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Jones Lang Q3 Earnings Surpass Estimates, Revenues Increase Y/Y
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Key Takeaways
JLL's Q3 EPS of $4.5 beat estimates and rose from $3.5 a year earlier.
Revenues climbed 10.9% year over year to $6.51 billion, surpassing expectations.
Growth was led by Real Estate Management Services', Leasing Advisory and Capital Market Services segments.
Jones Lang LaSalle Incorporated (JLL - Free Report) reported third-quarter 2025 adjusted earnings per share (EPS) of $4.5, which beat the Zacks Consensus Estimate of $4.24. The reported figure increased from the prior-year quarter’s $3.5.
Results reflect better-than-anticipated revenues. The company’s resilient revenue business lines continued to deliver strong growth, led by Project Management and Workplace Management. Its transactional-based businesses witnessed growth, driven by Investment Sales, Debt/Equity Advisory and Other and Leasing.
Revenues of $6.51 billion surpassed the Zacks Consensus Estimate of $6.46 billion. The figure increased by 10.9% from the year-ago quarter.
Per Christian Ulbrich, CEO of JLL, "Looking ahead, we anticipate momentum continuing into the fourth quarter and are raising the mid-point of our full-year Adjusted EBITDA target. As the pace of innovation further accelerates, the close alignment between our data, technology and AI capabilities with our core businesses position us well to deepen our client relationships and drive long-term profitable growth.”
JLL’s Segment-Wise Performance
During the third quarter, the Real Estate Management Services’ segment’s revenues came in at $4.98 billion, reflecting a year-over-year increase of 10.2% (in USD). The rise was mainly driven by continued strong performance from Workplace Management, with client wins slightly outpacing mandate expansions. Additionally, the rise was also attributable to an increase in Project Management revenues, led by new and expanded contracts in the U.S. and Asia Pacific regions.
Revenues for the Leasing Advisory segment were $741.9 million, increasing 7.3% (in USD) year over year. The rise was driven by leasing revenue growth across major asset classes, led by continued momentum in office. Leasing revenues grew significantly in the United States, with notable contributions from Germany and Canada. In the United States, the increase was mainly due to growth in the office, which saw both an increase in volume and deal size along with increased industrial deal volume.
JLL’s Capital Market Services segment reported revenues of $612.1 million, up 22.7% (in USD) year over year. The uptick in revenues was driven by debt advisory, investment sales and equity advisory transactions. The most considerable contribution to the revenue increase was made across nearly all sectors, with the most notable contributions from the multifamily and retail sectors. Geographically, the revenue growth was led by the United States, along with notable contributions from Japan and Australia.
Revenues in the Investment Management segment increased 13.9% (in USD) year over year to $115.4 million. The rise in revenues was driven by higher incentive fees, while advisory fees remained steady year over year.
As of Sept. 30, 2025, JLL had $88.5 billion of AUM, up from $84.6 billion as of Sept. 30, 2024. This rise was mainly due to asset acquisitions and takeovers, offset by asset dispositions and withdrawals.
The Software and Technology Solutions segment reported revenues of $58.6 million, increasing 3.4% (in USD) from the prior-year quarter levels. The rise was due to double-digit growth in software, offset by declines in technology solutions.
JLL’s Balance Sheet
JLL exited the third quarter of 2025 with cash and cash equivalents of $428.9 million, up from $401.4 million at the end of the second quarter of 2025.
As of Sept. 30, 2025, the net leverage ratio was 0.8, down from 1.2 as of June 30, 2025. The corporate liquidity was $3.54 billion as of the third quarter's end, up from $3.32 billion as of the second quarter of 2025.
Performance of Other Broader Real Estate Market Stocks
CBRE Group Inc. (CBRE - Free Report) reported third-quarter 2025 core EPS of $1.61, ahead of the Zacks Consensus Estimate of $1.47. The reported figure also increased 34.2% year over year.
Results reflected year-over-year revenue growth across most of its business segments except the Real Estate Investments segment. CBRE’s resilient businesses generated revenue growth of 14%, surpassing the 13% increase in its transactional businesses.
Iron Mountain Incorporated (IRM - Free Report) reported third-quarter adjusted funds from operations (AFFO) per share of $1.32, beating the Zacks Consensus Estimate of $1.29. This figure jumped 16.8% year over year.
IRM’s results reflected solid performances across all segments, including the storage, service, global RIM and data center business. However, higher interest expenses in the quarter undermined the performance to an extent.
