JONES LANG L recently released its 10-Q report. Jones Lang LaSalle Incorporated is a commercial real estate and investment management company based in Chicago, founded in 1997 and formerly known as LaSalle Partners Incorporated. Its business spans property buying, building, occupying, managing, and investing across the Americas, Europe, the Middle East, Africa, and Asia Pacific, alongside leasing, advisory, consulting, and investment management services for owners, occupiers, investors, and developers.
In Item 2, management said the quarter and six-month results should be read alongside the 2025 Form 10-K and noted that its discussion includes forward-looking statements. The company said results are affected by macroeconomic trends, geopolitics, real estate and credit markets, acquisitions and dispositions, transaction timing, foreign currency, and seasonality, with first-quarter revenue and profit typically lower than later quarters. It also said incentive compensation is accrued through the year, which can cause quarterly expense swings, and that the six months ended June 30, 2026, are not fully indicative of full-year results.
For the three months ended June 30, revenue rose to $6.93 billion from $6.25 billion a year earlier, up 11% in U.S. dollars and 10% in local currency. Real Estate Management Services revenue increased 8% to $5.37 billion, Leasing Advisory climbed 24% to $836.9 million, and Capital Markets Services rose 19% to $620.2 million, while Investment Management was essentially flat at $102.4 million. Operating income increased 47% to $290.9 million, and Adjusted EBITDA rose 32% to $386.3 million.
Operating expenses for the quarter totaled $6.64 billion, up from $6.05 billion. Platform compensation and benefits increased 14% to $1.63 billion, gross contract costs rose 9% to $4.57 billion, and restructuring and acquisition charges were $25.7 million versus $21.3 million. Equity losses narrowed to $2.2 million from $27.4 million, while net non-cash MSR and mortgage banking derivative activity was a $10.3 million loss compared with a $4.2 million loss.
For the six months ended June 30, revenue reached $13.31 billion, up from $12.00 billion, an 11% increase in U.S. dollars and 10% in local currency. Real Estate Management Services revenue rose 9% to $10.43 billion, Leasing Advisory increased 21% to $1.52 billion, Capital Markets Services grew 21% to $1.16 billion, and Investment Management was flat at $201.7 million. Operating income improved to $495.5 million from $317.4 million, and Adjusted EBITDA increased to $659.9 million from $516.5 million.
On the six-month cost side, total operating expenses were $12.82 billion, up from $11.68 billion. Platform compensation and benefits increased 14% to $3.09 billion, gross contract costs rose 10% to $8.92 billion, and restructuring and acquisition charges declined to $31.0 million from $41.0 million. Equity earnings were $5.3 million versus a $53.0 million loss a year earlier, while net non-cash MSR and mortgage banking derivative activity was a $15.8 million loss compared with a $17.1 million loss. The market has reacted to these announcements by moving the company's shares 6.22% to a price of $361.145. Check out the company's full 10-Q submission here.
