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Colliers International
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Latest analysis
Updated Aug 5, 2026
Colliers posts $1.57B Q2 2026 revenue on Ayesa acquisition, but rising interest expense and tax rate compress margins materially
Colliers International's Q2 2026 revenue of $1.57 billion reflects the transformative acquisition of Ayesa Engineering S.A.U. — a 3,300-employee multidisciplinary engineering firm acquired for approximately $690 million net of cash — which more than accounts for the year-over-year revenue increase. Operating earnings were essentially flat versus Q2 2025, while net interest expense climbed to $26.4 million from $15.5 million as acquisition debt loaded the balance sheet, and the effective tax rate surged to 36.9% for the six-month period versus 29.1% prior year, compressing net earnings attributable to the company. The segment realignment — folding occupier-focused project management from Engineering into Commercial Real Estate — signals a strategic pivot toward integrated occupier services as the primary CRE growth narrative.
Tone: mixedRevenue
$5.6B
CIGI 40-F · FY 2025
Employees
23,660
Revenue FY2024
$4.8B
Founded
1988
Profile
CIGI 40-F Exhibit 1 · Feb 20, 2026Colliers International Group Inc. is a global diversified professional services and investment management company operating across three segments: Commercial Real Estate, Engineering, and Investment Management. The company provides commercial real estate brokerage, outsourcing, engineering design and consulting, and alternative asset management services in 33 countries. As of December 31, 2025, Colliers managed $108.2 billion in assets under management and employed approximately 24,000 people worldwide.
Read filing description ↓ Collapse description ↑
Colliers is one of the world's largest commercial real estate services providers offering a full range of commercial real estate services in the United States, Canada, Australia, the United Kingdom, Germany, New Zealand, China and several other countries in Asia, Europe and Latin America. The Company's financial results are segmented under three segments: (i) Commercial Real Estate; (ii) Engineering and (iii) Investment Management. The Commercial Real Estate segment provides capital markets, leasing and outsourcing services to owners, occupiers and investors across all major asset classes. The Engineering segment delivers engineering design and consulting, project management, architectural and environmental services, with more than 9,600 employees globally, backed by infrastructure renewal, energy transition and urbanization tailwinds. The Investment Management segment, operating as Harrison Street Asset Management (HSAM), is a global alternative asset manager focused on long-duration, demographic, needs-based and essential real assets; middle-market infrastructure; real asset private credit; and core and opportunistic real estate strategies. As of December 31, 2025, the Company had $108.2 billion of AUM, with 86% in perpetual or long-dated investment strategies. Over the last ten years, Colliers has focused on growing high-value recurring revenue streams from Outsourcing, Engineering and Investment Management, which as of December 31, 2025 represented more than 70% of the Company's earnings.
Primary products
- Property Sales brokerage
- Debt Finance Services
- Mortgage Investment Banking
- Landlord Representation
- Tenant Representation
- Property Management
Business segments
End markets
Geographies
Named customers
“We are one of the top global providers of professional commercial real estate services to owners, occupiers and investors.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Reported in USD. Total revenues grew from $4.82 billion in 2024 to $5.56 billion in 2025, driven by growth across all three segments, most notably Engineering, which expanded from $1.24 billion to $1.73 billion.
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