |
| 90 trading days | C$134.55 | C$106.77 – C$169.55 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 9 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 2 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-04 | 1.9700 | 1.9400 | +1.5% |
| 2026-06-30 | 2026-07-30 | 1.8300 | 1.8100 | +1.1% |
| 2026-03-31 | 2026-05-05 | 0.9100 | 0.9300 | -2.2% |
| 2025-12-31 | 2026-02-13 | 2.3400 | 2.4500 | -4.5% |
| 2025-09-30 | 2025-11-04 | 1.6400 | 1.5700 | +4.5% |
| 2025-06-30 | 2025-07-31 | 1.7200 | 1.4800 | +16.2% |
Investor takeaway: Adjusted EPS and EBITDA grew, but the revenue miss and cautious fourth-quarter outlook temper the results. Adjusted EPS rose 20% year over year, and adjusted EBITDA increased 14%. GAAP diluted EPS, however, fell to US$0.14 from US$0.82, partly because of higher acquisition-related contingent consideration charges. Follow CIGI.TO’s results and valuation on the CIGI stock page.
US$1.97 adjusted EPS, versus US$1.94 expected
The EPS beat was small. Revenue was a weaker point: it reached US$1.64 billion, 2.28% below consensus, despite growing 12% year over year. Adjusted EBITDA rose 14% to US$218.8 million. GAAP diluted EPS was US$0.14, so keep in mind that the consensus comparison uses adjusted earnings, not GAAP results.
Bull case
Revenue grew 12%, adjusted EBITDA rose 14%, and adjusted EPS increased 20% year over year. All three segments posted revenue growth. Colliers also generated US$427.6 million in free cash flow over the trailing 12 months, equal to 118% of adjusted net earnings. Management said about 70% of trailing 12-month earnings came from resilient businesses. Together, these results support the view that Colliers’ diverse businesses and cash generation can help it manage uneven commercial property markets.
Bear case
Revenue missed estimates, and management gave a more cautious fourth-quarter outlook, citing geopolitical uncertainty and interest-rate volatility. In Commercial Real Estate, transactions slowed late in the quarter as rates became more volatile. GAAP diluted EPS dropped to US$0.14 from US$0.82 a year earlier. The reported P/E was about 49.5, leaving less room for setbacks if transactions weaken or growth slows.
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