Real estate firm JLL (NYSE: JLL) announced better-than-expected revenue in Q2 CY2026, with sales up 10.8% year on year to $6.93 billion. Its non-GAAP profit of $5.26 per share was 15.6% above analysts’ consensus estimates.
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JLL (JLL) Q2 CY2026 Highlights:
- Revenue: $6.93 billion vs analyst estimates of $6.82 billion (10.8% year-on-year growth, 1.5% beat)
- Adjusted EPS: $5.26 vs analyst estimates of $4.55 (15.6% beat)
- Adjusted EBITDA: $386.3 million vs analyst estimates of $347.7 million (5.6% margin, 11.1% beat)
- Operating Margin: 4.2%, up from 3.2% in the same quarter last year
- Free Cash Flow Margin: 6.3%, up from 4.6% in the same quarter last year
- Market Capitalization: $15.77 billion
"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.
Company Overview
Founded in 1999 through the merger of Jones Lang Wootton and LaSalle Partners, JLL (NYSE: JLL) is a company specializing in real estate advisory and investment management services.
Revenue Growth
A company’s long-term performance is an indicator of its overall quality. Any business can have short-term success, but a top-tier one grows for years. Regrettably, JLL’s sales grew at a weak 9.6% compounded annual growth rate over the last five years. This fell short of our benchmark for the consumer discretionary sector and is a rough starting point for our analysis.
Long-term growth is the most important, but within consumer discretionary, product cycles are short and revenue can be hit-driven due to rapidly changing trends and consumer preferences. JLL’s annualized revenue growth of 12.3% over the last two years is above its five-year trend, which is encouraging. 
This quarter, JLL reported year-on-year revenue growth of 10.8%, and its $6.93 billion of revenue exceeded Wall Street’s estimates by 1.5%.
Looking ahead, sell-side analysts expect revenue to grow 8.5% over the next 12 months, a deceleration versus the last two years. This projection doesn’t excite us and indicates its products and services will face some demand challenges.
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Operating Margin
Operating margin is an important measure of profitability as it shows the portion of revenue left after accounting for all core expenses — everything from the cost of goods sold to advertising and wages. It’s also useful for comparing profitability across companies with different levels of debt and tax rates because it excludes interest and taxes.
JLL’s operating margin has more or less stayed the same over the last 12 months , and we generally like to see margin increases due to economies of scale and cost efficiency over time.
In Q2, JLL generated an operating margin profit margin of 4.2%, up 1 percentage points year on year. This increase was a welcome development and shows it was more efficient.
Earnings Per Share
We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.
JLL’s weak 8.5% annual EPS growth over the last five years aligns with its revenue performance. This tells us it maintained its per-share profitability as it expanded.
In Q2, JLL reported adjusted EPS of $5.26, up from $3.30 in the same quarter last year. This print easily cleared analysts’ estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects JLL’s full-year EPS to grow 9.9% from $21.90 to $24.06.
Key Takeaways from JLL’s Q2 Results
It was good to see JLL beat analysts’ EPS expectations this quarter. We were also happy its EBITDA outperformed Wall Street’s estimates. Overall, we think this was a decent quarter with some key metrics above expectations. The stock traded up 2.8% to $349.39 immediately following the results.
JLL may have had a good quarter, but does that mean you should invest right now? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).
