CHICAGO, Nov. 5, 2025 /PRNewswire/ -- Jones Lang LaSalle Incorporated (NYSE:JLL) today reported operating performance for the third quarter of 2025 with diluted earnings per share of $4.61 (up 45%) and adjusted diluted earnings per share1 of $4.50 (up 29%). Transactional4 revenues returned to double-digit growth this quarter and Resilient4 revenues extended its growth streak with top-line increases every quarter stretching back to the reorganization of the company's segments in Q1 2022.
Third-quarter revenue was $6.5 billion, up 10% in local currency1 with Resilient4 revenues up 9% and Transactional4 revenues up 13%
Real Estate Management Services' top-line expansion continued, up 10%, driven by Project Management and Workplace Management
Capital Markets Services achieved 22% growth, led by strength in the debt advisory, investment sales and equity advisory businesses
Leasing, within Leasing Advisory, outpaced market volumes, up 8%, highlighted by the office sector, globally, as well as U.S. industrial
Continued profit and margin expansion reflected revenue growth coupled with improved platform leverage
Year-to-date cash provided by operating activities was $182.3 million, the highest through three quarters since 2021
Share repurchases increased to $70.0 million this quarter, bringing the year-to-date repurchases to $131.2 million (up 118% versus prior year)
"JLL achieved strong top and bottom-line results as well as impressive free cash flow generation in the third quarter, led by an acceleration in transactional revenue and ongoing momentum in our resilient businesses. The strength of JLL's diversified platform is reflected in our eight consecutive quarters of double-digit Adjusted EPS growth," said Christian Ulbrich, JLL CEO. "Looking ahead, we anticipate momentum continuing into the fourth quarter and are raising the mid-point of our full year Adjusted EBITDA target. As the pace of innovation further accelerates, the close alignment between our data, technology and AI capabilities with our core businesses position us well to deepen our client relationships and drive long-term profitable growth."
Summary Financial Results
($ in millions, except per share data, "LC" = local currency)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
% Change in USD
% Change in LC
2025
2024
% Change in USD
% Change in LC
Revenue
$ 6,510.4
$ 5,868.8
11 %
10 %
$ 18,506.9
$ 16,622.0
11 %
11 %
Net income attributable to common shareholders
$ 222.8
$ 155.1
44 %
45 %
$ 390.4
$ 305.6
28 %
27 %
Adjusted net income attributable to common shareholders1
217.4
170.0
28
29
488.4
379.2
29
28
Diluted earnings per share
$ 4.61
$ 3.20
44 %
45 %
$ 8.07
$ 6.32
28 %
27 %
Adjusted diluted earnings per share1
4.50
3.50
28
29
10.10
7.84
29
28
Adjusted EBITDA1
$ 347.3
$ 298.1
17 %
16 %
$ 863.8
$ 731.5
18 %
18 %
Cash flows from operating activities
$ 617.1
$ 261.6
136 %
n/a
$ 182.3
$ (142.0)
n.m.
n/a
Free Cash Flow6
567.6
216.7
162 %
n/a
43.9
(268.3)
n.m.
n/a
Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release.
Consolidated Third-Quarter 2025 Performance Highlights:
Consolidated
($ in millions, "LC" = local currency)
Three Months Ended September 30,
% Change in USD
% Change in LC
Nine Months Ended September 30,
% Change in USD
% Change in LC
2025
2024
2025
2024
Real Estate Management Services
$ 4,982.4
$ 4,520.5
10 %
10 %
$ 14,445.8
$ 12,959.6
11 %
11 %
Leasing Advisory
741.9
691.5
7
7
2,004.8
1,854.1
8
8
Capital Markets Services
612.1
498.8
23
22
1,567.7
1,334.0
18
17
Investment Management
115.4
101.3
14
12
317.0
307.3
3
2
Software and Technology Solutions
58.6
56.7
3
3
171.6
167.0
3
3
Total revenue
$ 6,510.4
$ 5,868.8
11 %
10 %
$ 18,506.9
$ 16,622.0
11 %
11 %
Gross contract costs6
$ 4,268.7
$ 3,861.8
11 %
10 %
$ 12,397.8
$ 11,107.9
12 %
12 %
Platform operating expenses, excluding Carried interest
1,952.0
1,785.3
9
8
5,465.9
5,010.5
9
9
Carried interest expense (benefit)(a)
4.3
2.2
95
90
(0.6)
4.3
n.m.
n.m.
