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Prologis, Inc.

PLD Real Estate Reit Industrial

Prologis, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.8 billion, up 7.18% from fiscal 2024.

Revenue
+7.84%
EPS
+4.88%
Free cash flow
−37.9%
Total debt
+4.33%

Quarter to September 2026, against a year earlier

128.15 0.40 −0.31%
Market cap
$124.6B
P/E
28.3×
Fwd P/E
34.1×
Dividend yield
3.28%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Prologis, Inc. (PLD) Earnings & Analysis

Updated · Covers results through Q3 FY2026 · How this is made

Latest quarter

Prologis reported Q3 FY2026 revenue of $2.4 billion, compared with $2.2 billion in Q3 FY2025, a 7.84% year-over-year increase. The company reported revenue of $2.2 billion as the consensus counts it, compared with the consensus of $2.2 billion, or 0.24% above the consensus.

Prologis reported adjusted EPS, as the consensus counts it, of $1.60 for the quarter ended September 30, 2026, versus the $1.58 consensus, or 1.27% above the consensus. The company reported diluted EPS of $0.91, compared with $0.82 a year earlier, a 10.8% increase. Rental revenues were $2.2 billion in Q3 2026, while core FFO was $1.60 per share.

The company reported a 75.0% gross margin, compared with 75.0% a year earlier, and a 43.8% operating margin, compared with 42.5% a year earlier. Prologis’s most recently supplied free-cash-flow figures were $156.1 million in Q2 FY2026, compared with $191.0 million in Q2 FY2025.

Q3 FY2026 Q3 FY2025 Change
Revenue $2.4 billion $2.2 billion 7.84%
Diluted EPS $0.91 $0.82 10.8%
Gross margin 75.0% 75.0% 0.1 percentage points
Operating margin 43.8% 42.5% 1.3 percentage points
Free cash flow $156.1 million $191.0 million −18.3%
Against the consensus Reported Consensus Result
Adjusted EPS $1.60 $1.58 Beat by 1.27%
Revenue $2.2 billion $2.2 billion In line

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

No earnings call is available, so Prologis management’s commentary on Q3 FY2026 demand, pricing, margins, investment, competition and the quarter ahead is not reported here. No analyst questions or management responses from a latest call are available.

Guidance

Prologis’s FY2026 outlook calls for Core FFO attributable to common stockholders/unitholders of $6.25 to $6.29 per share and net earnings attributable to common stockholders of $4.05 to $4.15 per diluted share. The company expects same-store net effective NOI growth of 5.50% to 6.00%, same-store cash NOI growth of 7.00% to 7.50%, average occupancy of 95.3% to 95.5%, and net promote income or expense of $0.00. The cited outlook does not provide a previous-guidance comparison.

Metric For Guide Previous guide Change
Operating income, Net Promote Income Expense FY2026 $0.00 — New
Operating income growth, Non Gaap Same Store Noi Net Effective Prologis Share FY2026 5.50%–6.00% — New
Operating income growth, Non Gaap Same Store Noi Cash Prologis Share FY2026 7.00%–7.50% — New
Units growth, Prologis Share Average Occupancy FY2026 95.3%–95.5% — New
EPS, Non Gaap Core Ffo Excluding Net Promote Income Expense FY2026 $6.25–$6.29 — New
EPS, Non Gaap Core Ffo FY2026 $6.25–$6.29 — New
EPS, GAAP FY2026 $4.05–$4.15 — New

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.