Cash conversion is highly volatile, highlighted by a $996.8 million working capital outflow in 2026Q1 that contributed to a negative $819.9 million free cash flow.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 1.21B | 1.19B | 785.3M | 575.8M | 199.9M | 972.4M | 1.11B | 483.8M | 604.1M | 789.2M | 214.5M | 375.8M | 498.9M | 293.17M | 325.9M | 211.34M | 384.27M | 250.55M | 33.37M | 409.42M | 377.7M | 120.64M | 161.48M | 110.05M | 68.37M | 54.1M | 140.34M | -18.23M | 19.24M | 40.58M | 13.96M |
| Operating CF Margin % | - | 4.57% | 3.35% | 2.77% | 0.96% | 5.02% | 6.72% | 4.82% | 6.65% | 9.91% | 3.1% | 6.3% | 9.19% | 6.57% | 8.29% | 5.9% | 13.13% | 10.1% | 1.24% | 15.44% | 18.76% | 8.67% | 13.84% | 11.68% | 8.16% | 6.2% | 15.44% | -2.43% | 6.4% | 18.32% | 8.94% |
| Operating CF Growth % | 170.02% | 52.06% | 36.38% | 188.04% | -79.44% | -12.77% | 130.41% | -19.91% | -23.45% | 267.93% | -42.92% | -24.67% | 70.18% | -10.04% | 54.21% | -45% | 53.37% | 650.95% | -91.85% | 8.4% | 213.09% | -25.29% | 46.74% | 60.96% | 26.37% | -61.45% | 869.96% | -194.74% | -52.59% | 190.58% | - |
| Net Income | 895.8M | 792.2M | 546.8M | 225.4M | 793.4M | 959.3M | 422.7M | 537.9M | 491.7M | 279.5M | 334.4M | 446.34M | 385.75M | 269.46M | 208.84M | 165.61M | 154.44M | -3.16M | 83.52M | 257.83M | 176.4M | 103.67M | 64.24M | 36.06M | 27.11M | -15.41M | -57.06M | -94.84M | 20.46M | 0 | 19.96M |
| Depreciation & Amortization | 203M | 252.8M | 255.8M | 238.4M | 228.1M | 217.5M | 226.4M | 202.4M | 186.1M | 167.2M | 141.8M | 108.1M | 94.34M | 79.85M | 78.81M | 82.83M | 71.57M | 129.24M | 90.58M | 55.58M | 93.52M | 65.43M | 33.38M | 36.94M | 49.06M | 47.42M | 43.13M | 36.68M | 13.46M | 9.09M | 5.42M |
| Stock-Based Compensation | 1.57B | 114.7M | 97.4M | 78.3M | 85.8M | 96.4M | 83.8M | 74.2M | 26.8M | 25.2M | 30.1M | 0 | 20.4M | 0 | 0 | 0 | 0 | 45.91M | 0 | 57.93M | 0 | 0 | 0 | 0 | 139K | 36K | 85.8M | 101.14M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -40.5M | -238.9M | -16.1M | 0 | -25.2M | 0 | 0 | 3.41B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.88M | 46.38M | 71.88M | 93.44M | 0 | -6.84M | 0 |
| Other Non-Cash Items | -1.09B | 167.3M | 12.7M | 268.1M | -96.5M | -9.6M | -22M | 11.8M | 44.4M | 1.5M | 10.9M | -3.14B | -1.59M | 55.42M | 38.25M | 62.37M | 90.14M | 72.06M | 30.66M | -32.1M | 11.41M | 1.36M | 22.41M | 27.02M | 26.98M | -4.76M | -42.81M | -80.3M | 327K | 29.26M | 1.34M |
| Working Capital Changes | -152.9M | -132.9M | -127.4M | -234.4M | -770.4M | -52.3M | 419.9M | -342.5M | -119.7M | 315.8M | -302.7M | -445.6M | 0 | -111.56M | 0 | -99.48M | 68.12M | 6.5M | -171.4M | 70.18M | 96.37M | -49.83M | 41.44M | 10.02M | -15.03M | -19.57M | 39.41M | -74.34M | -15.01M | 9.07M | -12.75M |
| Change in Receivables | -168.1M | -148.8M | -207.9M | 11.1M | -319.1M | -402M | 414.3M | -330M | -229.5M | -187.9M | -335M | -400.76B | 0 | 0 | 0 | 0 | 0 | 67.43M | 44.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 413.6M | 0 | 394.7M | -229.2M | -87M | -68.2M | 147.57B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 85.1M | 60.9M | 36.2M | 78.5M | -115.2M | -11.6M | 177.1M | -64.7M | 372.4M | 636M | 100.5M | 253B | 0 | 0 | 0 | 0 | 0 | 0 | -198.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -245.1M | -336.6M | -316.8M | -290.4M | -243.1M | -805.8M | -170.6M | -1.05B | -280.4M | -170.8M | -802M | -584.62M | -187.9M | -164.21M | -151.25M | -389.32M | -90.88M | -109.93M | -494.86M | -258.5M | -306.36M | -61.03M | -27.57M | -15.28M | -26.34M | -32.55M | -66.59M | -67.14M | -239.1M | -14.13M | -32.48M |
| Capital Expenditures | -236M | -215.6M | -185.5M | -186.9M | -205.8M | -175.9M | -149.4M | -187.8M | -161.9M | -151.4M | -216.2M | -147.8M | -156.93M | -110.68M | -94.76M | -91.54M | -47.61M | -44.25M | -148.55M | -113.74M | -70.31M | -39.78M | -28.16M | -18.6M | -16.79M | -35.79M | -45.8M | -36.85M | -15.59M | -6.28M | -10.79M |
