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Jones Lang LaSalle Incorporated

JLL Real Estate Real Estate Services

Jones Lang LaSalle Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $26.1 billion, up 11.4% from fiscal 2024.

Revenue
+11.8%
EPS
+48.0%
Free cash flow
−2.03%
Total debt
−9.90%

Quarter to September 2026, against a year earlier

375.97 0.72 +0.19%
Market cap
$17.1B
P/E
15.9×
Fwd P/E
14.5×
Dividend yield
—
F-score
9/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Real Estate Management Services
  • Leasing Advisory
  • Capital Markets Services
  • Investment Management
  • Software and Technology Solutions

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 12.94
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 — — 2 — — 2 — 4 — — —
Insider Ownership 1.54%

Capital & Financial Ratios $m

Size
Market Cap 17,140.00
Revenue ttm 28,204.30
Net income ttm 1,094.10
Free cash flow ttm 1,108.80
Net debt Q 848.50
Valuation
P/E 15.89
Forward P/E 14.50
Price / sales 0.61
Forward P/S Powerpack
Price / FCF 15.49
Price / book 2.20
Financial health
Current ratio Q 2.43
Debt / equity Q 0.17
Interest coverage Q 19.85
Growth
Revenue growth Q +11.84% (above 0%: growing)
Operating income growth Q +42.86% (above 0%: growing)
EPS, this year +35.50% (at or above 15%: strong)
EPS, next year A +12.41%
Revenue, next year A +10.39% (at or above 10%: strong)
EPS, past 5 yrs +16.32% (at or above 15%: strong)
EPS, next 5 yrs A +19.82% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.6×, against a ten-year median of 0.5×; over the ten years it ranged from 0.3× in 2020 to 1.1× in 2016.
P/E against its own 10 years 43.34%
10-year low 10-year high
P/S against its own 10 years 80.75%
10-year low 10-year high
P/B against its own 10 years 93.18%
10-year low 10-year high
EV/Sales against its own 10 years 78.33%
10-year low 10-year high
EV/FCF against its own 10 years 27.23%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2017–25
−100.0%/yr
  1. 0.72 ’17
  2. 0.82 ’18 +14
  3. 1.00 ’19 +21
  4. 0.00 ’20 −100
  5. 0.00 ’21
  6. 0.00 ’22
  7. 0.00 ’23
  8. 0.00 ’24
  9. 0.00 ’25
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 410 416 599 514
Receivables 5,459 6,014 6,578 7,004
Inventory — — — —
Other — — — —
6,315 6,887 7,628 7,945
2023 2024 2025 Q'26
Payables 1,407 1,323 1,398 1,318
ST’ Debt 148 353 93 328
Other — — — —
3,253 3,444 3,420 3,267

Compound Annual Growth %

10y 5y 3y
Sales 15.91% 9.50% 7.77%
Cash Flow 12.26% 1.39% 81.44%
Earnings 6.09% 14.50% 6.57%
Book Value 10.86% 6.32% 7.46%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 6.01 Actual 6.76

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 7.25 8.71 Beat by 1.46
Q1 FY26 2.88 3.43 Beat by 0.55
Q2 FY26 4.41 5.26 Beat by 0.85
Q3 FY26 6.01 6.76 Beat by 0.75
Q4 FY26 10.07 — Reports 17 February 2027

EPS $

Mar Jun Sep Dec Year
’26 3.33 4.59 6.85 — —
’25 1.14 2.32 4.61 8.34 16.40
’24 1.37 1.75 3.20 4.97 11.30
’23 (0.19) 0.05 1.23 3.57 4.67
’22 2.86 3.90 2.88 3.62 13.27
’21 1.97 3.82 4.57 8.16 18.47
’20 0.10 0.29 2.52 4.80 7.70
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 6,387 6,928 7,281 — —
’25 5,746 6,250 6,510 7,609 26,116
’24 5,125 5,629 5,869 6,811 23,433
’23 4,716 5,053 5,111 5,881 20,761
’22 4,801 5,278 5,178 5,605 20,862
’21 4,037 4,495 4,889 5,946 19,367
’20 4,096 3,670 3,978 4,845 16,590
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (755) 488 610 — —
’25 (768) 333 617 1,012 1,194
’24 (677) 274 262 927 785
’23 (716) 237 326 729 576
’22 (716) 177 138 602 200
’21 (462) 216 456 762 972
’20 (546) 501 408 752 1,115
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (820) 438 556 — —
’25 (812) 288 568 935 979
’24 (721) 236 217 868 600
’23 (766) 198 276 680 389
’22 (763) 137 88 532 (6)
’21 (496) 181 415 698 797
’20 (590) 469 373 715 965
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 6.8% a year for ten years. It grew 27.7% a year over the last ten.

