Jones Lang Q2 Earnings Surpass Estimates, Revenues Increase Y/Y

Jones Lang LaSalle Incorporated JLL reported second-quarter 2025 adjusted earnings per share (EPS) of $3.3, which beat the Zacks Consensus Estimate of $3.2. The reported figure increased from the prior-year quarter’s $2.55.

Results reflect better-than-anticipated revenues. The company’s resilient revenue business lines continued to deliver strong growth, led by Workplace Management and Project Management. Its transaction-based businesses witnessed growth, driven by Investment Sales, Debt/Equity Advisory and others.

Revenues of $6.25 billion surpassed the Zacks Consensus Estimate of $6.11 billion. The figure increased by 11% from the year-ago quarter.

Per Christian Ulbrich, CEO of JLL, "The investments we've made in our people and platform are driving sustainable, organic growth and greater operating efficiency, especially in our resilient businesses. We doubled share repurchases in the second quarter and, given our year-to-date performance and solid underlying business trends, we increased the midpoint of our full-year Adjusted EBITDA target range.”

JLL’s Segment-Wise Performance

During the second quarter, the Real Estate Management Service segment’s revenues came in at $4.89 billion, reflecting a year-over-year increase of 12% (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 $676.8 million, increasing 5.4% (in USD) year over year. The rise was driven by leasing growth across major asset classes, led by continued momentum in office and industrial. Leasing revenues grew significantly in the United States, with notable contributions from France, Australia and Singapore. The United States was mainly propelled by growth in the industrial sector, which saw both an increase in volume and deal size. Nonetheless, the notable growth in deal size for the U.S. office was significantly offset by a decline in volume.

JLL’s Capital Market Services segment reported revenues of $520.3 million, up 13.7% (in USD) year over year. The uptick in revenues was driven by debt advisory and investment sales. Geographically, the revenue growth was led by the United States, Japan and the Middle East and North Africa. The most considerable contribution to the year-over-year increase was made by the residential sector, alongside notable contributions from the office, industrial and retail sectors.

Revenues in the Investment Management segment slightly increased (in USD) year over year to $103.1 million. The rise in revenues was driven by an increase in incentive fees and advisory fees (in USD).

As of June 30, 2025, JLL had $84.9 billion of AUM, down from $86.6 billion as of June 30, 2024. This was due to asset dispositions and withdrawals.

The Software and Technology Solutions segment reported revenues of $55.9 million, decreasing 1% (in USD) from the prior-year quarter levels. The fall was due to reduced technology spending from certain large existing clients.

JLL’s Balance Sheet

JLL exited the second quarter of 2025 with cash and cash equivalents of $401.4 million, down from $432.4 million at the end of the first quarter of 2025.

As of June 30, 2025, the net leverage ratio was 1.2, down from 1.4 as of March 31, 2025. The corporate liquidity was $3.32 billion as of the second quarter's end, up from $3.31 billion as of the first 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 reported second-quarter 2025 core EPS of $1.19, ahead of the Zacks Consensus Estimate of $1.05. The reported figure also increased 46.9% 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 net revenue growth of 17%, surpassing the 15% increase in its transactional businesses.

Iron Mountain Incorporated IRM reported second-quarter adjusted funds from operations (AFFO) per share of $1.24, beating the Zacks Consensus Estimate of $1.19. This figure jumped 14.8% year over year.

IRM’s results reflected solid performances across all segments, including the storage, service, global RIM and data center businesses. However, higher interest expenses in the quarter undermined the performance to an extent.

This article originally published on Zacks Investment Research (zacks.com).

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