Jones Lang LaSalle Incorporated (JLL) Cash Flow Statement

The gap between FFO and operating cash flow appears driven largely by timing of receivables and client-funded working capital rather than by earnings quality alone. Quarters with deeply negative OCF, such as Q1 2026 and Q1 2025, coincide with seasonal build-ups that appear to reverse later in the year. Investors should monitor whether cumulative conversion across a full year approaches FFO over time.

Because the dividend payout field is blank across all ten quarters, the AFFO-to-dividend coverage ratio should be treated as data unavailable rather than inferred. Recent AFFO values of roughly $130M to $380M per quarter appear positive and recurring, which suggests distributable capacity may exist. Investors should verify dividend disbursement figures directly before drawing conclusions about payout sustainability.

The low capital intensity is consistent with an asset-light advisory and services model rather than a property-owning REIT structure. Capex levels appear stable and do not show a clear acceleration, which may indicate that technology investment is being expensed rather than capitalized. Further detail on JLL Technologies spending would help clarify whether growth capex is understated in these figures.

The negative free cash flow in Q1 2026 and Q1 2025 appears seasonal and does not by itself indicate a structural funding gap. Based on reported figures, no clear pattern of issuing equity or debt to cover distributions emerges from this dataset. Financing activity is not included in the supplied data, so this conclusion remains an inference rather than a verified finding.

Amortization from acquisitions such as HFF likely depresses GAAP earnings relative to the underlying cash profile. The wide range in the FFO-to-net-income ratio suggests these adjustments are not constant and may fluctuate with deal activity. Investors should treat net income as a conservative floor rather than a clean measure of distributable cash.