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Prologis (PLD) Financials

Prologis logo
$142.26 +1.73 (+1.23%)
Closing price 05/18/2026 03:59 PM Eastern
Extended Trading
$141.09 -1.17 (-0.82%)
As of 06:13 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Prologis

Annual Income Statements for Prologis

This table shows Prologis' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 863 1,203 1,642 1,643 1,567 1,473 2,934 3,359 3,053 3,726 3,322
Consolidated Net Income / (Loss)		 926 1,293 1,761 1,823 1,702 1,617 3,149 3,555 3,253 3,948 3,565
Net Income / (Loss) Continuing Operations		 926 1,293 1,761 1,823 1,702 1,617 3,149 3,555 3,253 3,948 3,565
Total Pre-Tax Income 		949 1,347 1,816 1,886 1,776 1,747 3,323 3,691 3,464 4,115 3,769
Total Operating Income		 380 668 1,954 1,688 1,850 2,119 3,207 3,468 3,708 4,416 4,358
Total Gross Profit		 1,653 1,964 2,049 2,204 2,596 3,487 3,718 4,768 6,399 6,436 6,826
Total Revenue		 2,197 2,533 2,618 2,804 3,331 4,439 4,759 5,974 8,023 8,202 8,790
Operating Revenue		 2,197 2,533 2,618 2,804 3,331 4,439 4,759 5,974 8,019 8,187 8,751
Other Revenue		 - - - - - - - - 4.70 15 39
Total Cost of Revenue		 544 569 570 601 734 952 1,041 1,206 1,625 1,765 1,964
Operating Cost of Revenue		 544 569 570 601 734 952 1,041 1,206 1,625 1,765 1,964
Total Operating Expenses		 1,273 1,296 95 516 747 1,368 511 1,300 2,691 2,020 2,468
Selling, General & Admin Expense		 284 236 243 253 280 305 316 371 444 466 515
Depreciation Expense		 880 931 879 947 1,140 1,562 1,578 1,813 2,485 2,581 2,626
Other Operating Expenses / (Income)		 108 129 -700 -214 -206 -34 -565 -286 225 -612 -415
Other Special Charges / (Income)		 - - -328 -470 -468 -465 -817 -598 -462 -414 -258
Total Other Income / (Expense), net		 568 679 -138 198 -73 -372 116 223 -244 -301 -589
Interest Expense		 388 301 343 232 256 503 454 329 638 863 1,006
Interest & Investment Income		 159 206 249 298 200 297 404 311 307 354 403
Other Income / (Expense), net		 797 773 -44 132 -18 -166 165 242 87 209 15
Income Tax Expense		 23 55 55 63 75 130 174 135 211 167 204
Preferred Stock Dividends Declared		 6.65 6.71 10 5.94 6.01 8.69 6.15 6.06 5.84 5.88 5.88
Net Income / (Loss) Attributable to Noncontrolling Interest		 56 83 109 174 129 135 209 191 194 216 237
Basic Earnings per Share		 $1.66 $2.29 $3.10 $2.90 $2.48 $2.02 $3.97 $4.28 $3.30 $4.02 $3.58
Weighted Average Basic Shares Outstanding		 521.24M 526.10M 530.40M 567.37M 630.58M 728.32M 739.36M 785.68M 924.35M 926.17M 928.47M
Diluted Earnings per Share		 $1.64 $2.27 $3.06 $2.87 $2.46 $2.01 $3.94 $4.25 $3.29 $4.01 $3.56
Weighted Average Diluted Shares Outstanding		 533.94M 546.67M 552.30M 590.24M 654.90M 754.41M 764.76M 811.61M 951.79M 953.59M 956.83M
Weighted Average Basic & Diluted Shares Outstanding		 524.77M 529.35M 533.05M 630.35M 738.74M 739.50M 740M 923.43M 924.88M 926.86M 929.56M

