Companies /Real Estate

Prologis Inc

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

Q1 2026 Earnings

Reported Apr 16, 2026, 8:05am ET · SEC source
$1.50
Beat +107.01%
EPS · est. $0.72
$2.3B
Beat +8.47%
Revenue · est. $2.1B
−5.2%
Trailing market
PLD vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%+4%Apr 16Apr 17report 8:05am ETearnings+1.2%+3.6%
0+2%+4%Apr 16Apr 17earnings+1.2%+3.6%
PLD +3.6%S&P 500 +1.2%
0+2%+4%Apr 16Apr 17report 8:05am ETearnings+1.3%+3.6%
0+2%+4%Apr 16Apr 17earnings+1.3%+3.6%
PLD +3.6%NASDAQ +1.3%
−2%0+2%Apr 15Apr 24report 8:05am ETearnings+1.3%−0.0%
−2%0+2%Apr 15Apr 24earnings+1.3%−0.0%
PLD −0.0%S&P 500 +1.3%
−2%0+2%Apr 15Apr 24report 8:05am ETearnings+3.1%−0.0%
−2%0+2%Apr 15Apr 24earnings+3.1%−0.0%
PLD −0.0%NASDAQ +3.1%
+1.72%
Day of report
+2.06%
Next session
+0.12%
One week
+0.10%
30 days

S&P 500 over the same 30 days: +5.27%.

Did PLD Beat Earnings? Q1 2026 Results

Prologis, Inc. delivered a strong first quarter for 2026, posting Core FFO of $1.50 per diluted share and revenue of $2.30 billion, extending the industrial real estate giant's consensus EPS beat streak to four consecutive quarters. The standout driver behind the results was record leasing activity, with 66.7 million square feet of leases commenced across its operating and development portfolio, paired with Prologis Share cash same-store NOI growth of 8.8% year over year, a meaningful acceleration from 6.2% in the prior-year period. Development starts of $1.78 billion, of which $1.23 billion was directed toward data center projects, underscored the company's deepening push into digital infrastructure, with a disclosed 5.6GW power pipeline supporting that expansion. The balance sheet stayed disciplined, with debt-to-Adjusted EBITDA improving to 4.8x from 5.3x. Looking ahead, management raised full-year 2026 Core FFO guidance to $6.07–$6.23 per share, while also lifting development starts guidance to $3.50 billion–$4.50 billion, reflecting confidence in execution despite an uncertain geopolitical backdrop.

Key Takeaways
  • Record logistics lease signings of 64 million square feet in Q1 2026
  • Cash same-store NOI growth of 8.8% (Prologis Share), accelerating from prior quarters
  • Net effective rent change of 31.9% on leases commenced (Prologis Share)
  • Development stabilizations generated estimated value creation of $387 million at 7.6% yield and 34.8% margin
  • Gains on dispositions of development properties and land of $293 million
  • Retention rate of 75.8%

“We delivered record lease signings of 64 million square feet in our logistics business this quarter, reflecting the strength of our platform and resilient customer demand. We also advanced our data center platform with $1.3 billion of build-to-suit development starts, and we are scaling digital infrastructure and energy to support our next phase of growth.”

Prologis CEO, on the earnings call

Forward Guidance & Outlook

Prologis raised its full-year 2026 guidance. Core FFO per diluted share is now expected at $6.07–$6.23 (up from $6.00–$6.20), and Core FFO excluding Net Promote Income (Expense) at $6.12–$6.28 (up from $6.05–$6.25). Net earnings per share guidance was raised to $3.80–$4.05 (from $3.70–$4.00). Average occupancy guidance was narrowed to 95.00%–95.75% (from 94.75%–95.75%). Cash same-store NOI growth is now expected at 6.25%–7.00% (up from 5.75%–6.75%). Development starts guidance (Prologis Share) increased to $3.5B–$4.5B (from $3.0B–$4.0B), contributions guidance raised to $1.75B–$2.25B (from $1.5B–$2.0B), and realized development gains raised to $500M–$700M (from $400M–$600M). Strategic capital revenue guidance (excluding promotes) was raised to $660M–$680M from $650M–$670M. The company has hedged the majority of its estimated 2026 Euro, Sterling, and Yen Core FFO.

PLD YoY Financials

Revenue$2.3B
Operating Income$1.2B
Net Income$980.5M

PLD Revenue by Segment

Rental Operations$2.1B
Rental Revenue
Strategic Capital$160.8M+13.9%
Development Management and Other$11.8M+5.0%

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