Prologis, Inc. (PLD) Q2 FY2026 Financial Statements: Revenue $2.43B, Net income $1.06B
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PeriodQ2 FY2026
Published
Prologis, Inc. reported $2.43 billion in total revenues for Q2 FY2026, the quarter ended June 30, 2026, up 11.1% from a year earlier, and net earnings attributable to common stockholders of $1.06 billion, up 86.2%, or $1.13 per diluted share against $0.61. Most of that earnings increase came from outside day to day property operations: operating income before gains on real estate transactions was $959.69 million, up 12.2%, while realized gains on dispositions of real estate rose sharply and foreign currency, derivative and other results swung to gains from losses a year earlier. Core FFO per diluted share, the non-GAAP earnings measure Prologis reports alongside its GAAP results, was $1.63, up 11.6% from $1.46 a year earlier. Total net operating income from the Real Estate and Strategic Capital segments was $1.78 billion, up 9.9%. Two developments came after the quarter ended on June 30, 2026: Prologis raised its full year 2026 guidance for the second time this year when it reported these results in July 2026, and it subsequently announced a recommended offer to acquire SEGRO plc.
| Metric | Amount | vs. year ago |
|---|---|---|
| Revenue | $2,425,452,000 | up 11.1% |
| Net income | $1,060,844,000 | up 86.2% |
| Diluted EPS | $1.13 | up 85.2% |
| Segment NOI | $1,778,835,000 | up 9.9% |
| Operating income before real estate gains | $959,691,000 | up 12.2% |
| Core FFO per diluted share | $1.63 | up 11.6% |
About this file
| Ticker | PLD |
|---|---|
| CIK | 0001045609 |
| Company | Prologis, Inc. |
| Business type | reit |
| Schema template | REIT (rental revenue, segment net operating income, FFO, debt and leverage, book value) |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual dollars (not thousands); per-share amounts in dollars; share counts in actual shares |
PLD annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Fiscal year | 2025 | 2024 | 2023 |
| Label | FY2025 | FY2024 | FY2023 |
| Period start | 2025-01-01 | 2024-01-01 | 2023-01-01 |
| Period end | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 0001193125-26-051453 | 0001193125-26-051453 | 0001193125-26-051453 |
| Income statement | |||
| Rental revenues | 8,158,904,000 | 7,514,705,000 | 6,818,542,000 |
| Strategic capital revenues | 592,353,000 | 671,907,000 | 1,200,232,000 |
| Development management and other revenues | 38,870,000 | 14,998,000 | 4,695,000 |
| Total revenues | 8,790,127,000 | 8,201,610,000 | 8,023,469,000 |
| Rental expenses | 1,964,137,000 | 1,765,385,000 | 1,624,793,000 |
| Strategic capital expenses | 270,517,000 | 291,856,000 | 385,542,000 |
| General and administrative expenses | 469,114,000 | 418,765,000 | 390,406,000 |
| Depreciation and amortization | 2,626,028,000 | 2,580,519,000 | 2,484,891,000 |
| Other expenses | 46,029,000 | 47,044,000 | 53,354,000 |
| Total expenses | 5,375,825,000 | 5,103,569,000 | 4,938,986,000 |
| Operating income before gains on real estate transactions net | 3,414,302,000 | 3,098,041,000 | 3,084,483,000 |
| Gains on dispositions of development properties and land net | 257,731,000 | 413,743,000 | 462,270,000 |
| Gains on other dispositions of investments in real estate net | 685,831,000 | 904,136,000 | 161,039,000 |
| Operating income | 4,357,864,000 | 4,415,920,000 | 3,707,792,000 |
| Earnings from unconsolidated entities net | 402,531,000 | 353,623,000 | 307,227,000 |
| Interest expense | -1,002,344,000 | -863,932,000 | -641,332,000 |
| Foreign currency derivative and other gains losses net | 14,763,000 | 208,731,000 | 87,221,000 |
| Gains losses on early extinguishment of debt net | -3,498,000 | 536,000 | 3,275,000 |
| Total other income expense net | -588,548,000 | -301,042,000 | -243,609,000 |
| Earnings before income taxes | 3,769,316,000 | 4,114,878,000 | 3,464,183,000 |
| Income tax expense | -204,017,000 | -166,943,000 | -211,038,000 |
| Consolidated net earnings | 3,565,299,000 | 3,947,935,000 | 3,253,145,000 |
| Net earnings attributable to noncontrolling interests | 237,068,000 | 216,300,000 | 193,931,000 |
| Preferred stock dividends | 5,882,000 | 5,881,000 | 5,841,000 |
| Net income attributable to common stockholders | 3,322,349,000 | 3,725,754,000 | 3,053,373,000 |
| Cash flow | |||
