Key Highlights

● Revenue was $6.9 billion, up 11% in US dollars and 10% in local currency.

● Adjusted EBITDA rose 32% to $386.3 million.

● Adjusted diluted EPS was $5.26, up 59%, and diluted EPS was $4.59.

● JLL repurchased $110 million of shares in the quarter.

Jones Lang LaSalle Incorporated (NYSE:JLL), the commercial real estate services group better known as JLL, reported second-quarter 2026 results on July 30, 2026. Revenue was $6.9 billion, up 11% in US dollars and 10% in local currency. Adjusted EBITDA rose 32% to $386.3 million. Diluted earnings per share were $4.59, up 98%, and adjusted diluted earnings per share were $5.26, up 59%. The company has more than 112,000 employees.

Growth was broad but uneven across divisions, measured in local currency. Leasing Advisory revenue rose 24%, helped by office, industrial and data center activity in the United States. Capital Markets Services grew 19%, led by investment sales and debt and equity advisory. Real Estate Management Services, the more contractual business, rose 8%, driven by Workplace Management. Operating cash inflow in the quarter was $488.1 million, up 47%.

Guidance and management commentary

JLL said it is raising its full-year adjusted EPS target range. According to market data, chief financial officer Kelly Howe gave the range on the earnings call as $24.60 to $25.90, implying 34% growth at the midpoint. It is management guidance, not a reported result.

Management also said debt advisory revenue rose 44%, equity advisory 53% and investment sales 20%, with United States investment sales up 53%. It cited rising bid activity and liquid credit markets, and targeted mid-teens growth in capital markets revenue for the year. Leasing growth is targeted at mid- to high-teens for the year, with tougher comparisons from the fourth quarter.

Balance sheet and capital returns

Reported net leverage improved to 0.7 times, and corporate liquidity was $3.4 billion. Free cash flow rose 52% to $438 million. JLL repurchased $110 million of shares in the quarter and $410 million in the first half; the share count fell nearly 3% year over year, and $2.6 billion remains under the authorization. Management said the pace of buybacks will depend on operating conditions, leverage, valuation and acquisition opportunities, and that it would pursue acquisitions only if they meet return requirements.

Commission Tiers and the October 28 Call

JLL is a constituent of the S&P MidCap 400.

Management identified several risks. Conflicts in Ukraine and the Middle East are weighing on investor sentiment in Europe and parts of Asia, although JLL says it sees no material direct effects. Higher commissions as producers reach higher pay tiers should ease in the second half before tiers reset in January. Previously disclosed property management contract exits remain a headwind. Asia-Pacific dispositions are reducing advisory fees, and investment management incentive and transaction fees are expected at the low end of the historical range, weighted to the fourth quarter. Management described global activity as uneven.

JLL has announced a conference call on third-quarter 2026 results for Wednesday, October 28, 2026 at 9 a.m. Eastern time.