undamentalytics Newsletter
Sign in

Jones Lang Lasalle Inc (JLL) stock

Add to watchlist

Add holding +

NYSE: JLL NYSE Real Estate Services Next results ~February 17, 2027

B+ Fundamentals grade

Jones Lang Lasalle Inc is a US-listed company in the real estate services industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$490

Cash-flow model

Base case. Range ~$360–$650 across our lower- and higher-growth cases (6.3%–16.3% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 23% below our base value.

Price used: $379.29, November 2, 2026

Jones Lang Lasalle Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Jones Lang Lasalle files

10-Q filed October 28: Jones Lang Lasalle

Rating: Hold to Buy Model value +21.1%

Revenue for the twelve months to September 2026 was $28.2bn, up 11.4% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin held at 4.0%. Our model value rises from $397 to $480 a share, against a share price of $358. The rating changes from Hold to Buy. At that price, our model says the market is pricing in about 5.5% a year of cash-flow growth for five years, slower than the 7.8% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 30: Jones Lang Lasalle

Revenue for the twelve months to June 2026 reached $28.2bn, up 11.4% on a year earlier and roughly matching the pace of a quarter ago. The free-cash-flow margin held at 4.0%. On that basis the fundamentals grade improves from C+ to B. Our model value, however, falls from $554 to $397 a share, set against a share price of $300. The rating stays Hold. At $300, the market is pricing in about 7.0% a year of cash-flow growth over five years. That sits close to the 7.8% a year revenue growth the company has already delivered, so current expectations look broadly consistent with the recent trend rather than demanding a step change.

10-Q on SEC EDGAR

Where Jones Lang Lasalle stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $27.4bn, up 11.2% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 5.0% from 3.1% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $597 a share, against a share price of $308. At that price, our model says the market is pricing in cash flow shrinking about 1.0% a year for five years, slower than the 7.2% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 17, 2027 (estimated)

Jones Lang Lasalle Inc's trailing-twelve-month revenue grew 11.4% year on year, with a free-cash-flow margin of 4.0%. Where it stands out: change in share count of -2.0% ranks 2 of 20 real estate services companies we cover.

Our discounted-cash-flow model values the business at ~$490 per share in the base case (~$360–$650 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 33.3% while net income grew 73.5%: a 40pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $379.29 is 29% below our value per share of $490.
  • Shrinking share count. Diluted shares fell 2.0% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 6.6% over 90 days.

Things to watch

  • Insiders selling. 4 insiders sold $16M of stock over the past 365 days and none bought (100% under pre-set trading plans).

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$6.76 against an average estimate of $6.18: beat by 9.3%
Revenue
$7.28bn, up 11.8% on a year earlier
Share reaction
+17.9% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
adjusted EPS target range growth 37% (full-year 2026)
Next report
October 28, 2026; average EPS estimate $10.08

Jones Lang Lasalle's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.4%
  • 1 week+26.2%
  • 1 month+23.6%
  • This year+12.7%
  • 1 year+24.3%
  • 5 years+43.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$28.2B
Operating margin
4.9%
Net margin
3.9%
EPS (TTM, diluted)
$23.12

Growth

Revenue growth
+11.4%
Change in growth rate
+0.2 pts
Share count change
−2.0%

Cash

Free cash flow (TTM)
$1.1B
FCF margin
4.0%
Stock pay % of revenue
0.0%

Earnings

Last results
October 28, 2026
Next results (est.)
February 17, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Guidance
  4. Leadership
  5. Leadership
  6. Leadership
  7. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Jones Lang Lasalle Inc valuation models and calculator

What the price is pricing in

The share price implies about 6.4% a year of cash-flow growth for five years.That is close to the 7.8% a year revenue growth Jones Lang Lasalle has delivered.

