10-QPeriod: Q1 FY2026

Prologis, Inc. Quarterly Report for Q1 Ended Mar 31, 2026

Filed April 30, 2026For Securities:PLDPLDGP

Summary

Prologis, Inc. (PLD) reported a strong first quarter for 2026, demonstrating robust revenue growth and solid operational performance. Total revenues increased to $2.30 billion from $2.14 billion in the prior year's comparable period, driven by higher rental income and strategic capital activities. Net earnings attributable to common stockholders reached $980.5 million, a significant increase from $591.5 million in Q1 2025, resulting in diluted earnings per share of $1.05. The company's extensive real estate portfolio continues to benefit from strong demand for logistics facilities, evidenced by high occupancy rates and positive rent changes on lease rollovers. Prologis also maintained a strong balance sheet with substantial liquidity, positioning it well for future growth and investment opportunities. The company continues to execute on its strategic priorities, including development of new logistics facilities and data centers, and expansion of its Strategic Capital segment. The Real Estate segment remains the primary driver of earnings, while the Strategic Capital segment contributes steady fee-based income. Prologis successfully navigated a complex economic environment, reinforcing its position as a global leader in logistics real estate.

Financial Highlights

34 data points
Beta

Revenue

$2.30B

Net Income

$980.48M

42.7% Net Margin

EPS (Diluted)

$1.05

Total Assets

$98.13B

Cash & Equivalents

$861.14M

Free Cash Flow

$1.29B

Financial Statements
Beta
Revenue$2.30B
Operating Expenses$612.29M
Operating Income$1.21B
Net Income$980.48M
EPS (Basic)$1.05
EPS (Diluted)$1.05
Shares Outstanding (Basic)931.26M
Shares Outstanding (Diluted)957.56M

Key Highlights

  • 1Total revenues increased by 7.4% to $2.30 billion in Q1 2026 compared to $2.14 billion in Q1 2025.
  • 2Net earnings attributable to common stockholders rose significantly by 65.7% to $980.5 million in Q1 2026, up from $591.5 million in Q1 2025.
  • 3Diluted earnings per share (EPS) were $1.05 for Q1 2026, up from $0.63 in Q1 2025.
  • 4Occupancy in the consolidated operating portfolio remained strong at 95.3% as of March 31, 2026.
  • 5Net investments in real estate properties were $79.94 billion as of March 31, 2026, a slight decrease from $80.40 billion at December 31, 2025, reflecting strategic dispositions and ongoing development.
  • 6Total debt decreased to $34.67 billion from $35.04 billion at the end of 2025, with a weighted average interest rate of 3.2%.
  • 7The company reported strong cash flow from operating activities of $1.29 billion for Q1 2026, an increase from $1.16 billion in Q1 2025.

Frequently Asked Questions

Prologis reported total revenues of $2.30 billion for the three months ended March 31, 2026, an increase of 7.4% compared to $2.14 billion in the same period of 2025. This growth was driven by higher rental income and strategic capital activities.

Profitability saw a significant increase. Net earnings attributable to common stockholders more than doubled to $980.5 million in Q1 2026, from $591.5 million in Q1 2025. This translated to a diluted earnings per share of $1.05 for Q1 2026, up from $0.63 in the prior year.

The company's real estate portfolio remains strong, with net investments in real estate properties totaling $79.94 billion as of March 31, 2026. Occupancy in the consolidated operating portfolio was high at 95.3% as of March 31, 2026, indicating sustained demand for logistics facilities.

Prologis maintained a healthy balance sheet, with total debt decreasing to $34.67 billion as of March 31, 2026, and a weighted average interest rate of 3.2%. The company reported strong cash flow from operations of $1.29 billion and had $6.7 billion in total available liquidity at quarter-end, positioning it to manage its obligations and pursue growth opportunities.