CHICAGO, April 30, 2026 /PRNewswire/ -- Jones Lang LaSalle Incorporated (NYSE:JLL) today reported operating performance for the first quarter of 2026. Diluted earnings per share was $3.33, up 192% in USD and 207% in local currency (LC), and adjusted diluted earnings per share1 was $3.43, up 48% in USD and 56% in LC.
First-quarter revenue was $6.4 billion, up 11% in USD (9% in LC1), with Advisory4 revenues up 17% in LC and Resilient4 revenues up 7% in LC
Real Estate Management Services grew 7% in LC, driven by strength in Workplace Management and Project Management
Leasing Advisory increased 16% in LC, led by the U.S. with continued momentum in office and an acceleration in industrial
Capital Markets Services was up 21% in LC, with broad-based growth across geographies, led by Investment Sales, Debt and Equity Advisory
Continued profit and margin expansion led by revenue growth and incremental platform leverage
Share repurchases were $300 million this quarter, including a $200 million accelerated share repurchase launched in March
The company committed to an incremental €100 million investment in the LaSalle Encore+ Fund
"JLL achieved very strong results to start the year," said Christian Ulbrich, JLL CEO. "We continue to deliver robust growth with margin expansion and market share gains as clients focus on trusted partnerships and the highest-quality insight and execution. In a fluid macro environment, our Accelerate 2030 strategy positions JLL for long-term sustainable growth and expanding returns as we further build on our data and AI advantage and scale our core services."
Summary Financial Results
($ in millions, except per share data, "LC" = local currency)
Three Months Ended March 31,
2026
2025
% Change in
USD
% Change in
LC
Revenue
$ 6,386.5
$ 5,746.4
11 %
9 %
Net income attributable to common shareholders
$ 159.0
$ 55.3
188 %
203 %
Adjusted net income attributable to common shareholders1
163.8
111.6
47
54
Diluted earnings per share
$ 3.33
$ 1.14
192 %
207 %
Adjusted diluted earnings per share1
3.43
2.31
48
56
Adjusted EBITDA1
$ 273.6
$ 224.8
22 %
24 %
Cash flows from operating activities
$ (755.0)
$ (767.6)
2 %
n/a
Free Cash Flow6
(819.9)
(812.1)
(1)
n/a
Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release.
Consolidated First-Quarter 2026 Performance Highlights:
Consolidated
($ in millions, "LC" = local currency)
Three Months Ended March 31,
% Change in
USD
% Change in
LC
2026
2025
Real Estate Management Services
$ 5,065.7
$ 4,626.5
9 %
7 %
Leasing Advisory
686.3
586.1
17
16
Capital Markets Services
535.2
435.3
23
21
Investment Management
99.3
98.5
1
(1)
Total revenue
$ 6,386.5
$ 5,746.4
11 %
9 %
Gross contract costs6
$ 4,342.7
$ 3,942.3
10 %
8 %
Platform operating expenses, excluding Carried interest
1,833.1
1,666.8
10
7
Carried interest expense (benefit)(a)
0.8
(2.4)
n.m.
n.m.
Restructuring and acquisition charges5
5.3
19.7
(73)
(73)
Total operating expenses
$ 6,181.9
$ 5,626.4
10 %
8 %
Net non-cash MSR and mortgage banking derivative activity1
$ (5.5)
$ (12.9)
57 %
57 %
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
Revenue increased 9% compared with the prior-year quarter. Collectively, Advisory revenues grew 17%, led by Leasing Advisory, up 16%, and Investment Sales, Debt/Equity Advisory and Other, within Capital Markets Services, up 23% (excluding the impact of non-cash MSR and mortgage banking derivative activity). The aggregate 7% increase in Resilient revenues was highlighted by Workplace Management, up 8%, and Project Management, up 10%, both within Real Estate Management Services.
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 Advisory, Resilient and total revenue. Refer to Footnote 4 for the definitions of Resilient and Advisory revenues.
