NYSE : JLL
Jones Lang LaSalle Incorporated — Financial statements
Real Estate · Real Estate Services · United States
Last price 359.79 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 16.43B
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Financial statements
Jones Lang LaSalle Incorporated (JLL) reported revenue of 28.20B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 28.20B | 26.12B | 23.43B | 20.76B | 20.86B | 19.37B |
| Cost of Revenue | 13.75B | 12.77B | 11.29B | 10.07B | 9.65B | 8.49B |
| Gross Profit | 14.45B | 13.35B | 12.14B | 10.69B | 11.21B | 10.88B |
| Selling, General & Admin | 12.76B | 11.92B | 10.99B | 9.77B | 10.01B | 9.54B |
| Operating Expenses | 12.99B | 12.18B | 11.25B | 10.01B | 10.24B | 9.75B |
| Operating Income | 1.47B | 1.17B | 891.20M | 677.20M | 972.90M | 1.13B |
| Interest Expense | -81.30M | -107.30M | -136.90M | -135.40M | -75.20M | -40.10M |
| Earnings From Equity Investments | 31.10M | -20.70M | -70.80M | -194.10M | 51.00M | 209.40M |
| Other Non Operating Income (Expenses) | 12.60M | 11.70M | 18.90M | 4.90M | 8.00M | 10.80M |
| EBT Excluding Unusual Items | 1.43B | 1.06B | 702.40M | 352.60M | 956.70M | 1.31B |
| Merger & Restructuring Charges | -72.90M | -75.30M | -23.10M | -100.70M | -104.80M | -84.70M |
| Gain (Loss) on Sale of Investments | 142.30M | |||||
| Pretax Income | 1.36B | 981.70M | 679.30M | 251.90M | 994.20M | 1.22B |
| Income Tax Expense | 261.70M | 189.50M | 132.50M | 25.70M | 200.80M | 264.30M |
| Earnings From Continuing Operations | 1.09B | 792.20M | 546.80M | 226.20M | 793.40M | 959.30M |
| Minority Interest in Earnings | 2.00M | -100.00K | -800.00K | -138.90M | 2.30M | |
| Net Income | 1.10B | 792.10M | 546.80M | 225.40M | 654.50M | 961.60M |
| Net Income to Common | 1.10B | 792.10M | 546.80M | 225.40M | 654.50M | 961.60M |
| Shares Outstanding (Basic) | 46.52M | 47.35M | 47.49M | 47.63M | 48.45M | 50.92M |
| Shares Outstanding (Diluted) | 47.39M | 48.31M | 48.37M | 48.29M | 49.34M | 52.07M |
| EPS (Basic) | 23.56 | 16.73 | 11.51 | 4.73 | 13.51 | 18.89 |
| EPS (Diluted) | 23.13 | 16.40 | 11.30 | 4.67 | 13.27 | 18.47 |
| Free Cash Flow | 1.11B | 978.50M | 599.80M | 388.90M | -5.90M | 796.50M |
| Free Cash Flow Per Share | 23.39 | 20.25 | 12.40 | 8.05 | -0.12 | 15.30 |
| Gross Margin | 51.25% | 51.12% | 51.81% | 51.47% | 53.74% | 56.18% |
| Operating Margin | 5.20% | 4.49% | 3.80% | 3.26% | 4.66% | 5.83% |
| Profit Margin | 3.89% | 3.03% | 2.33% | 1.09% | 3.14% | 4.96% |
| Free Cash Flow Margin | 3.93% | 3.75% | 2.56% | 1.87% | -0.03% | 4.11% |
| EBITDA | 1.81B | 1.54B | 1.25B | 915.60M | 1.20B | 1.35B |
| EBITDA Margin | 6.41% | 5.88% | 5.33% | 4.41% | 5.76% | 6.95% |
| D&A For EBITDA | 342.20M | 363.10M | 358.00M | 238.40M | 228.10M | 217.50M |
| EBIT | 1.47B | 1.17B | 891.20M | 677.20M | 972.90M | 1.13B |
| EBIT Margin | 5.20% | 4.49% | 3.80% | 3.26% | 4.66% | 5.83% |
| Effective Tax Rate | 19.30% | 19.30% | 19.50% | 10.20% | 20.20% | 21.60% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 514.30M | 599.10M | 416.30M | 410.00M | 519.30M | 593.70M |
| Cash & Short-Term Investments | 514.30M | 599.10M | 416.30M | 410.00M | 519.30M | 593.70M |
| Accounts Receivable | 2.65B | 2.64B | 2.49B | 2.43B | 2.51B | 2.35B |
| Other Receivables | 3.25B | 3.10B | 2.69B | 2.32B | 2.01B | 1.73B |
| Receivables | 6.33B | 6.20B | 5.64B | 5.20B | 4.98B | 4.47B |
| Prepaid Expenses | 259.40M | 279.20M | 253.70M | 186.00M | 186.60M | 192.40M |
| Restricted Cash | 271.50M | 299.80M | 236.50M | 253.40M | 226.70M | 247.90M |
| Other Current Assets | 138.30M | 52.20M | 161.10M | 128.00M | 190.20M | 60.40M |
| Total Current Assets | 8.54B | 8.18B | 7.48B | 6.86B | 6.57B | 6.39B |
| Property, Plant & Equipment | 1.24B | 1.34B | 1.34B | 1.34B | 1.36B | 1.46B |
| Long-Term Investments | 966.40M | 892.90M | 812.70M | 816.60M | 873.80M | 745.70M |
| Goodwill | 4.72B | 4.71B | 4.61B | 4.59B | 4.53B | 4.61B |
| Other Intangible Assets | 637.70M | 666.70M | 724.10M | 785.00M | 858.50M | 887.00M |
| Long-Term Accounts Receivable | 73.30M | 63.10M | 49.60M | 62.20M | 85.00M | |
| Long-Term Deferred Tax Assets | 608.20M | 610.00M | 518.20M | 497.40M | 379.60M | 330.80M |
| Other Long-Term Assets | 1.46B | 1.34B | 1.23B | 1.11B | 939.90M | 1.08B |
| Total Assets | 18.24B | 17.80B | 16.76B | 16.06B | 15.59B | 15.51B |
| Accounts Payable | 1.32B | 1.40B | 1.32B | 1.41B | 1.24B | 1.26B |
| Accrued Expenses | 1.62B | 1.93B | 1.77B | 1.70B | 1.75B | 2.03B |
| Short-Term Debt | 1.38B | 851.60M | 1.19B | 810.60M | 619.50M | 943.60M |
| Current Portion of Long-Term Debt | 198.60M | 274.70M | ||||
| Current Portion of Leases | 160.80M | 166.70M | 157.20M | 161.90M | 156.40M | 153.80M |
| Current Unearned Revenue | 258.00M | 237.20M | 203.80M | 226.40M | 216.50M | 208.20M |
| Other Current Liabilities | 2.70B | 2.80B | 2.50B | 2.14B | 1.93B | 1.61B |
| Total Current Liabilities | 7.63B | 7.39B | 7.14B | 6.45B | 5.91B | 6.49B |
| Long-Term Debt | 836.30M | 797.40M | 845.30M | 1.39B | 1.59B | 533.80M |
| Long-Term Leases | 648.10M | 808.10M | 748.80M | 754.50M | 775.80M | 714.40M |
| Pension & Post-Retirement Benefits | 1.50M | 2.00M | 3.90M | |||
| Long-Term Deferred Tax Liabilities | 72.40M | 56.00M | 45.60M | 44.80M | 194.00M | 179.70M |
| Other Long-Term Liabilities | 1.24B | 1.13B | 1.08B | 1.02B | 975.70M | 1.17B |
| Total Liabilities | 10.43B | 10.18B | 9.87B | 9.65B | 9.44B | 9.08B |
| Common Stock | 500.00K | 500.00K | 500.00K | 500.00K | 500.00K | 500.00K |
| Additional Paid-In Capital | 2.07B | 2.07B | 2.03B | 2.02B | 2.02B | 2.05B |
| Retained Earnings | 7.76B | 7.11B | 6.33B | 5.80B | 5.59B | 4.94B |
| Treasury Stock | -1.56B | -1.09B | -937.90M | -920.10M | -934.60M | -406.30M |
| Comprehensive Income & Other | -598.50M | -586.30M | -658.70M | -601.90M | -658.00M | -400.60M |
| Total Common Equity | 7.67B | 7.50B | 6.77B | 6.29B | 6.02B | 6.18B |
| Minority Interest | 143.90M | 120.20M | 123.60M | 116.10M | 128.60M | 236.30M |
| Shareholders' Equity | 7.81B | 7.62B | 6.90B | 6.41B | 6.15B | 6.42B |
| Total Liabilities & Equity | 18.24B | 17.80B | 16.76B | 16.06B | 15.59B | 15.51B |
| Total Debt | 3.22B | 2.62B | 2.95B | 3.12B | 3.14B | 2.62B |
| Net Cash (Debt) | -2.71B | -2.02B | -2.53B | -2.71B | -2.62B | -2.03B |
| Net Cash Per Share | -57.08 | -41.91 | -52.28 | -56.06 | -53.08 | -38.92 |
| Filing Date Shares Outstanding | 45.68M | 46.85M | 47.39M | 47.44M | 47.60M | 49.89M |
| Total Common Shares Outstanding | 45.68M | 46.95M | 47.42M | 47.51M | 47.51M | 50.02M |
| Working Capital | 904.10M | 792.80M | 334.00M | 410.90M | 657.60M | -98.80M |
| Book Value Per Share | 167.91 | 159.82 | 142.81 | 132.47 | 126.74 | 123.64 |
| Tangible Book Value | 2.31B | 2.13B | 1.44B | 921.40M | 634.40M | 686.30M |
| Tangible Book Value Per Share | 50.52 | 45.35 | 30.29 | 19.39 | 13.35 | 13.72 |
| Machinery | 1.33B | 1.22B | 1.13B | 1.07B | 1.02B | |
| Leasehold Improvements | 544.00M | 480.60M | 468.20M | 431.20M | 396.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.10B | 792.10M | 546.80M | 225.40M | 654.50M | 961.60M |
| Depreciation & Amortization | 342.20M | 363.10M | 358.00M | 238.40M | 228.10M | 217.50M |
| Loss (Gain) From Sale of Assets | -133.90M | -10.90M | ||||
| Loss (Gain) on Equity Investments | 2.30M | 49.50M | 88.50M | 206.50M | -29.80M | -180.80M |
| Stock-Based Compensation | 138.60M | 114.70M | 97.40M | 78.30M | 85.80M | 96.40M |
| Provision & Write-off of Bad Debts | 34.40M | 41.60M | 38.00M | 20.30M | 27.00M | 12.10M |
| Other Operating Activities | -94.90M | -74.50M | -78.40M | 41.30M | 138.60M | -71.20M |
| Change in Accounts Receivable | -353.30M | -148.80M | -207.90M | 11.10M | -291.30M | -436.20M |
| Change in Accounts Payable | 158.90M | 60.90M | 36.20M | 78.50M | -78.40M | -12.80M |
| Change in Income Taxes | 15.70M | -51.30M | -137.60M | -138.80M | -105.10M | 35.00M |
| Change in Other Net Operating Assets | 14.60M | 46.80M | 44.30M | -185.20M | -295.60M | 361.70M |
| Operating Cash Flow | 1.35B | 1.19B | 785.30M | 575.80M | 199.90M | 972.40M |
| Capital Expenditures | -245.80M | -215.60M | -185.50M | -186.90M | -205.80M | -175.90M |
| Cash Acquisitions | -20.30M | -7.70M | -60.90M | -13.60M | -5.70M | -416.80M |
| Sale (Purchase) of Real Estate | 134.80M | -70.90M | ||||
| Investment in Securities | -80.40M | -111.10M | -69.40M | -85.70M | -142.90M | -107.10M |
| Other Investing Activities | -5.80M | -2.20M | -1.00M | -4.20M | -23.50M | -35.10M |
| Investing Cash Flow | -339.40M | -336.60M | -316.80M | -290.40M | -243.10M | -805.80M |
| Short-Term Debt Issued | 3.77B | 912.90M | 20.10M | 91.80M | ||
| Long-Term Debt Issued | 9.13B | 8.04B | 8.08B | 7.56B | 5.09B | |
| Total Debt Issued | 8.62B | 12.90B | 8.96B | 8.08B | 7.58B | 5.19B |
| Short-Term Debt Repaid | -4.03B | -710.00M | -24.80M | |||
| Long-Term Debt Repaid | -9.23B | -8.57B | -8.28B | -6.76B | -4.94B | |
| Total Debt Repaid | -8.76B | -13.26B | -9.28B | -8.31B | -6.76B | -4.94B |
| Net Debt Issued (Repaid) | -143.50M | -363.90M | -322.10M | -224.80M | 820.10M | 241.80M |
| Repurchase of Common Stock | -669.50M | -251.10M | -112.50M | -92.20M | -688.40M | -395.80M |
| Other Financing Activities | -82.30M | -28.20M | -16.60M | -57.30M | -144.80M | 10.20M |
| Financing Cash Flow | -895.30M | -643.20M | -451.20M | -374.30M | -13.10M | -143.80M |
| Foreign Exchange Rate Adjustments | -21.50M | 31.90M | -28.00M | 6.30M | -39.30M | -21.00M |
| Net Cash Flow | 98.40M | 246.20M | -10.70M | -82.60M | -95.60M | 1.80M |
| Free Cash Flow | 1.11B | 978.50M | 599.80M | 388.90M | -5.90M | 796.50M |
| Free Cash Flow Margin | 3.93% | 3.75% | 2.56% | 1.87% | -0.03% | 4.11% |
| Free Cash Flow Per Share | 23.39 | 20.25 | 12.40 | 8.05 | -0.12 | 15.30 |
| Levered Free Cash Flow | 938.92M | 985.45M | 445.74M | 409.23M | 430.16M | 1.62B |
| Unlevered Free Cash Flow | 989.74M | 1.05B | 531.30M | 493.85M | 477.16M | 1.64B |
| Cash Interest Paid | 93.10M | 118.50M | 147.00M | 144.80M | 74.30M | 38.80M |
| Cash Income Tax Paid | 253.90M | 226.00M | 284.90M | 158.50M | 321.30M | 262.50M |
| Change in Working Capital | -164.10M | -92.40M | -265.00M | -234.40M | -770.40M | -52.30M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 17.46B | 15.88B | 12.01B | 8.99B | 7.56B | 13.59B |
| Enterprise Value | 20.17B | 19.05B | 16.71B | 12.30B | 11.06B | 17.28B |
| Last Close Price | 359.79 | 336.47 | 253.14 | 188.87 | 159.37 | 269.34 |
| PE Ratio | 16.52 | 20.05 | 21.96 | 39.86 | 11.56 | 14.14 |
| Forward PE | 13.87 | 17.18 | 16.21 | 18.24 | 10.55 | 15.46 |
| PS Ratio | 0.62 | 0.61 | 0.51 | 0.43 | 0.36 | 0.70 |
| PB Ratio | 2.14 | 2.08 | 1.74 | 1.40 | 1.23 | 2.12 |
| P/TBV Ratio | 7.60 | 7.46 | 8.36 | 9.75 | 11.92 | 19.81 |
| P/FCF Ratio | 15.81 | 16.23 | 20.02 | 23.10 | 17.07 | |
| P/OCF Ratio | 12.94 | 13.30 | 15.29 | 15.61 | 37.84 | 13.98 |
| PEG Ratio | 1.83 | 1.83 | 1.83 | 1.83 | 1.83 | |
| EV/Sales Ratio | 0.72 | 0.73 | 0.71 | 0.59 | 0.53 | 0.89 |
| EV/EBITDA Ratio | 11.19 | 12.40 | 13.38 | 13.43 | 9.21 | 12.84 |
| EV/EBIT Ratio | 13.80 | 16.24 | 18.75 | 18.16 | 11.37 | 15.31 |
| EV/FCF Ratio | 18.25 | 19.47 | 27.86 | 31.62 | 21.69 | |
| Debt / Equity Ratio | 0.41 | 0.34 | 0.43 | 0.49 | 0.51 | 0.41 |
| Debt / EBITDA Ratio | 1.57 | 1.48 | 1.98 | 2.72 | 2.20 | 1.67 |
| Debt / FCF Ratio | 2.90 | 2.68 | 4.91 | 8.02 | 3.29 | |
| Net Debt / Equity Ratio | 0.35 | 0.27 | 0.37 | 0.42 | 0.43 | 0.32 |
| Net Debt / EBITDA Ratio | 1.50 | 1.32 | 2.02 | 2.96 | 2.18 | 1.51 |
| Net Debt / FCF Ratio | 2.44 | 2.07 | 4.22 | 6.96 | -443.90 | 2.54 |
| Asset Turnover | 1.59 | 1.51 | 1.43 | 1.31 | 1.34 | 1.30 |
| Quick Ratio | 0.84 | 0.86 | 0.78 | 0.80 | 0.85 | 0.72 |
| Current Ratio | 1.12 | 1.11 | 1.05 | 1.06 | 1.11 | 0.98 |
| Return on Equity (ROE) | 14.48% | 10.91% | 8.22% | 3.60% | 12.62% | 15.94% |
| Return on Assets (ROA) | 5.17% | 4.24% | 3.39% | 2.67% | 3.91% | 4.73% |
| Return on Invested Capital (ROIC) | 11.33% | 9.93% | 7.74% | 6.80% | 9.02% | 10.66% |
| Return on Capital Employed (ROCE) | 13.80% | 11.30% | 9.30% | 7.00% | 10.00% | 12.50% |
| Earnings Yield | 6.05% | 4.99% | 4.55% | 2.51% | 8.65% | 7.07% |
| FCF Yield | 6.32% | 6.16% | 4.99% | 4.33% | -0.08% | 5.86% |
| Buyback Yield / Dilution | 2.03% | 0.12% | -0.17% | 2.13% | 5.24% | 0.40% |
| Total Shareholder Return | 2.03% | 0.12% | -0.17% | 2.13% | 5.24% | 0.40% |