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Earnings analysis · 10-Q

JLL earnings analysis

Filed April 30, 2026 · Our reading of the company's report

The latest report

JLL reported a robust Q1 2026, achieving a revenue of $6.39 billion and an EPS of $3.33, surpassing consensus estimates. The strong performance was driven by notable growth across several segments, particularly in…

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JLL reported a robust Q1 2026, achieving a revenue of $6.39 billion and an EPS of $3.33, surpassing consensus estimates. The strong performance was driven by notable growth across several segments, particularly in Advisory services. However, increased operating expenses were a concern, reflecting ongoing challenges related to restructuring and rising costs.

Read the original on SEC.gov

Reported figures

Earnings per share
$3.33
Segment
Real Estate Management Services
Segment
Leasing Advisory
Segment
Capital Markets Services
Segment
Investment Management

What stood out

  • Revenue Growth Year-over-Year

    Revenue increased to $6.39 billion, a rise of 11% from $5.75 billion in Q1 2025.

  • Significant EPS Beat

    Diluted EPS for the quarter was $3.33 versus estimated EPS of $2.98.

  • Strong Advisory Segment Performance

    Advisory revenues grew by 17%, particularly in Leasing Advisory, which was up 16%.

  • Marked Operating Income Rise

    Operating income grew to $204.6 million, a 71% increase year-over-year.

  • Adjusted EBITDA Growth

    Adjusted EBITDA rose to $273.6 million, up 22% compared to Q1 2025.

  • Decreased Interest Expense

    Net interest expense dropped to $17 million from $24.6 million a year ago, reflecting lower average borrowings.

What to watch

  • Increased Operating Expenses

    Operating expenses rose to $6.18 billion, up 10% from the prior-year quarter.

  • Negative Cash Flow from Operations

    Reported negative free cash flow of $812 million in Q1 2025, raising concerns about liquidity.

  • Ongoing Restructuring Charges

    Restructuring and acquisition charges were $5.3 million, though down significantly from $19.7 million in the same quarter last year.

Management's outlook

Outlook deferred to earnings press release / call.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.