Prologis Financials

PLDGP

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Prologis (PLDGP) 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).

Financial Health Signals

Financial Profile 65/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Prologis has an operating margin of 49.6%, meaning the company retains $50 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 53.8% the prior year.

Growth

Prologis's revenue grew 7.2% year-over-year to $8.8B, a solid pace of expansion. This earns a growth score of 49/100.

Leverage

Prologis carries a low D/E ratio of 0.66, meaning only $0.66 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.

Returns

Prologis generates a 6.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 25/100. This is down from 6.9% the prior year.

Piotroski F-Score Neutral

4/9

Prologis passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.50x

For every $1 of reported earnings, Prologis 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.

Interest Coverage Adequate

4.3x

Prologis 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

Export CSV

Revenue

$8.8B

YoY+7.2%

5Y CAGR+14.6%

Prologis generated $8.8B in revenue in fiscal year 2025. This represents an increase of 7.2% from the prior year.

EBITDA

$7.0B

YoY-0.2%

5Y CAGR+13.7%

10Y CAGR+18.7%

Prologis'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.

Free Cash Flow

N/A

Net Income

$3.3B

YoY-10.8%

5Y CAGR+17.6%

10Y CAGR+14.4%

Prologis reported $3.3B in net income in fiscal year 2025. This represents a decrease of 10.8% from the prior year.

EPS (Diluted)

$3.56

YoY-11.2%

5Y CAGR+12.1%

10Y CAGR+8.1%

Prologis earned $3.56 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 11.2% from the prior year.

Cash & Debt

$1.1B

YoY-13.1%

5Y CAGR+13.9%

10Y CAGR+15.8%

Prologis held $1.1B in cash against $35.0B in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.03

YoY+200.0%

10Y CAGR-9.3%

Prologis paid $0.03 per share in dividends in fiscal year 2025. This represents an increase of 200.0% from the prior year.

Shares Outstanding

930M

YoY+0.3%

5Y CAGR+4.7%

10Y CAGR+5.9%

Prologis had 930M shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.

Gross Margin

N/A

Operating Margin

49.6%

YoY-4.3pp

5Y CAGR+1.8pp

Prologis'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.

Net Margin

37.9%

YoY-7.6pp

5Y CAGR+4.5pp

Prologis'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.

Return on Equity

6.3%

YoY-0.7pp

5Y CAGR+1.6pp

10Y CAGR+0.3pp

Prologis'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.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

PLDGP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$8.8B+7.2%	$8.2B+2.2%	$8.0B+34.3%	$6.0B+25.5%	$4.8B+7.2%	$4.4B
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$469.1M+12.0%	$418.8M+7.3%	$390.4M+17.9%	$331.1M+12.9%	$293.2M+6.7%	$274.8M
Operating Income	$4.4B-1.3%	$4.4B+19.1%	$3.7B+6.9%	$3.5B+8.1%	$3.2B+51.3%	$2.1B
Interest Expense	$1.0B+16.0%	$863.9M+34.7%	$641.3M+107.5%	$309.0M+16.1%	$266.2M-15.4%	$314.5M
Income Tax	$204.0M+22.2%	$166.9M-20.9%	$211.0M+55.8%	$135.4M-22.3%	$174.3M+33.6%	$130.5M
Net Income	$3.3B-10.8%	$3.7B+22.0%	$3.1B-9.1%	$3.4B+14.5%	$2.9B+98.4%	$1.5B
EPS (Diluted)	$3.56-11.2%	$4.01+21.9%	$3.29-22.6%	$4.25+7.9%	$3.94+96.0%	$2.01

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$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+2.6%	$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	$136.9M+23.7%	$110.7M+3.5%	$106.9M-6.8%	$114.7M+11.7%	$102.7M+4.7%	$98.2M-7.9%	$106.6M-4.2%	$111.3M
Operating Income	$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+42.1%	$720.4M
Interest Expense	$260.5M+0.8%	$258.3M+2.5%	$251.9M+8.7%	$231.8M-0.2%	$232.2M+0.9%	$230.1M+10.5%	$208.3M+7.7%	$193.3M
Income Tax	$82.7M+51.6%	$54.5M+133.0%	$23.4M-46.1%	$43.4M-50.1%	$86.9M+1961.5%	$4.2M-90.2%	$43.1M+31.3%	$32.8M
Net Income	$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+47.1%	$585.7M
EPS (Diluted)	$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+46.0%	$0.63

