JLL Reports Record Financial Results for First Quarter 2026

Unprecedented Earnings Growth and Robust Revenue Expansion

Jones Lang LaSalle Incorporated (JLL, NYSE: JLL) delivered an exceptional performance in Q1 2026, setting new records across key metrics and demonstrating significant year-over-year growth. This performance is likely to be price sensitive and may affect share values, given its scale and the strategic actions taken.

Key Financial Highlights

• Diluted earnings per share: \$3.33, up 192% in USD and 207% in local currency compared to Q1 2025.
• Adjusted diluted earnings per share: \$3.43, up 48% in USD and 56% in local currency.
• Revenue: \$6.39 billion, an increase of 11% in USD and 9% in local currency.
• Net income attributable to common shareholders: \$159.0 million, up 188% in USD and 203% in local currency.
• Adjusted EBITDA: \$273.6 million, up 22% in USD and 24% in local currency.
• Share repurchases: \$300 million this quarter, including a \$200 million accelerated share repurchase launched in March.
• Free cash flow: \$(819.9) million, slightly worsening compared to \$(812.1) million last year, due to increased capital expenditures, mainly for technology infrastructure and workspace optimization.

Segment Performance Highlights

• Real Estate Management Services: Revenue of \$5.07 billion, up 9% in USD and 7% in local currency. Growth driven by Workplace Management (up 10% USD, 8% LC) and Project Management (up 13% USD, 10% LC).
• Leasing Advisory: Revenue of \$686.3 million, up 17% USD, 16% LC. Notable momentum in office and industrial leasing, especially in the U.S. and UK. Office leasing revenue up 14% in the U.S., outpacing market volumes.
• Capital Markets Services: Revenue of \$535.2 million, up 23% USD, 21% LC. Investment Sales, Debt & Equity Advisory, and Other (excluding non-cash MSR) up 25% USD, 23% LC. Broad-based growth led by U.S., Japan, and UK. Equity advisory activity up nearly 80% year-over-year.
• Investment Management: Revenue of \$99.3 million, largely flat. Assets under management increased to \$86.9 billion, up 1% quarter-over-quarter and 6% year-over-year. Advisory fees grew in North America but declined in Asia-Pacific.

Capital Allocation and Liquidity

• Board authorized an additional \$2.2 billion in share repurchases in February 2026, supplementing the \$801.7 million remaining from prior authorizations. As of March 31, 2026, \$2.7 billion remained authorized for repurchase.
• Accelerated Share Repurchase (ASR) program launched in March 2026 with \$200 million upfront payment and initial delivery of 587,000 shares at \$289.52 per share. Total shares repurchased in Q1: 898,300, up from 75,300 in Q1 2025.
• Net debt: \$1.49 billion (up from \$304.2 million at year-end but down from \$1.75 billion a year ago).
• Net leverage ratio: 1.0x, improved from 1.4x in Q1 2025.
• Corporate liquidity: \$3.40 billion, with \$615 million commercial paper outstanding under a \$2.5 billion authorized program.

Strategic Investments and Business Changes

• JLL committed to an incremental €1 billion investment in the LaSalle Encore+ Fund.
• Effective January 1, 2026, Software and Technology Solutions are now reported as part of Real Estate Management Services, enhancing segment integration and reporting transparency.
• Revenue disaggregation changes within Leasing Advisory and Investment Management for clearer reporting.

Profitability Drivers and Cost Management

• Profitability was driven by strong Advisory revenue growth in Capital Markets Services and Leasing Advisory, incremental platform leverage, and disciplined cost management.
• Equity earnings from Investment Management and Proptech Investments improved—aggregate earnings of \$6 million versus losses of \$28.7 million last year.
• Restructuring and acquisition charges were \$14.4 million lower year-over-year, mainly due to lower severance and acquisition-related expenses.

Market Outperformance

• Office leasing revenue growth outperformed global market volumes (up 12% for JLL vs. market down 1%). U.S. office leasing up 14% vs. market up 7%.
• Investment sales revenue grew 27%, outpacing the broader market’s 11% growth.
• Equity advisory activity up nearly 80% year-over-year.

Outlook and Strategic Focus

• CEO Christian Ulbrich emphasized strong results, robust growth with margin expansion, and market share gains, as clients increasingly seek trusted partnerships and high-quality execution.
• “Accelerate 2030” strategy positions JLL for sustainable long-term growth, focusing on data and AI advantages and scaling core services.

Risks and Forward-Looking Statements

JLL cautions that forward-looking statements are subject to risks and uncertainties outside its control, which could cause actual results to differ materially from those anticipated. Investors should review risk factors as disclosed in JLL’s SEC filings.

Conference Call and Investor Information

• Management will host a live webcast for shareholders, analysts, and investment professionals on Thursday, April 30, 2026, at 9:00 a.m. Eastern. Audio replay and supplemental information will be available at ir.jll.com.
• Investor Relations Contact: Sean Coghlan, +1 312 252 8943, [email protected]

Disclaimer

This article is for informational purposes only and does not constitute investment advice. All forward-looking statements are subject to risks and uncertainties. Please review JLL’s official filings and consult with your financial advisor before making any investment decisions.

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