second-quarter 2026
Filed Jul 30, 2026JLL achieved a record second-quarter diluted earnings per share of $4.59, up 100% versus the prior-year quarter (in local currency).
Revenue grew $6.9 billion, up 11% in USD and 10% in local currency, while diluted earnings per share rose 98% in USD and Adjusted EBITDA increased 32% to $386.3 million. Advisory growth accelerated to 21% in local currency, operating cash flow improved 47%, and the company raised its full-year Adjusted EPS target range.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $ 6,927.9 | – | 11 % in USD; 10 % in LC |
| Revenue, six months ended June 30GAAP | $ 13,314.4 | – | 11 % in USD; 10 % in LC |
| Net income attributable to common shareholdersGAAP | $ 215.6 | – | 92 % in USD; 94 % in LC |
| Net income attributable to common shareholders, six months ended June 30GAAP | $ 374.6 | – | 124 % in USD; 130 % in LC |
| Adjusted net income attributable to common shareholdersnon-GAAP | 246.8 | – | 55 % in USD; 57 % in LC |
| Adjusted net income attributable to common shareholders, six months ended June 30non-GAAP | 410.6 | – | 52 % in USD; 56 % in LC |
| Diluted earnings per shareGAAP | $ 4.59 | – | 98 % in USD; 100 % in LC |
| Diluted earnings per share, six months ended June 30GAAP | $ 7.91 | – | 129 % in USD; 135 % in LC |
| Adjusted diluted earnings per sharenon-GAAP | 5.26 | – | 59 % in USD; 61 % in LC |
| Adjusted diluted earnings per share, six months ended June 30non-GAAP | 8.67 | – | 55 % in USD; 59 % in LC |
| Adjusted EBITDAnon-GAAP | $ 386.3 | – | 32 % in USD; 33 % in LC |
| Adjusted EBITDA, six months ended June 30non-GAAP | $ 659.9 | – | 28 % in USD; 29 % in LC |
| Gross contract costsGAAP | $ 4,574.3 | – | 9 % in USD; 9 % in LC |
| Gross contract costs, six months ended June 30GAAP | $ 8,917.0 | – | 10 % in USD; 8 % in LC |
| Platform operating expenses, excluding Carried interestGAAP | 2,037.7 | – | 10 % in USD; 10 % in LC |
| Platform operating expenses, excluding Carried interest, six months ended June 30GAAP | 3,870.8 | – | 10 % in USD; 9 % in LC |
| Carried interest (benefit) expenseGAAP | (0.7) | – | 72 % in USD; 74 % in LC |
| Carried interest (benefit) expense, six months ended June 30GAAP | 0.1 | – | n.m. in USD; n.m. in LC |
| Restructuring and acquisition chargesGAAP | 25.7 | – | 21 % in USD; 20 % in LC |
| Restructuring and acquisition charges, six months ended June 30GAAP | 31.0 | – | (24) % in USD; (25) % in LC |
| Total operating expensesGAAP | $ 6,637.0 | – | 10 % in USD; 9 % in LC |
| Total operating expenses, six months ended June 30GAAP | $ 12,818.9 | – | 10 % in USD; 8 % in LC |
| Net non-cash MSR and mortgage banking derivative activitynon-GAAP | $ (10.3) | – | (145) % in USD; (143) % in LC |
| Net non-cash MSR and mortgage banking derivative activity, six months ended June 30non-GAAP | $ (15.8) | – | 8 % in USD; 8 % in LC |
| Effective tax rateGAAP | 19.3 % | – | (20) bps |
| Effective tax rate, six months ended June 30GAAP | 19.3 % | – | (20) bps |
| Cash flows from operating activitiesGAAP | $ 488.1 | – | 47 % |
| Cash flows from operating activities, six months ended June 30GAAP | $ (266.9) | – | 39 % |
| Free Cash Flownon-GAAP | 438.0 | – | 52 % |
| Free Cash Flow, six months ended June 30non-GAAP | (381.9) | – | 27 % |
| Real Estate Management Services Workplace Management revenueother | 3,707.7 | – | 11 % in USD; 10 % in LC |
| Real Estate Management Services Project Management revenueother | 1,013.4 | – | 4 % in USD; 3 % in LC |
| Real Estate Management Services Property Management revenueother | 468.6 | – | 3 % in USD; 3 % in LC |
| Real Estate Management Services Portfolio Services and Other revenueother | 120.6 | – | 1 % in USD; 1 % in LC |