Restructuring and acquisition charges5
11.7
(8.8)
n.m.
n.m.
52.7
4.4
n.m.
n.m.
Total operating expenses
$ 6,236.7
$ 5,640.5
11 %
10 %
$ 17,915.8
$ 16,127.1
11 %
11 %
Net non-cash MSR and mortgage banking derivative activity1
$ (0.2)
$ (5.1)
96 %
97 %
$ (17.3)
$ (25.9)
33 %
33 %
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 10% compared with the prior-year quarter. Collectively, Transactional revenues grew 13%, led by (i) 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), (ii) Leasing, within Leasing Advisory, up 8%, and Incentive fees, within Investment Management, which were $16.5 million this quarter compared with no activity in the prior-year quarter. The collective 9% increase in Resilient revenues was highlighted by Project Management, up 24%, and Workplace Management, up 8%, both within Real Estate Management Services.
Refer to segment performance highlights for additional detail.
The following chart reflects the year-over-year change in revenue for each of the trailing eight quarters (QTD revenues, on a local currency basis). The chart shows the change in Transactional, Resilient and total revenue. Refer to Footnote 4 for the definitions of Resilient and Transactional revenues.
Net income and Adjusted EBITDA:
($ in millions, except per share data, "LC" = local currency)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
% Change in USD
% Change in LC
2025
2024
% Change in USD
% Change in LC
Net income attributable to common shareholders
$ 222.8
$ 155.1
44 %
45 %
$ 390.4
$ 305.6
28 %
27 %
Adjusted net income attributable to common shareholders1
217.4
170.0
28
29
488.4
379.2
29
28
Diluted earnings per share
$ 4.61
$ 3.20
44 %
45 %
$ 8.07
$ 6.32
28 %
27 %
Adjusted diluted earnings per share1
4.50
3.50
28
29
10.10
7.84
29
28
Adjusted EBITDA1
$ 347.3
$ 298.1
17 %
16 %
$ 863.8
$ 731.5
18 %
18 %
Effective tax rate ("ETR")
19.1 %
19.5 %
(40) bps
n/a
19.3 %
19.5 %
(20) bps
n/a
For the quarter, higher Adjusted EBITDA and margin were largely driven by Transactional revenue growth, most notably within Capital Markets Services and Investment Management, with contributions from Resilient revenue growth, predominantly within Real Estate Management Services, together with enhanced platform leverage and continued cost discipline. These drivers outpaced the unfavorable impact on the current quarter associated with the timing of incentive compensation accruals and certain discrete expenses in the quarter.
For the third quarter, the following two, partially offsetting, 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 were $26.6 million this quarter, primarily associated with Proptech investments ($17.2 million), up from the aggregate $2.2 million equity losses in 2024.
Restructuring and acquisition charges: The expense was $20.5 million higher in 2025, compared with 2024, primarily due to notable decreases to earn-out liabilities in the prior-year quarter.
The following charts reflect the aggregation of segment Adjusted EBITDA for the third quarter and September year-to-date; refer to the segment performance highlights for further detail. As noted in Note 7, Proptech Investments are presented outside of reporting segments in "All Other" and not included within segment Adjusted EBITDA. Therefore, the aggregation of segment Adjusted EBITDA does not sum to consolidated totals.
Cash Flows and Capital Allocation:
($ in millions)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
Change in USD
2025
2024
Change in USD
Cash flows from operating activities
$ 617.1
$ 261.6
136 %
$ 182.3
$ (142.0)
n.m.