| CapEx % of Revenue | 0.88% | 0.83% | 0.79% | 0.9% | 0.99% | 0.91% | 0.9% | 1.87% | 1.78% | 1.9% | 3.13% | 2.48% | 2.89% | 2.48% | 2.41% | 2.55% | 1.63% | 1.78% | 5.51% | 4.29% | 3.49% | 2.86% | 2.41% | 1.97% | 2% | 4.1% | 5.04% | 4.92% | 5.19% | 2.83% | 6.91% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 48.6M | 49.6M | 14.5M | 19.5M | 900K | 38.9M | 58.1M | 18.6M | -20.8M | 1.6M | -5.5M | -3.38B | 6.02M | 27.63M | 77.53M | 25.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -182.65M | 0 | 0 |
| Cash from Financing | -894.5M | -643.2M | -451.2M | -374.3M | -13.1M | -143.8M | -771.2M | 584.6M | -141.3M | -623.5M | 636.4M | 191.6M | -203M | -128.39M | -208.74M | 110.53M | -110.76M | -117.25M | 428.81M | -122.95M | -49.39M | -61.09M | -166.88M | -45.31M | -38.82M | -29.95M | -78.22M | 106.72M | 202.38M | -3.13M | 17.19M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -491.8M | -211.5M | -112.5M | -92.2M | -688.4M | -395.8M | -123.5M | -13.6M | -12.4M | -6.6M | -7M | -10.1M | -16M | -13.02M | -7.95M | -30.23M | -19.45M | 213.48M | -4.07M | -115.92M | -58.44M | -38.14M | -18.98M | -11.47M | -4.58M | -8.86M | 1.99M | 2.94M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -42.7M | -37.8M | -33.1M | -29.4M | -25.6M | -21.9M | -20.03M | -18.22M | -13.48M | -8.96M | -8.27M | -26.41M | -28.91M | -20.63M | -8.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -14.84M | -11.81M |
| Share Repurchases | -491.8M | -211.5M | -112.5M | -92.2M | -688.4M | -395.8M | -123.5M | -13.6M | -12.4M | -6.6M | -7M | -10.1M | -16M | -14.28M | -11.66M | -30.23M | -19.45M | -7.21M | -14.03M | -125.44M | -82.04M | -85.23M | -50.26M | -11.47M | -8.71M | -11.06M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -478.3M | -431.7M | -16.6M | -57.3M | -144.8M | 10.2M | -58.4M | 29.1M | -49.7M | -54.5M | -16.2M | -56.5M | -1.3M | -73.63M | -141.39M | -147.64M | -110.15M | -11.18M | -5.63M | 25.67M | 25.98M | 0 | 0 | 5.57M | 0 | 0 | -816K | 1.26M | 0 | 82.82M | 0 |
| Net Change in Cash | 74.6M | 246.2M | -10.7M | -82.6M | -95.6M | 1.8M | 187.7M | 17.9M | 162.5M | 17.7M | 46.5M | -33.83M | 97.67M | 0 | 152.16M | -67.44M | 182.63M | 23.37M | -32.69M | 27.97M | 21.95M | -1.49M | -32.96M | 49.45M | 3.21M | -8.4M | -4.46M | 6.37M | -13.72M | 23.45M | -1.11M |
| Free Cash Flow | 970.7M | 978.5M | 599.8M | 388.9M | -5.9M | 796.5M | 965.3M | 296M | 442.2M | 637.8M | 6.4M | 228M | 341.93M | 182.48M | 232.94M | 119.8M | 336.66M | 206.31M | -115.18M | 295.68M | 307.4M | 80.85M | 133.32M | 91.45M | 51.58M | 18.31M | 94.54M | -69.61M | 7.38M | 34.3M | 3.17M |
| FCF Margin % | 3.63% | 3.75% | 2.56% | 1.87% | -0.03% | 4.11% | 5.82% | 2.95% | 4.87% | 8.01% | 0.09% | 3.82% | 6.3% | 4.09% | 5.92% | 3.34% | 11.51% | 8.32% | -4.27% | 11.15% | 15.27% | 5.81% | 11.42% | 9.71% | 6.16% | 2.1% | 10.4% | -9.29% | 2.45% | 15.48% | 2.03% |
| FCF Growth % | 90.93% | 63.14% | 54.23% | 6691.53% | -100.74% | -17.49% | 226.11% | -33.06% | -30.67% | 9865.63% | -97.19% | -33.32% | 87.38% | -21.66% | 94.44% | -64.42% | 63.19% | 279.11% | -138.96% | -3.81% | 280.2% | -39.35% | 45.79% | 77.3% | 181.68% | -80.63% | 235.8% | -1043.66% | -78.49% | 980.66% | - |
| FCF per Share | 20.31 | 20.25 | 12.40 | 8.05 | -0.12 | 15.30 | 18.46 | 6.02 | 9.63 | 13.94 | 0.14 | 5.02 | 7.55 | 4.05 | 5.20 | 2.70 | 7.64 | 5.35 | -3.37 | 8.81 | 9.19 | 2.44 | 4.06 | 2.84 | 1.62 | 0.61 | 3.80 | -3.08 | 0.45 | 2.10 | 0.20 |
| FCF Conversion (FCF/Net Income) | 1.08x | 1.51x | 1.44x | 2.55x | 0.31x | 1.01x | 2.77x | 0.90x | 1.25x | 2.86x | 0.67x | 0.86x | 1.29x | 1.09x | 1.57x | 1.29x | 2.50x | -69.70x | 0.39x | 1.59x | 2.14x | 1.16x | 2.51x | 3.05x | 2.52x | -3.51x | -2.46x | 0.19x | 0.94x | 1.57x | 0.70x |
| Interest Paid | -19.3M | 0 | 147M | 144.8M | 74.3M | 38.8M | 50.2M | 58.5M | 49.2M | 47.6M | 34.8M | 21.7M | 20.2M | 22.85M | 15.48M | 9.94M | 17.25M | 25.15M | 19.16M | 13.71M | 0 | 4.3M | 10.68M | 19.39M | 19.7M | 21.14M | 0 | 20.45M | 3.21M | 0 | 0 |
