Jones Lang LaSalle (JLL)
Market Price (11/1/2026): $0 | Market Cap: $-Sector: Real Estate | Industry: Real Estate Services
Jones Lang LaSalle (JLL)
Market Price (11/1/2026): $0Market Cap: $-Sector: Real EstateIndustry: Real Estate Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, FCF Yield is 6.7% Low stock price volatilityVol 12M is 38% Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include Real Estate Data Analytics, Show more. | Weak multi-year price returns2Y Excs Rtn is -0.6% | Key risksJLL key risks include [1] the volatility of its transactional-based revenue, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, FCF Yield is 6.7% |
| Low stock price volatilityVol 12M is 38% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include Real Estate Data Analytics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -0.6% |
| Key risksJLL key risks include [1] the volatility of its transactional-based revenue, Show more. |
Qualitative Assessment
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Jones Lang LaSalle (JLL) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Robust Fiscal Q3 2026 Performance and Elevated Full-Year Outlook.
Jones Lang LaSalle reported strong fiscal Q3 2026 results on October 28, 2026, significantly exceeding analyst expectations, which drove a substantial rebound in the stock price. The company announced diluted earnings per share (EPS) of $6.85, marking a 49% increase in USD, and an adjusted diluted EPS of $6.76, up 50% in USD, comfortably beating the consensus estimate of $6.15. Revenue for the quarter reached $7.3 billion, a 12% increase, surpassing analyst projections of $7.24 billion. Following this strong performance, JLL raised its full-year 2026 adjusted EPS guidance to a range of $25.20-$26.30, implying 37% growth at the midpoint. This positive company-specific news was a primary catalyst for the stock's stability at the period's end, offsetting earlier declines.
2. Strong Growth Across Core Business Segments.
The company's fiscal Q3 2026 results highlighted accelerated growth across its key advisory and management services, contributing to investor confidence. Leasing Advisory revenue saw a 27% increase globally, driven by strong activity in U.S. industrial, office, and data center markets, with U.S. leasing growing 39%. Capital Markets Services also demonstrated significant expansion, with global revenue up 33% (21% in local currency), including investment sales rising 33% (34% in the U.S.), debt advisory up 13%, and equity advisory increasing by 39%. Furthermore, Real Estate Management Services grew 9% in local currency. This broad-based strength in its diversified service offerings underscored the company's operational resilience.
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Jones Lang LaSalle (JLL) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Robust Fiscal Q3 2026 Performance and Elevated Full-Year Outlook.
Jones Lang LaSalle reported strong fiscal Q3 2026 results on October 28, 2026, significantly exceeding analyst expectations, which drove a substantial rebound in the stock price. The company announced diluted earnings per share (EPS) of $6.85, marking a 49% increase in USD, and an adjusted diluted EPS of $6.76, up 50% in USD, comfortably beating the consensus estimate of $6.15. Revenue for the quarter reached $7.3 billion, a 12% increase, surpassing analyst projections of $7.24 billion. Following this strong performance, JLL raised its full-year 2026 adjusted EPS guidance to a range of $25.20-$26.30, implying 37% growth at the midpoint. This positive company-specific news was a primary catalyst for the stock's stability at the period's end, offsetting earlier declines.
2. Strong Growth Across Core Business Segments.
The company's fiscal Q3 2026 results highlighted accelerated growth across its key advisory and management services, contributing to investor confidence. Leasing Advisory revenue saw a 27% increase globally, driven by strong activity in U.S. industrial, office, and data center markets, with U.S. leasing growing 39%. Capital Markets Services also demonstrated significant expansion, with global revenue up 33% (21% in local currency), including investment sales rising 33% (34% in the U.S.), debt advisory up 13%, and equity advisory increasing by 39%. Furthermore, Real Estate Management Services grew 9% in local currency. This broad-based strength in its diversified service offerings underscored the company's operational resilience.
3. Strategic Capital Deployment through Share Repurchase.
JLL's announcement of a new $500 million accelerated share repurchase program, slated to bring total full-year repurchases to over $1 billion, signaled a strong commitment to shareholder returns and confidence in its valuation. This program, representing more than 3% of shares as of October 23, 2026, likely contributed to supporting the stock price and reinforcing its stable trend after the earnings announcement.
