JLL updates segment reporting, recasts 2023–2025
Jones Lang LaSalle Incorporated is changing how it organizes and reports its business, effective January 1, 2026, and has recast historical results for 2023–2025.
Rhea-AI Filing Summary
Jones Lang LaSalle Incorporated is changing how it organizes and reports its business, effective January 1, 2026, and has recast historical results for 2023–2025. Software and Technology Solutions will be reported as a fifth business line within Real Estate Management Services, alongside Workplace Management, Project Management, Property Management, and Portfolio Services and Other.
The company is also simplifying Leasing Advisory revenue disclosures and will present Investment Management revenue under two captions: Advisory fees and Incentive and transaction fees. Recast quarterly and full-year figures for 2023, 2024 and 2025, including revenue, gross contract costs and Adjusted EBITDA by segment, are provided in Exhibit 99.1 and on the investor relations website.
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Insights
JLL is reshaping segments and recasting 2023–2025 to match the new structure.
Jones Lang LaSalle is aligning its financial reporting with how it manages the business from January 1, 2026. Software and Technology Solutions becomes a distinct line within Real Estate Management Services, clarifying the contribution of this activity to revenue, costs and Adjusted EBITDA.
The company has recast quarterly and full-year figures for 2023, 2024 and 2025, including segment revenue and Adjusted EBITDA for Real Estate Management Services, Leasing Advisory, Capital Markets Services and Investment Management. This allows investors to compare historical performance on the same basis as future reporting.
The changes are informational rather than transactional, with no new capital raised or guidance discussed. Future filings using this structure should help investors see trends in areas like Leasing Advisory and Investment Management fees using the new, streamlined captions.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
FAQ
What organizational reporting changes did JLL (JLL) announce effective January 1, 2026?
JLL is revising its organizational and financial reporting structure effective January 1, 2026. Software and Technology Solutions will operate as a fifth business line within Real Estate Management Services, alongside Workplace, Project, Property Management and Portfolio Services and Other.
How is JLL (JLL) changing revenue presentation in Leasing Advisory and Investment Management?
Within Leasing Advisory, JLL is collapsing its revenue disaggregation to a simpler format. In Investment Management, revenue will be shown under two captions only: Advisory fees and Incentive and transaction fees, making fee streams easier to distinguish in future reports.
What historical periods has JLL (JLL) recast under the new reporting structure?
JLL has recast financial results for periods within 2023, 2024 and 2025 to match the new reporting structure. The updated segment data, including revenue and Adjusted EBITDA, are available as Exhibit 99.1 and on the company’s investor relations website.
How did Real Estate Management Services perform in 2023–2025 for JLL (JLL)?
Real Estate Management Services revenue was $16,052.6 million in 2023, $18,219.0 million in 2024 and $20,233.5 million in 2025. Adjusted EBITDA for this segment was $298.5 million, $379.6 million and $423.3 million over those same years, respectively.
What were JLL’s (JLL) Leasing Advisory and Capital Markets revenues from 2023 to 2025?
Leasing Advisory revenue totaled $2,446.5 million in 2023, $2,705.6 million in 2024 and $3,009.9 million in 2025. Capital Markets Services revenue was $1,778.0 million in 2023, $2,040.4 million in 2024 and $2,422.1 million in 2025 under the recast data.
Where can investors find JLL’s (JLL) detailed recast segment information for 2023–2025?
The detailed recast financial results, including quarterly and full-year segment revenue, gross contract costs and Adjusted EBITDA for 2023, 2024 and 2025, are posted on JLL’s investor relations website at ir.jll.com and attached as Exhibit 99.1 to this report.
