JLL Delivers Record Q3 2026 Results, Boosts Full-Year Outlook & Plans $500M ASR

Executive Summary

Jones Lang LaSalle Incorporated (NYSE: JLL) filed a Current Report on Form 8-K under Item 2.02 detailing strong third-quarter 2026 financial performance, raising full-year Adjusted EPS guidance, and announcing an imminent $500 million accelerated share repurchase (ASR) program.

Key Financial Highlights

• Revenue: Consolidated revenue increased 12% in both USD and local currency (LC) to $7.28 billion, compared to $6.51 billion in Q3 2025.
• Net Income: Attributable net income rose 44% in USD (45% in LC) to $319.8 million ($222.8 million in Q3 2025).
• Adjusted Net Income: Reached $315.5 million, up 45% in USD and 46% in LC.
• Diluted EPS: Rose 49% in USD and 50% in LC to $6.85.
• Adjusted Diluted EPS: Climbed 50% in USD and 52% in LC to $6.76 (vs. $4.50 in Q3 2025).
• Adjusted EBITDA: Grew 33% in USD and LC to $460.2 million (vs. $347.3 million in Q3 2025).
• Operating Cash Flow: Generated $609.7 million, with Free Cash Flow of $556.0 million.

Segment Performance Highlights (Local Currency Growth)

• Leasing Advisory: Revenue surged 27% in LC to $941.8 million, driven by U.S. demand across industrial, office, and data center assets.
• Capital Markets Services: Increased 21% in LC to $736.8 million, showing broad-based geographical and asset class recovery.
• Real Estate Management Services: Rose 9% in LC to $5,497.4 million, supported by Workplace Management and Project Management.
• Investment Management: Decreased 7% in LC to $105.2 million.

Capital Return & Outlook

• Share Repurchases: Management announced intention to execute a $500 million accelerated share repurchase (ASR) program imminently, pushing full-year share repurchases past the $1.0 billion mark.
• Guidance: Management raised its full-year 2026 Adjusted EPS target range, with the midpoint now targeting 37% year-over-year growth, citing strong operating momentum and deal pipelines.