Expect a bullish reaction given the strong EPS beat and raised full-year guidance. Monitor analyst upgrades and consensus revisions; the accelerating Advisory revenue trend (particularly Leasing and Capital Markets) supports continued margin expansion. The stock has outperformed historically after strong quarters.
Price Chart
Executive Summary
JLL reported Q2 2026 adjusted EPS of $5.26, beating consensus of $4.55 by 15.6%, on revenue of $6.93B (up 11% YoY, slightly above $6.90B consensus). The company raised its full-year adjusted EPS target range, citing strong business momentum and margin expansion. This marks a second consecutive strong quarter with accelerating Advisory revenue (+21% LC) and robust cash flow generation.
Key Financial Metrics
Key Facts
- Adjusted diluted EPS of $5.26 beat consensus $4.55 by 15.6% (GAAP EPS $4.59, up 100% YoY in LC)
- Revenue $6.93B, up 11% YoY in USD (10% LC), slightly above $6.90B consensus
- Full-year adjusted EPS target range raised, implying ~34% YoY growth at midpoint
- Advisory revenue accelerated to +21% LC, led by Leasing Advisory (+24%) and Capital Markets (+19%)
- Q2 operating cash flow $488M, up 47% YoY; free cash flow $438M, up 52%
- Share repurchases of $110M in Q2, $410M YTD; $2.6B remaining under authorization
- Net leverage reduced to 0.7x from 1.2x a year ago, with corporate liquidity $3.4B
Financial Impact
EPS beat consensus by 15.6%; revenue beat by ~0.4%; raised guidance signals ~34% EPS growth for FY2026
Risk Factors
- Commercial real estate market volatility and interest rate sensitivity could weigh on transaction volumes
- Restructuring charges of $25.7M in Q2 may indicate cost pressures
- Guidance assumes sustained momentum; macro slowdown could derail
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001037976-26-000150 |
| Document: jll-20260730.htm | 0001037976-26-000150 |
| Document: 0001037976-26-000150-index-headers.html | 0001037976-26-000150 |
| Document: 0001037976-26-000150-index.html | 0001037976-26-000150 |
| Document: 0001037976-26-000150.txt | 0001037976-26-000150 |
| 8-K Data (Synthetic) | 0001037976-26-000150 |
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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