Quarterly Income Statements for Prologis

This table shows Prologis' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 746 629 584 860 1,004 1,277 592 570 763 1,398 980
Consolidated Net Income / (Loss)		 799 676 631 912 1,063 1,342 640 622 821 1,482 1,045
Net Income / (Loss) Continuing Operations		 799 676 631 912 1,063 1,342 640 622 821 1,482 1,045
Total Pre-Tax Income 		840 734 664 955 1,068 1,429 683 646 876 1,565 1,093
Total Operating Income		 882 835 720 1,023 1,251 1,421 878 913 940 1,626 1,211
Total Gross Profit		 1,499 1,481 1,502 1,563 1,609 1,762 1,651 1,696 1,729 1,749 1,777
Total Revenue		 1,915 1,889 1,957 2,008 2,036 2,201 2,140 2,184 2,214 2,253 2,298
Operating Revenue		 1,915 1,889 1,957 2,007 2,033 2,201 2,128 2,172 2,205 2,235 2,286
Other Revenue		 - - - 0.84 3.86 - 11 11 9.33 - 12
Total Cost of Revenue		 416 408 454 445 427 438 488 488 485 503 520
Operating Cost of Revenue		 416 408 454 445 427 438 488 488 485 503 520
Total Operating Expenses		 616 646 782 539 358 341 773 783 789 123 566
Selling, General & Admin Expense		 109 120 124 118 114 110 124 119 119 153 137
Depreciation Expense		 642 638 638 637 649 656 652 657 648 669 732
Other Operating Expenses / (Income)		 -46 72 61 -129 -373 -189 24 18 37 -494 -9.15
Other Special Charges / (Income)		 -89 -184 -40 -87 -32 -237 -27 -10 -15 -204 -293
Total Other Income / (Expense), net		 -42 -100 -57 -69 -183 7.79 -196 -267 -64 -62 -118
Interest Expense		 181 174 193 208 230 232 232 252 258 264 256
Interest & Investment Income		 71 89 72 102 85 94 68 108 93 134 93
Other Income / (Expense), net		 68 -15 64 37 -38 146 -32 -123 101 68 45
Income Tax Expense		 41 58 33 43 4.21 87 43 23 55 83 48
Preferred Stock Dividends Declared		 1.45 1.46 1.45 1.50 1.45 1.47 1.45 1.51 1.37 1.56 1.50
Net Income / (Loss) Attributable to Noncontrolling Interest		 52 45 45 50 58 63 47 51 57 82 63
Basic Earnings per Share		 $0.81 $0.68 $0.63 $0.93 $1.08 $1.38 $0.64 $0.61 $0.82 $1.51 $1.05
Weighted Average Basic Shares Outstanding		 924.40M 924.35M 925.32M 926.28M 926.43M 926.17M 927.34M 928.48M 928.85M 928.47M 931.26M
Diluted Earnings per Share		 $0.80 $0.68 $0.63 $0.92 $1.08 $1.38 $0.63 $0.61 $0.82 $1.50 $1.05
Weighted Average Diluted Shares Outstanding		 951.91M 951.79M 953.91M 953.20M 953.81M 953.59M 956.08M 955.88M 956.60M 956.83M 957.56M
Weighted Average Basic & Diluted Shares Outstanding		 923.97M 924.88M 925.84M 925.91M 926.18M 926.86M 927.93M 928.06M 928.87M 929.56M 932.34M
Cash Dividends to Common per Share		 $0.87 - $0.96 $0.96 - - $1.01 $1.01 - - $1.07

