It has been about a month since the last earnings report for Jones Lang LaSalle (JLL Quick QuoteJLL - Free Report) . Shares have added about 13.7% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Jones Lang LaSalle due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.

Jones Lang Q3 Earnings Surpass Estimates, Revenues Increase Y/Y

Jones Lang LaSalle reported third-quarter 2025 adjusted earnings per share of $4.50, which beat the Zacks Consensus Estimate of $4.24. The reported figure increased from the prior-year quarter’s $3.50.

Results reflected 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 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.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in fresh estimates.

VGM Scores

Currently, Jones Lang LaSalle has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Charting a somewhat similar path, the stock was allocated a score of B on the value side, putting it in the top 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Jones Lang LaSalle has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

Jones Lang LaSalle is part of the Zacks Real Estate - Operations industry. Over the past month, CBRE Group (CBRE Quick QuoteCBRE - Free Report) , a stock from the same industry, has gained 7.7%. The company reported its results for the quarter ended September 2025 more than a month ago.

CBRE reported revenues of $10.26 billion in the last reported quarter, representing a year-over-year change of +13.5%. EPS of $1.61 for the same period compares with $1.20 a year ago.

For the current quarter, CBRE is expected to post earnings of $2.68 per share, indicating a change of +15.5% from the year-ago quarter. The Zacks Consensus Estimate has changed +0.2% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for CBRE. Also, the stock has a VGM Score of C.