JLL delivered a massive earnings beat with record Q1 EPS, driven by broad-based strength in Capital Markets and Leasing. The $300M buyback signals strong capital return. Watch for continued momentum in investment sales and leasing as commercial real estate transaction volumes recover. The upcoming Investor Briefing may provide updated medium-term targets.
Price Chart
Executive Summary
JLL reported a record Q1 2026 with GAAP diluted EPS of $3.33, up 192% YoY, and adjusted diluted EPS of $3.43, up 48% YoY. Revenue grew 11% to $6.4B, driven by 17% Advisory revenue growth (Leasing +16%, Capital Markets +21%) and 7% Resilient revenue growth. The company also repurchased $300M in stock, including a $200M ASR, and has $2.7B remaining authorized for buybacks.
Key Financial Metrics
Key Facts
- GAAP diluted EPS of $3.33 vs $1.14 YoY, up 192%
- Adjusted diluted EPS of $3.43 vs $2.31 YoY, up 48%
- Revenue of $6.4B, up 11% YoY (9% in local currency)
- Advisory revenue grew 17% in LC; Resilient revenue grew 7% in LC
- Capital Markets Services revenue up 21% in LC, Adjusted EBITDA up 59%
- Leasing Advisory revenue up 16% in LC, Adjusted EBITDA up 21%
- Share repurchases of $300M in Q1, including $200M ASR
- $2.7B remaining authorized for share repurchases as of March 31, 2026
- Net leverage ratio of 1.0x, up from 0.2x at year-end due to seasonal compensation payments
Financial Impact
EPS of $3.33 vs consensus of $3.01 (beat by ~10.6%); revenue of $6.4B vs consensus of $6.00B (beat by ~6.7%)
Risk Factors
- Commercial real estate transaction volumes could slow if interest rates rise or economic conditions deteriorate
- Net debt increased to $1.49B from $304M at year-end due to seasonal compensation payments, though leverage remains manageable at 1.0x
- Investment Management AUM was flat sequentially at $86.9B, with incentive fees declining
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001037976-26-000104 |
| Document: jll-20260430.htm | 0001037976-26-000104 |
| Document: 0001037976-26-000104-index-headers.html | 0001037976-26-000104 |
| Document: 0001037976-26-000104-index.html | 0001037976-26-000104 |
| Document: 0001037976-26-000104.txt | 0001037976-26-000104 |
| 8-K Data (Synthetic) | 0001037976-26-000104 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | 8-K | $340.18 $324.06 | ▼ −4.74% | ▼ −7.30% | $306.85 (−9.80%) |
Jul 30, 2026 9w ago | 8-K | $361.72 $363.69 | ▲ +0.54% | ▼ −3.08% | $306.85 (−15.17%) |
Apr 30, 2026 22w ago | 8-K | $317.35 $327.00 | ▲ +3.04% | ▲ +1.31% | $306.85 (−3.31%) |
Apr 17, 2026 24w ago | DEFA14A | $346.39 $338.31 | ▼ −2.33% | ▼ −2.89% | $306.85 (−11.42%) |
Mar 30, 2026 26w ago | Court Ruling | $296.79 $306.42 | ▼ −3.24% | ▲ +1.06% | $306.85 (−3.39%) |
US Market Status
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