Jones Lang LaSalle (JLL) Q4 2025 earnings summary

Executive summary

• Achieved seventh consecutive quarter of double-digit revenue growth and ninth consecutive quarter of double-digit EPS growth in Q4 and full-year 2025, reaching record highs in revenue, Adjusted EBITDA, Adjusted EPS, and free cash flow, driven by Transactional and Resilient revenue streams.

• All major business segments contributed to margin expansion, with notable outperformance in Leasing Advisory and Capital Markets, and midterm margin target achieved despite macro volatility.

• Cost discipline, platform efficiency, and technology investments supported improved profitability, offsetting headwinds such as healthcare costs.

• Free cash flow and share repurchases surged, with net leverage reduced to 0.2x at year-end.

• Share repurchases totaled over $211M in 2025, with plans to increase in 2026.

Financial highlights

• Q4 2025 revenue rose 10–12% to $7.6B, with adjusted EBITDA up 30% to $589M and adjusted net income up 41% to $420M.

• Full-year 2025 revenue increased 11% to $26.1B; adjusted EBITDA up 22% to $1.45B; adjusted net income up 34% to $908M; adjusted diluted EPS up 34% to $18.80.

• Organic revenue growth was 10–11% in Q4 and for the year in local currency.

• Free cash flow for 2025 was $978.5M–$1.0B, up 63% from 2024; FCF conversion at 108%.

• Net leverage at 0.2x year-end; corporate liquidity at $3.9B.

Outlook and guidance

• 2026 consolidated adjusted EBITDA target set at $1.575–$1.675B, reflecting 12% growth at midpoint.

• Expecting continued growth in Real Estate Management Services, with strong project management momentum and robust pipelines across business lines.

• Transactional businesses to see continued momentum, though tougher comps may mute growth rates.

• Management anticipates further margin expansion and will provide more details at the upcoming Investor Briefing.