NYSE : PLD
Prologis, Inc. — Financial statements
Real Estate · REIT - Industrial · United States
Last price 127.98 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 124.13B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 8.60B | 8.16B | 7.51B | 6.82B | 4.91B | 4.15B |
| Property Management Fees | 43.41M | 38.87M | 15.00M | 4.70M | 20.94M | 20.70M |
| Other Revenue | 1.25B | 994.88M | 1.03B | 1.51B | 1.35B | 995.00M |
| Total Revenue | 9.89B | 9.19B | 8.56B | 8.33B | 6.28B | 5.16B |
| Property Expenses | 2.40B | 2.23B | 2.06B | 2.01B | 1.51B | 1.25B |
| Selling, General & Administrative | 520.99M | 469.11M | 418.76M | 390.41M | 331.08M | 293.17M |
| Depreciation & Amortization | 2.80B | 2.63B | 2.58B | 2.48B | 1.81B | 1.58B |
| Other Operating Expenses | 63.20M | 46.03M | 47.04M | 53.35M | 40.34M | 22.43M |
| Total Operating Expenses | 5.79B | 5.38B | 5.10B | 4.94B | 3.69B | 3.14B |
| Operating Income | 4.11B | 3.82B | 3.45B | 3.39B | 2.59B | 2.02B |
| Interest Expense | -1.08B | -1.00B | -863.93M | -641.33M | -309.04M | -266.23M |
| Currency Exchange Gain (Loss) | 48.00M | -127.00M | 140.00M | -21.00M | 165.28M | |
| Other Non-Operating Income | 239.08M | 141.76M | 68.73M | 108.22M | 241.62M | |
| EBT Excluding Unusual Items | 3.32B | 2.83B | 2.80B | 2.84B | 2.52B | 1.92B |
| Gain (Loss) on Sale of Assets | 1.56B | 943.56M | 1.32B | 623.31M | 1.19B | 1.59B |
| Other Unusual Items | -5.28M | -3.50M | 536.00K | 3.27M | -20.18M | -187.45M |
| Pretax Income | 4.87B | 3.77B | 4.11B | 3.46B | 3.69B | 3.32B |
| Income Tax Expense | 336.80M | 204.02M | 166.94M | 211.04M | 135.41M | 174.26M |
| Earnings From Continuing Operations | 4.53B | 3.57B | 3.95B | 3.25B | 3.56B | 3.15B |
| Minority Interest in Earnings | -269.83M | -237.07M | -216.30M | -193.93M | -190.54M | -208.87M |
| Net Income | 4.26B | 3.33B | 3.73B | 3.06B | 3.36B | 2.94B |
| Preferred Dividends & Other Adjustments | 5.77M | 5.88M | 5.88M | 5.84M | 6.06M | 6.15M |
| Net Income to Common | 4.26B | 3.32B | 3.73B | 3.05B | 3.36B | 2.93B |
| Basic Shares Outstanding | 934.52M | 928.47M | 926.17M | 924.35M | 785.67M | 739.36M |
| Diluted Shares Outstanding | 960.98M | 956.83M | 953.59M | 951.79M | 811.61M | 764.76M |
| EPS (Basic) | 4.55 | 3.58 | 4.02 | 3.30 | 4.28 | 3.97 |
| EPS (Diluted) | 4.53 | 3.56 | 4.01 | 3.29 | 4.25 | 3.94 |
| Dividend Per Share | 4.22 | 4.04 | 3.84 | 3.48 | 3.16 | 2.52 |
| Operating Margin | 41.50% | 41.52% | 40.35% | 40.71% | 41.23% | 39.15% |
| Profit Margin | 43.01% | 36.14% | 43.55% | 36.65% | 53.45% | 56.81% |
| EBITDA | 6.91B | 6.44B | 6.03B | 5.88B | 4.40B | 3.60B |
| EBITDA Margin | 69.80% | 70.09% | 70.51% | 70.54% | 70.08% | 69.71% |
| D&A For Ebitda | 2.80B | 2.63B | 2.58B | 2.48B | 1.81B | 1.58B |
| EBIT | 4.11B | 3.82B | 3.45B | 3.39B | 2.59B | 2.02B |