  • Priced in6.4%
  • Last 12 months11.4%
  • 3 years a year11.2%
  • 5 years a year7.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($376.82, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$490
Price used
$376.82close November 3, 2026
Implied change
▲ +30%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Jones Lang Lasalle Inc's free cash flow after stock-based pay with after-tax interest added back ($855M, FY2026 Q3 TTM), growing 9.7% and 10.5% in the next two years (forecasts, guidance and its record), then back to 11.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$360–~$650 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Jones Lang Lasalle Inc's free cash flow after stock-based pay ( $855M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Jones Lang Lasalle Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$490 ~$360–$650 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$330 ~$310–$450 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$180 ~$120–$270 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$180 ~$160–$210 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$330 ~$180–$490 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Jones Lang Lasalle Inc with Real Estate Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +33%
  • Free-cash-flow margin 1 point lower ▼ −26%
  • Last year's free-cash-flow margin change, if it persists ▲ +20%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $248$345$473$641$861$1145
8.5% $185$255$347$468$624$826
10% $147$201$272$364$483$636

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$156.24$99.38$147.28$125.86$174.09$148.37$269.34$159.37$188.87$253.14$336.47$379.29
Market value$7.1bn$4.5bn$6.7bn$5.8bn$8.6bn$7.8bn$14.0bn$7.9bn$9.1bn$12.2bn$16.3bn$18.0bn
+ Net debt (− = net cash)$345m$1.0bn$485m$207m$846m$181m$363m$1.2bn$1.1bn$782m$291m$849m
Enterprise value$7.4bn$5.5bn$7.2bn$6.0bn$9.4bn$7.9bn$14.4bn$9.1bn$10.2bn$13.0bn$16.5bn$18.8bn
Multiples
Price / sales 1.2x0.3x0.5x0.4x0.5x0.5x0.7x0.4x0.4x0.5x0.6x0.6x
Price / earnings 16.2x13.7x24.4x11.9x16.0x19.3x14.6x12.0x40.5x22.4x20.5x16.4x
Price / free cash flow 18.9x36.8x8.5x10.4x17.7x7.0x14.4x39.3x15.8x15.6x13.6x13.3x
EV / EBITDA 11.7x9.3x10.1x6.7x10.2x10.1x11.4x8.3x12.6x11.6x12.2x11.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

51 /100

Moderate moat

How hard Jones Lang Lasalle's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.7% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median 3.8%; its worst year was 2.6%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 3.3% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 9.1% over five years; stock-based pay has been a median 0.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (56 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $25.55 +36% $28.7bn +10%
Next $28.22 +10% $31.3bn +9%

Next year's EPS estimate has moved +6.6% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +10.6% on 90 days ago. In the last 30 days, 10 analysts raised Jones Lang Lasalle Inc's forecast and 0 cut it.

Consensus EPS forecast Jones Lang Lasalle Inc, last 90 days
$22.00 $24.00 $26.00 $28.00 $30.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $23.10 Current fiscal year, 60 days ago: $25.07 Current fiscal year, 30 days ago: $25.11 Current fiscal year, 7 days ago: $24.99 Current fiscal year, Now: $25.55 $25.55 Next fiscal year, 90 days ago: $26.48 Next fiscal year, 60 days ago: $28.41 Next fiscal year, 30 days ago: $28.47 Next fiscal year, 7 days ago: $28.14 Next fiscal year, Now: $28.22 $28.22

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $23.10$26.48
60 days ago $25.07$28.41
30 days ago $25.11$28.47
7 days ago $24.99$28.14
Now $25.55$28.22

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $6.18 $6.76 +9.3%
Jun 2026 $4.55 $5.26 +15.6%
Mar 2026 $3.01 $3.43 +14.1%
Dec 2025 $7.36 $8.71 +18.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • Adjusted EPS target range full-year 2026 about 37% growth Non-GAAP Raised
    “Given the strength of our pipelines and operating trends, we are optimistic about a strong finish to 2026 and have raised our full-year Adjusted EPS target range, reflecting 37% growth at the midpoint.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Jones Lang Lasalle Inc's revenue by +9.7% next year and +10.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.8%, weight 64%) and the company's own record (+11.3%, weight 36%) . How the weights are set.

Analyst recommendations

12 analysts, Oct 2026
Buy867%
Hold433%
Sell00%

Monthly trend

  1. Oct 202626412
  2. Sep 202626412
  3. Aug 2026263112
  4. Jul 202626412

Counts of recommendations published by analysts covering Jones Lang Lasalle Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.9%
of tradable shares
Days to cover
3.02
at average volume
Short interest, 1 month
+37%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
0.9%
of shares
Employees
112,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +24.3%

$305.09 on October 31, 2025 to $379.29

ThenNowEffect
Revenue (last 12 months) $24.7bn $27.4bn +11.2%
Net margin 2.3% 3.6% +59.4%
P/E multiple 26.2x 18.2x −30.7%
Share count 48m 48m +1.2%

Biggest factor: net margin.

