JLL reported strong Q1 2026 results with revenue up 11%, adjusted EBITDA up 24%, and adjusted EPS up 56%, driven by broad-based growth in leasing advisory (up 29%) and capital markets, with investment sales revenue up 27%, debt advisory up 30%, and equity advisory up 75%.
For full year 2026, JLL is targeting an adjusted EPS range of $21.80 to $23.50, reflecting approximately 20% growth at the midpoint, with segment-level targets of mid-to-high single digit growth in real estate management services, high single digit growth in leasing advisory, and low double digit growth in capital markets services.
JLL repurchased $300 million in shares during Q1 at an average price of approximately $301, including a $200 million accelerated share repurchase plan, with $2.7 billion remaining under its expanded $3 billion authorization. The company intends to remain programmatically active on repurchases.
JLL announced a €100 million incremental investment in LaSalle's Encore Plus European fund, its second such co-investment after a $100 million investment in JLL Income Property Trust last year, with management stating returns are well above those expected from share repurchases.
Management noted the ongoing Middle East conflict poses a limited but monitored macro risk, with potential headwinds expected to materialize more in the second half of the year if the conflict persists, particularly in energy-dependent regions like Europe and India, while the U.S. business has seen minimal impact to date.