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Jones Lang Q3 Earnings Surpass Estimates, Revenues Increase Y/Y
Key Takeaways
Jones Lang LaSalle Incorporated (JLL - Free Report) reported third-quarter 2025 adjusted earnings per share (EPS) of $4.5, which beat the Zacks Consensus Estimate of $4.24. The reported figure increased from the prior-year quarter’s $3.5.
Results reflect better-than-anticipated revenues. The company’s resilient revenue business lines continued to deliver strong growth, led by Project Management and Workplace Management. Its transactional-based businesses witnessed growth, driven by Investment Sales, Debt/Equity Advisory and Other and Leasing.
Revenues of $6.51 billion surpassed the Zacks Consensus Estimate of $6.46 billion. The figure increased by 10.9% from the year-ago quarter.
Per Christian Ulbrich, CEO of JLL, "Looking ahead, we anticipate momentum continuing into the fourth quarter and are raising the mid-point of our full-year Adjusted EBITDA target. As the pace of innovation further accelerates, the close alignment between our data, technology and AI capabilities with our core businesses position us well to deepen our client relationships and drive long-term profitable growth.”
JLL’s Segment-Wise Performance
During the third quarter, the Real Estate Management Services’ segment’s revenues came in at $4.98 billion, reflecting a year-over-year increase of 10.2% (in USD). The rise was mainly driven by continued strong performance from Workplace Management, with client wins slightly outpacing mandate expansions. Additionally, the rise was also attributable to an increase in Project Management revenues, led by new and expanded contracts in the U.S. and Asia Pacific regions.
Revenues for the Leasing Advisory segment were $741.9 million, increasing 7.3% (in USD) year over year. The rise was driven by leasing revenue growth across major asset classes, led by continued momentum in office. Leasing revenues grew significantly in the United States, with notable contributions from Germany and Canada. In the United States, the increase was mainly due to growth in the office, which saw both an increase in volume and deal size along with increased industrial deal volume.
JLL’s Capital Market Services segment reported revenues of $612.1 million, up 22.7% (in USD) year over year. The uptick in revenues was driven by debt advisory, investment sales and equity advisory transactions. The most considerable contribution to the revenue increase was made across nearly all sectors, with the most notable contributions from the multifamily and retail sectors. Geographically, the revenue growth was led by the United States, along with notable contributions from Japan and Australia.
Revenues in the Investment Management segment increased 13.9% (in USD) year over year to $115.4 million. The rise in revenues was driven by higher incentive fees, while advisory fees remained steady year over year.
As of Sept. 30, 2025, JLL had $88.5 billion of AUM, up from $84.6 billion as of Sept. 30, 2024. This rise was mainly due to asset acquisitions and takeovers, offset by asset dispositions and withdrawals.
The Software and Technology Solutions segment reported revenues of $58.6 million, increasing 3.4% (in USD) from the prior-year quarter levels. The rise was due to double-digit growth in software, offset by declines in technology solutions.
JLL’s Balance Sheet
JLL exited the third quarter of 2025 with cash and cash equivalents of $428.9 million, up from $401.4 million at the end of the second quarter of 2025.
As of Sept. 30, 2025, the net leverage ratio was 0.8, down from 1.2 as of June 30, 2025. The corporate liquidity was $3.54 billion as of the third quarter's end, up from $3.32 billion as of the second quarter of 2025.
JLL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Jones Lang LaSalle Incorporated Price, Consensus and EPS Surprise
Jones Lang LaSalle Incorporated price-consensus-eps-surprise-chart | Jones Lang LaSalle Incorporated Quote
Performance of Other Broader Real Estate Market Stocks
CBRE Group Inc. (CBRE - Free Report) reported third-quarter 2025 core EPS of $1.61, ahead of the Zacks Consensus Estimate of $1.47. The reported figure also increased 34.2% year over year.
Results reflected year-over-year revenue growth across most of its business segments except the Real Estate Investments segment. CBRE’s resilient businesses generated revenue growth of 14%, surpassing the 13% increase in its transactional businesses.
Iron Mountain Incorporated (IRM - Free Report) reported third-quarter adjusted funds from operations (AFFO) per share of $1.32, beating the Zacks Consensus Estimate of $1.29. This figure jumped 16.8% year over year.
IRM’s results reflected solid performances across all segments, including the storage, service, global RIM and data center business. However, higher interest expenses in the quarter undermined the performance to an extent.