4. Stabilizing, Yet Mixed, Commercial Real Estate Market.
The broader commercial real estate (CRE) market experienced mixed trends and ongoing volatility during fiscal Q3 2026, creating a complex backdrop for JLL's stock performance. While some sectors, such as multifamily, saw a significant increase in deal volume, and office occupancy posted its strongest rebound in years, other factors presented headwinds. Rising Treasury yields narrowed the premium for owning real estate over bonds, potentially impacting future valuations. Nationally, commercial property investment sales volume declined by 8% quarter-over-quarter, reflecting investor caution amidst economic uncertainties and adjustments in financing costs. Office vacancies also rose by an average of 1.5% in major metro areas due to the continued adoption of hybrid work models. However, stable Federal Reserve interest rates provided some support to the real estate sector, contributing to an overall environment where strong company-specific performance was able to drive the stock to a largely stable net position for the period.
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Stock Movement Drivers
Fundamental Drivers
The 1.3% change in JLL stock from 7/31/2026 to 10/31/2026 was primarily driven by a 6.7% change in the company's Net Income Margin (%).| (LTM values as of) | 7312026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 355.03 | 359.79 | 1.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27,434 | 28,204 | 2.8% |
| Net Income Margin (%) | 3.6% | 3.9% | 6.7% |
| P/E Multiple | 16.4 | 15.1 | -8.3% |
| Shares Outstanding (Mil) | 46 | 46 | 0.7% |
| Cumulative Contribution | 1.3% |
Market Drivers
7/31/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| JLL | 1.3% | |
| Market (SPY) | 1.2% | 23.4% |
| Sector (XLRE) | -4.2% | 45.5% |
Fundamental Drivers
The 13.1% change in JLL stock from 4/30/2026 to 10/31/2026 was primarily driven by a 16.1% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 318.13 | 359.79 | 13.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26,756 | 28,204 | 5.4% |
| Net Income Margin (%) | 3.3% | 3.9% | 16.1% |
| P/E Multiple | 16.6 | 15.1 | -9.4% |
| Shares Outstanding (Mil) | 47 | 46 | 2.0% |
| Cumulative Contribution | 13.1% |
Market Drivers
4/30/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| JLL | 13.1% | |
| Market (SPY) | 5.4% | 18.4% |
| Sector (XLRE) | -1.9% | 42.6% |
Fundamental Drivers
The 17.9% change in JLL stock from 10/31/2025 to 10/31/2026 was primarily driven by a 70.1% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 305.09 | 359.79 | 17.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24,676 | 28,204 | 14.3% |
| Net Income Margin (%) | 2.3% | 3.9% | 70.1% |
| P/E Multiple | 25.7 | 15.1 | -41.3% |
| Shares Outstanding (Mil) | 47 | 46 | 3.4% |
| Cumulative Contribution | 17.9% |
Market Drivers
10/31/2025 to 10/31/2026| Return | Correlation | |
|---|---|---|
| JLL | 17.9% | |
| Market (SPY) | 11.7% | 31.3% |
| Sector (XLRE) | 8.4% | 31.8% |
Fundamental Drivers
The 181.3% change in JLL stock from 10/31/2023 to 10/31/2026 was primarily driven by a 159.0% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 127.92 | 359.79 | 181.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20,550 | 28,204 | 37.2% |
| Net Income Margin (%) | 1.5% | 3.9% | 159.0% |
| P/E Multiple | 19.8 | 15.1 | -23.9% |
| Shares Outstanding (Mil) | 48 | 46 | 4.0% |
| Cumulative Contribution | 181.3% |
Market Drivers
10/31/2023 to 10/31/2026| Return | Correlation | |
|---|---|---|
| JLL | 181.3% | |
| Market (SPY) | 86.9% | 49.6% |
| Sector (XLRE) | 43.3% | 56.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| JLL Return | 82% | -41% | 19% | 34% | 33% | 7% | 142% |
| Peers Return | 87% | -42% | 21% | 22% | 23% | -26% | 45% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| JLL Win Rate | 75% | 25% | 58% | 75% | 58% | 60% | |
| Peers Win Rate | 67% | 33% | 54% | 58% | 56% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| JLL Max Drawdown | -15% | -50% | -34% | -13% | -28% | -25% | |
| Peers Max Drawdown | -14% | -50% | -38% | -18% | -31% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CBRE, CWK, CIGI, NMRK. See JLL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/30/2026 (YTD)
How Low Can It Go
| Event | JLL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.7% | -18.8% |
| % Gain to Breakeven | 36.5% | 23.1% |
| Time to Breakeven | 113 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.0% | -9.5% |
| % Gain to Breakeven | 38.8% | 10.5% |
| Time to Breakeven | 49 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.4% | -6.7% |
| % Gain to Breakeven | 41.7% | 7.1% |
| Time to Breakeven | 232 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -44.5% | -24.5% |
| % Gain to Breakeven | 80.2% | 32.4% |
| Time to Breakeven | 726 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.9% | -33.7% |
| % Gain to Breakeven | 103.6% | 50.9% |
| Time to Breakeven | 336 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.2% | -19.2% |
| % Gain to Breakeven | 17.9% | 23.8% |
| Time to Breakeven | 32 days | 105 days |
In The Past
Jones Lang LaSalle's stock fell -26.7% during the 2025 US Tariff Shock. Such a loss loss requires a 36.5% gain to breakeven.
