Jones Lang LaSalle Incorporated (JLL) Earnings
Jones Lang LaSalle Incorporated is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $4.51. JLL has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +12.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $2.88 | $3.43 | +19.1% | $6.4B | +6.5% |
| Feb 18, 2026 | $7.25 | $8.71 | +20.1% | $7.6B | +26.6% |
| Nov 5, 2025 | $4.23 | $4.50 | +6.4% | $6.5B | +0.4% |
| Aug 6, 2025 | $3.20 | $3.30 | +3.1% | $6.3B | +0.3% |
| Feb 19, 2025 | $6.01 | $6.15 | +2.3% | $6.8B | +2.0% |
| Feb 27, 2024 | $3.74 | $4.23 | +13.1% | $5.9B | +182.6% |
| Nov 2, 2023 | $2.35 | $2.01 | -14.5% | $5.1B | +144.2% |
| Aug 3, 2023 | $2.20 | $0.50 | -77.3% | $5.1B | +182.1% |
| May 4, 2023 | $1.69 | $0.65 | -61.5% | $4.7B | +199.3% |
| Feb 28, 2023 | $4.42 | $4.36 | -1.4% | $5.6B | +2.3% |
| Nov 2, 2022 | $4.48 | $3.40 | -24.1% | $5.2B | +0.6% |
| Aug 3, 2022 | $4.30 | $4.48 | +4.2% | $5.3B | +6.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Christian Ulbrich noted strong first quarter with record revenue and earnings, driven by advisory businesses and resilient revenue base. • Robust growth in core advisory businesses, data and AI advantage driving productivity. • Accelerate 2030 strategy underpinned by decade of progress, with focus on six imperatives. • Revamp of investment management business Nassau, including investment in LaSalle and global decarbonization fund L3PF. • Repurchased $300 million of shares in first quarter. • Kelly Howe discussed revenue growth, margin expansion, and financial flexibility. • Reviewed operating performance by segment, highlighting various segments' growth and targets
Guidance
• Target adjusted EPS range of $21.80 to $23.50 for 2026, reflecting 20% growth at midpoint. • Leasing advisory targeting high single-digit revenue growth. • Capital market services targeting low double-digit top-line growth. • Investment management expecting advisory fee growth to gradually pick up, with low single-digit growth for the year. • Free cash flow conversion ratio target consistent with long-term target of over 80%. • Intend to be programmatically active on share repurchase authorization
Segment performance
Real Estate Management Services: Revenue increase led by workplace management and project management. Workplace management had high single-digit growth due to mandate expansions and new client wins. Project management in US had double-digit growth. Property management in Asia Pacific had contract turnover, but core business growth and new wins in Americas expected to offset impact. Software and Technology Solutions: High single-digit software revenue growth offset pullback from certain clients. Targeting mid to high single-digit full-year revenue growth. Leasing Advisory: Revenue growth led by office, industrial, and data centers. Office leasing growth outpaced market volume. Adjusted EBITDA and margin expansion driven by revenue growth. Targeting high single-digit full-year revenue growth. Capital Market Services: Investor bidding activity resilient. Investment sales, debt advisory, and equity advisory revenues grew. Two-year stacked growth rates strong. Targeting low double-digit full-year top-line growth. Investment Management: Advisory fee growth offset by disposition activity. Expect advisory fee growth to pick up, with low single-digit growth for the year. Incentive and transaction fees expected to be towards lower end of historical range and weighted to fourth quarter
Risks & headwinds
• Ongoing conflict in the Middle East, with potential impact on global economy in back half of year if tension persists. • Macro environment fluidity limiting late-year visibility into economically sensitive businesses. • Concerns about potential disintermediation in AI space, though JLL sees AI as tailwind currently
Analyst Q&A
Q: Question about guidance and leasing/capital markets growth.
A: Guidance reflects range of scenarios, trending towards high end. Leasing and capital markets outlook in line with longer term and Investor Day, but back half of year has tough comps and macro monitoring.
Q: Question on Encore Plus investment.
A: Investing 100 million euros in Encore Plus, core European open-ended fund, expecting meaningful third-party capital raise.
Q: Question on capital markets deals and momentum.
A: Capital markets started year with strong momentum, US market unimpressed by geopolitical, European market had some deals delayed, Asia Pacific had strong momentum.
Q: Question on leasing contract incremental margins.
A: Commission headwind to moderate, overall margin rate for leasing business expected to be relatively flat vs prior year.
Q: Question on AI adoption and disintermediation.
A: 75% adoption across JLL, best data platform, no concern about disintermediation currently.
Q: Question on full year share repurchase.
A: Committed to returning capital to shareholders, programmatic approach to share repurchases, amount varies with operating environment.
Q: Question on impact of Middle East conflict timing.
A: Conflict's impact on global economy will be felt in back half of year as stored impacts fade.
Q: Question on office leasing tenant plans.
A: Leasing pipeline strong, organizations plowing forward with office plans, AI boom boosting office leasing.
Q: Question on office revenue outperformance drivers.
A: Driven by increase in transactions and deal size, gateway markets like NY and SF.
Q: Question on decarbonization fund.
A: New initiative, starting with $300 million, focusing on refitting buildings for energy efficiency.
Q: Question on M&A pipeline.
A: Focus on core activities, geographic expansion or new capabilities if opportunity, but confident in organic growth.
Q: Question on LaSalle investment performance measurement.
A: Capital uses go through rigorous analysis, better than share repurchases, with cross-selling benefits.
Q: Question on property management contract recycling.
A: Started last year, expected to go through end of year, some contracts renegotiated