| Net cash provided by operating activities | 5,008,434,000 | 4,912,209,000 | 5,373,058,000 |
| Real estate development | -2,781,260,000 | -3,206,231,000 | -3,399,114,000 |
| Real estate acquisitions | -1,800,527,000 | -2,327,605,000 | -4,195,714,000 |
| Tenant improvements and lease commissions | -562,197,000 | -499,927,000 | -388,814,000 |
| Property improvements | -327,355,000 | -386,481,000 | -303,042,000 |
| Proceeds from dispositions and contributions of real estate | 2,246,186,000 | 3,790,388,000 | 1,764,322,000 |
| Net cash provided by used in investing activities | -3,630,447,000 | -3,099,057,000 | -6,419,397,000 |
| Dividends paid on common and preferred stock | -3,764,745,000 | -3,570,480,000 | -3,228,589,000 |
| Net proceeds from payments on credit facilities and commercial paper | -203,917,000 | -730,077,000 | -567,076,000 |
| Repurchase of and payments on debt | -701,861,000 | -919,481,000 | -272,203,000 |
| Proceeds from the issuance of debt | 3,460,904,000 | 4,505,830,000 | 5,755,096,000 |
| Net cash provided by used in financing activities | -1,563,619,000 | -999,957,000 | 1,320,282,000 |
| Cash and cash equivalents end of period | 1,145,647,000 | 1,318,591,000 | 530,388,000 |
| Net operating income | |||
| Real estate segment noi | 6,187,608,000 | 5,717,274,000 | 5,145,090,000 |
| Strategic capital segment noi | 321,836,000 | 380,051,000 | 814,690,000 |
| Total segment noi | 6,509,444,000 | 6,097,325,000 | 5,959,780,000 |
| Balance sheet | |||
| Investments in real estate properties | 95,129,356,000 | 91,246,176,000 | |
| Less accumulated depreciation | 14,729,149,000 | 12,758,159,000 | |
| Net investments in real estate properties | 80,400,207,000 | 78,488,017,000 | |
| Investments in and advances to unconsolidated entities | 11,093,936,000 | 10,079,448,000 | |
| Assets held for sale or contribution | 203,344,000 | 248,511,000 | |
| Net investments in real estate | 91,697,487,000 | 88,815,976,000 | |
| Cash and cash equivalents | 1,145,647,000 | 1,318,591,000 | |
| Other assets | 5,881,122,000 | 5,194,342,000 | |
| Total assets | 98,724,256,000 | 95,328,909,000 | |
| Total debt | 35,037,073,000 | 30,879,263,000 | |
| Accounts payable and accrued expenses | 1,963,645,000 | 1,769,327,000 | |
| Other liabilities | 3,969,530,000 | 4,063,549,000 | |
| Total liabilities | 40,970,248,000 | 36,712,139,000 | |
| Preferred stock at stated liquidation preference | 63,948,000 | 63,948,000 | |
| Common stock at par value | 9,292,000 | 9,263,000 | |
| Additional paid in capital | 54,698,641,000 | 54,464,055,000 | |
| Accumulated other comprehensive loss | -676,276,000 | -120,215,000 | |
| Distributions in excess of net earnings | -902,427,000 | -465,913,000 | |
| Total prologis inc stockholders equity | 53,193,178,000 | 53,951,138,000 | |
| Noncontrolling interests | 4,560,830,000 | 4,665,632,000 | |
| Total equity | 57,754,008,000 | 58,616,770,000 | |
| Common shares issued and outstanding | 929,153,000 | 926,283,000 | |
| Book value per common share derived | 57.25 | 58.24 | |
| Weighted average effective interest rate on debt percent | 3.2 | 3.1 | |
| Weighted average remaining debt term years | 9 | ||
| Funds from operations | |||
| Nareit defined ffo | 5,680,000,000 | 5,795,000,000 | |
| Ffo as modified by prologis | 5,779,000,000 | 5,741,000,000 | |
| Core ffo | 5,561,000,000 | 5,305,000,000 | |
| Per share and share counts | |||
| Net earnings attributable to exchangeable limited partnership units | 81,773,000 | 94,052,000 | 77,806,000 |
| Adjusted net earnings attributable to common stockholders diluted | 3,404,122,000 | 3,819,806,000 | 3,131,179,000 |
| Weighted average common shares outstanding basic | 928,473,000 | 926,172,000 | 924,351,000 |
| Weighted average common shares outstanding diluted | 956,832,000 | 953,590,000 | 951,791,000 |
| Basic EPS | 3.58 | 4.02 | 3.3 |
| Diluted EPS | 3.56 | 4.01 | 3.29 |
| Dividends per common share | 4.04 | 3.84 | 3.48 |
| Core ffo per diluted share derived | 5.81 | 5.56 | |
PLD quarterly income statement, balance sheet and cash flow
| Q2 2026 | Q2 2025 | |
|---|---|---|
| Fiscal year | 2026 | 2025 |
| Fiscal quarter | 2 | 2 |
| Label | Q2 2026 | Q2 2025 |
| Period start | 2026-04-01 | 2025-04-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | three months | three months |
| Source accession | 0001193125-26-323746 | 0001193125-26-323746 |