| EBIT Margin | 41.50% | 41.52% | 40.35% | 40.71% | 41.23% | 39.15% |
| Funds From Operations (FFO) | 6.54B | 5.68B | 5.79B | 5.75B | 4.88B | 3.92B |
| FFO Per Share | 6.81 | 5.94 | 6.08 | 6.01 | ||
| Adjusted Funds From Operations (AFFO) | 5.15B | 4.34B | 4.42B | 5.75B | 4.06B | 3.92B |
| AFFO Per Share | 5.37 | 4.53 | 4.64 | 5.00 | ||
| Effective Tax Rate | 6.92% | 5.41% | 4.06% | 6.09% | 3.67% | 5.24% |
| Revenue as Reported | 9.36B | 8.79B | 8.20B | 8.02B | 5.97B | 4.76B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 83.24B | 81.29B | 79.41B | 78.63B | 73.44B | 45.91B |
| Cash & Equivalents | 2.27B | 1.15B | 1.32B | 530.39M | 278.48M | 556.12M |
| Accounts Receivable | 601.34M | 407.46M | 325.70M | 378.00M | 424.24M | |
| Other Receivables | 179.91M | 142.42M | 155.91M | 143.32M | 133.03M | |
| Other Intangible Assets | 2.22B | 1.99B | 1.94B | 1.91B | 1.14B | |
| Loans Receivable Current | 57.24M | 74.59M | 72.73M | 116.54M | 35.97M | |
| Other Current Assets | 617.52M | 531.04M | 607.65M | 797.46M | 952.41M | 914.33M |
| Trading Asset Securities | 16.69M | 1.48M | 9.59M | 118.00K | 45.57M | |
| Deferred Long-Term Tax Assets | 7.69M | 3.26M | 1.23M | 5.73M | 8.93M | |
| Deferred Long-Term Charges | 957.03M | 860.56M | 749.77M | 650.13M | 520.78M | |
| Other Long-Term Assets | 17.75B | 11.73B | 10.50B | 9.82B | 9.97B | 8.83B |
| Total Assets | 103.89B | 98.72B | 95.33B | 93.02B | 87.90B | 58.49B |
| Current Portion of Long-Term Debt | 1.19B | 1.91B | 59.00M | 29.00K | ||
| Current Portion of Leases | 68.48M | |||||
| Long-Term Debt | 35.64B | 33.12B | 30.88B | 29.00B | 23.88B | 17.72B |
| Long-Term Leases | 658.30M | 574.98M | 615.30M | 597.56M | 638.81M | 448.44M |
| Accounts Payable | 2.79B | 1.96B | 1.77B | 1.77B | 1.71B | 1.25B |
| Accrued Expenses | 223.87M | 205.79M | 212.01M | 225.09M | 104.48M | |
| Other Current Liabilities | 19.87M | 41.18M | 2.59M | 49.34M | 11.19M | 20.31M |
| Long-Term Unearned Revenue | 500.12M | 475.29M | 377.06M | 329.78M | 186.37M | |
| Long-Term Deferred Tax Liabilities | 156.02M | 141.13M | 118.68M | 99.76M | 75.01M | |
| Other Long-Term Liabilities | 3.25B | 2.40B | 2.62B | 3.02B | 3.14B | 941.59M |
| Total Liabilities | 43.55B | 40.97B | 36.71B | 35.20B | 30.03B | 20.74B |
| Preferred Stock, Redeemable | 63.95M | 63.95M | 63.95M | 63.95M | 63.95M | 63.95M |
| Common Stock | 9.50M | 9.29M | 9.26M | 9.24M | 9.23M | 7.40M |
| Additional Paid-In Capital | 57.31B | 54.70B | 54.46B | 54.25B | 54.07B | 35.56B |
| Distributions in Excess of Earnings | -1.06B | -902.43M | -465.91M | -627.07M | -457.69M | -1.33B |
| Comprehensive Income & Other | -412.67M | -676.28M | -120.22M | -514.20M | -443.61M | -878.25M |
| Total Common Equity | 55.85B | 53.13B | 53.89B | 53.12B | 53.17B | 33.36B |
| Minority Interest | 4.43B | 4.56B | 4.67B | 4.64B | 4.63B | 4.32B |
