Company file · PLD

Prologis

Prologis' revenue rose 7.2% in FY2025, to $8.8B, and net income fell 10.8% to $3.3B

Revenue rose 7.2% to $8.8B in FY2025, from $8.2B in FY2024. Net income fell 10.8% to $3.3B. Real Estate Operations was the largest segment, at 93% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 13, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 29, 2026) · Data pulled Oct 27, 2026

Key facts

Prologis (NYSE: PLD) closed fiscal 2025 on Dec 31, 2025 with revenue of $8.8B, up 7.2% from a year before; net income came to $3.3B, down 10.8%. Its newest quarterly report covers the three months to Jun 30, 2026: revenue of $2.4B, up 11.1% on the same stretch of the prior year, and net income of $1.1B. Broken down by segment, Real Estate Operations led with 93% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 13, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 29, 2026).

Revenue$8.8BFY2025 · +7.2% vs FY2024

Net income$3.3BFY2025 · −10.8% vs FY2024

Operating cash flow$5.0BFY2025 · +2.0% vs FY2024

Cash & equivalents$1.8Bat Jun 30, 2026 · +54.1% vs FY2025 end

Total debt$36.4Bat Jun 30, 2026 · +4.0% vs FY2025 end

Diluted shares957MFY2025 avg · +0.3% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 13, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 30, 2026 · 10-Q filed Jul 29, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Real Estate Operations$8.2B93%+8.9%
Strategic Capital$592M7%−11.8%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Real Estate Operations (93%) and Strategic Capital (7%), as shares of total revenue. Total revenue was $8.8B.

By segment: three-year mixShare of the total each fiscal year

FY2023

85%15%

FY2024

92%8%

FY2025

93%

Real Estate OperationsStrategic Capital

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue

$2.4B Q2 2026

$2.2B Q2 2025

11.1% increase

Net income

$1.1B Q2 2026

$571M Q2 2025

85.9% increase

Source: Prologis 10-Q for the quarter ended Jun 30, 2026, filed Jul 29, 2026

By segment

Real Estate Operations

$2.2B Q2 2026

$2.0B Q2 2025

7.2% increase

Strategic Capital

$242M Q2 2026

$147M Q2 2025

64.2% increase

Source: Prologis 10-Q for the quarter ended Jun 30, 2026, filed Jul 29, 2026

Cash & equivalents $1.8B at Jun 30, 2026, vs $1.1B at FY2025 end.
Total debt $36.4B at Jun 30, 2026, vs $35.0B at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $2.6B vs $2.4B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 7.2% in FY2025 to $8.8B, from $8.2B a year earlier. 10-K, FY2025
Operating cash flow rose 2.0% in FY2025 to $5.0B. 10-K, FY2025
Revenue in the quarter ended Jun 30, 2026 was $2.4B, up 11.1% on a year earlier. 10-Q, quarter ended Jun 30, 2026
Net income in the quarter ended Jun 30, 2026 was $1.1B, up 85.9% on a year earlier. 10-Q, quarter ended Jun 30, 2026

The bear case

Net income fell 10.8% in FY2025 to $3.3B, from $3.7B. 10-K, FY2025
Total debt rose 13.5% in FY2025 to $35.0B. 10-K, FY2025
Strategic Capital revenue fell 11.8% in FY2025 to $592M. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Prologis is in the industrial REITs industry, part of the real estate sector. The SEC files it under Real Estate Investment Trusts.

Prologis reports 2 segments: Real Estate Operations and Strategic Capital.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the industrial REITs industry. They are not a summary of Prologis’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Interest ratesHigher rates raise borrowing costs and can lower property values.
Occupancy and rentsVacancies, tenant defaults and weaker rents reduce income.
Property marketsLocal supply, demand and values vary by market and property type.
Capital and developmentAcquisitions and developments need financing and may not earn what was planned.
Regulation and taxesProperty, zoning and tax rules, including the rules for REIT status, affect results.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$8.0B	$8.2B	$8.8B
Net income	$3.1B	$3.7B	$3.3B
Operating cash flow	$5.4B	$4.9B	$5.0B
Cash & equivalents (year end)	$530M	$1.3B	$1.1B
Total debt (year end)	$29.0B	$30.9B	$35.0B
Diluted shares	952M	954M	957M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Jul 29, 2026	Jun 30, 2026
10-Q	Apr 30, 2026	Mar 31, 2026
DEF 14A	Mar 19, 2026	Apr 28, 2026
10-K	Feb 13, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Prologis

How does Prologis make money?

Fiscal 2025 revenue: $8.8B. By segment in FY2025: Real Estate Operations (93%) and Strategic Capital (7%), as shares of total revenue. Total revenue was $8.8B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

What was Prologis's revenue in fiscal 2025?

$8.8B, up 7.2% from fiscal 2024 ($8.2B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $8.0B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

Is Prologis profitable?

Net income was $3.3B in fiscal 2025 (down 10.8%; fiscal 2024 was $3.7B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $1.1B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

What did Prologis report in its latest quarterly filing?

For the three months to Jun 30, 2026: revenue $2.4B (up 11.1% from $2.2B) and net income $1.1B (up 85.9% from $571M). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 29, 2026.

How much cash and debt does Prologis have?

As of Jun 30, 2026: $1.8B of cash and cash equivalents, $36.4B of total debt. Total debt here is long-term debt, at carrying value. Source: 10-Q filed Jul 29, 2026.

What are the main risks Prologis faces?

Prologis's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 13, 2026. Risks that are common among companies in the industrial REITs industry include Interest rates; occupancy and rents; property markets; capital and development; regulation and taxes. The first: Higher rates raise borrowing costs and can lower property values. Source: 10-K, Item 1A Risk Factors.

Where do these Prologis numbers come from?

The 10-K filed Feb 13, 2026 (fiscal 2025) and the 10-Q filed Jul 29, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in PLD: The editor holds no position in Prologis (PLD). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell PLD from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 27, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold PLD, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
PrologisPLD	FY2025	$8.8B	+7.2%	$3.3B
WelltowerWELL	FY2025	$10.8B	+35.6%	$962M
American TowerAMT	FY2025	$10.6B	+5.1%	$2.5B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.