Published
{
"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": false,
"units": "actual dollars (not thousands); per-share amounts in dollars; share counts in actual shares",
"units_notes_seen": {
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"FY2025 10-K consolidated statements of income": "(In thousands, except per share amounts)",
"FY2025 10-K consolidated statements of cash flows": "(In thousands)",
"FY2025 10-K earnings per common share or unit note (Note 13)": "(in thousands, except per share and unit amounts)",
"FY2025 10-K reportable segments note (Note 16)": "The following reportable segment net operating income and assets are presented in thousands",
"FY2025 10-K funds from operations reconciliation (Item 7)": "(in millions)",
"Q2 2026 10-Q consolidated balance sheets": "(In thousands, except per share data)",
"Q2 2026 10-Q consolidated statements of income": "(In thousands, except per share amounts)",
"Q2 2026 10-Q consolidated statements of cash flows": "(In thousands)",
"Q2 2026 10-Q earnings per common share or unit note (Note 8)": "(in thousands, except per share and unit amounts)",
"Q2 2026 10-Q reportable segments note (Note 10)": "The following reportable segment net operating income and assets are presented in thousands",
"Q2 2026 10-Q funds from operations reconciliation (Item 2)": "(in millions)"
},
"adjustments": {
"splits_applied": [],
"adr_ratio": null,
"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."
},
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],
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"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 \u2014 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 \u2014 net earnings attributable to common stockholders plus the earnings allocated to exchangeable limited partnership units \u2014 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 \u2212 $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."
],
"headline": {
"period": "Q2 FY2026",
"period_end_words": "June 30, 2026",
"metrics": [
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"text": "$2.43 billion",
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"abs": "$2.43 billion",
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{
"label": "Net income",
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"compact": "$1.06B",
"abs": "$1.06 billion",
"prior_value": 569724000,
"prior": "$569.72 million",
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"yoy": "up 86.2%",
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{
"label": "Diluted EPS",
"format": "eps",
"value": 1.13,
"text": "$1.13",
"exact": "$1.13",
"compact": "$1.13",
"abs": "$1.13",
"prior_value": 0.61,
"prior": "$0.61",
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},
{
"label": "Segment NOI",
"format": "usd",
"value": 1778835000,
"text": "$1.78 billion",
"exact": "$1,778,835,000",
"compact": "$1.78B",
"abs": "$1.78 billion",
"prior_value": 1619283000,
"prior": "$1.62 billion",
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"yoy": "up 9.9%",
"source": {
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"index": 0,
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},
{
"label": "Operating income before real estate gains",
"format": "usd",
"value": 959691000,
"text": "$959.69 million",
"exact": "$959,691,000",
"compact": "$959.69M",
"abs": "$959.69 million",
"prior_value": 855191000,
"prior": "$855.19 million",
"priorabs": "$855.19 million",
"yoy": "up 12.2%",
"source": {
"array": "quarterly",
"field": "income_statement.operating_income_before_gains_on_real_estate_transactions_net",
"index": 0,
"period_label": "Q2 2026",
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"period_start": "2026-04-01",
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},
{
"label": "Core FFO per diluted share",
"format": "eps",
"value": 1.63,
"text": "$1.63",
"exact": "$1.63",
"compact": "$1.63",
"abs": "$1.63",
"prior_value": 1.46,
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"yoy": "up 11.6%",
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"index": 0,
"period_label": "Q2 2026",
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],
"summary": "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.",
"qa": [
{
"q": "How much revenue did Prologis report in Q2 FY2026?",
"a": "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."
},
{
"q": "What was Prologis earnings per share in Q2 FY2026?",
"a": "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."
},
{
"q": "Why did Prologis net income increase in Q2 FY2026?",
"a": "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."
},
{
"q": "What was Prologis net operating income in Q2 FY2026?",
"a": "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."
}
]
},
"company_details": {
"Name": "Prologis, Inc.",
"Ticker": "PLD",
"CIK": "0001045609",
"Exchange": "NYSE",
"State": "California",
"Incorporation": "Maryland",
"SIC": "6798",
"Office": "Real Estate & Construction",
"Industry": "Real Estate Investment Trusts"
},
"next_filing": {
"predicted_date": "2026-10-27",
"predicted_type": "10-Q"
},
"fiscal_period": {
"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": "annual",
"current": false,
"form": "10-K",
"fiscal_year": 2025,
"fiscal_period": "FY",
"tag": "FY25",
"period_end": "2025-12-31",
"filed": "2026-02-13",
"accession": "0001193125-26-051453",
"url": "https://www.sec.gov/Archives/edgar/data/1045609/000119312526051453/0001193125-26-051453-index.htm",
"source": "reported"
},
{
"role": "quarterly",
"current": true,
"form": "10-Q",
"fiscal_year": 2026,
"fiscal_period": "Q2",
"tag": "FY26Q2",
"period_end": "2026-06-30",
"filed": "2026-07-29",
"accession": "0001193125-26-323746",
"url": "https://www.sec.gov/Archives/edgar/data/1045609/000119312526323746/0001193125-26-323746-index.htm",
"source": "derived"
}
]
}