仲量联行二季度业绩超预期并上调全年调整后EPS指引

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Introduction & Market Context
Jones Lang LaSalle (NYSE:JLL) reported second-quarter 2026 results on July 30, 2026 that significantly exceeded analyst expectations, with adjusted earnings per share of $5.26 beating the $4.52 consensus estimate by 16.37%. The commercial real estate services firm also raised its full-year 2026 adjusted EPS guidance to $24.60-$25.90, implying 34% growth at the midpoint. Shares rose 3.1% to $350.54, approaching the 52-week high of $363.06.
The strong performance came against a backdrop of recovering commercial real estate markets. As illustrated in the company’s presentation, global direct investment volumes grew 28% in U.S. dollar terms during the second quarter, while office leasing markets showed signs of stabilization with global volumes up 2% year-over-year and prime rental growth accelerating to 4.3%.
Quarterly Performance Highlights
The following table from JLL’s presentation shows the company’s consolidated second-quarter financial results, with revenue reaching $6.9 billion and adjusted EBITDA climbing 33% year-over-year in local currency terms.
Revenue increased 11% in U.S. dollars and 10% in local currency to $6.9 billion, surpassing the $6.74 billion analyst estimate. Advisory revenues led the growth, rising 21% in local currency, driven by leasing (up 24%) and investment sales and debt/equity advisory (up 25%, excluding mortgage servicing rights). Resilient revenues, which include workplace management and other recurring services, grew 8% in local currency.
The most striking aspect of the quarter was the acceleration in profitability. Adjusted EBITDA of $386 million represented 32% growth in U.S. dollars and 33% in local currency, while adjusted diluted EPS of $5.26 surged 59% in U.S. dollars and 61% in local currency. This operating leverage reflected both higher advisory revenues and improved platform efficiency.
Business Segment Performance
The company’s business segment results demonstrate broad-based strength across its portfolio, as shown in the following breakdown.
Real Estate Management Services, which accounts for the largest share of revenue, grew 8% in local currency to $5.4 billion. The segment’s revenue composition and adjusted EBITDA trends are illustrated below.
Workplace Management led the segment with 10% local currency growth (11% in U.S. dollars), driven by mandate expansions and new client wins. Adjusted EBITDA for the segment increased 11% in local currency to $107 million, benefiting from revenue growth and incremental platform leverage.
Leasing Advisory delivered exceptional performance with 24% revenue growth in both local currency and U.S. dollars, reaching $837 million. The segment’s revenue and EBITDA expansion are shown below.
The growth was broad-based across geographies, with meaningful contributions from Japan and the UK, led by the United States. Notably, JLL’s office leasing revenue growth of 20% significantly outpaced global market volumes, which increased just 2% according to JLL Research. U.S. office leasing revenue rose 24%, double the 12% market volume growth. Adjusted EBITDA surged 39% in local currency to $167 million, driven by higher revenues and platform leverage despite increased commission expenses.
Capital Markets Services posted 19% revenue growth in both local currency and U.S. dollars to $620 million, with particularly strong performance in debt advisory (up 44%) and investment sales (up 20%). The segment breakdown is illustrated below.
Excluding mortgage servicing rights impacts, investment sales and debt/equity advisory revenue increased 25% in both local currency and U.S. dollars. U.S. investment sales revenue growth of over 53% substantially outpaced the broader market’s 22% growth. Adjusted EBITDA jumped 74% in local currency to $95 million, reflecting strong revenue growth, favorable year-over-year changes in loan-related expenses, and platform leverage.
Investment Management revenue remained largely flat at $102 million, with advisory fees growing modestly while incentive and transaction fees declined slightly. The segment’s performance is shown below.
Assets under management totaled $86.8 billion at quarter end, up 1% in local currency over the trailing twelve months. Adjusted EBITDA held steady at $16 million, representing 8% local currency growth.
Market Share Gains and Industry Position
JLL’s presentation highlighted significant market share gains across key business lines. The company’s performance in global office leasing markets is illustrated in the following industry data.
Global office leasing volumes reached 10 million square meters in the second quarter, consistent with the prior-year period. However, JLL’s 24% revenue growth in this segment substantially outpaced the 2% market volume increase, indicating significant market share gains. U.S. gateway markets showed particularly strong momentum with 27% year-over-year growth, contributing to positive net absorption nationally for the fourth consecutive quarter.
Supply constraints for high-quality office space became evident in many mature markets, with global office vacancy declining 30 basis points during the quarter. Prime office rental growth accelerated to 4.3% year-over-year, up from 3.6% in 2025 and 3.1% in 2024, suggesting improving pricing power.
In capital markets, the following charts illustrate the recovery in investment volumes and sector-specific trends.
