Prologis (PLD) financials
NYSE · Real Estate · REIT - Industrial · 2,802 employees · CEO Daniel S. Letter
- Price
- $128.06 +0.03%
- Market cap
- $122B
- Enterprise value
- $156B
- Last report
- Q3 '26 filed 2026-10-28
- Next report
- 2027-01-20 EPS est. $0.76
Revenue (TTM)$9.36B+7.2% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)38.2%-8.8 pp vs a year agoOperating income $3.58B
Net income (TTM)$4.26B+32.9% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$4.45B-14.1% vs a year agoCapex $1.1B
Diluted EPS (TTM)$4.53+32.5% vs a year agoSum of the last 4 quarters
Net cash-$34.6B-1.3% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $122B EV $156B
- Revenue
- $9.36B Trailing 12 months
- Revenue growth
- 0% FY2026 consensus
- Profit margin
- 45.5% Net income / revenue, TTM
- P/E
- 28.2× Forward 34.1× (FY2026)
- P/S
- 13.0× Price / sales, TTM
- EV / EBITDA
- 18.3× TTM
- Free cash flow
- $4.45B Trailing 12 months
- Net income
- $4.26B Trailing 12 months
- Revenue estimate
- $8.75B FY2026 consensus
- Earnings
- 2027-01-20 Revenue est. $2.24B
- Dividend
- $4.22 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-15): revenue beat by 9.7%, EPS beat by 105.9%Revenue $2.39B vs $2.18B expected (+9.7%); EPS $1.60 vs $0.78 (+105.9%).
- Revenue growth steady: 7.8% year on yearQ3 '26 revenue $2.39B, against an average of 7.4% over the four quarters before.
- Operating margin 38.2% (TTM), -8.8 pp on a year agoOperating income grew -12.9% while revenue grew 7.2%.
- 26.5% of pre-tax profit is non-operatingPre-tax income $4.87B vs operating income $3.58B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
- Capex 11.7% of revenue (a year ago 0.0%)$1.1B invested in the last 4 quarters (– on a year earlier). Free cash flow $4.45B = 104.5% of net income.
- Returned $4.14B to shareholders = 92.9% of free cash flowBuybacks $147M (a year earlier $22.4M), dividends $3.99B, stock-based pay $210M (TTM).
- Diluted share count up 1.2% in a year969M diluted shares in Q3 '26, 957M a year earlier.
- Net debt $34.6BCash + short-term investments $2.27B, debt incl. leases $36.8B; a year ago net debt $34.1B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $2.39B | $2.21B | +7.8% |
| Gross margin | 15.5% | 45.7% | -30.2 pp |
| Operating income | $937M | $893M | +4.9% |
| Operating margin | 39.2% | 40.3% | -1.1 pp |
| Net income | $817M | $764M | +6.9% |
| Diluted EPS | $0.86 | $0.82 | +4.9% |
| Operating cash flow | $1.76B | $1.45B | +21.4% |
| Capex | $1.1B | $0 | – |
| Free cash flow | $661M | $1.45B | -54.4% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $50M | $44.5M | +12.3% |
Reported vs consensus
2026-10-15| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $2.39B | $2.18B | +9.7% |
| EPS (as estimated) | $1.60 | $0.78 | +105.9% |
From the report of 2026-10-15 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Real Estate Operations Segment | $2.22B | +7.7% | 93.1% | $10.6B | – | |
| Strategic Capital Segment | $164M | +9.3% | 6.9% | $862M | – |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Real Estate Operations Segment | $2.09B | +6.5% | 97.2% | $10.1B | – | |
| Strategic Capital Segment | $60.9M | +12.4% | 2.8% | $332M | – |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Real Estate Operations Segment | – | – | $1.69B | +7.9% | – | – | $6.51B |
| Strategic Capital Segment | – | – | $80.1M | -1.2% | – | – | $383M |
| Corporate (unallocated) | – | – | $1.04B | +11.1% | – | – | $5.13B |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $5.55B
