JLL Reports Financial Results for Second-Quarter 2025
JLL (NYSE:JLL) reported strong Q2 2025 financial results, with revenue increasing 10% to $6.3 billion in local currency. The company achieved notable performance metrics including a 32% increase in diluted earnings per share to $2.32 and adjusted diluted earnings per share of $3.30 (up 29%).
Key highlights include 11% growth in Resilient revenues and 7% growth in Transactional revenues. AG真人官方 Estate Management Services grew 11%, Capital Markets Services increased 12%, and Leasing Advisory rose 5%. The company's Investment Management raised $2.9 billion in capital during H1 2025, surpassing full-year 2024 amounts.
JLL demonstrated strong cash flow management with $332.8 million in operating cash flows (up 22%) and increased share repurchases to $41.4 million in Q2. The company maintained a strong balance sheet with Net Leverage Ratio of 1.2x and Corporate Liquidity of $3.3 billion.
JLL (NYSE:JLL) ha riportato solidi risultati finanziari nel secondo trimestre 2025, con un incremento del fatturato del 10% a 6,3 miliardi di dollari in valuta locale. L'azienda ha raggiunto importanti indicatori di performance, tra cui un aumento del 32% dell'utile diluito per azione a 2,32 dollari e un utile diluito rettificato per azione di 3,30 dollari (in crescita del 29%).
I punti salienti includono una crescita dell'11% dei ricavi Resilienti e un incremento del 7% dei ricavi Transazionali. I servizi di Gestione Immobiliare sono cresciuti dell'11%, i Servizi di Mercato dei Capitali del 12% e la Consulenza per la Locazione del 5%. La divisione Gestione degli Investimenti ha raccolto 2,9 miliardi di dollari di capitale nella prima met脿 del 2025, superando i valori dell'intero anno 2024.
JLL ha dimostrato una solida gestione del flusso di cassa con 332,8 milioni di dollari di flussi di cassa operativi (in aumento del 22%) e ha incrementato il riacquisto di azioni a 41,4 milioni di dollari nel secondo trimestre. L'azienda ha mantenuto un bilancio solido con un rapporto di leva netta di 1,2x e una liquidit脿 aziendale di 3,3 miliardi di dollari.
JLL (NYSE:JLL) report贸 s贸lidos resultados financieros en el segundo trimestre de 2025, con un aumento de ingresos del 10% hasta 6.300 millones de d贸lares en moneda local. La compa帽铆a logr贸 m茅tricas destacadas, incluyendo un incremento del 32% en las ganancias diluidas por acci贸n hasta 2,32 d贸lares y ganancias diluidas ajustadas por acci贸n de 3,30 d贸lares (un 29% m谩s).
Los aspectos clave incluyen un crecimiento del 11% en ingresos Resilientes y un incremento del 7% en ingresos Transaccionales. Los Servicios de Gesti贸n Inmobiliaria crecieron un 11%, los Servicios de Mercados de Capital aumentaron un 12% y la Asesor铆a en Arrendamientos subi贸 un 5%. La Gesti贸n de Inversiones de la empresa recaud贸 2.900 millones de d贸lares en capital durante el primer semestre de 2025, superando las cifras de todo el a帽o 2024.
JLL demostr贸 una s贸lida gesti贸n del flujo de caja con 332,8 millones de d贸lares en flujos de caja operativos (un aumento del 22%) y aument贸 la recompra de acciones a 41,4 millones de d贸lares en el segundo trimestre. La compa帽铆a mantuvo un balance s贸lido con una ratio de apalancamiento neto de 1,2x y una liquidez corporativa de 3,3 mil millones de d贸lares.
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JLL (NYSE:JLL) a publi茅 de solides r茅sultats financiers pour le deuxi猫me trimestre 2025, avec une augmentation du chiffre d'affaires de 10 % 脿 6,3 milliards de dollars en monnaie locale. La soci茅t茅 a enregistr茅 des indicateurs de performance remarquables, notamment une hausse de 32 % du b茅n茅fice dilu茅 par action 脿 2,32 dollars et un b茅n茅fice dilu茅 ajust茅 par action de 3,30 dollars (en hausse de 29 %).
Les points forts incluent une croissance de 11 % des revenus r茅silients et une augmentation de 7 % des revenus transactionnels. Les services de gestion immobili猫re ont progress茅 de 11 %, les services des march茅s de capitaux ont augment茅 de 12 % et le conseil en location de 5 %. La gestion des investissements de la soci茅t茅 a lev茅 2,9 milliards de dollars de capitaux au cours du premier semestre 2025, d茅passant les montants de l'ann茅e enti猫re 2024.
JLL a d茅montr茅 une gestion solide des flux de tr茅sorerie avec 332,8 millions de dollars de flux de tr茅sorerie op茅rationnels (en hausse de 22 %) et a accru les rachats d'actions 脿 41,4 millions de dollars au deuxi猫me trimestre. La soci茅t茅 a maintenu un bilan solide avec un ratio d'endettement net de 1,2x et une liquidit茅 d'entreprise de 3,3 milliards de dollars.
JLL (NYSE:JLL) meldete starke Finanzergebnisse f眉r das zweite Quartal 2025 mit einem Umsatzanstieg von 10 % auf 6,3 Milliarden US-Dollar in lokaler W盲hrung. Das Unternehmen erreichte bemerkenswerte Leistungskennzahlen, darunter eine 32%ige Steigerung des verw盲sserten Gewinns je Aktie auf 2,32 US-Dollar sowie einen bereinigten verw盲sserten Gewinn je Aktie von 3,30 US-Dollar (plus 29 %).
Zu den wichtigsten Highlights z盲hlen ein 11%iges Wachstum bei den resilienten Ums盲tzen und ein 7%iges Wachstum bei den transaktionalen Ums盲tzen. Die Immobilienverwaltungsdienste wuchsen um 11 %, die Kapitalmarktservices stiegen um 12 % und die Leasingberatung um 5 %. Das Investmentmanagement des Unternehmens sammelte im ersten Halbjahr 2025 2,9 Milliarden US-Dollar Kapital ein und 眉bertraf damit die Gesamtjahreszahlen von 2024.
JLL zeigte ein starkes Cashflow-Management mit 332,8 Millionen US-Dollar operativem Cashflow (plus 22 %) und erh枚hte die Aktienr眉ckk盲ufe im zweiten Quartal auf 41,4 Millionen US-Dollar. Das Unternehmen behielt eine solide Bilanz mit einem Netto-Verschuldungsgrad von 1,2x und einer Unternehmensliquidit盲t von 3,3 Milliarden US-Dollar bei.
- Revenue increased 10% to $6.3 billion in local currency
- Diluted earnings per share grew 32% to $2.32
- Operating cash flows increased 22% to $332.8 million
- Net Leverage Ratio improved to 1.2x from 1.7x year-over-year
- Investment Management raised $2.9 billion in H1 2025, exceeding full-year 2024
- Share repurchases doubled in Q2 to $41.4 million
- Increased mid-point of full-year Adjusted EBITDA target range
- Equity losses increased to $28.7 million from $16.3 million year-over-year
- Restructuring and acquisition charges increased by $9.8 million
- Software and Technology Solutions revenue declined 1%
Insights
JLL posts strong Q2 with 10% revenue growth, 32% EPS increase, and improved margins across key business segments.
JLL has delivered a remarkably strong second quarter, marking its fifth consecutive quarter of double-digit revenue growth. The company reported
The earnings quality is particularly impressive as growth came from both the resilient and transactional segments of the business. Resilient revenues grew
Operating efficiency has clearly improved, with Adjusted EBITDA of
The balance sheet looks increasingly solid with net debt decreasing to
Looking across business segments, AG真人官方 Estate Management Services grew revenue by
Management's confidence is evident in their decision to raise the mid-point of their full-year Adjusted EBITDA target range. The continued growth in both resilient and transactional businesses, combined with improved operational efficiency and balance sheet strength, positions JLL well despite the uneven market environment.
JLL notched its fifth consecutive quarter of double-digit revenue growth and achieved a
- Second-quarter revenue was
$6.3 billion 10% in local currency1 with Resilient4 revenues up11% and Transactional4 revenues up7% - AG真人官方 Estate Management Services' momentum continued, up
11% , driven by Project Management and Workplace Management - Capital Markets Services achieved
12% growth, led by performance of the debt advisory and investment sales businesses - Leasing, within Leasing Advisory, increased
5% , highlighted by industrial in theU.S. and office in theU.S. andAsia Pacific
- AG真人官方 Estate Management Services' momentum continued, up
- The meaningful increase in profit reflected revenue growth, improved platform leverage and ongoing cost discipline
- Investment Management's
$2.9 billion
"JLL's strong second-quarter results on both the top and bottom line reflect our unwavering commitment to our clients as they navigate the uneven market environment," said Christian Ulbrich, JLL CEO. "The investments we've made in our people and platform are driving sustainable, organic growth and greater operating efficiency, especially in our resilient businesses. We doubled share repurchases in the second quarter and, given our year-to-date performance and solid underlying business trends, we increased the mid-point of our full-year Adjusted EBITDA target range."
