JLL Reports Financial Results for Second-Quarter 2025
JLL notched its fifth consecutive quarter of double-digit revenue growth and achieved a 32% increase in diluted earnings per share
CHICAGO, Aug. 6, 2025 /PRNewswire/ -- Jones Lang LaSalle Incorporated (NYSE:JLL) today reported operating performance for the second quarter of 2025 with diluted earnings per share of $2.32 (up 32%) and adjusted diluted earnings per share1 of $3.30 (up 29%). Resilient4 and Transactional4 revenues both achieved at least six quarters of consecutive growth.
Second-quarter revenue was $6.3 billion, up 10% in local currency1 with Resilient4 revenues up 11% and Transactional4 revenues up 7%
Real Estate Management Services' momentum continued, up 11%, driven by Project Management and Workplace Management
Capital Markets Services achieved 12% growth, led by performance of the debt advisory and investment sales businesses
Leasing, within Leasing Advisory, increased 5%, highlighted by industrial in the U.S. and office in the U.S. and Asia Pacific
The meaningful increase in profit reflected revenue growth, improved platform leverage and ongoing cost discipline
Investment Management's $2.9 billion of capital raised during the first half of 2025 surpassed 2024's full-year capital raise amount
"JLL's strong second-quarter results on both the top and bottom line reflect our unwavering commitment to our clients as they navigate the uneven market environment," said Christian Ulbrich, JLL CEO. "The investments we've made in our people and platform are driving sustainable, organic growth and greater operating efficiency, especially in our resilient businesses. We doubled share repurchases in the second quarter and, given our year-to-date performance and solid underlying business trends, we increased the mid-point of our full-year Adjusted EBITDA target range."
Summary Financial Results
($ in millions, except per share data, "LC" = local currency)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
% Change in USD
% Change in LC
2025
2024
% Change in USD
% Change in LC
Revenue
$ 6,250.1
$ 5,628.7
11 %
10 %
$ 11,996.5
$ 10,753.2
12 %
12 %
Net income attributable to common shareholders
$ 112.3
$ 84.4
33 %
32 %
$ 167.6
$ 150.5
11 %
10 %
Adjusted net income attributable to common shareholders1
159.4
123.2
29
29
271.0
209.2
30
28
Diluted earnings per share
$ 2.32
$ 1.75
33 %
32 %
$ 3.46
$ 3.12
11 %
10 %
Adjusted diluted earnings per share1
3.30
2.55
29
29
5.60
4.33
29
28
Adjusted EBITDA1
$ 291.7
$ 246.3
18 %
17 %
$ 516.5
$ 433.4
19 %
19 %
Cash flows from operating activities
$ 332.8
$ 273.9
22 %
n/a
$ (434.8)
$ (403.6)
(8) %
n/a
Free Cash Flow6
288.4
235.7
22 %
n/a
(523.7)
(485.0)
(8) %
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 2025 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
2025
2024
2025
2024
Real Estate Management Services
$ 4,894.0
$ 4,369.9
12 %
11 %
$ 9,463.4
$ 8,439.1
12 %
12 %
Leasing Advisory
676.8
642.2
5
5
1,262.9
1,162.6
9
9
Capital Markets Services
520.3
457.6
14
12
955.6
835.2
14
14
Investment Management
103.1
102.6
—
(2)
201.6
206.0
(2)
(3)
Software and Technology Solutions
55.9
56.4
(1)
(1)
113.0
110.3
2
3
Total revenue
$ 6,250.1
$ 5,628.7
11 %
10 %
$ 11,996.5
$ 10,753.2
12 %
12 %
Gross contract costs6
$ 4,186.8
$ 3,747.4
12 %
11 %
$ 8,129.1
$ 7,246.1
12 %
13 %
Platform operating expenses
1,844.6
1,717.4
7
6
3,509.0
3,227.3
9
9
Restructuring and acquisition charges5
21.3
11.5
85
87
41.0
13.2
211
213
Total operating expenses
$ 6,052.7
$ 5,476.3
11 %
10 %
$ 11,679.1
$ 10,486.6
11 %
12 %
Net non-cash MSR and mortgage banking derivative activity1
$ (4.2)
$ (11.8)
64 %
64 %
$ (17.1)
$ (20.8)
18 %
18 %
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.
Revenue
Revenue increased 10% compared with the prior-year quarter. Resilient revenues were collectively up 11%, highlighted by Workplace Management, up 10%, and Project Management, up 22%, both within Real Estate Management Services. The collective 7% increase in Transactional revenue was led by Investment Sales, Debt/Equity Advisory and Other, within Capital Markets Services, up 14% (excluding the impact of non-cash MSR and mortgage banking derivative activity).
On a year-to-date basis, revenue increased 12%. Resilient revenues grew 12% collectively, highlighted by Workplace Management, up 13%, and Project Management, up 19%. Transactional revenues increased 10% collectively, led by Investment Sales, Debt/Equity, up 18% (excluding the impact of non-cash MSR and mortgage banking derivative activity), and Leasing, within Leasing Advisory, up 9%.