| Funds from operations source accession | 0001193125-26-305416 | 0001193125-26-305416 |
| Income statement | ||
| Rental revenues | 2,177,074,000 | 2,025,332,000 |
| Strategic capital revenues | 241,619,000 | 147,162,000 |
| Development management and other revenues | 6,759,000 | 11,375,000 |
| Total revenues | 2,425,452,000 | 2,183,869,000 |
| Rental expenses | 530,861,000 | 487,963,000 |
| Strategic capital expenses | 95,590,000 | 64,917,000 |
| General and administrative expenses | 129,626,000 | 106,871,000 |
| Depreciation and amortization | 689,518,000 | 657,221,000 |
| Other expenses | 20,166,000 | 11,706,000 |
| Total expenses | 1,465,761,000 | 1,328,678,000 |
| Operating income before gains on real estate transactions net | 959,691,000 | 855,191,000 |
| Gains on dispositions of development properties and land net | 79,196,000 | 10,477,000 |
| Gains on other dispositions of investments in real estate net | 212,449,000 | 47,044,000 |
| Operating income | 1,251,336,000 | 912,712,000 |
| Earnings from unconsolidated entities net | 147,470,000 | 107,692,000 |
| Interest expense | -276,311,000 | -251,866,000 |
| Foreign currency derivative and other gains losses net | 109,663,000 | -122,829,000 |
| Gains losses on early extinguishment of debt net | -31,000 | 0 |
| Total other income expense net | -19,209,000 | -267,003,000 |
| Earnings before income taxes | 1,232,127,000 | 645,709,000 |
| Income tax expense | -108,173,000 | -23,405,000 |
| Consolidated net earnings | 1,123,954,000 | 622,304,000 |
| Net earnings attributable to noncontrolling interests | 61,763,000 | 51,075,000 |
| Preferred stock dividends | 1,347,000 | 1,505,000 |
| Net income attributable to common stockholders | 1,060,844,000 | 569,724,000 |
| Net operating income | ||
| Real estate segment noi | 1,632,806,000 | 1,537,038,000 |
| Strategic capital segment noi | 146,029,000 | 82,245,000 |
| Total segment noi | 1,778,835,000 | 1,619,283,000 |
| Funds from operations | ||
| Core ffo per diluted share | 1.63 | 1.46 |
| Core ffo excluding net promote income per diluted share | 1.6 | 1.47 |
| Source accession | 0001193125-26-305416 | 0001193125-26-305416 |
| Note | Core FFO per diluted share for the quarter is the company's non-GAAP Core FFO as defined in its quarterly supplemental information. It is reported by the company in its second quarter 2026 results release, furnished as Exhibit 99.2 to the Form 8-K dated July 16, 2026 (accession 0001193125-26-305416), rather than in the Form 10-Q that sources the rest of this period. That release prints only the per-share amounts for the three months, not a three-month Core FFO total, so no total is shown here. | Core FFO per diluted share for the quarter is the company's non-GAAP Core FFO as defined in its quarterly supplemental information. It is reported by the company in its second quarter 2026 results release, furnished as Exhibit 99.2 to the Form 8-K dated July 16, 2026 (accession 0001193125-26-305416), rather than in the Form 10-Q that sources the rest of this period. That release prints only the per-share amounts for the three months, not a three-month Core FFO total, so no total is shown here. |
| Operating statistics | ||
| Same store noi growth net effective prologis share % | 6.4% | |
| Same store noi growth cash prologis share % | 8.5% | |
| Average occupancy owned and managed % | 95.0% | |
| Period end occupancy owned and managed % | 95.5% | |
| Period end occupancy change from march 31 2026 bps | 20 | |
| Source accession | 0001193125-26-305416 | |
| Note | Three-month operating statistics as reported in the company's second quarter 2026 results release, furnished as Exhibit 99.2 to the Form 8-K dated July 16, 2026 (accession 0001193125-26-305416). Same-store NOI growth is the company's non-GAAP measure, stated at Prologis share and against the same period of 2025, on a net effective and on a cash basis. Occupancy is stated on the owned and managed basis; period-end occupancy at June 30, 2026 was 20 basis points above March 31, 2026. Same-store NOI growth measures the existing portfolio only, unlike total segment NOI above, which includes acquisitions and development completions. | |
| Per share and share counts | ||
| Net earnings attributable to exchangeable limited partnership units | 22,831,000 | 13,936,000 |
| Adjusted net earnings attributable to common stockholders diluted | 1,083,675,000 | 583,660,000 |
