v3.26.1
Business Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segments
Effective January 1, 2026, we began reporting Software and Technology Solutions (historically a standalone reporting segment) as a fifth business line within Real Estate Management Services. In addition, the revenue disaggregation within Leasing Advisory was collapsed and the presentation of Investment Management revenue was simplified to reflect two captions: Advisory fees and Incentive and transaction fees. Prior period financial information was recast to conform with these presentation changes.
We manage and report our operations as four global business segments:
(1) Real Estate Management Services,
(2) Leasing Advisory,
(3) Capital Markets Services, and
(4) Investment Management.
Real Estate Management Services provides a broad suite of integrated services to occupiers of real estate, including facility and property management, project management, portfolio and other services, and software and technology solutions. Leasing Advisory offers agency leasing and tenant representation, as well as advisory and consulting services. Capital Markets Services offerings include investment sales, debt and equity advisory, value and risk advisory, and loan servicing. Investment Management provides services on a global basis to institutional investors and high-net-worth individuals.
We allocate all indirect expenses to our segments, other than interest and income taxes, as nearly all expenses incurred benefit one or more of the segments. Allocated expenses primarily consist of corporate functional costs across the globe, which we allocate to the business segments using an expense-specific driver-based methodology.
Adjusted EBITDA does not include (i) Restructuring and acquisition charges, (ii) gain/loss on disposal, (iii) interest on employee loans, net of forgiveness, (iv) Equity earnings/losses for Investment Management and Proptech Investments, (v) credit losses on convertible note investments, (vi) net non-cash MSR and mortgage banking derivative activity, (vii) Interest expense, net of interest income, (viii) Income tax provision and (ix) Depreciation and amortization, which are otherwise included in Net income on the Consolidated Statements of Comprehensive Income.
The Other segment items caption includes (i) other income/loss, (ii) gain/loss on disposal, (iii) interest on employee loans, net of forgiveness, (iv) net income/loss attributable to noncontrolling interest, (v) the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders and (vi) the noncontrolling interest portion of Equity earnings/losses which are not attributable to common shareholders.
The Chief Operating Decision Maker ("CODM") of JLL measures and evaluates the segment results based on Adjusted EBITDA for purposes of making decisions about allocating resources and assessing performance. Our CODM is not provided with total asset information by segment and accordingly does not measure or allocate resources based on total asset information. Therefore, we have not disclosed asset information by segment. As of June 30, 2026, we continue to define our Global Executive Board, collectively, as our CODM.
Summarized financial information by business segment is as follows.

Real Estate Management ServicesThree Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Workplace Management$3,707.7 3,349.1 $7,290.6 6,612.7 
Project Management1,013.4 971.6 1,857.4 1,719.1 
Property Management468.6 454.4 939.7 900.0 
Portfolio Services and Other120.6 118.9 231.5 231.6 
Software & Technology Solutions58.1 55.9 114.9 113.0 
Revenue$5,368.4 4,949.9 $10,434.1 9,576.4 
Less:
Platform compensation and benefits$527.4 515.4 $1,033.0 994.9 
Platform operating, administrative and other172.6 162.8 335.7 316.0 
Gross contract costs4,560.9 4,173.5 8,891.7 8,104.5 
Add:
Equity earnings0.3 0.5 0.8 0.9 
Other segment items(0.4)(0.9)(1.7)(3.1)
Adjusted EBITDA$107.4 97.8 $172.8 158.8 
Depreciation and amortization(1)
$33.0 35.4 $65.2 72.3 
(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.

Leasing AdvisoryThree Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Revenue$836.9 676.8 $1,523.2 1,262.9 
Less:
Platform compensation and benefits$593.4 479.3 $1,092.0 906.1 
Platform operating, administrative and other74.1 74.2 142.2 134.6 
Gross contract costs3.6 3.3 6.0 5.3 
Add:
Equity losses— — (0.1)— 
Other segment items0.8 0.4 0.6 0.5 
Adjusted EBITDA$166.6 120.4 $283.5 217.4 
Depreciation and amortization$10.8 11.0 $22.3 23.0 
Capital Markets ServicesThree Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Investment Sales, Debt/Equity Advisory and Other$472.2 380.6 $874.7 693.2 
Value and Risk Advisory102.7 97.7 192.0 179.3 
Loan Servicing45.3 42.0 88.7 83.1 
Revenue$620.2 520.3 $1,155.4 955.6 
Less:
Platform compensation and benefits$451.1 374.1 $841.2 703.6 
Platform operating, administrative and other83.5 95.0 157.3 165.7 
Gross contract costs2.0 1.7 2.9 2.8 
Add:
Equity earnings0.4 0.8 0.7 2.4 
Net non-cash MSR and mortgage banking derivative activity10.3 4.2 15.8 17.1 
Other segment items0.9 0.2 1.8 0.3 
Adjusted EBITDA$95.2 54.7 $172.3 103.3 
Depreciation and amortization$10.1 17.5 $20.5 36.4 

Investment ManagementThree Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Advisory fees$94.3 93.3 $184.2 182.6 
Incentive and transaction fees8.1 9.8 17.5 19.0 
Revenue$102.4 103.1 $201.7 201.6 
Less:
Platform compensation and benefits$62.2 60.9 $121.4 119.2 
Platform operating, administrative and other16.0 17.5 32.5 33.8 
Gross contract costs7.8 8.3 16.4 16.5 
Add:
Other segment items— (0.1)— — 
Adjusted EBITDA$16.4 16.3 $31.4 32.1 
Depreciation and amortization$2.3 2.8 $5.1 5.7 
Equity earnings (losses)$5.1 (1.3)$10.6 (7.4)
The following table is a reconciliation of segment revenue to consolidated revenue.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Real Estate Management Services$5,368.4 4,949.9 $10,434.1 9,576.4 
Leasing Advisory836.9 676.8 1,523.2 1,262.9 
Capital Markets Services620.2 520.3 1,155.4 955.6 
Investment Management102.4 103.1 201.7 201.6 
Total revenue$6,927.9 6,250.1 $13,314.4 11,996.5 
The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders. The balances and activity associated with 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 and are reported in All Other below.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Adjusted EBITDA - Real Estate Management Services$107.4 97.8 $172.8 158.8 
Adjusted EBITDA - Leasing Advisory166.6 120.4 283.5 217.4 
Adjusted EBITDA - Capital Markets Services95.2 54.7 172.3 103.3 
Adjusted EBITDA - Investment Management16.4 16.3 31.4 32.1 
Adjusted EBITDA - All Other0.7 2.5 (0.1)4.9 
Adjusted EBITDA - Consolidated$386.3 291.7 $659.9 516.5 
Adjustments:
Restructuring and acquisition charges$(25.7)(21.3)$(31.0)(41.0)
Net gain on disposition0.6 — 0.6 — 
Interest on employee loans, net of forgiveness1.7 2.0 4.2 3.6 
Equity (losses) earnings - Investment Management and Proptech Investments(1)
(3.0)(27.0)3.0 (55.7)
Credit losses on convertible note investments(0.1)(0.2)(0.4)(0.7)
Net non-cash MSR and mortgage banking derivative activity(10.3)(4.2)(15.8)(17.1)
Interest expense, net of interest income(26.4)(35.3)(43.4)(59.9)
Income tax provision(51.3)(26.7)(89.4)(40.7)
Depreciation and amortization(1)
(56.2)(66.7)(113.1)(137.4)
Net income attributable to common shareholders$215.6 112.3 $374.6 167.6 
(1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders.