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Jones Lang LaSalle (JLL) investor relations material

Jones Lang LaSalle Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • Achieved sixth consecutive quarter of double-digit revenue growth, with Q3 2025 revenue up 11% year-over-year to $6.51 billion and net income attributable to common shareholders up 44% to $222.8 million, driven by strong performance in Capital Markets, Real Estate Management, and Project Management.

  • Adjusted EBITDA rose 17% to $347.3 million in Q3, with year-to-date Adjusted EBITDA up 18% to $863.8 million and adjusted net income up 29%.

  • Diluted EPS for Q3 was $4.61, up 45% year-over-year; adjusted diluted EPS was $4.50, up 29%.

  • Investments in technology, AI, and people continue to drive long-term revenue and margin growth, with over 41% of the addressable workforce using proprietary AI tools daily.

  • Free cash flow for Q3 was $567.6 million, up 162% year-over-year, and net leverage improved to 0.8x, down from 1.4x a year ago.

Financial highlights

  • Transactional revenue grew 13% in Q3, led by 22%–26% growth in investment sales, debt, and equity advisory.

  • Real Estate Management Services revenue grew 10% in Q3, with Project Management up 24% and Workplace Management up 8%.

  • Leasing Advisory revenue increased 7%, with office leasing revenue up 14% in the U.S. and industrial leasing up 6% globally.

  • Investment Management revenue rose 12%–14% in Q3, mainly from higher incentive fees; AUM reached $88.5 billion, up 4% in USD during the quarter.

  • Software and Technology Solutions revenue increased 3%, with double-digit software growth and improved adjusted EBITDA due to cost management.

Outlook and guidance

  • Raised the low end of full-year Adjusted EBITDA target by $75 million to a new range of $1.375 billion–$1.45 billion, with the company on track to achieve the low end of its mid-term margin target range in 2025.

  • Anticipates continued momentum into Q4 and expects ongoing benefit from alignment of data, technology, and AI with core businesses.

  • Expects continued contract churn in Property Management through the first half of next year, with growth resuming in the second half.

  • Management expects continued variability in results due to macroeconomic trends, geopolitical factors, and real estate market conditions.

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Frequently asked questions

Jones Lang LaSalle Incorporated (JLL) is a global professional services firm specializing in real estate and investment management. The company provides a wide range of services, including property leasing, facility management, capital markets advisory, and real estate development consulting. JLL serves clients across various sectors, including commercial, residential, industrial, and retail real estate. The company is headquartered in Chicago, Illinois, and its shares are listed on the NYSE.

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