仲量联行二季度业绩超预期并上调全年调整后EPS目标，但同一催化已处理

JLL achieved a record second-quarter diluted earnings per share of $4.59, up 100% versus the prior-year quarter (in local currency
1
)
CHICAGO
,
July 30, 2026
/PRNewswire/ -- Jones Lang LaSalle Incorporated (NYSE: JLL) today reported strong operating performance for the second quarter of 2026. Diluted earnings per share was $4.59, up 98% in USD and 100% in local currency (LC), and adjusted diluted earnings per share
1
was $5.26, up 59% in USD and 61% in LC. Net income attributable to common shareholders grew 92% in USD and 94% in LC while Adjusted EBITDA increased 32% in USD and 33% in LC to $386.3 million.
Revenue was $6.9 billion, up 11% in USD (10% in LC
1
), with Advisory
4
revenues up 21% in LC and Resilient
4
revenues up 8% in LC
Real Estate Management Services was up 8% in LC, driven by ongoing strength in Workplace Management
Leasing Advisory grew 24% in LC, with increased momentum in office, industrial and data centers globally, most notably in the U.S.
Capital Markets Services was up 19% in LC, led by Investment Sales, Debt and Equity Advisory with broad-based growth across sectors
Accelerated profit growth and margin expansion driven by higher revenues and incremental platform leverage
Share repurchases were $110 million this quarter, bringing the total in the first half of 2026 to $410 million
Second-quarter cash inflow from operating activities increased to $488.1 million, up $155.3 million (47%) from the prior-year quarter
"JLL's record second-quarter performance is the product of our compelling value proposition and growing demand for our core services. Continued acceleration in Advisory revenues and disciplined execution across JLL drove robust profit growth, margin expansion and cash flow generation," said Christian Ulbrich, JLL CEO. "We continue to deliver superior client outcomes with a One JLL approach. Given our year-to-date performance and strong underlying business momentum, we are raising our full-year Adjusted EPS target range, reflecting 34% year-over-year growth at the mid-point."
Summary Financial Results
($ in millions, except per share data, "LC" = local currency)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
in USD
% Change
in LC
2026
2025
% Change
in USD
% Change
in LC
Revenue
$   6,927.9
$     6,250.1
11 %
10 %
$  13,314.4
$   11,996.5
11 %
10 %
Net income attributable to common shareholders
$      215.6
$       112.3
92 %
94 %
$      374.6
$       167.6
124 %
130 %
Adjusted net income attributable to common shareholders
1
246.8
159.4
55
57
410.6
271.0
52
56
Diluted earnings per share
$        4.59
$        2.32
98 %
100 %
$        7.91
$         3.46
129 %
135 %
Adjusted diluted earnings per share
1
5.26
3.30
59
61
8.67
5.60
55
59
Adjusted EBITDA
1
$      386.3
$       291.7
32 %
33 %
$      659.9
$       516.5
28 %
29 %
Cash flows from operating activities
$      488.1
$       332.8
47 %
n/a
$     (266.9)
$      (434.8)
39 %
n/a
Free Cash Flow
6
438.0
288.4
52
n/a
(381.9)
(523.7)
27
n/a
Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release.
Consolidated Second-Quarter
2026 Performance Highlights:
Consolidated
($ in millions, "LC" = local currency)
Three Months Ended June 30,
%
Change
in USD
%
Change
in LC
Six Months Ended June 30,
%
Change
in USD
%
Change
in LC
2026
2025
2026
2025
Real Estate Management Services
$         5,368.4
$         4,949.9
8 %
8 %
$        10,434.1
$         9,576.4
9 %
8 %
Leasing Advisory
836.9
676.8
24
24
1,523.2
1,262.9
21
20
Capital Markets Services
620.2
520.3
19
19
1,155.4
955.6
21
19
Investment Management
102.4
103.1
(1)
1
201.7
201.6
—
—
Total revenue
$         6,927.9
$         6,250.1
11 %
10 %
$        13,314.4
$        11,996.5
11 %
10 %
Gross contract costs
6
$         4,574.3
$         4,186.8
9 %
9 %
$          8,917.0
$          8,129.1
10 %
8 %
Platform operating expenses, excluding Carried interest
2,037.7
1,847.1
10
10
3,870.8
3,513.9
10
9
Carried interest (benefit) expense
(a)
(0.7)
(2.5)
72
74
0.1
(4.9)
n.m.
n.m.
Restructuring and acquisition charges
5
25.7
21.3
21
20
31.0
41.0
(24)
(25)
Total operating expenses
$         6,637.0
$         6,052.7
10 %
9 %
$        12,818.9
$        11,679.1
10 %
8 %
Net non-cash MSR and mortgage banking derivative activity
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$             (10.3)
$               (4.2)
(145) %
(143) %
$              (15.8)
$              (17.1)
8 %
8 %
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 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, Advisory revenue growth accelerated to 21% and was led by Leasing Advisory, up 24%, and Investment Sales, Debt/Equity Advisory and Other, within Capital Markets Services, up 25% (excluding the impact of non-cash MSR and mortgage banking derivative activity). The aggregate 8% increase in Resilient revenues was highlighted by Workplace Management, within Real Estate Management Services, up 10%.
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 Advisory, Resilient and total revenue. Refer to Footnote 4 for the definitions of Resilient and Advisory revenues.
Profitability
($ in millions, except per share data, "LC" = local currency)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
in USD
% Change
in LC
2026
2025
% Change
in USD
% Change
in LC
Net income attributable to common shareholders
$    215.6
$ 112.3
92 %
94 %
$    374.6
$     167.6
124 %
130 %
Adjusted net income attributable to common shareholders
1
246.8
159.4
55
57
410.6
271.0
52
56
Diluted earnings per share
$     4.59
$   2.32
98 %
100 %
$      7.91
$      3.46
129 %
135 %
Adjusted diluted earnings per share
1
5.26
3.30
59
61
8.67
5.60
55
59
Adjusted EBITDA
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$    386.3
$ 291.7
32 %
33 %
$    659.9
$     516.5
28 %
29 %
Effective tax rate ("ETR")
19.3 %
19.5 %
(20) bps
n/a
19.3 %
19.5 %
(20) bps
n/a
For the quarter, higher Adjusted EBITDA and margin were primarily driven by Capital Markets Services and Leasing Advisory, reflecting strong revenue growth and enhanced platform leverage. In addition, profit and margin growth included the absence of $14 million of loan loss expense recognized in the prior-year quarter associated with an enhanced loss-share agreement with Fannie Mae for a specific three-loan portfolio.
For the second quarter, the following items were the most meaningful year-over-year differences between net income attributable to common shareholders and related non-GAAP profit measures
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:
Equity earnings - Investment Management and Proptech Investments: Aggregate equity losses of $3.0 million this quarter changed notably from the aggregate losses of $27.0 million in the prior-year quarter.
Amortization of acquisition-related intangibles: Amortization associated with acquisition-related intangibles decreased from $16.0 million in the prior-year quarter to $5.5 million this quarter. The decline is associated with intangibles that fully amortized in the second half of 2025.
As indicated in Note 7, Proptech Investments are presented outside of our reporting segments in "All Other" and not included within segment Adjusted EBITDA. Therefore, the aggregation of segment Adjusted EBITDA does not sum to consolidated totals.
Cash Flows and Capital Allocation:
($ in millions)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
in USD
2026
2025
% Change
in USD
Cash flows from operating activities
$      488.1
$       332.8
47 %
$     (266.9)
$