JLL raises 2026 forecast as Q3 profit tops estimates

Jones Lang LaSalle Inc. (JLL) said in a regulatory filing on Oct. 28 that third-quarter 2026 adjusted diluted earnings per share were $6.76, topping the $6.22 consensus estimate compiled by Finnhub.

Revenue was $7.28 billion, in line with the $7.31 billion consensus estimate compiled by Finnhub. Revenue rose 12% in USD and local currency from a year earlier.

Diluted earnings per share were $6.85, up 49% in USD from $4.61 a year earlier. Net income attributable to common shareholders grew 44% in USD to $319.8 million.

Adjusted EBITDA rose 33% to $460.2 million from $347.3 million, which the company attributed to higher revenues and incremental platform leverage.

Here's how the company did:

• Adjusted diluted EPS: $6.76 vs. $4.50 a year earlier, against the $6.22 estimate, according to Finnhub
• Diluted EPS: $6.85 vs. $4.61 a year earlier
• Revenue: $7.28 billion vs. $6.51 billion a year earlier, against the $7.31 billion estimate, according to Finnhub
• Adjusted EBITDA: $460.2 million vs. $347.3 million a year earlier

"JLL's record third quarter at the top and bottom line reflected our track record of converting growth into margin-accretive profit," said JLL CEO Christian Ulbrich.

Segment results

Real Estate Management Services revenue was $5.50 billion, up 9% in local currency. Workplace Management rose 10% and Project Management rose 14%.

Leasing Advisory revenue rose 27% to $941.8 million from $741.9 million. The company said U.S. leasing revenue grew 39%.

Capital Markets Services revenue was $736.8 million, up 21% in local currency. Investment sales grew 33%, debt advisory rose 13% and equity advisory rose 39%.

Investment Management revenue fell 9% to $105.2 million from $115.4 million. Incentive and transaction fees fell 44%.

2026 guidance

The company said it raised its full-year Adjusted EPS target range, reflecting 37% growth at the midpoint. The release does not state the new range or the range it replaces.

Christian Ulbrich, JLL CEO, said: "Given the strength of our pipelines and operating trends, we are optimistic about a strong finish to 2026."

Cash and capital returns

The company intends to execute a new $500 million accelerated share repurchase imminently, bringing full-year repurchases to over $1 billion. As of Sept. 30, $2.5 billion remained authorized for repurchase.

Operating cash flow for the first nine months was $342.8 million, up from $182.3 million a year earlier. Free cash flow was $174.2 million, compared with $43.9 million.

Net debt was $858.7 million at Sept. 30, down from $1,190.3 million at June 30. The net leverage ratio was 0.5x.