Record Revenue and Top-Line Growth
Total revenues rose 15.3% year-over-year to just over $1.0 billion (vs $872.7 million), delivering record total revenues for the quarter and year.
Adjusted EPS and EBITDA Expansion
Adjusted EPS increased 23.6% to $0.68 (from $0.55). Adjusted EBITDA was $214.0 million, up 17% versus $182.9 million, with adjusted EBITDA margin improving by 32 basis points in the quarter and 81 basis points for the full year.
Leasing Strong Performance and Milestone
Leasing grew 13.6% in the quarter and leasing increased 17% for 2025, producing a record quarter and the company's first-ever billion-dollar-plus year for the service line.
Management & Servicing Record and Scale
Full-year management and servicing revenues increased 12% to over $1.24 billion. Servicing and asset management portfolio surpassed $200 billion, ending the year at $211.2 billion, and related fees grew ~10.9% excluding escrow interest impacts.
Capital Markets Market-Share Gains
Investment sales volumes were up 50% in the quarter (vs 21% U.S. industry growth and 15% Europe) and up 56% for the full year (vs 20% U.S., 12% Europe). Full-year origination volumes increased 67% while U.S. industry originations rose 43%, indicating full-year share gains.
Strong Cash Generation and Balance Sheet Metrics
Record cash generated by the business of $518.4 million; adjusted free cash flow up 38.4% to $268.9 million. Ended 2025 with $229.1 million cash and cash equivalents, corporate debt $671.7 million, and net leverage improved to 0.8x.
Capital Allocation and Shareholder Returns
Board increased share repurchase authorization to $400 million and the company repurchased $127.1 million in the year, reflecting capacity to return capital alongside continued investments.
Positive Outlook and 2026 Guidance
Guidance for FY2026: total revenues $3.7B–$3.8B (midpoint +13.8%), adjusted EBITDA $635M–$675M (+13% to 20%), and adjusted EPS $1.82–$1.92 (+12% to 19%), with management calling for continued double-digit top- and bottom-line growth.
International Expansion and Rapid Market Ramp
Europe expansion: ~1,200 employees and progress in Germany, U.K., France, Spain, Italy, Middle East, and Singapore. France reached breakeven faster than expected (~1+ year), demonstrating successful market entry execution.
AI as a Tailwind
Management views AI as an accelerant improving efficiency and margins and creating demand across office leasing (NY/SF), data centers, capital markets, and valuation services—positioned to leverage proprietary data and analytics.