Last 3 years +151.1%

$151.07 on November 3, 2023 to $379.29

ThenNowEffect
Revenue (last 12 months) $20.6bn $27.4bn +33.5%
Net margin 1.5% 3.6% +142.8%
P/E multiple 23.6x 18.2x −23.1%
Share count 48m 48m +0.7%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
JLL+82%−41%+19%+34%+33%+13%
Industry peers (median)+41%−53%+31%+8%−8%−43%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
JLL75%25%58%75%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
JLL−15%−50%−34%−13%−28%−25%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 56% from January 4, 2022 to October 25, 2023. Getting back needed a 125% gain, reached on October 30, 2024, 371 days after the low.

Price behaviour

52-week range
$280.16 – $392.79
From 52-week high
−3.4%
vs 50-day average
+14.5%
vs 200-day average
+16.9%
Volatility (1 year)
38%
Beta vs S&P 500
0.90

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±4.7%
After a week
8 up, 3 down
typical move ±5.0%
After a month
8 up, 3 down
typical move ±7.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +17.9% 0.0% — —
July 30, 2026 +4.4% +2.4% +7.0% +11.2%
April 30, 2026 −6.9% +1.3% −3.1% −15.9%
February 18, 2026 +9.4% +0.2% +10.4% +4.6%
November 5, 2025 −3.7% −0.7% +2.7% +9.6%
August 6, 2025 +0.5% +0.7% +8.8% +14.1%
May 7, 2025 −0.9% +1.1% +2.7% +0.1%
February 19, 2025 −3.4% −0.2% −3.9% −10.1%
November 6, 2024 −5.1% +3.3% −4.6% −0.9%
August 6, 2024 −0.9% +0.2% +5.4% +7.5%
May 6, 2024 +2.6% +1.1% +4.9% +7.8%
February 27, 2024 +0.4% +0.1% +2.0% +4.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Jones Lang Lasalle Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Jones Lang Lasalle Inc in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Jones Lang Lasalle Inc
$20B $22B $24B $26B $28B $30B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $20.8B Revenue (TTM), FY24 Q1: $21.2B Revenue (TTM), FY24 Q2: $21.7B Revenue (TTM), FY24 Q3: $22.5B Revenue (TTM), FY24 Q4: $23.4B Revenue (TTM), FY25 Q1: $24.1B Revenue (TTM), FY25 Q2: $24.7B Revenue (TTM), FY25 Q3: $25.3B Revenue (TTM), FY25 Q4: $26.1B Revenue (TTM), FY26 Q1: $26.8B Revenue (TTM), FY26 Q2: $27.4B Revenue (TTM), FY26 Q3: $28.2B $28.2B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $20.8B
FY24 Q1 $21.2B
FY24 Q2 $21.7B
FY24 Q3 $22.5B
FY24 Q4 $23.4B
FY25 Q1 $24.1B
FY25 Q2 $24.7B
FY25 Q3 $25.3B
FY25 Q4 $26.1B
FY26 Q1 $26.8B
FY26 Q2 $27.4B
FY26 Q3 $28.2B