Global direct investment volumes in the second quarter reached $237 billion, up 28% in U.S. dollars from $185 billion in Q2 2025. Major markets including the U.S., Canada, Japan, UK, and Australia drove global investment volumes, benefiting from stable asset performance and deep liquidity. Real estate credit markets remained "highly active and competitive" during the quarter.
JLL’s U.S. investment sales revenue growth of 53% significantly outperformed the 22% market volume increase, demonstrating strong competitive positioning. The company attributed this outperformance to broad-based gains across office, industrial, retail, hotels, and multifamily sectors.
The broader capital markets trends, including sector allocation and fundraising activity, are shown in the following comprehensive overview.
Industrial Leasing Momentum
Industrial leasing showed signs of recovery after several quarters of declining activity, as illustrated in the regional breakdown below.
In North America, gross leasing volumes reached 17 million square meters in Q2 2026, up from 12 million in Q2 2025, representing a 49% year-over-year increase. The rebound was driven by deferred requirements and strategic expansion by third-party logistics and e-commerce operators. Europe’s gross leasing remained stable at 6 million square meters, while Asia Pacific net absorption held at 2 million square meters.
The company noted that third-party logistics and e-commerce companies are driving robust demand across regions, with U.S. tenants shifting to longer-term leases to adapt to uncertainty. Long-term structural drivers include regionalization of higher-value manufacturing, growing defense spending, rising e-commerce penetration, and urbanization.
Balance Sheet Strength and Capital Allocation
JLL’s financial position improved significantly during the quarter, as shown in the following debt and leverage overview.
Net debt declined to $1.19 billion from $1.59 billion a year earlier, while adjusted trailing twelve-month EBITDA increased to $1.60 billion from $1.27 billion. This resulted in net leverage of 0.7x, down from 1.2x in Q2 2025 and 1.0x in Q1 2026. The sequential quarter decline in net debt was driven by positive free cash flow of $438 million in Q2 2026, up 52% year-over-year.
Corporate liquidity stood at $3.4 billion, providing substantial operational flexibility. The company maintains investment-grade credit ratings of Baa1 from Moody’s and BBB+ from S&P.
Capital returns to shareholders accelerated during the quarter, as illustrated below.
Share repurchases totaled $110 million in Q2 2026, bringing the year-to-date total to $410 million. This included $200 million from an accelerated share repurchase plan initiated in March. The average repurchase price year-to-date was $314. Shares outstanding declined 2.0% from year-end 2025 and 2.9% year-over-year to 46.0 million. Approximately $2.6 billion remains available under the company’s share repurchase authorization.
2026 Financial Targets
JLL raised its full-year 2026 adjusted EPS guidance to $24.60-$25.90, representing 34% growth at the midpoint. The company’s segment-specific revenue growth targets are outlined below.
For Real Estate Management Services, the company expects mid- to high-single-digit revenue growth, with variances by business line. Leasing Advisory is projected to achieve mid- to high-teens growth, while Capital Markets Services targets mid-teens growth. Investment Management anticipates low-single-digit advisory fee growth, with incentive and transaction fees toward the low end of the historic range.
The raised guidance reflects strong first-half performance, healthy advisory pipelines, and better-than-expected operating leverage from platform investments. Management indicated that free cash flow conversion should remain above the long-term average of more than 80% for full-year 2026.
Strategic Initiatives and Market Outlook
According to CEO Christian Ulbrich’s comments during the earnings call, "Q2 was a big quarter for JLL. We grew revenue by double digits, profit gains accelerated with adjusted EBITDA up 33% and adjusted earnings per share up 61%." He emphasized that "our resilient business lines, which represent nearly 80% of our revenue, are built for consistent growth and margin expansion."
CFO Kelly Howe noted, "We are meaningfully increasing our full year 2026 adjusted EPS target range to $24.60-$25.90, reflecting 34% growth at the midpoint."
The company’s "Accelerate 2030" strategy appears to be gaining traction, with improved operating efficiency, scale benefits, and margin expansion becoming more evident in the financial results. Management highlighted ongoing investments in AI, software, and integrated services as key drivers of future growth.
However, several challenges remain. Strategic contract exits continue to weigh on property management, though this headwind is expected to fade over time. Geopolitical uncertainty related to conflicts in Ukraine and the Middle East has slowed some deal activity, particularly in Europe and parts of Asia. Deal timelines have lengthened in some regions, though transactions are not falling out of pipelines.
Despite these headwinds, the second-quarter results demonstrate JLL’s ability to gain market share in recovering commercial real estate markets while expanding margins through operating leverage and platform investments. The combination of strong first-half performance and raised full-year guidance suggests management confidence in sustained momentum through year-end.
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