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| Event | JLL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.7% | -18.8% |
| % Gain to Breakeven | 36.5% | 23.1% |
| Time to Breakeven | 113 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.0% | -9.5% |
| % Gain to Breakeven | 38.8% | 10.5% |
| Time to Breakeven | 49 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.4% | -6.7% |
| % Gain to Breakeven | 41.7% | 7.1% |
| Time to Breakeven | 232 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -44.5% | -24.5% |
| % Gain to Breakeven | 80.2% | 32.4% |
| Time to Breakeven | 726 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.9% | -33.7% |
| % Gain to Breakeven | 103.6% | 50.9% |
| Time to Breakeven | 336 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -23.0% | -3.7% |
| % Gain to Breakeven | 29.9% | 3.9% |
| Time to Breakeven | 105 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -44.2% | -12.2% |
| % Gain to Breakeven | 79.2% | 13.9% |
| Time to Breakeven | 767 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -25.8% | -6.8% |
| % Gain to Breakeven | 34.8% | 7.3% |
| Time to Breakeven | 529 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -49.9% | -17.9% |
| % Gain to Breakeven | 99.7% | 21.8% |
| Time to Breakeven | 487 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -23.6% | -15.4% |
| % Gain to Breakeven | 30.8% | 18.2% |
| Time to Breakeven | 64 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -75.6% | -53.4% |
| % Gain to Breakeven | 309.4% | 114.4% |
| Time to Breakeven | 373 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -20.2% | -8.6% |
| % Gain to Breakeven | 25.4% | 9.5% |
| Time to Breakeven | 2340 days | 47 days |
In The Past
Jones Lang LaSalle's stock fell -26.7% during the 2025 US Tariff Shock. Such a loss loss requires a 36.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Jones Lang LaSalle (JLL)
Jones Lang LaSalle (JLL) is a global professional services company specializing in real estate and investment management. Operating across the Americas, Europe, the Middle East, Africa, and the Asia Pacific, JLL provides comprehensive support for real estate owners, occupiers, investors, and developers in navigating the complexities of the commercial property market.
The company's core services are broadly divided into real estate services and investment management. Its real estate offerings include agency leasing, tenant representation, and a wide array of capital markets activities such as debt and equity advisory, loan sales, and investment sales. JLL also delivers integrated facilities management, on-site property management, and specialized services like design, build, and strategic consulting, valuation, and energy and sustainability advice.
JLL's investment management segment caters to institutional, retail, and high-net-worth investors, helping them manage and grow their real estate portfolios. The firm's expertise covers an extensive range of property types, from office, industrial, and residential to specialized assets like hotels, healthcare facilities, data centers, and critical infrastructure projects, providing integrated solutions across the entire real estate lifecycle for a global clientele.
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Here are 1-3 brief analogies to describe Jones Lang LaSalle (JLL):
- Goldman Sachs for commercial real estate
- Accenture for corporate real estate services
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- Agency Leasing & Tenant Representation: Providing services to property owners for leasing their spaces and assisting tenants in finding and securing suitable properties.
- Capital Markets Advisory & Transactions: Offering advice and services related to debt, equity, loan sales, mergers & acquisitions, and investment sales in real estate.
- Property Management: Delivering on-site management services for a wide range of property types, from office to residential, ensuring their operational efficiency.
- Facilities Management: Providing integrated services for the management and maintenance of operational functions within buildings and properties.
- Project & Development Services: Offering design, build, management, and consulting services for real estate development and renovation projects.
- Advisory, Consulting & Valuation: Supplying strategic advice, consulting, property valuation, and specialized energy and sustainability services.
- Investment Management: Managing real estate investments on behalf of institutional, retail, and high-net-worth individual investors.
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Major Customers of Jones Lang LaSalle (JLL)
Jones Lang LaSalle (JLL) primarily serves other companies and institutional investors rather than individual consumers for the majority of its services. The provided company description does not list specific customer company names. However, it identifies several categories of entities that utilize its real estate and investment management services:
- Real Estate Owners, Occupiers, and Developers: These are typically corporate entities or large organizations that own, lease, or develop a wide range of property types. This includes owners and tenants of office, industrial, retail, multifamily residential, cultural, educational, government, healthcare, laboratory, hotel, hospitality, sports facilities, critical environment, data, transportation, and sort and fulfillment centers, as well as those involved in infrastructure projects and military housings. They engage JLL for services such as agency leasing, tenant representation, on-site property and facilities management, designing, building, management, consulting, advisory, valuation, and energy and sustainability services.