Summary Financial Results
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||
2025 | 2024 | % Change | % Change | 2025 | 2024 | % Change | % Change | ||||
鈥� | |||||||||||
Revenue | $听听听听听听听 6,250.1 | $听听听听听听听 5,628.7 | 11听% | 10听% | $听听听听听 11,996.5 | $听听听听听 10,753.2 | 12听% | 12听% | |||
鈥� | |||||||||||
Net income attributable to common shareholders | $听听听听听听听听听听 112.3 | $听听听听听听听听听听听听 84.4 | 33听% | 32听% | $听听听听听听听听听听 167.6 | $听听听听听听听听听听 150.5 | 11听% | 10听% | |||
Adjusted net income attributable to common shareholders1 | 159.4 | 123.2 | 29 | 29 | 271.0 | 209.2 | 30 | 28 | |||
鈥� | |||||||||||
Diluted earnings per share | $听听听听听听听听听听听听 2.32 | $听听听听听听听听听听听听 1.75 | 33听% | 32听% | $听听听听听听听听听听听听 3.46 | $听听听听听听听听听听听听 3.12 | 11听% | 10听% | |||
Adjusted diluted earnings per share1 | 3.30 | 2.55 | 29 | 29 | 5.60 | 4.33 | 29 | 28 | |||
鈥� | |||||||||||
Adjusted EBITDA1 | $听听听听听听听听听听 291.7 | $听听听听听听听听听听 246.3 | 18听% | 17听% | $听听听听听听听听听听 516.5 | $听听听听听听听听听听 433.4 | 19听% | 19听% | |||
鈥� | |||||||||||
Cash flows from operating activities | $听听听听听听听听听听 332.8 | $听听听听听听听听听听 273.9 | 22听% | n/a | $听听听听听听听听听 (434.8) | $听听听听听听听听听 (403.6) | (8)听% | n/a | |||
Free Cash Flow6 | 288.4 | 235.7 | 22听% | n/a | (523.7) | (485.0) | (8)听% | n/a | |||
Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. | |||||||||||
Consolidated Second-Quarter 2025 Performance Highlights:
Consolidated
| Three Months Ended June 30, | % | % | Six Months Ended June 30, | % | % | |||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
AG真人官方 Estate Management Services | $听听听听听听听听听听听听听听 4,894.0 | $听听听听听听听听听听听听听听 4,369.9 | 12听% | 11听% | $听听听听听听听听听听听听听听 9,463.4 | $听听听听听听听听听听听听听听 8,439.1 | 12听% | 12听% | |||||||
Leasing Advisory | 676.8 | 642.2 | 5 | 5 | 1,262.9 | 1,162.6 | 9 | 9 | |||||||
Capital Markets Services | 520.3 | 457.6 | 14 | 12 | 955.6 | 835.2 | 14 | 14 | |||||||
Investment Management | 103.1 | 102.6 | 鈥� | (2) | 201.6 | 206.0 | (2) | (3) | |||||||
Software and Technology Solutions | 55.9 | 56.4 | (1) | (1) | 113.0 | 110.3 | 2 | 3 | |||||||
Total revenue | $听听听听听听听听听听听听听听 6,250.1 | $听听听听听听听听听听听听听听 5,628.7 | 11听% | 10听% | $听听听听听听听听听听听听 11,996.5 | $听听听听听听听听听听听听 10,753.2 | 12听% | 12听% | |||||||
Gross contract costs6 | $听听听听听听听听听听听听听听 4,186.8 | $听听听听听听听听听听听听听听 3,747.4 | 12听% | 11听% | $听听听听听听听听听听听听听听 8,129.1 | $听听听听听听听听听听听听听听 7,246.1 | 12听% | 13听% | |||||||
Platform operating expenses | 1,844.6 | 1,717.4 | 7 | 6 | 3,509.0 | 3,227.3 | 9 | 9 | |||||||
Restructuring and acquisition charges5 | 21.3 | 11.5 | 85 | 87 | 41.0 | 13.2 | 211 | 213 | |||||||
Total operating expenses | $听听听听听听听听听听听听听听 6,052.7 | $听听听听听听听听听听听听听听 5,476.3 | 11听% | 10听% | $听听听听听听听听听听听听 11,679.1 | $听听听听听听听听听听听听 10,486.6 | 11听% | 12听% | |||||||
Net non-cash MSR and mortgage banking | $听听听听听听听听听听听听听听听听听听听听 (4.2) | $听听听听听听听听听听听听听听听听听听 (11.8) | 64听% | 64听% | $听听听听听听听听听听听听听听听听听听 (17.1) | $听听听听听听听听听听听听听听听听听听 (20.8) | 18听% | 18听% | |||||||
Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance | |||||||||||||||
Revenue
Revenue increased
On a year-to-date basis, revenue increased
Refer听to segment performance highlights for additional detail.
The following chart reflects the year-over-year change in revenue for each of the trailing eight quarters (QTD revenues, on a local currency basis). The chart shows the change in Transactional, Resilient and total revenue. Refer to Footnote 4 for the definitions of Resilient and Transactional revenues.
Net income and Adjusted EBITDA:
($ in millions, except per share data, "LC" = local currency) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||
2025 | 2024 | % Change | % Change | 2025 | 2024 | % Change | % Change | ||||
Net income attributable to common shareholders | $听听听听听听听 112.3 | $听听听听 84.4 | 33听% | 32听% | $听听听听听听听 167.6 | $听听听听听听听 150.5 | 11听% | 10听% | |||
Adjusted net income attributable to common shareholders1 | 159.4 | 123.2 | 29 | 29 | 271.0 | 209.2 | 30 | 28 | |||
鈥� | |||||||||||
Diluted earnings per share | $听听听听听听听听听 2.32 | $听听听听 1.75 | 33听% | 32听% | $听听听听听听听听听 3.46 | $听听听听听听听听听 3.12 | 11听% | 10听% | |||
Adjusted diluted earnings per share1 | 3.30 | 2.55 | 29 | 29 | 5.60 | 4.33 | 29 | 28 | |||
鈥� | |||||||||||
Adjusted EBITDA1 | $听听听听听听听 291.7 | $听听 246.3 | 18听% | 17听% | $听听听听听听听 516.5 | $听听听听听听听 433.4 | 19听% | 19听% | |||
鈥� | |||||||||||
Effective tax rate ("ETR") | 19.5听% | 19.5听% | 0 bps | n/a | 19.5听% | 19.5听% | 0 bps | n/a | |||
For the quarter, higher Adjusted EBITDA and margin were largely driven by Resilient revenue growth (primarily within AG真人官方 Estate Management Services) as well as Transactional revenue growth from Investment Sales, Debt/Equity Advisory and Other (within Capital Markets Services), together with enhanced platform leverage and continued cost discipline (partially enabled by increased use of technology and shared service centers).
For the second quarter, the following three items were the most meaningful year-over-year differences between net income attributable to common shareholders and non-GAAP measures1:
- Equity losses - Investment Management and Software and Technology Solutions: Total aggregate equity losses, primarily associated with Software and Technology Solutions investments, were
$28.7 million $16.3 million - Restructuring and acquisition charges: The expense was
$9.8 million - The above two items were partially offset by less headwinds from net non-cash MSR and mortgage derivative activities.
The following charts reflect the aggregation of segment Adjusted EBITDA for the second quarter and June year-to-date. Refer to the segment performance highlights for additional detail.
Cash Flows and Capital Allocation:
($ in millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | Change in USD | 2025 | 2024 | Change in USD | ||||
Cash flows from operating activities | $听听听听听听听听听听 332.8 | $听听听听听听听听听听 273.9 | 22听% | $听听听听听听听听听 (434.8) | $听听听听听听听听听 (403.6) | (8)听% | |||
Free Cash Flow6 | 288.4 | 235.7 | 22听% | (523.7) | (485.0) | (8)听% | |||
Incremental cash inflow in the second quarter was primarily attributable to (i) advance cash payments from clients, primarily associated with new/renewed AG真人官方 Estate Management Services clients, (ii) improved collection of trade receivables, and (iii) lower cash taxes paid. These drivers were partially offset by greater commission payments compared with the prior-year quarter.
Share repurchase activity is noted in the following table. As of June 30, 2025,
Three Months Ended June 30, | Six Months Ended June 30, | ||||
2025 | 2024 | 2025 | 2024 | ||
Total number of shares repurchased (in thousands) | 176.5 | 103.7 | 251.8 | 214.4 | |
Total paid for shares repurchased (in millions) | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听 41.4 | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听 20.1 | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听 61.2 | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听 40.2 | |
Net Debt, Leverage and Liquidity6:
June 30, 2025 | March 31, 2025 | June 30, 2024 | |||
Net Debt (in millions) | $听听听听听听听听听听听听听听听听听听听听听听听听 1,586.7 | $听听听听听听听听听听听听听听听听听听听听听听听听 1,754.0 | $听听听听听听听听听听听听听听听听听听听听听听听听 1,752.0 | ||
Net Leverage Ratio | 1.2x | 1.4x | 1.7x | ||
Corporate Liquidity (in millions) | $听听听听听听听听听听听听听听听听听听听听听听听听 3,321.4 | $听听听听听听听听听听听听听听听听听听听听听听听听 3,312.4 | $听听听听听听听听听听听听听听听听听听听听听听听听 2,449.4 |
The lower Net Debt, compared with March 31, 2025, was driven by positive free cash flow for the second quarter. The Net Debt reduction from June 30, 2024, reflected improved free cash flow over the trailing twelve months ended June 30, 2025, compared with the twelve-month period ended June 30, 2024.