Annual Cash Flow Statements for Prologis

This table details how cash moves in and out of Prologis' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 4,611 543 -360 -103 745 -491 -194 -278 252 788 -173
Net Cash From Operating Activities		 105 1,417 1,687 1,804 2,264 2,937 2,996 4,126 5,373 4,912 5,008
Net Cash From Continuing Operating Activities		 1,116 1,417 1,687 1,804 2,264 2,937 2,996 4,126 5,373 4,912 5,008
Net Income / (Loss) Continuing Operations		 0.00 1,293 1,761 1,823 1,702 1,617 3,149 3,555 3,253 3,948 3,565
Consolidated Net Income / (Loss)		 - 1,293 1,761 1,823 1,702 1,617 3,149 3,555 3,253 3,948 3,565
Depreciation Expense		 880 931 879 947 1,140 1,562 1,578 1,813 2,485 2,581 2,626
Amortization Expense		 -60 -109 82 -54 -81 -118 -140 -244 -538 -566 -605
Non-Cash Adjustments To Reconcile Net Income		 -716 -612 1,673 -871 -516 -90 -1,441 -1,048 3.28 -925 -385
Changes in Operating Assets and Liabilities, net		 - -85 30 -41 19 -33 -150 50 170 -126 -192
Net Cash From Investing Activities		 910 1,252 543 -664 -685 -3,074 -1,990 -4,499 -6,419 -3,099 -3,630
Net Cash From Continuing Investing Activities		 -4,789 1,252 543 -664 -685 -3,074 -1,990 -4,499 -6,419 -3,099 -3,630
Purchase of Property, Plant & Equipment		 -83 -560 264 -999 -1,006 -1,239 -2,320 -2,492 -4,196 -2,328 -1,801
Acquisitions		 0.00 0.00 375 -46 0.00 -1,695 0.00 -92 -33 0.00 0.00
Purchase of Investments		 -475 -266 2,304 -12 -30 -9.03 -17 -3.46 -2.23 -3.00 -202
Sale of Property, Plant & Equipment		 2,795 2,826 - 2,310 2,332 2,282 4,222 2,064 1,764 3,790 2,246
Sale and/or Maturity of Investments		 168 1,059 3,485 424 413 264 62 136 422 74 109
Other Investing Activities, net		 -1,494 -1,807 0.00 -2,341 -2,394 -2,677 -3,937 -4,111 -4,375 -4,633 -3,983
Net Cash From Financing Activities		 3,596 -2,125 -2,607 -1,232 -840 -372 -1,008 116 1,320 -1,000 -1,564
Net Cash From Continuing Financing Activities		 3,596 -2,125 -2,607 -1,232 -840 -372 -1,161 116 1,320 -1,002 -1,564
Repayment of Debt		 -3,164 -2,302 3,579 -4,841 -3,174 -6,793 -2,237 -1,087 -839 -1,650 -906
Repurchase of Preferred Equity		 0.00 0.00 13 0.00 0.00 -7.20 0.00 0.00 0.00 0.00 0.00
Repurchase of Common Equity		 -35 -23 0.00 -93 -127 -206 -330 -135 -128 -33 -74
Payment of Dividends		 -1,020 -1,237 1,151 -1,348 -1,510 -2,085 -2,248 -2,765 -3,464 -3,866 -4,092
Issuance of Debt		 5,382 1,403 2,703 4,900 3,977 7,825 3,598 4,116 5,755 4,506 3,461
Issuance of Common Equity		 2,446 42 33 177 18 919 75 13 21 73 71
Other Financing Activities, net		 -12 -8.57 1,082 -27 -22 -25 -19 -28 -25 -32 -24
Effect of Exchange Rate Changes		 - -0.34 16 -11 5.91 19 -40 -21 -22 -25 13

Quarterly Cash Flow Statements for Prologis

This table details how cash moves in and out of Prologis' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 206 -141 -30 98 183 538 -647 395 120 -40 -332
Net Cash From Operating Activities		 1,969 1,074 1,055 1,086 1,435 1,335 1,161 1,242 1,448 1,158 1,288
Net Cash From Continuing Operating Activities		 1,969 1,074 1,055 1,086 1,435 1,335 1,161 1,242 1,448 1,158 1,288
Net Income / (Loss) Continuing Operations		 799 676 631 912 1,063 1,342 640 622 821 1,482 1,045
Consolidated Net Income / (Loss)		 799 676 631 912 1,063 1,342 640 622 821 1,482 1,045
Depreciation Expense		 642 638 638 637 649 656 652 657 648 669 732
Amortization Expense		 -154 -127 -141 -124 -147 -154 -160 -166 -141 -139 -145
Non-Cash Adjustments To Reconcile Net Income		 561 31 73 -231 -233 -534 132 158 32 -707 -212
Changes in Operating Assets and Liabilities, net		 121 -143 -145 -107 101 25 -103 -30 88 -146 -131
Net Cash From Investing Activities		 -699 -1,207 -1,084 -624 -1,711 320 -1,551 -1,035 -1,070 25 -401
Net Cash From Continuing Investing Activities		 -699 -1,207 -1,084 -624 -1,711 320 -1,551 -1,035 -1,070 25 -401
Purchase of Property, Plant & Equipment		 -200 -547 -126 -399 -1,295 -507 -780 -374 -93 -554 -223
Sale of Property, Plant & Equipment		 536 454 200 851 738 2,001 157 99 85 1,905 624
Sale and/or Maturity of Investments		 26 86 12 18 37 7.50 33 31 17 28 263
Other Investing Activities, net		 -1,055 -1,194 -1,169 -1,093 -1,191 -1,180 -961 -781 -893 -1,348 -1,065
Net Cash From Financing Activities		 -1,048 -84 2.39 -356 445 -1,092 -276 182 -252 -1,218 -1,158
Net Cash From Continuing Financing Activities		 -1,051 -14 2.39 -356 445 -1,093 -276 182 -252 -1,218 -1,206
Repayment of Debt		 -412 759 -860 -528 136 -398 228 -38 -427 -669 -168
Repurchase of Common Equity		 -13 69 -13 -7.42 -9.22 -4.30 -6.65 -37 -7.39 -23 -65
Payment of Dividends		 -866 -866 -962 -984 -959 -961 -1,015 -1,015 -1,023 -1,038 -1,081
Issuance of Debt		 242 8.12 1,858 1,159 1,267 222 520 1,258 1,177 505 162
Issuance of Common Equity		 0.06 19 1.27 4.76 15 52 13 13 33 11 13
Other Financing Activities, net		 -1.34 -4.72 -22 -0.21 -4.97 -3.63 -15 0.00 -3.34 -5.19 -66
Effect of Exchange Rate Changes		 -13 6.39 -3.58 -9.06 14 -26 18 6.27 -5.97 -5.45 -14

