Revenue grew 14.7% YoY to $1.6B in 2026Q2, but NOI margin volatility (from 40.4% to 9.8% and back) and negative GAAP net income in 2026Q1 (-$24M) suggest acquisition integration and margin dilution are pressuring profitability.
Colliers International Group Inc. (CIGI) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Mar'08 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 | Mar'96 | Mar'95 |
|---|
| Revenue | 6.02B | 5.66B | 4.82B | 4.34B | 4.46B | 4.09B | 2.79B | 3.05B | 2.83B | 2.28B | 1.9B | 1.72B | 2.71B | 2.34B | 2.31B | 2.22B | 1.99B | 1.7B | 1.36B | 1.07B | 812.29M | 609.79M | 542.69M | 512.69M | 424.17M | 340.04M | 262.7M | 194.4M | 128.8M | 90.3M | 23.9M |
| Revenue Growth % | 15.98% | 17.29% | 11.23% | -2.79% | 9.06% | 46.73% | -8.5% | 7.8% | 24.17% | 19.96% | 10.15% | -36.56% | 15.81% | 1.65% | 3.66% | 11.98% | 16.62% | 25.27% | 27.3% | 31.5% | 33.21% | 12.36% | 5.85% | 20.87% | 24.74% | 29.44% | 35.13% | 50.93% | 42.64% | 277.82% | -63.68% |
| Property Operating Expenses | 4.39B | 3.91B | 2.9B | 2.6B | 2.75B | 2.52B | 1.74B | 1.96B | 1.82B | 1.43B | 1.18B | 1.04B | 1.75B | 1.51B | 1.52B | 1.42B | 1.22B | 1.06B | 860.24M | 684.28M | 526.62M | 424.07M | 372M | 343.42M | 284.47M | 226.15M | 175.6M | 129.3M | 82.7M | 55.7M | 18M |
| Net Operating Income (NOI) | 1.63B | 1.74B | 1.92B | 1.74B | 1.71B | 1.57B | 1.05B | 1.09B | 1.01B | 848.08M | 716.95M | 677.55M | 967.1M | 833.75M | 787.5M | 802.55M | 764.95M | 640.82M | 499.45M | 383.85M | 285.67M | 185.72M | 170.69M | 169.27M | 139.7M | 113.88M | 87.1M | 65.1M | 46.1M | 34.6M | 5.9M |
| NOI Margin % | 27.01% | 30.84% | 39.86% | 40.1% | 38.35% | 38.38% | 37.53% | 35.66% | 35.67% | 37.27% | 37.8% | 39.35% | 35.63% | 35.58% | 34.16% | 36.08% | 38.51% | 37.62% | 36.73% | 35.94% | 35.17% | 30.46% | 31.45% | 33.02% | 32.93% | 33.49% | 33.16% | 33.49% | 35.79% | 38.32% | 24.69% |
| Operating Expenses | 1.17B | 1.34B | 1.53B | 1.44B | 1.38B | 1.7B | 881.42M | 868.07M | 784.53M | 666.33M | 567.22M | 576.5M | 820.85M | 733.02M | 692.78M | 699.84M | 668.29M | 573.05M | 416.46M | 318.63M | 234.1M | 147.55M | 132.09M | 124.23M | 103.77M | 86.01M | 66.4M | 51.9M | 37.9M | 30M | 21.4M |
| G&A Expenses | 436.75M | 0 | 1.34B | 1.19B | 1.1B | 1.02B | 709.66M | 744.87M | 705.8M | 613.34M | 522.29M | 537.88M | 758.44M | 661.02M | 639.28M | 648.91M | 620.4M | 526.67M | 384.88M | 295.05M | 206.9M | 132.33M | 118.47M | 112.15M | 91.84M | 75.9M | 58.3M | 46.7M | 34.2M | 27M | 18.9M |