Revenue growth, TTM YoY Jones Lang Lasalle Inc
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -0.5% Revenue growth, TTM YoY, FY24 Q1: 1.9% Revenue growth, TTM YoY, FY24 Q2: 5.8% Revenue growth, TTM YoY, FY24 Q3: 9.9% Revenue growth, TTM YoY, FY24 Q4: 12.9% Revenue growth, TTM YoY, FY25 Q1: 13.6% Revenue growth, TTM YoY, FY25 Q2: 13.5% Revenue growth, TTM YoY, FY25 Q3: 12.5% Revenue growth, TTM YoY, FY25 Q4: 11.4% Revenue growth, TTM YoY, FY26 Q1: 11.2% Revenue growth, TTM YoY, FY26 Q2: 11.2% Revenue growth, TTM YoY, FY26 Q3: 11.4% 11.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -0.5%
FY24 Q1 1.9%
FY24 Q2 5.8%
FY24 Q3 9.9%
FY24 Q4 12.9%
FY25 Q1 13.6%
FY25 Q2 13.5%
FY25 Q3 12.5%
FY25 Q4 11.4%
FY26 Q1 11.2%
FY26 Q2 11.2%
FY26 Q3 11.4%
Operating margin (TTM) Jones Lang Lasalle Inc
2% 3% 4% 5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 2.8% Operating margin (TTM), FY24 Q1: 3.2% Operating margin (TTM), FY24 Q2: 3.1% Operating margin (TTM), FY24 Q3: 3.5% Operating margin (TTM), FY24 Q4: 3.7% Operating margin (TTM), FY25 Q1: 3.6% Operating margin (TTM), FY25 Q2: 3.7% Operating margin (TTM), FY25 Q3: 3.8% Operating margin (TTM), FY25 Q4: 4.2% Operating margin (TTM), FY26 Q1: 4.4% Operating margin (TTM), FY26 Q2: 4.7% Operating margin (TTM), FY26 Q3: 4.9% 4.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 2.8%
FY24 Q1 3.2%
FY24 Q2 3.1%
FY24 Q3 3.5%
FY24 Q4 3.7%
FY25 Q1 3.6%
FY25 Q2 3.7%
FY25 Q3 3.8%
FY25 Q4 4.2%
FY26 Q1 4.4%
FY26 Q2 4.7%
FY26 Q3 4.9%
FCF margin (TTM) Jones Lang Lasalle Inc
1% 2% 3% 4% 5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 1.6% FCF margin (TTM), FY24 Q1: 1.8% FCF margin (TTM), FY24 Q2: 1.9% FCF margin (TTM), FY24 Q3: 1.5% FCF margin (TTM), FY24 Q4: 2.3% FCF margin (TTM), FY25 Q1: 1.8% FCF margin (TTM), FY25 Q2: 2.0% FCF margin (TTM), FY25 Q3: 3.3% FCF margin (TTM), FY25 Q4: 3.6% FCF margin (TTM), FY26 Q1: 3.6% FCF margin (TTM), FY26 Q2: 4.1% FCF margin (TTM), FY26 Q3: 4.0% 4.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 1.6%
FY24 Q1 1.8%
FY24 Q2 1.9%
FY24 Q3 1.5%
FY24 Q4 2.3%
FY25 Q1 1.8%
FY25 Q2 2.0%
FY25 Q3 3.3%
FY25 Q4 3.6%
FY26 Q1 3.6%
FY26 Q2 4.1%
FY26 Q3 4.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Jones Lang Lasalle took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $26.1B
  2. Other operating costs $25B · 95.8%
  3. Operating income $1.1B · 4.2%
  4. Income tax $190M · 0.7%
  5. Net income $792M · 3.0%

