FirmAtlas
Company handbook · PLD · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
PLD · CIK 1045609 · LATEST FILING: 10-Q JUN '26 · FILED JUL 29, 2026
Prologis, Inc.
$125.75
−1.19 (−0.94%)
Close, Oct 16, 2026 · 52-week $121–153
Last fiscal year
Prologis, Inc. reported revenue of $8.8B for the year ended Dec 31, 2025 (FY25), up 7.2% from FY24. Net income was $3.3B and operating cash flow $5.0B. Source: 10-K filed Feb 13, 2026.
Market cap
$116.8B
P/E
31.4
EV/EBITDA
21.6x
P/B
2.2
Div yield
3.36%
ROIC
4.8%
Revenue 1Y
7.2%/yr
EPS 1Y
−11.2%/yr
Shares 1Y
+0.3%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEODaniel S. Letter
HQSan Francisco, CA
AuditorKPMG LLP
Year endsDecember
Revenue by segment · FY25
Real Estate Operations93%
Strategic Capital7%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
9.5%
−1.7%
4.3%
3.8%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$7.3B deployed
Dividends
$7.3B
100.0%
Operating cash flow over the period: $9.9B. Total debt changed by +$4.2B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Mar '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
8,202
8,790+7.2%
8,948
YoY
+7.2%
Operating income
4,416
4,358−1.3%
4,691
Operating margin
53.8%
49.6%−4.3 pp
—
EBITDA
6,996
6,984−0.2%
—
EBITDA margin
85.3%
79.5%−5.9 pp
—
Interest expense
864
1,002+16.0%
—
Interest coverage
8.10x
6.97x−1.13x
—
Net income
3,732
3,328−10.8%
3,717
YoY
−10.8%
Net margin
45.5%
37.9%−7.6 pp
—
EPS (diluted, $)
4.01
3.56−11.2%
3.99
YoY
−11.2%
Balance sheet
Total assets
95,329
98,724+3.6%
98,133
Cash & short-term investments
1,319
1,146−13.1%
—
Net PP&E
212
222+4.4%
—
Other assets
93,798
97,357+3.8%
—
Total liabilities
41,378
45,531+10.0%
44,630
Total debt
30,879
35,037+13.5%
34,670
Other liabilities
10,499
10,494−0.0%
—
Shareholders’ equity
53,951
53,193−1.4%
53,503
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
4,912
5,008+2.0%
5,136
Net income
3,948
3,565−9.7%
—
Depreciation & amortization
2,581
2,626+1.8%
—
Stock-based compensation
232
185−20.0%
—
Working capital & other
(1,848)
(1,368)n/m
—
Cash from investing
(3,099)
(3,630)n/m
—
Acquisitions
0
0n/m
—
Investments bought
0
(177)n/m
—
Other investing
(3,099)
(3,454)n/m
—
Cash from financing
(1,000)
(1,564)n/m
—
Dividends
(3,570)
(3,765)n/m
—
Other financing
2,571
2,201−14.4%
—
Net change in cash
788
(173)−121.9%
—
Where the cash went
Returns & ratios
ROIC (all capital)
5.1%
4.8%−0.2 pp
—
ROIC (operating)
1995.5%
1899.4%−96.0 pp
—
Net debt / EBITDA
4.23x
4.85x+0.63x
—
Debt / equity
0.57x
0.66x+0.09x
—
ROE
6.9%
6.3%−0.7 pp
—
ROA
3.9%
3.4%−0.5 pp
—
NOPAT
4,237
4,122−2.7%
—
Invested capital (operating)
212
222+4.4%
—
Invested capital (all)
83,512
87,085+4.3%
—
Reinvestment rate
—
0.2%
—
Net debt is 4.9x EBITDA (FY25).
Income
Jun '25
Sep '25
Dec '25
Mar '26
Revenue
2,184
2,214
2,253
2,298
vs year-ago quarter
Operating income
913
940
1,626
1,211
Net income
571
764
1,400
982
vs year-ago quarter
Net margin
26.2%
34.5%
62.1%
42.7%
EPS (diluted, $)
0.61
0.82
1.51
1.05
vs year-ago quarter
Balance sheet
Jun '25
Sep '25
Dec '25
Mar '26
Total assets
97,717
98,341
98,724
98,133
Cash & equivalents
1,066
1,186
1,146
861
Total debt
34,667
35,303
35,037
34,670
Shareholders’ equity
52,729
52,636
53,193
53,503
Cash flow
Jun '25
Sep '25
Dec '25
Mar '26
Operating cash flow
1,242
1,448
1,158
1,288