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JLL Reports Financial Results for Third-Quarter 2025
JLL achieved sixth consecutive quarter of double-digit revenue growth and delivered a 45% increase in diluted earnings per share
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 | % Change | | 2025 | | 2024 | % Change | % Change | |
| | | | | | | | | | | | |
| 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
| Three Months Ended September 30, | | % | | % | | Nine Months Ended September 30, | | % | | % | ||||
| 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 | % Change | | 2025 | | 2024 | % Change | % Change | |
| | | | | | | | | | | | |
| 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
| Three Months Ended September 30, | | % | | % | | Nine Months Ended September 30, | | % | | % | ||||
| 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 | |||||||||||||||
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
| Three Months Ended September 30, | | % | | % | | Nine Months Ended September 30, | | % | | % | ||||
| 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 | |||||||||||||||
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
| Three Months Ended September 30, | | % | | % | | Nine Months Ended September 30, | | % | | % | ||||
| 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 | |||||||||||||||
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
| Three Months Ended September 30, | | % | | % | | Nine Months Ended September 30, | | % | | % | ||||
| 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 | | 5 % | | 4 % | | $ 269.8 | | $ 264.6 | | 2 % | | 1 % |
| Segment platform operating expenses | 86.8 | | 80.4 | | 8 | | 6 | | 245.5 | | 238.1 | | 3 | | 2 |
| Gross contract costs6 | 7.8 | | 9.3 | | (16) | | (17) | | 24.3 | | 26.5 | | (8) | | (8) |
| Adjusted EBITDA1 | $ 23.7 | | $ 14.0 | | 69 % | | 62 % | | $ 55.8 | | $ 57.7 | | (3) % | | (6) % |
| 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 | |||||||||||||||
Investment Management revenue growth was fueled by higher incentive fees. Advisory fees were largely steady compared to the same quarter last year, as strong performance in U.S. core open-end funds offset the impact to assets under management ("AUM") from client asset dispositions in Q4 2024.
Higher Adjusted EBITDA and margin primarily reflected the increased revenue noted above, net of related incentive compensation costs.
AUM3 increased 4% in USD (1% in local currency) during the quarter, and increased 5% in USD (1% in local currency) over the trailing twelve months. Changes in AUM3 are detailed in the tables below (in billions):
| Quarter-to-date | |
| Beginning balance (June 30, 2025) | $ 84.9 |
| Asset acquisitions/takeovers | 1.0 |
| Asset dispositions/withdrawals | (1.1) |
| Valuation changes | 0.5 |
| Foreign currency translation | 2.4 |
| Change in uncalled committed capital and cash held | 0.8 |
| Ending balance (September 30, 2025) | $ 88.5 |
| | |
| Trailing Twelve Months | |
| Beginning balance (September 30, 2024) | $ 84.6 |
| Asset acquisitions/takeovers | 6.1 |
| Asset dispositions/withdrawals | (7.2) |
| Valuation changes | 2.6 |
| Foreign currency translation | 3.2 |
| Change in uncalled committed capital and cash held | (0.8) |
| Ending balance (September 30, 2025) | $ 88.5 |
Software and Technology Solutions Third-Quarter 2025 Performance Highlights:
| Software and Technology Solutions
| Three Months Ended September 30, | | % | | % | | Nine Months Ended September 30, | | % | | % | ||||
| 2025 | | 2024 | | | | 2025 | | 2024 | | | |||||
| Revenue | $ 58.6 | | $ 56.7 | | 3 % | | 3 % | | $ 171.6 | | $ 167.0 | | 3 % | | 3 % |
| Segment operating expenses | $ 68.4 | | $ 67.2 | | 2 % | | 1 % | | $ 208.9 | | $ 200.7 | | 4 % | | 4 % |
| Segment platform operating expenses | 67.6 | | 65.8 | | 3 | | 2 | | 206.9 | | 196.7 | | 5 | | 5 |
| Gross contract costs6 | 0.8 | | 1.4 | | (43) | | (45) | | 2.0 | | 4.0 | | (50) | | (49) |
| Adjusted EBITDA1 | $ (1.1) | | $ (5.6) | | 80 % | | 84 % | | $ (15.2) | | $ (19.5) | | 22 % | | 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 | |||||||||||||||
Software and Technology Solutions revenue increased due to double-digit growth in software, offset by declines in technology solutions as certain large existing clients reduced their discretionary technology spend.
The improvement in Adjusted EBITDA was driven by the increased revenue described above and cost management actions.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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| Live Webcast | | Conference Call | |
| Management will offer a live webcast for shareholders, analysts and investment professionals on Wednesday, November 5, 2025, at 9:00 a.m. Eastern. Following the live broadcast, an audio replay will be available. The link to the live webcast and audio replay can be accessed at the Investor Relations website: ir.jll.com. | | The conference call can be accessed live over the phone by dialing (888) 660-6392; the conference ID number is 5398158. Listeners are asked to please dial in 10 minutes prior to the call start time and provide the conference ID number to be connected. | |
| | | | |
| Supplemental Information | | Contact | |
| Supplemental information regarding the third quarter 2025 earnings call has been posted to the Investor Relations section of JLL's website: ir.jll.com. | | If you have any questions, please contact Sean Coghlan, Head of Investor Relations. | |
| | Phone: | +1 312 252 8943 | |
| | Email: | ||
| | | | |
Cautionary Note Regarding Forward-Looking Statements
Statements in this news release regarding, among other things, future financial results and performance, achievements, plans, objectives and share repurchases may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors, the occurrence of which are outside JLL's control which may cause JLL's actual results, performance, achievements, plans, and objectives to be materially different from those expressed or implied by such forward-looking statements. For additional information concerning risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated in forward-looking statements, and risks to JLL's business in general, please refer to those factors discussed under "Risk Factors," "Business," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures about Market Risk," and elsewhere in JLL's Annual Report on Form 10-K, Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this release, and except to the extent required by applicable securities laws, JLL expressly disclaims any obligation or undertaking to publicly update or revise any forward-looking statements contained herein to reflect any change in expectations or results, new information, developments or any change in events.
