Prologis Inc. Financials
This page shows Prologis Inc. (PLD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Rising leverage is funding a larger asset base, but interest costs are absorbing more of each operating dollar.
Between FY2024 and FY2025, EBITDA stayed essentially flat near$7.0B while interest expense climbed to$1.0B ; the result was lower net income even though revenue and assets both increased. That combination says the business kept expanding its balance sheet, but a growing share of property-level cash generation is now committed to financing costs rather than dropping to shareholders' equity.
Despite thinner accounting margins than FY2021, operating cash flow has remained above net income every year, including
The balance sheet has become more debt-reliant, with debt-to-equity rising from
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Prologis Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Prologis Inc. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Prologis Inc. generates $1.50 in operating cash flow ($5.0B OCF vs $3.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Prologis Inc. earns $4.3 in operating income for every $1 of interest expense ($4.4B vs $1.0B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Prologis Inc. generated $8.8B in revenue in fiscal year 2025. This represents an increase of 7.2% from the prior year.
Prologis Inc.'s EBITDA was $7.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 0.2% from the prior year.
Prologis Inc. reported $3.3B in net income in fiscal year 2025. This represents a decrease of 10.8% from the prior year.
Prologis Inc. earned $3.56 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 11.2% from the prior year.
Cash & Balance Sheet
Prologis Inc. held $1.1B in cash against $35.0B in long-term debt as of fiscal year 2025.
Prologis Inc. paid $0.03 per share in dividends in fiscal year 2025. This represents an increase of 200.0% from the prior year.
Prologis Inc. had 930M shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.
Margins & Returns
Prologis Inc.'s operating margin was 49.6% in fiscal year 2025, reflecting core business profitability. This is down 4.3 percentage points from the prior year.
Prologis Inc.'s net profit margin was 37.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 7.6 percentage points from the prior year.
Prologis Inc.'s ROE was 6.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.7 percentage points from the prior year.
Capital Allocation
PLD Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3B+2.0% | $2.3B+1.8% | $2.2B+1.4% | $2.2B+2.1% | $2.1B-2.8% | $2.2B+8.1% | $2.0B+1.4% | $2.0B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $126.9M | N/A | $110.7M+3.5% | $106.9M-6.8% | $114.7M | N/A | $98.2M-7.9% | $106.6M |
| Operating Income | $1.2B-25.5% | $1.6B+73.0% | $940.3M+3.0% | $912.7M+3.9% | $878.4M-38.2% | $1.4B+13.6% | $1.3B+22.2% | $1.0B |
| Interest Expense | $254.3M | N/A | $258.3M+2.5% | $251.9M+8.7% | $231.8M | N/A | $230.1M+10.5% | $208.3M |
| Income Tax | $48.0M | N/A | $54.5M+133.0% | $23.4M-46.1% | $43.4M | N/A | $4.2M-90.2% | $43.1M |
| Net Income | $982.0M-33.7% | $1.5B+93.9% | $764.3M+33.8% | $571.2M-3.7% | $593.0M-55.8% | $1.3B+33.5% | $1.0B+16.8% | $861.3M |
| EPS (Diluted) | $1.05-29.5% | $1.49+81.7% | $0.82+34.4% | $0.61-3.2% | $0.63-54.0% | $1.37+26.9% | $1.08+17.4% | $0.92 |
PLD Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $98.1B-0.6% | $98.7B+0.4% | $98.3B+0.6% | $97.7B+1.8% | $96.0B+0.7% | $95.3B-0.6% | $95.9B+2.5% | $93.5B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $861.1M-24.8% | $1.1B-3.4% | $1.2B+11.3% | $1.1B+58.9% | $671.1M-49.1% | $1.3B+68.9% | $780.9M+30.5% | $598.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | $601.3M | N/A | N/A | N/A | $407.5M | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $40.2B-1.9% | $41.0B-0.4% | $41.1B+1.8% | $40.4B+6.6% | $37.9B+3.3% | $36.7B-4.0% | $38.2B+7.4% | $35.6B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $34.7B-1.0% | $35.0B-0.8% | $35.3B+1.8% | $34.7B+7.5% | $32.3B+4.5% | $30.9B-4.4% | $32.3B+8.0% | $29.9B |