Free Cash Flow6
567.6
216.7
162 %
43.9
(268.3)
n.m.
Incremental cash inflow in the third quarter was primarily attributable to (i) improved net reimbursables, primarily associated with Real Estate Management Services, (ii) higher cash provided by earnings, (iii) the absence of cash outflow associated with a 2024 loan repurchased from Fannie Mae, and (iv) improved collections of receivables.
Share repurchase activity is noted in the following table. As of September 30, 2025, $882.0 million remained authorized for repurchase.
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Total number of shares repurchased (in thousands)
239.4
83.5
491.2
297.9
Total paid for shares repurchased (in millions)
$ 70.0
$ 20.1
$ 131.2
$ 60.3
Net Debt, Leverage and Liquidity6:
September 30, 2025
June 30, 2025
September 30, 2024
Net Debt (in millions)
$ 1,098.6
$ 1,586.7
$ 1,597.3
Net Leverage Ratio
0.8x
1.2x
1.4x
Corporate Liquidity (in millions)
$ 3,542.9
$ 3,321.4
$ 3,392.8
The lower Net Debt, compared with June 30, 2025, was driven by strong free cash flow for the third quarter. The Net Debt reduction from September 30, 2024, reflected improved free cash flow over the trailing twelve months ended September 30, 2025, compared with the twelve-month period ended September 30, 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 September 30, 2025, there was $389.0 million outstanding under the Program.
Real Estate Management Services Third-Quarter 2025 Performance Highlights:
Real Estate Management Services
($ in millions, "LC" = local currency)
Three Months Ended September 30,
% Change in USD
% Change in LC
Nine Months Ended September 30,
% Change in USD
% Change in LC
2025
2024
2025
2024
Revenue
$ 4,982.4
$ 4,520.5
10 %
10 %
$ 14,445.8
$ 12,959.6
11 %
11 %
Workplace Management
3,423.6
3,164.6
8
8
10,036.3
9,057.4
11
11
Project Management
967.9
771.3
25
24
2,687.0
2,215.8
21
21
Property Management
461.1
452.3
2
2
1,361.1
1,318.6
3
4
Portfolio Services and Other
129.8
132.3
(2)
(3)
361.4
367.8
(2)
(2)
Segment operating expenses
$ 4,905.1
$ 4,458.8
10 %
9 %
$ 14,254.2
$ 12,795.6
11 %
11 %
Segment platform operating expenses
649.6
628.9
3
2
1,895.4
1,779.5
7
6
Gross contract costs6
4,255.5
3,829.9
11
11
12,358.8
11,016.1
12
12
Adjusted EBITDA1
$ 102.2
$ 94.5
8 %
8 %
$ 275.1
$ 254.5
8 %
7 %
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 partially driven by continued strong performance in Workplace Management, with client wins slightly outpacing mandate expansions, as incremental pass-through costs augmented mid single-digit management fee growth. Higher Project Management revenue was attributable to new or expanded contracts, primarily in the U.S. and Asia Pacific, as a low double-digit management fee increase was supplemented by higher pass-through costs.
The increase in Adjusted EBITDA and margin was primarily attributable to the top-line performance described above, as well as $8.2 million in lower gross receipts tax expense compared with the prior-year quarter. These drivers overcame unfavorable impacts from incentive compensation accruals timing and certain discrete items, including incremental bad debt expense.
Leasing Advisory Third-Quarter 2025 Performance Highlights:
Leasing Advisory
($ in millions, "LC" = local currency)
Three Months Ended September 30,
% Change in USD
% Change in LC
Nine Months Ended September 30,
% Change in USD
% Change in LC
2025
2024
2025
2024
Revenue
$ 741.9
$ 691.5
7 %
7 %
$ 2,004.8
$ 1,854.1
8 %
8 %
Leasing
719.1
665.4
8
8
1,936.7
1,781.8
9
9
Advisory, Consulting and Other
22.8
26.1
(13)
(13)
68.1
72.3
(6)
(6)
Segment operating expenses
$ 616.5
$ 569.2
8 %
8 %
$ 1,685.5
$ 1,563.4
8 %
8 %
Segment platform operating expenses
613.4
559.5
10
9
1,677.1
1,539.0
9
9
Gross contract costs6
3.1
9.7
(68)
(68)
8.4
24.4
(66)
(65)
Adjusted EBITDA1
$ 136.9
$ 131.7
4 %
4 %
$ 354.3
$ 318.6
11 %
11 %
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.