In addition to the Corporate Liquidity detailed above, the company maintains a commercial paper program (the "Program") with
AG真人官方 Estate Management Services Second-Quarter 2025 Performance Highlights:
AG真人官方 Estate Management Services
| Three Months Ended June 30, | % | % | Six Months Ended June 30, | % | % | |||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
Revenue | $听听听听听听听听听听听听听 4,894.0 | $听听听听听听听听听听听听听 4,369.9 | 12听% | 11听% | $听听听听听听听听听听听听听 9,463.4 | $听听听听听听听听听听听听听 8,439.1 | 12听% | 12听% | |||||||
Workplace Management | 3,349.1 | 3,021.1 | 11 | 10 | 6,612.7 | 5,892.8 | 12 | 13 | |||||||
Project Management | 971.6 | 788.1 | 23 | 22 | 1,719.1 | 1,444.5 | 19 | 19 | |||||||
Property Management | 454.4 | 436.6 | 4 | 4 | 900.0 | 866.3 | 4 | 4 | |||||||
Portfolio Services and Other | 118.9 | 124.1 | (4) | (5) | 231.6 | 235.5 | (2) | (2) | |||||||
Segment operating expenses | $听听听听听听听听听听听听听 4,816.5 | $听听听听听听听听听听听听听 4,309.6 | 12听% | 11听% | $听听听听听听听听听听听听听 9,349.1 | $听听听听听听听听听听听听听 8,336.8 | 12听% | 12听% | |||||||
Segment platform operating expenses | 643.5 | 592.5 | 9 | 7 | 1,245.8 | 1,150.6 | 8 | 9 | |||||||
Gross contract costs6 | 4,173.0 | 3,717.1 | 12 | 12 | 8,103.3 | 7,186.2 | 13 | 13 | |||||||
Adjusted EBITDA1 | $听听听听听听听听听听听听听听听听 106.6 | $听听听听听听听听听听听听听听听听听听 88.6 | 20听% | 19听% | $听听听听听听听听听听听听听听听听 172.9 | $听听听听听听听听听听听听听听听听 160.0 | 8听% | 7听% | |||||||
Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance | |||||||||||||||
AG真人官方 Estate Management Services revenue growth was driven by continued strong performance in Workplace Management, with client wins slightly outpacing mandate expansions, as incremental pass-through costs augmented high single-digit management fee growth. Higher Project Management revenue was led by new or expanded contracts in the
The increase in Adjusted EBITDA and margin was primarily attributable to the top-line performance described above, coupled with continued cost discipline. These drivers overcame headwinds from the favorable prior-year impact of incentive compensation accruals timing.
Leasing Advisory Second-Quarter 2025 Performance Highlights:
Leasing Advisory
| Three Months Ended June 30, | % | % | Six Months Ended June 30, | % | % | |||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
Revenue | $听听听听听听听听听听听听听听听听 676.8 | $听听听听听听听听听听听听听听听听 642.2 | 5听% | 5听% | $听听听听听听听听听听听听听 1,262.9 | $听听听听听听听听听听听听听 1,162.6 | 9听% | 9听% | |||||||
Leasing | 651.5 | 619.1 | 5 | 5 | 1,217.6 | 1,116.4 | 9 | 9 | |||||||
Advisory, Consulting and Other | 25.3 | 23.1 | 10 | 8 | 45.3 | 46.2 | (2) | (2) | |||||||
Segment operating expenses | $听听听听听听听听听听听听听听听听 567.8 | $听听听听听听听听听听听听听听听听 539.3 | 5听% | 5听% | $听听听听听听听听听听听听听 1,069.0 | $听听听听听听听听听听听听听听听听 994.2 | 8听% | 8听% | |||||||
Segment platform operating expenses | 564.5 | 531.0 | 6 | 6 | 1,063.7 | 979.5 | 9 | 9 | |||||||
Gross contract costs6 | 3.3 | 8.3 | (60) | (60) | 5.3 | 14.7 | (64) | (64) | |||||||
Adjusted EBITDA1 | $听听听听听听听听听听听听听听听听 120.4 | $听听听听听听听听听听听听听听听听 112.1 | 7听% | 6听% | $听听听听听听听听听听听听听听听听 217.4 | $听听听听听听听听听听听听听听听听 186.9 | 16听% | 15听% | |||||||
Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance | |||||||||||||||
Compared with the prior-year quarter, increased revenue was driven by Leasing growth across major asset classes, led by continued momentum in industrial and office. Geographically, Leasing revenue grew most significantly in
The increases in Adjusted EBITDA and margin were largely driven by the revenue growth described above, tempered by discrete, variable operating expenses in the second quarter as compensation and benefits expenses as a percentage of revenue improved year-over-year for the quarter (enabled by increased use of technology and shared service centers).
Capital Markets Services Second-Quarter 2025 Performance Highlights:
Capital Markets Services
| Three Months Ended June 30, | % | % | Six Months Ended June 30, | % | % | |||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
Revenue | $听听听听听听听听听听听听听听听听 520.3 | $听听听听听听听听听听听听听听听听 457.6 | 14听% | 12听% | $听听听听听听听听听听听听听听听听 955.6 | $听听听听听听听听听听听听听听听听 835.2 | 14听% | 14听% | |||||||
Investment Sales, Debt/Equity Advisory and | 384.8 | 332.1 | 16 | 14 | 710.3 | 599.8 | 18 | 18 | |||||||
Net non-cash MSR and mortgage banking | (4.2) | (11.8) | 64 | 64 | (17.1) | (20.8) | 18 | 18 | |||||||
Value and Risk Advisory | 97.7 | 95.8 | 2 | 鈥� | 179.3 | 176.0 | 2 | 2 | |||||||
Loan Servicing | 42.0 | 41.5 | 1 | 1 | 83.1 | 80.2 | 4 | 4 | |||||||
Segment operating expenses | $听听听听听听听听听听听听听听听听 488.3 | $听听听听听听听听听听听听听听听听 453.5 | 8听% | 6听% | $听听听听听听听听听听听听听听听听 908.5 | $听听听听听听听听听听听听听听听听 831.9 | 9听% | 9听% | |||||||
Segment platform operating expenses | 486.6 | 441.7 | 10 | 9 | 905.7 | 806.5 | 12 | 12 | |||||||
Gross contract costs6 | 1.7 | 11.8 | (86) | (85) | 2.8 | 25.4 | (89) | (89) | |||||||
Adjusted EBITDA1 | $听听听听听听听听听听听听听听听听听听 54.7 | $听听听听听听听听听听听听听听听听听听 33.8 | 62听% | 61听% | $听听听听听听听听听听听听听听听听 103.3 | $听听听听听听听听听听听听听听听听听听 58.8 | 76听% | 73听% | |||||||
Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the | |||||||||||||||
Capital Markets Services top-line growth was fueled by debt advisory and investment sales. The residential sector delivered the most significant contribution to the year-over-year increase, with notable contributions also coming from the office, industrial and retail sectors. Geographically, the
In the current quarter, the company recognized approximately
Adjusted EBITDA and margin improvements for the quarter were primarily attributable to the revenue growth described above and the net impact of year-over-year loan-related losses. In addition, compensation and benefits expense as a percentage of revenue modestly improved year-over-year for the second quarter (enabled by increased use of technology and shared service centers).
Investment Management Second-Quarter 2025 Performance Highlights:
Investment Management
| Three Months Ended June 30, | % | % | Six Months Ended June 30, | % | % | |||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
Revenue | $听听听听听听听听听听听听听听听听 103.1 | $听听听听听听听听听听听听听听听听 102.6 | 鈥斕�% | (2)听% | $听听听听听听听听听听听听听听听听 201.6 | $听听听听听听听听听听听听听听听听听 206.0 | (2)听% | (3)听% | |||||||
Advisory fees | 93.3 | 93.1 | 鈥� | (2) | 182.6 | 185.4 | (2) | (2) | |||||||
Transaction fees and other | 6.5 | 6.9 | (6) | (9) | 15.0 | 15.8 | (5) | (6) | |||||||
Incentive fees | 3.3 | 2.6 | 27 | 24 | 4.0 | 4.8 | (17) | (19) | |||||||
Segment operating expenses | $听听听听听听听听听听听听听听听听听听 89.5 | $听听听听听听听听听听听听听听听听听听 90.3 | (1)听% | (3)听% | $听听听听听听听听听听听听听听听听 175.2 | $听听听听听听听听听听听听听听听听听 174.9 | 鈥斕�% | 鈥斕�% | |||||||
Segment platform operating expenses | 81.2 | 81.5 | 鈥� | (3) | 158.7 | 157.7 | 1 | 鈥� | |||||||
Gross contract costs6 | 8.3 | 8.8 | (6) | (5) | 16.5 | 17.2 | (4) | (4) | |||||||
Adjusted EBITDA1 | $听听听听听听听听听听听听听听听听听听 16.3 | $听听听听听听听听听听听听听听听听听听 22.7 | (28)听% | (32)听% | $听听听听听听听听听听听听听听听听听听 32.1 | $听听听听听听听听听听听听听听听听听听听 43.7 | (27)听% | (28)听% | |||||||
Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance | |||||||||||||||
The slight decline in Investment Management advisory fees was primarily due to lower assets under management ("AUM"), continuing to reflect asset dispositions on behalf of certain clients in the fourth quarter of 2024.
The changes in Adjusted EBITDA and margin were largely driven by the absence of the
AUM3 increased
Quarter-to-date | |
Beginning balance (March 31, 2025) | $听听听听听听听听听听听听听听听听听听 82.3 |
Asset acquisitions/takeovers | 1.3 |
Asset dispositions/withdrawals | (1.3) |
Valuation changes | 0.7 |
Foreign currency translation | 1.2 |
Change in uncalled committed capital and cash held | 0.7 |
Ending balance (June 30, 2025) | $听听听听听听听听听听听听听听听听听听 84.9 |
听
Trailing Twelve Months | |
Beginning balance (June 30, 2024) | $听听听听听听听听听听听听听听听听听听 86.6 |
Asset acquisitions/takeovers | 5.8 |
Asset dispositions/withdrawals | (7.6) |
Valuation changes | 1.9 |
Foreign currency translation | 0.2 |
Change in uncalled committed capital and cash held | (2.0) |
Ending balance (June 30, 2025) | $听听听听听听听听听听听听听听听听听听 84.9 |
Software and Technology Solutions Second-Quarter 2025 Performance Highlights:
Software and Technology Solutions
| Three Months Ended June 30, | % | % | Six Months Ended June 30, | % | % | |||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
Revenue | $听听听听听听听听听听听听听听听听听听听 55.9 | $听听听听听听听听听听听听听听听听听听听 56.4 | (1)听% | (1)听% | $听听听听听听听听听听听听听听听听 113.0 | $听听听听听听听听听听听听听听听听 110.3 | 2听% | 3听% | |||||||
Segment operating expenses | $听听听听听听听听听听听听听听听听听听听 69.3 | $听听听听听听听听听听听听听听听听听听听 72.1 | (4)听% | (4)听% | $听听听听听听听听听听听听听听听听 136.3 | $听听听听听听听听听听听听听听听听 135.6 | 1听% | 1听% | |||||||
Segment platform operating expenses, | 71.3 | 68.5 | 4 | 4 | 140.0 | 130.9 | 7 | 7 | |||||||
Carried interest (benefit) expense(a) | (2.5) | 2.2 | (214) | (217) | (4.9) | 2.1 | (333) | (336) | |||||||
Gross contract costs6 | 0.5 | 1.4 | (64) | (64) | 1.2 | 2.6 | (54) | (51) | |||||||
Adjusted EBITDA1 | $听听听听听听听听听听听听听听听听听听听听 (6.3) | $听听听听听听听听听听听听听听听听听听 (10.9) | 42听% | 43听% | $听听听听听听听听听听听听听听听听听听听 (9.2) | $听听听听听听听听听听听听听听听听听 (16.0) | 43听% | 41听% | |||||||
Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance | |||||||||||||||
(a) Carried interest expense/benefit is associated with equity earnings/losses on Spark Venture Funds investments. | |||||||||||||||
Lower Software and Technology Solutions revenue was primarily due to reduced technology spend from certain large existing clients, partially offset by low double-digit growth in software services.