| Weighted average common shares outstanding basic | 933,092,000 | 928,476,000 |
| Weighted average common shares outstanding diluted | 957,884,000 | 955,882,000 |
| Basic EPS | 1.14 | 0.61 |
| Diluted EPS | 1.13 | 0.61 |
| Dividends per common share | 1.07 | 1.01 |
| Balance sheet | ||
| Investments in real estate properties | 97,013,785,000 | |
| Less accumulated depreciation | 15,783,188,000 | |
| Net investments in real estate properties | 81,230,597,000 | |
| Investments in and advances to unconsolidated entities | 11,467,403,000 | |
| Assets held for sale or contribution | 498,975,000 | |
| Net investments in real estate | 93,196,975,000 | |
| Cash and cash equivalents | 1,765,043,000 | |
| Other assets | 6,049,854,000 | |
| Total assets | 101,011,872,000 | |
| Total debt | 36,442,085,000 | |
| Accounts payable and accrued expenses | 2,529,638,000 | |
| Other liabilities | 3,920,634,000 | |
| Total liabilities | 42,892,357,000 | |
| Preferred stock at stated liquidation preference | 63,948,000 | |
| Common stock at par value | 9,330,000 | |
| Additional paid in capital | 54,910,659,000 | |
| Accumulated other comprehensive loss | -397,717,000 | |
| Distributions in excess of net earnings | -860,498,000 | |
| Total prologis inc stockholders equity | 53,725,722,000 | |
| Noncontrolling interests | 4,393,793,000 | |
| Total equity | 58,119,515,000 | |
| Common shares issued and outstanding | 933,006,000 | |
| Book value per common share derived | 57.58 | |
| Weighted average effective interest rate on debt percent | 3.3 | |
| Weighted average remaining debt term years | 8 | |
PLD year-to-date income statement and cash flow
| Six months ended June 30, 2026 | |
|---|---|
| Label | Six months ended June 30, 2026 |
| Period start | 2026-01-01 |
| Period end | 2026-06-30 |
| Period type | six months |
| Source accession | 0001193125-26-323746 |
| Income statement | |
| Rental revenues | 4,302,158,000 |
| Strategic capital revenues | 402,431,000 |
| Development management and other revenues | 18,586,000 |
| Total revenues | 4,723,175,000 |
| Rental expenses | 1,051,144,000 |
| Strategic capital expenses | 177,479,000 |
| General and administrative expenses | 256,516,000 |
| Depreciation and amortization | 1,421,024,000 |
| Other expenses | 30,289,000 |
| Total expenses | 2,936,452,000 |
| Operating income before gains on real estate transactions net | 1,786,723,000 |
| Gains on dispositions of development properties and land net | 372,179,000 |
| Gains on other dispositions of investments in real estate net | 303,489,000 |
| Operating income | 2,462,391,000 |
| Earnings from unconsolidated entities net | 240,766,000 |
| Interest expense | -530,597,000 |
| Foreign currency derivative and other gains losses net | 154,274,000 |
| Gains losses on early extinguishment of debt net | -1,921,000 |
| Total other income expense net | -137,478,000 |
| Earnings before income taxes | 2,324,913,000 |
| Income tax expense | -156,144,000 |
| Consolidated net earnings | 2,168,769,000 |
| Net earnings attributable to noncontrolling interests | 124,602,000 |
| Preferred stock dividends | 2,847,000 |
| Net income attributable to common stockholders | 2,041,320,000 |
| Cash flow | |
| Net cash provided by operating activities | 2,635,011,000 |
| Real estate development | -1,564,204,000 |
| Real estate acquisitions | -1,173,370,000 |
| Tenant improvements and lease commissions | -257,775,000 |
| Property improvements | -97,283,000 |
| Proceeds from dispositions and contributions of real estate | 1,388,464,000 |
| Net cash provided by used in investing activities | -1,553,170,000 |
| Dividends paid on common and preferred stock | -2,002,238,000 |
| Net proceeds from payments on credit facilities and commercial paper | 482,198,000 |
| Repurchase of and payments on debt | -986,478,000 |
| Proceeds from the issuance of debt | 2,312,763,000 |
| Net cash provided by used in financing activities | -449,947,000 |
| Cash and cash equivalents end of period | 1,765,043,000 |
| Net operating income | |
| Real estate segment noi | 3,239,311,000 |
| Strategic capital segment noi | 224,952,000 |
| Total segment noi | 3,464,263,000 |
| Funds from operations | |
| Nareit defined ffo | 3,368,000,000 |
| Ffo as modified by prologis | 3,362,000,000 |
| Core ffo | 3,000,000,000 |
| Per share and share counts | |
| Net earnings attributable to exchangeable limited partnership units | 45,858,000 |
