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Mar 31
JLL Q1 2025 Earnings Report
JLL posted strong top-line growth in Q1 2025 with notable gains in resilient and transactional revenues, despite a decline in net income.
Key Takeaways
JLL reported Q1 2025 revenue of $5.75 billion, a 13% increase in local currency. Adjusted EPS rose 28% to $2.31, though net income declined to $55.3 million. Revenue growth was driven by solid performance across Leasing, Capital Markets, and Real Estate Management Services. However, bottom-line results were tempered by higher technology investments and equity losses.
Revenue rose to $5.75 billion, up 13% in local currency, led by double-digit growth in both Resilient and Transactional revenues.
Adjusted diluted EPS increased 28% to $2.31, while reported EPS dropped to $1.14 due to non-cash equity losses.
Real Estate Management Services contributed $4.57 billion in revenue, fueled by growth in Workplace and Project Management.
Free cash flow was negative $812.1 million, mainly due to timing of reimbursables and incentive compensation payments.
JLL
JLL
JLL Revenue by Segment
Revenue by Segment
Real Estate Management Services Revenue
CapyFin.comLeasing Advisory Revenue
CapyFin.comCapital Markets Services Revenue
CapyFin.comSoftware and Technology Solutions Revenue
CapyFin.com Forward Guidance
JLL remains optimistic despite market volatility, with a strong pipeline and continued investments in technology and talent to support long-term growth.
Positive Outlook
- Healthy pipeline entering Q2
- Ongoing investments in AI and tech platform to support future growth
- Workplace Management and Project Management showing robust client demand
- Strong leasing trends in key geographies, especially the U.S.
- Improved platform leverage contributing to margin expansion
Challenges Ahead
- Equity losses in Software and Investment Management segments impacted net income
- Free cash flow remained negative due to timing and compensation payments
- Volatile macroeconomic backdrop entering Q2
- Decline in AUM within Investment Management
- Incremental technology investments increased operating expenses