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 2025, with record Q4 diluted EPS of $8.34, up 66% year-over-year in local currency.

• Full-year 2025 revenue increased 11% to $26.1B, adjusted EBITDA grew 22% to $1.45B, and adjusted diluted EPS rose 34% to $18.80.

• All major business segments contributed to margin expansion, with notable outperformance in Leasing Advisory and Capital Markets.

• Strong performance driven by disciplined execution, margin expansion, and tech-enabled productivity gains.

• Cost discipline and platform leverage supported improved profitability, offsetting adverse impacts such as a U.S. employee healthcare actuarial deficit.

Financial highlights

• Q4 2025 revenue rose 12% year-over-year to $7.6B; adjusted EBITDA up 30% to $589M; adjusted net income up 41% to $420M; adjusted diluted EPS up 42% to $8.71.

• 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.

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

• Net leverage improved to 0.2x at year-end; net debt at year-end was $304.2M.

• Share repurchases totaled $212M in 2025, with plans to increase in 2026.

Outlook and guidance

• Targeting 2026 Adjusted EBITDA of $1.575–$1.675B, reflecting 12% growth at midpoint.

• Expecting continued growth in REMS, project management, capital markets, and leasing, with stronger growth in the second half of 2026.

• Margin expansion and productivity improvements remain key priorities.

• Cash flow conversion expected to return to long-term average (~80%) in 2026.

• Management anticipates further margin expansion, with more details at the upcoming Investor Briefing.