What Jones Lang LaSalle Incorporated told the SEC could break it.

About 38% of JLL's 2025 revenue was earned outside the US — most significantly in British pounds and euros — so a stronger US dollar reduces reported earnings and complicates period comparisons.

“Foreign exchange risk is the risk we will incur economic losses due to adverse changes in foreign currency exchange rates. Our revenue from outside of the U.S. approximated 38% and 39% of our total revenue for the years ended December 31, 2025 and 2024, respectively, as outlined in the table below. Operating in international markets means we are exposed to movements in foreign exchange rates, most significantly the British pound and the euro.”

JLL's transaction-driven and advisory revenue is sensitive to economic slowdowns/recessions, which reduce demand for real estate and related services; market volatility can also tighten lending and create counterparty liquidity issues.

“We have previously experienced and expect in the future that we will be negatively impacted by periods of economic slowdown or recession and corresponding declines in the demand for real estate and related services.”

Tariffs, sanctions and tech-transfer controls raise the cost/complexity of real-estate projects by increasing prices for construction materials and technology, particularly affecting JLL's Project & Development Services and Workplace Management businesses and risking project delays/cancellations.

“These trade barriers can directly increase the cost and complexity of real estate projects by raising prices for essential construction materials and technology, which particularly affects our Project and Development Services and Workplace Management businesses and can lead to project delays or cancellations.”