Profitability
($ in millions, except per share data, "LC" = local currency)
Three Months Ended March 31,
2026
2025
% Change in
USD
% Change in
LC
Net income attributable to common shareholders
$ 159.0
$ 55.3
188 %
203 %
Adjusted net income attributable to common shareholders1
163.8
111.6
47
54
Diluted earnings per share
$ 3.33
$ 1.14
192 %
207 %
Adjusted diluted earnings per share1
3.43
2.31
48
56
Adjusted EBITDA1
$ 273.6
$ 224.8
22 %
24 %
Effective tax rate ("ETR")
19.3 %
19.5 %
(20) bps
n/a
For the quarter, higher Adjusted EBITDA and margin were primarily driven by Capital Markets Services and Leasing Advisory, led by strong Advisory revenue growth. Profitability also reflected incremental platform leverage and continued cost discipline.
For the first quarter, the following items were the most meaningful year-over-year differences between net income attributable to common shareholders and non-GAAP measures1:
Equity earnings - Investment Management and Proptech Investments: Aggregate equity earnings of $6.0 million this quarter increased notably from the aggregate losses of $28.7 million in 2025.
Restructuring and acquisition charges: The expense was $14.4 million lower this quarter, compared with 2025, primarily due to lower severance and employment-related charges and lower acquisition-related expenses.
As indicated in Note 7, Proptech Investments are presented outside of our reporting segments in "All Other" and not included within segment Adjusted EBITDA. Therefore, the aggregation of segment Adjusted EBITDA does not sum to consolidated totals.
Cash Flows and Capital Allocation:
($ in millions)
Three Months Ended March 31,
2026
2025
% Change in
USD
Cash flows from operating activities
$ (755.0)
$ (767.6)
2 %
Free Cash Flow6
(819.9)
(812.1)
(1) %
The year-over-year improvement in operating cash flows was primarily attributable to higher cash provided by earnings, partially offset by net working capital adjustments, most notably net reimbursables. Free Cash Flow reflected the improvement in operating cash flows, which was more than offset by higher capital expenditures, primarily associated with technology infrastructure and investments in workspace optimization.
In February 2026, our Board of Directors authorized an additional $2.2 billion in share repurchases, augmenting the $801.7 million remaining repurchases available under prior authorizations as of December 31, 2025. As of March 31, 2026, $2.7 billion remained authorized for repurchase.
In March 2026, we entered into an Accelerated Share Repurchase ("ASR") program, whereby we made an upfront payment of $200.0 million and received initial delivery of approximately 587,000 shares at a price of $289.52 per share. These shares are included in the table below and represented a portion of the prepayment amount. The remainder of the shares associated with this ASR will be delivered on contractual settlement dates during the second quarter.
Three Months Ended March 31,
2026
2025
Total number of shares repurchased (in thousands)
898.3
75.3
Total paid for shares repurchased (in millions)
$ 300.0
$ 19.8
Net Debt, Leverage and Liquidity6:
March 31, 2026
December 31, 2025
March 31, 2025
Net Debt (in millions)
$ 1,489.1
$ 304.2
$ 1,754.0
Net Leverage Ratio
1.0x
0.2x
1.4x
Corporate Liquidity (in millions)
$ 3,396.2
$ 3,899.1
$ 3,312.4
The higher Net Debt, compared with December 31, 2025, reflected typical seasonality and was driven primarily by variable compensation payments in the first quarter, specifically annual incentive compensation payments together with commission payments (in part associated with Q4 2025 revenue production). The Net Debt reduction from March 31, 2025, reflected improved free cash flow over the trailing twelve months ended March 31, 2026, compared with the trailing twelve months ended March 31, 2025.
In addition to the Corporate Liquidity detailed above, we maintain a commercial paper program (the "Program") with $2.5 billion authorized for issuance. As of March 31, 2026, there was $615.0 million outstanding under the Program.
Change in External Reporting Segments:
Effective January 1, 2026, JLL began reporting Software and Technology Solutions (historically a standalone reporting segment) as a fifth business line within Real Estate Management Services. In addition, the revenue disaggregation within Leasing Advisory was collapsed and the presentation of Investment Management revenue was simplified to reflect two captions: Advisory fees and Incentive and transaction fees. Prior-period financial information was recast to conform with this presentation.
