CHICAGO, Feb. 18, 2026 /PRNewswire/ -- Jones Lang LaSalle Incorporated (NYSE:JLL) today reported 2025 operating performance for the fourth quarter and full year. This was the seventh consecutive quarter of double-digit revenue increases driven by an acceleration of Transactional4 revenue growth and a continuation of the Resilient4 revenue growth streak. For the fourth quarter, diluted earnings per share was $8.34 (up 66%) and adjusted diluted earnings per share1 was $8.71 (up 40%). For the full year, diluted earnings per share was $16.40 (up 44%) and adjusted diluted earnings per share was $18.80 (up 33%).
Fourth-quarter revenue was $7.6 billion, up 10% in local currency1, with Transactional4 revenues up 15% and Resilient4 revenues up 9%
Real Estate Management Services' 9% top-line increase was driven by Workplace Management and Project Management
Capital Markets Services delivered broad-based 19% growth across geographies, led by strength in investment sales and debt advisory
Leasing, within Leasing Advisory, outpaced market volumes and grew 17%, highlighted by office and industrial
Revenue growth coupled with improved platform leverage drove strong profit and margin expansion
Cash provided by operating activities was a record $1.2 billion for the year; Free Cash Flow6 was nearly $1.0 billion
Share repurchases were $80.3 million this quarter, bringing full-year repurchases to $211.5 million (up 163% versus 2024)
"We are pleased with our fourth-quarter and full-year performance, achieving new highs at year-end across key top- and bottom-line performance metrics as well as free cash flow. These results and the achievement of our mid-term margin target in 2025 reflected the outcome of our multi-year strategy, strong execution and favorable underlying business trends," said Christian Ulbrich, JLL CEO. "Looking ahead, we see significant runway for healthy growth with continued margin expansion, and we look forward to providing details on our forward strategy and longer-term financial targets at our upcoming Investor Briefing."
Summary Financial Results
($ in millions, except per share data, "LC" = local currency)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
% Change in USD
% Change in LC
2025
2024
% Change in USD
% Change in LC
Revenue
$ 7,608.7
$ 6,810.9
12 %
10 %
$ 26,115.6
$ 23,432.9
11 %
11 %
Net income attributable to common shareholders
$ 401.7
$ 241.2
67 %
65 %
$ 792.1
$ 546.8
45 %
44 %
Adjusted net income attributable to common shareholders1
419.7
298.3
41
39
908.1
677.5
34
33
Diluted earnings per share
$ 8.34
$ 4.97
68 %
66 %
$ 16.40
$ 11.30
45 %
44 %
Adjusted diluted earnings per share1
8.71
6.15
42
40
18.80
14.01
34
33
Adjusted EBITDA1
$ 589.1
$ 454.8
30 %
28 %
$ 1,452.9
$ 1,186.3
22 %
22 %
Cash flows from operating activities
$ 1,011.8
$ 927.3
9 %
n/a
$ 1,194.1
$ 785.3
52 %
n/a
Free Cash Flow6
934.6
868.1
8 %
n/a
978.5
599.8
63 %
n/a
Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release.
Consolidated 2025 Performance Highlights:
Consolidated
($ in millions, "LC" = local currency)
Three Months Ended December 31,
% Change in USD
% Change in LC
Year Ended December 31,
% Change in USD
% Change in LC
2025
2024
2025
2024
Real Estate Management Services
$ 5,555.4
$ 5,033.1
10 %
9 %
$ 20,001.2
$ 17,992.7
11 %
11 %
Leasing Advisory
1,005.1
851.5
18
17
3,009.9
2,705.6
11
11
Capital Markets Services
854.4
706.4
21
19
2,422.1
2,040.4
19
17
Investment Management
133.1
160.6
(17)
(18)
450.1
467.9
(4)
(5)
Software and Technology Solutions
60.7
59.3
2
1
232.3
226.3
3
2
Total revenue
$ 7,608.7
$ 6,810.9
12 %
10 %
$ 26,115.6
$ 23,432.9
11 %
11 %
Gross contract costs6
$ 4,760.4
$ 4,283.1
11 %
10 %
$ 17,158.2
$ 15,391.0
11 %
11 %
Platform operating expenses, excluding Carried interest
2,319.8
2,137.5
9
7
7,785.7
7,148.0
9
8
Carried interest (benefit) expense(a)
(1.0)
(1.6)
38
41
(1.6)
2.7
n.m.
n.m.