| Shareholders' Equity | 60.34B | 57.75B | 58.62B | 57.82B | 57.86B | 37.74B |
| Total Liabilities & Equity | 103.89B | 98.72B | 95.33B | 93.02B | 87.90B | 58.49B |
| Total Debt | 37.49B | 35.68B | 31.49B | 29.66B | 24.51B | 18.16B |
| Net Cash (Debt) | -35.20B | -34.53B | -30.17B | -29.13B | -24.19B | -17.61B |
| Net Cash Per Share | -36.63 | -36.09 | -31.63 | -30.60 | -29.81 | -23.02 |
| Filing Date Shares Outstanding | 950.51M | 929.56M | 926.86M | 924.88M | 923.43M | 740.00M |
| Total Common Shares Outstanding | 950.40M | 929.15M | 926.28M | 924.39M | 923.14M | 739.83M |
| Book Value Per Share | 58.76 | 57.18 | 58.18 | 57.46 | 57.60 | 45.10 |
| Tangible Book Value | 55.85B | 50.91B | 51.89B | 51.18B | 51.26B | 32.22B |
| Tangible Book Value Per Share | 58.76 | 54.80 | 56.02 | 55.37 | 55.53 | 43.55 |
| Land | 29.66B | 29.08B | 27.89B | 26.58B | 23.73B | 14.81B |
| Buildings | 58.47B | 56.37B | 54.84B | 52.63B | 48.65B | 32.16B |
| Construction In Progress | 3.17B | 3.02B | 2.83B | 4.37B | 4.21B | 2.73B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.26B | 3.33B | 3.73B | 3.06B | 3.36B | 2.94B |
| Depreciation & Amortization | 2.80B | 2.63B | 2.58B | 2.48B | 1.81B | 1.58B |
| Other Amortization | 84.43M | 85.65M | 78.89M | 74.59M | 23.74M | 8.66M |
| Gain (Loss) on Sale of Assets | -1.56B | -943.56M | -1.32B | -623.31M | -1.19B | -1.59B |
| Stock-Based Compensation | 209.56M | 185.47M | 231.75M | 267.65M | 175.36M | 113.03M |
| Income (Loss) on Equity Investments | 189.80M | 242.41M | 208.85M | 372.96M | 99.61M | 35.78M |
| Change in Accounts Receivable | -328.51M | |||||
| Change in Accounts Payable | 408.26M | 225.61M | 194.55M | 255.06M | 109.03M | 176.86M |
| Change in Other Net Operating Assets | -424.74M | -422.10M | -341.61M | -102.61M | -71.31M | |
| Other Operating Activities | -419.54M | -319.29M | -454.48M | -415.39M | -200.49M | 62.15M |
| Operating Cash Flow | 5.55B | 5.01B | 4.91B | 5.37B | 4.13B | 3.00B |
| Acquisition of Real Estate Assets | -6.28B | -5.47B | -6.42B | -8.32B | -6.25B | -5.46B |
| Sale of Real Estate Assets | 3.44B | 2.25B | 3.79B | 1.76B | 2.06B | 4.22B |
| Net Sale / Acq. of Real Estate Assets | -2.85B | -3.23B | -2.63B | -6.56B | -4.19B | -1.24B |
| Investment in Marketable & Equity Securities | -1.13B | -384.50M | -482.22M | 64.09M | -365.37M | -739.83M |
| Other Investing Activities | -9.37M | -20.80M | 13.02M | 71.88M | 55.82M | -13.21M |
| Investing Cash Flow | -3.99B | -3.63B | -3.10B | -6.42B | -4.50B | -1.99B |
| Long-Term Debt Issued | 3.46B | 4.51B | 5.76B | 4.41B | 3.92B | |
| Long-Term Debt Repaid | -905.78M | -1.65B | -839.28M | -1.38B | -2.56B | |
| Net Debt Issued (Repaid) | 1.55B | 2.56B | 2.86B | 4.92B | 3.03B | 1.36B |
| Issuance of Common Stock | 2.41B | 743.00K | ||||