The improvement in Adjusted EBITDA was primarily attributable to the favorable change in carried interest expense/benefit.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500庐 company with annual revenue of
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Cautionary Note Regarding Forward-Looking Statements
Statements in this news release regarding, among other things, future financial results and performance, achievements, plans, objectives and share repurchases may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors, the occurrence of which are outside JLL's control which may cause JLL's actual results, performance, achievements, plans, and objectives to be materially different from those expressed or implied by such forward-looking statements. For additional information concerning risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated in forward-looking statements, and risks to JLL's business in general, please refer to those factors discussed under "Risk Factors," "Business," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures about Market Risk," and elsewhere in JLL's Annual Report on Form 10-K, Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this release, and except to the extent required by applicable securities laws, JLL expressly disclaims any obligation or undertaking to publicly update or revise any forward-looking statements contained herein to reflect any change in expectations or results, new information, developments or any change in events.
听
JONES LANG LASALLE INCORPORATED | |||||||
Consolidated Statements of Operations (Unaudited) | |||||||
鈥� | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(in millions, except share and per share data) | 2025 | 2024 | 2025 | 2024 | |||
鈥� | |||||||
Revenue | $听听听听听听听听听听听听听听听 6,250.1 | $听听听听听听听听听听听听听听听 5,628.7 | $听听听听听听听听听听听听听 11,996.5 | $听听听听听听听听听听听听听 10,753.2 | |||
鈥� | |||||||
Operating expenses: | |||||||
Compensation and benefits | $听听听听听听听听听听听听听听听 2,835.1 | $听听听听听听听听听听听听听听听 2,599.2 | $听听听听听听听听听听听听听听听 5,509.7 | $听听听听听听听听听听听听听听听 5,014.8 | |||
Operating, administrative and other | 3,128.6 | 2,803.3 | 5,989.1 | 5,335.3 | |||
Depreciation and amortization | 67.7 | 62.3 | 139.3 | 123.3 | |||
Restructuring and acquisition charges5 | 21.3 | 11.5 | 41.0 | 13.2 | |||
听 听Total operating expenses | $听听听听听听听听听听听听听听听 6,052.7 | $听听听听听听听听听听听听听听听 5,476.3 | $听听听听听听听听听听听听听 11,679.1 | $听听听听听听听听听听听听听 10,486.6 | |||
鈥� | |||||||
Operating income | $听 听 听 听 听 听 听 听 听 听197.4 | $听 听 听 听 听 听 听 听 听 听152.4 | $听 听 听 听 听 听 听 听 听 听317.4 | $听 听 听 听 听 听 听 听 听 听266.6 | |||
鈥� | |||||||
Interest expense, net of interest income | 35.3 | 41.7 | 59.9 | 72.2 | |||
Equity losses | (27.4) | (15.4) | (53.0) | (19.1) | |||
Other income | 2.5 | 9.7 | 4.2 | 11.2 | |||
鈥� | |||||||
Income before income taxes and noncontrolling interest | 137.2 | 105.0 | 208.7 | 186.5 | |||
Income tax provision | 26.7 | 20.5 | 40.7 | 36.4 | |||
Net income | 110.5 | 84.5 | 168.0 | 150.1 | |||
鈥� | |||||||
Net (loss) income attributable to noncontrolling interest | (1.8) | 0.1 | 0.4 | (0.4) | |||
鈥� | |||||||
Net income attributable to common shareholders | $听 听 听 听 听 听 听 听 听 听112.3 | $听 听 听 听 听 听 听 听 听 听 听84.4 | $听 听 听 听 听 听 听 听 听 听167.6 | $听 听 听 听 听 听 听 听 听 听150.5 | |||
鈥� | |||||||
Basic earnings per common share | $听 听 听 听 听 听 听 听 听 听 听2.36 | $听 听 听 听 听 听 听 听 听 听 听1.77 | $听 听 听 听 听 听 听 听 听 听 听3.53 | $听 听 听 听 听 听 听 听 听 听 听3.17 | |||
Basic weighted average shares outstanding (in 000's) | 47,483 | 47,539 | 47,475 | 47,512 | |||
鈥� | |||||||
Diluted earnings per common share | $听 听 听 听 听 听 听 听 听 听 听2.32 | $听 听 听 听 听 听 听 听 听 听 听1.75 | $听 听 听 听 听 听 听 听 听 听 听3.46 | $听 听 听 听 听 听 听 听 听 听 听3.12 | |||
Diluted weighted average shares outstanding (in 000's) | 48,334 | 48,317 | 48,372 | 48,302 | |||
鈥� | |||||||
Please reference accompanying financial statement notes. | |||||||
听
JONES LANG LASALLE INCORPORATED | |||||||
Selected Segment Financial Data (Unaudited) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||
AG真人官方 Estate Management Services | |||||||
Revenue | $听听听听听听听听听听听听听听听听 4,894.0 | $听听听听听听听听听听听听听听听听 4,369.9 | $听听听听听听听听听听听听听听听听 9,463.4 | $听听听听听听听听听听听听听听听听 8,439.1 | |||
鈥� | |||||||
听 Platform compensation and benefits | $听听听听听听听听听听听听听听听听听听听 465.8 | $听听听听听听听听听听听听听听听听听听听 416.5 | $听听听听听听听听听听听听听听听听听听听 897.4 | $听听听听听听听听听听听听听听听听听听听 817.0 | |||
听 Platform operating, administrative and other | 147.5 | 146.8 | 286.7 | 275.4 | |||
听 Depreciation and amortization | 30.2 | 29.2 | 61.7 | 58.2 | |||
Segment platform operating expenses | 643.5 | 592.5 | 1,245.8 | 1,150.6 | |||
Gross contract costs6 | 4,173.0 | 3,717.1 | 8,103.3 | 7,186.2 | |||
Segment operating expenses | $听听听听听听听听听听听听听听听听 4,816.5 | $听听听听听听听听听听听听听听听听 4,309.6 | $听听听听听听听听听听听听听听听听 9,349.1 | $听听听听听听听听听听听听听听听听 8,336.8 | |||
Segment operating income | $听听听听听听听听听听听听听听听听听听听听听 77.5 | $听听听听听听听听听听听听听听听听听听听听听 60.3 | $听听听听听听听听听听听听听听听听听听听 114.3 | $听听听听听听听听听听听听听听听听听听听 102.3 | |||
Add: | |||||||
听 Equity earnings | 0.5 | 0.3 | 0.9 | 1.4 | |||
听 Depreciation and amortization(a) | 29.2 | 28.3 | 59.8 | 56.3 | |||
听 Net income attributable to noncontrolling interest | (0.6) | (0.3) | (2.1) | 鈥� | |||
Adjusted EBITDA1 | $听听听听听听听听听听听听听听听听听听听 106.6 | $听听听听听听听听听听听听听听听听听听听听听 88.6 | $听听听听听听听听听听听听听听听听听听听 172.9 | $听听听听听听听听听听听听听听听听听听听 160.0 | |||
(a) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders. | |||||||
听
JONES LANG LASALLE INCORPORATED | |||||||
Selected Segment Financial Data (Unaudited) Continued | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||
Leasing Advisory | |||||||
Revenue | $听听听听听听听听听听听听听听听听听听听 676.8 | $听听听听听听听听听听听听听听听听听听听 642.2 | $听听听听听听听听听听听听听听听听 1,262.9 | $听听听听听听听听听听听听听听听听 1,162.6 | |||
鈥� | |||||||
听 Platform compensation and benefits | $听听听听听听听听听听听听听听听听听听听 479.3 | $听听听听听听听听听听听听听听听听听听听 460.7 | $听听听听听听听听听听听听听听听听听听听 906.1 | $听听听听听听听听听听听听听听听听听听听 842.5 | |||
听 Platform operating, administrative and other | 74.2 | 61.3 | 134.6 | 118.9 | |||
听 Depreciation and amortization | 11.0 | 9.0 | 23.0 | 18.1 | |||
Segment platform operating expenses | 564.5 | 531.0 | 1,063.7 | 979.5 | |||
Gross contract costs6 | 3.3 | 8.3 | 5.3 | 14.7 | |||
Segment operating expenses | $听听听听听听听听听听听听听听听听听听听 567.8 | $听听听听听听听听听听听听听听听听听听听 539.3 | $听听听听听听听听听听听听听听听听 1,069.0 | $听听听听听听听听听听听听听听听听听听听 994.2 | |||
Segment operating income | $听听听听听听听听听听听听听听听听听听听 109.0 | $听听听听听听听听听听听听听听听听听听听 102.9 | $听听听听听听听听听听听听听听听听听听听 193.9 | $听听听听听听听听听听听听听听听听听听听 168.4 | |||
Add: | |||||||
听 Equity earnings | 鈥� | 0.1 | 鈥� | 0.1 | |||
听 Depreciation and amortization | 11.0 | 9.0 | 23.0 | 18.1 | |||
听 Other income | 1.7 | 0.7 | 2.7 | 1.6 | |||
Adjustments: | |||||||
听 Interest on employee loans, net of forgiveness | (1.3) | (0.6) | (2.2) | (1.3) | |||
Adjusted EBITDA1 | $听听听听听听听听听听听听听听听听听听听 120.4 | $听听听听听听听听听听听听听听听听听听听 112.1 | $听听听听听听听听听听听听听听听听听听听 217.4 | $听听听听听听听听听听听听听听听听听听听 186.9 | |||
听
JONES LANG LASALLE INCORPORATED | |||||||
Selected Segment Financial Data (Unaudited) Continued | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||
Capital Markets Services | |||||||
Revenue | $听听听听听听听听听听听听听听听听听听听 520.3 | $听听听听听听听听听听听听听听听听听听听 457.6 | $听听听听听听听听听听听听听听听听听听听 955.6 | $听听听听听听听听听听听听听听听听听听听 835.2 | |||
鈥� | |||||||
听 Platform compensation and benefits | $听听听听听听听听听听听听听听听听听听听 374.1 | $听听听听听听听听听听听听听听听听听听听 341.1 | $听听听听听听听听听听听听听听听听听听听 703.6 | $听听听听听听听听听听听听听听听听听听听 628.7 | |||
听 Platform operating, administrative and other | 95.0 | 83.3 | 165.7 | 144.1 | |||
听 Depreciation and amortization | 17.5 | 17.3 | 36.4 | 33.7 | |||
Segment platform operating expenses | 486.6 | 441.7 | 905.7 | 806.5 | |||
