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Jun 30
JLL Q2 2025 Earnings Report
JLL reported strong financial results for the second quarter of 2025, achieving double-digit revenue growth and a significant increase in diluted earnings per share.
Key Takeaways
JLL continued its strong performance in the second quarter of 2025, marking its fifth consecutive quarter of double-digit revenue growth. The company reported a 10% increase in revenue to $6.3 billion and a 32% rise in diluted earnings per share to $2.32. This growth was driven by strong performance in both Resilient and Transactional revenues, particularly in Real Estate Management Services and Capital Markets Services, supported by improved platform leverage and cost discipline.
JLL achieved its fifth consecutive quarter of double-digit revenue growth, with total revenue reaching $6.25 billion, up 10% in local currency.
Diluted earnings per share increased by 32% to $2.32, and adjusted diluted earnings per share rose by 29% to $3.30.
Real Estate Management Services revenue grew by 11%, driven by strong performance in Project Management and Workplace Management.
Capital Markets Services saw a 12% increase in revenue, primarily led by debt advisory and investment sales businesses.
JLL
JLL
JLL Revenue by Segment
Revenue by Segment
Real Estate Management Services Revenue
CapyFin.comLeasing Advisory Revenue
CapyFin.comCapital Markets Services Revenue
CapyFin.comInvestment Management Revenue
CapyFin.comSoftware and Technology Solutions Revenue
CapyFin.com Forward Guidance
JLL increased the mid-point of its full-year Adjusted EBITDA target range, reflecting confidence in its year-to-date performance and solid underlying business trends.
Positive Outlook
- Increased the mid-point of full-year Adjusted EBITDA target range.
- Continued strong performance in resilient businesses.
- Investments in people and platform driving sustainable organic growth.
- Greater operating efficiency due to ongoing cost discipline and increased use of technology and shared service centers.
- Doubled share repurchases in the second quarter, indicating confidence in future performance and commitment to shareholder returns.
Challenges Ahead
- Equity losses in Investment Management and Software and Technology Solutions were higher in 2025 compared to 2024.
- Increased restructuring and acquisition charges primarily due to severance and employment-related charges.
- Investment Management advisory fees slightly declined due to asset dispositions in Q4 2024.
- Software and Technology Solutions revenue was lower due to reduced technology spend from certain large existing clients.
- The residential sector delivered the most significant contribution to Capital Markets Services growth, implying other sectors might be slower.