Detailed financial statements for Jones Lang LaSalle Incorporated (JLL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Jones Lang LaSalle Incorporated (JLL) operates as a leading global professional services firm, specializing in comprehensive real estate and investment management solutions. Its extensive reach spans the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. JLL's real estate offerings are broad, encompassing services such as tenant and landlord representation.
Analysis Summary
Jones Lang LaSalle Incorporated reported revenue of $26.12B in the most recent fiscal year, growing at a 5-year CAGR of 9.5%. Net income reached $792.1M, with a 14.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 65.5%, operating margin 5.0%, net margin 3.9%. Free cash flow grew at 0.3% CAGR over 5 years.
At $359.79 (closing price, October 30, 2026), JLL trades at a P/E of 15.58 and an ROE of 14.64%. Market capitalisation stands at $16.4B, placing it among large-cap names.
Balance sheet quality for JLL: current ratio of 7.5, net debt of $2.77B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $978.5M represents 124% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.91B | $7.97B | $9.09B | $10.03B | $16.59B | $19.37B | $20.86B | $20.76B | $23.43B | $26.12B |
| Cost of Revenue | $2.20B | $2.60B | $2.95B | $3.12B | $7.95B | $8.49B | $9.65B | $10.07B | $11.29B | $252.8M |
| Gross Profit | $4.71B | $5.37B | $6.14B | $6.91B | $8.64B | $10.88B | $11.21B | $10.69B | $12.14B | $25.86B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $4.03B | $4.62B | $5.21B | $5.81B | $7.71B | $9.54B | $10.01B | $9.77B | $10.99B | 0 |
| Operating Expenses | $4.25B | $4.82B | $5.43B | $6.20B | $8.08B | $9.84B | $10.34B | $10.11B | $11.27B | $24.69B |
| Operating Income | $455.7M | $545.9M | $706.9M | $715.4M | $559.1M | $1.04B | $868.1M | $576.5M | $868.1M | $1.17B |
| EBITDA | $672.3M | $743.8M | $931.8M | $1.10B | $927.9M | $1.35B | $1.20B | $915.6M | $1.15B | $1.34B |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $136.9M | $107.3M |
| Pre-tax Income | $442.4M | $535.8M | $706.0M | $697.6M | $529.6M | $1.22B | $994.2M | $251.9M | $679.3M | $981.7M |
| Income Tax | $108.0M | $256.3M | $214.3M | $159.7M | $106.9M | $264.3M | $200.8M | $25.7M | $132.5M | $189.5M |
| Net Income | $318.2M | $276.4M | $484.5M | $535.3M | $402.5M | $961.6M | $654.5M | $225.4M | $546.8M | $792.1M |
| EPS | $7.29 | $6.09 | $10.64 | $10.99 | $7.79 | $18.89 | $13.51 | $4.73 | $11.51 | $16.73 |
| EPS (Diluted) | $7.23 | $6.03 | $10.54 | $10.87 | $7.70 | $18.47 | $13.27 | $4.67 | $11.30 | $16.40 |
| Shares Outstanding (Diluted) | 45.5 M | 45.8 M | 45.9 M | 49.2 M | 52.3 M | 52.1 M | 49.3 M | 48.3 M | 48.4 M | 48.3 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $7.61B | $6.39B | $6.93B | $7.28B |
| Gross Profit | $4.83B | $6.33B | $6.93B | $391.0M |
| Operating Income | $529.5M | $209.9M | $290.9M | $391.0M |
| EBITDA | $572.1M | $272.3M | $349.2M | $471.1M |
| Net Income | $401.7M | $159.0M | $215.6M | $319.8M |
| EPS | $8.53 | $3.39 | $4.66 | $6.97 |
| EPS (Diluted) | $8.34 | $3.33 | $4.58 | $6.85 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $258.5M | $268.0M | $480.9M | $451.9M | $574.3M | $593.7M | $519.3M | $410.0M | $416.3M | $599.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.87B | $1.92B | $2.17B | $2.37B | $1.90B | $2.35B | $2.51B | $2.43B | $2.49B | $7.03B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $3.30B | $4.54B | $5.21B | $5.87B | $6.45B | $6.39B | $6.57B | $6.86B | $7.48B | $7.63B |
| Property, Plant & Equipment | $501.0M | $543.9M | $567.9M | $1.51B | $1.37B | $1.46B | $1.36B | $1.34B | $1.34B | $1.34B |
| Goodwill | $2.58B | $2.71B | $2.70B | $4.17B | $4.22B | $4.61B | $4.53B | $4.59B | $4.61B | $4.71B |
| Intangible Assets | $295.0M | $305.0M | $336.9M | $682.6M | $679.8M | $887.0M | $858.5M | $785.0M | $724.1M | $666.7M |
| Total Assets | $7.63B | $9.25B | $10.03B | $13.67B | $14.32B | $15.51B | $15.59B | $16.06B | $16.76B | $17.80B |
| Accounts Payable | 0 | $993.1M | $1.26B | $1.29B | $1.23B | $1.26B | $1.24B | $1.41B | $1.32B | 0 |
| Short-term Debt | $669.6M | $386.6M | $350.6M | $636.0M | $1.56B | $1.22B | $619.5M | $810.6M | $1.19B | $1.02B |
| Total Current Liabilities | $2.97B | $4.31B | $4.76B | $5.49B | $6.13B | $6.49B | $5.91B | $6.45B | $7.14B | $1.02B |
| Long-term Debt | $1.18B | $675.3M | $655.6M | $1.18B | $693.3M | $533.8M | $1.59B | $1.39B | $845.3M | $1.57B |
| Total Liabilities | $4.81B | $5.87B | $6.29B | $8.46B | $8.70B | $9.08B | $9.44B | $9.65B | $9.87B | $10.18B |
| Retained Earnings | $2.33B | $2.65B | $3.10B | $3.59B | $3.98B | $4.94B | $5.59B | $5.80B | $6.33B | $7.11B |
| Total Equity | $2.79B | $3.34B | $3.69B | $5.12B | $5.52B | $6.18B | $6.02B | $6.29B | $6.77B | $7.50B |
| Total Debt | $1.85B | $1.06B | $1.01B | $2.72B | $3.10B | $2.62B | $3.14B | $3.12B | $2.95B | $3.36B |
| Net Debt | $1.59B | $793.9M | $525.3M | $2.27B | $2.53B | $2.03B | $2.62B | $2.71B | $2.53B | $2.77B |
| Working Capital | $333.4M | $227.3M | $444.2M | $378.4M | $325.9M | -$98.8M | $657.6M | $410.9M | $334.0M | $6.61B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $599.1M | $1.22B | $458.2M | $514.3M |
| Total Assets | $17.80B | $17.89B | $17.46B | $18.24B |
| Total Liabilities | $10.18B | $10.46B | $9.86B | $10.43B |
| Total Equity | $7.50B | $7.31B | $7.46B | $7.67B |
| Total Debt | $3.36B | $3.98B | $2.52B | $2.17B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $334.4M | $279.5M | $491.7M | $537.9M | $422.7M | $959.3M | $793.4M | $225.4M | $546.8M | $792.2M |
| Depreciation & Amortization | $141.8M | $167.2M | $186.1M | $202.4M | $226.4M | $217.5M | $228.1M | $238.4M | $255.8M | $252.8M |
| Stock-based Compensation | $30.1M | $25.2M | $26.8M | $74.2M | $83.8M | $96.4M | $85.8M | $78.3M | $97.4M | $114.7M |
| Change in Working Capital | -$302.7M | $315.8M | -$119.7M | -$342.5M | $419.9M | -$52.3M | -$770.4M | -$234.4M | -$127.4M | -$132.9M |
| Operating Cash Flow | $222.6M | $789.2M | $604.1M | $483.8M | $1.11B | $972.4M | $199.9M | $575.8M | $785.3M | $1.19B |
| Capital Expenditure | -$216.2M | -$151.4M | -$161.9M | -$187.8M | -$149.4M | -$175.9M | -$205.8M | -$186.9M | -$185.5M | -$215.6M |
| Acquisitions | -$580.3M | -$18.7M | -$97.7M | -$801.3M | -$80.3M | -$416.8M | -$5.7M | -$13.6M | -$57.2M | -$7.7M |
| Stock Repurchased | -$7.0M | -$6.6M | -$12.4M | -$13.6M | -$123.5M | -$395.8M | -$688.4M | -$92.2M | -$112.5M | -$251.1M |
| Dividends Paid | -$29.4M | -$33.1M | -$37.8M | -$42.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $6.4M | $637.8M | $442.2M | $296.0M | $965.3M | $796.5M | -$5.9M | $388.9M | $599.8M | $978.5M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $1.00B | -$755.0M | $498.1M | $609.7M |