Restructuring and acquisition charges5
22.6
18.7
21
19
75.3
23.1
226
225
Total operating expenses
$ 7,101.8
$ 6,437.7
10 %
9 %
$ 25,017.6
$ 22,564.8
11 %
10 %
Net non-cash MSR and mortgage banking derivative activity1
$ 2.1
$ 7.7
(73) %
(73) %
$ (15.2)
$ (18.2)
16 %
17 %
Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance Highlights below are calculated and presented on a local currency basis, unless otherwise noted.
(a) Carried interest expense/benefit is associated with Equity earnings/losses on Proptech Investments.
Revenue
Fourth-quarter revenue increased 10% compared with the prior-year quarter. Collectively, Transactional revenues grew 15%, led by Investment Sales, Debt/Equity Advisory and Other, within Capital Markets Services, up 26% (excluding the impact of non-cash MSR and mortgage banking derivative activity), and Leasing, within Leasing Advisory, up 17%, partially offset by the expected, lower Incentive Fees within Investment Management. The aggregate 9% increase in Resilient revenues was highlighted by Project Management, up 17%, and Workplace Management, up 9%, both within Real Estate Management Services.
On a full-year basis, revenue increased 11% compared with 2024. Transactional revenues increased 13% collectively, led by Investment Sales, Debt/Equity Advisory and Other, up 23% (excluding the impact of non-cash MSR and mortgage banking derivative activity) and Leasing, up 11%. Resilient revenues grew 11%, highlighted by Project Management, up 20%, and Workplace Management, up 10%.
Refer to segment performance highlights for additional detail.
The following chart reflects the year-over-year change in revenue for each of the trailing eight quarters (QTD revenues, on a local currency basis). The chart shows the change in Transactional, Resilient and total revenue. Refer to Footnote 4 for the definitions of Resilient and Transactional revenues.
Net income and Adjusted EBITDA:
($ in millions, except per share data, "LC" = local currency)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
% Change in USD
% Change in LC
2025
2024
% Change in USD
% Change in LC
Net income attributable to common shareholders
$ 401.7
$ 241.2
67 %
65 %
$ 792.1
$ 546.8
45 %
44 %
Adjusted net income attributable to common shareholders1
419.7
298.3
41
39
908.1
677.5
34
33
Diluted earnings per share
$ 8.34
$ 4.97
68 %
66 %
$ 16.40
$ 11.30
45 %
44 %
Adjusted diluted earnings per share1
8.71
6.15
42
40
18.80
14.01
34
33
Adjusted EBITDA1
$ 589.1
$ 454.8
30 %
28 %
$ 1,452.9
$ 1,186.3
22 %
22 %
Effective tax rate ("ETR")
19.3 %
19.5 %
(20) bps
n/a
19.3 %
19.5 %
(20) bps
n/a
Fourth Quarter
For the quarter, higher Adjusted EBITDA and margin were primarily driven by Leasing Advisory and Capital Markets Services, fueled by strong Transactional revenue growth, with meaningful contributions from Real Estate Management Services. All segments reflected enhanced platform leverage and continued cost discipline. In addition, an approximate $25 million adverse impact for the quarter associated with a U.S. employee healthcare actuarial deficit, driven by a significant uptick in claims during the fourth quarter, was largely offset by discrete cost management actions.
For the fourth quarter, the most meaningful difference between net income attributable to common shareholders and non-GAAP measures1 was the change in equity earnings/losses (Investment Management and Proptech Investments), as net equity earnings of $3.3 million increased notably from the net $53.0 million of aggregate equity losses in 2024.
In addition, the provision for income taxes increased $37.5 million for the fourth quarter as higher earnings before taxes outpaced the slight decline in the company's ETR. Interest expense, net of interest income, improved by $8.4 million for the quarter, primarily due to lower average borrowings.
Full Year
Drivers of full-year profit and margin expansion were largely consistent with the fourth-quarter drivers with the most significant contributions coming from Leasing Advisory and Capital Markets.
The following were the most meaningful differences between full-year net income attributable to common shareholders and non-GAAP measures1:
Restructuring and acquisition charges: The expense was $52.2 million higher, compared with 2024, primarily due to significantly lower decreases to earn-out liabilities as well as higher severance and other employment-related charges.
Equity earnings/losses - Investment Management and Proptech Investments: Aggregate equity losses of $25.8 million, an improvement from the $76.4 million of aggregate equity losses in 2024.
Amortization of intangibles: The expense was $15.1 million lower, compared with 2024, as certain intangible assets fully amortized in the trailing twelve months.
In addition, the provision for income taxes increased $57.0 million for the year as higher earnings before taxes outpaced the slight decline in the company's ETR. Interest expense, net of interest income, improved by $29.6 million for the year, primarily due to lower average borrowings with meaningful contributions from a lower average interest rate.