Annual Balance Sheets for Prologis

This table presents Prologis' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 31,395 30,250 29,481 38,418 40,032 56,065 58,486 87,897 93,021 95,329 98,724
Total Current Assets		 878 1,162 823 344 1,089 598 556 278 530 1,319 1,146
Cash & Equivalents		 264 807 447 344 1,089 598 556 278 530 1,319 1,146
Plant, Property, & Equipment, net		 24,247 -3,758 -4,059 -4,657 -5,438 43,845 45,337 72,587 77,735 78,488 80,400
Plant, Property & Equipment, gross		 27,521 - - - - 50,384 53,005 81,623 88,667 91,246 95,129
Accumulated Depreciation		 3,274 3,758 4,059 4,657 5,438 6,539 7,668 9,036 10,931 12,758 14,729
Total Noncurrent Assets		 6,270 32,847 32,717 42,730 44,381 11,622 12,593 15,032 14,755 15,522 17,178
Long-Term Investments		 4,756 4,230 5,496 5,745 6,237 7,602 8,611 9,699 9,544 10,079 11,094
Other Noncurrent Operating Assets		 1,515 28,616 27,221 36,363 37,423 2,949 3,312 4,801 4,750 5,194 5,881
Other Noncurrent Nonoperating Assets		 - - - 622 721 1,071 670 531 462 249 203
Total Liabilities & Shareholders' Equity		 31,395 30,250 29,481 38,418 40,032 56,065 58,486 87,897 93,021 95,329 98,724
Total Liabilities		 12,974 11,792 10,775 12,617 13,960 19,740 20,744 30,034 35,197 36,712 40,970
Total Current Liabilities		 713 556 703 761 0.00 1,143 1,253 1,712 1,766 1,769 1,964
Accounts Payable		 713 556 703 761 - 1,143 1,253 1,712 1,766 1,769 1,964
Total Noncurrent Liabilities		 12,261 11,236 10,073 11,856 13,960 18,597 19,491 28,322 33,431 34,943 39,007
Long-Term Debt		 11,627 10,608 9,413 11,090 11,906 16,849 17,715 23,876 29,001 30,879 35,037
Other Noncurrent Operating Liabilities		 634 627 660 766 2,054 1,748 1,776 4,447 4,431 4,064 3,970
Total Equity & Noncontrolling Interests		 18,421 18,458 18,706 25,801 26,072 36,325 37,742 57,863 57,824 58,617 57,754
Total Preferred & Common Equity		 14,668 14,991 15,631 22,298 22,653 31,972 33,427 53,237 53,182 53,951 53,193
Preferred Stock		 78 78 69 69 69 64 64 64 64 64 64
Total Common Equity		 14,584 14,908 15,557 22,229 22,578 31,900 33,356 53,164 53,109 53,878 53,120
Common Stock		 19,302 19,455 19,363 25,692 25,719 35,489 35,562 54,065 54,250 54,464 54,699
Retained Earnings		 -3,926 -3,610 -2,904 -2,378 -2,151 -2,395 -1,328 -458 -627 -466 -902
Accumulated Other Comprehensive Income / (Loss)		 -791 -937 -902 -1,085 -990 -1,194 -878 -444 -514 -120 -676
Noncontrolling Interest		 3,753 3,467 3,075 3,503 3,419 4,353 4,315 4,626 4,642 4,666 4,561