Gross contract costs6 | 1.7 | 11.8 | 2.8 | 25.4 | |||
Segment operating expenses | $听听听听听听听听听听听听听听听听听听听 488.3 | $听听听听听听听听听听听听听听听听听听听 453.5 | $听听听听听听听听听听听听听听听听听听听 908.5 | $听听听听听听听听听听听听听听听听听听听 831.9 | |||
Segment operating income | $听听听听听听听听听听听听听听听听听听听听听 32.0 | $听听听听听听听听听听听听听听听听听听听听听听听 4.1 | $听听听听听听听听听听听听听听听听听听听听听 47.1 | $听听听听听听听听听听听听听听听听听听听听听听听 3.3 | |||
Add: | |||||||
听 Equity earnings | 0.8 | 0.5 | 2.4 | 0.6 | |||
听 Depreciation and amortization | 17.5 | 17.3 | 36.4 | 33.7 | |||
听 Other income | 0.9 | 0.8 | 1.7 | 1.4 | |||
Adjustments: | |||||||
听 Net non-cash MSR and mortgage banking derivative activity | 4.2 | 11.8 | 17.1 | 20.8 | |||
听 Interest on employee loans, net of forgiveness | (0.7) | (0.7) | (1.4) | (1.0) | |||
Adjusted EBITDA1 | $听听听听听听听听听听听听听听听听听听听听听 54.7 | $听听听听听听听听听听听听听听听听听听听听听 33.8 | $听听听听听听听听听听听听听听听听听听听 103.3 | $听听听听听听听听听听听听听听听听听听听听听 58.8 | |||
听
JONES LANG LASALLE INCORPORATED | |||||||
Selected Segment Financial Data (Unaudited) Continued | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||
Investment Management | |||||||
Revenue | $听听听听听听听听听听听听听听听听听听听 103.1 | $听听听听听听听听听听听听听听听听听听听 102.6 | $听听听听听听听听听听听听听听听听听听听 201.6 | $听听听听听听听听听听听听听听听听听听听 206.0 | |||
听 Platform compensation and benefits | $听听听听听听听听听听听听听听听听听听听听听 60.9 | $听听听听听听听听听听听听听听听听听听听听听 59.0 | $听听听听听听听听听听听听听听听听听听听 119.2 | $听听听听听听听听听听听听听听听听听听听 120.3 | |||
听 Platform operating, administrative and other | 17.5 | 20.5 | 33.8 | 33.4 | |||
听 Depreciation and amortization | 2.8 | 2.0 | 5.7 | 4.0 | |||
Segment platform operating expenses | 81.2 | 81.5 | 158.7 | 157.7 | |||
Gross contract costs6 | 8.3 | 8.8 | 16.5 | 17.2 | |||
Segment operating expenses | $听听听听听听听听听听听听听听听听听听听听听 89.5 | $听听听听听听听听听听听听听听听听听听听听听 90.3 | $听听听听听听听听听听听听听听听听听听听 175.2 | $听听听听听听听听听听听听听听听听听听听 174.9 | |||
Segment operating income | $听听听听听听听听听听听听听听听听听听听听听 13.6 | $听听听听听听听听听听听听听听听听听听听听听 12.3 | $听听听听听听听听听听听听听听听听听听听听听 26.4 | $听听听听听听听听听听听听听听听听听听听听听 31.1 | |||
Add: | |||||||
听 Depreciation and amortization | 2.8 | 2.0 | 5.7 | 4.0 | |||
听 Other (expense) income | (0.1) | 8.2 | 鈥� | 8.2 | |||
听 Net loss attributable to noncontrolling interest(a) | 鈥� | 0.2 | 鈥� | 0.4 | |||
Adjusted EBITDA1 | $听听听听听听听听听听听听听听听听听听听听听 16.3 | $听听听听听听听听听听听听听听听听听听听听听 22.7 | $听听听听听听听听听听听听听听听听听听听听听 32.1 | $听听听听听听听听听听听听听听听听听听听听听 43.7 | |||
Equity losses | $听听听听听听听听听听听听听听听听听听听听听听 (1.3) | $听听听听听听听听听听听听听听听听听听听听听 (7.3) | $听听听听听听听听听听听听听听听听听听听听听听 (7.4) | $听 听 听 听 听 听 听 听 听 听 听(11.2) | |||
(a) This adjustment excludes the noncontrolling interest portion of Equity earnings which is not attributable to common shareholders. | |||||||
听
JONES LANG LASALLE INCORPORATED | ||||||||
Selected Segment Financial Data (Unaudited) Continued | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | ||||
Software and Technology Solutions | ||||||||
Revenue | $听听听听听听听听听听听听听听听听听听听听听 55.9 | $听听听听听听听听听听听听听听听听听听听听听 56.4 | $听听听听听听听听听听听听听听听听听听听 113.0 | $听听听听听听听听听听听听听听听听听听听 110.3 | ||||
鈥� | ||||||||
听 Platform compensation and benefits(a) | $听听听听听听听听听听听听听听听听听听听听听 47.1 | $听听听听听听听听听听听听听听听听听听听听听 53.5 | $听听听听听听听听听听听听听听听听听听听听听 92.6 | $听听听听听听听听听听听听听听听听听听听 100.8 | ||||
听 Platform operating, administrative and other | 15.5 | 12.4 | 30.0 | 22.9 | ||||
听 Depreciation and amortization | 6.2 | 4.8 | 12.5 | 9.3 | ||||
Segment platform operating expenses | 68.8 | 70.7 | 135.1 | 133.0 | ||||
Gross contract costs6 | 0.5 | 1.4 | 1.2 | 2.6 | ||||
Segment operating expenses | $听听听听听听听听听听听听听听听听听听听听听 69.3 | $听听听听听听听听听听听听听听听听听听听听听 72.1 | $听听听听听听听听听听听听听听听听听听听 136.3 | $听听听听听听听听听听听听听听听听听听听 135.6 | ||||
Segment operating loss | $听 听 听 听 听 听 听 听 听 听 (13.4) | $听 听 听 听 听 听 听 听 听 听 (15.7) | $听 听 听 听 听 听 听 听 听 听 (23.3) | $听 听 听 听 听 听 听 听 听 听 (25.3) | ||||
Add: | ||||||||
听 Depreciation and amortization | 6.2 | 4.8 | 12.5 | 9.3 | ||||
听 Other income | 鈥� | 鈥� | (0.2) | 鈥� | ||||
听 Net loss attributable to noncontrolling interest | 0.7 | 鈥� | 1.1 | 鈥� | ||||
Adjustments: | ||||||||
听 Credit losses on convertible note investments | 0.2 | 鈥� | 0.7 | 鈥� | ||||
Adjusted EBITDA1 | $听 听 听 听 听 听 听 听 听 听 听 听(6.3) | $听 听 听 听 听 听 听 听 听 听 听(10.9) | $听 听 听 听 听 听 听 听 听 听 听 听(9.2) | $听 听 听 听 听 听 听 听 听 听 听(16.0) | ||||
Equity losses | $听听听听听听听听听听听听听听听听听听听听 (27.4) | $听听听听听听听听听听听听听听听听听听听听听听 (9.0) | $听听听听听听听听听听听听听听听听听听听听 (48.9) | $听听听听听听听听听听听听听听听听听听听听 (10.0) | ||||
(a) Included in Segment platform operating expenses is a carried interest benefit of | ||||||||
听
JONES LANG LASALLE INCORPORATED | ||||||||
Consolidated Statement of Cash Flows (Unaudited) | ||||||||
鈥� | ||||||||
Six Months Ended | Six Months Ended | |||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | ||||
Cash flows from operating activities: | Cash flows from investing activities: | |||||||
Net income | $听听听听 168.0 | $听听听听 150.1 | Net capital additions 鈥� property and equipment | $听听听听 (88.9) | $听听听听 (81.4) | |||
Business acquisitions, net of cash acquired | (6.1) | (39.3) | ||||||
Reconciliation of net income to net cash used in operating activities: | Capital contributions to investments | (132.1) | (41.0) | |||||
听 Depreciation and amortization | 139.3 | 123.3 | Distributions of capital from investments | 27.6 | 9.6 | |||
听 Equity losses | 53.0 | 19.1 | Other, net | (0.9) | (2.0) | |||
听 Distributions of earnings from investments | 9.1 | 7.2 | Net cash used in investing activities | (200.4) | (154.1) | |||
听 Provision for loss on receivables and other assets | 18.4 | 31.7 | Cash flows from financing activities: | |||||
听 Amortization of stock-based compensation | 66.0 | 56.8 | Proceeds from borrowings under credit facility | 5,483.0 | 4,713.0 | |||
听 Net non-cash mortgage servicing rights and mortgage banking derivative activity | 17.1 | 20.8 | Repayments of borrowings under credit facility | (5,203.0) | (4,063.0) | |||
听 Accretion of interest and amortization of debt issuance costs | 3.2 | 2.6 | Proceeds from issuance of commercial paper | 1,525.0 | 鈥� | |||
听 Other, net | (1.1) | (0.7) | Repayments of commercial paper | (1,035.0) | 鈥� | |||
听 Change in: | Net repayments of short-term borrowings | (47.9) | (15.4) | |||||
听 Receivables | 171.9 | 114.9 | Payments of deferred business acquisition obligations and earn-outs | (8.4) | (4.9) | |||
听 Reimbursable receivables and reimbursable payables | (150.9) | (79.3) | Repurchase of common stock | (59.9) | (40.4) | |||
听 Prepaid expenses and other assets | (26.1) | 16.2 | Noncontrolling interest (distributions) contributions, net | (2.3) | 3.3 | |||
听 Income taxes receivable, payable and deferred | (132.1) | (150.3) | Other, net | (34.0) | (26.0) | |||
听 Accounts payable, accrued liabilities and other liabilities | (82.1) | (139.4) | Net cash provided by financing activities | 617.5 | 566.6 | |||
听 Accrued compensation (including net deferred compensation) | (688.5) | (576.6) | Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | 35.5 | (14.7) | |||
Net cash used in operating activities | $听听听 (434.8) | $听听听 (403.6) | Net change in cash, cash equivalents and restricted cash | $听听听听听听 17.8 | $听听听听听听 (5.8) | |||
Cash, cash equivalents and restricted cash, beginning of the period | 652.7 | 663.4 | ||||||
Cash, cash equivalents and restricted cash, end of the period | $听听听听 670.5 | $听听听听 657.6 | ||||||
鈥� | ||||||||
Please reference accompanying financial statement notes. | ||||||||
听
JONES LANG LASALLE INCORPORATED | ||||||||||||
Consolidated Balance Sheets | ||||||||||||
鈥� | ||||||||||||
June 30, | December 31, | June 30, | December 31, | |||||||||
(in millions, except share and per share data) | 2025 | 2024 | 2025 | 2024 | ||||||||