The following charts reflect the aggregation of segment Adjusted EBITDA for the fourth quarter and full year; refer to the segment performance highlights for further detail. As noted in Note 7, Proptech Investments are presented outside of reporting segments in "All Other" and not included within segment Adjusted EBITDA. Therefore, the aggregation of segment Adjusted EBITDA does not sum to consolidated totals.
Cash Flows and Capital Allocation:
($ in millions)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
Change in USD
2025
2024
Change in USD
Cash flows from operating activities
$ 1,011.8
$ 927.3
9 %
$ 1,194.1
$ 785.3
52 %
Free Cash Flow6
934.6
868.1
8 %
978.5
599.8
63 %
Incremental cash inflow in the fourth quarter was primarily attributable to higher cash provided by earnings. For the full year, the increase was driven by (i) higher cash provided by earnings, (ii) the absence of cash outflow associated with a 2024 loan repurchased from Fannie Mae together with cash proceeds in 2025 from the sale of the repurchased loan's underlying asset and (iii) lower cash taxes paid.
Share repurchase activity is noted in the following table. As of December 31, 2025, $801.7 million remained authorized for repurchase.
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Total number of shares repurchased (in thousands)
256.3
75.2
747.5
373.1
Total paid for shares repurchased (in millions)
$ 80.3
$ 20.1
$ 211.5
$ 80.4
Net Debt, Leverage and Liquidity6:
December 31, 2025
September 30, 2025
December 31, 2024
Net Debt (in millions)
$ 304.2
$ 1,098.6
$ 800.6
Net Leverage Ratio
0.2x
0.8x
0.7x
Corporate Liquidity (in millions)
$ 3,899.1
$ 3,542.9
$ 3,616.3
The lower Net Debt, compared with September 30, 2025, was driven by strong free cash flow for the fourth quarter. The Net Debt reduction from December 31, 2024, reflected improved free cash flow in 2025, compared with 2024.
In addition to the Corporate Liquidity detailed above, the company maintains a commercial paper program (the "Program") with $2.5 billion authorized for issuance.
As of December 31, 2025, there was no outstanding commercial paper and no outstanding balance on the company's credit facility.
Real Estate Management Services 2025 Performance Highlights:
Real Estate Management Services
($ in millions, "LC" = local currency)
Three Months Ended December 31,
% Change in USD
% Change in LC
Year Ended December 31,
% Change in USD
% Change in LC
2025
2024
2025
2024
Revenue
$ 5,555.4
$ 5,033.1
10 %
9 %
$ 20,001.2
$ 17,992.7
11 %
11 %
Workplace Management
3,812.2
3,472.3
10
9
13,848.5
12,529.7
11
10
Project Management
1,110.9
936.1
19
17
3,797.9
3,151.9
20
20
Property Management
480.2
476.5
1
—
1,841.3
1,795.1
3
3
Portfolio Services and Other
152.1
148.2
3
1
513.5
516.0
0
(1)
Segment operating expenses
$ 5,418.0
$ 4,920.5
10 %
9 %
$ 19,672.2
$ 17,716.1
11 %
11 %
Segment platform operating expenses
674.8
670.4
1
(1)
2,570.2
2,449.9
5
4
Gross contract costs6
4,743.2
4,250.1
12
11
17,102.0
15,266.2
12
12
Adjusted EBITDA1
$ 162.4
$ 144.7
12 %
12 %
$ 437.5
$ 399.2
10 %
9 %
Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance Highlights below are calculated and presented on a local currency basis, unless otherwise noted.
Real Estate Management Services revenue growth was primarily driven by Workplace Management and Project Management. Within Workplace Management, the increase reflected a largely balanced mix of mandate expansions and new client wins (with expansions having a more significant impact on fourth-quarter performance). Management fees within Workplace Management were also impacted by approximately $11 million of higher pass-through costs, compared with the prior-year quarter, associated with the U.S. employee healthcare actuarial deficit. Project Management delivered double-digit growth for both the quarter and full year, with broad-based contributions from most geographies. In addition, higher pass-through costs augmented a high single-digit management fee increase for the quarter (a low double-digit management fee increase for the full year).
Fourth-quarter and full-year Adjusted EBITDA and margin expansion was, in part, driven by the revenue growth described above. In addition, an approximate $20 million adverse bottom-line impact for the quarter associated with the U.S. employee healthcare actuarial deficit (approximately $22 million impact for the full year) was largely offset by discrete cost management actions.