Shares of revenue. Source: Jones Lang Lasalle's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2.5 2.9 3.6 3.9 4.5 5.4 6.0 13.0 14.5 16.3 18.0 16.6 19.4 20.9 20.8 23.4 26.1 28.2
EBITDA 0.2 0.3 0.3 0.4 0.4 0.6 0.6 0.6 0.7 0.9 0.9 0.8 1.3 1.1 0.8 1.1 1.4 1.6
Operating income 0.1 0.3 0.3 0.3 0.4 0.5 0.5 0.5 0.5 0.7 0.7 0.6 1.0 0.9 0.6 0.9 1.1 1.4
Net income −0.0 0.2 0.2 0.2 0.3 0.4 0.4 0.3 0.3 0.5 0.5 0.4 1.0 0.7 0.2 0.5 0.8 1.1
Diluted EPS −$0.11 $3.48 $3.70 $4.63 $5.98 $8.52 $9.65 $7.23 $6.03 $10.54 $10.87 $7.70 $18.47 $13.27 $4.67 $11.30 $16.40 $23.12
Growth (year on year)
Revenue −8.0% +17.9% +22.5% +9.7% +13.4% +21.7% +9.9% +117.8% +11.3% +12.9% +10.2% −7.7% +16.7% +7.7% −0.5% +12.9% +11.4% +11.4%
EBITDA −17.5% +66.3% +0.5% +10.2% +21.9% +24.8% +13.9% −6.3% +19.3% +25.2% +2.8% −14.4% +60.5% −13.1% −25.7% +37.9% +20.2% +32.0%
Operating income −23.1% +123.9% −3.6% +15.2% +27.4% +26.2% +13.8% −14.0% +19.8% +29.5% +1.2% −21.8% +86.6% −16.8% −33.6% +50.6% +26.5% +44.5%
Net income −104.2% — +6.8% +26.6% +29.7% +43.0% +13.7% −24.8% −16.2% — +10.5% −24.8% +138.9% −31.9% −65.6% — +44.9% +73.5%
Diluted EPS −104.5% — +6.3% +25.1% +29.2% +42.5% +13.3% −25.1% −16.6% — +3.1% −29.2% +139.9% −28.2% −64.8% — +45.1% +77.1%
Margins
EBITDA margin 8.1% 11.4% 9.3% 9.4% 10.1% 10.3% 10.7% 4.6% 4.9% 5.5% 5.1% 4.7% 6.5% 5.3% 3.9% 4.8% 5.2% 5.7%
Operating margin 4.7% 8.9% 7.0% 7.4% 8.3% 8.6% 8.9% 3.5% 3.8% 4.3% 4.0% 3.4% 5.4% 4.2% 2.8% 3.7% 4.2% 4.9%
Net margin −0.1% 5.3% 4.6% 5.3% 6.0% 7.1% 7.4% 2.5% 1.9% 3.0% 3.0% 2.4% 5.0% 3.1% 1.1% 2.3% 3.0% 3.9%
Free-cash-flow margin 8.3% 11.5% 3.3% 5.9% 4.1% 8.7% 6.3% 0.9% 5.5% 3.4% 2.7% 6.7% 5.0% 1.0% 2.8% 3.4% 4.6% 4.8%
Cash flow
Cash from operations 0.3 0.4 0.2 0.3 0.3 0.5 0.4 0.2 0.8 0.6 0.5 1.1 1.0 0.2 0.6 0.8 1.2 1.4
Capital spending 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow 0.2 0.3 0.1 0.2 0.2 0.5 0.4 0.1 0.8 0.6 0.5 1.1 1.0 0.2 0.6 0.8 1.2 1.4
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow after stock pay 0.2 0.3 0.1 0.2 0.2 0.5 0.4 0.1 0.8 0.6 0.5 1.1 1.0 0.2 0.6 0.8 1.2 1.4
Balance sheet
Cash 0.1 0.3 0.2 0.2 0.2 0.3 0.2 0.3 0.3 0.5 0.5 0.6 0.6 0.5 0.4 0.4 0.6 0.5
Total debt 0.2 0.2 0.5 0.2 0.3 0.3 0.6 1.3 0.8 0.7 1.3 0.8 1.0 1.8 1.5 1.2 0.9 1.4
Net debt (negative = net cash) 0.1 −0.0 0.3 0.0 0.1 0.0 0.3 1.0 0.5 0.2 0.8 0.2 0.4 1.2 1.1 0.8 0.3 0.8