| Real Estate Management Services Software and Technology Solutions revenueother | 58.1 | – | 4 % in USD; 4 % in LC |
| Real Estate Management Services Adjusted EBITDAnon-GAAP | $ 107.4 | – | 10 % in USD; 11 % in LC |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Real Estate Management ServicesContinued strong performance in Workplace Management, led by mandate expansions and complemented with new wins. | $ 5,368.4 | – | 8 % in USD; 8 % in LC |
| Leasing AdvisoryIncreased momentum in office, industrial and data centers globally, most notably in the U.S. | 836.9 | – | 24 % in USD; 24 % in LC |
| Capital Markets ServicesLed by Investment Sales, Debt and Equity Advisory with broad-based growth across sectors. | 620.2 | – | 19 % in USD; 19 % in LC |
| Investment ManagementNo driver was provided in the available filing text. | 102.4 | – | (1) % in USD; 1 % in LC |
full-year 2026 outlook
- NoteWe are raising our full-year Adjusted EPS target range, reflecting 34% year-over-year growth at the mid-point.
Capital returns
- Share repurchases were $110 million this quarter, bringing the total in the first half of 2026 to $410 million.
- During the second quarter, we completed the $200 million Accelerated Share Repurchase ("ASR") program we initiated in March 2026, resulting in the receipt of approximately 51,200 additional shares (bringing the total shares repurchased under the ASR to 638,400).
- Total number of shares repurchased (in thousands): 405.8 for the three months ended June 30, 2026; 1,304.1 for the six months ended June 30, 2026.
- Total paid for shares repurchased (in millions): $ 110.0 for the three months ended June 30, 2026; $ 410.0 for the six months ended June 30, 2026.
- As of June 30, 2026, $2.6 billion remained authorized for repurchase.
What drove it
- Revenue increased 10% compared with the prior-year quarter on a local currency basis.
- Collectively, Advisory revenue growth accelerated to 21%.
- Leasing Advisory was up 24%, and Investment Sales, Debt/Equity Advisory and Other within Capital Markets Services was up 25%, excluding the impact of non-cash MSR and mortgage banking derivative activity.
- Aggregate Resilient revenues increased 8%, highlighted by Workplace Management, up 10%.
- Higher Adjusted EBITDA and margin were primarily driven by Capital Markets Services and Leasing Advisory, reflecting strong revenue growth and enhanced platform leverage.
- Profit and margin growth also included the absence of $14 million of loan loss expense recognized in the prior-year quarter associated with an enhanced loss-share agreement with Fannie Mae for a specific three-loan portfolio.
- The year-over-year improvement in operating cash flows was primarily attributable to higher cash provided by earnings.
Concerns
- Investment Management revenue was $ 102.4, down (1) % in USD versus the prior-year quarter.
- Free Cash Flow for the six months ended June 30 was (381.9), despite improving from (523.7) in the prior-year period.
- Free Cash Flow reflected higher capital expenditures, primarily associated with technology infrastructure and investments in workspace optimization.
- Restructuring and acquisition charges were 25.7, compared with 21.3 in the prior-year quarter.
What to watch
- Execution against the raised full-year Adjusted EPS target range, for which the numerical range was not included in the available filing text.
- Whether Advisory revenue growth continues to accelerate from 21% in local currency.
- Sustainability of Leasing Advisory growth of 24% and Capital Markets Services growth of 19% in local currency.
- Workplace Management mandate expansions and new wins, which led Real Estate Management Services growth.
