JLL

Image source: The Motley Fool. Jul. 30, 2026 at 9:00 a.m. ET Head of Investor Relations - Sean Coghlan President and Chief Executive Officer - Christian Ulbrich Chief Financial Officer - Kelly Howe Operator: Hello, everyone. Thank you for joining us, and welcome to the Second Quarter 2026 Earnings Conference Call for Jones Lang LaSalle Incorporated. I will now hand the conference over to Sean Coghlan, Head of Investor Relations. Sean, please go ahead. Sean Coghlan: Thank you, and good morning. Welcome to the Second Quarter 2026 earnings conference call for Jones Lang LaSalle Incorporated. Earlier this morning, we issued our earnings release, along with the slide presentation and Excel file intended to supplement our prepared remarks. These materials are available on the Investor Relations section of our website. Please visit ir.jll.com. During the call as well as in our slide presentation and supplemental Excel file, we reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include reconciliations of non-GAAP financial measures to GAAP in our earnings release and slide presentation. We also reference resilient and advisory revenues, which we defined in the footnotes of our earnings release. As a reminder, today's call is being webcast live and recorded. A transcript and recording of this conference call will be posted to our website. Any statements made about future results and performance, plans, expectations and objectives are forward-looking statements. Actual results and performance may differ from those forward-looking statements as a result of factors discussed in our annual report on Form 10-K and in other reports filed with the SEC. The company disclaims any undertaking to publicly update or revise any forward-looking statements. Finally, a reminder that percentage variances are against the prior year period in local currency, unless otherwise noted. I will now turn the call over to Christian Ulbrich, our President and Chief Executive Officer, for opening remarks. Christian Ulbrich: Thank you, Sean. Hello, and welcome to our second quarter 2026 earnings call. Q2 was a big quarter for JLL. We grew revenue by double digits and profit gains accelerated with adjusted EBITDA up 33% and adjusted earnings per share up 61%. At our investor briefing in March, we told you why we felt good about where JLL was headed, and this quarter is a proof of that. We are now a few months into Accelerate 2030, and I'm pleased with how the strategy is taking hold across the organization. I want to spend my time today on 3 parts of our business that give me continued conviction in our future: First, our resilient business lines, which represent nearly 80% of our revenue are built for consistent growth and margin expansion. Multiyear client relationships, recurring revenue and a business model amplified by scale. That was evident again this quarter with real estate management services growing 8%, in line with the level of growth we have delivered over recent quarters while margin expansion also continued. These businesses sit at the center of long-term secular tailwinds in the global economy as occupiers and investors increasingly choose to outsource more parts of their real estate operations rather than running it themselves. Within workplace management, most corporate real estate globally is still managed in-house today, underscoring how much runway remains. Project management sits at the intersection of our clients' evolving needs from multisite project management to capital planning to new development and our ability to execute that work end-to-end around the world. The longer we work with a client, the deeper we understand their current portfolio and strategic priorities and the more value we can create together through a One JLL approach. Our resilient businesses show what doable organic growth looks like in real estate services, high client retention, deeper enterprise relationships and a platform that becomes more efficient and resilient as it scales. We firmly believe continued investment in data and AI will make these businesses even more scalable and valuable to our clients. Second, across our advisory businesses, the U.S. led a broad-based pickup in activity across leasing advisory and capital market services. Together, our advisory revenue growth accelerated to 21% this quarter and profit grew even faster, a reflection of the operating leverage building across our platform. Our performance in our advisory businesses reflects client trust built over years in our people, data and ability to execute at scale. That is why JLL has continued to take share over the past several years. Clients are choosing and expanding their relationship with JLL because we deliver intelligence and outcomes that are difficult to replicate. Our brand signals to the world's most sophisticated investors and occupiers that we are the partner for the most complex work. The investments we are making in data AI and our core businesses under Accelerate 2030 are designed to deepen our value proposition. None of this happens in isolation. Clients want an integrated partner who can advise them across the full real estate life cycle, backed by the intelligence of our entire firm. That is One JLL. It is the reason leading investors and occupiers are choosing to deepen their relationships with JLL. Third, when it comes to capital allocation, our deployment decisions are being made with rigor. Top line growth is most valuable to us if it converts into profitability, cash generation and returns that justify the investment behind it. This quarter alone, we generated $438 million of free cash flow, up 52% from a year ago. That gives us flexibility in how we deploy capital and reflects healthy margin expansion, greater capital efficiency and improving returns on our investments across the company. We maintain a strong and agile balance sheet and are continuously assessing opportunities, including returning capital to shareholders. Our disciplined and through-cycle approach to capital allocation is central to how we intend to keep building value for our clients, our people and our shareholders over the long term. Put together, these factors give me high confidence in the outlook for JLL. At our investor briefing in March, we said we have the foundation platform and culture to compound value over the long term. While we are early days in our Accelerate 2030 strategy, the quarterly results and progress on our strategic initiatives, reaffirm my conviction. With that, I will now turn the call over to Kelly Howe, our Chief Financial Officer, to provide more detail on our results for the quarter. Kelly Howe: Thank you, Christian. Our strong second quarter results demonstrate the progress we are making on our key operating initiatives and reflect continued business momentum. Revenue growth of 11% as reported in U.S. dollars and 10% in local currency was almost entirely organic and was led by our advisory businesses, particularly in the U.S. We also continued to generate healthy margin expansion and robust profit growth. The combination of our financial strength and cash generation supported continued capital return to shareholders, which is already nearly double the full year 2025 amount. Looking ahead, we remain encouraged by the breadth of demand we see across our business lines and are well positioned to build on our momentum. Now a review of our operating performance by segment. The following commentary is in local currency to best reflect underlying operating performance. Beginning with Real Estate Management Services, revenue growth was broad-based across all business lines. The global service capabilities of our workplace management business continue to drive strong revenue growth, led by mandate expansions and complemented by new client wins. Our contract renewal rates and pipelines remain strong. Within Project Management, the increase in revenue was driven by mid-single-digit management fee growth, led by double-digit growth in the Americas, including momentum from data centers. Given a shift in contract mix, higher management fees were moderated by lower growth in pass-through costs. Following the strong increase in the prior year quarter, project management grew 25% on a 2-year stacked basis inclusive of 3% growth in the current quarter. Client activity remains healthy, positioning us for continued momentum over the near term. For Property Management, core business growth and new wins continue to be offset by the strategic contract exits as mentioned in the past 2 quarters. We expect this growth headwind to largely dissipate over the coming quarters. Considering the varied business line trends within the segment, we affirm our mid- to high single-digit revenue growth target for the full year with our second half weighted to the fourth quarter. Additionally, we continue to focus on driving incremental platform leverage, which we anticipate outpacing continued investment for growth. Moving next to Leasing & Advisory. Revenue growth was driven by accelerated momentum across office, industrial and data centers. A meaningful increase in deal size was complemented by healthy volume growth globally, most notably the U.S. and in part due to resurgent demand from the technology sector, including from AI companies. Our global office leasing revenue growth of 20% materially outpaced the 2% increase in market volume. On a 2-year stacked basis, global leasing advisory revenue growth was 28%, inclusive of 24% in the current quarter, reflecting strong ongoing and broadening demand. The increases in lease and advisory adjusted EBITDA and margins were driven by revenue growth, net of higher commission expense from both higher tiers being met sooner compared to a year ago, business mix and incremental platform leverage. We expect the commission tier headwind to moderate as the year progresses. Looking ahead, occupier demand and market fundamentals continue to strengthen, supported by improving net absorption trends across major markets and near record low new supply. Given the constructive global GDP growth outlook, increasing business confidence and our strong leasing pipeline, we are targeting mid- to high teens revenue growth for the full year as we start to lap higher growth comparables in the fourth quarter. We continue to execute our multiyear strategic investment plan to drive long-term growth with attractive returns. Shifting to our Capital Market Services