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Jones Lang Q4 Earnings Surpass Estimates, Revenues Increase Y/Y
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Key Takeaways
JLL posted Q4 EPS of $8.71, beating estimates, as revenues rose 11.7% year over year.
Leasing and Capital Market Services revenues jumped 18% and 21%, led by U.S. growth.
JLL's AUM dipped to $86.4B, while cash rose to $599.1M and net leverage ratio improved to 0.2.
Jones Lang LaSalle Incorporated (JLL - Free Report) reported fourth-quarter 2025 adjusted earnings per share (EPS) of $8.71, which beat the Zacks Consensus Estimate of $7.25. The reported figure increased from the prior-year quarter’s $6.15.
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 $7.61 billion surpassed the Zacks Consensus Estimate by 3.78%. The figure increased by 11.7% from the year-ago quarter.
Per Christian Ulbrich, CEO of JLL, "Looking ahead, we see significant runway for healthy growth with continued margin expansion, and we look forward to providing details on our forward strategy and longer-term financial targets at our upcoming Investor Briefing.”
For the full year 2025, adjusted EPS was $18.80, higher than the prior-year tally of $14.01. This was backed by an 11.4% increase in revenues to $26.16 billion.
JLL’s Segment-Wise Performance
During the fourth quarter, the Real Estate Management Services segment’s revenues came in at $5.56 billion, reflecting a year-over-year increase of 10.4% (in USD). The rise was mainly driven by continued strong performance from Workplace Management, with a balanced mix of mandate expansions and new client wins. Additionally, the rise was also attributable to an increase in Project Management revenues, led by broad-based contributions from most geographies.
Revenues for the Leasing Advisory segment were $1.01 billion, increasing 18% (in USD) year over year. The rise was driven by leasing revenue growth, led by continued momentum in the office sector. Many geographies achieved double-digit leasing revenue growth, with the most significant growth in the United States as well as notable contributions from India and the UK. Broad-based growth across the United States was primarily driven by office and industrial, due to higher deal volume.
JLL’s Capital Market Services segment reported revenues of $854.4 million, up 21% (in USD) year over year. The uptick in revenues was driven by investment sales and debt advisory transactions across nearly all sectors. The most significant contributions are coming from the multifamily and office sectors. Geographically, the revenue growth was led by the United States, the United Kingdom and Japan.
The Software and Technology Solutions segment reported revenues of $60.7 million, increasing 2.4% (in USD) from the prior-year quarter levels. The rise was due to double-digit growth in software, offset by declines in technology solutions.
However, revenues in the Investment Management segment decreased 17.1% (in USD) year over year to $133.1 million. The fall in revenues was driven by lower incentive fees year over year.
As of Dec. 31, 2025, JLL had $86.4 billion of AUM, down from $88.8 billion as of Dec. 31, 2024. This fall was mainly due to asset dispositions and withdrawals, and a change in uncalled committed capital and cash held.
JLL’s Balance Sheet
JLL exited the fourth quarter of 2025 with cash and cash equivalents of $599.1 million, up from $428.9 million at the end of the third quarter of 2025.
As of Dec. 31, 2025, the net leverage ratio was 0.2, down from 0.8 as of Sept. 30, 2025. The corporate liquidity was $3.90 billion as of the fourth quarter's end, up from $3.54 billion as of the third quarter of 2025.
Performance of Other Broader Real Estate Market Stocks
CBRE Group Inc. (CBRE - Free Report) reported fourth-quarter 2025 core EPS of $2.73, ahead of the Zacks Consensus Estimate of $2.66. The reported figure also increased 17.7% year over year.
Results reflected year-over-year revenue growth across most of its business segments except the Real Estate Investments segment. Double-digit growth in both its transactional and resilient businesses was recorded.
Iron Mountain Incorporated (IRM - Free Report) reported fourth-quarter adjusted funds from operations per share of $1.44, beating the Zacks Consensus Estimate of $1.39. This figure jumped 16.1% 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 Q4 Earnings Surpass Estimates, Revenues Increase Y/Y
Key Takeaways
Jones Lang LaSalle Incorporated (JLL - Free Report) reported fourth-quarter 2025 adjusted earnings per share (EPS) of $8.71, which beat the Zacks Consensus Estimate of $7.25. The reported figure increased from the prior-year quarter’s $6.15.
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 $7.61 billion surpassed the Zacks Consensus Estimate by 3.78%. The figure increased by 11.7% from the year-ago quarter.
Per Christian Ulbrich, CEO of JLL, "Looking ahead, we see significant runway for healthy growth with continued margin expansion, and we look forward to providing details on our forward strategy and longer-term financial targets at our upcoming Investor Briefing.”
For the full year 2025, adjusted EPS was $18.80, higher than the prior-year tally of $14.01. This was backed by an 11.4% increase in revenues to $26.16 billion.
JLL’s Segment-Wise Performance
During the fourth quarter, the Real Estate Management Services segment’s revenues came in at $5.56 billion, reflecting a year-over-year increase of 10.4% (in USD). The rise was mainly driven by continued strong performance from Workplace Management, with a balanced mix of mandate expansions and new client wins. Additionally, the rise was also attributable to an increase in Project Management revenues, led by broad-based contributions from most geographies.
Revenues for the Leasing Advisory segment were $1.01 billion, increasing 18% (in USD) year over year. The rise was driven by leasing revenue growth, led by continued momentum in the office sector. Many geographies achieved double-digit leasing revenue growth, with the most significant growth in the United States as well as notable contributions from India and the UK. Broad-based growth across the United States was primarily driven by office and industrial, due to higher deal volume.
JLL’s Capital Market Services segment reported revenues of $854.4 million, up 21% (in USD) year over year. The uptick in revenues was driven by investment sales and debt advisory transactions across nearly all sectors. The most significant contributions are coming from the multifamily and office sectors. Geographically, the revenue growth was led by the United States, the United Kingdom and Japan.
The Software and Technology Solutions segment reported revenues of $60.7 million, increasing 2.4% (in USD) from the prior-year quarter levels. The rise was due to double-digit growth in software, offset by declines in technology solutions.
However, revenues in the Investment Management segment decreased 17.1% (in USD) year over year to $133.1 million. The fall in revenues was driven by lower incentive fees year over year.
As of Dec. 31, 2025, JLL had $86.4 billion of AUM, down from $88.8 billion as of Dec. 31, 2024. This fall was mainly due to asset dispositions and withdrawals, and a change in uncalled committed capital and cash held.
JLL’s Balance Sheet
JLL exited the fourth quarter of 2025 with cash and cash equivalents of $599.1 million, up from $428.9 million at the end of the third quarter of 2025.
As of Dec. 31, 2025, the net leverage ratio was 0.2, down from 0.8 as of Sept. 30, 2025. The corporate liquidity was $3.90 billion as of the fourth quarter's end, up from $3.54 billion as of the third 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 fourth-quarter 2025 core EPS of $2.73, ahead of the Zacks Consensus Estimate of $2.66. The reported figure also increased 17.7% year over year.
Results reflected year-over-year revenue growth across most of its business segments except the Real Estate Investments segment. Double-digit growth in both its transactional and resilient businesses was recorded.
Iron Mountain Incorporated (IRM - Free Report) reported fourth-quarter adjusted funds from operations per share of $1.44, beating the Zacks Consensus Estimate of $1.39. This figure jumped 16.1% 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.