$JLL · JONES LANG LASALLE INC
Jones Lang LaSalle filed its Q3 2026 10-Q, reporting revenue of $7.28B (+11.8% YoY), operating income of $391.0M (+43% YoY), and diluted EPS of $6.85 versus $4.61 in Q3 2025. All four segments grew revenue except Investment Management (-9% YoY). Nine-month operating income reached $886.5M, up 50% from $591.1M. The company repurchased $548.6M in common stock during the first nine months of 2026, reducing diluted share count by roughly 1.2M shares year-over-year.
- Q3 revenue of $7.28B, up 11.8% YoY, driven by Leasing Advisory (+27%) and Capital Markets (+20%)
- Q3 diluted EPS of $6.85 vs $4.61 a year ago — a 48.6% increase
- Q3 operating income of $391.0M, up 43% YoY; operating margin expanded to 5.4%
- Consolidated Adjusted EBITDA of $460.2M in Q3, up 33% YoY
- Nine-month net cash from operations nearly doubled to $342.8M from $182.3M in prior year
Stock up 11.28% in regular session to $333.76, adding ~$1.5B in market cap on the $15.36B company. The broad-based revenue acceleration across all transaction-oriented segments signals the commercial real estate cycle is inflecting sharply.
JLL's Q3 results provide the clearest evidence yet that the commercial real estate transaction recovery is accelerating, with operating leverage driving EPS nearly 50% higher on 12% revenue growth.
JLL's results confirm a powerful recovery in commercial real estate transaction volumes, with Leasing Advisory and Capital Markets both posting 20%+ revenue growth. This mirrors recent strength at peers CBRE and Cushman & Wakefield, suggesting a sector-wide cyclical upswing rather than company-specific gains.
Trade receivables allowance rose to $78.2M from $62.2M at year-end 2025, suggesting some deterioration in client credit quality. Warehouse receivables jumped 36% to $1.02B, increasing balance-sheet exposure to mortgage origination activity.