| Adjusted net earnings attributable to common stockholders diluted | 2,087,178,000 |
| Weighted average common shares outstanding basic | 932,175,000 |
| Weighted average common shares outstanding diluted | 957,654,000 |
| Basic EPS | 2.19 |
| Diluted EPS | 2.18 |
| Dividends per common share | 2.14 |
| Core ffo per diluted share derived | 3.13 |
| Prior year comparative | |
| Label | Six months ended June 30, 2025 |
| Period start | 2025-01-01 |
| Period end | 2025-06-30 |
| Period type | six months |
| Source accession | 0001193125-26-323746 |
| Income statement | |
| Rental revenues | 4,012,597,000 |
| Strategic capital revenues | 288,301,000 |
| Development management and other revenues | 22,636,000 |
| Total revenues | 4,323,534,000 |
| Rental expenses | 976,280,000 |
| Strategic capital expenses | 125,694,000 |
| General and administrative expenses | 221,572,000 |
| Depreciation and amortization | 1,309,279,000 |
| Other expenses | 21,355,000 |
| Total expenses | 2,654,180,000 |
| Operating income before gains on real estate transactions net | 1,669,354,000 |
| Gains on dispositions of development properties and land net | 37,928,000 |
| Gains on other dispositions of investments in real estate net | 83,843,000 |
| Operating income | 1,791,125,000 |
| Earnings from unconsolidated entities net | 175,591,000 |
| Interest expense | -483,617,000 |
| Foreign currency derivative and other gains losses net | -154,487,000 |
| Gains losses on early extinguishment of debt net | 0 |
| Total other income expense net | -462,513,000 |
| Earnings before income taxes | 1,328,612,000 |
| Income tax expense | -66,788,000 |
| Consolidated net earnings | 1,261,824,000 |
| Net earnings attributable to noncontrolling interests | 97,642,000 |
| Preferred stock dividends | 2,957,000 |
| Net income attributable to common stockholders | 1,161,225,000 |
| Cash flow | |
| Net cash provided by operating activities | 2,402,470,000 |
| Real estate development | -1,331,268,000 |
| Real estate acquisitions | -1,153,666,000 |
| Tenant improvements and lease commissions | -275,365,000 |
| Property improvements | -103,139,000 |
| Proceeds from dispositions and contributions of real estate | 256,395,000 |
| Net cash provided by used in investing activities | -2,585,481,000 |
| Dividends paid on common and preferred stock | -1,881,508,000 |
| Net proceeds from payments on credit facilities and commercial paper | 262,600,000 |
| Repurchase of and payments on debt | -72,397,000 |
| Proceeds from the issuance of debt | 1,778,480,000 |
| Net cash provided by used in financing activities | -93,612,000 |
| Cash and cash equivalents end of period | 1,066,081,000 |
| Net operating income | |
| Real estate segment noi | 3,037,598,000 |
| Strategic capital segment noi | 162,607,000 |
| Total segment noi | 3,200,205,000 |
| Funds from operations | |
| Nareit defined ffo | 2,598,000,000 |
| Ffo as modified by prologis | 2,791,000,000 |
| Core ffo | 2,752,000,000 |
| Per share and share counts | |
| Net earnings attributable to exchangeable limited partnership units | 28,927,000 |
| Adjusted net earnings attributable to common stockholders diluted | 1,190,152,000 |
| Weighted average common shares outstanding basic | 927,909,000 |
| Weighted average common shares outstanding diluted | 955,601,000 |
| Basic EPS | 1.25 |
| Diluted EPS | 1.25 |
| Dividends per common share | 2.02 |
| Core ffo per diluted share derived | 2.88 |
PLD trailing twelve month income statement and cash flow
| Trailing twelve months ended June 30, 2026 | |
|---|---|
| Label | Trailing twelve months ended June 30, 2026 |
| Period start | 2025-07-01 |
| Period end | 2026-06-30 |
| Period type | trailing twelve months |
| Source accession | 0001193125-26-051453; 0001193125-26-323746 |
| Income statement | |
| Rental revenues | 8,448,465,000 |
| Strategic capital revenues | 706,483,000 |
| Development management and other revenues | 34,820,000 |
| Total revenues | 9,189,768,000 |
| Rental expenses | 2,039,001,000 |
| Strategic capital expenses | 322,302,000 |
| General and administrative expenses | 504,058,000 |
| Depreciation and amortization | 2,737,773,000 |
| Other expenses | 54,963,000 |
| Total expenses | 5,658,097,000 |
| Operating income before gains on real estate transactions net | 3,531,671,000 |
| Gains on dispositions of development properties and land net | 591,982,000 |