| JONES LANG LASALLE INCORPORATED | |||||||
| Consolidated Statements of Operations (Unaudited) | |||||||
| | |||||||
| | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||
| (in millions, except share and per share data) | 2025 | | 2024 | | 2025 | | 2024 |
| | | | | | | | |
| Revenue | $ 6,510.4 | | $ 5,868.8 | | $ 18,506.9 | | $ 16,622.0 |
| | | | | | | | |
| Operating expenses: | | | | | | | |
| Compensation and benefits | $ 3,014.8 | | $ 2,854.6 | | $ 8,524.5 | | $ 7,869.4 |
| Operating, administrative and other | 3,152.6 | | 2,729.2 | | 9,141.7 | | 8,064.5 |
| Depreciation and amortization | 57.6 | | 65.5 | | 196.9 | | 188.8 |
| Restructuring and acquisition charges5 | 11.7 | | (8.8) | | 52.7 | | 4.4 |
| Total operating expenses | $ 6,236.7 | | $ 5,640.5 | | $ 17,915.8 | | $ 16,127.1 |
| | | | | | | | |
| Operating income | $ 273.7 | | $ 228.3 | | $ 591.1 | | $ 494.9 |
| | | | | | | | |
| Interest expense, net of interest income | 29.2 | | 38.1 | | 89.1 | | 110.3 |
| Equity earnings (losses) | 27.4 | | (0.9) | | (25.6) | | (20.0) |
| Other income | 3.1 | | 2.9 | | 7.3 | | 14.1 |
| | | | | | | | |
| Income before income taxes and noncontrolling interest | 275.0 | | 192.2 | | 483.7 | | 378.7 |
| Income tax provision | 52.6 | | 37.4 | | 93.3 | | 73.8 |
| Net income | 222.4 | | 154.8 | | 390.4 | | 304.9 |
| | | | | | | | |
| Net loss attributable to noncontrolling interest | (0.4) | | (0.3) | | — | | (0.7) |
| | | | | | | | |
| Net income attributable to common shareholders | $ 222.8 | | $ 155.1 | | $ 390.4 | | $ 305.6 |
| | | | | | | | |
| Basic earnings per common share | $ 4.71 | | $ 3.26 | | $ 8.23 | | $ 6.43 |
| Basic weighted average shares outstanding (in 000's) | 47,343 | | 47,505 | | 47,430 | | 47,506 |
| | | | | | | | |
| Diluted earnings per common share | $ 4.61 | | $ 3.20 | | $ 8.07 | | $ 6.32 |
| Diluted weighted average shares outstanding (in 000's) | 48,349 | | 48,497 | | 48,362 | | 48,355 |
| | | | | | | | |
| Please reference accompanying financial statement notes. | |||||||
| JONES LANG LASALLE INCORPORATED | |||||||
| Selected Segment Financial Data (Unaudited) | |||||||
| | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||
| (in millions) | 2025 | | 2024 | | 2025 | | 2024 |
| Real Estate Management Services | | | | | | | |
| Revenue | $ 4,982.4 | | $ 4,520.5 | | $ 14,445.8 | | $ 12,959.6 |
| | | | | | | | |
| Platform compensation and benefits | $ 475.2 | | $ 436.4 | | $ 1,372.6 | | $ 1,253.4 |
| Platform operating, administrative and other | 148.4 | | 159.5 | | 435.1 | | 434.9 |
| Depreciation and amortization | 26.0 | | 33.0 | | 87.7 | | 91.2 |
| Segment platform operating expenses | 649.6 | | 628.9 | | 1,895.4 | | 1,779.5 |
| Gross contract costs6 | 4,255.5 | | 3,829.9 | | 12,358.8 | | 11,016.1 |
| Segment operating expenses | $ 4,905.1 | | $ 4,458.8 | | $ 14,254.2 | | $ 12,795.6 |
| Segment operating income | $ 77.3 | | $ 61.7 | | $ 191.6 | | $ 164.0 |
| Add: | | | | | | | |
| Equity earnings | 0.1 | | 1.1 | | 1.0 | | 2.5 |
| Depreciation and amortization(a) | 25.1 | | 32.0 | | 84.9 | | 88.3 |
| Net income attributable to noncontrolling interest | (0.3) | | (0.3) | | (2.4) | | (0.3) |
| Adjusted EBITDA1 | $ 102.2 | | $ 94.5 | | $ 275.1 | | $ 254.5 |
| | |||||||
| (a) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders. | |||||||
| | |||||||
| JONES LANG LASALLE INCORPORATED | |||||||
| Selected Segment Financial Data (Unaudited) Continued Für dich aus unserer Redaktion zusammengestelltDein Kommentar zum Artikel im Forum Jetzt anmelden und diskutieren
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