Jones Lang LaSalle Incorporated

Jones Lang LaSalle (JLL) is a commercial real estate services and investment management company. It had $26.1 billion of revenue in 2025 and, as of December 31, 2025, had more than 113,000 employees in over 80 countries. Its clients are property owners, tenants, investors and developers, from corporations to not-for-profits and governments, across offices, warehouses, hotels, apartments, shops and data centers.

Real Estate Management Services is the core, at 76.6% of 2025 revenue. JLL runs facilities for large companies, usually under three- to seven-year contracts, and manages buildings for owners. As of December 31, 2025, it looked after about 2.8 billion square feet of workplaces and 2.9 billion square feet of property. Many contracts reimburse JLL for on-site staff and subcontractors on top of base and performance fees. That helps explain why profit is small next to revenue: operating margin, or operating profit as a share of revenue, was 4.2% in 2025.

Leasing Advisory, at 11.5% of revenue, finds tenants for landlords and space for tenants, usually for a percentage of the lease's value. It completed about 19,500 landlord deals and 23,500 tenant deals in 2025. Capital Markets Services contributed 9.3%, LaSalle Investment Management, which invests for clients, 1.7%, and Software and Technology Solutions 0.9%. That last unit joined Real Estate Management Services on January 1, 2026.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $7.28B, up 11.8% from a year earlier, and net income was $319.8M (+43.5%).
• For fiscal 2025, revenue was $26.12B (+11.4% year over year; +9.5% a year from FY2020 to FY2025) with a 3% net margin.

• Over FY2021–FY2025: $1.30B in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed -9.5% from Nov 1, 2021 to Oct 23, 2026.

Rank among 1514 US companies

Market value at each year end

Jones Lang LaSalle Incorporated’s market value went from $4.57B at the end of 2016 to $15.23B on Oct 28, 2026, about 3.3 times as much; since the end of 2025 it is down 4%.

Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 7 sales ($4.0M), 7 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in JLL

1. Profits swing with the property cycle. The 10-K names the global economy and demand for its services as strategic risks. Profits can swing widely: net income fell from $654.5 million in 2022 to $225.4 million in 2023.
2. Clients can cancel on short notice. Most workplace management contracts can be ended by the client on 30 to 60 days' notice, though JLL reports high renewal rates. The 10-K lists competitive threats among its strategic risks.
3. Growing dependence on outside suppliers. JLL relies more and more on vendors and subcontractors, especially for critical technology and data services. Outages, cyberattacks that start at a supplier, or being locked into costly vendors could hurt results and reputation.
4. Keeping key people and client relationships. Success depends on senior management and staff who hold client relationships. The industry competes hard for experienced people, and JLL must keep retraining its workforce as technology changes.
5. Size makes quick change difficult. With more than 113,000 employees in over 80 countries, JLL says change and quick responses are hard. Falling behind industry trends or technology could hurt results and its standing against competitors.
6. Currency, interest rate and funding risks. Results move with exchange rates across more than 80 countries. JLL also flags interest rates, credit ratings and funding costs. Debt was $1.9 billion, against $514 million of cash and investments, on September 30, 2026.

• Oct 30, 2026 Other company announcement
• Oct 28, 2026 Quarterly results released
• Sep 30, 2026 Executive or board change
• Sep 16, 2026 Executive or board change; Investor presentation or announcement
• Jul 30, 2026 Quarterly results released
• May 28, 2026 Shareholder vote results
• Apr 30, 2026 Quarterly results released
• Mar 12, 2026 Investor presentation or announcement
• Feb 18, 2026 Quarterly results released
• Nov 5, 2025 Quarterly results released

JLL pays no dividend. It paid none from fiscal 2021 through 2025, and its dividend yield was 0% as of October 28, 2026. Instead, it returned about $1.3 billion over those five years through share repurchases, where a company purchases its own stock. That included $211.5 million in 2025. Shares outstanding fell 9.5% between November 2021 and October 2026. For someone living off a portfolio, that means no regular cash payments. Any spending money would have to come from trimming shares.

The stock has fallen hard in downturns. It dropped 83.5% in the 2008 financial crisis and took until February 2011 to recover. It fell 50.9% in the 2020 COVID crash, recovering in 11 months, and 45.8% in the 2022 bear market, not regaining its peak until October 2024. A single stock like this carries more risk than a diversified fund.