Jones Lang Lasalle (4J2) Q3 2026 Earnings Report
DE:4J2 Q3 2026 EPS Results
- Actual EPS
- EUR 6.05
- Consensus EPS
- EUR 5.51
- Beat/Miss
- Beat by +EUR 0.54
- One Year Ago EPS
- EUR 4.03
DE:4J2 Q3 2026 Revenue Results
- Actual Revenue
- EUR 6.52B
- Expected Revenue
- EUR 6.48B
- Beat/Miss
- Beat by +EUR 37.87M
- YoY Revenue Growth
- +11.84%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 28, 2026
Jones Lang Lasalle's next earnings date is estimated for March 2, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly optimistic, supported by record third-quarter revenue and profitability, broad-based advisory growth, raised 2026 EPS guidance, strong cash generation, share repurchases, and early progress on Accelerate 2030. Management acknowledged higher-rate volatility, slower capital markets conversion, regional and Asia Pacific headwinds, and limited 2027 visibility, but characterized current pipelines, liquidity, U.S. demand, and long-term growth prospects as healthy.
JLL continues to target mid to high single digit full year revenue growth for the real estate management services segment, high teens full year revenue growth for leasing advisory, and mid teens revenue growth for Capital Markets Services for the full year 2026; investment management targets low single digit advisory fee growth for the year, with full year incentive and fees expected to be around the low end of our historical range. Free cash flow conversion is trending well above our long term average of over 80% for the full year, while the 2026 adjusted EPS target range is $25.20 to $26.30, reflecting 37% growth at the midpoint. Platform enhancement is expected to contribute more than 20-basis points of annual margin expansion on average, increasing as years progress, or roughly 1/3 of the annual expansion embedded in Accelerate 30 targets; for 2027, JLL generally expects 50 basis points of margin expansion, give or take, in resilient business lines, 30% incremental margins in leasing, and mid-30s in capital markets, while tracking to adjusted EPS growth in line with its long term through cycle average adjusted EPS growth.
- Record Third-Quarter Financial PerformanceJLL reported a record third quarter at both the top and bottom line. Revenue increased 12%, advisory revenue growth accelerated to 22%, adjusted EBITDA increased 33% with margin expansion, and adjusted EPS increased 52%.
- Positive Accelerate 2030 ProgressManagement said Accelerate 2030 is gaining momentum, with teams aligned around evolving client service, operating as one firm, and strengthening the organization and operations.
- Strong Enterprise Client Retention and Expansion OpportunityJLL retained 99% of its top 100 clients over the last three years. Management said clients are consolidating around fewer strategic partners, creating opportunities to expand existing enterprise relationships and sell additional services.
- Enhanced Global Leadership StructureJLL established country CEO roles across important markets to coordinate business lines, drive cross-selling, and deliver a seamless OneJLL client experience. Mark Gibson was appointed country CEO for the U.S.
- Platform Excellence and AI InitiativesJLL appointed Paul Morgan as Chief Operating Officer to bring enterprise operations together in one global function. The company launched Ask JLL, an AI-powered front door for colleagues, and is redesigning invoicing and collections globally using AI agents and automation.
- Expected Platform-Driven Margin ExpansionJLL expects platform enhancement to contribute more than 20 basis points of annual margin expansion on average, increasing as the years progress. Management said this represents roughly one-third of the annual expansion embedded in the Accelerate 2030 targets.
- Real Estate Management Services MomentumWorkplace management revenue increased roughly 10%, driven by a largely balanced mix of mandate expansions and new client wins. Project management revenue increased 14% in the quarter and 38% on a two-year stacked basis, with strength in the U.S. and India, particularly in office and data centers.
- Improved REMS Contract EconomicsJLL had completed actions on approximately 80% of identified strategic property-management contract exits while retaining more contracts than anticipated and at improved margins. About one-third of retained contracts had better terms.
- Leasing Advisory Growth AcceleratedLeasing advisory revenue growth accelerated to 27%, with two-year stacked growth of 34%. Growth was broad based across industrial, office, and data centers, particularly in the U.S.; U.S. leasing advisory revenue increased 39%.