ASSETS | (Unaudited) | LIABILITIES AND EQUITY | (Unaudited) | |||||||||
Current assets: | Current liabilities: | |||||||||||
Cash and cash equivalents | $听听听听听听听听听听听听听听 401.4 | $听听听听听听听听听听听听听听 416.3 | Accounts payable and accrued liabilities | $听听听听听听听听听听听 1,184.3 | $听听听听听听听听听听 1,322.7 | |||||||
Trade receivables, net of allowance | 2,047.2 | 2,153.5 | Reimbursable payables | 2,101.2 | 2,176.3 | |||||||
Notes and other receivables | 453.2 | 456.9 | Accrued compensation and benefits | 1,135.9 | 1,768.5 | |||||||
Reimbursable receivables | 2,791.3 | 2,695.0 | Short-term borrowings | 107.2 | 153.8 | |||||||
Warehouse receivables | 1,228.6 | 770.7 | Commercial paper, net of debt issuance costs | 689.2 | 199.3 | |||||||
Short-term contract assets, net of allowance | 309.1 | 334.8 | Short-term contract liability and deferred income | 230.2 | 203.8 | |||||||
Restricted cash, prepaid and other | 620.7 | 651.3 | Warehouse facilities | 1,223.5 | 841.0 | |||||||
Total current assets | 7,851.5 | 7,478.5 | Short-term operating lease liability | 165.1 | 157.2 | |||||||
Property and equipment, net of accumulated depreciation | 590.0 | 598.1 | Other | 329.6 | 321.9 | |||||||
Operating lease right-of-use asset | 715.8 | 743.1 | Total current liabilities | 7,166.2 | 7,144.5 | |||||||
Goodwill | 4,715.8 | 4,611.3 | Noncurrent liabilities: | |||||||||
Identified intangibles, net of accumulated amortization | 682.0 | 724.1 | Credit facility, net of debt issuance costs | 370.0 | 88.6 | |||||||
Investments | 878.8 | 812.7 | Long-term debt, net of debt issuance costs | 805.3 | 756.7 | |||||||
Long-term receivables | 411.1 | 394.7 | Long-term deferred tax liabilities, net | 48.9 | 45.6 | |||||||
Deferred tax assets, net | 576.0 | 518.2 | Deferred compensation | 664.1 | 665.4 | |||||||
Deferred compensation plans | 674.9 | 664.0 | Long-term operating lease liability | 750.3 | 748.8 | |||||||
Other | 244.6 | 219.1 | Other | 374.1 | 419.1 | |||||||
Total assets | $听听听听听听听听听 17,340.5 | $听听听听听听听听听 16,763.8 | Total liabilities | $听听听听听听听听听 10,178.9 | $听听听听听听听听听听 9,868.7 | |||||||
鈥� | ||||||||||||
鈥� | ||||||||||||
Company shareholders' equity | ||||||||||||
Common stock | 0.5 | 0.5 | ||||||||||
Additional paid-in capital | 2,039.4 | 2,032.7 | ||||||||||
Retained earnings | 6,494.7 | 6,334.9 | ||||||||||
Treasury stock | (958.5) | (937.9) | ||||||||||
Shares held in trust | (12.0) | (11.8) | ||||||||||
Accumulated other comprehensive loss | (524.2) | (646.9) | ||||||||||
Total company shareholders' equity | 7,039.9 | 6,771.5 | ||||||||||
Noncontrolling interest | 121.7 | 123.6 | ||||||||||
Total equity | 7,161.6 | 6,895.1 | ||||||||||
Total liabilities and equity | $听听听听听听听听听 17,340.5 | $听听听听听听听听 16,763.8 | ||||||||||
鈥� | ||||||||||||
Please reference accompanying financial statement notes. | ||||||||||||
JONES LANG LASALLE INCORPORATED
Financial Statement Notes
1.听听 Management uses certain non-GAAP financial measures to develop budgets and forecasts, measure and reward performance against those budgets and forecasts, and enhance comparability to prior periods. These measures are believed to be useful to investors and other external stakeholders as supplemental measures of core operating performance and include the following:
(i)听听听听听听听听听听听听 Adjusted EBITDA attributable to common shareholders ("Adjusted EBITDA"),
(ii)听听听听听听听听听听听 Adjusted net income attributable to common shareholders and Adjusted diluted earnings per share,
(iii)听听听听听听听听听听 Free Cash Flow (refer to Note 6),
(iv)听听听听听听听听听 Net Debt (refer to Note 6) and
(v)听听听听听听听听听听 Percentage changes against prior periods, presented on a local currency basis.
However, non-GAAP financial measures should not be considered alternatives to measures determined in accordance with
Adjustments to GAAP Financial Measures Used to Calculate non-GAAP Financial Measures
Net Non-Cash Mortgage Servicing Rights ("MSR") and Mortgage Banking Derivative Activity consists of the balances presented within Revenue composed of (i) derivative gains/losses resulting from mortgage banking loan commitment and warehousing activity and (ii) gains recognized from the retention of MSR upon origination and sale of mortgage loans, offset by (iii) amortization of MSR intangible assets over the period that net servicing income is projected to be received. Non-cash derivative gains/losses resulting from mortgage banking loan commitment and warehousing activity are calculated as the estimated fair value of loan commitments and subsequent changes thereof, primarily represented by the estimated net cash flows associated with future servicing rights. MSR gains and corresponding MSR intangible assets are calculated as the present value of estimated cash flows over the estimated mortgage servicing periods. The above activity is reported entirely within Revenue of the Capital Markets Services segment. Excluding net non-cash MSR and mortgage banking derivative activity reflects how the company manages and evaluates performance because the excluded activity is non-cash in nature.
Restructuring and Acquisition Charges听primarily consist of: (i) severance and employment-related charges, including those related to external service providers, incurred in conjunction with a structural business shift, which can be represented by a notable change in headcount, change in leadership or transformation of business processes; (ii) acquisition, transaction and integration-related charges, including fair value adjustments, which are generally non-cash in the periods such adjustments are made, to assets and liabilities recorded in purchase accounting such as earn-out liabilities and intangible assets; and (iii) lease exit charges. Such activity is excluded as the amounts are generally either non-cash in nature or the anticipated benefits from the expenditures would not likely be fully realized until future periods. Restructuring and acquisition charges are excluded from segment operating results and therefore are not line items in the segments' reconciliation to Adjusted EBITDA.
Amortization of Acquisition-Related Intangibles听is primarily associated with the fair value ascribed at closing of an acquisition to assets such as acquired management contracts, customer backlog and relationships, and trade name. Such activity is excluded as it is non-cash and the change in period-over-period activity is generally the result of longer-term strategic decisions and therefore not necessarily indicative of core operating results.
Gain or Loss on Disposition reflects the gain or loss recognized on the sale of businesses. Given the low frequency of business disposals by the company historically, the gain or loss directly associated with such activity is excluded as it is not considered indicative of core operating performance.
Interest on Employee Loans, Net of Forgiveness reflects interest accrued on employee loans less the amount of accrued interest forgiven. Certain employees (predominantly in Leasing Advisory and Capital Markets Services businesses) receive cash payments structured as loans, with interest. Employees earn forgiveness of the loan based on performance, generally calculated as a percentage of revenue production. Such forgiven amounts are reflected in Compensation and benefits expense. Given the interest accrued on these employee loans and subsequent forgiveness are non-cash and the amounts perfectly offset over the life of the loan, the activity is not indicative of core operating performance and is excluded from non-GAAP measures.
