Company: JLL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001037976-25-000071
Chunk: 46

Company: JONES LANG LASALLE INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 46
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ptech Investments17.2 11.6 (31.7)1.6 Other0.9 1.3 4.2 3.4 Equity earnings (losses)$27.4 (0.9)$(25.6)(20.0)

Income Taxes

The following details Income tax provision and our effective tax rate.

Three Months Ended September 30,Nine Months Ended September 30,($ in millions)2025202420252024Income tax provision$52.637.4$93.373.8Effective tax rate19.1 %19.5 %19.3 %19.5 %

On July 4, 2025, the United States enacted the One Big Beautiful Bill Act (“OBBBA”). The OBBBA includes provisions altering the timing of deduction from certain depreciable assets, research and experimental expenses, and interest expense, with some effective in 2025 and some in 2026. The OBBBA further alters the determination and rates of taxation of international earnings, primarily effective in 2026. The current period’s financial statements include the impact of the OBBBA provisions effective for 2025, which are not material to income tax expense or the financial statements as a whole.

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Net Income and Adjusted EBITDA

The following details Net income attributable to common shareholders and Adjusted EBITDA for the three and nine months ended September 30, 2025, and comparable prior-year periods. 

Three Months Ended September 30,Nine Months Ended September 30,(in millions)2025202420252024Net income attributable to common shareholders$222.8 155.1$390.4 305.6Adjusted EBITDA$347.3 298.1$863.8 731.5

For the third quarter of 2025, higher Adjusted EBITDA was largely driven by Transactional revenue growth, most notably within Capital Markets Services and Investment Management, with contributions from Resilient revenue growth, predominantly within Real Estate Management Services, together with enhanced platform leverage and continued cost discipline. These drivers outpaced the unfavorable impact on the current quarter associated with the timing of incentive compensation accruals and certain discrete expenses in the quarter.

The following chart reflects segment Adjusted EBITDA for the third quarter and first nine months of 2025 and 2024. As noted in the Segment Operating Results section, Proptech Investments are reflected outside of the