Logo

JLL

Jones Lang LaSalle Incorporated

JLL

Jones Lang LaSalle Incorporated • NYSE
$325.69 ▼ -1.32% (-4.34)
Market Cap $15.45 B
52w High $335.83
52w Low $194.36
Dividend Yield 0%
P/E 24.94
Volume 216.49K
Outstanding Shares 47.44M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $6.51B ▲ $3.084B ▲ $222.8M ▲ 3.422% ▲ $4.71 ▲ $393.8M ▲
Q2-2025 $6.25B ▲ $2.924B ▲ $112.3M ▲ 1.797% ▲ $2.36 ▲ $314.6M ▲
Q1-2025 $5.746B ▼ $2.766B ▼ $55.3M ▼ 0.962% ▼ $1.17 ▼ $238.5M ▼
Q4-2024 $6.811B ▲ $3.211B ▲ $241.2M ▲ 3.541% ▲ $5.07 ▲ $478.5M ▲
Q3-2024 $5.869B $2.911B $155.1M 2.643% $3.26 $312.2M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $428.9M ▲ $17.179B ▼ $9.883B ▼ $7.175B ▲
Q2-2025 $401.4M ▼ $17.34B ▲ $10.179B ▲ $7.04B ▲
Q1-2025 $432.4M ▲ $16.631B ▼ $9.669B ▼ $6.839B ▲
Q4-2024 $416.3M ▼ $16.764B ▼ $9.869B ▼ $6.771B ▲
Q3-2024 $437.8M $17.817B $11.048B $6.647B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-306.4M ▼ $617.1M ▲ $-51.2M ▼ $-544.7M ▼ $16.9M ▼ $567.6M ▲
Q2-2025 $110.5M ▲ $332.8M ▲ $-47.6M ▲ $-283.2M ▼ $25.8M ▲ $288.4M ▲
Q1-2025 $57.5M ▼ $-767.6M ▼ $-152.8M ▼ $900.7M ▲ $-8M ▼ $-812.1M ▼
Q4-2024 $241.9M ▲ $927.3M ▲ $-97.8M ▼ $-800.2M ▼ $3.1M ▲ $868.1M ▲
Q3-2024 $154.4M $261.6M $-64.9M $-217.6M $-8M $216.7M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Capital Markets Services
Capital Markets Services
 $0 ▲$0 ▲$440.00M ▲$520.00M ▲
Investment Management
Investment Management
 $0 ▲$0 ▲$100.00M ▲$100.00M ▲
Leasing Advisory
Leasing Advisory
 $0 ▲$0 ▲$590.00M ▲$680.00M ▲
Real Estate Management Services
Real Estate Management Services
 $0 ▲$0 ▲$4.57Bn ▲$4.89Bn ▲
Capital Markets
Capital Markets
 $500.00M ▲$710.00M ▲$0 ▼$0 ▲
JLL Technologies
JLL Technologies
 $60.00M ▲$60.00M ▲$0 ▼$0 ▲
LaSalle Investment Management
LaSalle Investment Management
 $100.00M ▲$160.00M ▲$0 ▼$0 ▲
Markets Advisory
Markets Advisory
 $1.14Bn ▲$1.33Bn ▲$0 ▼$0 ▲
Work Dynamics
Work Dynamics
 $4.07Bn ▲$4.56Bn ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement JLL’s revenue has generally trended upward over the past five years, showing that the business is still able to grow even through a choppy real estate cycle. Profitability, however, has been more uneven. Earnings were strong coming out of the pandemic, then dipped as transaction markets slowed, and have recently started to recover but remain below prior peaks. This pattern suggests a healthy core business that is still quite sensitive to deal volumes, interest rates, and broader economic conditions. Overall, JLL looks like a solid earner in good markets with thinner, but still positive, margins when conditions are tougher.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid for a services-heavy real estate firm. Total assets and shareholder equity have steadily inched higher, which points to gradual strengthening of the company’s financial foundation. Debt sits at a level that appears manageable relative to the firm’s size and equity base, rather than aggressive. Cash on hand is modest, so JLL is not overly liquid but also does not appear stretched. In simple terms, the company carries some leverage but not to a degree that stands out as a major red flag based on this snapshot.

Cash Flow

Cash Flow JLL consistently generates positive cash flow from its operations, though the amounts have swung meaningfully from year to year as markets rise and fall. After funding its relatively modest capital spending, free cash flow has been positive in most years, with only a small slip in the weakest period. Capital expenditure needs are low and stable, which fits an asset-light, services-focused model and leaves room for cash to support technology investments, acquisitions, or balance sheet strength when conditions allow. The main risk is volatility rather than structural weakness in cash generation.

Competitive Edge

Competitive Edge JLL holds a strong position as one of a small group of truly global commercial real estate service providers. Its broad geographic footprint, wide range of services, and long-standing brand give it meaningful scale and credibility with large corporate and institutional clients. This scale also feeds a large proprietary data pool, which can be used to enhance analytics and advice. At the same time, the firm operates in a competitive field with other large global players and many capable local specialists, so maintaining share depends on continued service quality, relationship depth, and differentiation in technology and sustainability.

Innovation and R&D

Innovation and R&D JLL is leaning heavily into technology and sustainability as its key innovation themes. Through JLL Technologies and its venture arm, the company is building and buying tools that use artificial intelligence, data analytics, and building automation to improve decision-making and property performance. Platforms like its AI engines and building management software are being embedded into core services, shifting the firm from pure brokerage and management toward a more data-driven advisory model. Its push into sustainability consulting and energy efficiency solutions also positions JLL to benefit from rising ESG demands. The main question is execution speed and how effectively these innovations translate into durable, higher-margin revenue over time.

Summary

Overall, JLL appears to be a globally scaled, service-focused real estate firm with steady top-line growth, cyclical but generally positive profitability, and a reasonably sound balance sheet and cash flow profile. Its main financial challenge is exposure to real estate cycles, which shows up in earnings and cash flow volatility when transaction markets slow. On the strategic side, JLL is working to deepen its moat through technology, data, and sustainability capabilities, aiming to become a more indispensable and “stickier” partner to clients. How well it manages real estate cyclicality while scaling these higher-value, tech-enabled services will likely be a key driver of its long-term performance.

NEWS

November 25, 2025 · 9:09 AM UTC

Global bidding activity improves as commercial real estate investment cycle gains momentum

Read more

November 13, 2025 · 3:00 PM UTC

JLL Income Property Trust Declares 56th Consecutive Quarterly Distribution

Read more

November 6, 2025 · 12:00 PM UTC

JLL Income Property Trust Announces Q3 2025 Earnings Call

Read more

November 5, 2025 · 7:30 AM UTC

JLL Reports Financial Results for Third-Quarter 2025

Read more

November 3, 2025 · 5:59 PM UTC

JLL secures over $565M in construction financing for ultra-luxury condominium tower in Miami

Read more