| EBITDA | 726.14M | 669.05M | 610.81M | 503.47M | 509.92M | 13.59M | 290.48M | 312.86M | 2.67B | 2.5B | 1.87B | 119.01M | 196.94M | 165.59M | 131.9M | 148.99M | 145.42M | 84.56M | 114.58M | 88.8M | 78.76M | 53.4M | 52.22M | 57.12M | 47.85M | 37.98M | 28.8M | 18.4M | 11.9M | 7.6M | -13M |
| EBITDA Margin % | 12.07% | 11.83% | 12.67% | 11.61% | 11.43% | 0.33% | 10.42% | 10.27% | 94.53% | 109.91% | 98.7% | 6.91% | 7.26% | 7.07% | 5.72% | 6.7% | 7.32% | 4.96% | 8.43% | 8.31% | 9.7% | 8.76% | 9.62% | 11.14% | 11.28% | 11.17% | 10.96% | 9.47% | 9.24% | 8.42% | -54.39% |
| Depreciation & Amortization | 273.47M | 260.5M | 221.6M | 202.54M | 177.42M | 145.09M | 125.91M | 94.66M | 2.47B | 2.33B | 1.73B | 38.62M | 62.52M | 75.35M | 53.5M | 50.93M | 47.89M | 46.38M | 31.59M | 23.58M | 27.2M | 15.22M | 13.62M | 12.08M | 11.93M | 10.11M | 8.1M | 5.2M | 3.7M | 3M | 2.5M |
| D&A / Revenue % | 4.54% | 4.61% | 4.6% | 4.67% | 3.98% | 3.55% | 4.52% | 3.11% | 87.4% | 102.57% | 91% | 2.24% | 2.3% | 3.22% | 2.32% | 2.29% | 2.41% | 2.72% | 2.32% | 2.21% | 3.35% | 2.5% | 2.51% | 2.36% | 2.81% | 2.97% | 3.08% | 2.67% | 2.87% | 3.32% | 10.46% |
| Operating Income | 452.67M | 408.55M | 389.21M | 300.94M | 332.5M | -131.5M | 164.58M | 218.2M | 201.4M | 166.83M | 146.17M | 80.38M | 134.43M | 90.23M | 78.4M | 98.06M | 97.53M | 38.18M | 82.99M | 65.23M | 51.57M | 38.17M | 38.6M | 45.04M | 35.93M | 27.87M | 20.7M | 13.2M | 8.2M | 4.6M | -15.5M |
| Operating Margin % | 7.52% | 7.22% | 8.07% | 6.94% | 7.46% | -3.22% | 5.91% | 7.16% | 7.13% | 7.33% | 7.71% | 4.67% | 4.95% | 3.85% | 3.4% | 4.41% | 4.91% | 2.24% | 6.1% | 6.11% | 6.35% | 6.26% | 7.11% | 8.79% | 8.47% | 8.2% | 7.88% | 6.79% | 6.37% | 5.09% | -64.85% |
| Interest Expense | 4M | 83.81M | 85.78M | 94.08M | 48.59M | 31.82M | 30.95M | 29.45M | 20.84M | 11.89M | 9.19M | 9.04M | 14.24M | 21.5M | 20.61M | 16.81M | 18.35M | 12.51M | 26.3M | 0 | 16.65M | 9.05M | 10.06M | 16.27M | 12.76M | 10.01M | 7.1M | 5M | 3.1M | 1.8M | 0 |
| Interest Coverage | - | 4.70x | 4.63x | 3.26x | 6.96x | -3.78x | 5.41x | 7.47x | 9.72x | 14.11x | 16.17x | 9.02x | 5.58x | 2.04x | 4.01x | 3.04x | 5.20x | 3.66x | 2.80x | - | 3.96x | 3.90x | 2.75x | 2.37x | 3.53x | 3.59x | 3.93x | 4.12x | 4.30x | 4.56x | - |
| Non-Operating Income | 56.87M | 14.7M | -7.68M | -5.92M | -5.64M | -11.27M | -2.91M | -1.85M | -1.28M | -500K | -2.42M | -1.12M | -1.26M | -1.55M | 12.84M | 5.15M | 4.72M | -7.53M | 0 | -17.76M | -4.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20.1M |
| Pretax Income | 301.08M | 310.04M | 311.11M | 212.78M | 289.55M | -152.05M | 136.53M | 190.6M | 181.83M | 155.43M | 139.4M | 72.47M | 121.2M | 70.26M | 61.24M | 74.94M | 77.13M | 31.79M | 74.74M | 57.12M | 40.92M | 31.17M | 27.43M | 29.57M | 23.17M | 17.86M | 13.6M | 8.2M | 5.1M | 2.8M | -14.9M |
| Pretax Margin % | 5% | 5.48% | 6.45% | 4.91% | 6.49% | -3.72% | 4.9% | 6.26% | 6.44% | 6.83% | 7.35% | 4.21% | 4.47% | 3% | 2.66% | 3.37% | 3.88% | 1.87% | 5.5% | 5.35% | 5.04% | 5.11% | 5.05% | 5.77% | 5.46% | 5.25% | 5.18% | 4.22% | 3.96% | 3.1% | -62.34% |
| Income Tax | 86.22M | 81.56M | 74.18M | 68.09M | 95.01M | 85.51M | 42.05M | 53.01M | 53.26M | 63.3M | 47.83M | 32.55M | 31.8M | 22.62M | 20.3M | -26.81M | 29.23M | 39.07M | 21.74M | 17.21M | 11.34M | 9.2M | 8.59M | 11.36M | 10.46M | 7.99M | 5.8M | 3.1M | 1.7M | 300K | -1.7M |
| Effective Tax Rate % | 28.64% | 26.31% | 23.84% | 32% | 32.81% | -56.24% | 30.8% | 27.81% | 29.29% | 40.73% | 34.31% | 44.92% | 26.24% | 32.2% | 33.16% | -35.77% | 37.9% | 122.9% | 29.08% | 30.12% | 27.71% | 29.52% | 31.33% | 38.41% | 45.16% | 44.74% | 42.65% | 37.8% | 33.33% | 10.71% | 11.41% |
| Net Income | 109.16M | 104.9M | 161.72M | 65.54M | 46.25M | -390.34M | 49.07M | 102.9M | 97.66M | 49.31M | 67.97M | 23.35M | 43.32M | -18.04M | 5.85M | 74.11M | 13.56M | -44.85M | 34.86M | 69.5M | 23.21M | 19.02M | 18.84M | 17.41M | 12.71M | 9.87M | 7.8M | 5.1M | 3.4M | 2.5M | -13.2M |
| Net Margin % | 1.81% | 1.85% | 3.35% | 1.51% | 1.04% | -9.55% | 1.76% | 3.38% | 3.46% | 2.17% | 3.58% | 1.36% | 1.6% | -0.77% | 0.25% | 3.33% | 0.68% | -2.63% | 2.56% | 6.51% | 2.86% | 3.12% | 3.47% | 3.4% | 3% | 2.9% | 2.97% | 2.62% | 2.64% | 2.77% | -55.23% |
| Net Income Growth % | -2.69% | -35.13% | 146.75% | 41.71% | 111.85% | -895.41% | -52.31% | 5.37% | 98.04% | -27.44% | 191.11% | -46.1% | 340.12% | -408.36% | -92.11% | 446.37% | 130.24% | -228.66% | -49.84% | 199.47% | 21.99% | 1% | 8.17% | 37.04% | 28.77% | 26.51% | 52.94% | 50% | 36% | 118.94% | -833.33% |
| Funds From Operations (FFO) | 382.63M | 365.4M | 383.33M | 268.08M | 223.67M | -245.24M | 174.98M | 197.57M | 2.57B | 2.38B | 1.79B | 61.97M | 105.83M | 57.31M | 59.35M | 125.04M | 61.45M | 1.53M | 66.45M | 93.08M | 50.4M | 34.25M | 32.45M | 29.49M | 24.64M | 19.98M | 15.9M | 10.3M | 7.1M | 5.5M | -10.7M |
