Strong Services Revenue & Profit Growth
Combined Advisory, Building Operations & Experience, and Project Management grew revenue by 20% and operating profit by nearly 30% in Q1 2026; Services segment delivered 27% operating profit growth in local currency.
Resilient and Transactional Businesses Momentum
Resilient Businesses revenue grew 18% while Transactional Businesses achieved 22% growth — the highest growth rate of the current cycle, underpinned by sales, leasing, financing and development activity.
Infrastructure & Data Center Momentum
Infrastructure activities generated >$3.0B revenue in 2025 and nearly $950M in Q1 2026; data center leasing more than tripled year-over-year in Q1 and overall infrastructure-related revenue was ~ $950M in Q1.
Critical Infrastructure Services Rapid Growth
Dedicated critical infrastructure services (data centers, telecom, power) recorded $1.7B revenue in 2025 and $580M in Q1 2026 and are expected to grow in excess of 60% in 2026.
Upgraded EPS Guidance
Company raised full-year core EPS guidance to $7.60–$7.80 (up from prior range), representing more than 20% growth at the midpoint, driven by Q1 outperformance and early Q2 momentum.
Advisory & Leasing Strength
Advisory leasing revenue: +18% globally, +21% U.S.; U.S. industrial leasing +24%; U.S. office leasing +15%; leasing growth double-digits in Asia-Pacific (led by Japan) and mid-single-digits in EMEA.
Investment Sales, Mortgage Origination & Loan Servicing
Global property sales revenue accelerated +39% (U.S. +64%); mortgage origination revenue +53%; loan servicing portfolio grew +5% to >$460B; Advisory SOP grew 35%, demonstrating operating leverage.
BOE and Project Management Performance
BOE revenue +16% with BOE SOP +23% (excludes classification effect SOP growth in line with revenue); Project Management revenue +11% and SOP +14%, supported by infrastructure and technology-sector projects.
Free Cash Flow, Capital Allocation and Buybacks
TTM free cash flow $1.7B with 78% conversion; expect year-end conversion near high end of 75–85% target; repurchased nearly $540M of shares YTD at ~ $148 average price; raised $1.3B of new capital and AUM ended Q1 at >$155B.
Trammell Crow Embedded Gains & Pipeline
Embedded gains in Trammell Crow and related businesses of approximately $900M to be monetized over coming years; ~ $30B in pipeline and in-process projects concentrated in industrial, multifamily and data center land.