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what it is
Prologis rents giant warehouses to the companies moving your packages, pallets, and inventory around the world.
how it gets paid
FY2025 total revenues ~$8.79B (~$8.20B rental and other + ~$0.59B strategic capital) vs ~$8.20B in FY2024 — consolidated revenue table, Jan 21, 2026 release.
why it's growing
2026 guidance: net EPS $3.70–$4.00; Core FFO $6.00–$6.20/share; Core FFO ex net promote $6.05–$6.25. Operations: average occupancy 94.75%–95.75%; cash same-store NOI growth 5.75%–6.75% (Prologis share).
what just happened
Q4 2025: revenues ~$2.25B (+~2.4% vs. prior year); net EPS $1.49 (vs $1.37 Q4 2024); Core FFO $1.44/share (vs $1.50 prior-year quarter). 228M sq ft of leases signed in full-year 2025; period-end occupancy 95.8% (owned & managed).
At a glance
A balance sheet — strong enough to weather a downturn
55/100 earnings predictability — expect surprises
~37x illustrative on FY2025 net EPS $3.56 @ ~$131 — for REITs, Core FFO ($5.81 FY2025) is the cleaner yardstick
~3.3% dividend yield — verify current annualized dividend vs spot price
Q4 2025 cash same-store NOI +5.7% (Prologis share) — operating lease economics still moving
xvary composite: 59/100 — below average
What they do
Prologis rents giant warehouses to the companies moving your packages, pallets, and inventory around the world.
Scale matters here. Prologis reports on the order of ~1.3 billion sq ft owned and managed (including ventures — verify the latest investor supplemental). Customers want space near ports and population hubs where land is scarce. Top-tenant concentration percentages change quarter to quarter — confirm in the current 10-K / supplemental before treating any single-tenant share as static.
How they make money
$8.79B
FY2025 total revenues · +~7.2% vs FY2024 (~$8.20B)
Rental and other revenues
$8.20B
+8.9% vs. prior year
Strategic capital revenues
$0.59B
−11.9% vs. prior year
The products that matter
leasing warehouse and distribution space
Industrial Logistics Real Estate
~$8.79B FY2025 total revenues · ~93% rental / ~7% strategic capital
Logistics warehouses and related rent streams are the core; strategic-capital fees/promotes can move year to year. Scale is measured in billions of sq ft and global market share — use the latest supplemental for exact footprint and NOI mix.
~38% GAAP net margin FY2025
Key numbers
$5.81
Core FFO / share (FY2025)
REITs are usually valued off FFO / AFFO, not GAAP net income alone. 2026 guide: $6.00–$6.20 Core FFO per share.
$8.79B
FY2025 revenues
Total reported revenues +~7.2% vs. prior year; rental revenue ~$8.20B, strategic capital ~$0.59B.
~50%
GAAP operating margin (FY2025)
Illustrative: GAAP operating income ÷ total revenues (~$4.36B ÷ $8.79B) — includes gains/REIT line items; use supplemental NOI metrics for operations.
1.3B sq ft
portfolio size
That footprint gives Prologis reach near ports and cities where replacement land is limited.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 3 — safer than 50% of stocks
- price stability 70 / 100
- net profit margin ~37.8% FY2025 GAAP — ~$3.32B net earnings ÷ ~$8.79B revenues (release table)
- return on equity Not asserted here — pull ROE from the latest 10-K if you need it for screens
A — among the top-rated companies for balance sheet quality.
Total return vs. market
Total return history isn’t verified on this page.
source: n/a — verify total return with your broker or index provider
What just happened
GAAP EPS up · Core FFO mixed
Q4 2025: total revenues ~$2.25B; net EPS $1.49 (vs $1.37 prior-year quarter).
