JLLMEDIUM SIGNALFINANCIAL10-K

JLL delivered strong financial performance with double-digit revenue growth and substantially higher operating cash flow generation.

The company demonstrates healthy business momentum with revenue growing 11.4% to $26.1 billion while expanding profitability and cash generation capabilities. The substantial improvement in operating cash flow alongside solid earnings growth indicates strong operational execution and working capital management.

Comparing 2026-02-19 vs 2025-02-19View on EDGAR →
FINANCIAL ANALYSIS

JLL showed robust financial performance across key metrics, with revenue advancing 11.4% to $26.1 billion and net income growing 44.9% to $792.1 million. Operating cash flow generation was particularly strong, creating a solid foundation for capital allocation and growth investments. The company's balance sheet strengthened with higher cash reserves and growing stockholders' equity, reflecting disciplined financial management and improved profitability.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+52.1%
$785.3M$1.2B

Operating cash flow surged 52.1% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+44.9%
$546.8M$792.1M

Net income grew 44.9% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+43.9%
$416.3M$599.1M

Cash position surged 43.9% — strong cash generation or capital raise providing significant financial cushion.

Operating Income
P&L
+26.5%
$868.1M$1.1B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Revenue
P&L
+11.4%
$23.4B$26.1B

Revenue growing 11.4% — solid top-line momentum, watch margins for quality of growth.

Stockholders Equity
Balance Sheet
+10.8%
$6.8B$7.5B

Equity base grew 10.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-19
ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Item 7A.
References to "JLL," "the Company," "we," "us" and "our" refer to Jones Lang LaSalle Incorporated and include all of its consolidated subsidiaries, unless otherwise indicated or the context requires otherwise.
Our common stock is listed on The New York Stock Exchange ("NYSE") under the symbol "JLL." JLL is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025.
For over 200 years, clients have trusted JLL, a Fortune 500 company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties.
Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY SM .
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REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 7A.
References to JLL, the Company, we, us and our refer to Jones Lang LaSalle Incorporated and include all of its consolidated subsidiaries, unless otherwise indicated or the context requires otherwise.
Our common stock is listed on The New York Stock Exchange ("NYSE") under the symbol JLL.
For over 200 years, JLL, a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties.
Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY SM by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions.
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