segment, rising bid activity and highly liquid credit markets fueled strong growth across sectors and most geographies, led by the U.S., Japan and Australia, which significantly outpaced softness from elongated investment sales timelines in parts of Europe. Debt advisory revenue led the growth of 44%, while investment sales revenue increased 20% and equity advisory revenue grew 53%. The continuation of robust underlying business momentum amidst the dynamic macro environment is reflected in the 2-year stacked growth rates for debt advisory and investment sales of 71% and 30%, respectively. U.S. investment sales revenue growth of 53% for the quarter was nearly double the broader market, reflecting our talent, platform and data advantages. Higher revenue, net of increased commissions, lower loan-related expenses versus prior year and continued platform leverage drove the adjusted EBITDA growth and margin expansion in the quarter. Looking ahead, capital markets fundamentals remain healthy overall as global direct investment activity has accelerated and credit markets remain competitive and diverse. Our global investment sales, debt and equity advisory pipeline and conversion rates continue to be strong, most notably in the U.S. For the full year, we are targeting mid-teens revenue growth, mindful of the robust growth comparables in the second half of last year. Turning to Investment Management, advisory fee growth associated with the ongoing deployment of the $3.7 billion of capital raised over the past year was mostly offset by anticipated decline driven largely by dispositions in Asia Pacific. We continue to target advisory fee growth in the low single digits for the full year as the factors impacting the quarter results are expected to persist in the near term. Additionally, we anticipate incentive and transaction fees towards the lower end of our historical range and weighted to the fourth quarter. Shifting to free cash flow, balance sheet and capital allocation, free cash flow totaled $438 million in the quarter, up 52% from a year ago. The improvement was primarily attributable to higher cash earnings. Considering the strength of our cash flow to date, business mix and ongoing initiatives to improve capital efficiency, our free cash flow conversion ratio is trending comfortably above our long-term average of over 80% for the full year. Growth in our adjusted EBITDA plus lower borrowings resulted in an improvement in our reported net leverage to 0.7x. Our investment-grade balance sheet remains a source of strength with $3.4 billion of corporate liquidity, providing us with ample flexibility to invest in the business while continuing to return capital to shareholders. We repurchased $110 million of shares in the quarter, bringing first half repurchases to $410 million and reducing the share count by nearly 3% from a year earlier. Looking ahead, we intend to remain active on the $2.6 billion remaining on our repurchase authorization, with the total annual amount dependent on the broader operating environment, our leverage outlook, valuation and relative returns to other investment opportunities, inclusive of M&A. We are encouraged by the underlying business momentum in the first half of the year and the strength of our pipelines across the business, particularly in the U.S., albeit mindful of the strong growth rates in the back half of last year. With the segment revenue growth targets I outlined earlier as the basis, we are meaningfully increasing our full year 2026 adjusted EPS target range to $24.60 to $25.90, reflecting 34% growth at the midpoint. We entered the second half of the year with momentum and confidence in our ability to deliver healthy growth, robust margin expansion and meaningful cash flow. Christian, back to you. Christian Ulbrich: Thank you, Kelly. Looking ahead to the second half of the year, our pipelines across the business and broader indicators are encouraging. We expect the U.S. to keep bleeding as capital deployment builds, credit markets remain active and demand for our core services groups. The broader environment globally will likely remain uneven but the strength of our people, platform and client relationships gives us conviction. We have built a very resilient business that can perform through evolving markets with our Accelerate 2030 strategy execution underway, we intend to keep building on the momentum we have generated over the last several quarters. The updated targets that Kelly just outlined, including higher revenue growth outlooks for our leasing Advisory and Capital Market Services segment and a notable raised adjusted EPS range for the year reflect our confidence in the underlying momentum of our business as well as our strategy. Before I close, I would like to thank our colleagues around the world for their commitment to our strategy and continued dedication to our clients. Your work is what makes results like this possible. Operator, please explain the Q&A process. Operator: Your first question comes from the line of Tony Paolone from JPMorgan. Anthony Paolone: Great. My first question is on the margin side. I mean the significant growth in transactional revenue, obviously, drove a lot of that. But can you maybe help parse out what you think was more company specific to JLL and talk perhaps about the leverage you might continue to see that could help margins even further going forward, just less related to the market and more around JLL? Kelly Howe: Sure. Thanks, Tony, for the question. So yes, mix and kind of ongoing EBITDA growth and revenue growth clearly drove a set of the margin expansion. But I would say that in addition to that, we've -- as you know from our investor presentation and briefings, have been very focused on investing against the platform that is providing pretty meaningful operating leverage. And so we're seeing the benefits of that operating leverage come through as well. And so we look at fixed cost as it relates to our fee revenue. We look at variable costs, including commissions and other variable costs. And we're very happy with the performance of our fixed cost base against our fee revenue as well, and we're seeing a lot of improvement there. We have more runway as well. So we feel very confident we'll be able to continue to deliver on that margin expansion. Anthony Paolone: Okay. And then my follow-up is just, I guess, related to capital markets, but also investment management. It seems like it's been a slow first half of the year for everybody and raising capital for commercial real estate. Is there a risk that at some point that has implications back to capital markets and just the less robust fundraising just creates less transactional activity going forward? Or is there any way to think about that? Sorry, did my question go through? Kelly Howe: Can you please repeat the question? I'll take it. Anthony Paolone: Yes, sure. Question is basically capital raising for commercial real estate just seems to be running at a slow pace so far this year for everybody. And so wondering if we should think about that as having the implications back to just broader transaction activity going forward if it just remains muted and there's not a lot of new capital perhaps coming into just CRE broadly? Kelly Howe: Yes. Thanks for the question. And you've seen our capital raise numbers for our Investment Management business, which are $2.3 billion year-to-date. We are continuing, of course, to focus on capital raise. We do see continued dry powder on the sidelines. There's a lot of pent-up demand, and there is a lot of demand to reposition portfolios. And so we do think that, that demand is going to kind of continue to build. You're right, the first part of the year has been a little bit slower, I think, across the board, across the market. But we expect that demand to flow through. In the meantime, if you look at our capital markets business, our debt advisory business has been performing quite well because even as transactions are maybe a little bit slower for the first part of the year because of the capital raise, the debt portion of the business is doing very strong. Operator: Your next question comes from the line of Jade Rahmani from KBW. Jason Sabshon: This is Jason Sabshon on for Jade. To start, what impact do you think the shifting interest rate outlook will have on capital markets pipelines? Do you see any deals moving to the sidelines or potential for repricing in lower cap rate areas like multifamily? Kelly Howe: We have -- when we look at the interest rate environment, one of the things that we pay most attention to is stability of rates. And so we can withstand fluctuations up or down a bit without a huge amount of impact. So as we look at the interest rate environment kind of through the rest of the year, we don't expect a meaningful impact to our transaction business for the remainder of the year. The other thing that I would just say is that. Like I said, there's a lot of pent-up demand on the sidelines and there's a lot of capital. The debt markets are very, very liquid at the moment. And so we don't have huge concerns about kind of the interest rate environment going through the rest of the year. Jason Sabshon: And do you see any risk of unbundling of services within the outsourcing businesses as a result of it? Kelly Howe: Unbundling of services in the outsourcing business? Jason Sabshon: Yes. Kelly Howe: One of the things, as we've articulated for our Accelerate 2030 strategy, is a real focus on targeting and serving clients in a very holistic way. And we're seeing a huge amount of demand for that, honestly. And so when we look at outsourcing, clients are actually coming to us because they don't want to manage individual tasks or individual pieces of the offering. They're looking for somebody that can provide a more integrated offer to them to help them with their outsourcing. And again, we continue to see tailwinds in that space. You can see the healthy growth that we're posting, particularly in our work dynamics -- or sorry, our Facilities Management business and so unbundling has not been a particular trend that we have been observing in the market. Operator: Your next question comes from the line of Julien Blouin from Goldman Sachs. Julien Blouin: Congrats on a strong quarter. Christian, I think you mentioned last quarter that you expected that the longer the conflict went on, the worst the impacts would get to the back half of the year. We've definitely seen the performance gap between the U.S. and your other markets sort of widened. Wondering standing to -- where we stand today, how are you feeling about the likely impacts of the Middle East on Asia and Europe in the back half? Kelly Howe: So Julien, Christian is having some trouble with his line. So we spent a lot of time talking about that from this side. I can address many of the conversations that we've had amongst our leadership team here, which is, obviously, we continue to monitor the conflict quite carefully. I think the biggest impact associated with the conflict is on the broader macro outlook, both GDP growth and inflation. We're not seeing immediate and direct impact to our business in a material way today. I think you have touched on the fact that in Europe, I think there is maybe a bit more concern. And so we have seen, as we noted in our remarks, a bit of elongation around transactions on the capital market side in Europe. Again, we're not seeing those fall out of the pipeline. We're just seeing some elongation of deal closing. I would say, in the U.S., in particular, we've seen continued strength. And so while we monitor the conflict, we're not seeing impact in our business nor do we anticipate if things don't get worse, but there will be meaningful impact for the rest of the year. Julien Blouin: Got it. And I guess focusing on U.S. investment sales, it was pretty impressive just the amount of -- by which you outpaced the broader market this quarter. I was wondering if you could sort of dig into the drivers of that, whether it's specific markets that were particularly strong or property types? Kelly Howe: Sure. We're very happy with our investment sales performance for the quarter, and it has been relatively broad-based across asset classes. We've seen some uptick in office, which has been nice to see as I think those valuations start to work themselves out. We've seen strength in industrial and logistics. Those volumes grew quite significantly. Retail hotels have both been up. Multifamily continues to grow. It's been a little bit slower this year, but continues to grow. I would say from a geographic perspective, the U.S. has been a huge driver of the business, but we've also seen -- we've also seen activity in parts of Asia as well. Like I mentioned, the Capital Markets business and investment sales, in particular, in Europe, we've seen some elongation in timelines there. Operator: Your next question comes from the line of Mitch Germain from Citizens Bank. Mitch Germain: Kelly, I'm just curious about what you're seeing in the M&A side. And what's the biggest hesitation on your part or your company's part with regards to possibly considering closing or doing some sort of transaction? Christian Ulbrich: It's Christian. Now I have unmuted my line, so I'm allowed to say something. Mitch Germain: Congrats on the quarter, Christian. Christian Ulbrich: On the M&A side, nothing has really changed. We are very disciplined and prudent in our underwriting investment approach. And so we are constantly looking at opportunities. And I'm certain that at some point, we will do a bit more M&A again. Obviously, in 2024, we did scale and raise. In both of those acquisitions, we surpassed very, very significantly our own plans for those transactions. And so we like to have more of those going forward. But on the other hand, we will not do something which is not driving value for our shareholders. So it's not that we are unwilling. It's just that we keep the bar as high as we placed it now for many years, last couple of years. And at some point, we will find and identify targets which will pass that bar. Mitch Germain: I think you cited or maybe Kelly cited some really strong pipelines in capital markets, particularly in the U.S. When do we see Europe, Asia return to a more normalized level of activity rather than seeing just kind of volatility across quarters. Christian Ulbrich: Well, I couldn't respond to that earlier question around the Middle Eastern conflict. Obviously, when you are in Europe, you have the war in the Ukraine on one side and you have the Middle Eastern conflict. And that has very significant impact also from a psychological point of view on investors in Europe. This is all very close and very immediate. And so we saw some signs of kind of return before that war in the Middle East started in February, and then that was immediately coming down. And then talking about Asia, I mean, actually, Asia had some very, very interesting transactions this year. So some good momentum on actually large transactions. But Asia is not one region really. You have a couple of relevant countries who are making up Asia's capital markets business. And when you look, for example, how significantly. India is impacted by the war in the Middle East. There's no surprise that people are more cautious there. And so I think this is very much correlating with those 2 conflicts. And if they were to disappear then you would see both markets to recover quite significantly because there's clearly pent-up interest, which is currently still on the sideline. Operator: Your next call (sic) [ question ] comes from the line of Seth Bergey from Citibank Group. Seth Bergey: I think JLL is just kind of outpacing kind of the market data everywhere that you disclosed it in terms of leasing investment sales. And just curious how much of that is kind of a durable share gain versus a mix of kind of deal size and large deal timing? And I guess, just how does the guide kind of assume that spread persists or compress? And then maybe along with that, you attribute some of the share gain to kind of the data and the AI platform. And what would we see in the numbers to kind of prove that in terms of win rates, revenue per producer or just anything non-comp -- non-comp cost ratios. Christian Ulbrich: Well, listen, we are obviously very focused on our own platform. And so I cannot provide you with any type of comparison to other players in the market. But just the last point you made about revenue per producer when we talk about the capital markets business, we have been able to grow our capital markets revenue over the last 2 years since it started to recover in '24 very, very significantly without adding any additional brokers. This is all being digested by the existing teams because our technology platform is enabling them to be just much more productive than within any other platform. And even going forward, we believe that our colleagues have significant room to further grow their revenues per head within our existing environment. And so as long as the clients of us appreciate the intelligence we are bringing to them and the quality of our brokers, we believe that this trend will continue on the capital markets side as well as on the leasing side. But maybe, Kelly, do you want to add anything on the leasing side? Kelly Howe: Yes. I guess the only other thing I would say is, I mean, we are confident when we look at the market data that we're gaining share in the space. I do think per some of the comments that we made earlier about what clients are actually looking for, they're looking for full service providers that actually can bring a range of capabilities to them and our leasing businesses and capability is one of them. And so we do see that in our share data that we review -- and the other thing that I would say around the data and AI piece, as you look to link it back, specifically to performance. We don't have numbers we disclose on this, but I will say we track very carefully where our lead flow comes from and where we're generating leads from and what that connects through in terms of like actually closing deals. And so we feel very good about the investments we're making around data and AI specifically and the support to the momentum that, that is providing. Seth Bergey: Great. And then just as a follow-up, I think last quarter, you mentioned that the commission tier headwinds would kind of peak early and moderate throughout the year. And in this quarter, they were consistent with the first quarter. I guess what changed there? And how should we think about that through the back half of the year? And then do they reset kind of cleanly next January? Kelly Howe: Yes. So thanks, it's a really good question. In both our capital markets and in our leasing business, we've had really outsized performance the first half of the year, the first and the second quarter, and it's also been driven by larger deal sizes, which has the impact of pushing a set of our producers up into higher commission tiers earlier in the year. And that just had a bigger impact on the first and the second quarter than we thought it would because of top line performance. The second element I would say is since the -- a lot -- not all, but a lot of the growth has been driven from the U.S., which is a much more variable compensated environment. It's in overall -- in terms of overall geo mix, it's had a bigger impact than it might normally have in a typical year where we have a bit more balance across our geos. So we do expect that to moderate as we go through the second half of the year. And then in January, we'll reset again. Operator: Your next question comes from the line of Stephen Sheldon with William Blair. Stephen Sheldon: I wanted to circle back to the guidance increase just because it's very, very notable. And it sounds like things are broadly trending better than expected, but would just love to get some more detail on what's giving you the confidence to increase the guidance for adjusted EPS by this much. And specifically, are there kind of 2 to 3 main drivers to call out that, I guess, are boosting your expectations for the year? Kelly Howe: There are a couple of drivers that are driving our confidence such that we are increasing our adjusted EPS. So first is just performance in the first half of the year, which we're very, very pleased with. That would be number one. I think second, when we look at the mix of our business, and particularly the advisory business, we see continued strength as we move through the second half of the year. The pipelines are good. The kind of indicators, broader indicators about business confidence, GDP growth, et cetera, are good, and we're seeing continued momentum around the advisory businesses. And so that is giving us confidence as we go into the second half of the year. When we kind of put I guess, all of that together, the other piece that is really compelling is we're making a lot of progress on, like I said, our earlier -- our platform investments. And so just the amount of operating leverage that we expect to get from that the revenue that we are looking at for the year, we're quite pleased with and has given us confidence to increase those targets for the year. Stephen Sheldon: Makes sense. And then just as a follow-up and maybe for Christian, assuming you're still there, welcome back. It would be great to get an update on the progress towards that One JLL approach. Where are you seeing successes more holistically serving client needs across the different business lines? And I guess, yes, you're starting to see any notable improvements in cross-selling, I guess, as you prioritize it more. Is that becoming a bigger driver of the strong growth that you're delivering? Christian Ulbrich: Well, we are working very hard on that. This is a muscle which you are training. And as you know, when you go into the gym, you don't see the results immediately. You have to go there over a longer period of time. And so I wouldn't put our performance in the second quarter necessarily down that we have already trained that muscle to the extent where we want it to end up. But there is an overall culture within our organization about sharing information and about working together with clients. What we are doing is we are working very hard to support that also from a platform point of view, from a technology point of view to make that very easy for our colleagues to cross-sell to each other, not only within business line and not only within country, but what we are very focused on to do that seamlessly across service lines and across geographies. We just recently had a very nice transaction coming from Asia, sourced in Asia and executed in Europe. And those are the things where we can really differentiate against our clients against our competitors and service our clients well. And so that's where we are working on. I would say the whole Accelerate 2030 strategy, the earliest gain because it is more immediate is clearly the progress which Kelly mentioned on the overall platform efficiency. It's not only AI, it's also general automation where we are making very, very significant progress, which allows us to be so confident about our forward performance. And then the whole topic around data and AI because we were investing, as you know, into that topic for a very long time. And so we are starting from a very strong base. And so the acceleration on these 2 things are already part of our Q2 results and then the piece about cross-selling and this One JLL notion, it is an evolvement. We have some of those deals coming in, but there will be many more to come over the next couple of years. Operator: Your next question comes from the line of Brendan Lynch with Barclays. Brendan Lynch: Can you talk a little bit about the pace of adoption for your software and Tech Solutions and the outlook for these initiatives to accelerate profitability this year? Christian Ulbrich: Well, as you know, we moved our software and technology business into our overall REMS P&L. We promised to The Street that this will be now profitable in '27. It was profitable in the fourth quarter of '26 (sic) [ '25 ]. And we are -- after the 2 quarters, we are well ahead of our own plan. So the move has turned out to be absolutely the right move, a lot of friction points which we had before have disappeared. And so from a profitability point of view, it's going really, really well. And we are also expecting a bit more revenue growth in that whole sector coming into the second half of the year. Brendan Lynch: Great. And then just on global office leasing volume. It's now on pace to come pretty close to the peak in 2019 and also the peak in 2007. So the question is how much runway do you think is left for growth over the next couple of years. Christian Ulbrich: So I will take that question. We have around the world something which is really interested and didn't have a precedent in previous times. We see new rent records for office space in almost every city around the world whenever new product is coming to market. Even in those geographies where the economic environment is weak, we have that situation that we see new record rents. And at the same time, you go half a mile down the road and you have vacant buildings and no one wants to pick up that space. And so this bifurcation between the most successful companies who are working on bringing their people into the best available spaces and those who are not that focused on spaces and the employee experience. This is ongoing. And so overall, I would see that as the ongoing trend of the market. Whether that price ongoing higher absolute volumes. I would say, for the foreseeable future, overall, volumes will continue to grow. But at least for our business, that is not as relevant as that trend of bifurcation because as you know, we are very, very focused on the Grade A space. So that's where we have the majority of our market share. And so for us, this trend is more important compared to whether the overall volume is 2% up or down. Operator: Your next question comes from the line of Tony Paolone with JPMorgan. Anthony Paolone: Some follow-ups here. Just -- you talked about free cash flow running above your target conversion rate. And I guess besides buying back stock, where do you see the biggest opportunities to invest in the business? Or where do you see there may be capabilities you might want to add? Christian Ulbrich: Well, I want to start off with saying that buying back stock is a very important element of our capital allocation because we believe that there's -- this is a great investment to buy our own stock back. But putting that to the side, we still have an ongoing long list, and it will probably never get much shorter of potential investments into our platform. At the moment, we are significantly increasing literally month by month, our investment into our AI tools. And that is something where we see really nice progress on not only the adoption, but also on the value creation around that. But then there's also just very basic. There are always areas in our business where we have geographies, where we, in a certain asset class, would like to add more capacity where we invest into new teams, which is something where some of that money flows into. So the good thing is you're never running short of ideas how you can and where you can invest into the platform to drive value for our shareholders. So on that end, I'm not concerned that we will run short of ideas. Anthony Paolone: Got it. And then I guess on the data center side, can you maybe give us a sense as to where the largest revenue and profit buckets lie today across the business lines. Maybe kind of what the growth rates look like or just again, what kind of capabilities do you see yourselves having the most strength or opportunity to build there? Christian Ulbrich: Yes. I mean, as you know, this is a super dynamic market. At the moment, we had at the end of the quarter, 340 data centers in our facility management and from a gigawatt point of view, because we have contracted now numerous, very large data centers we expect from a just gigawatt perspective, that number to grow by 1/3 within the next 2 quarters because we have already signed those contracts and those data centers will be finished over the next couple of months. So this is ongoing recurring revenue, which as you know, we are very focused on. And so that is, from our point of view, obviously, very good revenue. And that is complemented by revenue on the transactional side on -- with data centers. And that drives, obviously, in that very moment, higher margins and profits, but -- than, once that is booked, then it's over. So kind of -- you kind of said, you always made the distinction what is the more attractive one. Longer term, it's a mix of both things. Our overall mix is 80% recurring and 20% transactional, and that's probably also what we like to see on the data center side. Operator: We have reached the end of the Q&A session. I will now turn the call back to Christian Ulbrich, President and Chief Executive Officer, for the closing remarks. Christian Ulbrich: Thank you, operator. With no further questions, we will close today's call. On behalf of the entire JLL team, we thank you all for joining our call today. We look forward to speaking with you again following the third quarter. Operator: This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in Jones Lang LaSalle, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Jones Lang LaSalle wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,081!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,166,221!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of July 30, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. JLL (JLL) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Jones Lang LaSalle Incorporated JLL reported second-quarter 2026 adjusted earnings per share (EPS) of $5.26, up 59.4% from $3.30 a year ago. The figure surpassed the Zacks Consensus Estimate of $4.41 by 19.27%. Revenues increased 10.8% year over year to $6.93 billion and beat the consensus mark of $6.78 billion by 2.14%. Results benefited from accelerating Leasing Advisory and Capital Markets Services revenues, along with improved platform leverage. Assets under management (AUM) ended the quarter at $86.8 billion compared with $86.9 billion at March 31, 2026. Real Estate Management Services revenues increased 8.5% year over year to $5.37 billion. Workplace Management revenues climbed 10.7% to $3.71 billion, led by mandate expansions and new client wins. Project Management revenues rose 4.3% to $1.01 billion. The increase reflected low-double-digit management fee growth in the Americas, augmented by higher pass-through costs and partly offset by slower growth in certain other geographies. Property Management revenues advanced 3.1% to $468.6 million. Leasing Advisory revenues surged 23.7% year over year to $836.9 million. Growth reflected stronger activity across office, industrial and data center asset classes, with double-digit revenue increases in many geographies. The United States led the improvement, supported by meaningful growth in Japan and the U.K. Office leasing revenues increased 20%, exceeding the 2% rise in global market volumes reported by JLL