Equity Earnings/Losses (Investment Management and Software and Technology Solutions)听primarily reflects valuation changes on investments reported at fair value. Investments reported at fair value are increased or decreased each reporting period by the change in the fair value of the investment. Where the measurement alternative has been elected, our investment is increased or decreased upon observable price changes. Such activity is excluded as the amounts are generally non鈥慶ash in nature and not indicative of core operating performance.
Note: Equity earnings/losses in the remaining segments represent the results of unconsolidated operating ventures (not investments), and therefore the amounts are included in adjusted profit measures on both a segment and consolidated basis.
Credit Losses on Convertible Note Investments听reflects credit impairments associated with pre-equity convertible note investments in early-stage proptech enterprises. Such losses are similar to the equity investment-related losses included in equity earnings/losses for Software and Technology Solutions' investments and are therefore consistently excluded from adjusted measures.
Reconciliation of Non-GAAP Financial Measures
Below are (i) a reconciliation of Net income attributable to common shareholders to Adjusted EBITDA, (ii) a reconciliation to Adjusted net income and (iii) components of Adjusted diluted earnings per share.
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||
鈥� | |||||||
Net income attributable to common shareholders | $听听听听听听听听听听听听听听听听听听听听听 112.3 | $听听听听听听听听听听听听听听听听听听听听听听听 84.4 | $听听听听听听听听听听听听听听听听听听听听听 167.6 | $听听听听听听听听听听听听听听听听听听听听听 150.5 | |||
Add: | |||||||
Interest expense, net of interest income | 35.3 | 41.7 | 59.9 | 72.2 | |||
Income tax provision | 26.7 | 20.5 | 40.7 | 36.4 | |||
Depreciation and amortization(a) | 66.7 | 61.4 | 137.4 | 121.4 | |||
Adjustments: | |||||||
Restructuring and acquisition charges5 | 21.3 | 11.5 | 41.0 | 13.2 | |||
Net non-cash MSR and mortgage banking derivative activity | 4.2 | 11.8 | 17.1 | 20.8 | |||
Interest on employee loans, net of forgiveness | (2.0) | (1.3) | (3.6) | (2.3) | |||
Equity losses - Investment Management and Software and Technology | 27.0 | 16.3 | 55.7 | 21.2 | |||
Credit losses on convertible note investments | 0.2 | 鈥� | 0.7 | 鈥� | |||
Adjusted EBITDA | $听听听听听听听听听听听听听听听听听听听听听 291.7 | $听听听听听听听听听听听听听听听听听听听听听 246.3 | $听听听听听听听听听听听听听听听听听听听听听 516.5 | $听听听听听听听听听听听听听听听听听听听听听 433.4 | |||
鈥� | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(In millions, except share and per share data) | 2025 | 2024 | 2025 | 2024 | |||
Net income attributable to common shareholders | $听听听听听听听听听听听听听听听听听听听听听 112.3 | $听听听听听听听听听听听听听听听听听听听听听听听 84.4 | $听听听听听听听听听听听听听听听听听听听听听 167.6 | $听听听听听听听听听听听听听听听听听听听听听 150.5 | |||
Diluted shares (in thousands) | 48,334 | 48,317 | 48,372 | 48,302 | |||
Diluted earnings per share | $听听听听听听听听听听听听听听听听听听听听听听听 2.32 | $听听听听听听听听听听听听听听听听听听听听听听听 1.75 | $听听听听听听听听听听听听听听听听听听听听听听听 3.46 | $听听听听听听听听听听听听听听听听听听听听听听听 3.12 | |||
Net income attributable to common shareholders | $听听听听听听听听听听听听听听听听听听听听听 112.3 | $听听听听听听听听听听听听听听听听听听听听听听听 84.4 | $听听听听听听听听听听听听听听听听听听听听听 167.6 | $听听听听听听听听听听听听听听听听听听听听听 150.5 | |||
Adjustments: | |||||||
Restructuring and acquisition charges5 | 21.3 | 11.5 | 41.0 | 13.2 | |||
Net non-cash MSR and mortgage banking derivative activity | 4.2 | 11.8 | 17.1 | 20.8 | |||
Amortization of acquisition-related intangibles(a) | 16.0 | 15.8 | 32.1 | 31.0 | |||
Interest on employee loans, net of forgiveness | (2.0) | (1.3) | (3.6) | (2.3) | |||
Equity losses - Investment Management and Software and Technology | 27.0 | 16.3 | 55.7 | 21.2 | |||
Credit losses on convertible note investments | 0.2 | 鈥� | 0.7 | 鈥� | |||
Tax impact of adjusted items(b) | (19.6) | (15.3) | (39.6) | (25.2) | |||
Adjusted net income attributable to common shareholders | $听听听听听听听听听听听听听听听听听听听听听 159.4 | $听听听听听听听听听听听听听听听听听听听听听 123.2 | $听听听听听听听听听听听听听听听听听听听听听 271.0 | $听听听听听听听听听听听听听听听听听听听听听 209.2 | |||
Diluted shares (in thousands) | 48,334 | 48,317 | 48,372 | 48,302 | |||
Adjusted diluted earnings per share | $听听听听听听听听听听听听听听听听听听听听听听听 3.30 | $听听听听听听听听听听听听听听听听听听听听听听听 2.55 | $听听听听听听听听听听听听听听听听听听听听听听听 5.60 | $听听听听听听听听听听听听听听听听听听听听听听听 4.33 | |||
鈥� | |||||||
(a) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders. | |||||||
(b) For the first half of 2025 and 2024, the tax impact of adjusted items was calculated using the applicable statutory rates by tax jurisdiction. | |||||||
Operating Results - Local Currency
In discussing operating results, the company refers to percentage changes in local currency, unless otherwise noted. Amounts presented on a local currency basis are calculated by translating the current period results of foreign operations to
The following table reflects the reconciliation to local currency amounts for consolidated (i) Revenue, (ii) Operating income and (iii) Adjusted EBITDA.
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
($ in millions) | 2025 | % Change | 2025 | % Change | |||
Revenue: | |||||||
At current period exchange rates | $听听听听听听听听听听听听听听听听听听听听 6,250.1 | 11听% | $听听听听听听听听听听听听听听听听 11,996.5 | 12听% | |||
Impact of change in exchange rates | (39.2) | n/a | 21.2 | n/a | |||
At comparative period exchange rates | $听听听听听听听听听听听听听听听听听听听听 6,210.9 | 10听% | $听听听听听听听听听听听听听听听听 12,017.7 | 12听% | |||
鈥� | |||||||
Operating income: | |||||||
At current period exchange rates | $听听听听听听听听听听听听听听听听听听听听听听听 197.4 | 30听% | $听听听听听听听听听听听听听听听听听听听听听 317.4 | 19听% | |||
Impact of change in exchange rates | (2.0) | n/a | (3.3) | n/a | |||
At comparative period exchange rates | $听听听听听听听听听听听听听听听听听听听听听听听 195.4 | 28听% | $听听听听听听听听听听听听听听听听听听听听听 314.1 | 18听% | |||
鈥� | |||||||
Adjusted EBITDA: | |||||||
At current period exchange rates | $听听听听听听听听听听听听听听听听听听听听听听听 291.7 | 18听% | $听听听听听听听听听听听听听听听听听听听听听 516.5 | 19听% | |||
Impact of change in exchange rates | (2.4) | n/a | (2.9) | n/a | |||
At comparative period exchange rates | $听听听听听听听听听听听听听听听听听听听听听听听 289.3 | 17听% | $听听听听听听听听听听听听听听听听听听听听听 513.6 | 19听% | |||
2.听听 n.m.: "not meaningful", represented by a percentage change of greater than 1,
MENA:
3.听听 Assets under management data is primarily reported on a one-quarter lag. In addition, Investment Management raised
4. 听 The company defines "Resilient" revenue as (i) Workplace Management, Project Management and Property Management, within AG真人官方 Estate Management Services, (ii) Value and Risk Advisory, and Loan Servicing, within Capital Markets Services, (iii) Advisory Fees, within Investment Management and (iv) Software and Technology Solutions.
The company defines "Transactional" revenue as (i) Portfolio Services and Other, within AG真人官方 Estate Management Services, (ii) Leasing Advisory, (iii) Investment Sales, Debt/Equity Advisory and Other, within Capital Markets Services, and (iv) Incentive fees and Transaction fees and other, within Investment Management.
Effective beginning Q1 2025, the company reports Project Management in Resilient revenue. Prior period financial information was recast to conform with this presentation.
5.听听 Restructuring and acquisition charges are excluded from the company's measure of segment operating results, although they are included within consolidated Operating income. For purposes of segment operating results, the allocation of Restructuring and acquisition charges to the segments is not a component of management's assessment of segment performance. The table below shows Restructuring and acquisition charges.
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||
Severance and other employment-related charges | $听听听听听听听听听听听听听听听听听听听听听听 18.0 | $听听听听听听听听听听听听听听听听听听听听听听听听 7.2 | $听听听听听听听听听听听听听听听听听听听听听听 25.4 | $听听听听听听听听听听听听听听听听听听听听听听 11.7 | |||
Restructuring, pre-acquisition and post-acquisition charges | 10.7 | 6.4 | 19.1 | 14.1 | |||
Fair value adjustments that resulted in a net (decrease) increase to earn-out liabilities | (7.4) | (2.1) | (3.5) | (12.6) | |||
Total Restructuring and acquisition charges | $听听听听听听听听听听听听听听听听听听听听听听 21.3 | $听听听听听听听听听听听听听听听听听听听听听听 11.5 | $听听听听听听听听听听听听听听听听听听听听听听 41.0 | $听听听听听听听听听听听听听听听听听听听听听听 13.2 | |||
6.听听 "Gross contract costs" represent certain costs associated with client-dedicated employees and third-party vendors and subcontractors and are directly or indirectly reimbursed through the fees we receive. These costs are presented on a gross basis in Operating expenses (with the corresponding fees in Revenue).
