JLL Posts Record Second-Quarter Earnings as Advisory Growth Accelerates

Revenue climbed to $6.9 billion, a 10% increase in local currency, driven by significant momentum in leasing and capital markets. Leasing Advisory revenue saw a 24% boost, reflecting increased activity across office, industrial, and data center sectors, particularly within the U.S. market where deal sizes grew alongside volume. Capital Markets Services followed suit with a 19% revenue increase, led by robust investment sales and debt and equity advisory activity.

CEO Christian Ulbrich attributed the results to the firm's "One JLL" approach and a growing demand for core services. Profitability was further bolstered by margin expansion and improved cash flow, with operating cash inflow reaching $488.1 million. Given the strong year-to-date trajectory, JLL has raised its full-year Adjusted EPS target range, projecting 34% growth at the mid-point. The company also continued its capital allocation strategy, repurchasing $110 million in shares during the quarter and reducing its net leverage ratio to 0.7x.