- Institutional Investors: This category includes large organizations such as pension funds, endowments, insurance companies, and other significant investment funds that invest in real estate. JLL provides them with capital market services (e.g., debt advisory, loan sales, equity advisory, merger and acquisition, corporate advisory, and investment sales and advisory services) and investment management services.
- Retail Investors (including High-Net-Worth Individuals): For investment management services, JLL also serves retail investors, specifically highlighting high-net-worth individuals. In this context, these individuals typically act as sophisticated investors with substantial capital, seeking professional management for their real estate portfolios, akin to institutional clients.
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Christian Ulbrich, Chief Executive Officer & President
Christian Ulbrich leads JLL's strategic direction and global operations, having been appointed Chief Executive Officer in October 2016 and a member of the company's Board of Directors since May 2016. Prior to his current role, Ulbrich served as CEO for JLL in Europe, the Middle East, and Africa (EMEA) from January 2009. He joined JLL in 2005 as Managing Director of JLL's German business. Before joining JLL, Ulbrich spent seven years as CEO of the Hamburg-based HIH Group, a leading provider of real estate investment management services in Germany. His career began in banking, holding roles at national and international banks in Germany, and he was named CEO of Bank Companie Nord in 1996, later leading Warburg Bank's real estate group HIH. Ulbrich has also promoted technology within JLL, creating JLL Spark, an investment fund that supports technology startups for the real estate industry.
Kelly Howe, Chief Financial Officer
Kelly Howe is the Chief Financial Officer for JLL, a role she assumed effective July 1, 2025. As a member of the Global Executive Board, she is responsible for shaping and delivering strategic initiatives to drive JLL's long-term financial growth and guide its strategic vision. Howe joined JLL in January 2024 as the CFO of Leasing Advisory. Prior to her tenure at JLL, she accumulated over two decades of experience in the professional services sector with Boston Consulting Group (BCG), where she notably served as the first North America Chief Financial Officer. Her work at BCG encompassed various areas including business strategy, commercial acceleration, and post-merger integration.
Richard Bloxam, CEO, Capital Markets
As CEO of Capital Markets at JLL, Richard Bloxam oversees all investment transactions, investment banking, and corporate finance services globally. He joined JLL in 1994 and has specialized throughout his career in supporting international investors pursuing opportunities outside their domestic markets. Bloxam previously served as the Head of JLL's EMEA Capital Markets business and was a member of the EMEA Management Board. He is also the Global Executive Board sponsor for the firm's Hotel & Hospitality, Valuations, and Research activities. Richard has held leadership roles across Europe, including stints in Poland, Hungary, and Austria.
Guy Grainger, Global Head of Sustainability Services and ESG
Guy Grainger serves as JLL's Global Head of Sustainability Services and ESG, with overall responsibility for the firm's worldwide sustainability initiatives, products, strategy, and corporate sustainability program. He has three decades of experience in real estate, having started his professional career in a retail-property company in 1989. Grainger joined JLL in 2008 as the head of UK retail as part of a corporate acquisition. He then became CEO of the UK business in 2013 and subsequently led the EMEA region starting in June 2016.
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A primary risk to Jones Lang LaSalle (JLL) is its significant exposure to downturns and volatility in global real estate markets. As a company providing a wide range of real estate services, including agency leasing, capital markets, property management, and advisory services, a decline in property values, transaction volumes, or leasing activity across commercial, residential, or industrial sectors would directly and negatively impact nearly all of JLL's revenue streams. This risk is amplified because JLL's transactional business is sensitive to shifts in the macroeconomic environment.
Another key risk is the potential impact of fluctuations in interest rates and broader capital market volatility. JLL's capital markets and investment management services are highly sensitive to changes in interest rates, which influence the cost of debt, investor appetite, and ultimately real estate investment and development activity. Increased interest rates or instability in capital markets could lead to reduced transaction volumes and lower asset valuations, thereby affecting JLL's business. JLL itself notes that a sudden interest rate shift could freeze capital markets.
Finally, JLL faces the ongoing risk of intense competition and pricing pressure within the global real estate services and investment management industry. JLL's competitive advantages rest on its global reach and technology lead, but it faces headwinds from weak office fundamentals and transaction cyclicality despite early 2024–2025 recovery signs. The market includes numerous large global competitors like CBRE, Cushman & Wakefield, and Savills, as well as specialized local firms, potentially leading to pressure on service fees, erosion of market share, and increased costs to attract and retain talent and clients.
