Prologis, Inc. (PLD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.75	$1.11	+48.0%	—	$2.4B	—
Q1 26	$0.72	$1.02	+41.7%	—	$2.3B	—
Q4 25	$0.68	$1.46	+114.7%	—	$2.3B	—
Q3 25	$0.73	$0.8	+9.6%	—	$2.2B	—
Q2 25	$0.73	$0.6	-17.8%	—	$2.2B	—
Q1 25	$0.63	$0.62	-1.6%	—	$2.1B	—
Q4 24	$0.68	$1.37	+101.5%	—	$2.2B	—
Q3 24	$0.64	$1.08	+68.8%	—	$2B	—
Q2 24	$0.6	$0.92	+53.3%	—	$2B	—
Q1 24	$0.57	$0.63	+10.5%	—	$2B	—
Q4 23	$0.62	$0.68	+9.7%	—	$1.9B	—
Q3 23	$0.59	$0.8	+35.6%	—	$1.9B	—
Q2 23	$0.99	$1.31	+32.3%	—	$2.5B	—
Q1 23	$0.56	$0.5	-10.7%	—	$1.8B	—
Q4 22	$0.54	$0.62	+14.8%	—	$1.8B	—
Q3 22	$1.21	$1.32	+9.1%	—	$1.8B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.58	—	—	$8.8B	—
FY24	—	$4.02	—	—	$8.2B	—
FY23	—	$3.3	—	—	$8B	—
FY22	—	$4.28	—	—	$6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.5B	$2.6B	$2.8B	$3.3B	$4.4B	$4.8B	$6B	$8B	$8.2B	$8.8B
YoY change	+15.3%	+3.36%	+7.12%	+18.8%	+33.3%	+7.23%	+25.5%	+34.3%	+2.22%	+7.18%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.5B	2.6B	2.8B	3.3B	4.4B	4.8B	6B	8B	8.2B	8.8B
Cost of revenue	697.4M	724.7M	757.7M	918.9M	1.2B	1.2B	1.5B	2B	2.1B	2.2B
Gross profit	1.8B	1.9B	2B	2.4B	3.3B	3.5B	4.5B	6B	6.1B	6.6B
Gross margin	72.5%	72.3%	73%	72.4%	73.6%	73.8%	74.7%	74.9%	74.9%	74.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	222.1M	231.1M	239M	266.7M	274.8M	293.2M	331.1M	390.4M	418.8M	469.1M
Operating expenses	236.4M	243.3M	252.5M	279.9M	304.9M	315.6M	371.4M	443.8M	465.8M	515.1M
Operating income	668.4M	771.1M	847M	991.9M	1.4B	1.6B	2.3B	3.1B	3.1B	3.4B
Operating margin	26.4%	29.5%	30.2%	29.8%	31.6%	34%	38.2%	38.4%	37.8%	38.8%
Non-operating income, net	973.8M	1.3B	1.3B	1B	658.7M	2B	1.7B	1B	1.9B	1.4B
Pretax income	1.3B	1.8B	1.9B	1.8B	1.7B	3.3B	3.7B	3.5B	4.1B	3.8B
Income tax	54.6M	54.6M	63.3M	74.5M	130.5M	174.3M	135.4M	211M	166.9M	204M
Net income	1.3B	1.8B	1.8B	1.7B	1.6B	3.1B	3.6B	3.3B	3.9B	3.6B
Net margin	51%	67.3%	65%	51.1%	36.4%	66.2%	59.5%	40.5%	48.1%	40.6%
EBITDA	1.8B	1.9B	2.1B	2.3B	3.2B	3.6B	4.4B	5.9B	6B	6.4B
EPS	2.29	3.1	2.9	2.48	2.02	3.97	4.28	3.3	4.02	3.58
Diluted EPS	2.27	3.06	2.87	2.46	2.01	3.94	4.25	3.29	4.01	3.56

