Jones Lang LaSalle (NYSE:JLL) reported second-quarter 2026 revenue growth of 11% in U.S. dollars and 10% in local currency, supported by broad strength in its advisory operations and continued growth in recurring-service businesses. Adjusted EBITDA rose 33% and adjusted earnings per share increased 61%, according to Chief Executive Officer Christian Ulbrich.
Ulbrich said the quarter provided evidence of progress under the company’s Accelerate 2030 strategy, which emphasizes integrated client services, data and artificial intelligence investments, scalable operations and disciplined capital allocation.
Advisory businesses lead growth
Chief Financial Officer Kelly Howe said the company’s revenue gains were almost entirely organic and led by advisory businesses, particularly in the United States. Advisory revenue growth accelerated to 21% during the quarter, Ulbrich said, while profits grew faster than revenue as operating leverage increased.
In leasing advisory, revenue rose 24% in local currency, producing 28% growth on a two-year stacked basis. Howe said office, industrial and data-center activity all accelerated, while larger transaction sizes complemented healthy global deal-volume growth. Global office leasing revenue increased 20%, compared with a 2% increase in market volume, she said.
JLL said technology-sector demand, including demand from artificial intelligence companies, contributed to leasing momentum. Howe cited improving net absorption across major markets and near-record-low new supply as favorable conditions for occupier demand.
The company is targeting mid- to high-teen leasing advisory revenue growth for the full year, though Howe noted JLL will begin to face higher comparison periods in the fourth quarter. She also said commission expenses increased as producers reached higher compensation tiers earlier in the year, particularly because of strong U.S. performance and larger deal sizes. JLL expects that headwind to moderate in the second half before compensation tiers reset in January.
Capital market services also recorded strong results. Debt advisory revenue grew 44%, investment sales revenue increased 20%, and equity advisory revenue rose 53%. U.S. investment sales revenue climbed 53%, which Howe said was nearly twice the broader market’s growth rate.
Growth was led by the U.S., Japan and Australia, while parts of Europe experienced longer investment-sales timelines. Howe said rising bid activity and liquid credit markets supported the segment, and the company’s pipeline and conversion rates remained strong, especially in the U.S. JLL is targeting mid-teen capital market services revenue growth for the full year.
Recurring services and investment management
Within real estate management services, JLL said workplace management continued to benefit from mandate expansions and new client wins, with strong contract renewal rates and pipelines. Project management revenue increased 3% in the quarter and 25% on a two-year stacked basis, aided by double-digit management-fee growth in the Americas and data-center momentum.
Property management’s core growth and new wins continued to be offset by previously disclosed strategic contract exits. Howe said the associated headwind should largely dissipate over coming quarters. The company reaffirmed its full-year target for mid- to high-single-digit revenue growth in real estate management services, with the second half weighted toward the fourth quarter.
In investment management, advisory-fee growth tied to deployment of $3.7 billion of capital raised during the past year was mostly offset by expected declines related largely to dispositions in Asia-Pacific. JLL continues to target low-single-digit advisory-fee growth for the full year and expects incentive and transaction fees toward the lower end of its historical range, weighted to the fourth quarter.
Cash flow, buybacks and updated outlook
Free cash flow totaled $438 million, up 52% from a year earlier, primarily due to higher cash earnings. Reported net leverage improved to 0.7 times, while corporate liquidity stood at $3.4 billion.
JLL repurchased $110 million of shares during the quarter, bringing first-half repurchases to $410 million. The buybacks reduced the share count by nearly 3% from a year earlier. Howe said the company has $2.6 billion remaining under its repurchase authorization and intends to remain active, with the annual pace dependent on operating conditions, leverage, valuation and alternative investment opportunities, including mergers and acquisitions.
Ulbrich said JLL remains disciplined on acquisitions and would pursue transactions only when they meet its return requirements. He cited the company’s 2024 acquisitions of SKAE and Raise, saying both had exceeded JLL’s internal plans.
Based on first-half performance, pipeline strength and expected operating leverage from platform investments, JLL raised its full-year 2026 adjusted EPS target to a range of $24.60 to $25.90. The midpoint represents 34% growth, Howe said.
Management said global activity remains uneven. Ulbrich pointed to the effects of conflicts in Ukraine and the Middle East on investor sentiment in Europe and parts of Asia, while Howe said JLL was not seeing material direct effects on its business. The company expects the U.S. to remain a leading source of growth as capital deployment, active credit markets and demand for core real estate services continue.
About Jones Lang LaSalle (NYSE:JLL)
Jones Lang LaSalle Incorporated (NYSE: JLL) is a leading professional services firm specializing in real estate and investment management. The company provides a broad range of services including leasing, advisory, property and asset management, capital markets, project and development services, and valuation. Through its integrated platform, JLL serves corporate occupiers, institutional investors, real estate owners and developers, offering tailored solutions that span the entire real estate lifecycle.
Founded in 1783 in London as Jones Lang Wootton, the firm established a reputation for expertise in property management and brokerage.
