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.

• Strong performance was driven by Transactional and Resilient revenue streams, margin expansion, and disciplined execution.

• Free cash flow reached nearly $1.0B, up 63% year-over-year, with record cash from operating activities and reduced net debt.

• Share repurchases totaled $212M in 2025, up 163% from 2024, with significant allocation planned for 2026.

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 adjusted net income was $908M, up 34%; net income attributable to common shareholders was $792.1M, up 45%.

• Organic revenue growth was 10% in Q4 and 11% for the year in local currency.

• Effective tax rate for the year was 19.3%, slightly down from 19.5% in 2024.

• Net debt at year-end was $304.2M, with a net leverage ratio of 0.2x.

Outlook and guidance

• 2026 consolidated adjusted EBITDA target set at $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.

• Anticipate healthy annual margin expansion and robust pipelines across business lines.

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

• Management to provide further details at the upcoming Investor Briefing.