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.9B	1.9B	2B	2B	2B	2.2B	2.1B	2.2B	2.2B	2.3B	2.3B	2.4B
Cost of revenue	500.1M	487.1M	533.1M	515.8M	488.8M	519.6M	549.1M	552.9M	553.9M	578.8M	602.2M	626.5M
Gross profit	1.4B	1.4B	1.4B	1.5B	1.5B	1.7B	1.6B	1.6B	1.7B	1.7B	1.7B	1.8B
Gross margin	73.9%	74.2%	72.8%	74.3%	76%	76.4%	74.3%	74.7%	75%	74.3%	73.8%	74.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	96.7M	98.3M	111.3M	106.6M	98.2M	102.7M	114.7M	106.9M	110.7M	136.9M	126.9M	129.6M
Operating expenses	109M	120M	123.5M	118M	113.8M	110.4M	124.3M	118.6M	119.4M	152.8M	137M	149.8M
Operating income	663.5M	643.8M	662.5M	736.8M	784.5M	914.2M	814.2M	855.2M	892.6M	852.4M	827M	959.7M
Operating margin	34.7%	34.1%	33.9%	36.7%	38.5%	41.5%	38.1%	39.2%	40.3%	37.8%	36%	39.6%
Non-operating income, net	357.9M	265M	194.4M	426M	513.3M	747.1M	100.5M	42.4M	241.5M	973M	520M	548.7M
Pretax income	840.4M	734.4M	663.6M	954.6M	1.1B	1.4B	682.9M	645.7M	—	—	—	1.2B
Income tax	41.2M	58.5M	32.8M	43.1M	4.2M	86.9M	43.4M	23.4M	54.5M	82.7M	48M	108.2M
Net income	799.1M	675.9M	630.8M	911.5M	1.1B	1.3B	639.5M	622.3M	821.3M	1.5B	1B	1.1B
Net margin	41.7%	35.8%	32.2%	45.4%	52.2%	61%	29.9%	28.5%	37.1%	65.8%	45.5%	46.3%
EBITDA	1.4B	1.3B	1.4B	1.5B	1.5B	1.6B	1.5B	1.6B	1.6B	1.6B	1.7B	1.8B
EPS	0.81	0.68	0.63	0.93	1.08	—	0.64	0.61	0.82	—	1.05	1.14
Diluted EPS	0.8	0.68	0.63	0.92	1.08	—	0.63	0.61	0.82	—	1.05	1.13

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	27.8B	34.2B	33.3B	—	—	124.5B	88.6B	—	97.9B	118.5B	128.7B
Enterprise value	37.6B	43.2B	44.1B	—	—	142.1B	112.8B	—	128.1B	153.1B	163.9B
Shares outstanding	526.1M	530.4M	567.4M	630.6M	728.3M	739.4M	785.7M	924.4M	926.2M	928.5M	928.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21.5	19.4	18.3	—	—	39.5	24.9	—	24.8	33.2	29.8
P/S	11	13.1	11.9	—	—	26.2	14.8	—	11.9	13.5	13.4
P/B	1.5	1.83	1.29	—	—	3.3	1.53	—	1.67	2.05	2.32
EV/EBITDA	20.9	22.8	21	—	—	39.7	25.7	—	21.3	23.9	24.3
EV/Sales	14.8	16.5	15.7	—	—	29.9	18.9	—	15.6	17.4	17
Earnings yield	4.65%	5.15%	5.47%	—	—	2.53%	4.01%	—	4.03%	3.01%	3.36%
FCF yield	5.1%	4.93%	5.41%	—	—	2.41%	4.66%	—	5.02%	4.23%	4.2%
PEG	—	—	—	—	—	—	—	—	—	—	0.34

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	72.5%	72.3%	73%	72.4%	73.6%	73.8%	74.7%	74.9%	74.9%	74.6%	74.2%
Operating margin	26.4%	29.5%	30.2%	29.8%	31.6%	34%	38.2%	38.4%	37.8%	38.8%	43%
Net margin	51%	67.3%	65%	51.1%	36.4%	66.2%	59.5%	40.5%	48.1%	40.6%	43.6%
ROE	7%	9.41%	7.07%	6.53%	4.45%	8.34%	6.14%	5.63%	6.74%	6.17%	7.75%
ROA	4.27%	5.97%	4.75%	4.25%	2.88%	5.38%	4.04%	3.5%	4.14%	3.61%	2.52%
ROIC	2.27%	2.7%	2.24%	2.54%	2.44%	2.77%	2.68%	3.33%	3.35%	3.5%	3.5%
Return on tangible assets	4.35%	6.06%	4.86%	4.32%	2.96%	5.49%	4.16%	3.57%	4.21%	3.65%	4.43%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.93	0.96	1.33	1.92	1.36	0.97	0.46	0.55	0.92	0.91	0.65
Quick ratio	1.93	0.96	1.33	1.92	1.36	0.97	0.46	0.55	0.92	0.91	0.74
Debt / equity	0.57	0.5	0.43	0.47	0.48	0.48	0.42	0.51	0.54	0.62	0.64
Debt / assets	0.35	0.32	0.29	0.31	0.31	0.31	0.28	0.32	0.33	0.36	0.36
Net debt / EBITDA	5.45	4.72	5.13	4.82	5.15	4.91	5.52	4.97	5.02	5.39	5.17
Interest coverage	5.68	7.98	9.74	8.84	6.83	14.3	13.6	6.6	5.91	4.88	5.68
Effective tax rate	4.05%	3.01%	3.36%	4.19%	7.47%	5.24%	3.67%	6.09%	4.06%	5.41%	5.41%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.81	4.94	4.94	5.28	6.09	6.44	7.6	8.68	8.86	9.47	10.4
EPS (basic)	2.29	3.1	2.9	2.48	2.02	3.97	4.28	3.3	4.02	3.58	3.58
EPS (diluted)	2.27	3.06	2.87	2.46	2.01	3.94	4.25	3.29	4.01	3.56	4.48
Book value per share	35.1	35.3	45.5	41.3	49.9	51	73.6	62.6	63.3	62.2	57.5
FCF per share	2.69	3.18	3.18	3.59	4.03	4.05	5.25	5.81	5.3	5.39	5.47
Cash per share	1.53	0.84	0.61	1.73	0.82	0.75	0.35	0.57	1.42	1.23	1.89

