Section 1 — Overall ConclusionThis quarter's results continued to beat expectations. Core EPS grew 30% year-over-year, all five business segments delivered strong performance in tandem, and strategic execution has been notably effective.

Section 2 — Key MetricsRevenue grew 16%; core EPS grew 30% (the fifth consecutive quarter of at least 18% growth). Infrastructure services revenue approached $1.2B, up over 45%, of which data center services revenue exceeded $700M, up nearly 30%.

Section 3 — Business ProgressGrowth momentum comes from three directions: global leasing grew 24%, and U.S. office leasing hit an all-time Q2 high; the infrastructure business benefits from AI-driven hyperscaler demand, with data center revenue expected to grow at roughly 25% annually over the next five years; and the Turner & Townsend project management business is expanding into the U.S., energy, and infrastructure sectors, presenting significant opportunities.

Section 4 — Guidance & OutlookFull-year 2026 core EPS guidance was raised to $7.80-$7.90 (previously $7.60-$7.80), corresponding to 23% growth; core EPS is expected to grow at least 15% in 2027.

Section 5 — Risk/Highlight SignalsManagement's tone is notably optimistic, emphasizing the enormous opportunities in downstream data center operations and maintenance as well as project management, and noting that the company's growth does not depend on a capital markets recovery. The key item to monitor now is the impact of interest rate volatility stemming from Middle East tensions on the transactions business.