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Jones Lang LaSalle
Jones Lang LaSalle (JLL) investor relations material
Jones Lang LaSalle Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
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.
What drove JLL's market outperformance?
2026 healthcare deficit impact?
AUM growth strategy for Investment Management?
How to mitigate future healthcare deficit impact?
Outlook for Investment Management incentive fees?
What drives market share gains in Leasing/CMS?
How does JLL's scale protect against AI disruption?
Detail 2026 share repurchase strategy
Property management segment's normalized growth
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Next Jones Lang LaSalle earnings date
Investor Day 202612 Mar, 2026
Jones Lang LaSalle
Next Jones Lang LaSalle earnings date
Investor Day 202612 Mar, 2026
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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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