Company: JLL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001037976-25-000071
Chunk: 122

Company: JONES LANG LASALLE INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 122
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ient revenues was highlighted by Project Management, up 24%, and Workplace Management, up 8%, both within Real Estate Management Services.

On a year-to-date basis, revenue increased 11%. Resilient revenues grew 11% collectively, highlighted by Project Management, up 21%, and Workplace Management, up 11%. Transactional revenues increased 11% collectively, led by Investment Sales, Debt/Equity Advisory and Other, up 21% (excluding the impact of non-cash MSR and mortgage banking derivative activity), and Leasing, within Leasing Advisory, up 9%.

The following highlights Revenue by segment, for the third quarter and first nine months of 2025 and 2024. Refer to segment operating results for further detail.

Revenue by Segment (in millions)

Operating Expenses

Consolidated operating expenses were $6.2 billion for the third quarter, up 10% from the same period in 2024. Gross contract costs were $4.3 billion, up 10% from the prior-year quarter, attributable to growth from businesses with higher client pass-through expenses such as Workplace Management and Project Management, both within Real Estate Management Services. Platform operating expenses were $2.0 billion for the third quarter, a 9% increase from the prior-year quarter, largely due to revenue-related expense growth.

On a year-to-date basis, operating expenses were $17.9 billion, up 11%. Gross contract costs were $12.4 billion, up 12%, while Platform operating expenses were $5.5 billion, up 9%. The drivers of the increases are consistent with the quarterly narrative above.

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The year-over-year change in Restructuring and acquisition charges for the third quarter was largely driven by an expense credit in the prior-year quarter associated with a lower expected earn-out payout related to a 2021 U.S. property management joint venture. For September year to date, the change was primarily attributable to i) the impact of expense credits in the prior year associated with lower expected earn-out payouts and ii) higher severance and other employment-related charges in 2025 associated with restructuring programs, notably restructuring associated with the 2025 change in segments.

Three Months Ended September 30,Nine Months Ended September 30,(in millions)2025202420252024Severance and other employment-related charges$5.4 6.1 $30.8 17.8 Restructuring, pre-acquisition and post-acquisition charges5.