06/08/2025 - Jones Lang LaSalle Inc.: Q2 2025 JLL Earnings Earnings Release

News Release

JLL Reports Financial Results for Second-Quarter 2025

JLL notched its fifth consecutive quarter of double-digit revenue growth and achieved a 32% increase in diluted earnings per share

CHICAGO, August 6, 2025 - Jones Lang LaSalle Incorporated (NYSE: JLL) today reported operating performance for the second quarter of 2025 with diluted earnings per share of $2.32 (up 32%) and adjusted diluted earnings per share1of $3.30 (up 29%). Resilient4and Transactional4revenues both achieved at least six quarters of consecutive growth.

• Second-quarter revenue was $6.3 billion, up 10% in local currency1with Resilient4revenues up 11% and Transactional4revenues up 7%

  • Real Estate Management Services' momentum continued, up 11%, driven by Project Management and Workplace Management

  • Capital Markets Services achieved 12% growth, led by performance of the debt advisory and investment sales businesses

  • Leasing, within Leasing Advisory, increased 5%, highlighted by industrial in the U.S. and office in the U.S. and Asia Pacific

• The meaningful increase in profit reflected revenue growth, improved platform leverage and ongoing cost discipline

• Investment Management's $2.9 billion of capital raised during the first half of 2025 surpassed 2024's full-year capital raise amount

"JLL's strong second-quarter results on both the top and bottom line reflect our unwavering commitment to our clients as they navigate the uneven market environment," said Christian Ulbrich, JLL CEO. "The investments we've made in our people and platform are driving sustainable, organic growth and greater operating efficiency, especially in our resilient businesses. We doubled share repurchases in the second quarter and, given our year-to-date performance and solid underlying business trends, we increased the mid-point of our full-year Adjusted EBITDA target range."

Summary Financial Results

Three Months Ended June 30, Six Months Ended June 30,

($ in millions, except per share data, "LC" = local currency)

2025 2024

% Change in USD

% Change

in LC 2025 2024

% Change in USD

% Change in LC

Revenue	$ 6,250.1	$ 5,628.7	11 %	10 %		$ 11,996.5	$ 10,753.2	12 %	12 %
Net income attributable to common shareholders	$ 112.3	$ 84.4	33 %	32 %		$ 167.6	$ 150.5	11 %	10 %
Adjusted net income attributable to common shareholders1	159.4	123.2	29	29		271.0	209.2	30	28
Diluted earnings per share	$ 2.32	$ 1.75	33 %	32 %		$ 3.46	$ 3.12	11 %	10 %
Adjusted diluted earnings per share1	3.30	2.55	29	29		5.60	4.33	29	28
Adjusted EBITDA1	$ 291.7	$ 246.3	18 %	17 %		$ 516.5	$ 433.4	19 %	19 %
Cash flows from operating activities	$ 332.8	$ 273.9	22 %	n/a		$ (434.8)	$ (403.6)	(8)%	n/a
Free Cash Flow6	288.4	235.7	22 %	n/a		(523.7)	(485.0)	(8)%	n/a

Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release.

Consolidated Second-Quarter 2025 Performance Highlights:

($ in millions, "LC" = local currency)	2025		2024		in USD	in LC		2025	2024		in USD	in LC
Real Estate Management Services	$ 4,894.0		$ 4,369.9		12 %	11 %		$ 9,463.4	$ 8,439.1		12 %	12 %
Leasing Advisory	676.8		642.2		5	5		1,262.9	1,162.6		9	9
Capital Markets Services	520.3		457.6		14	12		955.6	835.2		14	14
Investment Management	103.1		102.6		-	(2)		201.6	206.0		(2)	(3)
Software and Technology Solutions	55.9		56.4		(1)	(1)		113.0	110.3		2	3
Total revenue	$ 6,250.1		$ 5,628.7		11 %	10 %		$ 11,996.5	$ 10,753.2		12 %	12 %
Gross contract costs6	$ 4,186.8		$ 3,747.4		12 %	11 %		$ 8,129.1	$ 7,246.1		12 %	13 %
Platform operating expenses	1,844.6		1,717.4		7	6		3,509.0	3,227.3		9	9
Restructuring and acquisition charges5	21.3		11.5		85	87		41.0	13.2		211	213
Total operating expenses	$ 6,052.7		$ 5,476.3		11 %	10 %		$ 11,679.1	$ 10,486.6		11 %	12 %
Net non-cash MSR and mortgage banking derivative activity1	$	(4.2)	$	(11.8)	64 %	64 %	$	(17.1)	$	(20.8)	18 %	18 %

Consolidated

Three Months Ended June 30, % Change

%

Change

Six Months Ended June 30, % Change

%

Change

Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance Highlights below are calculated and presented on a local currency basis, unless otherwise noted.

