Colliers International
Global commercial real estate services and investment management firm.
On the record
Checkpoint: Q2 2026 earnings release, after Q1 2026 revenue missed consensus
The call
Colliers leans on recurring fees and locked institutional capital while AI tools and bigger rivals press on its transaction and research work.
Colliers buys and sells office buildings, warehouses, and commercial properties for clients, and also manages money and provides engineering advice for real estate projects. The company is somewhat hard to replace because it has long-term contracts with big institutions (banks, insurance companies) that pay the same fees year after year, and it owns Harrison Street, an investment platform with $108 billion under management that keeps customers locked in. However, artificial intelligence can now do some of the work Colliers employees do, like comparing similar properties to find prices, reading lease documents, and building financial models, which could squeeze the money the company makes from buying-and-selling deals. The real question is whether Colliers can shift its business faster toward the steady, recurring fees (like investment management and engineering) than AI takes away profits from the transaction and research work that gets paid once per deal.
Why
01
AI pressure: CoStar Group's AI-powered data and analytics tools. CoStar's AI comps, lease abstraction and valuation tools are live, chipping at Colliers' data and research fees. Could AI do the core job? Only partly.
02
Bigger players: CBRE Group. CBRE runs a larger brokerage, valuation and investment management platform in the same markets Colliers competes in. Could a giant copy it? Probably.
03
What protects it. Over 70% of 2025 earnings came from recurring Engineering and Investment Management fees, not one-off transactions.
What would change this call
Colliers' recurring-revenue percentage in Q3/Q4 2026 filings versus the >70% FY2025 figure. Whether sealed, high-margin lines keep growing or transaction/research work erodes to AI tools.
Q2 2026 earnings release July 30, 2026 versus ~$1.47B consensus. A second consecutive miss would show broader deceleration beyond the Q1 shortfall.
Harrison Street 2026 capital raise total versus its $6-9B target. Whether the investment management platform keeps attracting institutional LP money or stalls.
Q2 2026 earnings release July 30, 2026 versus ~$1.47B consensus. A second consecutive miss would show broader deceleration beyond the Q1 shortfall.
Harrison Street 2026 capital raise total versus its $6-9B target. Whether the investment management platform keeps attracting institutional LP money or stalls.
Key numbers
- FY2025 revenue $5.6 billion, up from prior years
- Over 70% of 2025 earnings from recurring revenue
- Harrison Street AUM about $100-109 billion
Named risks
- Antitrust class action alleging price-fixing on lease data, status hearing Aug 19, 2026.
- Unconfirmed ransomware breach claim from July 20, 2026 under active investigation.
- Khanna securities litigation ongoing since October 2025 with amended complaints into 2026.
- Harrison Street integration pressuring Investment Management margins through H1 2026.
- AI-driven automation of comps, lease abstraction, and valuation could erode commoditized transaction revenue.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| CoStar | losing to | CoStar's dominant lease/comp data control cited as structural threat, named co-defendant June 2026 antitrust suit |
| CBRE | contesting | Named as Big Four peer and co-defendant in June 12, 2026 antitrust class action |
| JLL | contesting | Named as Big Four peer and co-defendant in June 12, 2026 antitrust class action |
| Cushman & Wakefield | contesting | Named as Big Four peer and co-defendant in June 12, 2026 antitrust class action |
| Newmark | contesting | Co-defendant alongside Colliers in June 12, 2026 lease-data price-fixing lawsuit |
Questions people ask
- Is Colliers International profitable in 2026?
- Colliers reported FY2025 revenue of $5.6 billion (2026-02-13), up roughly 15% CAGR over five years, with over 70% of earnings from recurring lines like Engineering and Investment Management. Q1 2026 revenue hit $1.13 billion, missing the $1.26 billion consensus but still up 15.1% year over year.
- Could AI replace Colliers' brokers and analysts?
- AI threatens commoditized workflows like comps, lease abstraction, and valuation modeling, but Colliers' licensed brokerage/valuation functions and $100 plus billion Harrison Street AUM platform are harder to automate. Colliers disclosed a Google Cloud partnership (2026-05-05) for AI tools, but no measured revenue impact has been confirmed yet.
- Who owns Colliers International?
- Colliers (NASDAQ/TSX: CIGI) is publicly traded, having split from FirstService on June 1, 2015. Jay S. Hennick has served as Global Chairman and CEO with significant inside ownership since the split, per WSJ data dated 2026-03-06.
- Is Colliers a safe company to join right now?
- Colliers grew headcount to about 24,000 professionals as of FY2025 (2026-02-13) and added over 11,000 engineering staff via the Ayesa acquisition completed 2026-05-27. However, the stock fell about 45% from its 52-week high by mid-2026, and the company faces an active antitrust suit and a claimed July 2026 ransomware breach.
- Who is Colliers International's biggest competitor?
- Colliers is one of the commercial real estate 'Big Four' alongside CBRE, JLL, and Cushman & Wakefield. All are named as co-defendants, along with Newmark and data giant CoStar, in a hub-and-spoke price-fixing class action filed June 12, 2026 in Illinois federal court.
- Is Colliers involved in the CoStar antitrust lawsuit?
- Yes. Colliers is named alongside CBRE, JLL, Cushman & Wakefield, Newmark, and CoStar in a class action filed June 12, 2026 in the US District Court for the Northern District of Illinois, alleging price-fixing conspiracy over commercial lease data. An initial status hearing was set for August 19, 2026.
Timeline
- 2026-07-20Ransomware group CoinbaseCartel claims breach of Colliers systems, scope unconfirmed
- 2026-07-13National Bank Financial issues pessimistic forecast as CIGI stock trades near $88-98, down from $171 high
- 2026-06-12Antitrust class action filed naming Colliers, CBRE, JLL, Cushman Wakefield, CoStar, Newmark over lease data pricing
- 2026-05-27Colliers completes Ayesa Engineering acquisition, expanding to 11,000+ engineers in 23 countries
- 2026-05-20NSW Court of Appeal partly upholds former Colliers agent's commission claim in Hudson v Colliers
- 2026-05-05Colliers discloses deep Google Cloud partnership on Q1 2026 earnings call for AI-driven services
- 2026-02-13Colliers reports FY2025 revenue of $5.6 billion and 24,000 professionals globally
- 2026-02-03Colliers announces agreement to acquire Ayesa Engineering for approximately $700 million
- 2025-10Khanna et al v Colliers securities litigation filed in US District Court, Utah
- 2025-07-23Colliers rebrands investment management arm as Harrison Street Asset Management, ~$100-109B AUM
Revision history
24 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Colliers Reports Fourth Quarter and Full Year 2025 Results (2026-02-13)
- Colliers rebrands investment management division (2025-07-23)
- Colliers International Group (CIGI) Expected to Release Quarterly Earnings (2026-07-23)
- National Bank Financial Issues Pessimistic Forecast for Colliers International Group (2026-07-13)
- gurufocus.com (2026-07-24)
- Colliers International Group Q4 Earnings Call Highlights (2026-02-13)
- Colliers to acquire Ayesa Engineering (2026-02-03)
- Colliers completes acquisition of Ayesa Engineering (2026-05-27)
- Colliers International Wikipedia (Business model section)
- Colliers International Group Inc. Q1 2026 Earnings Call Summary (2026-05-05)
- Global job in Warszawa, Poland (AI Engineer) (2026-07-03)
- CoStar, 5 Major Brokerages Hit With Class-Action Lawsuit Alleging Price-Fixing Conspiracy (2026-06-16)