JLL NYSE Russell 1000 Earnings call
Jones Lang LaSalle (JLL) · Q2 2026 results and valuation
Share price: $372.14 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026
Net income up 34.4% on the previous quarter. Management sounded very upbeat, though noticeably less so answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+34.4%
Net income vs Q1 2026
Net income 214.3M vs 159.4M
Revenue +8.5%
Against the same quarter last year (Q2 2025) it is +93.9%, so it is not just seasonal.
2 · How management spoke
Very upbeat
Among the most upbeat of all company calls
Answers to analysts: typical, but clearly less so than the script.
Similar to last call.
3 · What stood out
JLL's advisory revenue growth accelerated to 21% this quarter, with profit growing even faster.
Valuation
Is Jones Lang LaSalle undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 7.8% growth a year (3-year revenue growth), the model's fair value is $431.35 a share — the stock trades 14% below it. Today's price assumes 5.7% growth a year.
Current price
$372.14
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+5.7% for 10 yrs
Fair value / share
$431.35
Buy below
$323.51
Price vs fair value
Undervalued 14%
Price vs buy-below price
Overvalued 15%
Read between the lines
-
Figure
JLL grew revenue by double digits and accelerated profit gains with adjusted EBITDA up 33% and adjusted earnings per share.
Source quote
“We grew revenue by double digits and profit gains accelerated with adjusted EBITDA up 33% and adjusted earnings per share...”
-
Figure
Together, Jones Lang LaSalle's advisory revenue growth accelerated to 21% this quarter and profit grew even faster, a reflection of the operating…
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — one of the biggest drops of any company call. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“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...”
“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.”
“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.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 6.93B | 6.39B | +8.5% | 6.25B | +10.8% |
| Operating income | 290.9M | 204.6M | +42.2% | 197.4M | +47.4% |
| Net income | 214.3M | 159.4M | +34.4% | 110.5M | +93.9% |
| EPS | 4.59 | 3.33 | +37.8% | 2.32 | +97.8% |
| P/E today 14.5 | 14.9 | 16.4 | −1.5 | 22.0 | −7.1 |
Topics
Most discussed now
- New This bifurcation between the most successful companies who are working on bringing their people into the best available spaces and...
- Project management sits at the intersection of Jones Lang LaSalle's clients' evolving needs from multisite project management to capital…
- The global service capabilities of Jones Lang LaSalle's workplace management business continue to drive strong revenue growth, led by…
- The combination of Jones Lang LaSalle's financial strength and cash generation supported continued capital return to shareholders, which is…
- Jones Lang LaSalle also continued to generate healthy margin expansion and robust profit growth.
Faded since Q1 2026
- Fading Increased revenue and Jones Lang LaSalle's disciplined operating rigor are unlocking strong profit growth and margin expansion.
- Fading Jones Lang LaSalle's data and AI advantage is driving productivity gains, increased market share and strong financial results across these…
- Fading Healthy underlying core business growth within Property Management was tempered by the elevated contract turnover Jones Lang LaSalle…
- Fading Commentary to follow is in local currency to articulate underlying operating performance.
Latest announcements
Official filings, newest first.
- Director or officer change · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K