Highlights

  • Third quarter 2026 revenue was $7,281.2 million, compared with $6,510.4 million, and diluted earnings per common share were $6.85.
  • Adjusted EBITDA, a non-GAAP measure, was $460.2 million in the third quarter, compared with $347.3 million in the prior-year quarter.
  • Management said on the call it intends to enter a $500 million accelerated share repurchase agreement.
  • Management raised its full-year 2026 adjusted EPS target range to $25.20 to $26.30, according to the earnings call.

Jones Lang LaSalle Incorporated (NYSE:JLL) shares were trading at USD 333.20 on October 28, 2026, up 11.09%, with a relative volume at time of 3.47. The real estate services firm reported third quarter 2026 results on October 28, and management discussed a planned $500 million accelerated share repurchase and a raised full-year adjusted EPS target.

Jones Lang LaSalle is incorporated in Maryland and lists its principal executive offices at 200 East Randolph Drive in Chicago, Illinois. It provides real estate services through Real Estate Management Services, Leasing Advisory, Capital Markets Services and Investment Management. Its Real Estate Management Services business includes Workplace Management, Project Management, Property Management, and Software and Technology Solutions. The company reports in U.S. dollars while conducting business in a variety of currencies, and its fiscal year ends December 31.

Third Quarter Results

For the three months ended September 30, 2026, JLL reported revenue of $7,281.2 million, compared with $6,510.4 million a year earlier, an increase of 12%. Real Estate Management Services revenue was $5,497.4 million, Leasing Advisory was $941.8 million, Capital Markets Services was $736.8 million and Investment Management was $105.2 million, which was down 9%.

Operating income was $391.0 million, compared with $273.7 million. Net income attributable to common shareholders was $319.8 million, compared with $222.8 million, and diluted earnings per common share were $6.85, compared with $4.61. Restructuring and acquisition charges were $19.3 million, compared with $11.7 million. The income tax provision was $76.1 million, compared with $52.6 million.

The filing reported advisory revenues up 22%, led by Leasing Advisory up 27%. Resilient revenues were up 9%, with Workplace Management up 10% and Project Management up 14%. Investment Management revenue was down 9%, and equity earnings were $20.9 million, compared with $27.4 million.

Nine Months, Cash Flow and Capital

For the nine months ended September 30, 2026, revenue was $20,595.6 million, operating income was $886.5 million and net income attributable to common shareholders was $694.4 million, or $14.73 per diluted share. Adjusted EBITDA was $1,120.1 million, compared with $863.8 million.

Operating activities provided $342.8 million of cash in the first nine months, compared with $182.3 million. Financing activities used $179.3 million. Cash and cash equivalents were $514.3 million at September 30, 2026, compared with $599.1 million at December 31, 2025. Total debt, net of debt issuance costs, was $1,362.8 million, compared with $889.9 million.

During the third quarter, JLL repurchased 415.9 thousand shares for $141.7 million. For the nine months, it repurchased 1,720.0 thousand shares for $551.7 million. In February 2026, the Board authorized an additional $2.2 billion for share repurchases, and $2,450.0 million remained authorized at September 30, 2026. The company also completed an accelerated share repurchase entered in March 2026, with cumulative repurchases of approximately 638,400 shares at an average price of $313.29 per share.

Outlook from the Earnings Call

On the call, management said it is raising its full-year 2026 adjusted EPS target range to $25.20 to $26.30, which it said reflects 37% growth at the midpoint. The company said the range contemplates nominal accretion from remaining activity on its repurchase authorization, including the accelerated share repurchase.

Management said it intends to enter a $500 million accelerated share repurchase agreement under its existing authorization and expects to complete it by year end. It said it targets mid to high single digit full-year revenue growth for Real Estate Management Services and is increasing its Leasing Advisory full-year revenue growth target to high teens. Management also said it is monitoring higher bond yields and has seen some longer decision timelines in select transactions.