| Capital Expenditure | -$77.2M | -$64.9M | $64.9M | -$53.6M |
| Free Cash Flow | $927.8M | -$819.9M | $563.0M | $556.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $48.7M | $1.48B | -$1.50B | $34.2M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +15.3% | +14.1% | +10.4% | +65.4% | +16.7% | +7.7% | -0.5% | +12.9% | +11.4% | |
| Net Income Growth (YoY) | -13.1% | +75.3% | +10.5% | -24.8% | +138.9% | -31.9% | -65.6% | +142.6% | +44.9% | |
| EPS Growth (YoY) | -16.5% | +74.7% | +3.3% | -29.1% | +142.5% | -28.5% | -65.0% | +143.3% | +45.4% | |
| Shares Change (YoY) | +0.5% | +0.4% | +7.0% | +6.4% | -0.4% | -5.2% | -2.1% | +0.2% | -0.1% | |
| FCF Growth (YoY) | +9,865.6% | -30.7% | -33.1% | +226.1% | -17.5% | -100.7% | +6,691.5% | +54.2% | +63.1% | |
| Gross Margin | 68.1% | 67.4% | 67.5% | 68.9% | 52.1% | 56.2% | 53.7% | 51.5% | 51.8% | 99.0% |
| Operating Margin | 6.6% | 6.9% | 7.8% | 7.1% | 3.4% | 5.4% | 4.2% | 2.8% | 3.7% | 4.5% |
| EBITDA Margin | 9.7% | 9.3% | 10.3% | 11.0% | 5.6% | 6.9% | 5.8% | 4.4% | 4.9% | 5.1% |
| Net Margin | 4.6% | 3.5% | 5.3% | 5.3% | 2.4% | 5.0% | 3.1% | 1.1% | 2.3% | 3.0% |
| FCF Margin | 0.1% | 8.0% | 4.9% | 3.0% | 5.8% | 4.1% | -0.0% | 1.9% | 2.6% | 3.7% |
| Effective Tax Rate | 24.4% | 47.8% | 30.4% | 22.9% | 20.2% | 21.6% | 20.2% | 10.2% | 19.5% | 19.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.14 | $13.94 | $9.63 | $6.02 | $18.46 | $15.30 | $-0.12 | $8.05 | $12.40 | $20.25 |
| Dividends Per Share | $0.65 | $0.72 | $0.82 | $0.87 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 45.2 M | 45.3 M | 45.5 M | 48.6 M | 51.7 M | 50.9 M | 48.5 M | 47.6 M | 47.5 M | 47.4 M |
General checklist
We have not classified this sector with specialised metrics. This is the universal Buffett/Lynch checklist for any company.
- 5y revenue growth — Without growth, there is no long-term value creation
- 5y EPS growth — Should grow faster than revenue — shows operating leverage
- ROIC ≥ cost of capital — Buffett's #1 metric. ROIC > WACC = creates value
- Gross margin — 5y consistent gross margin = moat signal
- FCF / Net Income — Earnings quality — <70% = paper earnings
- Net debt / EBITDA — Tolerance to cycles and rate hikes
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 14.64% |
| Return on Invested Capital | 10.15% |
| Return on Assets | 6.01% |
| Gross Margin | 65.50% |
| Operating Margin | 5.04% |
| Net Margin | 3.89% |
Financial Health
| Debt / Equity | 0.28 |
| Current Ratio | 1.12 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 3.63 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 13.86 | 24.45 | 11.90 | 15.84 | 19.05 | 14.26 | 11.80 | 39.93 | 21.99 | 20.11 |
| P/B | 1.64 | 2.02 | 1.56 | 1.65 | 1.39 | 2.22 | 1.28 | 1.43 | 1.78 | 2.12 |
| P/S | 0.66 | 0.85 | 0.63 | 0.84 | 0.46 | 0.71 | 0.37 | 0.43 | 0.51 | 0.61 |
| Gross Margin | 68.1% | 67.4% | 67.5% | 68.9% | 52.1% | 56.2% | 53.7% | 51.5% | 51.8% | 99.0% |
| Operating Margin | 6.6% | 6.9% | 7.8% | 7.1% | 3.4% | 5.4% | 4.2% | 2.8% | 3.7% | 4.5% |
| Net Margin | 4.6% | 3.5% | 5.3% | 5.3% | 2.4% | 5.0% | 3.1% | 1.1% | 2.3% | 3.0% |
Related companies: FSV · CIGI · CBRE · CWK
Explore sector: Real Estate · Real Estate - Services
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