Research. U.S. office leasing revenues grew 24% compared with a 12% increase in market volumes. Capital Markets Services revenues rose 19.2% year over year to $620.2 million. Investment Sales, Debt/Equity Advisory and Other revenues, excluding net non-cash mortgage servicing rights activity, increased 25.4% to $482.5 million. Debt advisory revenues advanced 44% year over year, while investment sales revenues grew 20% and equity advisory revenues increased 53%. Growth was broad-based across most geographies and was led by the United States, Japan and Australia. This strength significantly outpaced softness in investment sales in parts of Europe, where transaction timelines elongated. U.S. investment sales revenue growth of more than 53% outpaced the broader market, which grew 22% over the same period, according to JLL Research. Revenues in the Investment Management segment decreased nearly 1% year over year to $102.4 million. Advisory fees grew modestly, reflecting capital raise activity over the trailing 12 months, most notably in North America. Cash and cash equivalents totaled $458.2 million as of June 30, 2026, up from $436.2 million at the end of the first quarter. Net debt declined sequentially to $1.19 billion from $1.49 billion, while the net leverage ratio improved to 0.7 times from 1.0 times. Corporate liquidity was $3.41 billion. JLL repurchased $110 million of shares during the quarter, bringing first-half repurchases to $410 million. The company had $2.6 billion remaining under its share-repurchase authorization at quarter-end. Management raised its 2026 adjusted EPS outlook to $24.60-$25.90 from the prior range of $21.80-$23.50. The revised guidance reflects 34% year over year growth at the midpoint. The Zacks Consensus Estimate of $22.86 is below the guided range. JLL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Jones Lang LaSalle Incorporated price-consensus-eps-surprise-chart | Jones Lang LaSalle Incorporated Quote CBRE Group, Inc. CBRE reported second-quarter 2026 core earnings of $1.56 per share, beating the Zacks Consensus Estimate of $1.47. The figure increased 30% from $1.20 in the year-ago quarter. Revenues rose 15.5% year over year to $11.23 billion and surpassed the consensus mark of $11.17 billion. Strong leasing, property sales, critical infrastructure and project-management activity drove growth. CBRE currently carries a Zacks Rank #3. It’s time to look forward to another stock from the real estate operation industry, namely Cushman & Wakefield CWK. The company is slated to report quarterly numbers on Aug. 5. The Zacks Consensus Estimate for Cushman & Wakefield’s second-quarter 2026 EPS stands at 36 cents, which suggests an increase of 20% on a year-over-year basis. CWK currently carries a Zacks Rank #2 (Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Jones Lang LaSalle Incorporated (JLL) : Free Stock Analysis Report CBRE Group, Inc. (CBRE) : Free Stock Analysis Report Cushman & Wakefield PLC (CWK) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Jones Lang LaSalle Incorporated? Here are five stocks we like better. JLL reported strong Q2 2026 results: Revenue increased 11% in U.S. dollars, adjusted EBITDA rose 33%, and adjusted EPS climbed 61%, driven largely by organic growth in advisory businesses and recurring services. Advisory led operational momentum: Advisory revenue grew 21%, including gains of 24% in leasing, 44% in debt advisory, 20% in investment sales and 53% in equity advisory, with the U.S. a key growth market. JLL raised its full-year outlook: The company increased its 2026 adjusted EPS target to $24.60–$25.90, while free cash flow rose 52% to $438 million and the company continued share buybacks, repurchasing $110 million during the quarter. Top 5 Stocks to Watch for AI-Driven Gains That Aren’t NVIDIA Jones Lang LaSalle (NYSE:JLL) reported second-quarter 2026 revenue growth of 11% in U.S. dollars and 10% in local currency, supported by broad strength in its advisory operations and continued growth in recurring-service businesses. Adjusted EBITDA rose 33% and adjusted earnings per share increased 61%, according to Chief Executive Officer Christian Ulbrich. Ulbrich said the quarter provided evidence of progress under the company’s Accelerate 2030 strategy, which emphasizes integrated client services, data and artificial intelligence investments, scalable operations and disciplined capital allocation. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Renewed Analyst Sentiment for CBRE Group Stock: Buy the Dip? “We grew revenue by double digits [and] profit gains accelerated,” Ulbrich said. He said resilient business lines, which include recurring services and represent nearly 80% of company revenue, are positioned for consistent growth and margin expansion through multiyear client relationships and outsourcing demand. Chief Financial Officer Kelly Howe said the company’s revenue gains were almost entirely organic and led by advisory businesses, particularly in the United States. Advisory revenue growth accelerated to 21% during the quarter, Ulbrich said, while profits grew faster than revenue as operating leverage increased. → Microsoft Just Flipped the AI Spending Narrative Overnight In leasing advisory, revenue rose 24% in local currency, producing 28% growth on a two-year stacked basis. Howe said office, industrial and data-center activity all accelerated, while larger transaction sizes complemented healthy global deal-volume growth. Global office leasing revenue increased 20%, compared with a 2% increase in market volume, she said. JLL said technology-sector demand, including demand from artificial intelligence companies, contributed to leasing momentum. Howe cited improving net absorption across major markets and near-record-low new supply as favorable conditions for occupier demand. → Carrier Earnings Could Send the Stock to a New All-Time High The company is targeting mid- to high-teen leasing advisory revenue growth for the full year, though Howe noted JLL will begin to face higher comparison periods in the fourth quarter. She also said commission expenses increased as producers reached higher compensation tiers earlier in the year, particularly because of strong U.S. performance and larger deal sizes. JLL expects that headwind to moderate in the second half before compensation tiers reset in January. Capital market services also recorded strong results. Debt advisory revenue grew 44%, investment sales revenue increased 20%, and equity advisory revenue rose 53%. U.S. investment sales revenue climbed 53%, which Howe said was nearly twice the broader market’s growth rate. Growth was led by the U.S., Japan and Australia, while parts of Europe experienced longer investment-sales timelines. Howe said rising bid activity and liquid credit markets supported the segment, and the company’s pipeline and conversion rates remained strong, especially in the U.S. JLL is targeting mid-teen capital market services revenue growth for the full year. Within real estate management services, JLL said workplace management continued to benefit from mandate expansions and new client wins, with strong contract renewal rates and pipelines. Project management revenue increased 3% in the quarter and 25% on a two-year stacked basis, aided by double-digit management-fee growth in the Americas and data-center momentum. Property management’s core growth and new wins continued to be offset by previously disclosed strategic contract exits. Howe said the associated headwind should largely dissipate over coming quarters. The company reaffirmed its full-year target for mid- to high-single-digit revenue growth in real estate management services, with the second half weighted toward the fourth quarter. In investment management, advisory-fee growth tied to deployment of $3.7 billion of capital raised during the past year was mostly offset by expected declines related largely to dispositions in Asia-Pacific. JLL continues to target low-single-digit advisory-fee growth for the full year and expects incentive and transaction fees toward the lower end of its historical range, weighted to the fourth quarter. Free cash flow totaled $438 million, up 52% from a year earlier, primarily due to higher cash earnings. Reported net leverage improved to 0.7 times, while corporate liquidity stood at $3.4 billion. JLL repurchased $110 million of shares during the quarter, bringing first-half repurchases to $410 million. The buybacks reduced the share count by nearly 3% from a year earlier. Howe said the company has $2.6 billion remaining under its repurchase authorization and intends to remain active, with the annual pace dependent on operating conditions, leverage, valuation and alternative investment opportunities, including mergers and acquisitions. Ulbrich said JLL remains disciplined on acquisitions and would pursue transactions only when they meet its return requirements. He cited the company’s 2024 acquisitions of SKAE and Raise, saying both had exceeded JLL’s internal plans. Based on first-half performance, pipeline strength and expected operating leverage from platform investments, JLL raised its full-year 2026 adjusted EPS target to a range of $24.60 to $25.90. The midpoint represents 34% growth, Howe said. Management said global activity remains uneven. Ulbrich pointed to the effects of conflicts in Ukraine and the Middle East on investor sentiment in Europe and parts of Asia, while Howe said JLL was not seeing material direct effects on its business. The company expects the U.S. to remain a leading source of growth as capital deployment, active credit markets and demand for core real estate services continue. Jones Lang LaSalle Incorporated (NYSE: JLL) is a leading professional services firm specializing in real estate and investment management. The company provides a broad range of services including leasing, advisory, property and asset management, capital markets, project and development services, and valuation. Through its integrated platform, JLL serves corporate occupiers, institutional investors, real estate owners and developers, offering tailored solutions that span the entire real estate lifecycle. Founded in 1783 in London as Jones Lang Wootton, the firm established a reputation for expertise in property management and brokerage. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Jones Lang LaSalle Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Revenue grew by double digits, with adjusted EBITDA up 33% and adjusted EPS up 61%. Resilient business lines (nearly 80% of revenue) showed consistent growth, with real estate management services up 8%. Advisory revenue growth accelerated to 21%, driven by broad-based pickup in the US. Free cash flow increased 52% to $438 million, providing flexibility for capital allocation. Strong share repurchase activity, with $410 million in first-half buybacks, reducing share count by nearly 3%. Property management growth was offset by strategic contract exits, expected to persist near-term. Commission tier headwinds from higher deal sizes and US mix impacted margins in leasing and capital markets. Capital markets in Europe experienced elongated investment sales timelines due to geopolitical conflicts. Investment management advisory fee growth was mostly offset by declines from Asia Pacific dispositions. Full-year revenue growth targets for leasing and capital markets are mindful of strong prior-year comparables in the second half. Here are the key highlights from the Jones Lang LaSalle Inc (NYSE:JLL) Q2 2026 earnings call. Warning! GuruFocus has detected 6 Warning Sign with JLL. Is JLL fairly valued? Test your thesis with our free DCF calculator. Q: What drove the significant increase in full-year 2026 adjusted EPS guidance to a range of $24.60 to $25.90? A: **Kelly Howe, CFO** - The confidence to raise guidance is driven by three main factors. First, the strong performance in the first half of the year. Second, the continued strength and momentum in our advisory businesses, supported by good pipelines and positive broader economic indicators. Third, we are seeing significant progress on our platform investments, which is generating a higher amount of operating leverage from our expected revenue. Q: Can you provide more detail on the drivers of the strong margin expansion, specifically what is company-specific versus market-driven? A: **Kelly Howe, CFO** - While the mix of higher transactional revenue certainly drove margin expansion, a key company-specific driver is the operating leverage from our platform investments. We are seeing meaningful improvement in our fixed cost base relative to fee revenue and have more runway to continue this trend. This is a direct result of our strategic focus on building a more efficient and scalable platform. Q: JLL significantly outpaced the broader market in US investment sales. What are the drivers of this durable share gain? A: **Christian Ulbricht, CEO** - A key driver is the productivity of our existing brokers. We have grown our capital markets revenue significantly over the last two years without adding any additional brokers. Our technology platform is enabling our teams to be much more productive. **Kelly Howe, CFO** - Additionally, clients are increasingly seeking full-service providers with a range of capabilities, which is a core strength for JLL. We also track our lead flow carefully and see a clear connection between our investments in data and AI and our ability to close deals. Q: What impact do you see from the shifting interest rate outlook on capital markets pipelines? A: **Kelly Howe, CFO** - The most important factor for our business is the *stability* of rates, not necessarily the direction. We can withstand minor fluctuations. We don't expect a meaningful impact on our transaction business for the remainder of the year, especially given the significant amount of pent-up demand and the current high liquidity in the debt markets. Q: How is the progress on the "One JLL" approach and cross-selling across business lines? A: **Christian Ulbricht, CEO** - This is a muscle we are training, and it takes time. We are working hard to make cross-selling seamless across service lines and geographies through our technology platform. While the earliest gains from our Accelerate 2030 strategy are coming from platform efficiency and AI, we are seeing early wins, such as a recent transaction sourced in Asia and executed in Europe. We expect this to be a much larger driver of growth over the next few years. Q: What is the outlook for the pace of adoption of your software and tech solutions and their impact on profitability? A: **Christian Ulbricht, CEO** - The decision to move our software and technology business into our overall Real Estate Management Services (REMS) P&L has been the right move. We are well ahead of our own plan and on track to be profitable in 2027. We are also expecting a bit more revenue growth in this sector in the second half of the year. Q: How much runway is left for growth in global office leasing, given volumes are approaching previous peaks? A: **Christian Ulbricht, CEO** - The key trend is the bifurcation of the market. We are seeing new rent records for prime office space in almost every city, while older buildings sit vacant. This "flight to quality" is more important for our business than overall market volume, as our market share is heavily concentrated in Grade A space. We see this trend continuing for the foreseeable future. Q: What is the biggest hesitation for JLL in pursuing M&A? A: **Christian Ulbricht, CEO** - Nothing has changed in our approach. We are very disciplined and rigorous in our underwriting. We will not do a deal that does not drive value for our shareholders. We are constantly looking at opportunities, and at some point, we will find targets that pass our high bar, similar to the successful SCAY and RAISE acquisitions. Q: When do you expect Europe and Asia to return to a more normalized level of capital markets activity? A: **Christian Ulbricht, CEO** - The current volatility in these regions is highly correlated with the ongoing geopolitical conflicts. The wars in Ukraine and the Middle East have a significant psychological impact on investors in Europe. In Asia, countries like India are also impacted. If these conflicts were to disappear, we would see a significant recovery in both markets, as there is clearly a lot of pent-up interest on the sidelines. Q: Where do you see the largest revenue and profit opportunities in the data center business? A: **Christian Ulbricht, CEO** - We have a mix of both recurring and transactional revenue. We currently manage 340 data centers in our facility management, and we expect that number to grow by a third in the next two quarters from already-signed contracts. This recurring revenue is very valuable. This is complemented by transactional revenue from data center deals. Our overall business mix is 80% recurring and 20% transactional, which is the ideal mix we aim for in the data center space as well. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was underpinned by the 'One JLL' approach, which integrates intelligence across the real estate life cycle to deepen enterprise relationships and capture complex mandates. Resilient business lines, representing nearly 80% of revenue, benefited from long-term secular tailwinds as occupiers increasingly outsource real estate operations to achieve scale and efficiency. Advisory revenue growth of 21% was driven by a broad-based pickup in U.S. activity, particularly within the technology sector and AI-related companies. Management attributes market share gains to multi-year investments in data and AI, which have increased broker productivity and allowed for higher transaction volumes without adding headcount. A significant bifurcation in the office market persists, where record rents for Grade A spaces coexist with high vacancy in legacy buildings, favoring JLL's focus on premium assets. The Workplace Management segment continues to see a vast runway for growth, as the majority of corporate real estate globally remains managed in-house today. Full-year 2026 adjusted EPS guidance was raised to $24.60–$25.90, reflecting 34% growth at the midpoint based on strong first-half momentum and healthy pipelines. Leasing is targeted for mid-to-high teens revenue growth, while Capital Market Services is targeted for mid-teens revenue growth for the full year., though management cautioned that year-over-year comparisons will become more difficult in the fourth quarter. The interest rate outlook assumes that rate stability is more critical for transaction activity than the absolute level of rates, with no meaningful impact expected from current fluctuations. Free cash flow conversion is trending comfortably above the long-term average of 80%, providing flexibility for share repurchases and disciplined M&A targeting value-accretive opportunities. Strategic contract exits in Property Management that acted as a growth headwind are expected to largely dissipate over the coming quarters. Geopolitical conflicts in the Middle East and Ukraine are causing psychological caution and elongated investment sales timelines in Europe and parts of Asia, despite healthy pipelines. Higher commission expenses occurred earlier than anticipated due to producers hitting higher tiers sooner, though this headwind is expected to moderate as the year progresses. The JLL Technologies segment achieved profitability ahead of the original 2027 target following its integration into the Real Estate Management Services (REMS) P&L. Data center management capacity is expected to grow by one-third in terms of gigawatts over the next two quarters based on already signed contracts for facilities nearing completion. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed that margin expansion is driven by both business mix and a focused effort to improve the fixed cost base against fee revenue. Further runway for operating leverage exists as the company continues to automate the platform and scale its AI tools. While global capital raising has been slow, management noted significant 'dry powder' and pent-up demand for portfolio repositioning. The debt advisory business has remained strong as a hedge, performing well even when investment sales transactions are delayed. Management stated they have not observed a trend toward unbundling; rather, clients are seeking more integrated, holistic providers to manage complex global portfolios. The 'One JLL' strategy is specifically designed to counter unbundling by offering a seamless cross-service line experience. The bar for M&A remains high, with management prioritizing internal platform investments and share repurchases over dilutive acquisitions. Current investment focus is heavily weighted toward monthly increases in AI tool development and adding capacity in specific high-growth geographies.

