JLL reported strong fourth-quarter and full-year 2025 results, achieving record performance metrics driven by accelerated Transactional revenue growth and improved platform leverage. The company demonstrated robust profit and margin expansion, alongside significant increases in operating cash flow and free cash flow, reflecting the successful execution of its multi-year strategy.
Record fourth-quarter diluted EPS of $8.34, up 66% year-over-year in local currency.
positiveFull-year revenue increased 11% to $26.1 billion, with Transactional revenues up 13% and Resilient revenues up 11%.
positiveOperating performance driven by strong revenue growth and improved platform leverage, leading to profit and margin expansion.
positiveRecord full-year cash provided by operating activities of $1.2 billion and Free Cash Flow of nearly $1.0 billion.
positiveShare repurchases increased significantly, totaling $211.5 million for the full year, up 163% versus 2024.
positiveInvestment Management revenue decreased 17% in the fourth quarter and 4% for the full year, primarily due to lower incentive fees.
attentionInvestment Management Adjusted EBITDA decreased 35% in Q4 and 17% for the full year.
attentionSoftware and Technology Solutions reported an Adjusted EBITDA loss of $14.2 million for the full year, although this improved from a loss of $19.6 million in the prior year.
attentionRestructuring and acquisition charges were $52.2 million higher for the full year compared to 2024, primarily due to lower decreases to earn-out liabilities and higher severance charges.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
Real Estate Management Services | N/A | — | — | — | +9.0% |
Leasing Advisory | N/A | — | — | — | +17.0% |
Capital Markets Services | N/A | — | — | — | +17.0% |
Investment Management | N/A | — | — | — | -18.0% |
Software and Technology Solutions | N/A | — | — | — | +1.0% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Achieved record fourth-quarter diluted EPS and new highs across key top- and bottom-line performance metrics, reflecting strong execution and favorable business trends.
The results demonstrate the outcome of our multi-year strategy and achievement of our mid-term margin target in 2025.
Looking ahead, we see significant runway for healthy growth with continued margin expansion.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.