NYSE:JLL
JONES LANG LASALLE INC
A premier global provider of integrated real estate advisory, management, and valuation services driving sustainable value for institutional and corporate clients.
Key Metrics
Investment Thesis
Bull Case
JLL offers a compelling value play with revenue growing at an accelerated pace as the global economy stabilizes and commercial real estate activity resumes. The company's dominant market position and diverse service mix provide a stable cash flow profile attractive for long-term hold investors. Recent profitability recovery suggests management can navigate macro headwinds effectively while maintaining dividend potential.
Bear Case
The stock faces valuation pressure if the commercial real estate sector continues to struggle with high vacancy rates or refinancing challenges. Significant goodwill on the balance sheet of $4.71B creates impairment risk if asset valuations decline further due to economic shifts. Investors should monitor the company's ability to maintain fee margins in a potentially slower transaction environment compared to peak market conditions.
About JONES LANG LASALLE INC
JLL is a leading global professional services firm providing real estate and investment management, property management, and valuation services. Operating across commercial, industrial, retail, and multi-family sectors worldwide, the company leverages its vast network to deliver data-driven solutions for clients seeking sustainable asset performance.
Analysis
Management Discussion
Financial performance has strengthened significantly, with net income rebounding to $792.2M in 2025 from a low of $226.2M in 2023, demonstrating operational resilience. Revenue growth accelerated to $26.12B, outpacing the previous year's $23.43B, driven by robust demand for advisory services and stable property management fees. Strong operating cash flow of $1.19B supports shareholder returns via $211.5M in share repurchases while maintaining a healthy cash balance.
Industry Overview
The real estate services industry is cyclical, heavily influenced by interest rates and economic growth which drive corporate expansion and investment activity. JLL operates in a consolidating market where scale and data analytics are becoming critical differentiators for securing large institutional mandates. The shift toward ESG-focused property management and net-zero building strategies is reshaping service offerings and revenue models.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $20.86B | $20.76B | $23.43B | $26.12B |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $20.86B | $20.76B | $23.43B | $26.12B |
| Operating Expenses | $19.99B | $20.18B | $22.56B | $25.02B |
| Operating Income | $868.1M | $576.5M | $868.1M | $1.10B |
| Stock-Based Comp | $6.1M | $3.4M | $2.3M | $2.7M |
| D&A | $228.1M | $238.4M | $255.8M | $252.8M |
| Depreciation | $157.7M | $168.7M | $189.5M | $201.8M |
| Amortization | $184.8M | $177.7M | $176.2M | $169.0M |
| Non-Operating Income | $126.1M | $-324.6M | $-188.8M | $-116.3M |
| Pre-Tax Income | $994.2M | $251.9M | $679.3M | $981.7M |
| Income Tax | $200.8M | $25.7M | $132.5M | $189.5M |
| Continuing Ops | $793.4M | $226.2M | $546.8M | $792.2M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $793.4M | $226.2M | $546.8M | $792.2M |
| Minority Interest | $138.9M | $800.0K | $0 | $100.0K |
| Net to Common | $654.5M | $225.4M | $546.8M | $792.1M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $6.57B | $6.86B | $7.48B | $8.18B |
| Cash & Equivalents | $519.3M | $410.0M | $416.3M | $599.1M |
| Accounts Receivable | $2.15B | $2.10B | $2.15B | $2.30B |
| Prepaid Expenses | $603.5M | $567.4M | $651.3M | $631.2M |
| Other Current Assets | $3.30B | $3.78B | $4.26B | $4.65B |
| Long-Term Assets | $9.02B | $9.21B | $9.29B | $9.62B |
| PP&E (Net) | $582.9M | $613.9M | $598.1M | $630.6M |
| Intangibles | $858.5M | $785.0M | $724.1M | $666.7M |
| Goodwill | $4.53B | $4.59B | $4.61B | $4.71B |
| Operating Leases | $776.3M | $730.9M | $743.1M | $712.3M |
| Other LT Assets | $2.28B | $2.49B | $2.61B | $2.90B |
| Total Assets | $15.59B | $16.06B | $16.76B | $17.80B |
| Current Liabilities | $5.91B | $6.45B | $7.14B | $7.39B |
| Current Debt | $0 | — | — | — |
| Current Leases | $156.4M | $161.9M | $157.2M | $166.7M |
| Taxes Payable | $1.0M | $154.3M | $68.0M | $107.5M |
| Other Current Liab | $5.75B | $6.13B | $6.92B | $7.11B |
| Long-Term Liabilities | $3.53B | $3.21B | $2.72B | $2.79B |
| LT Operating Leases | $775.8M | $754.5M | $748.8M | $774.4M |
| Other LT Liab | $2.76B | $2.45B | $1.78B | $1.97B |
| Total Liabilities | $9.44B | $9.65B | $9.87B | $10.18B |
| Shareholders' Equity | $6.15B | $6.41B | $6.90B | $7.62B |
| Retained Earnings | $5.59B | $5.80B | $6.33B | $7.11B |
| AOCI | $-648.2M | $-591.5M | $-646.9M | $-572.5M |
| Treasury Stock | $934.6M | $920.1M | $937.9M | $1.09B |
| Total L&E | $15.59B | $16.06B | $16.76B | $17.80B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $793.4M | $226.2M | $546.8M | $792.2M |
| Non-Cash Adjustments | $-492.9M | $187.3M | $-355.3M | $-44.7M |
| Working Capital Changes | $-100.6M | $162.3M | $593.8M | $446.6M |
| Cash from Operations | $199.9M | $575.8M | $785.3M | $1.19B |
| Cash from Investing | $-243.1M | $-290.4M | $-316.8M | $-336.6M |
| Share Buybacks | $601.2M | $61.6M | $80.7M | $211.5M |
| Cash from Financing | $-13.1M | $-374.3M | $-451.2M | $-643.2M |
| FX Effect | $-39.3M | $6.3M | $-28.0M | $31.9M |
| Net Change in Cash | $-95.6M | $-82.6M | $-10.7M | $246.2M |
| Beginning Cash | $841.6M | $746.0M | $663.4M | $652.7M |
| Ending Cash | $746.0M | $663.4M | $652.7M | $898.9M |
Frequently Asked Questions
How does JONES LANG LASALLE INC make money?
The company generates revenue primarily through four core segments: Real Estate Advisory covering investment banking, leasing, and capital markets; Property Management handling operations for diverse property types; Valuation Services providing appraisal and consulting; and Place Solutions offering marketing, brokerage, and transaction services.
What are the main risks for JLL?
Exposure to economic downturns can significantly impact commercial leasing rates and transaction volumes in real estate markets. Rising interest rates may increase borrowing costs and reduce demand for high-value advisory services. The company faces intense competition from specialized boutique firms and large generalist accounting/consulting corporations.
What is JLL's competitive advantage?
JLL's extensive global network of over 200 offices provides unparalleled local market intelligence combined with global scale. The firm possesses deep proprietary data capabilities that enhance client decision-making and operational efficiency. Its diversified portfolio across multiple property sectors mitigates concentration risk compared to single-asset managers.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.