PLDGP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$98.7B+3.6%	$95.3B+2.5%	$93.0B+5.8%	$87.9B+50.3%	$58.5B+4.3%	$56.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.1B-13.1%	$1.3B+148.8%	$530.0M+90.6%	$278.0M-50.0%	$556.0M-7.0%	$598.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$601.3M+47.6%	$407.5M+25.1%	$325.7M-13.8%	$378.0M-10.9%	$424.2M+124.0%	$189.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$41.0B+11.6%	$36.7B+4.3%	$35.2B+17.2%	$30.0B+44.8%	$20.7B+5.1%	$19.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$35.0B+13.5%	$30.9B+6.5%	$29.0B+21.5%	$23.9B+10989.6%	$215.3M-98.7%	$16.8B
Total Equity	$53.2B-1.4%	$54.0B+1.4%	$53.2B-0.1%	$53.2B+59.3%	$33.4B+4.6%	$32.0B
Retained Earnings	-$902.4M-93.7%	-$465.9M+25.7%	-$627.1M-37.0%	-$457.7M+65.5%	-$1.3B+44.6%	-$2.4B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$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+0.2%	$93.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$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+19.5%	$500.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$601.3M	N/A	N/A	N/A	$407.5M	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$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+0.3%	$35.5B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$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+1.2%	$29.6B
Total Equity	$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+0.3%	$53.2B
Retained Earnings	-$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-3.4%	-$933.2M

PLDGP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$5.0B+2.0%	$4.9B-8.6%	$5.4B+30.2%	$4.1B+37.7%	$3.0B+2.0%	$2.9B
Capital Expenditures	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
Investing Cash Flow	-$3.6B-17.1%	-$3.1B+51.7%	-$6.4B-42.7%	-$4.5B-126.1%	-$2.0B+35.3%	-$3.1B
Financing Cash Flow	-$1.6B-56.4%	-$1000.0M-175.7%	$1.3B+1040.2%	$115.8M+111.5%	-$1.0B-170.9%	-$372.2M
Dividends Paid	$3.8B+5.4%	$3.6B+10.6%	$3.2B+29.4%	$2.5B+33.2%	$1.9B+8.7%	$1.7B
Share Buybacks	N/A	N/A	N/A	$0	$0-100.0%	$34.8M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$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+2.9%	$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	$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+42.5%	-$1.1B
Financing Cash Flow	-$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-14999.5%	$2.4M
Dividends Paid	$942.0M+0.1%	$941.3M0.0%	$941.6M+0.2%	$939.9M+5.3%	$893.0M0.0%	$892.9M0.0%	$892.8M+0.1%	$891.8M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PLDGP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	49.6%-4.3pp	53.8%+7.6pp	46.2%-11.8pp	58.1%-9.3pp	67.4%+19.6pp	47.7%
Net Margin	37.9%-7.6pp	45.5%+7.4pp	38.1%-18.2pp	56.3%-5.4pp	61.8%+28.4pp	33.4%
Return on Equity	6.3%-0.7pp	6.9%+1.2pp	5.8%-0.6pp	6.3%-2.5pp	8.8%+4.2pp	4.6%
Return on Assets	3.4%-0.5pp	3.9%+0.6pp	3.3%-0.5pp	3.8%-1.2pp	5.0%+2.4pp	2.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.66+0.1	0.57+0.0	0.55+0.1	0.45+0.4	0.01-0.5	0.53
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	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%+14.1pp	36.8%
Net Margin	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%+13.0pp	29.9%
Return on Equity	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%+0.5pp	1.1%
Return on Assets	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%+0.3pp	0.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.66-0.0	0.67+0.0	0.66+0.1	0.60+0.0	0.57-0.0	0.61+0.0	0.560.0	0.56
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Similar Companies

Mitsui Fudosan Co Ltd MTSFY

$30.9B

Sino Ld Ltd SNLAY

$11.8B

Gould Investors GDVTZ

$250.3B

Newlake Capital NLCP

$288.8M

Frequently Asked Questions

What is Prologis's annual revenue?

Prologis (PLDGP) 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's revenue growing?

Prologis (PLDGP) revenue grew by 7.2% year-over-year, from $8.2B to $8.8B in fiscal year 2025.

Is Prologis profitable?

Yes, Prologis (PLDGP) reported a net income of $3.3B in fiscal year 2025, with a net profit margin of 37.9%.

What is Prologis's earnings per share (EPS)?

Prologis (PLDGP) reported diluted earnings per share of $3.56 for fiscal year 2025. This represents a -11.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Prologis's EBITDA?

Prologis (PLDGP) had EBITDA of $7.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Prologis have?

As of fiscal year 2025, Prologis (PLDGP) had $1.1B in cash and equivalents against $35.0B in long-term debt.

What is Prologis's operating margin?

Prologis (PLDGP) 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's net profit margin?

Prologis (PLDGP) 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 pay dividends?

Yes, Prologis (PLDGP) paid $0.03 per share in dividends during fiscal year 2025.

What is Prologis's return on equity (ROE)?

Prologis (PLDGP) 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's operating cash flow?

Prologis (PLDGP) generated $5.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Prologis's total assets?

Prologis (PLDGP) had $98.7B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Prologis have outstanding?

Prologis (PLDGP) had 930M shares outstanding as of fiscal year 2025.

What is Prologis's debt-to-equity ratio?

Prologis (PLDGP) 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's return on assets (ROA)?

Prologis (PLDGP) 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's Piotroski F-Score?

Prologis (PLDGP) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Prologis's earnings high quality?

Prologis (PLDGP) 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 cover its interest payments?

Prologis (PLDGP) 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?

Prologis (PLDGP) scores 65 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.