| Gains on other dispositions of investments in real estate net | 905,477,000 |
| Operating income | 5,029,130,000 |
| Earnings from unconsolidated entities net | 467,706,000 |
| Interest expense | -1,049,324,000 |
| Foreign currency derivative and other gains losses net | 323,524,000 |
| Gains losses on early extinguishment of debt net | -5,419,000 |
| Total other income expense net | -263,513,000 |
| Earnings before income taxes | 4,765,617,000 |
| Income tax expense | -293,373,000 |
| Consolidated net earnings | 4,472,244,000 |
| Net earnings attributable to noncontrolling interests | 264,028,000 |
| Preferred stock dividends | 5,772,000 |
| Net income attributable to common stockholders | 4,202,444,000 |
| Cash flow | |
| Net cash provided by operating activities | 5,240,975,000 |
| Real estate development | -3,014,196,000 |
| Real estate acquisitions | -1,820,231,000 |
| Tenant improvements and lease commissions | -544,607,000 |
| Property improvements | -321,499,000 |
| Proceeds from dispositions and contributions of real estate | 3,378,255,000 |
| Net cash provided by used in investing activities | -2,598,136,000 |
| Dividends paid on common and preferred stock | -3,885,475,000 |
| Net proceeds from payments on credit facilities and commercial paper | 15,681,000 |
| Repurchase of and payments on debt | -1,615,942,000 |
| Proceeds from the issuance of debt | 3,995,187,000 |
| Net cash provided by used in financing activities | -1,919,954,000 |
| Net operating income | |
| Real estate segment noi | 6,389,321,000 |
| Strategic capital segment noi | 384,181,000 |
| Total segment noi | 6,773,502,000 |
| Funds from operations | |
| Nareit defined ffo | 6,450,000,000 |
| Ffo as modified by prologis | 6,350,000,000 |
| Core ffo | 5,809,000,000 |
| Per share and share counts | |
| Adjusted net earnings attributable to common stockholders diluted | 4,301,148,000 |
| Weighted average common shares outstanding diluted derived | 957,858,500 |
| Diluted EPS | 4.49 |
| Dividends per common share | 4.16 |
| Core ffo per diluted share derived | 6.06 |
Adjustments
| Value | |
|---|---|
| Splits applied | none |
| ADR ratio | n/a |
| FX | None applied. Prologis reports in U.S. dollars, so no currency translation was needed. The company notes that about 13.8% of consolidated assets and 6.6% of FY2025 segment net operating income were denominated in currencies other than the U.S. dollar, translated by the company itself. |
Notes
- Schema: the REIT template. Prologis is an industrial logistics real estate investment trust, so the record is built around rental revenue, segment net operating income (NOI), funds from operations (FFO), debt and leverage, and book value rather than a revenue/cost-of-goods/gross-profit frame, which does not describe this business. Line items follow the captions the company prints.
- Both filings read here are combined reports of Prologis, Inc. (the parent REIT) and Prologis, L.P. (the operating partnership), which present separate financial statements. Every figure here is from the Prologis, Inc. consolidated statements. At June 30, 2026 Prologis, Inc. owned a 98.01% common general partnership interest in the operating partnership.
- Source filings: the FY2025 Form 10-K (accession 0001193125-26-051453, filed February 13, 2026), the Form 10-Q for the quarter ended June 30, 2026 (accession 0001193125-26-323746, filed July 29, 2026), and the second quarter 2026 results release furnished as Exhibit 99.2 to the Form 8-K dated July 16, 2026 (accession 0001193125-26-305416), which is the source of the quarterly Core FFO per diluted share and the quarterly operating statistics.
- Periods these filings print, and therefore the periods carried here: the 10-K's income statement and cash flow statement present FY2025, FY2024 and FY2023, and its balance sheet presents December 31, 2025 and 2024 only, so FY2023 carries no balance sheet. The 10-Q presents the three months ended June 30, 2026 and 2025 (both in `quarterly`), the six months ended June 30, 2026 and 2025 (in `year_to_date`, with 2025 as its prior-year comparative), and a balance sheet at June 30, 2026.
- All statement amounts are converted from the thousands in which the company reports them to actual dollars. The FFO reconciliations are printed in millions, so the FFO figures are exact only to the nearest million and are stated here as such.
