Looking back on consumer discretionary - real estate services stocks’ Q4 earnings, we examine this quarter’s best and worst performers, including CBRE (NYSE: CBRE) and its peers.

The Consumer Discretionary sector, by definition, is made up of companies selling non-essential goods and services. When economic conditions deteriorate or tastes shift, consumers can easily cut back or eliminate these purchases. For long-term investors with five-year holding periods, this creates a structural challenge: the sector is inherently hit-driven, with low switching costs and fickle customers. As a result, only a handful of companies can reliably grow demand and compound earnings over long periods, which is why our bar is high and High Quality ratings are rare. Real estate services companies provide brokerage, property management, appraisal, and advisory services, earning transaction-based commissions and recurring management fees. Tailwinds include long-term housing demand driven by demographic growth, technology platforms that expand market access, and commercial real estate complexity that sustains advisory needs. Headwinds are pronounced: rising interest rates directly suppress transaction volumes by reducing housing affordability and commercial deal activity. Commission-rate compression, driven by discount brokerages and regulatory changes, erodes per-transaction revenue. The industry is highly cyclical, with revenue swings amplified by leverage. PropTech (property technology) disruptors threaten traditional intermediary models.

The 14 consumer discretionary - real estate services stocks we track reported a satisfactory Q4. As a group, revenues beat analysts’ consensus estimates by 4.1% while next quarter’s revenue guidance was 14.2% below.

While some consumer discretionary - real estate services stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.4% since the latest earnings results.

CBRE (NYSE: CBRE)

Established in 1906, CBRE (NYSE: CBRE) is one of the largest commercial real estate services firms in the world.

CBRE reported revenues of $11.63 billion, up 11.8% year on year. This print was in line with analysts’ expectations, and overall, it was a satisfactory quarter for the company with a solid beat of analysts’ adjusted operating income estimates but revenue in line with analysts’ estimates.

“We had a strong end to 2025, with fourth-quarter revenue and core earnings-per-share rising by double digits and both reaching their highest levels ever for CBRE,” said Bob Sulentic, CBRE’s chair and chief executive officer.

Unsurprisingly, the stock is down 5.2% since reporting and currently trades at $141.66.

Is now the time to buy CBRE? Access our full analysis of the earnings results here, it’s free.

Best Q4: Marcus & Millichap (NYSE: MMI)

Founded in 1971, Marcus & Millichap (NYSE: MMI) specializes in commercial real estate investment sales, financing, research, and advisory services.

Marcus & Millichap reported revenues of $244 million, up 1.6% year on year, outperforming analysts’ expectations by 6.3%. The business had a stunning quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

The market seems content with the results as the stock is up 2.4% since reporting. It currently trades at $25.62.

Is now the time to buy Marcus & Millichap? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: eXp World (NASDAQ: EXPI)

Founded in 2009, eXp World (NASDAQ: EXPI) is a real estate company known for its virtual, cloud-based approach to real estate brokerage.

eXp World reported revenues of $1.19 billion, up 8.5% year on year, exceeding analysts’ expectations by 2.6%. Still, it was a softer quarter as it posted a significant miss of analysts’ adjusted operating income estimates and a significant miss of analysts’ EBITDA estimates.

As expected, the stock is down 5.6% since the results and currently trades at $6.88.

Read our full analysis of eXp World’s results here.

Cushman & Wakefield (NYSE: CWK)

With expertise in the commercial real estate sector, Cushman & Wakefield (NYSE: CWK) is a global Chicago-based real estate firm offering a comprehensive range of services to clients.

Cushman & Wakefield reported revenues of $2.91 billion, up 10.8% year on year. This result topped analysts’ expectations by 6.1%. Aside from that, it was a mixed quarter as it also logged a solid beat of analysts’ revenue estimates but a miss of analysts’ adjusted operating income estimates.

The stock is down 2.3% since reporting and currently trades at $13.25.

Read our full, actionable report on Cushman & Wakefield here, it’s free.

Zillow (NASDAQ: ZG)

Founded by Expedia co-founders Lloyd Frink and Rich Barton, Zillow (NASDAQ: ZG) is the leading U.S. online real estate marketplace.

Zillow reported revenues of $654 million, up 18.1% year on year. This number beat analysts’ expectations by 0.5%. More broadly, it was a satisfactory quarter as it also produced an impressive beat of analysts’ adjusted operating income estimates but EPS in line with analysts’ estimates.

The stock is down 13.3% since reporting and currently trades at $47.21.

Read our full, actionable report on Zillow here, it’s free.

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