Jones Lang LaSalle (JLL) came out with quarterly earnings of $5.26 per share, beating the Zacks Consensus Estimate of $4.41 per share. This compares to earnings of $3.3 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +19.27%. A quarter ago, it was expected that this financial and professional services company would post earnings of $2.88 per share when it actually produced earnings of $3.43, delivering a surprise of +19.1%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Jones Lang LaSalle, which belongs to the Zacks Real Estate - Operations industry, posted revenues of $6.93 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.14%. This compares to year-ago revenues of $6.25 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Jones Lang LaSalle shares have added about 1.1% since the beginning of the year versus the S&P 500's gain of 6.9%. While Jones Lang LaSalle has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Jones Lang LaSalle was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $5.52 on $7.07 billion in revenues for the coming quarter and $22.86 on $28.57 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Real Estate - Operations is currently in the top 34% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Sunrise Realty Trust, Inc. (SUNS), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This company is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of -3.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Sunrise Realty Trust, Inc.'s revenues are expected to be $6.09 million, up 7.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Jones Lang LaSalle Incorporated (JLL) : Free Stock Analysis Report Sunrise Realty Trust, Inc. (SUNS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

JLL achieved a record second-quarter diluted earnings per share of $4.59, up 100% versus the prior-year quarter (in local currency1) CHICAGO, July 30, 2026 /PRNewswire/ -- Jones Lang LaSalle Incorporated (NYSE: JLL) today reported strong operating performance for the second quarter of 2026. Diluted earnings per share was $4.59, up 98% in USD and 100% in local currency (LC), and adjusted diluted earnings per share1 was $5.26, up 59% in USD and 61% in LC. Net income attributable to common shareholders grew 92% in USD and 94% in LC while Adjusted EBITDA increased 32% in USD and 33% in LC to $386.3 million. Revenue was $6.9 billion, up 11% in USD (10% in LC1), with Advisory4 revenues up 21% in LC and Resilient4 revenues up 8% in LC Accelerated profit growth and margin expansion driven by higher revenues and incremental platform leverage Share repurchases were $110 million this quarter, bringing the total in the first half of 2026 to $410 million Second-quarter cash inflow from operating activities increased to $488.1 million, up $155.3 million (47%) from the prior-year quarter "JLL's record second-quarter performance is the product of our compelling value proposition and growing demand for our core services. Continued acceleration in Advisory revenues and disciplined execution across JLL drove robust profit growth, margin expansion and cash flow generation," said Christian Ulbrich, JLL CEO. "We continue to deliver superior client outcomes with a One JLL approach. Given our year-to-date performance and strong underlying business momentum, we are raising our full-year Adjusted EPS target range, reflecting 34% year-over-year growth at the mid-point." Consolidated Second-Quarter 2026 Performance Highlights: Revenue Revenue increased 10% compared with the prior-year quarter. Collectively, Advisory revenue growth accelerated to 21% and was led by Leasing Advisory, up 24%, and Investment Sales, Debt/Equity Advisory and Other, within Capital Markets Services, up 25% (excluding the impact of non-cash MSR and mortgage banking derivative activity). The aggregate 8% increase in Resilient revenues was highlighted by Workplace Management, within Real Estate Management Services, up 10%. Refer 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 Advisory, Resilient and total revenue. Refer to Footnote 4 for the definitions of Resilient and Advisory revenues. Profitability For the quarter, higher Adjusted EBITDA and margin were primarily driven by Capital Markets Services and Leasing Advisory, reflecting strong revenue growth and enhanced platform leverage. In addition, profit and margin growth included the absence of $14 million of loan loss expense recognized in the prior-year quarter associated with an enhanced loss-share agreement with Fannie Mae for a specific three-loan portfolio. For the second quarter, the following items were the most meaningful year-over-year differences between net income attributable to common shareholders and related non-GAAP profit measures1: Equity earnings - Investment Management and Proptech Investments: Aggregate equity losses of $3.0 million this quarter changed notably from the aggregate losses of $27.0 million in the prior-year quarter. Amortization of acquisition-related intangibles: Amortization associated with acquisition-related intangibles decreased from $16.0 million in the prior-year quarter to $5.5 million this quarter. The decline is associated with intangibles that fully amortized in the second half of 2025. As indicated in Note 7, Proptech Investments are presented outside of our reporting segments in "All Other" and not included within segment Adjusted EBITDA. Therefore, the aggregation of segment Adjusted EBITDA does not sum to consolidated totals. Cash Flows and Capital Allocation: The year-over-year improvement in operating cash flows was primarily attributable to higher cash provided by earnings. Free Cash Flow reflected the improvement in operating cash flows as well as higher capital expenditures, primarily associated with technology infrastructure and investments in workspace optimization. During the second quarter, we completed the $200 million Accelerated Share Repurchase ("ASR") program we initiated in March 2026, resulting in the receipt of approximately 51,200 additional shares (bringing the total shares repurchased under the ASR to 638,400). Total share repurchases, inclusive of the ASR, are presented below. As of June 30, 2026, $2.6 billion remained authorized for repurchase. Net Debt, Leverage and Liquidity6: The lower Net Debt, compared with March 31, 2026, was primarily attributable to positive free cash flow for the second quarter. The Net Debt reduction from June 30, 2025, reflected improved free cash flow over the trailing twelve months ended June 30, 2026, compared with the trailing twelve months ended June 30, 2025. In addition to the Corporate Liquidity detailed above, we maintain a commercial paper program (the "Program") with $2.5 billion authorized for issuance. As of June 30, 2026, there was $420.0 million outstanding under the Program. Real Estate Management Services Second-Quarter 2026 Performance Highlights: Compared with the prior-year quarter, Real Estate Management Services achieved revenue growth across all business lines. Continued strong performance in Workplace Management highlighted the top-line increase, led by mandate expansions and complemented with new wins. Project Management revenue growth followed a strong increase in the prior-year quarter (up 22%) and reflected a low double-digit management fee increase in the Americas, augmented by higher pass-through costs due to contract mix, which outpaced slower growth in certain other geographies. Higher Adjusted EBITDA and margin were primarily attributable to the revenue growth described above and incremental platform leverage. Leasing Advisory Second-Quarter 2026 Performance Highlights: Compared with the prior-year quarter, higher Leasing Advisory revenue was driven by accelerated momentum in the office, industrial and data center asset classes. Many geographies achieved double-digit revenue increases, highlighted by the U.S. with meaningful growth from Japan and the UK. Broad-based asset class growth across the U.S. was primarily driven by office and industrial - as a significant uptick in average deal size was complemented by higher volume. Office leasing revenue growth outperformed global office volumes (up 20% compared with market volumes up 2% according to JLL Research), highlighted by U.S. revenue outperformance (up 24% compared with market volumes up 12% according to JLL Research). The increase in Segment platform operating expenses was primarily attributable to higher commission expense, driven by the revenue growth. Consistent with the first quarter, larger average deal size drove a higher average commission rate as higher tiers were achieved earlier this year. Adjusted EBITDA and margin expansion were driven by revenue growth, net of higher commission expense, coupled with incremental platform leverage. Capital Markets Services Second-Quarter 2026 Performance Highlights: Capital Markets Services achieved top-line growth across all sectors, led by debt advisory and investment sales along with robust equity advisory activity. Debt advisory and investment sales grew 44% (71% on a two-year stacked basis) and 20% (30% on a two-year stacked basis), respectively, while equity advisory was up 53% compared with the prior-year quarter (100% on a two-year stacked basis). The increase in segment revenue was broad-based across most geographies and was led by the U.S., Japan and Australia, which significantly outpaced softness in investment sales in parts of Europe as deal timelines elongated. Specific for the U.S., investment sales revenue growth of over 53% outpaced the broader market, which grew 22% over the same period according to JLL Research. Higher segment platform operating expenses was substantially driven by increased commission expense, correlated with the strong revenue growth. The higher average commission rate, versus the comparative period, reflected both the earlier achievement of higher commission tiers and the geographic mix of revenue. In addition, the company recognized $14 million of incremental expense in the prior-year quarter associated with a specific three-loan portfolio, as noted in the consolidated performance highlights. Higher Adjusted EBITDA and margin expansion for the quarter were attributable to strong revenue growth, net of higher commission expense, the favorable year-over-year change in loan-related expenses, and platform leverage. Investment Management Second-Quarter 2026 Performance Highlights: Investment Management revenue was largely consistent with the prior-year quarter. Advisory fees reflected growth associated with continued capital raise momentum over the trailing twelve months, most notably in North America, offset by anticipated lower fees from funds in Asia Pacific, as discussed in the first quarter. Assets under management (AUM)3 was flat in USD and in local currency during the quarter, and increased 2% in USD and 1% in local currency over the trailing twelve months. Changes in AUM3 are detailed in the tables below (in billions): About JLL JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of nearly 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com. Connect with us https://www.linkedin.com/company/jllhttps://www.facebook.com/jllhttps://x.com/jll 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. JONES LANG LASALLE INCORPORATED Financial Statement Notes 1. 