"Net Debt" is defined as the sum of the (i) Credit facility, inclusive of debt issuance costs, (ii) Long-term debt, inclusive of debt issuance costs, (iii) Commercial paper, inclusive of debt issuance costs and (iv) Short-term borrowings liability balances less Cash and cash equivalents.
"Net Leverage Ratio" is defined as Net Debt divided by the trailing twelve-month Adjusted EBITDA.
Below is a reconciliation of total debt to Net Debt and the components of Net Leverage Ratio.
($ in millions) | June 30, 2025 | March 31, 2025 | June 30, 2024 | ||
鈥� | |||||
Total debt | $听听听听听听听听听听听听听听听听听听听听听听听听听听 1,988.1 | $听听听听听听听听听听听听听听听听听听听听听听听听听听 2,186.4 | $听听听听听听听听听听听听听听听听听听听听听听听听听听 2,176.4 | ||
Less: Cash and cash equivalents | 401.4 | 432.4 | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 424.4 | ||
Net Debt | $听听听听听听听听听听听听听听听听听听听听听听听听听听 1,586.7 | $听听听听听听听听听听听听听听听听听听听听听听听听听听 1,754.0 | $听听听听听听听听听听听听听听听听听听听听听听听听听听 1,752.0 | ||
鈥� | |||||
Divided by: Trailing twelve-month Adjusted EBITDA | $听听听听听听听听听听听听听听听听听听听听听听听听听听 1,269.4 | $听听听听听听听听听听听听听听听听听听听听听听听听听听 1,224.0 | $听听听听听听听听听听听听听听听听听听听听听听听听听听 1,033.8 | ||
Net Leverage Ratio | 1.2x | 1.4x | 1.7x |
"Corporate Liquidity" is defined as the unused portion of the company's Credit facility plus cash and cash equivalents.
"Free Cash Flow" is defined as cash provided by/used in operating activities less net capital additions - property and equipment.
Below is a reconciliation of net cash provided by/used in operating activities to Free Cash Flow.
Six Months Ended June 30, | |||
(in millions) | 2025 | 2024 | |
鈥� | |||
Net cash used in operating activities | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听 (434.8) | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听 (403.6) | |
Net capital additions - property and equipment | (88.9) | (81.4) | |
Free Cash Flow | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听 (523.7) | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听 (485.0) | |
Appendix: Additional Segment Detail
Three Months Ended June 30, 2025 | |||||||||||||||||||||||
(in millions) | AG真人官方 Estate Management Services | Leasing Advisory | Capital Markets Services | ||||||||||||||||||||
Workplace | Project | Property | Portfolio | Total AG真人官方 | Leasing | Advisory, | Total | Invt Sales, | Value and | Loan | Total | Investment | Software | Total | |||||||||
鈥� | |||||||||||||||||||||||
Revenue(a) | $听听 3,349.1 | 971.6 | 454.4 | 118.9 | $听听 4,894.0 | $听听听听 651.5 | 25.3 | $听听听听 676.8 | $听听听听 380.6 | 97.7 | 42.0 | $听听听听 520.3 | $听听听听听听 103.1 | $听听听听听听 55.9 | |||||||||
Gross contract costs6 | $听听 3,100.4 | 700.2 | 315.7 | 56.7 | $听听 4,173.0 | $听 听 听 听 听2.0 | 1.3 | $听 听 听 听 听3.3 | $听 听 听 听 听0.8 | 0.9 | 鈥� | $听 听 听 听 听1.7 | $听 听 听 听 听 听8.3 | $听 听 听 听 听0.5 | |||||||||
Platform operating | $听 听 听 643.5 | $听听听听 564.5 | $听听听听 486.6 | $听听听听听听听听 81.2 | $听听听听听听 68.8 | ||||||||||||||||||
Adjusted EBITDA1 | $听 听 听 106.6 | $听听听听 120.4 | $听听听听听听 54.7 | $听听听听听听听听 16.3 | $听 听 听 听 (6.3) | $听 听 291.7 | |||||||||||||||||
鈥� | |||||||||||||||||||||||
(a) Included as a reduction to Revenue is Net non-cash MSR and mortgage banking derivative activity of | |||||||||||||||||||||||
鈥� | |||||||||||||||||||||||
Three Months Ended June 30, 2024 | |||||||||||||||||||||||
(in millions) | AG真人官方 Estate Management Services | Leasing Advisory | Capital Markets Services | ||||||||||||||||||||
Workplace | Project | Property | Portfolio | Total AG真人官方 | Leasing | Advisory, | Total | Invt Sales, | Value and | Loan | Total | Investment | Software | Total | |||||||||
Revenue(a) | $听听 3,021.1 | 788.1 | 436.6 | 124.1 | $听听 4,369.9 | $听听听听 619.1 | 23.1 | $听听听听 642.2 | $听听听听 320.3 | 95.8 | 41.5 | $听听听听 457.6 | $听听听听听听 102.6 | $听听听听听听 56.4 | |||||||||
Gross contract costs6 | $听听 2,793.4 | 555.2 | 304.4 | 64.1 | $听听 3,717.1 | $听 听 听 听 听5.9 | 2.4 | $听 听 听 听 听8.3 | $听 听 听 听 听8.6 | 3.2 | 鈥� | $听听听听听听 11.8 | $听 听 听 听 听 听8.8 | $听 听 听 听 听1.4 | |||||||||
Platform operating | $听 听 听 592.5 | $听听听听 531.0 | $听听听听 441.7 | $听听听听听听听听 81.5 | $听听听听听听 70.7 | ||||||||||||||||||
Adjusted EBITDA1 | $听 听 听 听 88.6 | $听听听听 112.1 | $听听听听听听 33.8 | $听听听听听听听听 22.7 | $听听听听 (10.9) | $听 听 246.3 | |||||||||||||||||
鈥� | |||||||||||||||||||||||
(a) Included as a reduction to Revenue is Net non-cash MSR and mortgage banking derivative activity of | |||||||||||||||||||||||
Appendix: Additional Segment Detail (continued)
Six Months Ended June 30, 2025 | |||||||||||||||||||||||
(in millions) | AG真人官方 Estate Management Services | Leasing Advisory | Capital Markets Services | ||||||||||||||||||||
Workplace | Project | Property | Portfolio | Total AG真人官方 | Leasing | Advisory, | Total | Invt Sales, | Value and | Loan | Total | Investment | Software | Total | |||||||||
鈥� | |||||||||||||||||||||||
Revenue(a) | 6,612.7 | $听听 1,719.1 | 900.0 | 231.6 | $听听 9,463.4 | $听听 1,217.6 | 45.3 | $听听 1,262.9 | $听听听听 693.2 | 179.3 | 83.1 | $听听听听 955.6 | $听听听听听听 201.6 | $听听听听 113.0 | $听 11,996.5 | ||||||||
Gross contract costs6 | 6,141.0 | $听听 1,220.2 | 628.1 | 114.0 | $听听 8,103.3 | $听 听 听 听 听3.2 | 2.1 | $听 听 听 听 听 5.3 | $听 听 听 听 听1.3 | 1.5 | 鈥� | $听 听 听 听 听2.8 | $听听听听听听听听 16.5 | $听 听 听 听 听1.2 | $听 听 8,129.1 | ||||||||
Platform operating | $听听 1,245.8 | $听听 1,063.7 | $听听听听 905.7 | $听听听听听听 158.7 | $听听听听 135.1 | $听 听 3,509.0 | |||||||||||||||||
Adjusted EBITDA1 | $听 听 听 172.9 | $听 听 听 217.4 | $听听听听 103.3 | $听听听听听听听听 32.1 | $听听听听听听 (9.2) | $听 听 听 516.5 | |||||||||||||||||
鈥� | |||||||||||||||||||||||
(a) Included as a reduction to Revenue is Net non-cash MSR and mortgage banking derivative activity of | |||||||||||||||||||||||
鈥� | |||||||||||||||||||||||
Six Months Ended June 30, 2024 | |||||||||||||||||||||||
(in millions) | AG真人官方 Estate Management Services | Leasing Advisory | Capital Markets Services | ||||||||||||||||||||
Workplace | Project | Property | Portfolio | Total AG真人官方 | Leasing | Advisory, | Total | Invt Sales, | Value and | Loan | Total | Investment | Software | Total | |||||||||
鈥� | |||||||||||||||||||||||
Revenue(a) | $听听 5,892.8 | $听听 1,444.5 | 866.3 | 235.5 | $听听 8,439.1 | $听听 1,116.4 | 46.2 | $听听 1,162.6 | $听听听听 579.0 | 176.0 | 80.2 | $听听听听 835.2 | $听听听听听听 206.0 | $听听听听 110.3 | $听 10,753.2 | ||||||||
Gross contract costs6 | $听听 5,456.5 | $听听 1,001.1 | 602.9 | 125.7 | $听听 7,186.2 | $听 听 听 听 10.1 | 4.6 | $听 听 听 听 14.7 | $听听听听听听 19.7 | 5.7 | 鈥� | $听听听听听听 25.4 | $听 听 听 听 听17.2 | $听 听 听 听 听2.6 | $听 听 7,246.1 | ||||||||
Platform operating | $听听 1,150.6 | $听 听 听 979.5 | $听听听听 806.5 | $听听听听听听 157.7 | $听听听听 133.0 | $听 听 3,227.3 | |||||||||||||||||
Adjusted EBITDA1 | $听 听 听 160.0 | $听 听 听 186.9 | $听听听听听听 58.8 | $听 听 听 听 听43.7 | $听听听听 (16.0) | $听 听 听 433.4 | |||||||||||||||||
鈥� | |||||||||||||||||||||||
(a) Included as a reduction to Revenue is Net non-cash MSR and mortgage banking derivative activity of | |||||||||||||||||||||||
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