Colliers International Group Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Colliers International Group Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Revenue	1,897	2,435	2,825	3,046	2,787	4,089	4,459	4,335	4,822	5,558
Cost of revenue			1,818	1,960	1,741	2,520	2,749	2,597	2,900	3,332
Gross profit			1,008	1,086	1,046	1,569	1,710	1,738	1,922	2,226
Selling, general and administrative	522	614	706	745	710	1,023	1,096	1,185	1,339	1,569
Operating income	146	167	201	218	165	-132	332	301	389	371
Other non-operating income	2.42	0.5	1.28	-0.21	-0.01	5.08	-1.03	0.84	0.41	3.66
Pre-tax income	139	156	182	191	137	-152	290	213	311	305
Income tax	47.8	61.9	53.3	53	42	85.5	95	68.1	74.2	80.2
Income from continuing operations	91.6
Net income to minority interests	20.1	20.3
Net income	68	49.3	97.7	103	49.1	-390	46.3	65.5	162	103
EBITDA	191	220	280	313	290	13.6	510	503	611	627
EPS, basic	1.84	1.32	2.49	2.60	1.23	-9.09	1.07	1.43	3.24	2.03
EPS, diluted	1.83	1.31	2.45	2.57	1.22	-9.09	1.05	1.41	3.22	2.02
Shares, basic (weighted)	36.8	38.8	39.2	39.5	40	42.9	43.4	0.31	49.9	50.8
Shares, diluted (weighted)	37.1	39.3	39.8	40	40.2	42.9	43.9	46.3	50.2	51.1
Dividend per share	0.10	0.10	0.10	0.10	0.10	0.20	0.30	0.30	0.30	0.30

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Cash and equivalents	113	109	127	115	157	397	174	181	176	208
Short-term investments					10.1	8.54	17	19.2	17.8	21.7
Receivables	311	383	455	394	372	502	578	643	736	829
Other current assets	37.1	54.7	4.9	1.37	18.9	0.77	0.69	3.75	1.5	1.37
Total current assets	506	664	757	718	1,036	1,571	1,213	1,474	1,599	1,822
Property, plant and equipment	65.3	83.9	93.5	107	129	145	164	203	227	251
Lease right-of-use assets				264	288	317	342	391	399	443
Goodwill	348	455	888	949	1,089	1,091	1,989	2,038	2,298	2,629
Intangible assets	140	183	498	477	610	562	1,160	1,080	1,184	1,226
Long-term investments			3.8	5.57	5.26	9.33	8.94	8.44	7.86	7.06
Other non-current assets	38.7	55.5	63.7	69.5	74.4	100	139	157	186	213
Total assets	1,190	1,508	2,358	2,893	3,292	3,874	5,098	5,482	6,101	6,788
Accounts payable	83.6	103	251	262	298	391	503	536	495	511
Accrued liabilities	400	516	470	495	451	692	626	569	646	757
Deferred revenue	4.07	35.4	28.8	24.1	21.1	30.4	25.6	45.3	63.5	80.4
Short-term debt	1.96	2.43	1.83	4.22	9.02	1.46	1.36	1.8	6.06	8.12
Total current liabilities	510	725	799	924	1,108	1,537	1,342	1,441	1,508	1,655
Long-term debt	261	247	670	607	471	530	1,438	1,501	1,502	1,625
Lease liabilities				229	252	297	322	375	384	419
Other non-current liabilities	8.99	11.8	21.8	31.7	48.5	86.1	91.1	121	129	111
Total liabilities	966	1,205	1,966	2,375	2,706	3,288	4,605	4,632	4,775	5,254
Total debt	262	250	672	611	480	531	1,439	1,503	1,508	1,634
Paid-in capital	51.5	50.2	54.7	60.7	67	79.4	105	123	140	174
Retained earnings	-174	-115	-21.8	77.2	119	-280	-384	-333	-186	-98.5
Other comprehensive income	-71.3	-43.2	-61.2	-67.2	-62	-70.3	-76.3	-69.6	-102	-73.5
Shareholders' equity	206	299	388	513	582	582	490	848	1,325	1,533
Minority interests	6.78	4.46	4.42	4.42	3.7	3.67	3.68	2.5	0.72	1.12
Total equity	224	303	392	517	586	585	493	850	1,326	1,534
Total liabilities and equity	1,190	1,508	2,358	2,893	3,292	3,874	5,098	5,482	6,101	6,788
Shares outstanding	36.7	38.6	38.9	39.2	39.8	40.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Net income	91.6	94.1	129	138	94.5	-238	195	145	237	225
Depreciation and amortization	44.9	53	78.7	94.7	126	145	177	203	222	256
Stock-based compensation	3.28	4.43	6.39	7.83	9.63	14.3	21.9	27.1	46	55.6
Deferred income tax	10	18.3	6.14	-6.7	-13.2	-37.5	-26	-9.92	-30.5	-16
Change in receivables	-16.7	-38.1	-54.2	-74.5
Change in payables	6.23	9.24	14.2	-15.7	-13.9	153	39.2	9.04	16.1	-44.6
Cash from operations	156	213	257	311	166	289	67	166	326	330
Capital expenditures	-25	-39.5	-35.6	-44.2	-40.4	-58	-67.7	-84.5	-65.1	-78.7
Acquisitions	-82.1	-58.7	-586	-80.6	-206	-60.8	-1,007	-60.3	-517	-262
Cash from investing	-134	-141	-628	-218	-113	-49.4	-873	-134	-783	-335
Debt issued	218	315	986		0	295	0
Debt repaid	-201	-337	-800	-645	-779	-820	-700	-833	-1,717	-1,132
Stock issued	2.86	5.64	7.42	21.9	12.3	14.4	16.8	0	287	0
Share buybacks						0	-166	0
Dividends paid	-3.47	-3.88	-3.91	-3.94	-3.99	-4.21	-13.1	-13.5	-14.7	-15.2
Cash from financing	-14.9	-83.9	395	-101	1.05	18.6	613	-7.81	452	74.1
Exchange rate effect	-10.7	7.71	-6.07	-3.54
Net change in cash	-3	-4.63	18.5	-12	62.5	248	-226	20	-1.09	38.9
Free cash flow	131	173	222	267	126	231	-0.65	81.1	261	251
Interest paid	7.98	11.2	20.4	27.7	29.1	28	49.7	96.2	89.9	88.6
Income taxes paid	36.3	43.4	42.2	73	46.5	117	138	118	70.3	111