Diluted shares 39m 44m 44m 45m 45m 45m 45m 46m 46m 46m 49m 52m 52m 49m 48m 48m 48m 47m
Returned to shareholders
Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 — — — — —
Buybacks — — — — — — — — — 0.0 0.0 0.1 0.3 0.6 0.1 0.1 0.2 0.6
Total returned 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.3 0.6 0.1 0.1 0.2 0.6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · September 30, 2026
What it owns · $18.2bn
Short-term assets $8.5bnLonger-term assets $9.7bn
What it owes, and who funded it · $18.1bn
Short-term liabilities $7.6bnLonger-term liabilities $2.8bnShareholders' equity $7.7bn
  • Short-term assets cover short-term liabilities $8.5bn of assets due within a year against $7.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $8.5bn short-term assets against $2.8bn of longer-dated liabilities.
  • More cash than debt $514m of cash against $794m of debt.
  • Debt below 40% of shareholders' equity Debt is 10% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 6% to 10% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.4bn of operating cash flow against $794m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Jones Lang Lasalle Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$630M
Returned to shareholders
56%
of free cash flow
Buybacks, last 3 fiscal years
$354M
Diluted share count
−2.0%
year over year
Total shareholder yield
3.6%
dividends 0.0% + buybacks 3.6% of market value
Days sales outstanding
30 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in real estate services
Last 12 months unless stated JLL CBRE BEKE COMP CIGI FSV Median
Revenue, last 12 months $28.2bn $45.0bn $13.2bn $10.6bn $5.6bn $5.5bn $2.2bn
Revenue growth, last 12 months 11.4% 14.8% 1.3% 67.8% 15.3% 5.4% 6.7%
Revenue growth, 3-year average 11.2% 13.0% — 27.8% 62.0% 74.3% 13.0%
Revenue growth, latest quarter 11.8% 12.7% — 109.0% — — 12.7%
Gross margin — 18.5% 21.4% — — — 18.5%
Operating margin 4.9% 4.6% 2.2% −2.6% 6.7% 6.1% 0.8%
Operating margin, 3-year average 4.1% 4.3% — −2.7% 3.6% 6.2% −2.7%
Net margin 3.9% 3.1% 3.2% 0.6% 1.9% 2.6% 1.8%
Cash from operations / revenue 4.8% 3.1% −0.4% 1.5% 5.9% 8.1% 1.8%
Free-cash-flow margin 4.0% 2.1% −1.0% 1.2% 4.5% 5.8% 1.5%
Free-cash-flow margin, 3-year average 2.9% 2.7% — 1.3% 5.9% 4.6% 2.9%
Stock pay / revenue 0.0% 0.4% 2.0% 2.5% 1.0% 0.5% 0.9%
Change in share count −2.0% −2.3% −1.8% 29.1% 1.8% 1.0% 1.6%

