Colliers beat Q3 adjusted EPS expectations by 1.5%, but revenue fell short of consensus. The commercial real estate services and investment management group delivered a mixed result.
Colliers International Group Inc. (TSX: CIGI) reported third-quarter results before the market opened on November 4, 2026. Adjusted earnings were US$1.97 per share, above the US$1.94 estimate. Revenue rose 11.9% year over year to US$1.64 billion, but missed the US$1.68 billion consensus. For Canadian investors, the main takeaway is a modest earnings beat alongside weaker-than-expected revenue, with results varying across business lines.
Recent earnings trend
Colliers International Group Inc Bats
CIGI.TO
CIGI.TO
Colliers International Group Inc Bats
WealthAwesomeMarket cap
$7.02B
P/E
69.7x
Div. yield
0.10%
Div. / share
$0.15
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 6, 2026
Wall Street analysts forecast CIGI stock price to rise 108.1% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$199.85
+108.1% Upside
Previously C$199.79 on Nov 5, 2026
Current Price
C$96.02
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
39.1%
Annualized
90-Day Vol
38.5%
Annualized
Trend (90d)
-28.7%
Annualized drift
90d Mean
C$121.41
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$130.01 | C$113.62 – C$148.78 |
| 60 trading days | C$125.64 | C$103.83 – C$152.03 |
| 90 trading days | C$121.41 | C$96.13 – C$153.35 |
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 topped estimates, but the revenue shortfall and lower-than-expected adjusted EBITDA in all three reported operating segments temper the result. Colliers’ investment management and commercial real estate services businesses depend on property-market activity and institutional capital flows. Investors should weigh the EPS beat against the weaker revenue result and watch for changes to earnings estimates and management commentary.
US$1.97 adjusted EPS
Adjusted EPS was US$0.03, or 1.55%, above the US$1.94 estimate. Revenue reached US$1.64 billion, about US$40 million below consensus, despite growing 11.9% year over year.
Bull case
Adjusted EPS rose from US$1.64 a year earlier to US$1.97, a 20.1% increase, while revenue grew 11.9%. Commercial real estate revenue increased 18.6% year over year, and investment management revenue rose 6.4%. Colliers’ investments in areas such as data centres, student housing, infrastructure and credit could diversify its business and support recurring fee revenue as assets under management grow.
Bear case
Revenue missed consensus by 2.28%, and adjusted EBITDA came in below analyst estimates in commercial real estate, engineering and investment management. Colliers beat EPS estimates in only two of the past four comparable quarters. The company also has a high valuation multiple in the supplied snapshot. Commercial property transactions and margins remain sensitive to financing conditions and market demand.
Analysis
For the quarter ended September 30, Colliers reported adjusted EPS of US$1.97, compared with the US$1.94 estimate. The 1.55% beat followed a US$1.83 result against a US$1.81 estimate in the previous quarter. Colliers beat EPS estimates in two of the past four comparable quarters.
Revenue reached US$1.64 billion, up 11.9% from US$1.46 billion a year earlier, but missed the US$1.68 billion consensus by 2.28%. The earnings beat was modest, and revenue fell short of expectations. The supplied results also show adjusted EBITDA below estimates in commercial real estate, engineering and investment management.
The recent earnings trend table and chart show the quarter-by-quarter comparison. For more company information, see the CIGI stock page.
Analysis
Commercial real estate revenue was US$994.79 million, up 18.6% year over year but below the US$1.03 billion estimate. Engineering revenue rose 2% to US$497.64 million, slightly below its US$500.11 million estimate. Investment management revenue increased 6.4% to US$145.03 million, compared with a US$149.01 million estimate. Corporate revenue was US$0.18 million, versus US$0.14 million expected.
Colliers combines commercial real estate services and engineering expertise with investment management. News coverage points to institutional and private-wealth interest in data centres, student housing, infrastructure and credit as potential sources of diversification and assets-under-management growth. That may support the longer-term opportunity, but it does not change the quarter’s revenue and EBITDA misses.
The supplied data put next-quarter consensus at US$2.01 EPS and US$1.69 billion in revenue. The EPS estimate edged down from US$2.02 over the past 30 days, with three upward revisions and five downward revisions. These are analyst estimates, not company guidance.
Analysis
The supplied analyst-target data show an average target of C$199.85, compared with a last close of C$96.02. That implies 108.1% upside to the average target. The source calls the consensus rating bullish based on the target comparison; a formal rating is unavailable for Canadian listings. Targets are estimates and can change. See the analyst targets section for details.
Wealth Awesome’s statistical 90-day price model is not financial advice. It gives a mean forecast of C$121.41, with a 68% range of C$96.13 to C$153.35 and a 95% range of C$76.11 to C$193.68. The model uses an annualized drift of -28.7% and 30-day volatility of 39.1%. It lists a current value of C$134.54 as of November 5, while the supplied last close is C$96.02. These figures are from different dates and are not directly comparable. See the Wealth Awesome forecast section for model details.
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