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $90.42 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	40.0%	Gross profit / revenue.
Operating margin	6.7%	Operating income / revenue.
EBITDA margin	11.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.5%	Pre-tax income / revenue.
Net margin	1.9%	Net income / revenue.
FCF margin	4.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.9%	Cash from operations / revenue.
Effective tax rate	26.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.6%	Net income / average total assets.
Return on invested capital (ROIC)	9.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	28.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	4.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	16.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-4.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	3.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	17.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	2.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	16.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-36.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	30.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	16.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-37.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	24.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	1.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	70.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-3.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	14.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	24.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	15.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	46.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	21.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.10x	Current assets / current liabilities.
Quick ratio	0.64x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.07x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	24.1%	Total debt / total assets.
Liabilities / assets	77.4%	Total liabilities / total assets.
Net debt	$1.40B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.24x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$167.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	56.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.32B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.86x	Revenue / average total assets.
Fixed asset turnover	23.2x	Revenue / average property, plant and equipment.
Receivables turnover	7.10x	Revenue / average receivables.
Days sales outstanding	51 days	365 x average receivables / revenue.
Days payables	55 days	365 x average accounts payable / cost of revenue.
FCF conversion	243.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	23.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.02	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$2.03	Net income per basic share, as reported (split-adjusted).
Revenue per share	$108.81	Revenue / diluted weighted shares.
FCF per share	$4.92	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.46	Cash from operations / diluted weighted shares.
Book value per share	$30.02	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$45.45	Tangible book value / shares outstanding.
Cash per share	$4.49	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.30	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	14.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	6.1%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.62B	Share price x shares outstanding.
Enterprise value	$6.02B	Market cap + total debt - cash - short-term investments.
P/E	44.8x	Market cap / net income. Only when net income is positive.
P/S	0.83x	Market cap / revenue.
P/B	3.01x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	18.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.0x	Market cap / cash from operations, when positive.
EV/Sales	1.08x	Enterprise value / revenue.
EV/EBIT	16.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.61x	Enterprise value / EBITDA, when both are positive.
EV/FCF	24.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.4%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.3%	Dividends paid over the period / market cap.
Shareholder yield	0.3%	(Dividends paid + share buybacks) / market cap.
PEG	1.84x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Colliers International Group Inc.'s revenue in fiscal 2025?

Colliers International Group Inc. reported revenue of $5.56B for fiscal 2025, 15.3% higher than the year before.

Was Colliers International Group Inc. profitable in fiscal 2025?

Yes. Net income was $103.1M, a net margin of 1.9%.

How much free cash flow did Colliers International Group Inc. generate in fiscal 2025?

Cash from operations of $330.1M minus capital expenditures of $78.7M left free cash flow of $251.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Colliers International Group Inc.