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The sustained global shift towards remote and hybrid work models poses a significant emerging threat. This trend reduces the overall demand for traditional office space, directly impacting Jones Lang LaSalle's core services such as agency leasing, tenant representation, and capital markets advisory for office properties. Simultaneously, the rise of advanced Proptech platforms and highly flexible, subscription-based workspace solutions could further disintermediate traditional brokerage and property management services, enabling companies to manage their real estate portfolios with less reliance on conventional third-party service providers like JLL.
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- Commercial Real Estate Brokerage and Management Services: The global commercial real estate brokerage and management market was valued at approximately USD 276.2 billion in 2024. This market encompasses services such as selling, leasing, buying, and renting non-residential properties, including industrial units, offices, retail spaces, and shopping complexes. It also includes valuation services, advisory offerings, and lease and rental management.
- Facilities Management Services: The global facility management services market size was valued at USD 1.75 trillion in 2024. This market is projected to grow to USD 2.33 trillion by 2033. Facilities management services include operational efficiency, janitorial services, and workplace experience solutions, often integrating hospitality-driven approaches.
- Property Management Services: The global property management market size was valued at USD 28 billion in 2024. This market is expected to reach USD 56.44 billion by 2033. Property management involves professional services provided for the daily operation of real estate, which property owners often outsource.
- Real Estate Investment Management Services: The global real estate investment management market size was valued at USD 33.61 billion in 2025. This market is expected to reach USD 47.16 billion by 2034. These services primarily involve the professional management of real property assets on behalf of institutional and private investors.
- Real Estate Advisory Services: The global real estate advisory service market is estimated to be valued at approximately USD 1.33 billion in 2026. This market is projected to reach USD 4.31 billion by 2035. Real estate advisory services involve providing advice to investors or businesses in the real estate market, considering factors such as market trends, property prices, and demand and supply.
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Jones Lang LaSalle (JLL) is anticipated to drive future revenue growth over the next two to three years through several key strategies and market trends:
- "Accelerate 2030" Strategy and Technology Integration: JLL's multi-year "Accelerate 2030" strategy is a significant driver, focusing on leveraging data, technology, and Artificial Intelligence (AI) to enhance advisory services, improve real estate execution, and provide more integrated client solutions. The company is targeting an average annual revenue growth of approximately 8% through this strategy.
- Sustained Growth in Resilient Revenue Streams: Growth in "Resilient" revenue streams, particularly within its Real Estate Management Services (REMS) segment, is a consistent driver. This includes services like Workplace Management and Project Management, which provide stable, recurring revenue and have shown strong performance, contributing to overall revenue and profit expansion.
- Recovery and Expansion in Transactional Revenue Businesses: JLL is experiencing a recovery and acceleration in its transactional businesses, specifically Capital Markets Services and Leasing Advisory. This growth is being fueled by increased investor confidence, a rise in deployed capital, robust real estate debt markets, and momentum in investment sales and debt advisory, as well as office and industrial leasing.
- Strategic Focus on High-Growth Verticals and Geographic Expansion: The company's growth strategy includes expanding operations in sectors where it has established scale and deepening client relationships. Priority growth verticals include energy and sustainability services, data centers, life sciences, and industrial/logistics. JLL is also focusing on geographic expansion in key markets such as Asia-Pacific (India, Southeast Asia) and the Middle East.
- Strong Capital Raising within Investment Management: The Investment Management division, LaSalle Investment Management, has demonstrated strong capital-raising capabilities. This institutional confidence in capital deployment is expected to act as a tailwind for future fee income, contributing to overall revenue growth.
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Share Repurchases
- Jones Lang LaSalle's Board authorized an additional $2.2 billion for share repurchases, bringing the total program to $3 billion as of December 31, 2025, including approximately $800 million remaining under prior approvals.
- The company plans to launch a $200 million accelerated share repurchase program in the near term.
- Actual share repurchases amounted to $211.5 million in 2025, an increase of 163% compared to 2024. In 2024, repurchases were $80.7 million, and in 2023, they were $61.6 million.
Outbound Investments
- In March 2025, JLL acquired Javelin Capital, a capital raising and M&A advisory firm specializing in renewable energy sectors.
- JLL acquired SKAE Power Solutions, a provider of data center technical and project management services, in May 2024.
- In October 2021, JLL purchased Building Engines, a property management software company.