- Capex
- -$1.1B
- Buybacks
- -$147M
- Dividends
- -$3.99B
- Acquisitions
- -$2.62B
- Net debt issued
- $2.06B
- Stock-based compensation
- $210M
- Free cash flow
- $4.45B
- Returned to shareholders / FCF
- 92.9%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 28.2× | 34.6× | 26.2× – 43.6× |
| EV / EBITDA | 18.3× | 22.0× | 17.0× – 28.3× |
| EV / Sales | 16.7× | 20.5× | 15.6× – 30.6× |
| Price / FCF | 27.3× | 28.8× | 19.9× – 51.3× |
| Price / Book | 2.2× | 2.4× | 1.7× – 3.8× |
| FCF yield | 3.7% | 3.9% | 2.0% – 5.0% |
| Return on invested capital | 3.4% | 4.2% | 3.6% – 5.3% |
| Return on equity | 7.9% | 6.8% | 5.8% – 8.8% |
Analysts
Consensus target $154.62 (+20.7%)
range $136.00 – $170.00 · rating Buy
Strong buy0
Buy27
Hold14
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $8.75B | -0.5% | $3.76 | +6.1% | 34.1× | 3 |
| FY2027 | $9.48B | +8.4% | $3.33 | -11.3% | 38.4× | 4 |
| FY2028 | $10.4B | +9.9% | $3.65 | +9.6% | 35.1× | 4 |
| FY2029 | $11.4B | +9.7% | $4.64 | +27.0% | 27.6× | 1 |
| FY2030 | $12.2B | +7.1% | $5.30 | +14.2% | 24.2× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 215 figures Prologis, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities | $1.68B | $1.62B | +3.7% | $1.96B | $1.77B | +11.0% |
| Accounts Receivable, after Allowance for Credit Loss | $601M2025-12-31 | $407M | +47.6% | $601M | $407M | +47.6% |
| Accrual for Environmental Loss Contingencies | $208M2025-12-31 | $176M | +18.1% | $208M | $176M | +18.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$479M | -$350M | -37.2% | -$676M | -$120M | -462.6% |
| Additional Paid in Capital | $54.8B | $54.6B | +0.5% | $54.7B | $54.5B | +0.4% |
| Advance Rent | $418M2025-12-31 | $401M | +4.3% | $418M | $401M | +4.3% |
| Amortization of Debt Discount (Premium) | – | – | – | $55.6M | $52.2M | +6.3% |
| Amortization of Debt Issuance Costs | – | – | – | $30.1M | $26.6M | +12.9% |
| Amortization of Debt Issuance Costs and Discounts | $20.6M | $20.8M | -1.0% | $85.6M | $78.9M | +8.6% |
| Area of Land | – | – | – | 225 acre2024-12-31 | – | – |
| Assets | $98.1B | $96B | +2.2% | $98.7B | $95.3B | +3.6% |
| Below Market Lease, Accumulated Amortization | $1.5B2025-12-31 | $1.1B | +36.4% | $1.5B | $1.1B | +36.4% |
| Below Market Lease, Net | $1.44B2025-12-31 | $1.78B | -19.2% | $1.44B | $1.78B | -19.2% |
| Cash and Cash Equivalents, at Carrying Value | $861M | $671M | +28.3% | $1.15B | $1.32B | -13.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $861M | $671M | +28.3% | $1.15B | $1.32B | -13.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$285M | -$647M | +56.1% | -$173M | $788M | -121.9% |
| Common Stock, Dividends, Per Share, Cash Paid | $1.07 | $1.01 | +5.9% | $4.04 | $3.84 | +5.2% |
| Common Stock, Dividends, Per Share, Declared | – | – | – | $0.03 | $0.01 | +200.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 2B2025-12-31 | – | – | 2B | – | – |
| Common Stock, Shares, Issued | 932M | 928M | +0.5% | 929M | 926M | +0.3% |
| Common Stock, Shares, Outstanding | 932M | 928M | +0.5% | 929M | 926M | +0.3% |
| Common Stock, Value, Issued | $9.32M | $9.28M | +0.5% | $9.29M | $9.26M | +0.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.18B | $364M | +224.2% | $2.77B | $4.13B | -32.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.25B | $406M | +206.8% | $3B | $4.35B | -31.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $36M | -$17.1M | +310.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $148M | $153M | -3.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $200M | $146M | +37.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $15.5M | $9.97M | +55.8% |
