Abstract

Colliers will report fourth-quarter and full-year results on February 13, 2026 Pre-Market; this preview synthesizes the latest company guidance, sell-side estimates, and segment trends to frame expectations for revenue, margins, net profit, and adjusted EPS with emphasis on near-term drivers.

Market Forecast

Consensus and company-compiled estimates point to Colliers’ current quarter revenue of USD 1.62 billion, adjusted EPS of USD 2.43, and EBIT of USD 177.49 million; year-over-year, revenue is expected to rise by 12.57%, EPS by 2.34%, and EBIT by 4.19%. Forecast detail on gross profit margin and net profit margin is not explicitly provided; the company’s recent trajectory suggests stabilization around a high-30% gross margin and a low-single-digit net margin, pending transaction mix and fee-based revenue. The core Real Estate Services business remains the primary engine, supported by Engineering and Investment Management; outlook commentary emphasizes recovery in transactions and resilient outsourcing mandates. Investment Management appears the most promising segment, with revenue of USD 136.29 million last quarter and firm secular growth drivers including fee-bearing AUM expansion; the company indicated positive year-over-year momentum in that unit in the recent period.

Last Quarter Review

Colliers reported last quarter revenue of USD 1.46 billion, gross profit margin of 39.28%, GAAP net profit attributable to the parent of USD 42.23 million, net profit margin of 2.89%, and adjusted EPS of USD 1.64, with year-over-year adjusted EPS growth of 24.24% and revenue growth of 24.09%. One key highlight was strong sequential recovery in profitability, with quarter-on-quarter net profit growth of 953.48% reflecting improved operating leverage and mix normalization after prior period softness. Main business revenue composition featured Real Estate Services at USD 838.57 million, Engineering at USD 488.06 million, and Investment Management at USD 136.29 million, collectively underpinning the performance and indicating balanced contributions across advisory, project-based, and fee-income streams.

Current Quarter Outlook

Real Estate Services

Real Estate Services remains Colliers’ largest business by revenue and the anchor of quarterly results. The estimated revenue trajectory suggests sustained improvement in brokerage and leasing activity alongside steady growth in outsourcing and property management, which together can support a stable gross profit margin profile near the high-30% range. Transactional revenues are sensitive to interest-rate stability, and the recent moderation in financing volatility is expected to facilitate pipeline conversions in office and industrial leasing, while capital markets deal flow incrementally normalizes from prior trough levels. Management has emphasized that diversified service lines within Real Estate Services help balance cyclicality, which should benefit quarterly mix and margin. The key swing factor is the pace of capital markets recovery; if buyer-seller spreads compress further and financing availability continues to improve, revenue could exceed the current estimate range and contribute incrementally to adjusted EPS. Conversely, if transaction momentum pauses, the recurring outsourcing and management contracts should cushion top line and margins, preserving EBIT and EPS near estimates.

Engineering

Engineering contributes a large, project-driven revenue base and has been a consistent second pillar of Colliers’ consolidated performance. Backlog health and project execution quality will drive recognition this quarter, and recent trends suggest a stable cadence with potential for mid-single-digit growth as infrastructure, environmental, and remediation work continues. Margin resilience in Engineering often hinges on project mix, cost control, and timing of milestone achievements; recent stabilization in gross profit margin at the consolidated level implies Engineering is not a drag and may provide incremental margin support if fixed-fee and higher-complexity scopes comprise a larger share. A notable positive is that clients across public-sector and regulated industries tend to maintain budgets even in broader market uncertainty, which reduces volatility in this unit. Risks include timing slippage on complex projects and cost inflation on specialized labor; however, these are being managed through pricing discipline and backlog diversification, aligning with the quarter’s EBIT and EPS expectations.

Investment Management

Investment Management is positioned as Colliers’ most promising growth engine, benefiting from fee-bearing assets under management expansion and new strategies in private real estate funds and separate accounts. The prior quarter revenue of USD 136.29 million sets a solid baseline; year-over-year growth is supported by fundraising momentum and deployment into stabilized and value-add opportunities where underwriting has adjusted to contemporary cap rates and financing costs. Fee revenues tend to be more predictable, while performance fees are episodic; for the current quarter, the outlook favors steady management fees with selected realizations that could lift EBIT. This segment’s contribution is strategically important because it diversifies profit away from purely transactional cycles in brokerage and supports margin quality at the consolidated level. Watchpoints include commitment pacing by institutional LPs and realization timing, but the broader fee growth trend remains intact and is foundational for the modest uplift forecast in EPS and EBIT.

Stock Price Drivers

Share performance this quarter is likely to be driven by the interplay between revenue delivery versus the USD 1.62 billion estimate, adjusted EPS execution against USD 2.43, and commentary on 2026 pipeline quality across capital markets and leasing. Investors will parse gross profit margin sustainability after the 39.28% result last quarter and seek confirmation of a steady low-single-digit net margin improving as mix normalizes. Guidance on Investment Management AUM growth and fundraising cadence will be critical, as fee-based expansion is a high-quality earnings driver with lower cyclicality. Finally, qualitative color on brokerage activity by region and asset class, plus any indications of transaction pricing stabilization and financing availability, will influence sentiment and the near-term multiple.

Analyst Opinions

Sell-side previews within the recent period have tilted toward a cautiously positive stance, with a majority indicating modest upside potential tied to normalized transactions and fee growth in Investment Management. Well-known institutions have highlighted that the revenue estimate of USD 1.62 billion and adjusted EPS of USD 2.43 are achievable if capital markets activity continues to improve and if fee revenue sustains in the investment platform, while they acknowledge that deal timing and leasing churn remain monitoring points. Analysts also point to Colliers’ diversified revenue mix across Real Estate Services, Engineering, and Investment Management as a supportive factor for margin stability and earnings quality. In their majority view, incremental beats would likely stem from stronger-than-expected transactional brokerage and selected realizations within Investment Management, whereas any shortfalls would more plausibly be tied to deferred deal closings rather than operational issues.