Research · Sep 3, 2026
[JLL] JLL Thesis 2026: Real Estate Recovery Drives Record EBITDA and Raised Forward Guidance
Jones Lang LaSalle Incorporated FY25 revenue $26.12B (+11%); op income $1.17B (+35%); NI $792M (+45%); EPS $16.40 (+45%). Adj EBITDA $1.45B (+22% YoY). FCF $979M (+63%). 7th consecutive quarter of double-digit revenue gain; 9th consecutive quarter of double-digit EPS growth. Q4 segment performance: real estate management services revenue +9% (FY +11%) recurring revenue compounder; leasing advisory revenue +17% (office + industrial demand growth); capital markets services investment sales +27%, debt advisory +20% (commercial real estate transaction market reactivation); investment management lower revenue (incentive fee decline); software and technology solutions double-digit growth. Multi-quarter compounding driven by real estate cycle recovery + data-driven platform + global scale + multi-segment diversification. $212M FY25 buyback (+88% vs FY24). FY26 guide: adj EBITDA target range $1.575B-$1.675B (midpoint +12% growth); continued growth in leasing + strong pipeline in capital markets. Risks: market volatility in real estate services + one-time impact from higher US healthcare costs Q4.