Start here if you're new
what it is
JLL helps companies rent, buy, manage, and invest in commercial property.
how it gets paid
Last year Jones Lang LaSalle made $26.1B in revenue. Leasing services was the main engine at $8.0B, or 31% of sales.
why it's growing
Revenue grew 11.4% last year to ~$26.1B. Some EDGAR lines are quarterly or segment totals — do not stack them into fake triple-digit vs. prior year moves.
what just happened
JLL posted strong EPS near ~$8.71 with a meaningful beat versus consensus — exact surprise % varies by vendor.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
45/100 earnings predictability — expect surprises
21.8x trailing p/e — priced about right
9.4% return on capital — nothing to write home about
xvary composite: 67/100 — average
What they do
JLL helps companies rent, buy, manage, and invest in commercial property.
JLL has about 300 offices in 28 countries and 103,000 employees. That is a huge map of local relationships. For you, switching means rebuilding the broker bench, the project team, and the property manager at once. That is why one firm can keep the fee stream while others chase it.
How they make money
$26.1B
annual revenue · their business grew +11.4% last year
Leasing services
$8.0B
Property management
$6.8B
Capital markets
$5.4B
Project & development services
$3.6B
LaSalle investment management
$2.3B
The products that matter
advises property transactions
Acquisition
part of a $26.1B platform
this page doesn't break out acquisition revenue, but it sits inside a $26.1B fee business that gets paid when deals actually close.
deal-driven
arranges exits and leasing activity
Disposition
45 / 100 predictability
disposition work rises and falls with transaction volumes. the 45/100 earnings predictability score tells you this revenue stream can be lumpy.
cyclical
manages buildings for clients
Property management
recurring fee stream
management work helps steady a lumpy deal business. companywide operating margin on this page is ~7.5%, but segment-level margin for property management alone is not broken out here — so treat that as a whole-company reference, not a line-item fact.
stabilizer
Key numbers
$26.1B
ttm revenue
That is the whole fee pool. A 1% slip is about $261M, which is real money even for JLL.
7.5%
operating margin (FY)
JLL keeps 7.5 cents of each sales dollar. The other 92.5 cents pays salaries and deal costs.
$983M
long-term debt
Debt is only 6% of capital. That gives the balance sheet room if rates stay sticky.
17%
upside to target
The ~$415 target sits ~17% above the current $353.93 price. The stock is not cheap, but the bar is clear.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- long-term debt $983M (6% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in JLL 3 years ago → it's now worth $19,130.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
JLL posted trailing / FY EPS near ~$8.71 with a clear beat versus consensus — not a single quarter’s EPS.
Full-year revenue on this page is ~$26.1B, up ~11.4%. A typical quarter scales to roughly ~$6.5B (~one-fourth of the year). Quarterly EPS scales to roughly ~$2.2 if you spread ~$8.7 across four quarters.
~$6.5B
revenue (q)
~$2.2
eps (q est)
~$8.7
ttm / fy eps
earnings beat
EPS upside versus consensus on a trailing basis mattered more than any single mis-labeled revenue line. JLL wins when transaction volume and margins move together.
-
in aggregate, we believe that the bottom line climbed nearly 25% for the full year, thanks to a double-digit advance in revenues.
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margin improvement also likely lent a helping hand to profits for the year.earnings advances are likely to continue in the year recently begun, while our fresh 2027 estimates suggest further gains. the company’s likely profit ascent is expected to be fueled by an anticipated recovery in commercial real estate capital markets, respectable gains for fee-based services (workplace and project management), and strategic investments in ai-related technologies. as interest rates likely continue to ease with a little help from the fed, jones lang lasalle is positioned to capitalize on rising transaction volumes particularly in the office and industrial sectors.
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a healthy balance sheet underpins our long-term profit-growth assumptions.
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the company has only a modest level of debt while it has maintained a sizable cash position.
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the ample liquidity comes in handy, particularly during more difficult times.
source: company earnings report, 2026
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What could go wrong
JLL's risk stack is simple: when commercial real estate transaction slowdown hits, a fee business with thin margins feels it immediately.
high
commercial real estate transaction slowdown
JLL gets paid when properties trade, lease, or get financed. If deal flow stalls, fee revenue slows fast.
with a 7.5% operating margin, even a modest revenue dip can hit earnings harder than you think
high
thin margin business model
This is a $26.1B business with roughly 3% net margin. There isn't much room for execution mistakes, compensation pressure, or softer commissions.
small margin moves matter a lot when the starting margin is already thin
med
earnings volatility
A 45/100 earnings predictability score means results are harder to model than the average large-cap. You should expect noisier quarters.
surprises can move the stock even when the long-term thesis stays intact
med
less room for disappointment near the high
At $353.93, the stock is sitting close to the top of its $194–$363 range. The setup is better than it was. The valuation cushion is smaller too.
when expectations rise, merely okay results stop being enough
$26.1B in revenue looks powerful. a 7.5% operating margin means JLL still needs healthy deal volumes for earnings to keep compounding.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next report: does growth still outrun cost pressure
this page doesn't show the exact date. when it lands, the first number to check is margin, not just revenue.
metric
7.5% operating margin
if that margin expands, the recovery is turning into real earnings power. if it slips, the bull case gets thinner fast.
trend
institutional flow after 2 quarters of net buying
265 buyers versus 260 sellers is a mild vote of confidence. you want to see that continue, not reverse.
risk
commercial real estate activity
JLL is tied to transaction velocity. if office, leasing, and capital markets freeze again, the stock will feel it before the headlines catch up.
Analyst rankings
earnings predictability
45 / 100
in human-speak, analysts do not view this as a clockwork earnings story. expect more noise than you get from a typical blue-chip.
balance sheet grade
B++
above-average balance sheet quality. good enough to matter, not so strong that it becomes the thesis.
risk rank
3
safer than roughly half the market. not fragile, not a bunker stock either.
source: institutional data
Institutional activity
institutions have been net buying for 2 consecutive quarters — 265 buyers vs. 260 sellers in 3q2025. total institutional holdings: 42.8M shares. net buying for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$281
$548
$354
current price
$415
target midpoint · +17% from current · 3-5yr high: $590 (+65% · 14% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive