CBRE Q3 10-Q: Core EPS Up 28%, Telford Remediation Charge Raised to $442M
CBRE is trading near its 52-week low of $121.69 (7.8% above the low) on elevated volume (2.7× avg).
Summary
CBRE's Q3 10-Q confirms the morning's results — revenue of $11.5 billion, net income of $443 million, $1.52 diluted EPS — and adds a $168 million increase in the Telford fire-safety remediation estimate plus $1.2 billion of year-to-date buybacks.
Key Events · Earnings and Guidance · CBRE
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Q3 Results Confirmed in Full 10-Q
Revenue of $11,517 million (up 12.7%) and net income attributable to CBRE of $443 million, or $1.52 diluted EPS, versus $363 million and $1.21 a year ago.
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Telford Remediation Estimate Jumps
The fire-safety remediation liability rose to $442 million from $321 million at December 31, 2025, reflecting a $168 million expansion in estimated scope and cost, net of amounts spent.
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Buybacks Running at $1.2 Billion YTD
8,199,713 shares repurchased for $1.2 billion at an average $141.77 in the first nine months, plus 198,865 shares for $26 million at $130.12 from October 1-20; $3.7 billion of capacity remains.
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Onnec Deal Disclosed as Subsequent Event
Definitive agreement announced October 20, 2026 to acquire Onnec for £460 million (~$610 million) cash plus up to £300 million (~$400 million) earnout, to sit in the BOE segment's Critical Infrastructure Services line.
Analysis · CBRE · Real Estate & Construction
The headline numbers were already out this morning via the 8-K, but the full 10-Q adds the balance sheet and notes investors price off. Two items stand out. First, the Telford Homes fire-safety remediation liability jumped to $442 million from $321 million at year-end, a $168 million expansion in estimated scope and cost that drove a $121 million net increase and is excluded from segment operating profit. Second, buybacks are running hot: 8,199,713 shares for $1.2 billion in the first nine months at an average $141.77, with $3.7 billion of capacity left, against a stock at $131.24 today. The Onnec deal (£460 million cash plus up to £300 million earnout) was announced October 20 and is only a subsequent event here, not new news.
How filings like this one have moved
In the 30 days to Oct 22, 2026, 29.3% of the 1526 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.41%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, CBRE was trading at $131.24 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $38B. The 52-week trading range was $121.69 to $174.27. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.