Core FFO was $1.44/share vs $1.50 in Q4 2024; ex-net-promote Core FFO $1.46 vs $1.42. Full-year 2025: net EPS $3.56 (vs $4.01 FY2024); Core FFO $5.81 (vs $5.56). Operating highlights (release): record 228M sq ft leases signed in 2025; period-end occupancy 95.8% (owned & managed); cash same-store NOI +5.7%; net effective rent change +43.8% (Prologis share, Q4). Liquidity ~$7.6B; debt-to-adjusted EBITDA 5.3×.
$5.81
FY2025 Core FFO/sh
$1.44
Q4 Core FFO/sh
95.8%
period-end occ.
the number that mattered
2026 Core FFO guide $6.00–$6.20 vs $5.81 earned in 2025 — that is the operating earnings trajectory most PLD holders track, alongside same-store NOI and occupancy.
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Jan 21, 2026: Prologis reported Q4 and full-year 2025 results and issued 2026 earnings and operations guidance.
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Data center power pipeline expanded to 5.7 GW (secured or advanced procurement); company surpassed 1 GW target for installed solar and battery storage.
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Q4 deployment: ~$517M acquisitions (stabilized cap ~5.2%), ~$539M development stabilizations, ~$1.0B development starts; dispositions/contributions ~$1.9B.
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2026 guidance includes net EPS $3.70–$4.00 and Core FFO $6.00–$6.20 per share (see release for full reconciliation tables).
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Mar 5, 2026: Q1 2026 results webcast scheduled for Thursday, Apr 16, 2026, 9:00 a.m. PT / 12:00 p.m. ET (PRNewswire) — confirm dial-in on ir. Prologis.com.
source: Prologis Q4/FY2025 results (PRNewswire / ir.prologis.com, Jan 21, 2026)
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What could go wrong
prologis is not juggling five businesses. It is making one giant bet that warehouse demand, rent growth, and the cost of capital stay supportive at the same time.
high
warehouse demand slowdown
if retailers, manufacturers, and third-party logistics customers pull back, occupancy and rent growth get pressured together.
Nearly all revenue is still rent and real-estate economics (~$8.79B FY2025 total revenues).
high
higher-for-longer interest rates
real estate is future cash flow with walls. In plain english: when money stays expensive, property values and valuation multiples both feel it.
Dividend income helps, but rate sensitivity still hits NAV and how much investors pay for future Core FFO.
med
too much new warehouse supply
the moat is location, not immunity. If developers add too many new buildings in key markets, pricing power gets less impressive.
with the stock already near the top of its $85–$132 range, even modest rent pressure can matter.
med
development cost inflation
construction and financing costs can rise faster than rent economics improve, which narrows the spread between what a project costs and what it earns.
That bites when spreads on new development narrow — track stabilizations, starts, and yields in each supplemental.
If you own PLD, watch occupancy, same-store NOI, and Core FFO against the $6.00–$6.20 2026 guide — plus cap rates and development margins if the rate backdrop shifts.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
2026 Core FFO vs. $6.00–$6.20 guide
That band is the company’s stated operating earnings outlook. Pair it with same-store NOI (guided 5.75%–6.75% cash) and occupancy (94.75%–95.75% average).
calendar
next earnings report
Q1 2026 results scheduled for April 16, 2026 per company press listing — confirm time and webcast on ir. Prologis.com.
trend
industrial rent trends
PLD lives on pricing power. If rent growth softens in major logistics hubs, the whole thesis gets less comfortable fast.
risk
interest rates
Rates shape both property values and what investors will pay for future cash flow. Real estate notices when money gets expensive.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts think this stock has less near-term juice than the average name.
risk profile
average
stability score 3 — this is ordinary stock risk, with extra sensitivity to rates because it is real estate.
chart momentum
average
technical score 3 — the chart is not screaming anything dramatic right now.
earnings predictability
55 / 100
middle-of-the-road predictability. You should expect more variance here than you would from the cleanest compounders.
source: institutional data
Institutional activity
Institutional ownership flows for PLD are not verified on this page.
source: n/a
Price targets
analyst targets not verified here
Illustrative spot on this page: $130.66 — not a forecast.
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The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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