Real estate firm JLL (NYSE: JLL) reported Q1 CY2026 results beating Wall Street’s revenue expectations, with sales up 11.1% year on year to $6.39 billion. Its non-GAAP profit of $3.43 per share was 14.1% above analysts’ consensus estimates.

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"JLL achieved very strong results to start the year," said Christian Ulbrich, JLL CEO.

Company Overview

Founded in 1999 through the merger of Jones Lang Wootton and LaSalle Partners, JLL (NYSE: JLL) is a company specializing in real estate advisory and investment management services.

Revenue Growth

A company’s long-term sales performance is one signal of its overall quality. Any business can have short-term success, but a top-tier one grows for years. Over the last five years, JLL grew its sales at a 10.1% compounded annual growth rate. Though this growth is acceptable on an absolute basis, we need to see more than just topline growth for the consumer discretionary sector, which can display significant earnings volatility. This means our bar for the sector is particularly high, reflecting the non-essential and hit-driven nature of the products and services offered. Additionally, five-year CAGR starts around Covid, when revenue was depressed then rebounded.

We at StockStory place the most emphasis on long-term growth, but within consumer discretionary, a stretched historical view may miss a company riding a successful new product or trend. JLL’s annualized revenue growth of 12.4% over the last two years is above its five-year trend, which is encouraging.

This quarter, JLL reported year-on-year revenue growth of 11.1%, and its $6.39 billion of revenue exceeded Wall Street’s estimates by 6.6%.

Looking ahead, sell-side analysts expect revenue to grow 5.9% over the next 12 months, a deceleration versus the last two years. This projection is underwhelming and indicates its products and services will face some demand challenges.

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Operating Margin

Operating margin is a key measure of profitability. Think of it as net income - the bottom line - excluding the impact of taxes and interest on debt, which are less connected to business fundamentals.

JLL’s operating margin has generally stayed the same over the last 12 months, and we generally like to see margin increases due to economies of scale and cost efficiency over time.

In Q1, JLL generated an operating margin profit margin of 3.2%, up 1.1 percentage points year on year. This increase was a welcome development and shows it was more efficient.

Earnings Per Share

We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.

JLL’s EPS grew at 12.4% compounded annual growth rate over the last five years. On the bright side, this performance was better than its 10.1% annualized revenue growth and tells us the company became more profitable on a per-share basis as it expanded.

In Q1, JLL reported adjusted EPS of $3.43, up from $2.31 in the same quarter last year. This print easily cleared analysts’ estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects JLL’s full-year EPS of $19.94 to grow 13.1%.

Key Takeaways from JLL’s Q1 Results

We enjoyed seeing JLL beat analysts’ revenue expectations this quarter. We were also glad its adjusted operating income outperformed Wall Street’s estimates. Zooming out, we think this quarter featured some important positives. The stock remained flat at $338.81 immediately following the results.

Sure, JLL had a solid quarter, but if we look at the bigger picture, is this stock a buy? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).