- Quarterly cash flow is not reported. The 10-Q presents its consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 only, with no three-month column, so no three-month cash flow figures appear in the quarterly periods; the six-month figures are in `year_to_date`.
- Diluted earnings per share. Prologis's diluted EPS is struck on an adjusted numerator, net earnings attributable to common stockholders plus the earnings allocated to exchangeable limited partnership units, divided by weighted average diluted shares, which include those units. Both figures are carried in `per_share_and_share_counts`, so dividing the income statement's net earnings attributable to common stockholders by the diluted share count will not reproduce the published diluted EPS; the adjusted numerator does. For the second quarter of 2026: $1,083,675 thousand over 957,884 thousand shares is $1.13.
- Funds from operations. The company reports three FFO measures and reconciles all of them to net earnings attributable to common stockholders: FFO as defined by NAREIT, FFO as modified by Prologis, and Core FFO. All three are stated here as totals, as printed. For the annual and six-month periods, Core FFO per diluted share is not printed in either filing and is derived here as Core FFO divided by the weighted average diluted share count for the same period; it is marked `_derived`. The quarterly Core FFO per diluted share is not derived here: it is the amount the company reports in its second quarter 2026 results release, and carries its own source and note on the quarterly periods. The 10-K's FFO reconciliation covers FY2025 and FY2024 only, so FY2023 carries no FFO.
- Segment net operating income is from the reportable segments notes (Note 16 of the 10-K, Note 10 of the 10-Q), which reconcile segment NOI to operating income and to earnings before income taxes. NOI for the real estate segment is rental revenues plus development management and other revenues less rental and other expenses; for the strategic capital segment it is strategic capital revenues less strategic capital expenses.
- Strategic capital revenue rose $94.5 million and strategic capital segment net operating income rose $63.8 million in the second quarter of 2026 against the year-ago quarter. The 2026 quarter includes $83.1 million of promote revenue from the unconsolidated co-investment ventures, against none in the second quarter of 2025, and the company states the quarter includes promote revenue net of related strategic capital expenses of $62 million.
- Total debt is the balance sheet caption "Debt". It ties to the debt notes' total debt rows: $36,442 million at June 30, 2026, $35,037 million at December 31, 2025 and $30,879 million at December 31, 2024. The weighted average effective interest rate and remaining term are from those notes and the liquidity discussion.
- Dividends per common share are read off the consolidated statements of equity, which label each distribution line with the per-share amount: $4.04 for FY2025, $3.84 for FY2024 and $3.48 for FY2023, and $1.07 and $1.01 for the second quarters of 2026 and 2025. The company also states it paid quarterly cash dividends of $1.07 per common share in each of the first two quarters of 2026 and $1.01 in each of the first two quarters of 2025.
- Book value per common share is derived as total Prologis, Inc. stockholders' equity divided by common shares issued and outstanding at the balance sheet date, and is marked `_derived`. It excludes noncontrolling interests.
- The trailing-twelve-month view is derived, not printed: FY2025 plus the six months ended June 30, 2026 less the six months ended June 30, 2025, applied line by line. Its diluted EPS of $4.49 is the sum of the printed per-share amounts on the same basis ($3.56 + $2.18 − $1.25). Because the FFO measures are printed in millions, the trailing-twelve-month FFO figures inherit that rounding. No trailing-twelve-month balance sheet is shown, because a balance sheet describes a date rather than a span; the June 30, 2026 balance sheet is on the second-quarter period.
- No split, depositary-share or currency adjustments apply. Prologis has had no stock split in the period covered by these filings, its shares are ordinary common stock rather than depositary receipts, and it reports in U.S. dollars.
- The balance sheet balances in every period shown: total assets equal total liabilities plus total equity, where total equity includes noncontrolling interests, at June 30, 2026, December 31, 2025 and December 31, 2024.
- The trailing-twelve-month weighted average diluted share count is derived as the four-quarter weighted average implied by the periods above (FY2025 taken over four quarters, plus two quarters of 2026 less two quarters of 2025, divided by four) and is marked `_derived`. On that count the trailing-twelve-month adjusted diluted numerator of $4,301,148 thousand gives $4.49 per share, the same as summing the printed per-share amounts.
Uncertainties
- For the annual, six-month and trailing-twelve-month periods, Core FFO per diluted share is derived here rather than printed in the filings read here, and is computed from a Core FFO total rounded to millions, so it can differ by about a cent from a figure computed on unrounded dollars. The quarterly Core FFO per diluted share is not derived here: it is the amount the company reports in its second quarter 2026 results release. Book value per common share is derived here, not printed, in every period that carries it.
