Jones Lang LaSalle (JLL) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was $6.39 billion, up 11% year-over-year, with strong growth in Advisory and Capital Markets segments, and resilient revenue streams in Leasing Advisory.

• Adjusted EBITDA increased 22% to $273.6 million, reflecting margin expansion and cost discipline.

• Net income attributable to common shareholders rose to $159 million from $55.3 million in Q1 2025, driven by higher operating income and improved equity earnings.

• Adjusted diluted EPS climbed 48% to $3.43, with record Q1 diluted EPS of $3.33, up 192% year-over-year.

• Launched Accelerate 2030 strategy, focusing on long-term value creation and scalable, tech-enabled, advisory-led businesses.

Financial highlights

• Revenue: $6.39 billion, up 11% year-over-year (9% in local currency), with nearly all growth organic and a 200 bps FX benefit.

• Adjusted EBITDA: $273.6 million, up 22% in USD (24% in local currency).

• Adjusted net income: $163.8 million, up 47% in USD (54% in local currency).

• Adjusted diluted EPS: $3.43, up 48% in USD (56% in local currency).

• Net leverage at 1.0x at Q1 end, with corporate liquidity at $3.4 billion.

Outlook and guidance

• Adjusted EPS guidance for 2026: $21.80–$23.50, reflecting 20% growth at midpoint.

• Revenue growth targets for 2026: high single digits for Leasing Advisory, low double digits for Capital Markets, mid to high single digits for Software & Technology Solutions, and mid- to high-single-digit for Real Estate Management Services.

• Free cash flow conversion expected to exceed 80% for the year.

• Guidance reflects strong pipelines but incorporates macroeconomic uncertainty and seasonality.

• Focus remains on leveraging data, AI, and scaling core services amid a fluid macro environment.