Revenue

Revenue increased 10% compared with the prior-year quarter. Resilient revenues were collectively up 11%, highlighted by Workplace Management, up 10%, and Project Management, up 22%, both within Real Estate Management Services. The collective 7% increase in Transactional revenue was led by Investment Sales, Debt/Equity Advisory and Other, within Capital Markets Services, up 14% (excluding the impact of non-cash MSR and mortgage banking derivative activity).

On a year-to-date basis, revenue increased 12%. Resilient revenues grew 12% collectively, highlighted by Workplace Management, up 13%, and Project Management, up 19%. Transactional revenues increased 10% collectively, led by Investment Sales, Debt/Equity, up 18% (excluding the impact of non-cash MSR and mortgage banking derivative activity), and Leasing, within Leasing Advisory, up 9%.

Refer to segment performance highlights for additional detail.

The following chart reflects the year-over-year change in revenue for each of the trailing eight quarters (QTD revenues, on a local currency basis). The chart shows the change in Transactional, Resilient and total revenue. Refer to Footnote 4 for the definitions of Resilient and Transactional revenues.

30%

20%

10%

-% (10)%

YOY Revenue Growth (QTD; in local currency)

25%

18%

15%

16%

15%

6%

8%

10%

9%

12%

14%

14%

14%

13%

13%

11%

10%

7%

4%

5%

1%

(2)%

(8)%

(20)%

(30)%

(24)%

Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025

Resilient Transactional Total

Net income and Adjusted EBITDA:

Three Months Ended June 30, Six Months Ended June 30,

($ in millions, except per share data, "LC" = local currency)

2025 2024

% Change in USD

% Change

in LC 2025 2024

% Change in USD

% Change in LC

Net income attributable to common shareholders	$ 112.3	$ 84.4	33 %	32 %	$ 167.6	$ 150.5	11 %	10 %
Adjusted net income attributable to common shareholders1	159.4	123.2	29	29	271.0	209.2	30	28
Diluted earnings per share	$ 2.32	$ 1.75	33 %	32 %	$ 3.46	$ 3.12	11 %	10 %
Adjusted diluted earnings per share1	3.30	2.55	29	29	5.60	4.33	29	28
Adjusted EBITDA1	$ 291.7	$ 246.3	18 %	17 %	$ 516.5	$ 433.4	19 %	19 %
Effective tax rate ("ETR")	19.5 %	19.5 %	0 bps	n/a	19.5 %	19.5 %	0 bps	n/a

For the quarter, higher Adjusted EBITDA and margin were largely driven by Resilient revenue growth (primarily within Real Estate Management Services) as well as Transactional revenue growth from Investment Sales, Debt/Equity Advisory and Other (within Capital Markets Services), together with enhanced platform leverage and continued cost discipline (partially enabled by increased use of technology and shared service centers).

For the second quarter, the following three items were the most meaningful year-over-year differences between net income attributable to common shareholders and non-GAAP measures1:

• Equity losses - Investment Management and Software and Technology Solutions: Total aggregate equity losses, primarily associated with Software and Technology Solutions investments, were $28.7 million in 2025, greater than the $16.3 million in 2024.

• Restructuring and acquisition charges: The expense was $9.8 million higher in 2025, compared with 2024, primarily due to an increase in severance and other employment-related charges, including expenses associated with the change in reporting segments.

• The above two items were partially offset by less headwinds from net non-cash MSR and mortgage derivative activities.

The following charts reflect the aggregation of segment Adjusted EBITDA for the second quarter and June year-to-date. Refer to the segment performance highlights for additional detail.

Aggregation of Segment Adjusted EBITDA (in millions)

$300

$55

$246

$292

$500

$400

$433

$517

$200

$100

$-

$(6)

Q2 2024 Q2 2025

Real Estate Mgmt Services Leasing Advisory

Capital Markets Services Investment Mgmt

Software and Tech Solutions

$300

$200

$100

$-

$(9)

YTD 2024 YTD 2025

Cash Flows and Capital Allocation:

Three Months Ended June 30, Six Months Ended June 30,

($ in millions)	2025	2024	Change in USD		2025	2024	Change in USD
Cash flows from operating activities	$ 332.8	$ 273.9	22 %		$ (434.8)	$ (403.6)	(8)%
Free Cash Flow6	288.4	235.7	22 %		(523.7)	(485.0)	(8)%

Incremental cash inflow in the second quarter was primarily attributable to (i) advance cash payments from clients, primarily associated with new/ renewed Real Estate Management Services clients, (ii) improved collection of trade receivables, and (iii) lower cash taxes paid. These drivers were partially offset by greater commission payments compared with the prior-year quarter.

Share repurchase activity is noted in the following table. As of June 30, 2025, $952.0 million remained authorized for repurchase.

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Total number of shares repurchased (in thousands) 176.5 103.7 251.8 214.4

Total paid for shares repurchased (in millions) $ 41.4 $ 20.1 $ 61.2 $ 40.2

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Jones Lang LaSalle Inc. published this content on August 06, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 06, 2025 at 14:10 UTC.