Peer Outperformance in Real Estate Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 14.6% | 63.2% | 65.8% | WELL 229% · OHI 137% · CTRE 124% |
| Retail REITs | 22 | 16.5% | 37.4% | 26.3% | SKT 168% · SPG 94% · MAC 68% |
| Hotel & Resort REITs | 16 | 65.3% | 58.7% | 14.4% | HST 92% · RHP 85% · DRH 80% |
| Other Specialized REITs | 11 | -2.3% | 21.9% | 11.2% | IRM 209% · LAMR 79% · OUT 78% |
| Real Estate Development | 6 | -8.0% | 22.1% | 10.0% | JOE 56% |
| Industrial REITs | 11 | 11.8% | 33.0% | -1.9% | EGP 17% · FR 8% · TRNO 4% |
| Diversified REITs | 13 | 2.6% | 23.4% | -20.4% | WPC 13% · EPRT 11% · LXP 8% |
| Single-Family Residential REITs | 4 | -1.4% | 3.5% | -21.4% | AMH -10% · ELS -19% · INVH -23% |
| Multi-Family Residential REITs | 12 | -3.4% | 28.3% | -25.6% | ESS -7% · VMRK -12% · UDR -22% |
| Office REITs | 19 | -4.9% | 44.6% | -30.5% | CDP 53% · SLG 0% · HIW -1% |
| Real Estate Services ← | 27 | -25.3% | -5.1% | -34.4% | JLL 39% · CBRE 24% · NMRK -18% |
| Telecom Tower REITs | 3 | 3.4% | 12.8% | -37.0% | AMT -22% · CCI -37% · SBAC -41% |
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Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 96.73 |
| Mkt Cap | 4.9 |
| Rev LTM | 10,818 |
| Op Inc LTM | 477 |
| FCF LTM | 798 |
| FCF 3Y Avg | 265 |
| CFO LTM | 846 |
| CFO 3Y Avg | 303 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.8% |
| Rev Chg 3Y Avg | 11.3% |
| Rev Chg Q | 12.7% |
| QoQ Delta Rev Chg LTM | 3.0% |
| Op Inc Chg LTM | 13.4% |
| Op Inc Chg 3Y Avg | 20.5% |
| Op Mgn LTM | 5.2% |
| Op Mgn 3Y Avg | 4.3% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 4.8% |
| CFO/Rev 3Y Avg | 3.9% |
| FCF/Rev LTM | 3.8% |
| FCF/Rev 3Y Avg | 3.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.9 |
| P/S | 0.6 |
| P/Op Inc | 11.3 |
| P/EBIT | 11.3 |
| P/E | 26.3 |
| P/CFO | 12.2 |
| Total Yield | 3.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 5.9% |
| D/E | 0.7 |
| Net D/E | 0.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 5.8% |
| 3M Rtn | -1.8% |
| 6M Rtn | -6.5% |
| 12M Rtn | -17.7% |
| 3Y Rtn | 78.7% |
| 1M Excs Rtn | 4.7% |
| 3M Excs Rtn | -4.5% |
| 6M Excs Rtn | -13.6% |
| 12M Excs Rtn | -31.8% |
| 3Y Excs Rtn | 19.5% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real Estate Management Services | 20,001 | 17,993 | 15,806 | ||
| Leasing Advisory | 3,010 | 2,706 | 2,446 | ||
| Capital Markets Services | 2,422 | 2,040 | 1,778 | 2,488 | 2,620 |
| Investment Management | 450 | 468 | 484 | 476 | 500 |
| Software and Technology Solutions | 232 | 226 | 246 | 214 | 166 |
| Markets Advisory | 4,416 | 4,189 | |||
| Work Dynamics | 13,268 | 11,892 | |||
| Total | 26,116 | 23,433 | 20,761 | 20,862 | 19,367 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Americas | 251 | 219 | 184 | 168 | 163 |
| Asia Pacific | 158 | 84 | 77 | 53 | 66 |
| EMEA | 146 | 121 | 89 | 65 | 28 |
| Investment Management | 87 | 132 | 68 | 72 | 57 |
| Elimination | -112 | -91 | -50 | ||
| Corporate | -69 | -63 | |||
| Total | 530 | 466 | 369 | 289 | 251 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Americas | 3,193 | 2,368 | 2,009 | 1,928 | 1,688 |
| EMEA | 1,487 | 1,329 | 1,321 | 1,213 | 1,190 |
| Investment Management | 901 | 476 | 473 | 431 | 352 |
| Asia Pacific | 514 | 775 | 681 | 691 | 605 |
| Elimination | 111 | 127 | 112 | ||
| Corporate | 88 | 97 | |||
| Total | 6,205 | 5,075 | 4,597 | 4,351 | 3,933 |
Price Behavior
| Market Price | $359.79 | |
| Market Cap ($ Bil) | 16.5 | |
| First Trading Date | 07/17/1997 | |
| Distance from 52W High | -8.4% | |
| 50 Days | 200 Days | |
| DMA Price | $331.47 | $324.31 |
| DMA Trend | down | down |
| Distance from DMA | 8.5% | 10.9% |
