JLL reported Q4 FY2025 revenue of USD 7.61 billion (+12%), with diluted EPS of USD 8.34 (+68) and adjusted diluted EPS of USD 8.71 (+42). Net income attributable to common shareholders was USD 401.7 million (+67), and adjusted EBITDA was USD 589.1 million (+30). Cash flows from operating activities were USD 1.01 billion (+9) and free cash flow was USD 934.6 million (+8). JLL repurchased USD 80.3 million of shares in Q4. For FY2025, revenue was USD 26.12 billion (+11), with diluted EPS of USD 16.40 (+45) and adjusted diluted EPS of USD 18.80 (+34). Net income attributable to common shareholders was USD 792.1 million (+45), adjusted EBITDA was USD 1.45 billion (+22), cash flows from operating activities were USD 1.19 billion (+52), and free cash flow was USD 978.5 million (+63). Full-year share repurchases totaled USD 211.5 million (2.63x). Business highlights for Q4 included Transactional revenues up 15% and Resilient revenues up 9% (local currency basis), with Real Estate Management Services revenue of USD 5.56 billion (+10), Leasing Advisory revenue of USD 1.01 billion (+18), and Capital Markets Services revenue of USD 854.4 million (+21); Investment Management revenue was USD 133.1 million (-17). JLL ended FY2025 with net debt of USD 304.2 million (net leverage ratio 0.2x) and corporate liquidity of USD 3.90 billion; it reported no outstanding commercial paper and no outstanding balance on its credit facility as of December 31, 2025. CEO Christian Ulbrich said JLL would provide details on its forward strategy and longer-term financial targets at an upcoming investor briefing.
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