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,…
Earnings analysis · 10-Q
PLD earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
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,…
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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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.5
- Gross margin
- 79.9%
- Segment
- Real Estate
- Segment
- Strategic Capital
What stood out
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Strong Revenue Growth
Revenue increased to $2.137 billion in Q1 2026, up 81.8% from $1.976 billion in Q1 2025.
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Improved Gross Margin
Gross margin reached 79.9%, compared to 77.2% in Q1 2025.
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EPS Beat Estimates
Diluted EPS was $1.5, surpassing estimates of $1.03 by 45.6%.
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Robust Operating Metrics
Operating cash flow increased to $1.288 billion from $1.161 billion year-over-year.
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High Occupancy Rates
Occupancy in the operating portfolio stood at 95.3% as of March 31, 2026.
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Strong Lease Mark-to-Market
Net effective rent change on leases increased by 31.9% for Q1 2026.
What to watch
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Potential Economic Headwinds
Management cited ongoing economic and geopolitical uncertainty as potential risks to future growth.
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Increased Interest Expense
Interest expenses rose to $333 million, compared to $269 million in Q1 2025, due to higher rates on new debt.
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Capital Deployment Risks
Continued volatility in capital markets could affect future acquisitions and development projects.
Management's outlook
Management anticipates continued demand for logistics real estate but acknowledges economic uncertainties.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.