Real Estate Management Services First-Quarter 2026 Performance Highlights:
Real Estate Management Services
($ in millions, "LC" = local currency)
Three Months Ended March 31,
% Change in
USD
% Change in
LC
2026
2025
Revenue
$ 5,065.7
$ 4,626.5
9 %
7 %
Workplace Management
3,582.9
3,263.6
10
8
Project Management
844.0
747.5
13
10
Property Management
471.1
445.6
6
4
Portfolio Services and Other
110.9
112.7
(2)
(4)
Software and Technology Solutions
56.8
57.1
(1)
(1)
Segment operating expenses
$ 5,032.6
$ 4,601.5
9 %
7 %
Segment platform operating expenses
701.8
670.5
5
2
Gross contract costs6
4,330.8
3,931.0
10
8
Adjusted EBITDA1
$ 65.4
$ 61.0
7 %
12 %
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 mix of new client wins and mandate expansions. Globally, Project Management delivered double-digit growth, primarily driven by the Americas, with higher pass-through costs augmenting a high single-digit management fee increase.
Higher Adjusted EBITDA was primarily driven by the revenue growth described above.
Leasing Advisory First-Quarter 2026 Performance Highlights:
Leasing Advisory
($ in millions, "LC" = local currency)
Three Months Ended March 31,
% Change in
USD
% Change in
LC
2026
2025
Revenue
$ 686.3
$ 586.1
17 %
16 %
Segment operating expenses
$ 580.6
$ 501.2
16 %
14 %
Segment platform operating expenses
578.2
499.2
16
14
Gross contract costs6
2.4
2.0
20
18
Adjusted EBITDA1
$ 116.9
$ 97.0
21 %
22 %
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 increase in Leasing Advisory revenue was driven by continued momentum in the office sector and an acceleration in industrial. Many geographies achieved double-digit revenue growth for the quarter, highlighted by the U.S. and with a meaningful uptick in the UK. Broad-based growth across the U.S. was primarily driven by office - as an increase in average deal size complemented higher volume - and industrial, primarily due to larger deal size. Office leasing revenue growth outperformed global office volumes (up 12% compared with market volumes down 1% according to JLL Research), highlighted by U.S. revenue outperformance (up 14% compared with market volumes up 7% according to JLL Research).
Higher segment platform operating expenses were substantially driven by higher commission expense, correlated to the revenue growth. The increase in deal size contributed to a higher average commission rate, compared with 2025, as higher commission tiers were achieved earlier this year.
Adjusted EBITDA and margin expansion were driven by revenue growth, partially tempered by the higher commission expense noted above.
Capital Markets Services First-Quarter 2026 Performance Highlights:
Capital Markets Services
($ in millions, "LC" = local currency)
Three Months Ended March 31,
% Change in
USD
% Change in
LC
2026
2025
Revenue
$ 535.2
$ 435.3
23 %
21 %
Investment Sales, Debt/Equity Advisory and Other, excluding Net non-cash MSR
408.0
325.5
25
23
Net non-cash MSR and mortgage banking derivative activity
(5.5)
(12.9)
57
57
Value and Risk Advisory
89.3
81.6
9
5
Loan Servicing
43.4
41.1
6
6
Segment operating expenses
$ 475.2
$ 420.2
13 %
10 %
Segment platform operating expenses
474.3
419.1
13
10
Gross contract costs6
0.9
1.1
(18)
(19)
Adjusted EBITDA1
$ 77.1
$ 48.6
59 %
63 %
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 was fueled by investment sales and debt advisory transactions, across nearly all sectors, along with robust equity advisory activity (up nearly 80% compared with the prior-year quarter). Investment sales and debt advisory grew 27% (42% on a two-year stacked basis) and 30% (81% on a two-year stacked basis), respectively. Globally, investment sales revenue growth significantly outpaced the broader market, which grew 11% over the same period according to JLL Research. The increase in segment revenue was broad-based across most geographies and was led by the U.S., Japan and the UK.
Higher Adjusted EBITDA and margin expansion for the quarter were primarily attributable to the revenue growth described above, augmented by $7.2 million of lower loan-related expenses, including a reduction in the loan loss reserves.
Investment Management First-Quarter 2026 Performance Highlights:
Investment Management
($ in millions, "LC" = local currency)
Three Months Ended March 31,
% Change in
USD
% Change in
LC
2026
2025
Revenue
$ 99.3
$ 98.5
1 %
(1) %
Advisory fees
89.9
89.3
1
(1)
Incentive and transaction fees
9.4
9.2
2