- The trailing-twelve-month figures are derived by differencing and are not a period any of the filings read here presents. Where a company reclassifies a line between a fiscal year and the following interim period, a differenced twelve-month figure can mix two presentations; nothing in the filings read here indicates such a reclassification.
- The 10-Q presents its consolidated statements of cash flows and its FFO reconciliation for the six months ended June 30, 2026 and 2025 only, with no three-month column, so no three-month cash flow figures and no three-month FFO totals are available. The quarterly periods therefore carry the income statement, segment NOI and per-share data, a balance sheet for the current quarter, and the company's Core FFO per diluted share for the quarter, which is taken from its second quarter 2026 results release (accession 0001193125-26-305416) rather than from the 10-Q.
- The first quarter of fiscal 2026 is not carried as its own period. The filings read here print the second quarter and the six months; the first quarter is not a column on any of them.
- FY2023 carries no balance sheet and no FFO measures, because the 10-K presents two years of balance sheet and two years of FFO reconciliation.
- The weighted average remaining debt term (9 years at December 31, 2025 and 8 years at June 30, 2026) is stated by the company as a whole number of years, not computed here. No equivalent figure is stated for December 31, 2024 in these filings.
Company details
| Value | |
|---|---|
| Name | Prologis, Inc. |
| Ticker | PLD |
| CIK | 0001045609 |
| Exchange | NYSE |
| State | California |
| Incorporation | Maryland |
| SIC | 6798 |
| Office | Real Estate & Construction |
| Industry | Real Estate Investment Trusts |
Fiscal period
| FY2026 | |
|---|---|
| Fiscal year | 2026 |
| Fiscal period | Q2 |
| Tag | FY26Q2 |
| Period end | 2026-06-30 |
| Form | 10-Q |
| Accession | 0001193125-26-323746 |
| Fiscal year end | 1231 |
| Source | derived |
Source filings
| Role | Current | Form | Fiscal year | Fiscal period | Tag | Period end | Filed | Accession | Url | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| annual | no | 10-K | 2025 | FY | FY25 | 2025-12-31 | 2026-02-13 | 0001193125-26-051453 | https://www.sec.gov/Archives/edgar/data/1045609/000119312526051453/0001193125-26-051453-index.htm | reported |
| quarterly | yes | 10-Q | 2026 | Q2 | FY26Q2 | 2026-06-30 | 2026-07-29 | 0001193125-26-323746 | https://www.sec.gov/Archives/edgar/data/1045609/000119312526323746/0001193125-26-323746-index.htm | derived |
FAQ · Prologis financial statements
How much revenue did Prologis report in Q2 FY2026?
Prologis reported $2.43 billion in total revenues for Q2 FY2026, the quarter ended June 30, 2026. That is up 11.1% from $2.18 billion in the same quarter a year earlier, with rental revenue the large majority of the total.
What was Prologis earnings per share in Q2 FY2026?
Prologis reported diluted earnings per share of $1.13 for Q2 FY2026, the quarter ended June 30, 2026, against $0.61 a year earlier. Net earnings attributable to common stockholders were $1.06 billion, up 86.2%. On the non-GAAP measure Prologis reports alongside its GAAP results, Core FFO per diluted share was $1.63 for the quarter, up 11.6% from $1.46 a year earlier.
Why did Prologis net income increase in Q2 FY2026?
Prologis net earnings attributable to common stockholders were $1.06 billion in Q2 FY2026, up 86.2%, while operating income before gains on real estate transactions, the measure closest to day to day property operations, was $959.69 million, up 12.2%. The larger part of the increase came from higher realized gains on dispositions of development properties, land and other real estate, and from foreign currency, derivative and other results swinging to gains from losses a year earlier.
What was Prologis net operating income in Q2 FY2026?
Prologis reported $1.78 billion of total net operating income across its Real Estate and Strategic Capital segments in Q2 FY2026, the quarter ended June 30, 2026, up 9.9% from $1.62 billion a year earlier.
Where can I get Prologis, Inc. (PLD) financial data in machine-readable form?
Ticker Scout publishes Prologis, Inc.'s financial statements as JSON at https://tickerscout.ai/pld/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/pld/narrative.md and https://tickerscout.ai/pld/events.md. Prologis, Inc.'s SEC CIK is 0001045609. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does Prologis, Inc. (PLD) next file with the SEC?
Prologis, Inc. (PLD) is expected to file its next Form 10-Q with the SEC on or around October 27, 2026. That date is a projection rather than a company-announced date: it is derived from Prologis, Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2026, the period ended 2026-06-30, SEC accession 0001193125-26-323746.
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How this page was built
This page was built from three of Prologis, Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names six such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
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Built from Prologis, Inc.'s SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.