JLL Reports Record Q2 2026 Earnings: EPS Doubles, Revenue Hits $6.9B, Advisory and Capital Markets Surge

JLL Reports Record Second-Quarter 2026 Results: Earnings Double, Outlook Raised

Key Financial Highlights

Record Earnings: JLL achieved a record diluted earnings per share (EPS) of \$4.59 in Q2 2026, up 98% year-over-year in USD and 100% in local currency. Adjusted diluted EPS was \$5.26, up 59% in USD and 61% in local currency.
Net Income: Net income attributable to common shareholders grew 92% in USD (94% in local currency) to \$215.6 million. For the first six months, net income reached \$374.6 million, up 124% in USD and 130% in local currency.
Revenue: Q2 revenue was \$6.93 billion, up 11% in USD and 10% in local currency. For the first half, revenue totaled \$13.31 billion, up 11% in USD and 10% in local currency.
Adjusted EBITDA: Adjusted EBITDA rose 32% in USD (33% in local currency) to \$386.3 million in Q2. First half EBITDA was \$659.9 million, up 28% in USD and 29% in local currency.
Cash Flow: Second-quarter cash inflow from operating activities surged to \$488.1 million, up \$155.3 million (47%) from the prior-year quarter. Free cash flow was \$438.0 million, up 52%.
Share Repurchases: JLL repurchased \$110 million in shares this quarter, bringing the total for the first half of 2026 to \$410 million. An Accelerated Share Repurchase (ASR) program completed in Q2 added 638,400 shares repurchased. \$2.6 billion remains authorized for repurchase.
Net Debt & Leverage: Net debt reduced to \$1.19 billion as of June 30, 2026, with a net leverage ratio of 0.7x, down from 1.2x a year ago.
Corporate Liquidity: Corporate liquidity stands at \$3.41 billion. Commercial paper outstanding under the \$2.5 billion program was \$420 million.

Segment Performance

Real Estate Management Services

Revenue grew 8% year-over-year to \$5.37 billion, driven by ongoing strength in Workplace Management (up 10%) and mandate expansions, complemented by new wins.
Adjusted EBITDA for the segment increased 10% to \$107.4 million. Margin expansion was attributed to revenue growth and incremental platform leverage.

Leasing Advisory

Leasing Advisory revenue soared 24% to \$836.9 million, with double-digit increases across asset classes (office, industrial, data centers).
US office leasing revenue grew 24%, outpacing market volumes (up 12% per JLL Research). Overall office leasing volume was up 20% compared to market volume increase of only 2%.
Adjusted EBITDA jumped 38% to \$166.6 million, driven by deal size uptick and higher commission rates.

Capital Markets Services

Revenue climbed 19% to \$620.2 million. Debt advisory and investment sales led the sector, growing 44% and 20% respectively (71% and 30% two-year stacked growth).
Equity advisory was up 53% (100% two-year stacked), with US, Japan, and Australia outperforming Europe.
US investment sales revenue up 53%, outpacing the broader market (22% growth per JLL Research).
Adjusted EBITDA rose 74% to \$95.2 million. Margin expansion reflected strong revenue growth, higher commission expense, and favorable year-over-year change in loan-related expenses.

Investment Management

Revenue was largely flat YoY at \$102.4 million. Advisory fees grew in North America but were offset by lower fees from Asia Pacific funds.
Assets under management (AUM) were stable at \$86.8 billion, up 2% in USD and 1% in local currency over the trailing twelve months.
Adjusted EBITDA was \$16.4 million, up 8% in local currency.

Outlook and Guidance

Raised Full-Year Guidance: Given robust performance and strong business momentum, JLL increased its full-year adjusted EPS target, now reflecting 34% year-over-year growth at the mid-point.
CEO Christian Ulbrich emphasized JLL’s compelling value proposition, strong demand for core services, and disciplined execution as drivers of profit growth and margin expansion.

Other Notable Items

Restructuring and acquisition charges for Q2 were \$25.7 million, including severance, employment-related charges, and fair value adjustments.
Amortization of acquisition-related intangibles declined notably to \$5.5 million in Q2, as certain intangibles fully amortized in the second half of 2025.
Aggregate equity losses from Investment Management and Proptech Investments improved, with a loss of \$3.0 million in Q2 compared to \$27.0 million in the prior-year quarter.
JLL continues to invest in technology infrastructure and workspace optimization, reflected in higher capital expenditures.

Shareholder Considerations & Potential Price Sensitivity

Record profitability, revenue growth, and cash flows in Q2 and first half 2026 signal strong operational momentum.
Substantial share repurchases (\$410 million in H1, \$2.6 billion authorized) highlight a shareholder-friendly capital allocation policy.
Net debt reduction and improved leverage enhance balance sheet strength and financial flexibility.
Significant segment outperformance (especially in Leasing Advisory and Capital Markets Services) may indicate market share gains and business resilience.
Raised earnings guidance is a price-sensitive disclosure likely to positively impact investor sentiment.
Continued investment in technology and workspace optimization supports future growth and competitiveness.
Restructuring and acquisition charges, while non-core, may signal ongoing operational transformation and future margin improvement.
Strong liquidity position and robust cash flows reduce financial risk and support ongoing investments and capital returns.

Company Overview

JLL (NYSE: JLL) is a global leader in commercial real estate services and investment management, with annual revenue of \$26.6 billion, operations in over 80 countries, and a workforce of nearly 112,000 as of June 30, 2026. The company provides coordinated, end-to-end real estate services for a broad range of industries and property types, leveraging rich global datasets and leading technology capabilities. LaSalle Investment Management invests globally in both private assets and publicly traded real estate securities.

Investor Information

Management will host a live webcast and conference call on July 30, 2026, at 9:00 a.m. Eastern. Supplemental information is available at ir.jll.com.

Disclaimer

This article is for informational purposes only and does not constitute financial advice or a recommendation to purchase or sell any securities. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed herein. Please refer to JLL’s filings with the Securities and Exchange Commission for additional risk factors and disclosures.