Broad-based Leasing revenue increased across major asset classes, led by continued momentum in office, with the most significant growth in the U.S. as well as notable contributions from Germany and Canada. U.S. expansion was primarily driven by growth in office, from both higher volume and deal size, as well as increased industrial deal volume. Office Leasing revenue growth outperformed global office volumes (up 14% compared with market volumes up 2% according to JLL Research), highlighted by U.S. outperformance (revenue up 14% compared with market volumes up 4% according to JLL Research).
The increase in Adjusted EBITDA was driven by the revenue growth described above, meaningfully offset by the year-over-year impact from the timing of incentive compensation accruals.
Capital Markets Services Third-Quarter 2025 Performance Highlights:
Capital Markets Services
($ in millions, "LC" = local currency)
Three Months Ended September 30,
% Change in USD
% Change in LC
Nine Months Ended September 30,
% Change in USD
% Change in LC
2025
2024
2025
2024
Revenue
$ 612.1
$ 498.8
23 %
22 %
$ 1,567.7
$ 1,334.0
18 %
17 %
Investment Sales, Debt/Equity Advisory and Other, excluding Net non-cash MSR
479.7
376.9
27
26
1,190.0
976.7
22
21
Net non-cash MSR and mortgage banking derivative activity
(0.2)
(5.1)
96
97
(17.3)
(25.9)
33
33
Value and Risk Advisory
89.9
86.0
5
3
269.2
262.0
3
2
Loan Servicing
42.7
41.0
4
4
125.8
121.2
4
4
Segment operating expenses
$ 533.9
$ 455.9
17 %
16 %
$ 1,442.4
$ 1,287.8
12 %
11 %
Segment platform operating expenses
532.4
444.4
20
19
1,438.1
1,250.9
15
14
Gross contract costs6
1.5
11.5
(87)
(87)
4.3
36.9
(88)
(88)
Adjusted EBITDA1
$ 89.9
$ 65.7
37 %
36 %
$ 193.2
$ 124.5
55 %
54 %
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 debt advisory, investment sales and equity advisory transactions across nearly all sectors, with the most significant contributions coming from multifamily and retail. Geographically, revenue growth was led by the U.S., augmented by strong contributions from Japan and Australia. Globally, investment sales revenues were up 22%, significantly outpacing the broader investment sales market, which grew 12% over the same period according to JLL Research.
Adjusted EBITDA and margin improvements for the quarter were primarily attributable to the revenue growth described above, which was partially offset by $7.2 million of incremental expense associated with loan-related losses, including an increase in loan loss reserves. In October 2025, the underlying asset for the loan repurchased in August 2024 was sold; the expense impact - reflecting final pricing and expected closing costs - was included in the aforementioned loan-related losses recognized this quarter.
Investment Management Third-Quarter 2025 Performance Highlights:
Investment Management
($ in millions, "LC" = local currency)
Three Months Ended September 30,
% Change in USD
% Change in LC
Nine Months Ended September 30,
% Change in USD
% Change in LC
2025
2024
2025
2024
Revenue
$ 115.4
$ 101.3
14 %
12 %
$ 317.0
$ 307.3
3 %
2 %
Advisory fees
93.0
92.7
—
(1)
275.6
278.1
(1)
(2)
Transaction fees and other
5.9
8.6
(31)
(30)
20.9
24.4
(14)
(15)
Incentive fees
16.5
—
n.m.
n.m.
20.5
4.8
327
300
Segment operating expenses
$ 94.6
$ 89.7