- Raised Leasing Revenue OutlookJLL increased its full-year leasing advisory revenue growth target to high teens from mid to high teens, citing strong market fundamentals, pipelines, conversion rates, and constructive economic growth and employment trends.
- Broad-Based Capital Markets GrowthCapital Markets Services revenue growth was broad based across major geographies and sectors. Global investment sales revenue increased 33%, including 34% growth in the U.S.; debt advisory revenue increased 13%; and equity advisory revenue increased 39%.
- Capital Markets Outperformed Market Growth RatesGlobal investment sales growth of 33% and U.S. investment sales growth of 34% were more than three times the respective market growth rates of 9% and 11%. Two-year stacked growth was 55% for investment sales, 61% for debt advisory, and 126% for equity advisory.
- Healthy Capital Markets Pipeline and LiquidityJLL said its global investment sales, debt, and equity advisory pipelines remain robust, most notably in the U.S. Management also said debt-market liquidity remains very high, with every lender type active and no current indication that liquidity will become a concern.
- Strong Cash Flow and Balance SheetYear-to-date free cash flow was $174 million, a $130 million improvement from the prior year, attributable to higher cash earnings. Free cash flow conversion was trending well above the long-term average of over 80% for the full year. Reported net leverage improved to 0.5x, supported by $3.6 billion of corporate liquidity and an investment-grade balance sheet.
- Significant Share RepurchasesJLL repurchased $142 million of shares in the quarter and $552 million year to date, more than 2.5 times the full-year 2025 amount. The share count was reduced by over 3% from a year ago.
- Announced $500 Million Accelerated Share RepurchaseJLL intends to enter into a $500 million accelerated share repurchase agreement under its existing authorization, which had $2.5 billion remaining at quarter end. The company expects to complete the ASR by year end; as of October 23, it represented more than 3% of shares.
- Raised 2026 Adjusted EPS TargetJLL raised its full-year 2026 adjusted EPS target range to $25.20 to $26.30, representing 37% growth at the midpoint. The outlook includes nominal accretion from remaining share repurchase activity, including the imminent ASR.
- Continued Investment in Platform, AI, Automation, and PeopleManagement said the company's number one capital-allocation priority remains investment in its platform, including AI, automation, and people. JLL is also maintaining a disciplined M&A pipeline focused on opportunities that strengthen scale, competitive advantages, resiliency, synergies, and economic returns.
- Technology-Enabled Productivity and Client ValueManagement said technology is significantly increasing revenue per salesperson and supporting healthy incremental margins. AI capabilities are helping JLL deliver more savings to clients, win more business, and potentially charge higher fees or participate in shared savings.
- OneJLL Cross-Selling TractionManagement reported early traction from selling more services to the same clients, particularly within the Fortune 500 and existing core client base. The company expects organic growth from this strategy to remain a key driver through Accelerate 2030.
- Constructive Longer-Term Business OutlookManagement said the U.S. economic outlook remains fairly optimistic, resilient business lines are expected to carry operating momentum into 2027, and leasing and capital markets are expected to continue growing even as growth rates moderate from strong 2026 comparisons.
DE:4J2 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 02, 2027 | 2026 (Q4) | 9.14- | 7.8 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 5.516.05 | 4.03 | 50.22% (+2.02) | |
| Jul 30, 2026 | 2026 (Q2) | 4.084.71 | 2.95 | 59.39% (+1.75) | |
| Apr 30, 2026 | 2026 (Q1) | 2.693.07 | 2.07 | 48.48% (+1.00) | |
| Feb 18, 2026 | 2025 (Q4) | 6.597.80 | 5.51 | 41.63% (+2.29) | |
| Nov 05, 2025 | 2025 (Q3) | 3.794.03 | 3.13 | 28.57% (+0.90) | |
| Aug 06, 2025 | 2025 (Q2) | 2.872.95 | 2.28 | 29.41% (+0.67) | |
| May 07, 2025 | 2025 (Q1) | 1.952.07 | 1.59 | 29.78% (+0.47) | |
| Feb 19, 2025 | 2024 (Q4) | 5.385.51 | 3.79 | 45.39% (+1.72) | |
| Nov 06, 2024 | 2024 (Q3) | 2.453.13 | 1.8 | 74.13% (+1.33) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
