JLL released strong business figures for the second quarter on Thursday morning, showing considerable improvements in cash flow, revenue, and net income. Operating cash flow reached US$488.1 million in the quarter ending 30 June, compared to US$332.8 million in the same three-month period last year. According to the brokerage firm, revenue rose to US$6.9 billion, up from US$6.2 billion in the second quarter of 2025.
Net income saw the highest year-on-year growth at US$373.7 million, significantly exceeding the US$168 million achieved in the second quarter of the previous year. This positive development occurred despite fluctuating interest rates and global conflicts.
Christian Ulbrich, JLL's CEO, commented on the results during the conference call: “The global environment is expected to remain uneven, but the strength of our people, our platform, and our client relationships gives us confidence.” He added that the company has built a very resilient business that can operate successfully even in evolving markets, while the accelerated 2030 strategy implementation is underway. JLL intends to build on the momentum generated in recent quarters.
JLL's net debt decreased year-on-year to US$1.1 billion in the second quarter of 2026, down from US$1.4 billion in the second quarter of 2025. This is attributed to higher earnings, which allowed for more effective debt repayment. Although the changing interest rate environment could impact capital markets, JLL does not expect minor fluctuations to cause a slowdown. Executives anticipate no major changes for the remainder of the year.
JLL is also monitoring the conflict between the US, Israel, and Iran. However, the company foresees no major changes to business performance in the second half of 2026, provided the war and disruptions to shipping in the Strait of Hormuz do not escalate further. Nevertheless, since the start of the conflict, the company has observed a 'prolongation' of closing times in European capital markets. Europe as a whole is experiencing volatility in its capital markets, not only due to the Iran conflict but also because of the ongoing war between Russia and Ukraine, as both countries intensify their attacks.