| 3M | 1YR | |
| Volatility | 38.8% | 37.6% |
| Downside Capture | 226.02 | 134.96 |
| Upside Capture | 149.92 | 127.53 |
| Correlation (S&P 500) | 27.0% | 33.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.09 | 0.77 | 0.85 | 0.55 | 0.92 | 1.13 |
| Up Beta | -10.60 | -1.71 | -0.41 | -0.16 | 0.44 | 0.98 |
| Down Beta | -0.49 | -0.41 | -0.23 | 0.34 | 0.48 | 1.02 |
| Up Capture | 248% | 152% | 148% | 91% | 141% | 262% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 11 | 16 | 26 | 55 | 128 | 387 |
| Down Capture | -36% | 140% | 139% | 72% | 114% | 105% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 11 | 27 | 38 | 71 | 123 | 364 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with JLL | |
|---|---|---|---|---|
| JLL | 18.6% | 37.6% | 0.52 | - |
| Sector ETF (XLRE) | 9.1% | 14.1% | 0.37 | 31.8% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | 31.1% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | 13.7% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | -18.6% |
| Real Estate (VNQ) | 10.2% | 13.7% | 0.45 | 37.1% |
| Bitcoin (BTCUSD) | -30.0% | 43.5% | -0.70 | 15.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with JLL | |
|---|---|---|---|---|
| JLL | 6.5% | 35.6% | 0.25 | - |
| Sector ETF (XLRE) | 1.2% | 19.2% | -0.04 | 61.2% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | 59.4% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | 10.2% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 5.9% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 64.9% |
| Bitcoin (BTCUSD) | 4.9% | 51.6% | 0.28 | 24.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with JLL | |
|---|---|---|---|---|
| JLL | 13.7% | 36.4% | 0.46 | - |
| Sector ETF (XLRE) | 6.7% | 20.4% | 0.28 | 57.1% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 59.0% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | 1.8% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 16.4% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 61.2% |
| Bitcoin (BTCUSD) | 61.8% | 66.2% | 1.02 | 15.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | 11.1% | ||
| 7/30/2026 | 6.4% | 9.8% | 11.4% |
| 4/30/2026 | -6.1% | -3.9% | -16.6% |
| 2/18/2026 | 9.6% | 8.4% | 6.0% |
| 11/5/2025 | -3.8% | 3.2% | 9.6% |
| 8/6/2025 | 0.8% | 4.0% | 12.7% |
| 5/7/2025 | -0.7% | 4.2% | -0.1% |
| 2/19/2025 | -0.9% | -5.8% | -10.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 16 | 15 |
| # Negative | 12 | 8 | 9 |
| Median Positive | 3.6% | 4.0% | 9.6% |
| Median Negative | -1.7% | -4.4% | -6.1% |
| Max Positive | 11.1% | 12.9% | 23.5% |
| Max Negative | -12.5% | -8.4% | -17.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | 11.1% | ||
| 7/30/2026 | 6.4% | 9.8% | 11.4% |
| 4/30/2026 | -6.1% | -3.9% | -16.6% |
| 2/18/2026 | 9.6% | 8.4% | 6.0% |
| 11/5/2025 | -3.8% | 3.2% | 9.6% |
| 8/6/2025 | 0.8% | 4.0% | 12.7% |
| 5/7/2025 | -0.7% | 4.2% | -0.1% |
| 2/19/2025 | -0.9% | -5.8% | -10.3% |
| 11/6/2024 | -6.3% | -4.8% | -2.3% |
| 8/6/2024 | 0.9% | 1.3% | 7.5% |
| 5/6/2024 | 3.0% | 5.6% | 6.3% |
| 2/27/2024 | 1.1% | 3.6% | 3.1% |
| 11/2/2023 | 7.0% | 10.3% | 23.5% |
| 8/3/2023 | -0.7% | 4.0% | 4.4% |
| 5/4/2023 | -0.7% | 1.9% | 10.0% |
| 2/28/2023 | 3.6% | 1.0% | -17.8% |
| 11/2/2022 | -12.5% | -8.4% | 3.7% |
| 8/3/2022 | -1.8% | -4.1% | -6.1% |
| 5/9/2022 | -3.1% | -3.9% | -5.8% |
| 2/28/2022 | 0.9% | -8.4% | -2.7% |
| 11/3/2021 | 2.5% | 4.7% | -6.4% |
| 8/4/2021 | 9.5% | 12.9% | 11.2% |
| 5/5/2021 | -1.6% | 3.9% | 8.1% |
| 2/9/2021 | -0.6% | -1.2% | 11.1% |
| 11/2/2020 | 4.4% | 3.4% | 18.7% |
| SUMMARY STATS | |||
| # Positive | 13 | 16 | 15 |
| # Negative | 12 | 8 | 9 |
| Median Positive | 3.6% | 4.0% | 9.6% |