| Taxes Paid | -31M | 0 | 284.9M | 158.5M | 321.3M | 262.5M | 138.5M | 280.8M | 153.4M | 144.7M | 143.6M | 155.6M | 88.5M | 84.95M | 75.93M | 65.59M | 39.1M | 50.72M | 97.76M | 47.58M | 0 | 20.12M | 16.18M | 11.93M | 14.14M | 23.65M | 0 | 20.76M | 2.88M | 0 | 0 |
Working capital volatility
As reported in recent financial statements, JLL's operating cash flow frequently diverges from net income, with the 2026Q1 period showing a massive negative $755 million operating cash flow despite positive net income, highlighting significant volatility in the firm's ability to convert accounting profits into actual cash.
The extreme variance between net income and operating cash flow suggests that JLL's earnings are heavily influenced by non-cash accruals and timing differences. Investors should monitor whether this disconnect is a recurring structural feature of the firm's service-based model or a temporary byproduct of aggressive revenue recognition practices.
Based on JLL's reported figures, free cash flow exhibits a highly cyclical pattern, swinging from a positive $927.8 million in 2025Q4 to a negative $819.9 million in 2026Q1, which underscores the firm's sensitivity to the timing of large-scale transactional closings and working capital requirements.
The erratic nature of free cash flow generation makes it difficult to rely on JLL as a consistent cash-generative entity. This trajectory suggests that the firm's cash position is highly vulnerable to sudden shifts in market liquidity and the timing of client payments.
According to quarterly filings, JLL experienced a massive $996.8 million working capital outflow in 2026Q1, a sharp reversal from the $475.9 million inflow seen in 2025Q4, indicating that the firm's cash position is heavily dependent on the seasonal and cyclical nature of its client billing cycles.
The magnitude of these working capital swings suggests that JLL's liquidity is subject to significant short-term pressure. This volatility warrants further investigation into the firm's collection efficiency and whether it is being forced to extend more favorable payment terms to maintain its competitive position in a difficult market.
As detailed in recent cash flow statements, JLL allocated $300 million toward share repurchases in 2026Q1, a significant capital commitment that occurred despite the firm reporting a negative free cash flow of $819.9 million during the same period, raising questions about the sustainability of this return strategy.
The decision to prioritize share buybacks during a period of negative cash generation may indicate a management preference for supporting the stock price over preserving liquidity. Investors should monitor whether this capital allocation strategy limits the firm's ability to invest in its tech-enabled service platform during market downturns.
Based on the provided data, JLL recorded $1.5 billion in stock-based compensation during 2026Q1, which significantly impacts the cash flow statement and suggests that the true economic cost of talent retention is far higher than the headline net income figures would otherwise imply to the market.
The massive scale of stock-based compensation relative to net income suggests that the firm is relying heavily on equity to retain key personnel. This practice effectively masks the true cash cost of operations and may lead to significant shareholder dilution that is not fully captured in traditional cash flow metrics.
Quick answers to the most common questions about buying JLL stock.
Jones Lang LaSalle Incorporated (JLL) generated $1.19B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Jones Lang LaSalle Incorporated (JLL) generated $978.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Jones Lang LaSalle Incorporated (JLL) spent $215.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Jones Lang LaSalle Incorporated (JLL) spent $211.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.