Implied
6.8%
10 years, reported
27.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 12,991 14,453 16,318 17,983 16,590 19,367 20,862 20,761 23,433 26,116 28,204 +8.1% 28,829 31,319 33,459 +8.6%
Gross margin, % 22.09 23.14 23.79 23.45 53.54 50.76 52.01 52.94 53.08 54.34 54.76 +32.3 pt
EBT 464 536 706 698 530 1,224 994 252 679 982 1,356 +8.7%
EBT margin, % 3.57 3.71 4.33 3.88 3.19 6.32 4.77 1.21 2.90 3.76 4.81 +0.2 pt
Net income 346 280 492 538 423 959 793 226 547 792 1,094 +9.6%
Per share, $
Per share, $ Revenue 287.71 318.94 358.51 369.67 320.99 380.36 430.56 435.89 493.40 551.53 614.41 +7.5%
Earnings 7.04 5.60 10.64 10.98 7.79 18.89 13.51 4.73 11.51 16.73 23.56 +10.1%
Cash flow 4.93 17.63 13.27 9.95 21.57 19.10 4.13 12.09 16.54 25.22 29.51 +19.9%
Capex (6.25) (3.34) (3.56) (3.86) (2.89) (3.45) (4.25) (3.92) (3.91) (4.55) (5.35) (3.5%)
Free cash flow (1.32) 14.28 9.72 6.08 18.68 15.64 (0.12) 8.17 12.63 20.66 24.15 n/m
Book value 62.34 74.55 82.05 106.99 108.55 125.96 126.77 134.58 145.18 160.99 170.22 +11.1%
Shares, m 45 45 46 49 52 51 48 48 47 47 47 +0.5%
Valuation, ×
Valuation, × P/E 14.54 27.79 11.91 16.27 18.97 14.21 12.03 39.43 22.03 20.06 15.89 19.7
P/S 0.36 0.48 0.35 0.47 0.46 0.71 0.38 0.43 0.51 0.61 0.61 0.5
P/B 1.64 2.07 1.54 1.63 1.37 2.14 1.28 1.39 1.74 2.09 2.20 1.7
EV/Sales 0.43 0.52 0.37 0.52 0.47 0.73 0.44 0.48 0.55 0.62 0.64 0.5
EV/FCF (94.82) 11.53 13.50 31.47 8.13 17.67 (1,543.24) 25.79 21.35 16.58 16.26 (149.2)
Cash, $m
Cash, $m Operating cash flow 223 799 604 484 1,115 972 200 576 785 1,194 1,355 +20.5%
Capex (282) (151) (162) (188) (149) (176) (206) (187) (185) (216) (246) (2.9%)
Free cash flow (59) 647 442 296 965 797 (6) 389 600 979 1,109 n/m
Balance, $m
Balance, $m Working capital 1,204 1,649 1,870 2,269 3,177 2,420 2,787 3,062 3,443 4,207 4,678 +14.9%
Net debt 1,009 485 207 846 181 363 1,232 1,128 782 291 849 (12.9%)
Shareholders’ equity 2,815 3,378 3,735 5,205 5,610 6,413 6,143 6,410 6,895 7,623 7,814 +11.7%
Returns, %
Returns, % ROA 4.77 3.27 5.02 4.51 2.88 6.45 4.21 1.42 3.33 4.58 6.19 (0.2) pt
ROIC 7.45 8.83 11.21 7.39 6.03 9.62 7.36 4.78 7.07 8.67 10.05 +1.2 pt
ROE 11.90 8.91 13.61 11.96 7.44 16.00 10.43 3.59 8.22 10.91 14.51 (1.0) pt
People
People Employees 77,300 82,000 90,000 93,400 90,800 98,200 103,300 106,100 112,100 113,200 — +4.3%
Revenue/emp, $m 0.17 0.18 0.18 0.19 0.18 0.20 0.20 0.20 0.21 0.23 — +3.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Jones Lang LaSalle, known as JLL, provides commercial real estate services and investment management. It helps clients buy, lease, build, operate and invest in property. Its customers include businesses occupying buildings, property owners and developers, investors, governments and nonprofit organizations.

