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Real estate services · Real Estate · Fiscal year ends Dec 31
Colliers International reported revenue of $5.6B in the fiscal year ended Dec 2025, up 15.3% from the year before. Operating income was $371M, an operating margin of 6.7%, and net income was $225M. Operating cash flow of $330M less capital expenditure of $79M left free cash flow of $251M. Net debt was $1.4B.
Ranks among the 16 real estate services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,089 | 4,459 | 4,335 | 4,822 | 5,558 |
| Cost of revenue | 2,520 | 2,749 | 2,597 | 2,900 | 3,332 |
| Gross profit | 1,569 | 1,710 | 1,738 | 1,922 | 2,226 |
| Selling, general & admin | 1,023 | 1,096 | 1,185 | 1,339 | 1,569 |
| Operating income | −132 | 332 | 301 | 389 | 371 |
| Net interest incomeBanks | −31.8 | −48.6 | −94.1 | – | – |
| Pre-tax income | −152 | 290 | 213 | 311 | 305 |
| Income tax | 85.5 | 95.0 | 68.1 | 74.2 | 80.2 |
| Net income | −238 | 195 | 145 | 237 | 225 |
| Diluted EPS | −9.09 | 1.05 | 1.41 | 3.22 | 2.02 |
| Diluted shares | 42.9 | 43.9 | 46.3 | 50.2 | 51.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 397 | 174 | 181 | 176 | 208 |
| Receivables | 502 | 578 | 643 | 736 | 829 |
| Current assets | 1,571 | 1,213 | 1,474 | 1,599 | 1,822 |
| Net PP&E | 145 | 164 | 203 | 227 | 251 |
| Goodwill | 1,091 | 1,989 | 2,038 | 2,298 | 2,629 |
| Total assets | 3,874 | 5,098 | 5,482 | 6,101 | 6,788 |
| Payables | 391 | 503 | 536 | 495 | 511 |
| Deferred revenue | 30.4 | 25.6 | 45.3 | 63.5 | 80.4 |
| Current liabilities | 1,537 | 1,342 | 1,441 | 1,508 | 1,655 |
| Long-term debt | 531 | 1,439 | 1,503 | 1,508 | 1,634 |
| Total liabilities | 3,288 | 4,605 | 4,632 | 4,775 | 5,254 |
| Shareholders' equity | 582 | 490 | 848 | 1,325 | 1,533 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 289 | 67.0 | 166 | 326 | 330 |
| Capital expenditure | 58.0 | 67.7 | 84.5 | 65.1 | 78.7 |
| Free cash flow | 231 | −0.7 | 81.1 | 261 | 251 |
| Depreciation & amortisation | 145 | 177 | 203 | 222 | 256 |
| Stock-based compensation | 14.3 | 21.9 | 27.1 | 46.0 | 55.6 |
| Acquisitions | 60.8 | 1,007 | 60.3 | 517 | 262 |
| Dividends paid | 4.2 | 13.1 | 13.5 | 14.7 | 15.2 |
| Dividend per share | 0.20 | 0.30 | 0.30 | 0.30 | 0.30 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.1% | −2.8% | 11.2% | 15.3% |
| Operating income growth (YoY) | – | – | −9.5% | 29.3% | −4.7% |
| EPS growth (YoY) | – | – | 34.3% | 128.4% | −37.3% |
| Gross margin | 38.4% | 38.3% | 40.1% | 39.9% | 40.0% |
| Operating margin | −3.2% | 7.5% | 6.9% | 8.1% | 6.7% |
| Net margin | −5.8% | 4.4% | 3.3% | 4.9% | 4.0% |
| Return on equityBlank when equity is negative | −40.8% | 39.7% | 17.1% | 17.9% | 14.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −5.6% | 8.9% | 7.4% | 8.5% | 7.2% |
| Free cash flow margin | 5.6% | −0.0% | 1.9% | 5.4% | 4.5% |
| Cash conversion (CFO ÷ net income) | −1.22x | 0.34x | 1.14x | 1.38x | 1.47x |
| Receivable days | 45 | 47 | 54 | 56 | 54 |
| Payable days | 57 | 67 | 75 | 62 | 56 |
| Debt ÷ equity | 0.91x | 2.94x | 1.77x | 1.14x | 1.07x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 134 | 1,265 | 1,322 | 1,332 | 1,426 |
| Current ratio | 1.02x | 0.90x | 1.02x | 1.06x | 1.10x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.