JLL reported second-quarter 2026 revenue of $6.9 billion, up 11% from a year earlier and ahead of Wall Street estimates, as a rebound in office leasing and accelerating capital markets activity drove the commercial real estate services giant’s best quarterly performance on record.
The Chicago-based firm, one of the largest commercial real estate services companies in the world, said diluted earnings per share more than doubled to $4.59, while adjusted diluted EPS climbed 59% to $5.26. Adjusted EBITDA rose 32% to $386.3 million. The results, disclosed in a filing with the Securities and Exchange Commission and detailed in a press release distributed via PR Newswire, mark a sharp acceleration from the more modest single-digit growth JLL and its peers posted through much of the post-pandemic office downturn.
“JLL’s record second-quarter performance is the product of our compelling value proposition and growing demand for our core services,” CEO Christian Ulbrich said in the release. “Continued acceleration in Advisory revenues and disciplined execution across JLL drove robust profit growth, margin expansion and cash flow generation. We continue to deliver superior client outcomes with a One JLL approach.”
Advisory business leads the beat
The growth was concentrated in JLL’s Advisory segment, which includes leasing and capital markets work and rose 21% in local currency. Leasing Advisory revenue reached $836.9 million, up 24%, with adjusted segment EBITDA jumping 39% to $166.6 million. JLL said the leasing gains were driven by “increased momentum in office, industrial and data centers globally, most notably in the U.S.,” where the company’s office leasing volume grew 24% versus a broader market increase of roughly 12%, according to the earnings release.
Capital Markets Services, which covers investment sales, debt placement and equity advisory, posted revenue of $620.2 million, up 19%, with adjusted EBITDA surging 74% to $95.2 million β a sign that dealmaking activity that stalled during the higher-rate environment of recent years is picking back up.
JLL’s larger but slower-growing Real Estate Management Services segment, which includes property and workplace management, generated $5.4 billion in revenue, up 8%, with adjusted EBITDA up 11% to $107.4 million. Within that segment, Workplace Management revenue grew 10%, which JLL attributed to expanded client mandates and new business wins.
The company also stepped up capital returns, repurchasing $110 million of stock in the quarter, bringing first-half 2026 buybacks to $410 million. Cash flow from operations rose 47% year-over-year to $488.1 million.
Guidance raised
JLL said it is raising its full-year 2026 adjusted EPS target range, which it said now reflects 34% year-over-year growth at the midpoint β a notable upward revision from prior guidance, though the company’s release did not spell out the specific dollar range in the sections made public. The move signals management’s confidence that the leasing and capital markets rebound will extend through the back half of the year rather than prove a one-quarter blip.
The results echo a broader pattern across large commercial real estate services firms this earnings season. Rival Newmark posted record second-quarter revenue on gains across every business line, while data center landlord Digital Realty Trust reported strong Q2 2026 results tied to AI-driven demand β a trend JLL’s own leasing figures also touched on. Separately, large banks have been returning to commercial real estate lending in the second quarter, a shift that dovetails with JLL’s jump in capital markets revenue.
What it means
The revenue, EPS and segment figures above come directly from JLL’s SEC filing and matching press release β these are verified facts, not estimates. That JLL is benefiting from a genuine leasing and capital markets recovery, rather than one-time items, is the company’s own interpretation, delivered through Ulbrich’s prepared remarks; RealtyWire has not independently verified the durability of that trend. It is worth noting the capital markets EBITDA jump of 74% came off a smaller base than the leasing business, so the percentage gain is more sensitive to the prior-year comparison than the larger property management segment’s steadier 11% growth.
The broader signal for the sector is that large, diversified commercial real estate service providers are seeing tangible order flow return after several years of a slow office market and higher borrowing costs. Whether that continues will show up in JLL’s actual full-year numbers, not just its guidance language.
What to watch
Investors and industry observers will be watching whether JLL discloses the precise updated EPS guidance range in subsequent investor materials, whether leasing momentum holds through the third quarter, and whether capital markets activity β investment sales and debt placement β continues to build as more owners test the sales market. JLL’s next scheduled disclosure will be its third-quarter 2026 results. More detail on the company’s plans and full financial statements are available in its commercial real estate coverage.