| Repurchase of Common Stock | -30.34M | -23.95M | -30.53M | -24.54M | -27.69M | -19.86M |
| Common & Preferred Dividends Paid | -3.96B | -3.76B | -3.57B | -3.23B | -2.49B | -1.87B |
| Total Dividends Paid | -3.96B | -3.76B | -3.57B | -3.23B | -2.49B | -1.87B |
| Other Financing Activities | -423.40M | -330.05M | -255.22M | -342.41M | -391.45M | -477.20M |
| Foreign Exchange Rate Adjustments | -12.97M | 12.69M | -24.99M | -22.04M | -20.80M | -39.63M |
| Net Cash Flow | 1.09B | -172.94M | 788.20M | 251.91M | -277.63M | -41.97M |
| Levered Free Cash Flow | 5.68B | 4.77B | 4.58B | 4.86B | 3.93B | 2.88B |
| Unlevered Free Cash Flow | 6.27B | 5.31B | 5.04B | 5.19B | 4.10B | 3.04B |
| Cash Interest Paid | 954.56M | 842.26M | 710.75M | 457.02M | 234.13M | 278.86M |
| Cash Income Tax Paid | 201.60M | 142.70M | 129.90M | 149.10M | 130.00M | 148.70M |
| Change in Working Capital | -16.48M | -196.49M | -147.07M | 152.45M | 37.72M | -151.65M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 125.75B | 118.58B | 97.90B | 123.17B | 104.06B | 124.47B |
| Enterprise Value | 160.95B | 157.96B | 134.69B | 155.27B | 126.43B | 145.76B |
| Last Close Price | 129.65 | 124.74 | 99.73 | 121.80 | 100.18 | 145.88 |
| Price/FFO Ratio | 19.07 | 21.02 | 16.41 | 16.67 | ||
| Price/AFFO Ratio | 24.20 | 27.53 | 21.51 | 20.05 | ||
| PE Ratio | 28.63 | 35.69 | 26.28 | 40.34 | 30.98 | 42.43 |
| PS Ratio | 12.71 | 12.90 | 11.44 | 14.79 | 16.56 | 24.11 |
| PB Ratio | 2.21 | 2.05 | 1.67 | 2.13 | 1.80 | 3.30 |
| P/OCF Ratio | 22.65 | 23.68 | 19.93 | 22.92 | 25.22 | 41.55 |
| EV/Sales Ratio | 16.27 | 17.18 | 15.74 | 18.64 | 20.12 | 28.23 |
| EV/EBITDA Ratio | 23.30 | 24.52 | 22.33 | 26.42 | 28.71 | 40.49 |
| EV/EBIT Ratio | 39.20 | 41.38 | 39.02 | 45.78 | 48.79 | 72.10 |
| Debt / Equity Ratio | 0.62 | 0.62 | 0.54 | 0.51 | 0.42 | 0.48 |
| Debt / EBITDA Ratio | 5.43 | 5.54 | 5.22 | 5.05 | 5.57 | 5.05 |
| Net Debt / Equity Ratio | 0.58 | 0.60 | 0.52 | 0.50 | 0.42 | 0.47 |
| Net Debt / EBITDA Ratio | 5.10 | 5.36 | 5.00 | 4.96 | 5.49 | 4.89 |
| Asset Turnover | 0.10 | 0.10 | 0.09 | 0.09 | 0.09 | 0.09 |
| Quick Ratio | 0.57 | 0.46 | 0.95 | 0.48 | 0.43 | 0.81 |
| Current Ratio | 0.73 | 0.60 | 1.29 | 0.90 | 0.98 | 1.50 |
| Return on Equity (ROE) | 7.71% | 6.13% | 6.78% | 5.62% | 7.44% | 8.50% |
| Return on Assets (ROA) | 2.54% | 2.46% | 2.29% | 2.34% | 2.21% | 2.21% |
| Return on Invested Capital (ROIC) | 3.96% | 3.93% | 3.73% | 3.75% | 3.61% | 3.50% |
| Earnings Yield | 3.49% | 2.81% | 3.81% | 2.48% | 3.23% | 2.36% |
| Dividend Yield | 3.30% | 3.17% | 3.63% | 2.61% | 2.80% | 1.50% |
| Payout Ratio | 94.51% | 113.12% | 95.68% | 105.54% | 74.14% | 63.71% |
| Buyback Yield / Dilution | -0.59% | -0.34% | -0.19% | -17.27% | -6.13% | -1.37% |
| Total Shareholder Return | 2.71% | 2.83% | 3.44% | -14.66% | -3.32% | 0.13% |