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Mar 31, 2025
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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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