| Total Equity | $53.5B+0.6% | $53.2B+1.1% | $52.6B-0.2% | $52.7B-1.4% | $53.5B-0.9% | $54.0B+1.7% | $53.1B-0.5% | $53.3B |
| Retained Earnings | -$921.0M-2.1% | -$902.4M+33.7% | -$1.4B-15.0% | -$1.2B-45.6% | -$812.9M-74.5% | -$465.9M+45.3% | -$851.8M+11.7% | -$964.6M |
PLD Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.3B+11.2% | $1.2B-20.0% | $1.4B+16.6% | $1.2B+7.0% | $1.2B-13.1% | $1.3B-6.9% | $1.4B+32.1% | $1.1B |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$400.6M-1694.5% | $25.1M+102.3% | -$1.1B-3.4% | -$1.0B+33.2% | -$1.6B-584.6% | $320.0M+118.7% | -$1.7B-174.3% | -$623.8M |
| Financing Cash Flow | -$1.2B+4.9% | -$1.2B-384.0% | -$251.7M-238.3% | $181.9M+166.0% | -$275.6M+74.8% | -$1.1B-345.3% | $445.1M+225.1% | -$355.8M |
| Dividends Paid | $1.0B+6.2% | $942.0M+0.1% | $941.3M0.0% | $941.6M+0.2% | $939.9M+5.3% | $893.0M0.0% | $892.9M0.0% | $892.8M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
PLD Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 52.7%-19.5pp | 72.2%+29.7pp | 42.5%+0.7pp | 41.8%+0.7pp | 41.0%-23.5pp | 64.6%+3.2pp | 61.4%+10.5pp | 51.0% |
| Net Margin | 42.7%-23.1pp | 65.8%+31.3pp | 34.5%+8.4pp | 26.2%-1.6pp | 27.7%-33.3pp | 61.0%+11.6pp | 49.4%+6.5pp | 42.9% |
| Return on Equity | 1.8%-1.0pp | 2.8%+1.3pp | 1.5%+0.4pp | 1.1%-0.0pp | 1.1%-1.4pp | 2.5%+0.6pp | 1.9%+0.3pp | 1.6% |
| Return on Assets | 1.0%-0.5pp | 1.5%+0.7pp | 0.8%+0.2pp | 0.6%-0.0pp | 0.6%-0.8pp | 1.4%+0.4pp | 1.1%+0.1pp | 0.9% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.65-0.0 | 0.66-0.0 | 0.67+0.0 | 0.66+0.1 | 0.60+0.0 | 0.57-0.0 | 0.61+0.0 | 0.56 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Prologis Inc.'s annual revenue?
Prologis Inc. (PLD) reported $8.8B in total revenue for fiscal year 2025. This represents a 7.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Prologis Inc.'s revenue growing?
Prologis Inc. (PLD) revenue grew by 7.2% year-over-year, from $8.2B to $8.8B in fiscal year 2025.
Is Prologis Inc. profitable?
Yes, Prologis Inc. (PLD) reported a net income of $3.3B in fiscal year 2025, with a net profit margin of 37.9%.
What is Prologis Inc.'s EBITDA?
Prologis Inc. (PLD) had EBITDA of $7.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Prologis Inc. have?
As of fiscal year 2025, Prologis Inc. (PLD) had $1.1B in cash and equivalents against $35.0B in long-term debt.
What is Prologis Inc.'s operating margin?
Prologis Inc. (PLD) had an operating margin of 49.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Prologis Inc.'s net profit margin?
Prologis Inc. (PLD) had a net profit margin of 37.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Prologis Inc. pay dividends?
Yes, Prologis Inc. (PLD) paid $0.03 per share in dividends during fiscal year 2025.
What is Prologis Inc.'s return on equity (ROE)?
Prologis Inc. (PLD) has a return on equity of 6.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Prologis Inc.'s operating cash flow?
Prologis Inc. (PLD) generated $5.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Prologis Inc.'s total assets?
Prologis Inc. (PLD) had $98.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Prologis Inc.'s debt-to-equity ratio?
Prologis Inc. (PLD) had a debt-to-equity ratio of 0.66 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Prologis Inc.'s return on assets (ROA)?
Prologis Inc. (PLD) had a return on assets of 3.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Prologis Inc.'s Piotroski F-Score?
Prologis Inc. (PLD) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Prologis Inc.'s earnings high quality?
Prologis Inc. (PLD) has an earnings quality ratio of 1.50x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Prologis Inc. cover its interest payments?
Prologis Inc. (PLD) has an interest coverage ratio of 4.3x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Prologis Inc.?
Prologis Inc. (PLD) scores 72 out of 100 on our Financial Health Score, indicating strong standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.