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Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Summary of financial information by business segment | Summarized financial information by business segment is as follows.
Markets Advisory | Year Ended December 31,
(in millions) | 2024 | 2023 | 2022
Leasing | $ | 2,596.2 |  | 2,343.6 |  | 2,759.2 |
Property Management | 1,795.1 |  | 1,675.1 |  | 1,525.3 |
Advisory, Consulting and Other | 109.4 |  | 102.9 |  | 131.0 |
Revenue | $ | 4,500.7 |  | 4,121.6 |  | 4,415.5 |
Less: |  |  |
Platform compensation and benefits | $ | 2,309.2 |  | 2,178.2 |  | 2,433.7 |
Platform operating, administrative and other | 371.9 |  | 368.3 |  | 405.0 |
Gross contract costs | 1,269.6 |  | 1,153.6 |  | 1,055.3 |
Add: |  |  |
Equity earnings (losses) | 0.7 |  | (0.5) |  | (0.3) |
Other segment items | (3.1) |  | (4.4) |  | 6.3 |
Adjusted EBITDA | $ | 547.6 |  | 416.6 |  | 527.5 |
Depreciation and amortization(1) | $ | 66.2 |  | 65.6 |  | 70.6 |
(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.
Capital Markets | Year Ended December 31,
(in millions) | 2024 | 2023 | 2022
Investment Sales, Debt/Equity Advisory and Other | $ | 1,506.2 |  | 1,261.6 |  | 1,955.4 |
Value and Risk Advisory | 373.0 |  | 363.8 |  | 374.9 |
Loan Servicing | 161.2 |  | 152.6 |  | 157.9 |
Revenue | $ | 2,040.4 |  | 1,778.0 |  | 2,488.2 |
Less: |  |  |
Platform compensation and benefits | $ | 1,491.9 |  | 1,337.7 |  | 1,727.1 |
Platform operating, administrative and other | 278.4 |  | 246.1 |  | 263.2 |
Gross contract costs | 48.6 |  | 47.5 |  | 47.0 |
Add: |  |  |
Equity earnings | 2.7 |  | 6.7 |  | 3.1 |
Other segment items | 20.2 |  | 19.7 |  | (10.0) |
Adjusted EBITDA | $ | 244.4 |  | 173.1 |  | 444.0 |
Depreciation and amortization | $ | 66.8 |  | 65.6 |  | 61.6 |
Work Dynamics | Year Ended December 31,
(in millions) | 2024 | 2023 | 2022
Workplace Management | $ | 12,529.7 |  | 10,706.2 |  | 9,819.2 |
Project Management | 3,151.9 |  | 2,924.8 |  | 2,972.3 |
Portfolio Services and Other | 516.0 |  | 500.1 |  | 477.0 |
Revenue | $ | 16,197.6 |  | 14,131.1 |  | 13,268.5 |
Less: |  |  |
Platform compensation and benefits | $ | 1,385.8 |  | 1,305.1 |  | 1,202.3 |
Platform operating, administrative and other | 467.8 |  | 431.6 |  | 432.9 |
Gross contract costs | 14,029.9 |  | 12,131.4 |  | 11,403.8 |
Add: |  |  |
Equity earnings | 2.2 |  | 1.4 |  | 1.2 |
Other segment items | — |  | (0.4) |  | (0.6) |
Adjusted EBITDA | $ | 316.3 |  | 264.0 |  | 230.1 |
Depreciation and amortization | $ | 91.1 |  | 79.2 |  | 71.1 |
JLL Technologies | Year Ended December 31,
(in millions) | 2024 | 2023 | 2022
Revenue | $ | 226.3 |  | 246.4 |  | 213.9 |
Less: |  |  |
Platform compensation and benefits | $ | 197.0 |  | 200.7 | 240.3
Platform operating, administrative and other | 54.2 |  | 50.3 | 57.4
Gross contract costs | 5.5 |  | 14.5 | 13.7
Add: |  |  |
Other segment items | 8.1 |  | — |  | — |
Adjusted EBITDA | $ | (22.3) |  | (19.1) |  | (97.5) |
Depreciation and amortization | $ | 19.4 |  | 15.9 |  | 15.4 |
Equity (losses) earnings | $ | (53.8) |  | (177.0) |  | 46.6 |
LaSalle | Year Ended December 31,
(in millions) | 2024 | 2023 | 2022
Advisory fees | $ | 373.8 |  | 406.2 |  | 404.6 |
Transaction fees and other | 33.5 |  | 30.0 |  | 44.8 |
Incentive fees | 60.6 |  | 47.5 |  | 26.6 |
Revenue | $ | 467.9 |  | 483.7 |  | 476.0 |
Less: |  |  |
Platform compensation and benefits | $ | 268.9 |  | 288.7 |  | 290.4 |
Platform operating, administrative and other | 69.8 |  | 62.6 |  | 59.7 |
Gross contract costs | 37.4 |  | 28.9 |  | 29.3 |
Add: |  |  |
Other segment items | 8.5 |  | 0.3 |  | (0.4) |
Adjusted EBITDA | $ | 100.3 |  | 103.8 |  | 96.2 |
Depreciation and amortization | $ | 8.5 |  | 8.1 |  | 6.5 |
Equity (losses) earnings | $ | (22.6) |  | (24.7) |  | 0.4 |
The following table is a reconciliation of segment revenue to consolidated revenue.
| Year Ended December 31,
(in millions) | 2024 | 2023 | 2022
Markets Advisory | $ | 4,500.7 |  | 4,121.6 |  | 4,415.5 |
Capital Markets | 2,040.4 |  | 1,778.0 |  | 2,488.2 |
Work Dynamics | 16,197.6 |  | 14,131.1 |  | 13,268.5 |
JLL Technologies | 226.3 |  | 246.4 |  | 213.9 |
LaSalle | 467.9 |  | 483.7 |  | 476.0 |
Total revenue | $ | 23,432.9 |  | 20,760.8 |  | 20,862.1 |
The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders.
| Year Ended December 31,
(in millions) | 2024 | 2023 | 2022
Adjusted EBITDA - Markets Advisory | $ | 547.6 |  | 416.6 |  | 527.5 |
Adjusted EBITDA - Capital Markets | 244.4 |  | 173.1 |  | 444.0 |
Adjusted EBITDA - Work Dynamics | 316.3 |  | 264.0 |  | 230.1 |
Adjusted EBITDA - JLL Technologies | (22.3) |  | (19.1) |  | (97.5) |
Adjusted EBITDA - LaSalle | 100.3 |  | 103.8 |  | 96.2 |
Adjusted EBITDA - Consolidated | $ | 1,186.3 |  | 938.4 |  | 1,200.3 |
Adjustments: |  |  |
Restructuring and acquisition charges | $ | (23.1) |  | (100.7) |  | (104.8) |
Net (loss) gain on disposition | — |  | (0.5) |  | (7.5) |
Interest on employee loans, net | 5.9 |  | 3.6 |  | 9.7 |
Equity earnings (losses) - JLL Technologies and LaSalle | (76.4) |  | (201.7) |  | 47.0 |
Credit losses on convertible note investments | (6.3) |  | — |  | — |
Net non-cash MSR and mortgage banking derivative activity | (18.2) |  | (18.2) |  | 11.0 |
Interest expense, net of interest income | (136.9) |  | (135.4) |  | (75.2) |
Income tax provision | (132.5) |  | (25.7) |  | (200.8) |
Depreciation and amortization(1) | (252.0) |  | (234.4) |  | (225.2) |
Net income attributable to common shareholders | $ | 546.8 |  | 225.4 |  | 654.5 |
(1) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.
Schedule of revenue from most significant currencies | The following table sets forth the revenue from our most significant currencies.
| Year Ended December 31,
(in millions) | 2024 | 2023 | 2022
United States dollar | $ | 14,402.3 |  | 12,258.9 |  | 12,375.9 |
British pound | 1,773.5 |  | 1,640.0 |  | 1,575.6 |
Euro | 1,464.9 |  | 1,436.1 |  | 1,535.6 |
Australian dollar | 1,085.3 |  | 1,036.9 |  | 1,183.0 |
Indian rupee | 823.8 |  | 661.4 |  | 591.0 |
Canadian dollar | 612.6 |  | 613.8 |  | 593.8 |
Hong Kong dollar | 567.1 |  | 544.8 |  | 532.3 |
Chinese yuan | 488.1 |  | 480.9 |  | 506.0 |
Singapore dollar | 447.3 |  | 425.4 |  | 368.4 |
Japanese yen | 346.3 |  | 286.6 |  | 233.8 |
Other currencies | 1,421.7 |  | 1,376.0 |  | 1,366.7 |
Total revenue | $ | 23,432.9 |  | 20,760.8 |  | 20,862.1 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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