JLL’s Accelerate 2030 delivers a breakout quarter as data centers and U.S. capital markets fuel a guidance raise
Revenue up 11%, adjusted EPS +61%, and full-year EPS target lifted to $24.60-$25.90 as resilient businesses and data center wins drive margin expansion.
JLL · Earnings Call · 2026-07-30
A decisive step for Accelerate 2030
JLL’s second-quarter 2026 results marked a clear inflection in its Accelerate 2030 strategy. Revenue grew 11% (10% in local currency), adjusted EBITDA rose 33%, and adjusted EPS surged 61% year-over-year. The company meaningfully raised its full-year adjusted EPS target to $24.60–$25.90, implying 34% growth at the midpoint, citing broad-based momentum across advisory businesses, particularly in the U.S. and a notable acceleration in data-center-related services.
Q2 was a big quarter for JLL. We grew revenue by double digits and profit gains accelerated with adjusted EBITDA up 33% and adjusted earnings per share up 61%.
This growth is underpinned by the company’s resilient business lines, which account for nearly 80% of revenue. Real estate management services grew 8%, driven by workplace management and project management, with margin expansion from platform leverage. The emphasis on point of view — the top keyword for JLL this quarter — reflects a confident, strategic narrative from management, moving beyond the cautious optimism of previous quarters.
Data centers: a scalable growth engine
A standout theme this quarter was data centers. JLL ended the quarter managing 340 data centers and expects its contracted gigawatt capacity to grow by one-third within two quarters as new facilities come online. This recurring revenue stream complements transactional wins in leasing and capital markets. As Christian Ulbrich noted: “we have contracted now numerous, very large data centers… we expect from a just gigawatt perspective, that number to grow by 1/3 within the next 2 quarters” (component 7212505972241014312). This aligns with the global theme of data center expansion and positions JLL as a key player in the AI infrastructure buildout.
Capital markets: U.S. leads the charge
Capital markets revenue grew strongly, with U.S. investment sales up 53% — nearly double the broader market. Debt advisory revenue grew 44%, and equity advisory 53%. The company’s pipeline remains robust, and management raised its full-year growth targets for both Leasing & Advisory (mid- to high-teens) and Capital Markets (mid-teens). Kelly Howe stated: “we are meaningfully increasing our full year 2026 adjusted EPS target range to $24.60 to $25.90” (component 1905600674670499233). This confidence is supported by strong free cash flow of $438 million in the quarter, up 52% year-over-year, and a net leverage of just 0.7x. The company repurchased $110 million of shares in Q2, bringing first-half repurchases to $410 million and reducing share count by ~3% year-over-year.
What changed from the prior quarter?
The April call was characterized by cautious optimism, with management noting strong momentum but also monitoring geopolitical risks. In this quarter, the tone shifted to explicit confidence, driven by the strength of the U.S. market and the data center pipeline. The keyword trajectory shows Capital raise moving to #2, highlighting an increased focus on fundraising to support growth. In the prior call, Christian noted “Capital Markets started the year with really very significant momentum” (component 7828595618757423408). Now, that momentum has translated into tangible results and a guidance raise. Kelly Howe added in April: “our guidance reflects a range of scenarios… we are at this point trending towards the high end of our guidance” (component 5703623531227630878). That high end has now become the base, as the company lifted its EPS outlook by more than 10% at the midpoint.
Total revenue in Q1 2026 was $6.4B, up 11% year-over-year, consistent with the double-digit growth reported for Q2, indicating sustained demand.
The company’s investments in its data platform are paying off, enabling higher productivity per broker. As Christian explained, “our technology platform is enabling them to be just much more productive” (component 1059079459900133098). This aligns with the broader theme of AI-driven efficiency in real estate services, and JLL’s own data center momentum is a clear differentiator.
In conclusion, JLL’s Q2 report demonstrates a company executing on its strategy, with data centers and capital markets providing outsized contributions. The raised guidance suggests sustained outperformance, and the strong cash generation supports continued capital returns to shareholders.