JLL Q4 EPS Surges 66% to $8.34, Revenue Climbs 10% to $7.6B
JLL delivered Q4 diluted EPS of $8.34, up 66% year-over-year, with $7.6bn revenue up 10%, led by 15% transactional and 9% resilient growth. Full-year EPS reached $16.40 (up 44%) and adjusted EPS $18.80 (up 33%), while record $1.2bn operating cash flow and $1.0bn free cash flow underpinned $211.5m share repurchases.
1. Fourth-Quarter Performance
JLL posted Q4 diluted EPS of $8.34, up 66% year-over-year, and adjusted EPS of $8.71, up 40%. Revenue reached $7.6bn, a 10% increase in local currency, with Transactional revenues growing 15% and Resilient revenues up 9%, led by strength in capital markets services and leasing advisory.
2. Full-Year Results and Cash Flow
For the full year, diluted EPS hit $16.40, a 44% rise, while adjusted EPS reached $18.80, up 33%. Total revenue climbed 11% to $26.1bn. Operating cash flow set a record at $1.2bn and free cash flow rose 63% to $978.5m, underpinning strong liquidity.
3. Segment Growth Drivers
Real Estate Management Services revenue grew 9% driven by Workplace and Project Management, while Capital Markets Services surged 19% led by investment sales and debt advisory. Leasing Advisory outpaced market volumes with 17% growth and Software & Technology Solutions edged up 3%, offsetting a 4% decline in Investment Management.
4. Share Repurchases and Outlook
JLL repurchased $80.3m of shares in Q4 and $211.5m for the full year, a 163% increase versus 2024. The company achieved its mid-term margin target in 2025 and anticipates continued margin expansion and strategic growth as detailed in its upcoming investor briefing.