| FFO Margin % | 6.36% | 6.46% | 7.95% | 6.18% | 5.02% | -6% | 6.28% | 6.49% | 90.85% | 104.74% | 94.58% | 3.6% | 3.9% | 2.45% | 2.57% | 5.62% | 3.09% | 0.09% | 4.89% | 8.71% | 6.2% | 5.62% | 5.98% | 5.75% | 5.81% | 5.87% | 6.05% | 5.3% | 5.51% | 6.09% | -44.77% |
| FFO Growth % | 31.46% | -4.68% | 42.99% | 19.85% | 191.2% | -240.16% | -11.43% | -92.3% | 7.71% | 32.85% | 2794.82% | -41.44% | 84.66% | -3.44% | -52.53% | 103.48% | 3918.97% | -97.7% | -28.61% | 84.67% | 47.17% | 5.53% | 10.04% | 19.72% | 23.33% | 25.63% | 54.37% | 45.07% | 29.09% | 151.4% | -354.76% |
| FFO per Share | 10.62 | 9.82 | 7.64 | 5.79 | 5.09 | -5.71 | 4.35 | 4.94 | 64.51 | 60.63 | 46.16 | 1.65 | 2.91 | 1.72 | 1.95 | 4.09 | 2.02 | 0.05 | 2.19 | 3.01 | 1.61 | 1.17 | 1.10 | 1.01 | 0.89 | 0.73 | 0.59 | 0.48 | 0.40 | 0.35 | -0.68 |
| FFO Payout Ratio % | 1.98% | 4.24% | 3.83% | 5.04% | 5.86% | -1.72% | 2.28% | 1.99% | 0.15% | 0.16% | 0.19% | 11.58% | 13.57% | 12.02% | 16.18% | 0.23% | 14.08% | 869.39% | 10.46% | 0% | 0% | 1.77% | 1.57% | 0.65% | 0.56% | 2.38% | 1.2% | 2.19% | 2.77% | 5.45% | 0% |
| EPS (Diluted) | 3.03 | 2.06 | 3.22 | 1.42 | 4.43 | -5.53 | 2.35 | 3.44 | 2.45 | 1.31 | 1.75 | 0.62 | 1.19 | -0.54 | -0.12 | 2.10 | 0.11 | -1.52 | 1.15 | 2.25 | 0.74 | 0.65 | 0.64 | 0.59 | 0.46 | 0.36 | 0.29 | 0.24 | 0.19 | 0.16 | -0.84 |
| EPS Growth % | -3.16% | -36.02% | 126.76% | -67.95% | 180.11% | -335.32% | -31.69% | 40.41% | 87.02% | -25.14% | 182.26% | -47.9% | 320.37% | -350% | -105.71% | 1809.09% | 107.24% | -232.17% | -48.89% | 204.05% | 13.85% | 1.56% | 8.47% | 28.26% | 27.78% | 24.14% | 20.83% | 26.32% | 18.75% | 119.05% | -746.15% |
| EPS (Basic) | - | 2.07 | 3.24 | 1.41 | 4.48 | -5.53 | 2.36 | 3.48 | 2.49 | 1.32 | 1.76 | 0.63 | 1.20 | -0.55 | -0.12 | 2.13 | 0.12 | -1.52 | 1.17 | 2.30 | 0.78 | 0.67 | 0.66 | 0.64 | 0.49 | 0.38 | 0.31 | 0.25 | 0.19 | 0.16 | -0.84 |
| Diluted Shares Outstanding | 36.02M | 37.2M | 50.18M | 46.27M | 43.92M | 42.92M | 40.18M | 39.98M | 39.79M | 39.31M | 38.87M | 37.59M | 36.31M | 33.26M | 30.38M | 30.55M | 30.37M | 29.52M | 30.35M | 30.9M | 31.36M | 29.27M | 29.43M | 29.27M | 27.62M | 27.41M | 26.75M | 21.63M | 17.89M | 15.63M | 15.81M |
Quick answers to the most common questions about buying CIGI stock.
For fiscal year 2025, Colliers International Group Inc. (CIGI) reported total revenue of $5.66B. This represents a 23564.3% increase compared to $23.9M in 1995.
Colliers International Group Inc. (CIGI) is profitable, generating $104.9M in net income for the fiscal year ending 2025 with a net profit margin of 1.9%.
