JLL revenue rises 12% to $7.2812 billion in third quarter
Key Facts
JLL reported third-quarter results on October 28, posting revenue of $7.2812 billion, up 12% from the same period last year. Company figures showed revenue of $6.5104 billion in the third quarter of 2025. The company said growth was 12% in both dollars and local currency. The announcement came after the close of the October 27 session, so it does not explain that session’s results. Shares closed at $299.93 on October 27, compared with $300.61 on October 26, according to EL7 data.
Growth was spread across the company’s businesses, with property management services revenue rising 9% year over year in local currency. Growth in leasing advisory services accelerated to 27% in local currency in the third quarter. Capital markets services revenue also increased 21% in local currency. These figures reflect different performance rates across the businesses, with leasing and capital markets growing faster than property management. The company said some growth drivers were tied to the U.S. market and to workplace and project management services.
In leasing services, JLL said growth was led by the United States in the industrial, office and data center property sectors. This came as leasing advisory revenue rose 27% year over year in local currency. Property management services, whose revenue grew 9%, benefited, according to the company, from strength in workplace management and project management. This places the reported sources of growth in operating and advisory activities alongside capital markets services, which increased 21%. The company did not provide in these statements a separate figure for the contribution of any U.S. sector to total revenue.
Quarterly free cash flow did not keep pace with revenue growth, reaching $556 million in the third quarter, compared with $567.6 million a year earlier, a decline of 2%. In the first nine months of 2026, free cash flow was $174.2 million, compared with $43.9 million in the corresponding period of 2025. The quarterly comparison shows a limited year-over-year decline in free cash flow, while the nine-month cumulative figure was above its level a year earlier. The period’s indicators therefore diverged, with revenue growing and quarterly free cash flow falling. These figures remain part of the company’s reported third-quarter results.
Chief Executive Christian Ulbrich raised the range for the full-year adjusted EPS target, saying the midpoint reflects growth of 37%. The company tied the target update to its performance for the year, without the statement quoted here specifying the new range. It also said it plans to execute a new $500 million accelerated share repurchase soon. The transaction would bring total share repurchases during 2026 to more than $1 billion, according to the company. The higher EPS target and repurchase plan put full-year guidance and capital allocation at the forefront of what the company announced after its quarterly results.