Median of all 22 companies we cover in real estate services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

22 real estate services companies
Measure Company Peer median Rank
Revenue growth Growth 11.4% 8.1% 10 of 22
Change in growth rate Growth +0.2pp -0.2pp 10 of 22
Operating margin Profitability 4.9% 1.2% 7 of 22
Net margin Profitability 3.9% 1.8% 4 of 21
Free-cash-flow margin Cash generation 4.0% 1.2% 8 of 19
Stock pay as % of revenue Cash generation 0.0% 1.0% 3 of 21
Long-term debt as % of assets Balance sheet 3.3% 18.2% 5 of 14
Change in share count Balance sheet -2.0% 1.8% 2 of 20
Days sales outstanding Balance sheet 30 days 22 days 10 of 15

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Real Estate Management Services $20B 76.6% ▲ 11.2%
Leasing Advisory $3B 11.5% ▲ 11.2%
Capital Markets Services $2.4B 9.3% ▲ 18.7%
Lasalle Investment Management $450M 1.7% ▼ 3.8%
Proptech Investments $232M 0.9% ▲ 2.7%

From Jones Lang Lasalle Inc's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$13.4B
Institutions reporting
660
Shares held vs prior quarter
▲ 0.3%
Positions opened / closed
72 / 67

Top buyers and sellers, Q2 2026: 304 institutions bought and 332 sold ; the biggest buyer was FMR LLC (+424K shares) and the biggest seller AQR Capital Management LLC (−282K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.4B 4.7M 10.8% ▲ 0.5%
Vanguard Portfolio Management LLC $1.3B 4.3M 10.0% ▼ 0.3%
FMR LLC $966M 3.1M 7.2% ▲ 15.7%
Vanguard Capital Management LLC $650M 2.1M 4.9% ▼ 0.4%
Edgepoint Investment Group Inc. $567M 1.8M 4.2% ▼ 4.0%
State Street Corp $460M 1.5M 3.4% ▲ 1.9%
Morgan Stanley $457M 1.5M 3.4% ▼ 11.3%
Ariel Investments, LLC $329M 1.1M 2.5% ▲ 3.5%
Geode Capital Management, LLC $310M 1.0M 2.3% ▼ 2.3%
Dimensional Fund Advisors LP $283M 913K 2.1% ▲ 7.0%
Millennium Management LLC $269M 869K 2.0% ▲ 53.6%
Massachusetts Financial Services Co $229M 739K 1.7% ▼ 0.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Jones Lang Lasalle Inc's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $16.3M 17 trades by 4 insiders · 100% under pre-set plans
Net ▼ $16.3M net selling
Insider Date Trade Shares Price Value
Ulbrich Christian CEO & President August 21, 2026 Sell pre-set plan 2,000 $386.99 $773,980
Ulbrich Christian CEO & President August 20, 2026 Sell pre-set plan 2,000 $385.53 $771,060
Ulbrich Christian CEO & President August 19, 2026 Sell pre-set plan 2,000 $375.16 $750,320
Ulbrich Christian CEO & President August 18, 2026 Sell pre-set plan 2,000 $375.00 $750,000
Ulbrich Christian CEO & President August 14, 2026 Sell pre-set plan 2,000 $375.00 $750,000
Quinlan Larry Director June 12, 2026 Sell pre-set plan 402 $301.73 $121,295
Quinlan Larry Director June 5, 2026 Sell pre-set plan 403 $295.14 $118,941
Bloxam Richard CEO, Capital Markets Services March 24, 2026 Sell pre-set plan 5,440 $296.94 $1.6M
Mcaneny Deborah H Director March 10, 2026 Sell pre-set plan 2,500 $300.50 $751,250
Ulbrich Christian CEO & President December 11, 2025 Sell pre-set plan 96 $332.18 $31,889
Ulbrich Christian CEO & President December 10, 2025 Sell pre-set plan 5,000 $330.87 $1.7M
Ulbrich Christian CEO & President December 5, 2025 Sell pre-set plan 4,664 $330.36 $1.5M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 19 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 7 sales of Jones Lang Lasalle Inc shares.

  • April McClain Delaney(D-MD 6):Sale (full), $1,001 - $15,000, traded March 13, 2026, filed April 6, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded March 3, 2026, filed April 6, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded February 27, 2026, filed March 10, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 17, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 30, 2026
  • April 30, 2026
  • February 18, 2026
  • November 5, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Jones Lang Lasalle Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Jones Lang Lasalle Inc in brief

What does Jones Lang Lasalle Inc do?
Jones Lang Lasalle Inc is a US-listed company in the real estate services industry. Its financial year ends in December.
What is Jones Lang Lasalle Inc's stock ticker?
Jones Lang Lasalle Inc trades under the ticker JLL on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Jones Lang Lasalle Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Jones Lang Lasalle Inc reported revenue of $28.2B, 11.4% higher than a year earlier, according to its SEC filings.
What is Jones Lang Lasalle Inc's free cash flow?
Jones Lang Lasalle Inc's free-cash-flow margin is 4.0% of revenue over the trailing twelve months, ranking 8 of the 19 real estate services companies we cover.
What is Jones Lang Lasalle Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Jones Lang Lasalle Inc's free cash flow after stock-based pay gives ~$490 per share in the base case, and ~$360–$650 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Jones Lang Lasalle Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Jones Lang Lasalle Inc buying back stock, and does it pay a dividend?
Jones Lang Lasalle Inc spent $630M on share repurchases over the trailing twelve months, and its diluted share count fell 2.0% over the year.
What is Jones Lang Lasalle Inc's market cap?
On November 2, 2026, Jones Lang Lasalle Inc's market capitalisation was about $18B, with a price-to-earnings ratio of 16.4 and net debt of $849M. Market figures come from third-party market data and may be delayed.
How much debt does Jones Lang Lasalle Inc have?
Jones Lang Lasalle Inc's debt-to-equity ratio is 10.4%, from its latest balance sheet (6.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Jones Lang Lasalle Inc's competitors?
In our Real Estate Services peer group, the companies closest to Jones Lang Lasalle Inc are CBRE Group, KE Holdings Inc., Compass, Inc., Colliers International Group Inc. and Firstservice Corp. The side-by-side comparison below sets their revenue, margins and growth against Jones Lang Lasalle Inc's.
Are insiders buying or selling Jones Lang Lasalle Inc stock?
Over the last 12 months, Jones Lang Lasalle Inc's directors and officers reported 0 open-market purchases and 17 sales on Form 4. The insider trading page charts every trade.
When is Jones Lang Lasalle Inc's next earnings date?
Around February 17, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Jones Lang Lasalle Inc announces its own schedule.