Colliers beat third-quarter earnings expectations, but revenue fell short. Investors are weighing stronger earnings against slower-than-expected sales growth.
Colliers International Group Inc. (TSX: CIGI) reported adjusted earnings of US$1.97 per share for the quarter ended September 30, 2026. That topped the US$1.94 estimate by 1.55%. Revenue rose 11.9% from a year earlier to US$1.64 billion, but missed the US$1.68 billion consensus by 2.28%. It was a modest earnings beat, not a broad-based surprise. For Canadian investors, the key question is whether Colliers can turn growth across its commercial real estate, engineering and investment management businesses into stronger earnings. See the CIGI stock page for company data and coverage.
Recent earnings trend
Colliers International Group Inc Bats
CIGI.TO
CIGI.TO
Colliers International Group Inc Bats
WealthAwesomeMarket cap
$6.84B
P/E
68.0x
Div. yield
0.11%
Div. / share
$0.15
52W high
$214.48
52W low
$118.92
1W change
-1.01%
Beta
1.22
Analyst Price Targets
Based on analyst covering CIGI · as of Nov 9, 2026
Wall Street analysts forecast CIGI stock price to rise 113.3% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$202.19
+113.3% Upside
Previously C$199.85 on Nov 6, 2026
Current Price
C$94.81
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
39.0%
Annualized
90-Day Vol
38.4%
Annualized
Trend (90d)
-19.6%
Annualized drift
90d Mean
C$124.87
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$130.84 | C$114.36 – C$149.70 |
| 60 trading days | C$127.82 | C$105.66 – C$154.63 |
| 90 trading days | C$124.87 | C$98.90 – C$157.67 |
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 |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-12 | — | 2.6800 | — |
| 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% |
Investor takeaway: Adjusted earnings and revenue both grew year over year, but revenue and the supplied segment-level EBITDA figures missed estimates. CIGI has beaten earnings estimates in two of its last four reported quarters. Its high reported P/E and the wide gap between analyst targets and the statistical forecast are reasons to separate operating results from model-based price projections.
US$1.97 adjusted EPS
Colliers beat the US$1.94 estimate by 1.55%. Adjusted earnings per share rose from US$1.64 a year earlier. Revenue reached US$1.64 billion, up 11.9% year over year but 2.28% below consensus.
Bull case
Adjusted earnings per share rose from US$1.64 a year ago to US$1.97, and revenue grew 11.9%. Commercial real estate revenue increased 18.6%, while investment management revenue rose 6.4%. Engineering and investment management also give Colliers business lines beyond commercial property services.
Bear case
Revenue missed estimates, as did revenue in each of the three reported segments: commercial real estate, engineering and investment management. Adjusted EBITDA also fell short of estimates in all three segments. The reported profit margin is 1.18%, and the P/E is about 68, so execution and earnings expectations matter. The average analyst target provided is well above the last closing price, while the statistical model’s 90-day mean is below its stated current value. Neither figure is a guarantee.
Analysis
For the quarter ended September 30, Colliers reported adjusted earnings of US$1.97 per share, compared with the US$1.94 estimate. That’s a 1.55% positive surprise and an increase from US$1.64 in the same quarter last year. Revenue rose 11.9% year over year to US$1.64 billion, but missed the US$1.68 billion consensus by 2.28%. The results were mixed: earnings per share beat expectations, while revenue did not. Colliers has beaten earnings estimates in two of its last four reported quarters. The recent earnings table and chart show how results have changed from quarter to quarter.
Analysis
Commercial real estate revenue was US$994.79 million, below the US$1.03 billion estimate, despite growing 18.6% year over year. Engineering revenue rose 2% to US$497.64 million, just below the US$500.11 million estimate. Investment management revenue grew 6.4% to US$145.03 million, missing the US$149.01 million estimate.
Adjusted EBITDA also missed estimates in all three segments: US$98.94 million versus US$100.77 million in commercial real estate, US$71.94 million versus US$73.54 million in engineering, and US$51.74 million versus US$52.49 million in investment management. The businesses grew, but none delivered a broad estimate beat. For more company information, visit the CIGI overview.
Analysis
The supplied analyst data shows an average target of C$202.19, compared with a last close of C$94.81—a gap of 113.3%. The source calls the consensus bullish based on the average target relative to the last close. A formal rating isn’t available for Canadian listings. Price targets are estimates, not promises. See the analyst ratings section for available coverage.
Analysis
Wealth Awesome’s statistical 90-day model gives a mean forecast of C$124.87. Its 68% range is C$98.90 to C$157.67, and its 95% range is C$78.33 to C$199.07. The model reports annualized drift of -19.6% and 30-day volatility of 39.0%. It lists the current value as C$133.93 as of November 6, 2026. This is a statistical model, not financial advice or a price target. See the CIGI price-prediction section for details.
Best next step
Keep exploring this topic
If you want to go deeper, these are the most useful follow-up pages and tools for this topic.
Broker comparison
Best trading platforms in Canada
Compare $0-commission brokers before you act on a ticker story.
Safe cash
Best GIC rates in Canada
If the story makes you want to de-risk, compare guaranteed rates next.
HISA roundup
Best high-interest savings accounts
Keep dry powder in a no-fee savings account instead of chequing.
TFSA room
Check TFSA contribution room
Shelter the next contribution before you buy.
Wealth Awesome
Timely coverage of Canadian stocks, earnings, dividends, and market movers for DIY investors. Stories are checked against exchange data and public filings.
View Full Profile →✅ Reviewed by Certified Financial Professionals
This content has been reviewed by CFA® charterholders and Certified Financial Planners (CFP®) with over a decade of experience in Canadian financial markets. All information is fact-checked against official Canadian sources and regulations.
Why these credentials matter: CFA® charterholders complete 900+ hours of rigorous study in investment analysis and ethics. CFP® professionals are held to the highest standards of financial planning competency and fiduciary duty in Canada.
⚠️ Professional Disclaimer
This content is for educational purposes only and should not be considered personalized financial advice. While our team brings professional expertise, individual circumstances vary. For personalized guidance, consult with a qualified financial advisor, tax professional, or mortgage specialist.