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	69.1%	53.5%	61.6%	79.1%	106.6%	59.5%	70.2%	99.2%	90.4%	105.6%	92.7%
Dividend yield	3.22%	2.76%	3.37%	—	—	1.5%	2.82%	—	3.65%	3.18%	3.23%

Yield

3.23%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.07

ex-dividend Sep 16, 2026

Payout ratio

93%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 16, 2026	$1.07
Jun 16, 2026	$1.07
Mar 17, 2026	$1.07

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.9B	$1.9B	$2B	$2B	$2B	$2.2B	$2.1B	$2.2B	$2.2B	$2.3B	$2.3B	$2.4B
YoY change	+9.35%	+7.86%	+10.6%	-18.1%	+6.36%	+16.5%	+9.36%	+8.76%	+8.72%	+2.37%	+7.39%	+11.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	807.3M	447M	343.9M	1.1B	598.1M	556.1M	278.5M	530.4M	1.3B	1.1B
Receivables	110.9M	85.1M	107.1M	85.8M	189.4M	424.2M	378M	325.7M	407.5M	601.3M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	1.5B	1.1B	1.3B	2.2B	2.2B	2B	1.7B	1.8B	2.4B	2.4B
Property, plant & equipment	—	—	112.2M	593.8M	610.5M	577.4M	855.3M	891.7M	920.1M	893.4M
Goodwill & intangibles	535.8M	404.2M	901.4M	628.4M	1.5B	1.1B	2.4B	2B	1.5B	1.2B
Total assets	30.2B	29.5B	38.4B	40B	56.1B	58.5B	87.9B	93B	95.3B	98.7B
Accounts payable	556.2M	702.8M	760.5M	705M	1.1B	1.3B	1.7B	1.8B	1.8B	2B
Short-term debt	35M	317.4M	50.5M	184.3M	171.8M	491.4M	1.5B	979.3M	225M	44.7M
Total current liabilities	787.6M	1.2B	991M	1.1B	1.6B	2B	3.7B	3.3B	2.6B	2.7B
Long-term debt	10.6B	9.1B	11B	12.2B	17.2B	17.7B	23B	28.6B	31.3B	35.6B
Total liabilities	11.8B	10.8B	12.6B	14B	19.7B	20.7B	30B	35.2B	36.7B	41B
Shareholders' equity	18.5B	18.7B	25.8B	26.1B	36.3B	37.7B	57.9B	57.8B	58.6B	57.8B
Total debt	10.6B	9.4B	11.1B	12.4B	17.3B	18.2B	24.5B	29.6B	31.5B	35.7B
Net debt	9.8B	9B	10.7B	11.3B	16.7B	17.6B	24.2B	29.1B	30.2B	34.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	740.8M	530.4M	500.6M	598.3M	780.9M	1.3B	671.1M	1.1B	1.2B	1.1B	861.1M	1.8B
Receivables	—	325.7M	—	—	—	407.5M	—	—	—	601.3M	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.5B	1.8B	883.4M	1.1B	1.1B	2.4B	1.2B	1.3B	1.5B	2.4B	1.4B	2.3B
Property, plant & equipment	—	891.7M	—	—	—	920.1M	—	—	—	893.4M	—	—
Goodwill & intangibles	—	2B	—	—	—	1.5B	—	—	—	1.2B	—	—
Total assets	91.9B	93B	93.3B	93.5B	95.9B	95.3B	96B	97.7B	98.3B	98.7B	98.1B	101B
Accounts payable	—	1.8B	—	—	—	1.8B	—	—	—	2B	—	—
Short-term debt	212.7M	979.3M	1B	489.4M	660.7M	225M	532.1M	520.2M	224.9M	44.7M	553.9M	514.1M
Total current liabilities	1.9B	3.3B	2.8B	2.1B	2.5B	2.6B	2.2B	2.1B	2.1B	2.7B	2.2B	3B
