Annual Reports
Colliers International Group Inc.'s annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
Colliers International Group Inc. — FY2025 Consolidated Financial Statements (Year ended December 31, 2025) — FY2025
The latest audited statements: the only place Colliers defines its three segments, its revenue lines and the RNCI structure in full. · Open the full document →
Report of Independent Registered Public Accounting Firm — Critical Audit Matters — p. 4 · Read the full section →
PwC names one matter: when brokerage and leasing fees may be booked. It sits on 37% of revenue.
The auditor's single critical audit matter — constraining brokerage and leasing revenue.
As described in notes 2 and 26 to the consolidated financial statements, the Company recognized revenue from real estate sales brokerage services, which makes up a significant portion of capital markets revenue of $885.0 million and leasing services revenue of $1,178.8 million for the year ended December 31, 2025. […] Sales brokerage and leasing services revenue contracts may include terms that result in variability in the transaction price and ultimate revenues earned beyond the underlying value of the transaction, which may include contingencies. Sales brokerage and leasing services revenue is constrained when it is probable that the Company may not be entitled to the total amount of the revenue under the contract, which is associated with the occurrence or non-occurrence of an event that is outside of the Company’s control, or where the facts and circumstances of the contract limit the Company’s ability to predict whether this event will occur.
p. 4 · Read in context →
Consolidated Statements of Earnings — p. 6 · Read the full section →
Shows the gap that defines Colliers: $224.6m of net earnings, $103.1m left for shareholders.
1. Description of the business — p. 11 · Read the full section →
Three paragraphs that set the perimeter: 33 countries, three segments, one renamed this year.
The business as management defines it, with the Real Estate Services segment renamed.
Colliers International Group Inc. (“Colliers” or the “Company”) is a global diversified professional services and investment management company providing services to corporate and institutional clients in 33 countries around the world (70 countries including affiliates and franchisees). Operationally, Colliers is organized into three distinct segments: Commercial Real Estate (previously named Real Estate Services), Engineering and Investment Management (“IM”).
p. 11 · Read in context →
2. Summary of presentation — Revenue — p. 16 · Read the full section →
The five revenue lines in management's own words, from transactional brokerage to recurring fee streams.
4. Acquisitions — p. 22 · Read the full section →
Eleven deals in one year — the clearest statement of how Colliers actually grows.
The FY2025 acquisition count by segment, and which purchase price allocations remain provisional.
During 2025, the Company acquired controlling interests in eleven businesses, three in Commercial Real Estate, seven in Engineering and one in Investment Management. […] As of December 31, 2025, the Company has not completed its analysis to assign fair values to all identifiable tangible and intangible assets related to Cambium Inc. and Greenhill Engineering Pty Ltd and, therefore, the purchase price allocations for the acquired businesses are provisional and subject to change within the respective measurement period which will not extend beyond one year from the acquisition date.
p. 22 · Read in context →
12. Goodwill / 13. Long-term debt — p. 31 · Read the full section →
What serial acquisition leaves behind: $2.63bn of goodwill funded against $1.63bn of debt.
17. Redeemable non-controlling interests — p. 33 · Read the full section →
Local managers own puttable stakes carried at redemption value in the mezzanine — the structural feature most often missed.
Why RNCI sits outside shareholders' equity and is remeasured to redemption value each period.
The minority equity positions in the Company’s subsidiaries are referred to as redeemable non-controlling interest (“RNCI”). The RNCI are considered to be redeemable securities. Accordingly, the RNCI is recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur.
p. 33 · Read in context →
24. Commitments and Contingencies — p. 45 · Read the full section →
A Fannie Mae DUS loss share on $7.2bn of sold loans, reserved at $12.7m — small until it isn't.
Loss-sharing terms and the unpaid principal balance behind the DUS obligation.
Net losses on defaulted loans are shared with Fannie Mae based upon established loss-sharing ratios, and typically, the Company is subject to sharing up to one-third of incurred losses on loans originated under the DUS Program. As of December 31, 2025, the Company has funded and sold loans subject to such loss sharing obligations with an aggregate unpaid principal balance of approximately $7,196,000. (2024 - $5,584,000) As at December 31, 2025, the loss reserve was $12,655 (2024 - $13,556)
p. 45 · Read in context →
27. Segmented information — p. 47 · Read the full section →
Segment Adjusted EBITDA with all nine add-backs listed — the bridge from $746.4m to $371.0m of operating earnings.
Colliers International Group Inc. — FY2021 Consolidated Financial Statements (Year ended December 31, 2021) — FY2021
Included for one reason: in 2021 Colliers reported four geographic segments and no Engineering business at all. · Open the full document →
1. Description of the business — p. 12 · Read the full section →
The same paragraph as FY2025, four years earlier: 37 countries, four segments, organised by geography.
The FY2021 perimeter — Americas, EMEA, Asia Pacific and Investment Management.
Colliers International Group Inc. (“Colliers” or the “Company”) provides commercial real estate professional services and investment management to corporate and institutional clients in 37 countries around the world (64 countries including affiliates and franchisees). […] Operationally, Colliers is organized into four distinct segments: Americas; Europe, Middle East and Africa (“EMEA”); Asia and Australasia (“Asia Pacific”) and Investment Management.
p. 12 · Read in context →
More annual reports
Colliers International Group Inc. — FY2024 Consolidated Financial Statements — FY2024 · 50 pages · First year with Engineering as a reported segment; carries a second critical audit matter on the Englobe intangibles. · Open →
Colliers International Group Inc. — FY2023 Consolidated Financial Statements — FY2023 · 45 pages · The last year reported on the old segment basis, useful for bridging to the FY2024 restatement. · Open →
Colliers International Group Inc. — FY2022 Consolidated Financial Statements — FY2022 · 49 pages · Peak capital markets year, and the last set to carry the convertible notes accounting policy. · Open →