Revenue growth remains inconsistent, fluctuating between 1.0% and 22.7% over the last ten quarters, while gross margins experienced a sharp contraction to 9.8% in 2025Q4.
| 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 |
|---|
| Sales/Revenue | 5.82B | 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 % | 17.32% | 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% |
| Cost of Goods Sold | 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 |
| COGS % of Revenue | - | 69.16% | 60.14% | 59.9% | 61.65% | 61.62% | 62.47% | 64.34% | 64.33% | 62.73% | 62.2% | 60.65% | 64.37% | 64.42% | 65.84% | 63.92% | 61.49% | 62.38% | 63.27% | 64.06% | 64.83% | 69.54% | 68.55% | 66.98% | 67.07% | 66.51% | 66.84% | 66.51% | 64.21% | 61.68% | 75.31% |
| Gross Profit | 1.42B | 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 |
| Gross Margin % | 24.48% | 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% |
| Gross Profit Growth % | - | -9.26% | 10.57% | 1.66% | 8.97% | 50.03% | -3.71% | 7.78% | 18.84% | 18.29% | 5.81% | -29.94% | 15.99% | 5.87% | -1.87% | 4.92% | 19.37% | 28.3% | 30.11% | 34.37% | 53.81% | 8.81% | 0.84% | 21.17% | 22.67% | 30.75% | 33.79% | 41.21% | 33.24% | 486.44% | -79.23% |
| Operating Expenses | 980.79M | 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 |
| OpEx % of Revenue | - | 23.61% | 31.79% | 33.16% | 30.89% | 41.59% | 31.63% | 28.5% | 27.77% | 29.28% | 29.91% | 33.48% | 30.24% | 31.28% | 30.05% | 31.47% | 33.65% | 33.65% | 30.63% | 29.83% | 28.82% | 24.2% | 24.34% | 24.23% | 24.46% | 25.29% | 25.28% | 26.7% | 29.43% | 33.22% | 89.54% |
| Selling, General & Admin | 0 | 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 |
| SG&A % of Revenue | - | - | 27.77% | 27.35% | 24.58% | 25.01% | 25.46% | 24.46% | 24.98% | 26.96% | 27.54% | 31.24% | 27.94% | 28.21% | 27.73% | 29.18% | 31.23% | 30.92% | 28.31% | 27.62% | 25.47% | 21.7% | 21.83% | 21.88% | 21.65% | 22.32% | 22.19% | 24.02% | 26.55% | 29.9% | 79.08% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 443.25M | 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 % | 7.62% | 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% |
| Operating Income Growth % | - | 4.97% | 29.33% | -9.49% | 352.85% | -179.9% | -24.57% | 8.34% | 20.72% | 14.13% | 81.84% | -40.2% | 48.98% | 15.1% | -20.05% | 0.54% | 155.45% | -53.99% | 27.23% | 26.49% | 35.09% | -1.1% | -14.3% | 25.38% | 28.91% | 34.64% | 56.82% | 60.98% | 78.26% | 129.68% | -530.56% |
| EBITDA | 707.74M | 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 % | 12.17% | 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% | 9.46% | 9.24% | 8.42% | -54.39% |
| EBITDA Growth % | 13.96% | 9.53% | 21.32% | -1.26% | 3651.32% | -95.32% | -7.15% | -88.29% | 6.8% | 33.58% | 1473.13% | -39.57% | 18.94% | 25.54% | -11.47% | 2.45% | 71.96% | -26.19% | 29.02% | 12.75% | 47.5% | 2.26% | -8.59% | 19.36% | 26.01% | 31.86% | 56.52% | 54.62% | 56.58% | 158.46% | -316.67% |
| D&A (Non-Cash Add-back) | 264.48M | 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 |
| EBIT | 399.85M | 393.86M | 396.89M | 306.85M | 338.14M | -120.23M | 167.48M | 220.05M | 202.68M | 167.88M | 148.59M | 81.51M | 79.42M | 43.94M | 82.73M | 51.07M | 95.47M | 45.71M | 73.58M | 82.99M | 65.89M | 35.31M | 27.63M | 38.6M | 45.04M | 35.93M | 27.87M | 20.62M | 13.33M | 8.2M | 4.6M |
| Net Interest Income | -84.08M | -83.81M | -85.78M | -94.08M | -48.59M | -31.82M | -30.95M | -29.45M | -20.84M | -11.89M | -9.19M | -9.04M | -7.3M | -8.67M | -19.56M | -16.8M | -17.4M | -12.51M | 0 | 0 | -10.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 865K | 1.05M | 1.05M | 1.17M | 950K | 0 | 0 | 0 | 1.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 315.77M | 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 % | 5.43% | 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 | 85.21M | 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 % | 26.98% | 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 | 85.06M | 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 % | 1.46% | 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 % | -41.26% | -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% |
| Net Income (Continuing) | 230.56M | 228.48M | 236.94M | 144.69M | 194.54M | -237.56M | 94.49M | 137.59M | 128.57M | 94.07M | 91.57M | 39.91M | 53.91M | 22.88M | 41.39M | 76.92M | 47.9M | -7.28M | 33.06M | 50.7M | 38.53M | 31.14M | 17.41M | 18.84M | 18.21M | 12.71M | 9.87M | 7.22M | 4.43M | 3.4M | 2.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.1M | 23.81M | 5.16M | 0 | 0 | 0 | 511.88K | 0 | -14.01M | 0 | -15.75M | -2.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.3B | 1.28B | 1.15B | 1.07B | 1.08B | 540.57M | 446.08M | 363.57M | 343.36M | 145.49M | 134.8M | 139.59M | 230.99M | 222.07M | 151.97M | 141.4M | 174.36M | 164.17M | 48.31M | 28.46M | 26.46M | 25.38M | 14.03M | 11.45M | 8.82M | 9.81M | 6.6M | 5.4M | 1.7M | 1.3M | 900K |
