PLD earnings analysis
What we found in PLD's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Prologis, Inc. reported strong performance in Q1 2026 with significant growth in revenue and earnings compared to prior periods, rebounding from the previous quarter's dip. With an impressive diluted EPS of $1.5, exceeding estimates, and solid operating cash flow metrics, the company's operational metrics showcased resilience amid economic uncertainties.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Revenue increased to $2.137 billion in Q1 2026, up 81.8% from $1.976 billion in Q1 2025.
- Improved Gross Margin
- Gross margin reached 79.9%, compared to 77.2% in Q1 2025.
- EPS Beat Estimates
- Diluted EPS was $1.5, surpassing estimates of $1.03 by 45.6%.
- Robust Operating Metrics
- Operating cash flow increased to $1.288 billion from $1.161 billion year-over-year.
- High Occupancy Rates
- Occupancy in the operating portfolio stood at 95.3% as of March 31, 2026.
- Strong Lease Mark-to-Market
- Net effective rent change on leases increased by 31.9% for Q1 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Potential Economic Headwinds
- Management cited ongoing economic and geopolitical uncertainty as potential risks to future growth.
- Increased Interest Expense
- Interest expenses rose to $333 million, compared to $269 million in Q1 2025, due to higher rates on new debt.
- Capital Deployment Risks
- Continued volatility in capital markets could affect future acquisitions and development projects.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.5
- Gross margin
- 79.9%
- Segment
- Real Estate
- Segment
- Strategic Capital
What they said about what is next.
Management anticipates continued demand for logistics real estate but acknowledges economic uncertainties.
The filing reads better than the one before it.
What came before.
- 10-K · February 13, 2026
- Prologis positions itself as the global leader in logistics real estate with a 1.3 billion square foot O&M portfolio and a large development pipeline. The company reported organic revenue growth in 2025 versus 2024,…
- 10-Q · October 28, 2025
- Prologis reported Q3 results with revenue of $2.21 billion, a 9.1% increase from $2.04 billion in Q3 2024. The company saw a diluted EPS of $0.82, down from $1.08 in the prior year, and strong operating cash flow of…
- 10-Q · April 29, 2025
- Prologis reported Q1 2025 revenues of $2,139,665 (in thousands), up from $1,956,621 in Q1 2024, with operating income before gains rising to $814,163 (in thousands) and an operating margin ~38.1%. Diluted EPS was stable…
- 10-Q · October 25, 2024
- Prologis reported Q3 total revenue of $2,036,389,000 and diluted EPS of $1.08, both meaningfully ahead of the prior-year quarter. Operating income rose to $1,250,971,000 (operating margin ~61.4%), driven by higher…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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