- Conversion of earnings into Free Cash Flow following capital expenditures associated with technology infrastructure and workspace optimization.
Balance sheet and cash flow
- Second-quarter cash inflow from operating activities was $ 488.1, compared with $ 332.8 in the prior-year quarter.
- Free Cash Flow was 438.0 for the quarter, compared with 288.4 in the prior-year quarter.
- Net Debt was $ 1,190.3 as of June 30, 2026, compared with $ 1,489.1 as of March 31, 2026 and $ 1,586.7 as of June 30, 2025.
- Net Leverage Ratio was 0.7x as of June 30, 2026, compared with 1.0x as of March 31, 2026 and 1.2x as of June 30, 2025.
- Corporate Liquidity was $ 3,413.2 as of June 30, 2026, compared with $ 3,396.2 as of March 31, 2026 and $ 3,321.4 as of June 30, 2025.
- The commercial paper program had $2.5 billion authorized for issuance, with $420.0 million outstanding as of June 30, 2026.
Analysis
JLL reported a strong second quarter, with revenue of $ 6,927.9, up 11 % in USD and 10 % in LC. Demand was broad across the operating platform. Advisory revenue growth accelerated to 21%, while Resilient revenues increased 8%. Leasing Advisory and Capital Markets Services were the largest growth contributors, and Real Estate Management Services benefited from Workplace Management mandate expansions and new wins.
Profit growth exceeded revenue growth. Net income attributable to common shareholders reached $ 215.6, up 92 % in USD, and diluted earnings per share was $ 4.59, up 98 % in USD. Adjusted EBITDA increased 32 % in USD to $ 386.3. Management attributed higher Adjusted EBITDA and margin primarily to Capital Markets Services and Leasing Advisory revenue growth and enhanced platform leverage. The absence of $14 million of prior-year loan loss expense also supported profit and margin growth.
The recurring-oriented Real Estate Management Services business grew $ 5,368.4, up 8 % in USD and LC. Workplace Management revenue grew 11 % in USD and 10 % in LC, the fastest of the reported business lines within the segment. Capital Markets Services increased $ 620.2, up 19 % in USD and LC, while Leasing Advisory rose $ 836.9, up 24 % in USD and LC. Investment Management was the exception, with revenue of $ 102.4, down (1) % in USD.
Cash generation strengthened materially in the quarter. Cash flows from operating activities were $ 488.1 and Free Cash Flow was 438.0, with both improving year over year. The company used $ 110.0 for quarterly repurchases and $ 410.0 in the first half, while Net Debt declined to $ 1,190.3 as of June 30, 2026 from $ 1,489.1 as of March 31, 2026. Management raised its full-year Adjusted EPS target range and stated that the mid-point reflects 34% year-over-year growth, but the actual target range was not included in the available filing text.
Management, verbatim
JLL's record second-quarter performance is the product of our compelling value proposition and growing demand for our core services. Continued acceleration in Advisory revenues and disciplined execution across JLL drove robust profit growth, margin expansion and cash flow generation.
Christian Ulbrich, JLL CEO
We continue to deliver superior client outcomes with a One JLL approach. Given our year-to-date performance and strong underlying business momentum, we are raising our full-year Adjusted EPS target range, reflecting 34% year-over-year growth at the mid-point.
Christian Ulbrich, JLL CEO
Not in the filing
stated, not guessed- Numerical full-year Adjusted EPS target range was not included in the available filing text.
- Previous-release outlook was not provided, so comparison with prior guidance is unavailable.
- GAAP gross margin was not reported in the available filing text.
- GAAP operating income was not reported in the available filing text.
- Cash and total debt balances were not separately reported in the available filing text; only Net Debt, Net Leverage Ratio and Corporate Liquidity were provided.
- Dividend information was not reported in the available filing text.
- Prior-quarter comparisons were not reported for the listed operating metrics.
- The provided filing text is truncated during the Real Estate Management Services discussion; subsequent segment disclosures, financial statements, reconciliations and any additional guidance details are unavailable.
AlphaAI 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.