Business Segments (Tables)

9 Months Ended

Sep. 30, 2025

Summarized financial information by business segment is as follows.


Real Estate Management Services	Three Months Ended September 30,			Nine Months Ended September 30,
(in millions)	2025		2024	2025		2024
Workplace Management	$	3,423.6	3,164.6	$	10,036.3	9,057.4
Project Management	967.9		771.3	2,687.0		2,215.8
Property Management	461.1		452.3	1,361.1		1,318.6
Portfolio Services and Other	129.8		132.3	361.4		367.8
Revenue	$	4,982.4	4,520.5	$	14,445.8	12,959.6
Less:
Platform compensation and benefits	$	475.2	436.4	$	1,372.6	1,253.4
Platform operating, administrative and other	148.4		159.5	435.1		434.9
Gross contract costs	4,255.5		3,829.9	12,358.8		11,016.1
Add:
Equity earnings	0.1		1.1	1.0		2.5
Other segment items	(1.2)		(1.3)	(5.2)		(3.2)
Adjusted EBITDA	$	102.2	94.5	$	275.1	254.5
Depreciation and amortization(1)	$	25.1	32.0	$	84.9	88.3

(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.


Leasing Advisory	Three Months Ended September 30,			Nine Months Ended September 30,
(in millions)	2025		2024	2025		2024
Leasing	$	719.1	665.4	$	1,936.7	1,781.8
Advisory, Consulting and Other	22.8		26.1	68.1		72.3
Revenue	$	741.9	691.5	$	2,004.8	1,854.1
Less:
Platform compensation and benefits	$	538.3	494.9	$	1,444.4	1,337.4
Platform operating, administrative and other	64.2		55.5	198.8		174.4
Gross contract costs	3.1		9.7	8.4		24.4
Add:
Equity earnings	—		—	—		0.1
Other segment items	0.6		0.3	1.1		0.6
Adjusted EBITDA	$	136.9	131.7	$	354.3	318.6
Depreciation and amortization	$	10.9	9.1	$	33.9	27.2


Capital Markets Services	Three Months Ended September 30,			Nine Months Ended September 30,
(in millions)	2025		2024	2025		2024
Investment Sales, Debt/Equity Advisory and Other	$	479.5	371.8	$	1,172.7	950.8
Value and Risk Advisory	89.9		86.0	269.2		262.0
Loan Servicing	42.7		41.0	125.8		121.2
Revenue	$	612.1	498.8	$	1,567.7	1,334.0
Less:
Platform compensation and benefits	$	436.8	365.5	$	1,140.4	994.2
Platform operating, administrative and other	85.8		62.3	251.5		206.4
Gross contract costs	1.5		11.5	4.3		36.9
Add:
Equity earnings	0.8		0.2	3.2		0.8
Other segment items	1.1		6.0	18.5		27.2
Adjusted EBITDA	$	89.9	65.7	$	193.2	124.5
Depreciation and amortization	$	9.8	16.6	$	46.2	50.3


Investment Management	Three Months Ended September 30,			Nine Months Ended September 30,
(in millions)	2025		2024	2025		2024
Advisory fees	$	93.0	92.7	$	275.6	278.1
Transaction fees and other	5.9		8.6	20.9		24.4
Incentive fees	16.5		—	20.5		4.8
Revenue	$	115.4	101.3	$	317.0	307.3
Less:
Platform compensation and benefits	$	68.0	59.8	$	187.2	180.1
Platform operating, administrative and other	16.1		18.7	49.9		52.1
Gross contract costs	7.8		9.3	24.3		26.5
Add:
Other segment items	0.2		0.5	0.2		9.1
Adjusted EBITDA	$	23.7	14.0	$	55.8	57.7
Depreciation and amortization	$	2.7	1.9	$	8.4	5.9
Equity earnings (losses)	$	9.3	(13.8)	$	1.9	(25.0)


Software and Technology Solutions	Three Months Ended September 30,			Nine Months Ended September 30,
(in millions)	2025		2024	2025		2024
Revenue	$	58.6	56.7	$	171.6	167.0
Less:
Platform compensation and benefits	$	46.4	48.1	$	143.9	146.8
Platform operating, administrative and other	13.0		12.8	42.3		35.7
Gross contract costs	0.8		1.4	2.0		4.0
Add:
Other segment items	0.5		—	1.4		—
Adjusted EBITDA	$	(1.1)	(5.6)	$	(15.2)	(19.5)
Depreciation and amortization	$	8.2	4.9	$	20.7	14.2

The following table is a reconciliation of segment revenue to consolidated revenue.


	Three Months Ended September 30,			Nine Months Ended September 30,
(in millions)	2025		2024	2025	2024
Real Estate Management Services	$	4,982.4	4,520.5	14,445.8	12,959.6
Leasing Advisory	741.9		691.5	2,004.8	1,854.1
Capital Markets Services	612.1		498.8	1,567.7	1,334.0
Investment Management	115.4		101.3	317.0	307.3
Software and Technology Solutions	58.6		56.7	171.6	167.0
Total Revenue	$	6,510.4	5,868.8	18,506.9	16,622.0

The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders.


	Three Months Ended September 30,			Nine Months Ended September 30,
(in millions)	2025		2024	2025		2024
Adjusted EBITDA - Real Estate Management Services	$	102.2	94.5	$	275.1	254.5
Adjusted EBITDA - Leasing Advisory	136.9		131.7	354.3		318.6
Adjusted EBITDA - Capital Markets Services	89.9		65.7	193.2		124.5
Adjusted EBITDA - Investment Management	23.7		14.0	55.8		57.7
Adjusted EBITDA - Software and Technology Solutions	(1.1)		(5.6)	(15.2)		(19.5)
Adjusted EBITDA - All Other	(4.3)		(2.2)	0.6		(4.3)
Adjusted EBITDA - Consolidated	$	347.3	298.1	$	863.8	731.5
Adjustments:
Restructuring and acquisition charges	$	(11.7)	8.8	$	(52.7)	(4.4)

Interest on employee loans, net of forgiveness	1.5		1.8	5.1		4.1
Equity earnings (losses) - Investment Management and Proptech Investments(1)	26.6		(2.2)	(29.1)		(23.4)
Credit losses on convertible note investments	(2.2)		(6.3)	(2.9)		(6.3)
Net non-cash MSR and mortgage banking derivative activity	(0.2)		(5.1)	(17.3)		(25.9)
Interest expense, net of interest income	(29.2)		(38.1)	(89.1)		(110.3)
Income tax provision	(52.6)		(37.4)	(93.3)		(73.8)
Depreciation and amortization(1)	(56.7)		(64.5)	(194.1)		(185.9)
Net income attributable to common shareholders	$	222.8	155.1	$	390.4	305.6

(1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders.

JONES LANG LASALLE INC 10-Q