Prologis (PLD) Q4 2025 Earnings
How Did PLD Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −0.44%.
Did PLD Beat Earnings? Q4 2025 Results
Yes. Prologis reported Q4 2025 earnings of $1.49 a share on Jan 21, 2026, beating the $0.68 consensus estimate by 118.9%. Revenue was $2.3B against a $2.1B estimate.
Prologis delivered a blowout fourth quarter, posting earnings per diluted share of $1.49 against a consensus estimate of just $0.69, a beat of 115.94%, while revenue of $2.25 billion topped expectations of $1.62 billion by 39.28% and edged up 2.4% from a year ago. The primary engine behind the top-line strength was rental revenue, which climbed to $2.09 billion from $1.94 billion in Q4 2024, reflecting the company's ability to push rents higher across its global logistics portfolio, with net effective rent change on Prologis Share reaching 43.8% and cash same-store NOI growing 5.7% year-over-year. The industrial REIT also signed a record 228 million square feet of leases during 2025, signaling robust customer demand even as occupancy held steady at 95.8%. Shares have been responding favorably, with the stock recently touching a 52-week high near $135. Looking ahead, Prologis guided 2026 Core FFO per share of $6.00 to $6.20, supported by expected cash same-store NOI growth of 5.75% to 6.75% and development starts of $3.00 billion to $4.00 billion.
- Record 228 million square feet of leases signed in 2025
- Net effective rent change of 43.8% on Prologis Share basis in Q4 2025
- Cash rent change of 27.3% on Prologis Share basis in Q4 2025
- Same store NOI growth of 5.7% on a cash basis (Prologis Share)
- Period-end occupancy of 95.8% Owned and Managed
- Customer retention rate of 77.7%
“2025 was a record year for lease signings, setting the business up with strong momentum for 2026. Customers are making long-term decisions with greater conviction, and we are meeting that demand with a platform that brings logistics, digital infrastructure and energy together at a global scale.”
Prologis CEO, on the earnings call
What Was Prologis's Outlook in Q4 2025?
For 2026, Prologis guides net earnings per diluted share of $3.70–$4.00 and Core FFO per diluted share of $6.00–$6.20 ($6.05–$6.25 excluding Net Promote Income/Expense). The company expects average occupancy of 94.75%–95.75%, cash same-store NOI growth of 5.75%–6.75%, and net effective same-store NOI growth of 4.25%–5.25%. Strategic capital revenue (excluding promote) is guided at $650M–$670M with net promote expense of approximately $(50)M. Capital deployment guidance on a Prologis Share basis includes development starts of $3.0B–$4.0B, development stabilizations of $2.25B–$2.75B, acquisitions of $1.0B–$1.5B, dispositions of $1.75B–$2.25B, contributions of $1.5B–$2.0B, and realized development gains of $400M–$600M. G&A expenses are expected at $500M–$520M. The company has hedged the majority of estimated 2026 Euro, Sterling, and Yen Core FFO.
PLD YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $2.3B | $2.2B | +2.4% |
| Operating Income | $1.6B | $1.4B | +14.4% |
| Net Income | $1.4B | $1.3B | +9.3% |
PLD Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.