JLL Reports Financial Results for Third-Quarter 2026
JONES LANG LASALLE INC (JLL) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 News Release JLL Reports Financial Results for Third-Quarter 2026 JLL's diluted earnings per share up 50% (in local currency 1 ) to a record $6.85 for the third quarter CHICAGO, October 28, 2026 – Jones Lang LaSalle Incorporated ( NYSE: JLL ) today reported strong op
How this was made
The 30-second read
Why it matters
The earnings release provides fresh, material data that can shift investor expectations and drive price movement.
Market read
JLL's earnings beat and guidance raise are likely to influence both the company's stock and the broader real‑estate sector.
What to watch
Potential headwinds from higher interest rates could dampen future leasing activity.
JLL Reports Financial Results for Third-Quarter 2026
Third-quarter revenue increased 12% in USD, diluted earnings per share increased 49% in USD, Adjusted EBITDA increased 33%, and the company raised its full-year Adjusted EPS target range. Growth was led by Leasing Advisory and Capital Markets Services, while Investment Management declined.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30, 2026GAAP | $7.28B | – | 12% |
| Operating income, three months ended September 30, 2026GAAP | $391M | – | 43% |
| Total operating expenses, three months ended September 30, 2026GAAP | $6.89B | – | 10% |
| Net income attributable to common shareholders, three months ended September 30, 2026GAAP | $319.8M | – | 44% |
| Adjusted net income attributable to common shareholders, three months ended September 30, 2026non-GAAP | $315.5M | – | 45% |
| Diluted earnings per share, three months ended September 30, 2026GAAP | $6.85 | – | 49% |
| Adjusted diluted earnings per share, three months ended September 30, 2026non-GAAP | $6.76 | – | 50% |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $460.2M | – | 33% |
| Effective tax rate, three months ended September 30, 2026GAAP | 19.3% | – | 20 bps |
| Cash flows from operating activities, three months ended September 30, 2026GAAP | $609.7M | – | (1)% |
| Free Cash Flow, three months ended September 30, 2026non-GAAP | $556M | – | (2)% |
| Revenue, nine months ended September 30, 2026GAAP | $20.60B | – | 11% |
| Operating income, nine months ended September 30, 2026GAAP | $886.5M | – | 50% |
| Net income attributable to common shareholders, nine months ended September 30, 2026GAAP | $694.4M | – | 78% |
| Diluted earnings per share, nine months ended September 30, 2026GAAP | $14.73 | – | 83% |
| Adjusted diluted earnings per share, nine months ended September 30, 2026non-GAAP | $15.40 | – | 52% |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $1.12B | – | 30% |
| Cash flows from operating activities, nine months ended September 30, 2026GAAP | $342.8M | – | 88% |
| Free Cash Flow, nine months ended September 30, 2026non-GAAP | $174.2M | – | 297% |
| Cash and cash equivalents, September 30, 2026GAAP | $514.3M | – | – |
| Net Debt, September 30, 2026non-GAAP | $858.7M | – | – |
| Net Leverage Ratio, September 30, 2026non-GAAP | 0.5x | – | – |
| Corporate Liquidity, September 30, 2026non-GAAP | $3.57B | – | – |
| Assets under management, September 30, 2026other | $88.4B | increased 2% in both USD and local currency during the quarter | flat in USD and increased 2% in local currency |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Real Estate Management ServicesContinued momentum in Workplace Management and accelerated growth in Project Management. Workplace Management growth reflected a largely balanced mix of mandate expansions and new client wins. | $5.50B | – | 9% |
| Leasing AdvisoryAccelerated U.S. momentum in industrial, office and data center asset classes, primarily due to a meaningful uptick in average deal size. | $941.8M | – | 27% |
| Capital Markets ServicesBroad-based growth across nearly all major geographies and sectors, led by investment sales and robust debt advisory and equity advisory transactions. | $736.8M | – | 20% |
| Investment ManagementLower Incentive and transaction fees drove the revenue decline. Advisory fees were largely steady as growth from recent capital raising in the Americas was offset by lower fees from funds in Asia Pacific. | $105.2M | – | (9)% |
Full-year 2026 outlook
- NoteThe company raised its full-year Adjusted EPS target range, reflecting 37% growth at the midpoint.
Capital returns
- The company intends to execute a new $500 million accelerated share repurchase imminently.
- Total paid for shares repurchased was $141.7 million for the three months ended September 30, 2026, compared with $70.0 million for the three months ended September 30, 2025.
- Total paid for shares repurchased was $551.7 million for the nine months ended September 30, 2026, compared with $131.2 million for the nine months ended September 30, 2025.
- Total number of shares repurchased was 415.9 thousand for the third quarter and 1,720.0 thousand for the nine months ended September 30, 2026.
- As of September 30, 2026, $2.5 billion remained authorized for repurchase.
What drove it
- Advisory revenue growth accelerated to 22%, led by Leasing Advisory, up 27%, and Investment Sales, Debt/Equity Advisory and Other, up 23% excluding the impact of non-cash MSR and mortgage banking derivative activity.
- Resilient revenues increased 9%, highlighted by Workplace Management, up 10%, and Project Management, up 14%.
- Leasing Advisory Adjusted EBITDA was $201.8 million, up 47% in USD and 48% in local currency.
- Capital Markets Services Adjusted EBITDA was $131.1 million, up 46% in USD and 47% in local currency.
- Real Estate Management Services Adjusted EBITDA was $114.5 million, up 13% in USD and local currency.
- Current-quarter margin expansion reflected enhanced platform leverage and lower loan-related expenses, including the absence of loan loss expense recognized in the prior-year quarter.
Concerns
- Investment Management revenue was $105.2 million, down 9% in USD and 7% in local currency.
- Investment Management Adjusted EBITDA was $17.9 million, down 24% in USD and 20% in local currency.
- Investment Management Incentive and transaction fees were $12.6 million, down 44% in USD and 40% in local currency.
- Portfolio Services and Other revenue was $121.3 million, down 7% in USD and local currency.
- Software and Technology Solutions revenue was $58.2 million, down 1% in USD and local currency.
- Third-quarter Free Cash Flow was $556.0 million, down 2% from $567.6 million in the prior-year quarter.
What to watch
- Execution and timing of the imminent $500 million accelerated share repurchase.
- Whether Leasing Advisory maintains growth supported by larger average deal size and higher average commission rates.
- Whether Capital Markets Services sustains investment sales, debt advisory and equity advisory momentum.
- Investment Management incentive and transaction fee recovery and the effect of anticipated lower fees from funds in Asia Pacific.
- Free cash flow generation and capital expenditures associated with technology infrastructure and investments in workspace optimization.
Balance sheet and cash flow
- Cash and cash equivalents were $514.3 million as of September 30, 2026.
- Total debt was $1,373.0 million as of September 30, 2026.
- Net Debt was $858.7 million as of September 30, 2026, compared with $1,190.3 million as of June 30, 2026.
- Corporate Liquidity was $3,567.3 million as of September 30, 2026.
- There was $113.5 million outstanding under the commercial paper program as of September 30, 2026.
- Nine-month net cash provided by operating activities was $342.8 million, compared with $182.3 million in the prior-year period.
- Nine-month net capital additions - property and equipment were $(168.6) million, compared with $(138.4) million in the prior-year period.
Analysis
JLL reported a strong third quarter, with revenue of $7,281.2 million, up 12%, and operating income of $391.0 million, up 43%. Net income attributable to common shareholders increased 44% to $319.8 million. Diluted earnings per share rose 49% to $6.85, while Adjusted diluted earnings per share increased 50% to $6.76. Adjusted EBITDA increased 33% to $460.2 million, reflecting higher revenues, incremental profit contributions from Real Estate Management Services and enhanced platform leverage.
Revenue growth was concentrated in Advisory activities. Leasing Advisory revenue increased 27% to $941.8 million, led by U.S. industrial, office and data center activity and a meaningful uptick in average deal size. Capital Markets Services revenue increased 20% to $736.8 million, with investment sales, debt advisory and equity advisory all contributing. Real Estate Management Services, the largest segment, grew 9% to $5,497.4 million as Workplace Management increased 10% and Project Management increased 14%.
Profit growth outpaced revenue growth in the transaction-oriented businesses. Leasing Advisory Adjusted EBITDA increased 47% to $201.8 million and Capital Markets Services Adjusted EBITDA increased 46% to $131.1 million. Capital Markets profitability also benefited from $6.8 million of lower loan-related expenses, including the absence of loan losses recognized in the prior-year quarter. Investment Management was the exception: revenue declined 9% to $105.2 million and Adjusted EBITDA declined 24% to $17.9 million, driven by lower incentive and transaction fees.
Cash generation was substantial in the quarter, although third-quarter operating cash flow of $609.7 million and Free Cash Flow of $556.0 million were each slightly below the prior-year quarter. For the nine months, operating cash flow increased 88% to $342.8 million and Free Cash Flow increased 297% to $174.2 million. Net Debt declined to $858.7 million from $1,190.3 million at June 30, 2026, and the Net Leverage Ratio was 0.5x. JLL repurchased $551.7 million of shares in the first nine months and intends to execute a new $500 million accelerated share repurchase.
Management raised its full-year Adjusted EPS target range, though the release did not disclose the numerical range. The stated target reflects 37% growth at the midpoint. The company cited strength in pipelines and operating trends, positioning Leasing Advisory and Capital Markets Services as the principal areas to monitor for continuation of the third-quarter momentum, alongside the pace of recovery in Investment Management incentive and transaction fees.
Management, verbatim
JLL's record third quarter at the top and bottom line reflected our track record of converting growth into margin-accretive profit.
Christian Ulbrich, JLL CEO
Given the strength of our pipelines and operating trends, we are optimistic about a strong finish to 2026 and have raised our full-year Adjusted EPS target range, reflecting 37% growth at the midpoint.
Christian Ulbrich, JLL CEO
Our imminent $500 million accelerated share repurchase underscores our conviction in our long-term strategy to build an even more integrated and resilient JLL.
Christian Ulbrich, JLL CEO
Not in the filing
stated, not guessed- Numerical full-year 2026 Adjusted EPS target range
- Prior full-year outlook needed for a guidance comparison
- Gross margin
- Numerical dividend information
- Third-quarter capital expenditures
- Quarterly balance sheet cash and debt comparison to September 30, 2025 on the same cash and debt line items
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
JLL filed a Form 8‑K reporting its Q3 2026 financial results, including a record EPS and a new share‑repurchase program.
Ticker impact
Q3 2026 earnings beat with diluted EPS $6.85, revenue $7.3B, and raised full-year EPS guidance by 37% at the midpoint.
upward pressure as investors price in the earnings beat and higher guidance.
Quarterly results exceed prior year by double‑digit percentages and the company announced a $500M accelerated share repurchase, indicating confidence and likely support the stock.
Market effects
Real‑estate services sector may see broader optimism from JLL's performance.
North American REIT and property‑management stocks could benefit.
Large‑cap real‑estate exposure adds to global equity sentiment.
Counterpoint
If the market has already priced in the beat, the stock could face short‑term profit‑taking.
Key entities
- ExecutiveChristian Ulbrich
CEO of JLL who commented on the results and guidance.