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 June 30,
Six Months Ended June 30,
2025
2024
% Change in USD
% Change in LC
2025
2024
% Change in USD
% Change in LC
Net income attributable to common shareholders
$ 112.3
$ 84.4
33 %
32 %
$ 167.6
$ 150.5
11 %
10 %
Adjusted net income attributable to common shareholders1
159.4
123.2
29
29
271.0
209.2
30
28
Diluted earnings per share
$ 2.32
$ 1.75
33 %
32 %
$ 3.46
$ 3.12
11 %
10 %
Adjusted diluted earnings per share1
3.30
2.55
29
29
5.60
4.33
29
28
Adjusted EBITDA1
$ 291.7
$ 246.3
18 %
17 %
$ 516.5
$ 433.4
19 %
19 %
Effective tax rate ("ETR")
19.5 %
19.5 %
0 bps
n/a
19.5 %
19.5 %
0 bps
n/a
For the quarter, higher Adjusted EBITDA and margin were largely driven by Resilient revenue growth (primarily within Real Estate Management Services) as well as Transactional revenue growth from Investment Sales, Debt/Equity Advisory and Other (within Capital Markets Services), together with enhanced platform leverage and continued cost discipline (partially enabled by increased use of technology and shared service centers).
For the second quarter, the following three items were the most meaningful year-over-year differences between net income attributable to common shareholders and non-GAAP measures1:
Equity losses - Investment Management and Software and Technology Solutions: Total aggregate equity losses, primarily associated with Software and Technology Solutions investments, were $28.7 million in 2025, greater than the $16.3 million in 2024.
Restructuring and acquisition charges: The expense was $9.8 million higher in 2025, compared with 2024, primarily due to an increase in severance and other employment-related charges, including expenses associated with the change in reporting segments.
The above two items were partially offset by less headwinds from net non-cash MSR and mortgage derivative activities.
The following charts reflect the aggregation of segment Adjusted EBITDA for the second quarter and June year-to-date. Refer to the segment performance highlights for additional detail.
Cash Flows and Capital Allocation:
($ in millions)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
Change in USD
2025
2024
Change in USD
Cash flows from operating activities
$ 332.8
$ 273.9
22 %
$ (434.8)
$ (403.6)
(8) %
Free Cash Flow6
288.4
235.7
22 %
(523.7)
(485.0)
(8) %
Incremental cash inflow in the second quarter was primarily attributable to (i) advance cash payments from clients, primarily associated with new/renewed Real Estate Management Services clients, (ii) improved collection of trade receivables, and (iii) lower cash taxes paid. These drivers were partially offset by greater commission payments compared with the prior-year quarter.
Share repurchase activity is noted in the following table. As of June 30, 2025, $952.0 million remained authorized for repurchase.
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Total number of shares repurchased (in thousands)
176.5
103.7
251.8
214.4
Total paid for shares repurchased (in millions)
$ 41.4
$ 20.1
$ 61.2
$ 40.2
Net Debt, Leverage and Liquidity6:
June 30, 2025
March 31, 2025
June 30, 2024
Net Debt (in millions)
$ 1,586.7
$ 1,754.0
$ 1,752.0
Net Leverage Ratio
1.2x
1.4x
1.7x
Corporate Liquidity (in millions)
$ 3,321.4
$ 3,312.4
$ 2,449.4
The lower Net Debt, compared with March 31, 2025, was driven by positive free cash flow for the second quarter. The Net Debt reduction from June 30, 2024, reflected improved free cash flow over the trailing twelve months ended June 30, 2025, compared with the twelve-month period ended June 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 June 30, 2025, there was $690.0 million outstanding under the Program.
Real Estate Management Services Second-Quarter 2025 Performance Highlights:
Real Estate Management Services
($ 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
2025
2024
2025
2024
Revenue
$ 4,894.0
$ 4,369.9
12 %
11 %
$ 9,463.4
$ 8,439.1
12 %
12 %
Workplace Management
3,349.1
3,021.1
11
10
6,612.7
5,892.8
12
13
Project Management
971.6
788.1
23
22
1,719.1
1,444.5
19
19
Property Management
454.4
436.6
4
4
900.0
866.3
4
4
Portfolio Services and Other
118.9
124.1
(4)
(5)
231.6
235.5
(2)
(2)
Segment operating expenses
$ 4,816.5
$ 4,309.6
12 %
11 %
$ 9,349.1
$ 8,336.8
12 %
12 %
Segment platform operating expenses
643.5
592.5
9
7
1,245.8
1,150.6
8
9
Gross contract costs6
4,173.0
3,717.1
12
12
8,103.3
7,186.2
13
13
Adjusted EBITDA1
$ 106.6
$ 88.6
20 %
19 %
$ 172.9
$ 160.0
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 Highlights below are calculated and presented on a local currency basis, unless otherwise noted.
