Jones Lang LaSalle (JLL)

NYSEReal EstateReal Estate - ServicesSnapshot 2026-10-23

$300.30-3.92%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Jones Lang LaSalle’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-1.7%

+10% or more+5%0%−5%−10% or less

28.05 → 27.57 EPS · FY ending Dec 31, 2027 · 7 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 8 to 7; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	8.44B
EPS	—	10.157
Annual ending 2026-12-31
Revenue	—	28.99B
EPS	—	24.919
Annual ending 2027-12-31
Revenue	—	31.1B
EPS	—	27.573

Management figures unavailable.

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Disciplined capital allocation with strategic financing	The company secured an $870 million loan supporting disciplined capital allocation.	Intact	Failure to secure strategic financing or capital misallocation	Qualitative condition This condition has no defined numerical measure. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
EPS achieves record $16.4 per share in FY26	Management aims for record EPS of $3.33 in Q1 2026 and revenue of $26.1 billion in FY26.	Broken	EPS falls below $15 per share in FY26	Diluted EPS: $4.59 per share FY2026-Q2; GAAP. Published target: >= $16.4 per share. Target period is not explicitly aligned with this observation. Source published Jul 30, 20264.59 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 02f528c6-b43a-4054-aea3-8dbf27055eba. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Revenue grows to at least $26.1 billion in FY26	A primary condition in Jones Lang LaSalle's published investment case. The stated target is >= $26.1 billion.	Intact	Revenue falls below $24.3 billion in FY26 (approx. 7% below guidance)	Revenue: $6.928B FY2026-Q2; GAAP. Published target: >= $26.1 billion. Target period is not explicitly aligned with this observation. Source published Jul 30, 20266,927,900,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 02f528c6-b43a-4054-aea3-8dbf27055eba. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$27.57

$26.26 → $27.57 · observed estimates

FY2027 revenue$31.10B

$30.93B → $31.10B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$26.26	$30,925,535,461	7 / 7
2026-07-25	$26.46	$31,155,535,460	12 / 8
2026-07-26	$26.33	$30,945,035,461	7 / 7
2026-07-27	$26.46	$31,155,535,460	12 / 8
2026-07-28	$26.34	$30,945,035,461	7 / 7
2026-07-29	$26.48	$31,155,535,460	12 / 8
2026-07-30	$26.48	$31,155,535,460	12 / 8
2026-07-31	$26.64	$31,123,035,460	12 / 8
2026-08-01	$26.72	$30,995,547,836	7 / 7
2026-08-02	$27.19	$31,238,422,840	12 / 8
2026-08-03	$26.72	$30,995,547,836	7 / 7
2026-08-04	$27.19	$31,238,422,840	12 / 8
2026-08-05	$27.34	$31,238,422,840	12 / 8
2026-08-06	$27.34	$31,238,422,840	12 / 8
2026-08-07	$26.72	$30,995,547,836	7 / 7
2026-08-08	$27.76	$31,353,871,790	12 / 8
2026-08-09	$27.76	$31,353,871,790	12 / 8
2026-08-10	$27.76	$31,353,871,790	12 / 8
2026-08-12	$27.84	$31,257,173,440	12 / 8
2026-08-13	$26.72	$30,995,547,836	7 / 7
2026-08-14	$26.72	$30,995,547,836	7 / 7
2026-08-15	$26.72	$30,995,547,836	7 / 7
2026-08-16	$26.72	$30,995,547,836	7 / 7
2026-08-17	$26.72	$30,995,547,836	7 / 7
2026-08-18	$26.72	$30,995,547,836	7 / 7
2026-08-19	$26.72	$30,995,547,836	7 / 7
2026-08-20	$28.12	$31,053,548,444	8 / 7
2026-08-21	$28.12	$31,053,548,444	8 / 7
2026-08-22	$28.12	$31,053,548,444	8 / 7
2026-08-23	$28.12	$31,053,548,444	8 / 7
2026-08-24	$28.12	$31,053,548,444	8 / 7
2026-08-25	$28.12	$31,053,548,444	8 / 7
2026-08-26	$28.12	$31,053,548,444	8 / 7
2026-08-27	$28.12	$31,053,548,444	8 / 7
2026-08-28	$28.12	$31,053,548,444	8 / 7
2026-08-29	$28.30	$31,213,091,010	8 / 7
2026-08-30	$28.30	$31,213,091,010	8 / 7
2026-08-31	$28.30	$31,213,091,010	8 / 7
2026-09-01	$28.30	$31,213,091,010	8 / 7
2026-09-02	$28.30	$31,213,091,010	8 / 7
2026-09-03	$28.05	$31,213,091,010	8 / 7
2026-09-04	$28.05	$31,213,091,010	8 / 7
2026-09-05	$28.05	$31,213,091,010	8 / 7
2026-09-06	$28.05	$31,213,091,010	8 / 7
2026-09-07	$28.05	$31,213,091,010	8 / 7
2026-09-08	$28.05	$31,213,091,010	8 / 7
2026-09-09	$28.05	$31,213,091,010	8 / 7
2026-09-10	$28.05	$31,213,091,010	8 / 7
2026-09-11	$28.05	$31,213,091,010	8 / 7
2026-09-12	$28.05	$31,213,091,010	8 / 7
2026-09-13	$28.05	$31,213,091,010	8 / 7
2026-09-14	$28.05	$31,213,091,010	8 / 7
2026-09-15	$28.05	$31,213,091,010	8 / 7
2026-09-16	$28.05	$31,213,091,010	8 / 7
2026-09-17	$28.05	$31,213,091,010	8 / 7
2026-09-18	$28.05	$31,213,091,010	8 / 7
2026-09-19	$28.05	$31,213,091,010	8 / 7
2026-09-20	$28.05	$31,213,091,010	8 / 7
2026-09-21	$28.05	$31,213,091,010	8 / 7
2026-09-22	$28.05	$31,213,091,010	8 / 7
2026-09-23	$28.05	$31,213,091,010	8 / 7
2026-09-24	$28.05	$31,213,091,010	8 / 7
2026-09-25	$28.05	$31,213,091,010	8 / 7
2026-09-26	$28.05	$31,213,091,010	8 / 7
2026-09-27	$28.05	$31,213,091,010	8 / 7
2026-09-28	$28.05	$31,213,091,010	8 / 7
2026-09-29	$28.05	$31,213,091,010	8 / 7
2026-09-30	$28.05	$31,213,091,010	8 / 7
2026-10-01	$28.05	$31,213,091,010	8 / 7
2026-10-02	$28.05	$31,213,091,010	8 / 7
2026-10-03	$28.05	$31,213,091,010	8 / 7
2026-10-04	$28.05	$31,213,091,010	8 / 7
2026-10-05	$28.05	$31,213,091,010	8 / 7
2026-10-06	$28.05	$31,213,091,010	8 / 7
2026-10-07	$28.05	$31,213,091,010	8 / 7
2026-10-08	$28.05	$31,213,091,010	8 / 7
2026-10-09	$28.05	$31,213,091,010	8 / 7
2026-10-10	$28.05	$31,213,091,010	8 / 7
2026-10-11	$27.97	$31,213,091,010	8 / 7
2026-10-12	$27.97	$31,213,091,010	8 / 7
2026-10-13	$27.98	$31,213,091,010	8 / 7
2026-10-14	$27.80	$31,170,646,838	8 / 7
2026-10-15	$27.80	$31,170,646,838	7 / 7
2026-10-16	$27.80	$31,170,646,838	7 / 7
2026-10-17	$27.80	$31,170,646,838	7 / 7
2026-10-18	$27.70	$31,140,135,713	7 / 7
2026-10-19	$27.70	$31,140,135,713	7 / 7
2026-10-20	$27.69	$31,140,135,713	7 / 7
2026-10-21	$27.69	$31,140,135,713	7 / 7
2026-10-22	$27.69	$31,140,135,713	7 / 7
2026-10-23	$27.57	$31,100,710,713	7 / 7
2026-10-24	$27.57	$31,100,710,713	7 / 7

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	8	4	1
2026-06-01	8	4	0
2026-07-01	8	4	0
2026-08-01	8	4	1
2026-09-01	8	4	1
2026-10-01	8	4	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 8 Buy / Strong Buy · 4 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades1 maintains

Recent actions · Sep 25–Oct 24 · 1 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Disciplined capital allocation with strategic financingQualitative condition
EPS achieves record $16.4 per share in FY26Published status: Broken
Revenue grows to at least $26.1 billion in FY26Revenue: $6.928B

Next proof point

Oct 28, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.4%Typical daily move · historical

Downside history

-24.8%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Jones Lang LaSalle outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

JLL is a real estate services business with a growth-oriented multi-year thesis, supported by recent revenue and earnings gains. The thesis is on watch: recent financial performance trails its industry cohort, although it has not freshly broken.

What's priced into Jones Lang LaSalle

The valuation evidence points to JLL being cheap versus peers, with a negative expectations gap. The priced-in signal is classified as justified, and fragility is low because the evidence does not show a combination of expensive valuation, weak execution, and turbulent conditions.

What the fundamentals likely do

Near term, results may remain uneven: recent performance is neutral, earnings quality is fragile, and the sector backdrop is a headwind. Management’s strategy and earnings priorities are on track, with revenue and earnings per share rising from the first to the second quarter of 2026; net debt also declined, though capital allocation is rated mixed.

What Jones Lang LaSalle hinges on

A key downside scenario is a guidance cut after the July 2026 increase, which could damage management credibility. A shift toward rate cuts or continued strong results and guidance from sector bellwethers could support the sector backdrop, while execution of the 2030 strategy remains central to the multi-year thesis.