> ## Content Index
> Fetch the complete content index at: https://www.bullished.co/llms.txt
> Use this file to discover other available public pages before exploring further.

# JLL's Third-Quarter Cash Flow Slipped While Adjusted EBITDA Jumped 33%, And Another $500 Million Buyback Is Coming
- URL: https://www.bullished.co/jlls-third-quarter-cash-flow-slipped-while-adjusted-ebitda-jumped-33-and-another-500-c4b3b500/
- Published: 2026-10-28T18:05:53.000Z
- Updated: 2026-10-28T18:05:53.000Z
- Description: Operating cash flow fell to $609.7 million from $617.1 million as profit surged, and the company plans a new $500 million accelerated repurchase.
- Author: Matteo Parrino
- Tags: Earnings, JLL, Industry: Industrials

[Jones Lang LaSalle](https://www.bullished.co/tag/jll/), the commercial real estate services and investment management firm, posted third-quarter [operating cash flow of $609.7 million](https://commercialobserver.com/2026/10/jll-q3-earnings-office-data-centers/?ref=bullished.co), down from $617.1 million a year earlier, even as Adjusted EBITDA jumped 33% to $460.2 million. The company also said Wednesday it intends to execute a new $500 million accelerated share repurchase imminently.

## Profit up, cash flow flat

Free cash flow for the quarter was [$556.0 million](https://markets.ft.com/data/announce/detail?dockey=600-202610280730PR%5FNEWS%5FUSPRX%5F%5F%5F%5FCL81768-1&ref=bullished.co) against $567.6 million a year earlier. Net income attributable to common shareholders rose to $319.8 million from $222.8 million, and diluted earnings per share reached $6.85 from $4.61\. Revenue climbed 12% to $7.3 billion.

Over the first nine months, operating cash flow improved to $342.8 million from $182.3 million. The [10-Q](https://www.sec.gov/Archives/edgar/data/0001037976/000103797626000189/jll-20260930.htm?ref=bullished.co) attributes the gain to higher earnings, partly offset by higher trade receivables that tracked revenue growth and the timing of reimbursables. The reimbursable receivables-and-payables line drew $293.9 million, against $128.2 million a year earlier.

The profit came mainly from Leasing Advisory, whose revenue rose 27%, and Capital Markets Services, up 21% in local currency. Investment sales grew 33%. Investment Management revenue fell 9%, on lower incentive and transaction fees.

## Buybacks outrun cash generation

Financing activities used $179.3 million in the first nine months, against $72.8 million provided a year earlier. Share buybacks, which exceeded last year's by over $400 million, were the main driver, while higher net borrowings cushioned the effect.

Repurchases totaled $551.7 million for the nine months. Shares outstanding fell to 45,678,955 from 46,945,754 at year-end. The new accelerated repurchase would bring full-year buybacks to over $1 billion, the company said, and $2,450.0 million of authorization remained at September 30.

JLL, which earns fees from leasing, property sales, facility management and the LaSalle investment arm, has leaned on buybacks all year, including a $200.0 million accelerated repurchase it began in March.

## Debt down, but a 2027 maturity looms

Net debt fell to [$858.7 million](https://commercialobserver.com/2026/10/jll-q3-earnings-office-data-centers/?ref=bullished.co) from $1,190.3 million at June 30\. The filing also lists $198.6 million of euro senior notes due June 2027, now classified as current, and $113.5 million of commercial paper outstanding.

CEO Christian Ulbrich said the company is optimistic about a strong finish to 2026 and has raised its full-year Adjusted EPS target range. Commercial Observer reported that management said on the call that deal-making slowed slightly and could stay slower through the fourth quarter. JLL shares rose 11.4% to $334.13 in Wednesday trading, as of 2:03 p.m. ET.

The [new $500 million repurchase](https://markets.ft.com/data/announce/detail?dockey=600-202610280730PR%5FNEWS%5FUSPRX%5F%5F%5F%5FCL81768-1&ref=bullished.co) should show up in fourth-quarter share counts, and the euro notes due June 2027 will need to be repaid or refinanced.

### Sources

- [10-Q Filing — Jones Lang LaSalle (JLL)](https://www.sec.gov/Archives/edgar/data/0001037976/000103797626000189/jll-20260930.htm?ref=bullished.co) — SEC EDGAR
- [10-Q Filing — Jones Lang LaSalle (JLL), Q2 FY2026 filed 2026-07-30 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0001037976/000103797626000152/jll-20260630.htm?ref=bullished.co) — SEC EDGAR
- [Earnings release (8-K Item 2.02, exhibit991thirdquarter2026.htm) — Jones Lang LaSalle, filed 2026-10-28](https://www.sec.gov/Archives/edgar/data/0001037976/000103797626000187/exhibit991thirdquarter2026.htm?ref=bullished.co) — SEC EDGAR
- [JLL Optimized Cash Flow in Q3 With Growth in Office, Data Centers – Commercial Observer](https://commercialobserver.com/2026/10/jll-q3-earnings-office-data-centers/?ref=bullished.co) — commercialobserver.com
- [JLL Earnings: Leasing Advisory and Capital Markets Results Outshined Peers; Shares Fully Valued](https://www.morningstar.com/company-reports/1505313-jll-earnings-leasing-advisory-and-capital-markets-results-outshined-peers-shares-fully-valued?listing=0P0000032W&ref=bullished.co) — morningstar.com
- [Jones Lang LaSalle (JLL) Q3 Earnings and Revenues Top Estimates](https://finance.yahoo.com/real-estate/articles/jones-lang-lasalle-jll-q3-123003038.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [JLL Reports Financial Results for Third-Quarter 2026 – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202610280730PR%5FNEWS%5FUSPRX%5F%5F%5F%5FCL81768-1&ref=bullished.co) — Financial Times
- [Jones Lang LaSalle Non-GAAP EPS of $6.76 beats by $0.58, revenue of $7.28B beats by $20M (JLL:NYSE)](https://seekingalpha.com/news/4658798-jones-lang-lasalle-non-gaap-eps-of-6%5F76-beats-by-0%5F58-revenue-of-7%5F28b-beats-by-20m?ref=bullished.co) — seekingalpha.com

### More on Jones Lang LaSalle

- [JLL CEO Says Higher Rates Only Hit Capital Markets, With US Multifamily Hurt Most](https://www.bullished.co/jll-ceo-says-higher-rates-only-hit-capital-markets-with-us-multifamily-hurt-most-86d5702b/)
- [JLL Plans $500 Million Accelerated Buyback, Says It Sees 'Significant Value In Our Own Shares'](https://www.bullished.co/jll-plans-500-million-accelerated-buyback-says-it-sees-significant-value-in-our-own-shares-bc1e0248/)
- [JLL Stock Soars 9%, Adding $1.3 Billion, After Record Quarter And Raised Profit Target](https://www.bullished.co/jll-stock-soars-9-adding-1-3-billion-after-record-quarter-and-raised-profit-target-e593a0b2/)

[All Jones Lang LaSalle (JLL) coverage →](https://www.bullished.co/tag/jll/)