Colliers International Group Inc. (CIGI) reported an operating income of $408.6M, resulting in an operating profit margin of 7.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Colliers International Group Inc. (CIGI) generated $1.74B in gross profit for the year, representing a gross profit margin of 30.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression and leverage
Growth Momentum Amid Mix Shift
Revenue grew 14.7% YoY in 2026Q2 to $1.6B, but NOI margin fell to 40.4% from 39.7% a year earlier, suggesting lower-margin engineering services are diluting profitability.
The 14.7% revenue growth in 2026Q2, as reported in the latest quarterly filing, continues the trend of double-digit expansion driven by acquisitions in engineering and design. However, the NOI margin of 40.4% is below the 40.4% reported in 2024Q4, indicating that incremental revenue is coming at lower margins. This mix shift warrants monitoring as the company pivots toward infrastructure services, which may offer stability but compress property-level profitability.
NOI Margin Volatility Signals Mix Shift
NOI margin swung from 40.4% in 2024Q4 to 9.8% in 2025Q4, then recovered to 40.4% in 2026Q2, reflecting seasonality and acquisition integration costs that obscure underlying profitability trends.
The extreme volatility in NOI margin—from 40.4% in 2024Q4 to 9.8% in 2025Q4—suggests that reported NOI is heavily influenced by one-time items and the timing of acquisitions. The 2025Q4 margin collapse appears tied to integration costs and possibly lower-margin revenue from engineering services. Investors should focus on the trend in adjusted NOI margin, which appears to be stabilizing around 30-40%, but the mix shift toward lower-margin services may cap future expansion.
FFO Per Share Volatility Raises Quality Concerns
FFO per share swung from $2.75 in 2024Q4 to $3.59 in 2025Q4, then dropped to $2.73 in 2026Q2, with 2026Q1 negative net income of -$24M, indicating earnings quality is uneven.
The wide swings in FFO per share—from $1.17 in 2026Q1 to $3.59 in 2025Q4—suggest that reported FFO is not a stable recurring metric. The negative net income in 2026Q1, despite positive FFO, highlights the gap between GAAP earnings and FFO, driven by depreciation and amortization. The dividend yield is negligible, indicating that the company is retaining earnings to fund growth, but the volatility in FFO may challenge the sustainability of future distributions.
Depreciation Distorts GAAP Earnings
GAAP net income was negative in 2026Q1 (-$24M) despite positive FFO of $43M, illustrating how depreciation and amortization charges on acquisitions suppress reported earnings.
The divergence between net income and FFO is stark: in 2026Q1, net income was -$24M while FFO was $43M, a difference of $67M. This gap is primarily due to depreciation and amortization from the company's aggressive acquisition strategy. While FFO is a better measure of cash-generating ability, the large depreciation charges suggest that the company is investing heavily in assets that may not retain their value, warranting scrutiny of the quality of acquired earnings.
Organic Growth Masked by Acquisitions
Same-store NOI growth is not disclosed, but revenue growth of 14.7% in 2026Q2 likely includes significant contributions from recent acquisitions, making organic momentum unclear.
The company does not provide same-store metrics, but the revenue growth of 14.7% in 2026Q2, as reported in the financial statements, is likely inflated by acquisitions in engineering and design. Without same-store data, it is difficult to assess organic demand for leasing and capital markets services. Investors should monitor the renewal rates in outsourcing and the retention of fee-earners to gauge underlying organic health.
Earnings Quality Under Scrutiny
Adjusted EBITDA likely excludes significant acquisition costs, and the reported Debt/Equity of 0.96% appears understated, suggesting leverage may be higher than reported and earnings quality lower.
The company's adjusted EBITDA, which is a key valuation metric, likely excludes integration costs and other one-time charges that are recurring features of its roll-up strategy. The reported Debt/Equity of 0.96% is suspiciously low for a company with this acquisition pace, and may not reflect off-balance-sheet obligations or operating leases. Furthermore, the high non-controlling interest in subsidiaries means that a portion of earnings belongs to minority partners, not shareholders. These factors suggest that reported earnings may overstate the economic reality for CIGI shareholders.