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Prologis

Prologis (PLD) Q2 2026 Earnings

Reported Jul 16, 2026 at 8:05 AM ET · SEC Source

Q2 26 EPS

$1.63

BEAT +106.33%

Est. $0.79

Q2 26 Revenue

$2.43B

BEAT +12.32%

Est. $2.16B

vs S&P Since Q2 26

+2.6%

BEATING MARKET

PLD +2.4% vs S&P -0.2%

Market Reaction

Did PLD Beat Earnings? Q2 2026 Results

Prologis delivered a blowout second quarter, posting Core FFO of $1.63 per diluted share against a consensus estimate of just $0.79, a beat of 106.33% that extended the industrial REIT's streak of beating EPS estimates to five consecutive quarters. R… Read more Prologis delivered a blowout second quarter, posting Core FFO of $1.63 per diluted share against a consensus estimate of just $0.79, a beat of 106.33% that extended the industrial REIT's streak of beating EPS estimates to five consecutive quarters. Revenue of $2.43 billion topped the $2.16 billion consensus by 12.32% and grew 11.1% year over year, driven by broad-based operational momentum that included record leasing activity exceeding 67 million square feet and same-store NOI growth of 8.5% on a cash basis. Occupancy improved sequentially to 95.5%, while net effective rent change accelerated to 36.9% from 31.9% in the prior quarter, underscoring continued pricing power across the portfolio. Data center expansion emerged as a defining theme, with $802 million in fully pre-leased development starts and a power pipeline now totaling 5.8 gigawatts, a strategic pivot that had drawn considerable investor attention heading into the print. Prologis raised its full-year Core FFO guidance to $6.22 to $6.30 per share and lifted development starts guidance to $4.50 to $5.50 billion, marking the second consecutive quarter of upward revisions.

Key Takeaways

  • • Record leasing of over 67 million square feet in Q2 2026
  • • Same-store NOI growth of 8.5% on a cash basis and 6.4% on a net effective basis at Prologis Share
  • • Net effective rent change of 36.9% on Prologis Share leases, accelerating from 31.9% in Q1
  • • Period-end occupancy improved 20 basis points sequentially to 95.5%
  • • Gains on dispositions of development properties and land of $79.2 million and gains on other dispositions of $212.4 million
  • • Strategic capital revenues grew 64% year-over-year to $241.6 million

PLD Forward Guidance & Outlook

Prologis raised 2026 guidance for the second time. Core FFO per diluted share guidance increased to $6.22–$6.30 (from $6.07–$6.23), and net earnings per share guidance increased to $4.40–$4.55 (from $3.80–$4.05). Average occupancy guidance was tightened upward to 95.25%–95.75%. Cash same-store NOI growth guidance was raised to 6.75%–7.25% (from 6.25%–7.00%), and net effective same-store NOI growth to 5.25%–5.75% (from 4.75%–5.50%). Net Promote Income (Expense) was revised to $0 from a prior estimate of negative $50 million. Development starts guidance (Prologis Share) was raised to $4.5–$5.5 billion from $3.5–$4.5 billion, and acquisitions guidance was raised to $1.5–$2.0 billion from $1.0–$1.5 billion. Dispositions guidance increased to $2.25–$2.75 billion from $1.75–$2.25 billion, and contributions guidance to $2.0–$2.5 billion from $1.75–$2.25 billion. Foreign exchange exposure is largely hedged for EUR, GBP, and JPY in 2026.

24/7 Wall St

PLD YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

PLD Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“We believe the business is entering its next phase of growth. Customer demand is broadening, and our opportunity set is expanding as logistics, digital infrastructure and energy needs increasingly intersect. Given our scale and deep customer relationships, we are well positioned for this next cycle.”

— Daniel S. Letter, Q2 2026 Earnings Press Release

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