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) Adjusted EBITDA attributable to common shareholders ("Adjusted EBITDA"), (ii) Adjusted net income attributable to common shareholders and Adjusted diluted earnings per share, (iii) Free Cash Flow (refer to Note 6), (iv) Net Debt (refer to Note 6) and (v) 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 U.S. generally accepted accounting principles ("GAAP"). Any measure that eliminates components of a company's capital structure, cost of operations or investments, or other results has limitations as a performance measure. In light of these limitations, management also considers GAAP financial measures and does not rely solely on non-GAAP financial measures. Because the company's non-GAAP financial measures are not calculated in accordance with GAAP, they may not be comparable to similarly titled measures used by other companies. 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 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 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. In 2026, the $0.6 million net gain included a $1.0 million gain related to a business disposition within Real Estate Management Services, partially offset by a $0.4 million loss related to a disposition within Capital Markets Services, both during the second quarter. 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 Proptech Investments) 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‑cash in nature and not indicative of core operating performance. Note: Equity earnings/losses for segments other than Investment Management 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 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 Proptech 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. 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 U.S. dollars using the foreign currency exchange rates from the comparative period. Management believes this methodology provides a framework for assessing performance and operations excluding the effect of foreign currency fluctuations. The following table reflects the reconciliation to local currency amounts for consolidated (i) Revenue, (ii) Operating income and (iii) Adjusted EBITDA. 2. n.m.: "not meaningful," typically represented by a percentage change of greater than 1,000%, favorable or unfavorable. 3. Assets under management data is primarily reported on a one-quarter lag. In addition, Investment Management raised $1.6 billion in total capital for the quarter ended June 30, 2026. 4. The company defines "Resilient" revenue as (i) Workplace Management, Project Management, Property Management, and Software and Technology Solutions, within Real Estate Management Services, (ii) Value and Risk Advisory, and Loan Servicing, within Capital Markets Services and (iii) Advisory fees, within Investment Management. The company defines "Advisory" revenue (previously referred to as "Transactional") as (i) Portfolio Services and Other, within Real Estate Management Services, (ii) Leasing Advisory, (iii) Investment Sales, Debt/Equity Advisory and Other, within Capital Markets Services and (iv) Incentive and transaction fees, within Investment Management. 5. 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. 6. "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. "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. 7. Our investments (inclusive of convertible notes receivable) in proptech funds and early to mid-stage proptech companies ("Proptech Investments") do not constitute an operating or reporting segment but are included in our consolidated results. As a result of this "All Other" presentation, tables and graphics presenting segment-level measures may not sum to consolidated totals. Appendix: Additional Segment Detail Appendix: Additional Segment Detail (continued) View original content to download multimedia:https://www.prnewswire.com/news-releases/jll-reports-financial-results-for-second-quarter-2026-302838511.html

CBRE Group, Inc. CBRE reported second-quarter 2026 core earnings of $1.56 per share, beating the Zacks Consensus Estimate of $1.47. The figure increased 30% from $1.20 in the year-ago quarter. Revenues rose 15.5% year over year to $11.23 billion and surpassed the consensus mark of $11.17 billion. Strong leasing, property sales, critical infrastructure and project-management activity drove growth. In response to the above results, CBRE shares were trading close to 3% higher in the early hours of today’s market session. Advisory Services revenues increased 17.7% year over year to $2.31 billion. Segment operating profit climbed 29.4% to $449 million, outpacing revenue growth and reflecting solid operating leverage. Global leasing revenues advanced 24%, with the United States also up 24% on strength in office and industrial activity. EMEA leasing grew 27%, while Asia-Pacific rose 19%. Global property sales revenues increased 20%, and commercial mortgage origination revenues improved 8%. Building Operations & Experience (“BOE”) revenues grew 14.6% to $6.69 billion. BOE’s operating profit increased 25.5% to $335 million, aided by business expansion and the reclassification of certain amortization costs associated with vehicle finance leases. Critical infrastructure services revenues surged 68%, driven by Data Center Solutions and contributions from Pearce Services, which CBRE acquired in November 2025. Facilities management revenues rose 11%, led by local facilities management and growth from technology, media and telecommunications clients. Project Management revenues increased 19.1% year over year to $2.05 billion. Pass-through costs rose 22.2% to $1.08 billion, reflecting the subcontracted work performed for clients and reimbursed by them. Segment operating profit advanced 27.8% to $147 million. Infrastructure activity remained strong across transportation and utility projects in the U.K., Europe and the Middle East. Real estate project growth was led by North America and Asia, with notable demand from hyperscaler and technology clients. Real Estate Investments revenues declined 10.2% to $193 million, mainly reflecting a 37% decrease in development revenues to $44 million. However, segment operating profit increased 68% to $42 million. Development operating profit rose to $9 million from $3 million, while investment management operating profit edged up to $32 million from $31 million. The development portfolio of in-process projects and pipeline remained at $29.6 billion. Assets under management were approximately $155 billion at quarter-end. CBRE generated nearly $1.7 billion of free cash flow during the trailing 12 months, representing a 76% conversion rate. Management expects full-year conversion to be near the high end of its 75%-85% target range. The company repurchased nearly $1 billion of shares from the beginning of 2026 through July 27. It made no material acquisitions during the second quarter, directing capital toward buybacks while maintaining liquidity for strategic investments. Balance sheet metrics remained conservative. Net leverage was 1.6X as of June 30, 2026. Total liquidity stood at approximately $4.39 billion at quarter-end, comprising $1.49 billion of cash and $2.90 billion available under revolving credit facilities. Management expects year-end leverage to be around the midpoint of its target range. Management raised its full-year 2026 core earnings guidance to $7.80-$7.90 per share from $7.60-$7.80. The midpoint implies 23% year-over-year growth, supported by the second-quarter outperformance, stronger expected Advisory growth and higher development profits. CBRE expects approximately 20% segment operating profit growth in Advisory Services and about 25% growth in Building Operations & Experience. Project Management profit is projected to grow in the mid-teens, while Real Estate Investments profit is expected to exceed the prior-year level, led by development gains. Currently, CBRE Group carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. CBRE Group, Inc. price-consensus-eps-surprise-chart | CBRE Group, Inc. Quote It’s time to look forward to two stocks from the real estate operations industry, Jones Lang LaSalle JLL and Cushman & Wakefield CWK. Jones Lang and Cushman & Wakefield are slated to report quarterly numbers on July 30 and Aug. 5, respectively. The Zacks Consensus Estimate for Jones Lang LaSalle’s second-quarter 2026 EPS is pegged at $4.41, which implies a 33.6% increase year over year. JLL currently carries a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for Cushman & Wakefield’s second-quarter 2026 EPS stands at 36 cents, which suggests a jump of 20% on a year-over-year basis. CWK currently carries a Zacks Rank #2. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CBRE Group, Inc. (CBRE) : Free Stock Analysis Report Jones Lang LaSalle Incorporated (JLL) : Free Stock Analysis Report Cushman & Wakefield PLC (CWK) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research