New York, Feb 19, 2026, 09:38 EST — Regular session.
- JLL shares rose about 9.8% in early New York trading after the company posted record quarterly EPS.
- Management set a 2026 adjusted EBITDA target range and flagged plans to step up buybacks.
- Investors are watching for follow-through in leasing and capital markets activity as rate and credit signals shift.
Jones Lang LaSalle shares jumped on Thursday after the commercial real estate services firm reported stronger fourth-quarter profit and laid out a 2026 earnings target that assumes a steadier backdrop for deals.
The move matters because JLL is a read-through on transaction activity — leasing and capital markets fees can swing fast when clients turn cautious. The company’s update is landing as investors try to gauge whether the long thaw in commercial property markets is finally loosening.
It also drops just as markets have been choppy this month, and the sector tends to get hit twice: first by tighter credit, then by dealmakers who simply stop returning calls.
JLL reported fourth-quarter diluted earnings per share of $8.34 and said revenue rose 10% in local currency — a way of stripping out foreign-exchange swings — to $7.6 billion, helped by 19% growth in capital markets services and 17% growth in leasing. “These results … reflected the outcome of our multi-year strategy,” CEO Christian Ulbrich said. Sec
The company also pointed to cash generation and buybacks. It said free cash flow was nearly $1.0 billion in 2025 and repurchased $80.3 million of shares in the quarter, ending the year with $801.7 million still authorized for repurchases.
On the earnings call, CFO Kelly Howe set a 2026 adjusted EBITDA target range of $1.575 billion to $1.675 billion. Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization, tweaked for certain items companies say obscure the underlying run-rate. She said the firm expects to increase repurchases from fourth-quarter levels, though the pace will depend on conditions and valuation.
Ulbrich told investors the firm had been watching “market volatility” that has hit the real estate services industry “over the past week,” while arguing JLL sees “minimal risk of disintermediation” from technology shifts — Wall Street shorthand for being cut out of a transaction. Q4Cdn
JLL filed its earnings release with the U.S. Securities and Exchange Commission on Wednesday, a filing showed.
But there are risks on the horizon. JLL’s investment management revenue fell 17% in the quarter, and management described incentive fees as “expected” to be lower — a reminder that not every business line is moving in the same direction. Sec
The next hard catalyst is March 12, when JLL plans an investor briefing in New York to unveil a new multi-year strategy and longer-term financial targets, according to the company.