| Median Negative | -1.7% | -4.4% | -6.1% |
| Max Positive | 11.1% | 12.9% | 23.5% |
| Max Negative | -12.5% | -8.4% | -17.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/28/2026 | 10-Q |
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/28/2026 | 10-Q |
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/18/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
Recent Forward Guidance
Updated 10/29/2026Latest: Q3 2026 Earnings Reported 10/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS Growth | Reported | 37.0% | 3.0% | Raised | Guidance: 34.0% for 2026 | |||
| 2026 Accelerated Share Repurchases | Reported | 500.00 Mil | ||||||
| 2026 Share Repurchases | Reported | 1.00 Bil | 1.00 Bil | |||||
Insider Activity
Updated 8/20/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ulbrich, Christian | CEO & President | Direct | Sell | 8202026 | 385.53 | 2,000 | 771,060 | 54,135,352 | Form |
| 2 | Ulbrich, Christian | CEO & President | Direct | Sell | 8202026 | 375.16 | 2,000 | 750,320 | 53,429,537 | Form |
| 3 | Ulbrich, Christian | CEO & President | Direct | Sell | 8182026 | 375.00 | 2,000 | 750,000 | 54,156,750 | Form |
| 4 | Ulbrich, Christian | CEO & President | Direct | Sell | 8172026 | 375.00 | 2,000 | 750,000 | 54,906,750 | Form |
| 5 | Quinlan, Larry | Direct | Sell | 6162026 | 301.73 | 402 | 121,296 | 1,318,263 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ulbrich, Christian | CEO & President | Direct | Sell | 8202026 | 385.53 | 2,000 | 771,060 | 54,135,352 | Form |
| 2 | Ulbrich, Christian | CEO & President | Direct | Sell | 8202026 | 375.16 | 2,000 | 750,320 | 53,429,537 | Form |
| 3 | Ulbrich, Christian | CEO & President | Direct | Sell | 8182026 | 375.00 | 2,000 | 750,000 | 54,156,750 | Form |
| 4 | Ulbrich, Christian | CEO & President | Direct | Sell | 8172026 | 375.00 | 2,000 | 750,000 | 54,906,750 | Form |
| 5 | Quinlan, Larry | Direct | Sell | 6162026 | 301.73 | 402 | 121,296 | 1,318,263 | Form | |
| 6 | Quinlan, Larry | Direct | Sell | 6082026 | 295.14 | 403 | 118,943 | 1,408,134 | Form | |
| 7 | Bloxam, Richard | CEO, Capital Markets Services | Spouse | Sell | 3252026 | 296.94 | 5,440 | Form | ||
| 8 | McAneny, Deborah H | Direct | Sell | 3112026 | 300.50 | 2,500 | 751,250 | 4,502,992 | Form | |
| 9 | Ulbrich, Christian | CEO & President | Direct | Sell | 12122025 | 332.18 | 96 | 31,889 | 38,096,063 | Form |
| 10 | Ulbrich, Christian | CEO & President | Direct | Sell | 12122025 | 330.87 | 5,000 | 1,654,348 | 37,977,555 | Form |
| 11 | Ulbrich, Christian | CEO & President | Direct | Sell | 12082025 | 330.36 | 4,664 | 1,540,815 | 39,571,258 | Form |
| 12 | Ulbrich, Christian | CEO & President | Direct | Sell | 12052025 | 330.93 | 5,000 | 1,654,668 | 41,183,032 | Form |
| 13 | Ulbrich, Christian | CEO & President | Direct | Sell | 12052025 | 330.24 | 5,000 | 1,651,197 | 42,747,839 | Form |
| 14 | Ulbrich, Christian | CEO & President | Direct | Sell | 12012025 | 330.01 | 240 | 79,204 | 44,368,867 | Form |
| 15 | Ulbrich, Christian | CEO & President | Direct | Sell | 12012025 | 331.21 | 5,000 | 1,656,059 | 44,609,261 | Form |
| 16 | Ulbrich, Christian | CEO & President | Direct | Sell | 11262025 | 330.33 | 5,000 | 1,651,635 | 46,141,727 | Form |
Investor Activity (13F)
Updated Nov 1, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Jones Lang LaSalle — Investor Video Playlist
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Real Estate Services Resources |
| CBRE Research |
| JLL Trends & Insights |
| Cushman & Wakefield Insights |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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