JLL Optimized Cash Flow in Q3 With Growth in Office, Data Centers
Revenue was up 12 percent to $7.3 billion
By Mark Hallum October 28, 2026 10:34 am
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JLL reported strong earnings from the office, industrial and data center sectors in the third quarter of 2026.
The brokerage firm is planning a $500 million share repurchasing program as its revenue climbs with a 27 percent growth in leasing services and a 21 percent rise in its capital markets business, JLL executives said Wednesday morning during a third-quarter earnings call. A strong close to the year is set to follow, they said.
“Our third-quarter results reflect the continued business momentum and ongoing progress on our operating initiative,” Christian Ulbrich, JLL’s CEO, said during the call. “Ongoing platform efficiency improvement converted the top-line gains into robust profit growth, healthy margin expansion and meaningful cash flow generation.”
Revenue grew 12 percent to $7.3 billion in the third quarter of 2026 compared to $6.5 billion in the same period last year, while net income was recorded at $319.8 million in the quarter ending Sept. 30, a year-over-year increase from $222.8 million in the third quarter of 2025.
Funds from operations landed at $609.7 million in the third quarter of 2026 compared to $617.1 million in the third quarter of 2025.
The firm also paid off significant debt, bringing its balance down to $858.7 million in the third quarter, compared to $1.1 billion in the second quarter of 2026.
Despite the upward trajectory, JLL experienced a slight slowdown in capital markets deal-making, which could persist through the fourth quarter. Ulbrich attributed that to an interest rate hike, but he wasn’t sweating it.
“Multifamily in the U.S. is more affected by the increase in interest rates than other asset classes so far,” Ulbrich said. “It may not storm ahead as it did over the last couple of quarters, but we will still see growth going forward.”
Mark Hallum can be reached at mhallum@commercialobsever.com.
