Companies /Real Estate

Prologis Inc

NYSE: PLD Reit - Industrial
$136.59
▼ $3.09 (−2.21%) today
Markets closed · 12:06am ET

Q4 2025 Earnings

Reported Jan 21, 2026, 8:06am ET · SEC source
$1.49
Beat +118.86%
EPS · est. $0.68
$2.3B
Beat +7.89%
Revenue · est. $2.1B
+7.8%
Beating market
PLD vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%−2%0+2%Jan 21Jan 22report 8:06am ETearnings+2.1%−3.5%
−4%−2%0+2%Jan 21Jan 22earnings+2.1%−3.5%
PLD −3.5%S&P 500 +2.1%
−4%−2%0+2%Jan 21Jan 22report 8:06am ETearnings+2.6%−3.5%
−4%−2%0+2%Jan 21Jan 22earnings+2.6%−3.5%
PLD −3.5%NASDAQ +2.6%
−6%−3%0+3%Jan 20Jan 29report 8:06am ETearnings+2.2%−4.4%
−6%−3%0+3%Jan 20Jan 29earnings+2.2%−4.4%
PLD −4.4%S&P 500 +2.2%
−6%−3%0+3%Jan 20Jan 29report 8:06am ETearnings+3.2%−4.4%
−6%−3%0+3%Jan 20Jan 29earnings+3.2%−4.4%
PLD −4.4%NASDAQ +3.2%
+0.25%
Day of report
−3.41%
Next session
−3.06%
One week
+7.32%
30 days

S&P 500 over the same 30 days: −0.44%.

Did PLD Beat Earnings? Q4 2025 Results

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.

Key Takeaways
  • 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

Forward Guidance & Outlook

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

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$700.0M$1.4B$2.1B$2.2B$2.3BRevenue$1.4B$1.6BOperating Income$1.3B$1.4BNet Income
$0$700.0M$1.4B$2.1BRevenueOperating IncomeNet Income

PLD Revenue by Segment

Rental Operations$2.1B
Rental Revenue
Strategic Capital$153.7M
Development Management and Other$6.9M

Figures from SEC filings and company reports. Not investment advice.