| EPS (Diluted) | 2.32 | 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 % | -41.81% | -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 | 36.74M | 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 |
| Basic Shares Outstanding | 36.74M | 36.98M | 49.9M | 46.27M | 43.41M | 42.92M | 39.99M | 39.55M | 39.16M | 38.83M | 38.6M | 37.2M | 35.92M | 32.93M | 30.03M | 30.09M | 30.08M | 29.44M | 29.9M | 30.17M | 29.75M | 28.39M | 28.54M | 27.21M | 26.2M | 25.97M | 25.34M | 20.63M | 17.89M | 15.63M | 15.81M |
| Dividend Payout Ratio | - | 14.75% | 9.07% | 20.62% | 28.32% | - | 8.13% | 3.83% | 4% | 7.86% | 5.11% | 30.74% | 33.15% | - | - | 0.38% | 63.8% | - | 19.94% | - | - | 3.19% | 2.71% | 1.1% | 1.09% | 4.81% | 2.44% | 4.43% | 5.79% | 12% | - |
Cyclical Transactional Revenue Exposure
According to quarterly financial data, Colliers International Group Inc. has demonstrated inconsistent top-line expansion, with revenue growth rates fluctuating between 1.0% and 22.7% over the last ten quarters, reflecting the inherent sensitivity of its transactional brokerage business to broader commercial real estate market conditions and interest rate cycles.
The revenue trajectory appears heavily influenced by the firm's reliance on capital markets and leasing activity, which remain susceptible to macroeconomic headwinds. While recent periods show double-digit growth, the lack of consistent momentum suggests that the firm's diversification into investment management has yet to fully decouple its top-line performance from cyclical transaction volumes.
As reported in recent income statements, Colliers has experienced significant gross margin volatility, with figures dropping from historical highs near 40% in 2024 to 9.8% in 2025Q4, indicating that the firm's cost structure is struggling to maintain profitability amidst shifting revenue mixes and potential integration-related expenses.
The sharp contraction in gross margins suggests that the firm's variable cost base, particularly commission payouts, may not be scaling efficiently with revenue. Investors should monitor whether this margin compression is a temporary byproduct of aggressive M&A activity or a more permanent shift in the competitive landscape for brokerage talent.
Based on the provided income statement figures, Colliers' operating income has failed to scale consistently with revenue, as evidenced by operating margins that dipped to 3.6% in 2025Q1, highlighting the difficulty of managing fixed overheads during periods of decelerating transaction activity and increased investment in new service verticals.
The lack of clear operating leverage suggests that the firm's recent expansion into engineering and design services may be introducing higher fixed costs that are not yet yielding commensurate operating income. This warrants further investigation into whether the current SG&A structure is optimized for the firm's evolving, more complex business model.
Analysis of the reported net income reveals substantial quarterly swings, including a net loss of $23.7 million in 2026Q1, which suggests that the bottom line is frequently impacted by non-operating items or integration charges that complicate the assessment of the firm's underlying core profitability and sustainable earnings power.
The frequent divergence between operating income and net income implies that investors should be cautious when relying on headline EPS figures. The presence of significant quarterly losses despite positive revenue growth suggests that the firm's earnings quality is currently compromised by the costs associated with its aggressive roll-up strategy.
While management emphasizes a shift toward recurring revenue, the income statement data suggests that Colliers remains highly vulnerable to cyclical downturns, as evidenced by the sharp decline in net margins and the recent quarterly net loss, which may challenge the bull case for long-term earnings resilience.
Short-term performance indicators suggest that the firm's reliance on transactional revenue remains a primary risk factor that could lead to further earnings disappointment. The market may be overestimating the defensive nature of the firm's newer service lines, potentially ignoring the underlying sensitivity to global commercial real estate vacancy rates.
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.