| Debt Instrument, Fair Value Disclosure | $32.2B | $30.2B | +6.4% | $33B | $28.6B | +15.5% |
| Debt Instrument, Unamortized Discount (Premium), Net | $391M | $430M | -9.2% | $404M | $441M | -8.3% |
| Deferred Costs, Leasing, Accumulated Amortization | $1.3B2025-12-31 | $1.1B | +18.2% | $1.3B | $1.1B | +18.2% |
| Deferred Costs, Leasing, Net | $957M2025-12-31 | $861M | +11.2% | $957M | $861M | +11.2% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$4.57M | $18.2M | -125.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $8.88M | $2.94M | +202.1% |
| Deferred Income Tax Expense (Benefit) | $190K | $6.68M | -97.2% | $4.31M | $21.2M | -79.6% |
| Deferred Income Tax Liabilities, Net | $156M2025-12-31 | $141M | +10.6% | $156M | $141M | +10.6% |
| Deferred Income Taxes and Other Assets, Noncurrent | $7.69M2025-12-31 | $3.26M | +136.0% | $7.69M | $3.26M | +136.0% |
| Deferred Revenue | $82.3M2025-12-31 | $74.8M | +10.1% | $82.3M | $74.8M | +10.1% |
| Deferred Tax Assets, Capital Loss Carryforwards | $2.03M2025-12-31 | $6.1M | -66.7% | $2.03M | $6.1M | -66.7% |
| Deferred Tax Assets, Equity Method Investments | $20.6M2025-12-31 | $18.4M | +11.7% | $20.6M | $18.4M | +11.7% |
| Deferred Tax Assets, Gross | $421M2025-12-31 | $363M | +16.0% | $421M | $363M | +16.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $54.4M2025-12-31 | $51M | +6.6% | $54.4M | $51M | +6.6% |
| Deferred Tax Assets, Operating Loss Carryforwards | $282M2025-12-31 | $264M | +6.9% | $282M | $264M | +6.9% |
| Deferred Tax Assets, Other | $61M2025-12-31 | $29.9M | +104.0% | $61M | $29.9M | +104.0% |
| Deferred Tax Assets, Valuation Allowance | $367M2025-12-31 | $312M | +17.5% | $367M | $312M | +17.5% |
| Deferred Tax Liabilities, Gross | $203M2025-12-31 | $189M | +7.3% | $203M | $189M | +7.3% |
| Deferred Tax Liabilities, Net | $148M2025-12-31 | $138M | +7.6% | $148M | $138M | +7.6% |
| Deferred Tax Liabilities, Other | $6.57M2025-12-31 | $2.32M | +183.2% | $6.57M | $2.32M | +183.2% |
| Defined Contribution Plan, Cost | – | – | – | $11.1M | $10.2M | +8.8% |
| Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | – | – | – | 12.0%2021-12-31 | 6.0% | +100.0% |
| Defined Contribution Plan, Employer Matching Contribution, Percent of Match | – | – | – | 0.5% | 0.5% | 0.0% |
| Depreciation, Depletion and Amortization, Nonproduction | $732M | $652M | +12.2% | $2.63B | $2.58B | +1.8% |
| Derivative Asset | $80.8M2025-12-31 | $137M | -41.2% | $80.8M | $137M | -41.2% |
| Derivative Instruments in Hedges, Assets, at Fair Value | $96.9M | $82.4M | +17.6% | $80.8M | $137M | -41.2% |
| Derivative Instruments in Hedges, Liabilities, at Fair Value | $17.2M | $23.6M | -26.9% | $40.5M | $638K | +6,246.1% |
| Derivative Liability | $40.5M2025-12-31 | $638K | +6,246.1% | $40.5M | $638K | +6,246.1% |
| Direct Costs of Leased and Rented Property or Equipment | $520M | $488M | +6.5% | $1.96B | $1.77B | +11.3% |
| Disposal Group, Including Discontinued Operation, Assets | $203M2025-12-31 | $249M | -18.2% | $203M | $249M | -18.2% |
| Disposal Group, Including Discontinued Operation, Liabilities | $689K2025-12-31 | $1.95M | -64.7% | $689K | $1.95M | -64.7% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01