Long-term debt	27.4B	28.6B	28.5B	29.4B	31.6B	31.3B	31.7B	34.1B	35.1B	35.6B	34.1B	35.9B
Total liabilities	33.7B	35.2B	35.5B	35.6B	38.2B	36.7B	37.9B	40.4B	41.1B	41B	40.2B	42.9B
Shareholders' equity	58.3B	57.8B	57.8B	57.9B	57.7B	58.6B	58.1B	57.3B	57.2B	57.8B	57.9B	58.1B
Total debt	27.6B	29.6B	29.6B	29.9B	32.3B	31.5B	32.3B	34.7B	35.3B	35.7B	34.7B	36.4B
Net debt	26.8B	29.1B	29.1B	29.3B	31.5B	30.2B	31.6B	33.6B	34.1B	34.5B	33.8B	34.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.3B	1.8B	1.8B	1.7B	1.6B	3.1B	3.6B	3.3B	3.9B	3.6B
Depreciation & amortization	931M	879.1M	947.2M	1.1B	1.6B	1.6B	1.8B	2.5B	2.6B	2.6B
Stock-based compensation	60.3M	76.6M	76.1M	97.6M	109.8M	113M	175.4M	267.6M	231.7M	185.5M
Change in working capital	-65M	42.8M	-82.7M	18.6M	-18.8M	-165.9M	-26.2M	70.1M	-126.5M	-195.2M
Operating cash flow	2.1B	2.7B	2.7B	2.9B	3.2B	4.5B	5.3B	5.6B	6.1B	5B
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	793.3M	-380.6M	251.9M	106.5M	-1.8B	-753M	-309.5M	136M	-469.2M	-405.3M
Dividends paid	-893.5M	-942.9M	-1.1B	-1.3B	-1.7B	-1.9B	-2.5B	-3.2B	-3.6B	-3.8B
Share repurchases	0	-13.2M	0	0	-42M	0	0	—	—	—
Financing cash flow	-2.1B	-2.6B	-1.2B	-839.6M	-372.2M	-685M	115.8M	1.3B	-1000M	-657.8M
Net change in cash	772.4M	-313M	1.7B	2.2B	953.7M	3.1B	5.1B	7B	4.6B	3.9B
Free cash flow	1.4B	1.7B	1.8B	2.3B	2.9B	3B	4.1B	5.4B	4.9B	5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	799.1M	675.9M	630.8M	911.5M	1.1B	1.3B	639.5M	622.3M	821.3M	1.5B	1B	1.1B
Depreciation & amortization	642M	638.3M	637.5M	637.3M	649.3M	656.4M	652.1M	657.2M	648M	668.8M	731.5M	689.5M
Stock-based compensation	57.2M	57.6M	67.2M	54.5M	42.5M	67.4M	53.2M	44M	44.5M	43.8M	60.6M	55.1M
Change in working capital	643.9M	-69M	-100.3M	-140.2M	125.1M	-11.2M	-93.4M	-37.6M	96.2M	-160.4M	-100.3M	-98M
Operating cash flow	2B	1.2B	1.1B	1.3B	1.7B	1.9B	1.1B	1.1B	1.4B	1.2B	1.3B	1.3B
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-25.1M	9.3M	-303.1M	-31.2M	-78.7M	-54.8M	5.8M	25.5M	-186.8M	-240M	112.7M	43.6M
Dividends paid	-806.3M	-808.6M	-891.8M	-892.8M	-892.9M	-893M	-939.9M	-941.6M	-941.3M	-942M	-1B	-1B
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-129.7M	-1.4B	2.4M	-828M	917.2M	-1.4B	-275.6M	181.9M	-223.8M	-1.2B	-1.2B	708.3M
Net change in cash	1.8B	-219.4M	794M	489.9M	2.6B	439.4M	828.7M	1.3B	1B	-328M	242.6M	2.1B
Free cash flow	2B	1.1B	1.1B	1.1B	1.4B	1.3B	1.2B	1.2B	1.4B	1.2B	1.3B	1.3B

Prologis, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement