0001037976-26-000152
SEC filingJLL 二季度营收与利润强劲增长，Advisory 业务驱动利润率显著提升。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $6,927.9M | $6,250.1M | +11% |
| Gross Profit | $2,353.6M | $2,063.4M | +14% |
| Gross Margin | 34.0% | 33.0% | +100bps |
| Operating Income | $290.9M | $197.4M | +47% |
| Operating Margin | 4.2% | 3.2% | +100bps |
| Net Income | $215.6M | $112.3M | +92% |
| Diluted EPS | $4.59 | $2.32 | +98% |
| Adjusted EBITDA | $386.3M | $291.7M | +32% |
| Operating Cash Flow | -$266.9M | -$434.8M | 改善 |
| Free Cash Flow | -$381.9M | -$523.7M | 改善 |
增长桥：Q2 Revenue 增长 11% 至 $6,927.9M，主要受 Advisory 业务驱动（+21%），其中 Leasing Advisory 增长 24%，Capital Markets Services 增长 19%。Resilient 业务增长 8%，Workplace Management 增长 11% 为主要贡献。本地货币口径增长 10%，汇率影响约 -$38.1M。
利润率归因：Operating Margin 提升 100bps 至 4.2%，主要得益于收入增长带来的经营杠杆。Leasing Advisory 和 Capital Markets Services 的 Adjusted EBITDA 利润率显著提升，分别增长 38% 和 74%。平台运营费用增长 10%，低于收入增速，体现杠杆效应。
盈利质量：Net Income 增长 92% 至 $215.6M，主要受收入增长、经营杠杆及去年同期低基数影响。剔除 Restructuring and acquisition charges ($25.7M) 和 Proptech 投资损失 ($8.0M) 后，核心盈利能力更强。经营现金流为负主要受季节性奖金支付影响，但较去年同期改善 $167.9M。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Real Estate Management Services | $5,368.4M | +8% | $107.4M | 2.0% | Workplace Management 增长 11%，平台杠杆提升 |
| Leasing Advisory | $836.9M | +24% | $166.6M | 19.9% | 办公、工业及数据中心资产类别增长强劲 |
| Capital Markets Services | $620.2M | +19% | $95.2M | 15.4% | 投资销售与债务咨询增长，美国投资销售增长超 53% |
| Investment Management | $102.4M | -1% | $16.4M | 16.0% | 收入基本持平，AUM 环比持平 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $458.2M | -$140.9M |
| Total Debt | $1,637.7M | +$747.8M |
| Inventory | — | — |
| RPO/Deferred revenue | $204.0M | +$16.7M |
| Operating Cash Flow | -$266.9M | 改善 $167.9M |
| Capex | $115.0M | +$26.1M |
| Free Cash Flow | -$381.9M | 改善 $141.8M |
| FCF 转化率 | -102% | — |
资本配置：
前瞻指引：
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY26 | Revenue 增长 | 8%-10% | reported |
| FY26 | Adjusted EBITDA 增长 | 15%-20% | reported |
关注点：