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CBRE lifts 2026 core EPS outlook as data center revenue surges
CBRE said infrastructure services revenue rose more than 45% to nearly $1.2B in the quarter, with data center services at about $700M.
CBRE reported a second-quarter beat as its core earnings improved, driven largely by infrastructure and data center services. The company said core earnings per share rose 30% alongside a 16% revenue increase, and it lifted 2026 core earnings per share guidance to $7.80 to $7.90, implying 23% growth at the midpoint, according to results cited by Bisnow.
Core earnings before interest, taxes, depreciation and amortization rose 34% year over year to $836M during the quarter. CBRE also reported that cash flow from operations was nearly $1.4B for the quarter and free cash flow was close to, per the earnings release described by Bisnow.
CBRE attributed the outperformance to its infrastructure and data center services businesses, saying infrastructure services revenue increased by more than 45% to almost $1.2B, while data center services revenue grew nearly 30% to $700M. The company said data center services accounted for nearly 60% of total infrastructure services revenue in the quarter.
Looking ahead, CBRE expects data center services revenue to remain elevated at about 25% annually for the next five years during a period of significant AI investment, then above 15% as the build cycle matures, as described in the outlet’s coverage. CBRE also flagged headwinds for data center expansion, including NIMBYism, water and power constraints, and supply chain and talent challenges.