Jones Lang LaSalle Incorporated Reports Q4 2025 and Full Year Earnings Results
About Jones Lang LaSalle Inc.
Jones Lang LaSalle Inc. (NYSE: JLL) (commonly referred to as JLL) is a global professional services firm specializing in the commercial and investment management sectors, headquartered in Chicago, USA. Founded in 1783 and built into its current structure through the merger of Jones Lang Wootton and LaSalle Partners in 1999, JLL has grown to become one of the largest real estate advisory firms in the world.
The company provides a wide range of services including real estate and property management, leasing, capital market consulting, project management, real estate consulting, and investment management to investors, companies, and property owners worldwide.
JLL operates in more than 80 countries with more than 110,000 employees, providing integrated real estate solutions across sectors such as office, industrial, retail, residential and hospitality.
Overall, JLL is recognized as a leading real estate services and investment management firm focused on helping clients buy, build, acquire, manage, and invest in real estate around the world.
Real Estate Market Trends
Global direct real estate investment grew by nearly 14% in local currency, reflecting improved investor confidence. Growth was broadly supported across regions, with the Americas, EMEA, and Asia Pacific all reporting increased investment activity. Credit markets remained active due to strong credit availability and attractive lending spreads.
Office rents increased slightly globally, with strong growth in North America and Asia Pacific. Activity in the industrial sector has also improved, driven by demand for transport and improved manufacturing conditions.
Consolidated Q4 2025 Financial Results
For the fourth quarter of 2025, the company reported revenue of $7.61 billion, up 12% year over year. Adjusted EBITDA increased 30% to $589 million, and adjusted revenue increased 41% to $420 million. Adjusted diluted EPS improved significantly to $8.71 from $6.15 last year.
Trading income grew significantly, mainly from sales and investment leasing, while fixed income also increased due to the growth of the workplace and project management.
Financial Performance Full Year 2025
For the full year, revenue reached $26.1 billion, up 11% compared to 2024. Adjusted EBITDA increased 22% to $1.45 billion, and adjusted revenue increased 34% to $908 million. Earnings growth was driven by higher transaction activity and increased Property Management Services.
Component Performance Highlights
Real Estate Management Services revenue growth driven by real estate and project management services. Leasing Advisory has had strong growth, particularly in US office leasing and industrial deals.
Capital Markets Services revenue increased due to strong investment sales and credit advisory activity. Investment management income decreased due to lower interest costs despite higher transaction volumes. Software & Technology Solutions had moderate revenue growth supported by demand for software.
Balance Sheet and Capital Allocation
The company has maintained a strong balance sheet with low leverage and strong liquidity. Total debt declined due to positive free cash flow, and debt ratings remained investment grade. Share buybacks have reached $212 million by 2025, with about $800 million still authorized.
Free Cash Flow and Financial Objectives
Free cash flow increased 63% year over year, supported by strong earnings and lower tax payments. By 2026, the company is aiming for Adjusted EBITDA of $1.575-$1.675 billion, indicating continued growth expectations.
Overall Outlook
The company’s results show improving real estate investment activity, strong trade growth, and strong service revenue. With a strong balance sheet and good markets, the company expects continued financial growth in 2026.