Leasing Advisory 2025 Performance Highlights:
Leasing Advisory
($ in millions, "LC" = local currency)
Three Months Ended December 31,
% Change in USD
% Change in LC
Year Ended December 31,
% Change in USD
% Change in LC
2025
2024
2025
2024
Revenue
$ 1,005.1
$ 851.5
18 %
17 %
$ 3,009.9
$ 2,705.6
11 %
11 %
Leasing
964.9
814.4
18
17
2,901.6
2,596.2
12
11
Advisory, Consulting and Other
40.2
37.1
8
7
108.3
109.4
(1)
(2)
Segment operating expenses
$ 792.1
$ 715.8
11 %
10 %
$ 2,477.6
$ 2,279.2
9 %
8 %
Segment platform operating expenses
788.9
706.9
12
10
2,466.0
2,245.9
10
9
Gross contract costs6
3.2
8.9
(64)
(64)
11.6
33.3
(65)
(65)
Adjusted EBITDA1
$ 225.8
$ 146.1
55 %
53 %
$ 580.1
$ 464.7
25 %
24 %
Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance Highlights below are calculated and presented on a local currency basis, unless otherwise noted.
The increases in Leasing Advisory revenue for the fourth quarter and full year were attributable to Leasing, led by continued momentum in the office sector. Many geographies achieved double-digit Leasing revenue growth for the quarter, with the most significant growth in the U.S. as well as notable contributions from India and the UK. For the full year, growth leaders included the U.S., Germany and Canada. Broad-based growth across the U.S. was primarily driven by office - as an increase in average deal size complemented higher volume - and industrial, due to higher deal volume. Office Leasing revenue growth outperformed global office volumes (up 26% compared with market volumes up 1% according to JLL Research), highlighted by U.S. outperformance (revenue up 28% compared with market volumes up 4% according to JLL Research).
Higher fourth-quarter and full-year Adjusted EBITDA were largely driven by revenue growth coupled with incremental platform leverage. Fourth-quarter Adjusted EBITDA was also positively impacted by the year-over-year timing of incentive compensation accruals.
Capital Markets Services 2025 Performance Highlights:
Capital Markets Services
($ in millions, "LC" = local currency)
Three Months Ended December 31,
% Change in USD
% Change in LC
Year Ended December 31,
% Change in USD
% Change in LC
2025
2024
2025
2024
Revenue
$ 854.4
$ 706.4
21 %
19 %
$ 2,422.1
$ 2,040.4
19 %
17 %
Investment Sales, Debt/Equity Advisory and Other, excluding Net non-cash MSR
699.7
547.7
28
26
1,889.7
1,524.4
24
23
Net non-cash MSR and mortgage banking derivative activity
2.1
7.7
(73)
(73)
(15.2)
(18.2)
16
17
Value and Risk Advisory
110.4
111.0
(1)
(4)
379.6
373.0
2
—
Loan Servicing
42.2
40.0
6
6
168.0
161.2
4
4
Segment operating expenses
$ 693.4
$ 597.9
16 %
14 %
$ 2,135.8
$ 1,885.7
13 %
12 %
Segment platform operating expenses
692.0
586.2
18
16
2,130.1
1,837.1
16
15
Gross contract costs6
1.4
11.7
(88)
(88)
5.7
48.6
(88)
(88)
Adjusted EBITDA1
$ 171.2
$ 119.9
43 %
39 %
$ 364.4
$ 244.4
49 %
47 %
Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance Highlights below are calculated and presented on a local currency basis, unless otherwise noted.
Capital Markets Services top-line growth, for both the fourth quarter and full year, was fueled by investment sales and debt advisory transactions across nearly all sectors, with the most significant contributions coming from multifamily and office. Specific to the fourth quarter, investment sales and debt advisory achieved 27% and 20% growth, respectively, complementing strong fourth-quarter 2024 performance to achieve 63% and 90% growth, respectively, on a two-year stacked basis. Geographically, the increase in fourth-quarter revenue was led by the U.S., UK and Japan. On a full-year basis, the growth was led by the U.S., UK and Spain. Globally, investment sales revenues were up 27% (21% for the full year), significantly outpacing the broader investment sales market, which grew 14% over the same period (18% for the full year) according to JLL Research.
The Adjusted EBITDA improvement for the fourth quarter and full year was largely attributable to transactional revenue growth, described above, together with improved platform leverage.
Investment Management 2025 Performance Highlights:
Investment Management
($ in millions, "LC" = local currency)
Three Months Ended December 31,
% Change in USD
% Change in LC
Year Ended December 31,
% Change in USD
% Change in LC
2025
2024
2025
2024
Revenue
$ 133.1
$ 160.6
(17) %
(18) %
$ 450.1
$ 467.9
(4) %
(5) %
Advisory fees
98.1
95.7
3
1
373.7
373.8
—
(1)
Transaction fees and other
16.4