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United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 3, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission File Number) | (I.R.S. Employer | ||||||||||||
| of incorporation or organization) | Identification No.) | |||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||||||||||||||
| Registrant's telephone number, including area code: | ||||||||||||||||||||||||||
Former name or former address, if changed since last report: Not Applicable | ||||||||||||||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure
On November 5, 2025, we announced a change to our organizational and financial reporting structure, effective on January 1, 2026. Under the new reporting structure, Software and Technology Solutions will run as a fifth business line within our Real Estate Management Services segment, alongside Workplace Management, Project Management, Property Management, and Portfolio Services and Other. Additionally, as announced on February 18, 2026, we are collapsing the revenue disaggregation within Leasing Advisory. Finally, within our Investment Management segment, we are simplifying our revenue presentation to reflect two captions: Advisory fees and Incentive and transaction fees. On March 3, 2026, the recast financial results for periods within 2023, 2024 and 2025 were made available on our investor relations website at ir.jll.com. A copy of this information is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
EXHIBIT INDEX
| Exhibit No. | Description | ||||
99.1 | Reporting changes effective January 1, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 3, 2026 | |||||||||||
| Jones Lang LaSalle Incorporated | |||||||||||
| By: /s/ Kelly Howe | |||||||||||
| Name: Kelly Howe | |||||||||||
| Title: Chief Financial Officer | |||||||||||
Jones Lang LaSalle Incorporated ($ in millions) Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Real Estate Management Services Revenue 3,737.8 3,845.1 3,992.3 4,477.4 16,052.6 4,123.1 4,426.3 4,577.2 5,092.4 18,219.0 4,626.5 4,949.9 5,041.0 5,616.1 20,233.5 Workplace Management 2,497.2 2,553.4 2,637.1 3,018.5 10,706.2 2,871.7 3,021.1 3,164.6 3,472.3 12,529.7 3,263.6 3,349.1 3,423.6 3,812.2 13,848.5 Project Management 676.3 703.2 747.0 798.3 2,924.8 656.4 788.1 771.3 936.1 3,151.9 747.5 971.6 967.9 1,110.9 3,797.9 Property Management 400.2 409.9 419.2 445.8 1,675.1 429.7 436.6 452.3 476.5 1,795.1 445.6 454.4 461.1 480.2 1,841.3 Portfolio Services and Other 102.7 118.0 130.1 149.3 500.1 111.4 124.1 132.3 148.2 516.0 112.7 118.9 129.8 152.1 513.5 Software and Technology Solutions 61.4 60.6 58.9 65.5 246.4 53.9 56.4 56.7 59.3 226.3 57.1 55.9 58.6 60.7 232.3 Gross contract costs 3,110.9 3,179.8 3,300.6 3,678.0 13,269.3 3,470.3 3,718.5 3,831.3 4,251.6 15,271.7 3,931.0 4,173.5 4,256.3 4,744.0 17,104.8 Workplace Management 2,314.0 2,365.2 2,442.0 2,778.6 9,899.8 2,663.1 2,793.4 2,928.0 3,209.3 11,593.8 3,040.6 3,100.4 3,172.1 3,548.6 12,861.7 Project Management 465.4 473.5 517.4 540.1 1,996.4 445.9 555.2 528.5 654.3 2,183.9 520.0 700.2 696.7 796.7 2,713.6 Property Management 273.1 278.9 280.8 290.6 1,123.4 298.5 304.4 311.2 322.2 1,236.3 312.4 315.7 326.9 334.8 1,289.8 Portfolio Services and Other 54.8 58.1 57.1 65.2 235.2 61.6 64.1 62.2 64.3 252.2 57.3 56.7 59.8 63.1 236.9 Software and Technology Solutions 3.6 4.1 3.3 3.5 14.5 1.2 1.4 1.4 1.5 5.5 0.7 0.5 0.8 0.8 2.8 Platform compensation and benefits 448.6 460.9 471.9 488.7 1,870.1 447.9 467.8 484.5 525.5 1,925.7 479.5 515.4 521.6 531.9 2,048.4 Platform operating, administrative and other 157.1 145.7 147.6 161.6 612.0 139.1 159.2 172.3 171.5 642.1 153.2 162.8 161.4 176.0 653.4 Depreciation and amortization 31.4 32.3 31.9 32.9 128.5 33.5 34.0 37.9 38.3 143.7 37.8 36.4 34.2 32.4 140.8 Total segment platform operating expenses 637.1 638.9 651.4 683.2 2,610.6 620.5 661.0 694.7 735.3 2,711.5 670.5 714.6 717.2 740.3 2,842.6 Total segment operating expenses 3,748.0 3,818.7 3,952.0 4,361.2 15,879.9 4,090.8 4,379.5 4,526.0 4,986.9 17,983.2 4,601.5 4,888.1 4,973.5 5,484.3 19,947.4 Segment operating income (loss) (10.2) 26.4 40.3 116.2 172.7 32.3 46.8 51.2 105.5 235.8 25.0 61.8 67.5 131.8 286.1 Add: Equity earnings (losses) 1.0 0.8 0.3 - 2.1 1.1 0.3 1.1 0.4 2.9 0.4 0.5 0.1 (0.3) 0.7 Depreciation and amortization(1) 30.4 31.4 30.9 31.8 124.5 32.5 33.1 36.9 37.4 139.9 36.9 35.4 33.3 31.5 137.1 Other income (expense) - - - 0.2 0.2 - - - 1.7 1.7 (0.2) - (0.1) 0.5 0.2 Net loss (income) attributable to noncontrolling interest (0.2) (0.6) (0.1) (0.1) (1.0) 0.3 (0.3) (0.3) (0.4) (0.7) (1.1) 0.1 0.3 (0.1) (0.8) Adjusted EBITDA 21.0 58.0 71.4 148.1 298.5 66.2 79.9 88.9 144.6 379.6 61.0 97.8 101.1 163.4 423.3 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Segment Summary Revenue Real Estate Management Services 3,737.8 3,845.1 3,992.3 4,477.4 16,052.6 4,123.1 4,426.3 4,577.2 5,092.4 18,219.0 4,626.5 4,949.9 5,041.0 5,616.1 20,233.5 Leasing Advisory 506.2 615.5 573.2 751.6 2,446.5 520.4 642.2 691.5 851.5 2,705.6 586.1 676.8 741.9 1,005.1 3,009.9 Capital Markets Services 357.1 448.0 435.8 537.1 1,778.0 377.6 457.6 498.8 706.4 2,040.4 435.3 520.3 612.1 854.4 2,422.1 Investment Management 114.4 143.9 110.1 115.3 483.7 103.4 102.6 101.3 160.6 467.9 98.5 103.1 115.4 133.1 450.1 Gross contract costs Real Estate Management Services 3,110.9 3,179.8 3,300.6 3,678.0 13,269.3 3,470.3 3,718.5 3,831.3 4,251.6 15,271.7 3,931.0 4,173.5 4,256.3 4,744.0 17,104.8 Leasing Advisory 6.0 5.4 7.6 11.2 30.2 6.4 8.3 9.7 8.9 33.3 2.0 3.3 3.1 3.2 11.6 Capital Markets Services 9.3 13.1 11.5 13.6 47.5 13.6 11.8 11.5 11.7 48.6 1.1 1.7 1.5 1.4 5.7 Investment Management 7.1 7.5 7.4 6.9 28.9 8.4 8.8 9.3 10.9 37.4 8.2 8.3 7.8 11.8 36.1 Adjusted EBITDA Real Estate Management Services 21.0 58.0 71.4 148.1 298.5 66.2 79.9 88.9 144.6 379.6 61.0 97.8 101.1 163.4 423.3 Leasing Advisory 58.8 86.3 69.5 134.6 349.2 74.8 112.1 131.7 146.1 464.7 97.0 120.4 136.9 225.8 580.1 Capital Markets Services 10.7 36.0 50.3 76.1 173.1 25.0 33.8 65.7 119.9 244.4 48.6 54.7 89.9 171.2 364.4 Investment Management(2) 23.1 34.8 26.0 19.9 103.8 21.0 22.7 14.0 42.6 100.3 15.8 16.3 23.7 27.7 83.5 All Other (0.7) 10.0 0.1 4.4 13.8 0.1 (2.2) (2.2) 1.6 (2.7) 2.4 2.5 (4.3) 1.0 1.6 (1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders. (2) Investment Management Adjusted EBITDA excludes Equity (losses) earnings. Exhibit 99.1