For a company occupying space, JLL can manage workplaces and facilities, advise on where to locate, negotiate leases and oversee construction or fit-outs. For a property owner, it can manage buildings, find tenants and advise on sales or financing. Its services cover offices, warehouses, hotels, residential properties, retail space and data centers, among other types of real estate.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Real Estate Management Services 20,001 76.59%
Leasing Advisory 3,010 11.53%
Capital Markets Services 2,422 9.27%
Investment Management 450 1.72%
Software and Technology Solutions 232 0.89%
Gross margin 54.34%
Operating margin 4.20%
Pre-tax margin 3.76%

Revenue by segment since 2009

Jones Lang LaSalle Incorporated vs peers in Real Estate Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CBRE CBRE Group, Inc. $39.3B 29.0× 22.6× +12.68% (above 0%: growing) +25.41% (above 0%: growing) +12.27% (above 0%: growing) 18.45% 4.87% Compare
BEKE KE Holdings Inc. Sponsored ADR $19.8B 29.0× 19.4× −0.39% (below 0%: shrinking) +125.00% (above 0%: growing) +760.48% (above 0%: growing) 28.58% 12.33% Compare
JLL Jones Lang LaSalle Incorporated $17.1B 15.9× 14.5× +11.84% (above 0%: growing) +47.98% (above 0%: growing) −2.03% (below 0%: shrinking) 54.81% 5.37%
CSGP CoStar Group, Inc. $12.9B 72.8× 52.1× +14.15% (above 0%: growing) n/m +541.67% (above 0%: growing) 77.84% 8.82% Compare
COMP Compass, Inc. $7.1B 131× 200× +109.03% (above 0%: growing) +71.43% (above 0%: growing) +164.71% (above 0%: growing) 100.00% 2.88% Compare
FSV FirstService Corporation $6.4B 46.9× 43.6× +5.81% (above 0%: growing) −20.80% (below 0%: shrinking) −39.90% (below 0%: shrinking) 32.46% 7.01% Compare
CIGI Colliers International Group Inc. $4.9B 45.4× 36.5× +16.68% (above 0%: growing) +600.00% (above 0%: growing) +285.13% (above 0%: growing) 40.39% 6.26% Compare
CWK Cushman & Wakefield PLC $3.3B 48.9× 12.4× +7.75% (above 0%: growing) +0.91% (above 0%: growing) −21.73% (below 0%: shrinking) 17.32% 4.63% Compare
IHS IHS Holding Limited $2.9B 20.1× 11.9× +10.41% (above 0%: growing) n/m −41.30% (below 0%: shrinking) 48.32% 19.32% Compare
Median of peers $6.8B 46.1× 29.6× +11.55% +48.42% +88.49% 36.42% 6.63%

All 44 Real Estate Services stocks →

From the latest earnings call

Updated

  • CFO Kelly Howe said larger average deals and several data center transactions drove U.S. leasing advisory revenue growth, while higher bond yields were lengthening some capital markets decisions.
  • CEO Christian Ulbrich said JLL is scaling its global platform and using AI and automation in invoicing and collections as part of Accelerate 2030.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 93.77%
Held by the ten largest 50.49%
Holder Shares Stake Change
Vanguard 6.81m 14.81% −20.35k
BlackRock 4.67m 10.14% +23.84k
Fidelity (FMR) 3.12m 6.78% +423.64k
EdgePoint Investment Group Inc. 1.83m 3.97% −76.42k
State Street 1.48m 3.23% +27.07k
Morgan Stanley 1.48m 3.21% −188.79k
ARIEL INVESTMENTS, LLC 1.06m 2.30% +36.00k
Geode Capital Management 1.00m 2.17% −23.63k
Dimensional Fund Advisors 913.32k 1.99% +59.38k
Millennium Management 869.43k 1.89% +303.48k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 17 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 14.68m 40.30m 226.78
2024 16.99m 32.38m 170.61
2023 12.04m 10.62m 127.30
2022 12.06m (7.76m) 107.41
2021 12.86m 33.15m 181.53

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 9.48%
FMR LLC 5.77%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Jones Lang LaSalle Incorporated (JLL) Latest News

2 Nov

Impact 3 · · StockStory

29 Oct

Impact 3 · · facilitiesdive.com

28 Oct

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Impact 4 · · MarketBeat transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · StockStory earnings
Impact 4 · · PR Newswire earnings
Impact 3 · · Associated Press
Impact 3 · · Zacks
Impact 3 · · Zacks

27 Oct

Impact 3 · · StockStory earnings

24 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · Zacks
Impact 3 · · Zacks
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21 Oct

Impact 4 · · Zacks
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14 Oct

Impact 4 · · PR Newswire

13 Oct

Impact 3 · · PR Newswire

12 Oct

Impact 3 · · Zacks

9 Oct

Impact 3 · · StockStory

8 Oct

Impact 4 · · MarketBeat

6 Oct

Impact 3 · · Zacks

1 Oct

Impact 3 · · Business Wire

27 Sep

Impact 3 · · Simply Wall St.

26 Sep

Impact 3 ·

25 Sep

Impact 3 · · Zacks

JLL metrics, ten years each

stockrow.com/JLL · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com