Prologis, Inc. PLD
Prologis, Inc. is a self-administered and self-managed REIT and is the sole general partner of Prologis, L.P. through which it holds substantially all of its assets. We operate Prologis, Inc. and Prologis, L.P. as one enterprise and, therefore, our discussion and analysis refers to Prologis, Inc. and its consolidated subsidiaries, including Prologis, L.P. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors ("co-investment ventures"). We have a significant ownership interest in the co-investment ventures, which are either consolidated or unconsolidated based on our level of control of the entity.
Prologis, Inc. began operating as a fully integrated real estate company in 1997 and elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended ("Internal Revenue Code" or "IRC"). We believe the current organization and method of operation enable Prologis, Inc. to maintain its status as a REIT. Prologis, L.P. was also formed in 1997.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.79B | $8.20B | $8.02B | $5.97B | $4.76B | $4.44B | $3.33B | $2.80B | $2.62B | $2.53B |
| SG&A | $469.1M | $418.8M | $390.4M | $331.1M | $293.2M | $274.8M | $266.7M | $239.0M | $231.1M | $222.1M |
| Total operating expenses | -$2.28B | -$2.10B | -$2.06B | -$1.55B | — | — | — | $1.96B | $1.85B | $1.86B |
| Operating income | $4.36B | $4.42B | $3.71B | $3.47B | $3.21B | $2.12B | $1.85B | $1.69B | $1.95B | $668.4M |
| Interest expense | $1.00B | $863.9M | $641.3M | $309.0M | $266.2M | $314.5M | $240.0M | $229.1M | $274.5M | $303.1M |
| Pre-tax income | $3.77B | $4.11B | $3.46B | $3.69B | $3.32B | $1.75B | $1.78B | $1.89B | $1.82B | $1.35B |
| Income tax | $204.0M | $166.9M | $211.0M | $135.4M | $174.3M | $130.5M | $74.5M | $63.3M | $54.6M | $54.6M |
| Net income | $3.33B | $3.73B | $3.06B | $3.36B | $2.94B | $1.48B | $1.57B | $1.65B | $1.65B | $1.21B |
| EPS, basic | 3.58 | 4.02 | 3.30 | 4.28 | 3.97 | 2.02 | 2.48 | 2.90 | 3.10 | 2.29 |
| EPS, diluted | 3.56 | 4.01 | 3.29 | 4.25 | 3.94 | 2.01 | 2.46 | 2.87 | 3.06 | 2.27 |
| Shares, diluted (wtd. avg.) | $956.8M | $953.6M | $951.8M | $811.6M | $764.8M | $754.4M | $654.9M | $590.2M | $552.3M | $546.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.15B | $1.32B | $530.0M | $278.0M | $556.0M | $598.0M | $1.09B | $343.9M | $447.0M | $807.3M |
| Property, plant and equipment | $221.7M | $212.3M | $208.0M | $119.9M | $118.0M | $117.7M | $107.5M | $112.2M | — | — |
| Other intangibles | $1.50B | $1.56B | $1.68B | $1.73B | $989.1M | $1.05B | $671.3M | $754.8M | $468.3M | $520.4M |
| Total assets | $98.72B | $95.33B | $93.02B | $87.90B | $58.49B | $56.07B | $40.03B | $38.42B | $29.48B | $30.25B |
| Long-term debt | $35.04B | $30.88B | $29.00B | $23.88B | $215.3M | $16.85B | $11.91B | $11.09B | $9.41B | $10.61B |
| Total liabilities | $40.97B | $36.71B | $35.20B | $30.03B | $20.74B | $19.74B | $13.96B | $12.62B | $10.78B | $11.79B |
| Retained earnings | -$902.4M | -$465.9M | -$627.1M | -$457.7M | -$1.33B | -$2.39B | -$2.15B | -$2.38B | -$2.90B | -$3.61B |
| Total equity | $53.19B | $53.95B | $57.82B | $57.86B | $37.74B | $36.32B | $26.07B | $25.80B | $18.71B | $18.46B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.01B | $4.91B | $5.37B | $4.13B | $3.00B | $2.94B | $2.26B | $1.80B | $1.69B | $1.42B |
| Stock-based compensation | $185.5M | $231.7M | $267.6M | $175.4M | $113.0M | $109.8M | $97.6M | $76.1M | $76.6M | $60.3M |
| Capital expenditure | — | — | — | — | — | — | — | $93.1M | $110.6M | $101.7M |
| Investing cash flow | -$3.63B | -$3.10B | -$6.42B | -$4.50B | -$1.99B | -$3.07B | -$685.4M | -$663.8M | $543.3M | $1.25B |
| Financing cash flow | -$1.56B | -$1,000.0M | $1.32B | $115.8M | -$1.01B | -$372.2M | -$839.6M | -$1.23B | -$2.61B | -$2.13B |
| Dividends paid | $3.76B | $3.57B | $3.23B | $2.49B | $1.87B | $1.72B | $1.35B | $1.12B | $942.9M | $893.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-051453.
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