Prologis, Inc. PLD

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

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.

Last close 126.45 2026-10-23
Market cap $117.89B 2026-03-31 share count
52-week range 121.40 - 153.35

Valuation FY2025 figures against the last close

P/S13.4x
P/E35.5x
P/FCF23.5x
EV/EBITDA34.8x
Dividend yield3.2%
Diluted EPS3.56

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 3.584.023.304.283.972.022.482.903.102.29
EPS, diluted 3.564.013.294.253.942.012.462.873.062.27
Shares, diluted (wtd. avg.) 956.8M953.6M951.8M811.6M764.8M754.4M654.9M590.2M552.3M546.7M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2.5B 5B 7.5B 10B Revenue, FY2016: 2.5B Net income, FY2016: 1.2B Revenue, FY2017: 2.6B Net income, FY2017: 1.7B Revenue, FY2018: 2.8B Net income, FY2018: 1.6B Revenue, FY2019: 3.3B Net income, FY2019: 1.6B Revenue, FY2020: 4.4B Net income, FY2020: 1.5B Revenue, FY2021: 4.8B Net income, FY2021: 2.9B Revenue, FY2022: 6B Net income, FY2022: 3.4B Revenue, FY2023: 8B Net income, FY2023: 3.1B Revenue, FY2024: 8.2B Net income, FY2024: 3.7B Revenue, FY2025: 8.8B Net income, FY2025: 3.3B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $2.53B $2.62B $2.80B $3.33B $4.44B $4.76B $5.97B $8.02B $8.20B $8.79B
Gross profit — — — — — — — — — —
Net income $1.21B $1.65B $1.65B $1.57B $1.48B $2.94B $3.36B $3.06B $3.73B $3.33B

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Other event Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event Item 8.01
  • New debt or obligation Item 2.03
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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