Prologis (PLD) Q3 2026 Earnings
How Did PLD Stock React to Q3 2026 Earnings?
Did PLD Beat Earnings? Q3 2026 Results
Yes. Prologis reported Q3 2026 earnings of $1.60 a share on Oct 15, 2026, beating the $0.78 consensus estimate by 106.0%. Revenue was $2.4B against a $2.2B estimate.
Prologis delivered a decisive beat in Q3 2026, posting adjusted Core FFO of $1.60 per diluted share against a consensus estimate of $0.78, a 106.00% positive surprise that marked the company's sixth consecutive quarter of beating EPS expectations. Revenue climbed 7.8% year over year to $2.39 billion, topping the $2.22 billion consensus by 7.72%, with rental revenue of $2.21 billion anchoring the top line. The standout operational driver was the company's leasing engine, where 55.9 million square feet of new leases were signed at a net effective rent change of 38.0%, reflecting the substantial mark-to-market opportunity embedded in the portfolio as below-market leases continue to roll. Occupancy held firm at 95.1% on average, while cash same store NOI grew 5.9%. Looking ahead, Prologis raised its full-year development starts guidance to $5.00 billion to $5.75 billion, lifted acquisition guidance to $2.10 billion to $2.30 billion, and narrowed Core FFO guidance to $6.25 to $6.29 per share, underpinned by growing demand from e-commerce, advanced manufacturing, and a data center pipeline that has reached 5.8 gigawatts.
- Cash same store NOI growth of 5.9% (Prologis Share) driven by rent mark-to-market
- Net effective rent change of 38.0% on Prologis Share basis
- Cash rent change of 23.4% on Prologis Share basis
- 55.9 million square feet of leases commenced in Q3 2026
- Period-end occupancy of 95.6% across owned and managed portfolio
- Customer retention of 75.9%
- Core FFO per diluted share grew 7.4% year-over-year to $1.60
“We executed well on our plan this quarter, signing 60 million square feet of leases and announcing nearly $2.3 billion of transactions. Customers are running lean on inventory, and excess capacity within their networks has largely cleared. We see healthy demand supported by e-commerce, advanced manufacturing and the build-out of the data center supply chain.”
Prologis CEO, on the earnings call
What Is Prologis's Outlook?
Prologis updated 2026 full-year guidance: Core FFO per diluted share narrowed to $6.25–$6.29 (from $6.22–$6.30); net earnings per share revised to $4.05–$4.15 (from $4.40–$4.55). Cash same store NOI guidance raised to 7.00%–7.50% (from 6.75%–7.25%). Average occupancy guidance narrowed to 95.25%–95.50%. Development starts guidance increased to $5.0B–$5.75B (from $4.5B–$5.5B). Acquisition guidance raised to $2.1B–$2.3B (from $1.5B–$2.0B). Realized development gains maintained at $600M–$700M. The company sees healthy demand supported by e-commerce, advanced manufacturing, and data center supply chain build-out. Customers are running lean on inventory with excess network capacity largely cleared. The pending SEGRO combination received shareholder approval.
PLD YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $2.4B | $2.2B | +7.8% |
| Operating Income | $1.0B | $892.6M | +17.0% |
| Net Income | $815.7M | $764.3M | +6.7% |
PLD Revenue by Segment
When Does Prologis Report Next?
Figures from SEC filings and company reports. Not investment advice.