Real Estate Management Services revenue growth was driven by continued strong performance in Workplace Management, with client wins slightly outpacing mandate expansions, as incremental pass-through costs augmented high single-digit management fee growth. Higher Project Management revenue was led by new or expanded contracts in the U.S. and Asia Pacific, as a mid-teens 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, coupled with continued cost discipline. These drivers overcame headwinds from the favorable prior-year impact of incentive compensation accruals timing.
Leasing Advisory Second-Quarter 2025 Performance Highlights:
Leasing Advisory
($ 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
2025
2024
2025
2024
Revenue
$ 676.8
$ 642.2
5 %
5 %
$ 1,262.9
$ 1,162.6
9 %
9 %
Leasing
651.5
619.1
5
5
1,217.6
1,116.4
9
9
Advisory, Consulting and Other
25.3
23.1
10
8
45.3
46.2
(2)
(2)
Segment operating expenses
$ 567.8
$ 539.3
5 %
5 %
$ 1,069.0
$ 994.2
8 %
8 %
Segment platform operating expenses
564.5
531.0
6
6
1,063.7
979.5
9
9
Gross contract costs6
3.3
8.3
(60)
(60)
5.3
14.7
(64)
(64)
Adjusted EBITDA1
$ 120.4
$ 112.1
7 %
6 %
$ 217.4
$ 186.9
16 %
15 %
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.
Compared with the prior-year quarter, increased revenue was driven by Leasing growth across major asset classes, led by continued momentum in industrial and office. Geographically, Leasing revenue grew most significantly in the United States, with notable contributions from France, Australia and Singapore. The U.S. was primarily driven by growth in industrial, both from higher volume and deal size, while a notable increase in deal size for U.S. office was largely offset by lower volume as the asset class was up low single digits. With the backdrop of decelerating growth in the broader market, Leasing performed in line with global office volumes and outperformed U.S. office volumes (decline of 3%) in the second quarter, according to JLL Research.
The increases in Adjusted EBITDA and margin were largely driven by the revenue growth described above, tempered by discrete, variable operating expenses in the second quarter as compensation and benefits expenses as a percentage of revenue improved year-over-year for the quarter (enabled by increased use of technology and shared service centers).
Capital Markets Services Second-Quarter 2025 Performance Highlights:
Capital Markets Services
($ 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
2025
2024
2025
2024
Revenue
$ 520.3
$ 457.6
14 %
12 %
$ 955.6
$ 835.2
14 %
14 %
Investment Sales, Debt/Equity Advisory and Other, excluding Net non-cash MSR
384.8
332.1
16
14
710.3
599.8
18
18
Net non-cash MSR and mortgage banking derivative activity
(4.2)
(11.8)
64
64
(17.1)
(20.8)
18
18
Value and Risk Advisory
97.7
95.8
2
—
179.3
176.0
2
2
Loan Servicing
42.0
41.5
1
1
83.1
80.2
4
4
Segment operating expenses
$ 488.3
$ 453.5
8 %
6 %
$ 908.5
$ 831.9
9 %
9 %
Segment platform operating expenses
486.6
441.7
10
9
905.7
806.5
12
12
Gross contract costs6
1.7
11.8
(86)
(85)
2.8
25.4
(89)
(89)
Adjusted EBITDA1
$ 54.7
$ 33.8
62 %
61 %
$ 103.3
$ 58.8
76 %
73 %
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.
Capital Markets Services top-line growth was fueled by debt advisory and investment sales. The residential sector delivered the most significant contribution to the year-over-year increase, with notable contributions also coming from the office, industrial and retail sectors. Geographically, the U.S., Japan and MENA2 led the revenue growth.
In the current quarter, the company recognized approximately $14.0 million of incremental expense associated with an enhanced loss-share agreement with Fannie Mae for a specific three-loan portfolio. The impact of this item on year-over-year performance is more than offset by the $18.0 million expense recognized in the prior-year quarter associated with the August 2024 repurchase of a loan which JLL originated and then sold to Fannie Mae.
Adjusted EBITDA and margin improvements for the quarter were primarily attributable to the revenue growth described above and the net impact of year-over-year loan-related losses. In addition, compensation and benefits expense as a percentage of revenue modestly improved year-over-year for the second quarter (enabled by increased use of technology and shared service centers).
Investment Management Second-Quarter 2025 Performance Highlights:
Investment Management
($ 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
2025
2024
2025
2024
Revenue
$ 103.1
$ 102.6
— %
(2) %
$ 201.6
$ 206.0
(2) %
(3) %
Advisory fees
93.3
93.1
—
(2)
182.6
185.4
(2)
(2)
Transaction fees and other
6.5
6.9
(6)
(9)
15.0
15.8
(5)
(6)
Incentive fees
3.3
2.6
27
24
4.0
4.8
(17)
(19)
Segment operating expenses
$ 89.5
$ 90.3
(1) %
(3) %
$ 175.2
$ 174.9
— %
— %
Segment platform operating expenses
81.2
81.5
—
(3)
158.7
157.7
1
—
Gross contract costs6
8.3
8.8
(6)
(5)
16.5
17.2
(4)
(4)
Adjusted EBITDA1
