JLL reported record third-quarter earnings, with strong growth across its real estate services businesses lifting revenue, profit and adjusted earnings per share. The company also raised its full-year adjusted EPS target range and plans a new $500 million share repurchase, which would bring its buybacks for the year to more than $1 billion.
Key details
- Revenue rose 12% to $7.28 billion compared with the third quarter of 2025. Growth was 12% in local-currency terms as well.
- Diluted EPS increased 49% to a record $6.85. Adjusted diluted EPS rose 50% to $6.76. Net income attributable to common shareholders grew 44% to $319.8 million; adjusted net income was $315.5 million, up 45%.
- Adjusted EBITDA climbed 33% to $460.2 million. JLL attributed continued profit growth and margin expansion largely to higher revenue and leverage from its operating platform.
- Advisory revenue rose 22% in local currency, while revenue from its more resilient businesses increased 9%.
- Real Estate Management Services grew 9%, supported by Workplace Management and Project Management.
- Leasing Advisory accelerated to 27% growth, led by U.S. activity in industrial, office and data-center markets.
- Capital Markets Services increased 21%, with growth across sectors and geographies.
- JLL raised its full-year adjusted EPS target range. The company said the midpoint of the revised range represents 37% growth; it did not provide the revised range in the announcement text provided here.
- A new $500 million accelerated share repurchase is planned imminently. JLL said it would take full-year share repurchases above $1 billion.
- For the first nine months of 2026, revenue was $20.60 billion, up 11% in U.S. dollars. Net income attributable to common shareholders rose 78% to $694.4 million, and adjusted EBITDA increased 30% to $1.12 billion.
- Cash flow was mixed across the periods: third-quarter cash from operating activities was $609.7 million, down slightly from $617.1 million a year earlier. For the first nine months, it was $342.8 million, compared with $182.3 million in the prior-year period.
Plain-English implications
The planned repurchase directs a substantial amount of capital to shareholders while JLL says it remains focused on investing for long-term growth. The quarter’s gains were broad across its advisory and property-services businesses, and the higher full-year adjusted EPS target reflects management’s stronger expectations for 2026.