Quarterly Balance Sheets for Prologis

This table presents Prologis' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 92,392 91,949 93,021 93,310 93,537 95,905 95,329 95,993 97,717 98,341 98,133
Total Current Assets		 531 741 530 501 598 781 1,319 671 1,066 1,186 861
Cash & Equivalents		 531 741 530 501 598 781 1,319 671 1,066 1,186 861
Plant, Property, & Equipment, net		 76,573 76,582 77,735 77,997 77,865 79,761 78,488 79,451 80,505 80,692 79,943
Plant, Property & Equipment, gross		 86,550 87,022 88,667 89,428 89,734 92,094 91,246 92,741 94,333 95,037 95,241
Accumulated Depreciation		 9,977 10,439 10,931 11,431 11,869 12,333 12,758 13,291 13,827 14,345 15,298
Total Noncurrent Assets		 15,288 14,626 14,755 14,813 15,074 15,364 15,522 15,872 16,146 16,463 17,329
Long-Term Investments		 9,931 9,092 9,544 9,691 9,765 10,093 10,079 10,287 10,618 10,543 11,242
Other Noncurrent Operating Assets		 4,740 4,737 4,750 4,739 4,794 4,945 5,194 5,039 5,274 5,561 5,588
Other Noncurrent Nonoperating Assets		 617 798 462 383 516 326 249 546 253 359 500
Total Liabilities & Shareholders' Equity		 92,392 91,949 93,021 93,310 93,537 95,905 95,329 95,993 97,717 98,341 98,133
Total Liabilities		 34,314 33,689 35,197 35,513 35,614 38,241 36,712 37,918 40,410 41,129 40,185
Total Current Liabilities		 1,582 1,721 1,766 1,752 1,648 1,808 1,769 1,620 1,628 1,847 1,681
Accounts Payable		 1,582 1,721 1,766 1,752 1,648 1,808 1,769 1,620 1,628 1,847 1,681
Total Noncurrent Liabilities		 32,732 31,967 33,431 33,761 33,966 36,433 34,943 36,298 38,782 39,282 38,504
Long-Term Debt		 28,129 27,578 29,001 29,558 29,905 32,290 30,879 32,262 34,667 35,303 34,670
Other Noncurrent Operating Liabilities		 4,603 4,389 4,431 4,203 4,062 4,143 4,064 4,036 4,116 3,979 3,834
Total Equity & Noncontrolling Interests		 58,078 58,261 57,824 57,797 57,923 57,664 58,617 58,075 57,307 57,212 57,948
Total Preferred & Common Equity		 53,466 53,636 53,182 53,191 53,345 53,072 53,951 53,467 52,729 52,636 53,503
Preferred Stock		 64 64 64 64 64 64 64 64 64 64 64
Total Common Equity		 53,392 53,563 53,109 53,117 53,272 52,999 53,878 53,394 52,655 52,562 53,430
Common Stock		 54,116 54,198 54,250 54,336 54,393 54,423 54,464 54,556 54,604 54,659 54,831
Retained Earnings		 -391 -449 -627 -933 -965 -852 -466 -813 -1,183 -1,360 -921
Accumulated Other Comprehensive Income / (Loss)		 -332 -186 -514 -285 -156 -572 -120 -350 -766 -736 -479
Noncontrolling Interest		 4,612 4,625 4,642 4,606 4,578 4,592 4,666 4,608 4,578 4,577 4,445

Annual Metrics And Ratios for Prologis

This table displays calculated financial ratios and metrics derived from Prologis' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 24.78% 15.30% 3.36% 7.12% 18.76% 33.27% 7.23% 25.51% 34.31% 2.22% 7.18%
EBITDA Growth		 18.80% 13.31% 23.21% -2.74% 6.56% 17.48% 41.66% 9.71% 8.78% 15.64% -3.71%
EBIT Growth		 11.72% 22.47% 32.50% -4.72% 0.69% 6.56% 72.71% 9.99% 2.31% 21.86% -5.45%
NOPAT Growth		 11.96% 72.90% 195.53% -13.93% 8.63% 10.64% 54.98% 9.92% 4.24% 21.68% -2.71%
Net Income Growth		 25.19% 39.66% 36.24% 3.52% -6.64% -5.01% 94.76% 12.92% -8.50% 21.36% -9.69%
EPS Growth		 32.26% 38.41% 34.80% -6.21% -14.29% -18.29% 96.02% 7.87% -22.59% 21.88% -11.22%
Operating Cash Flow Growth		 486.28% 1,250.45% 0.00% 0.00% 25.53% 29.72% 2.01% 37.73% 30.21% -8.58% 1.96%
Free Cash Flow Firm Growth		 -557.12% 132.11% 137.90% -278.17% 130.09% -694.42% 111.00% -1,785.63% 92.92% 269.78% -39.33%
Invested Capital Growth		 27.42% -3.83% -7.90% 38.23% -0.82% 46.68% 3.91% 56.14% 7.10% 2.05% 3.21%
Revenue Q/Q Growth		 9.59% -0.90% -0.01% 7.15% 0.57% 6.88% 3.61% 8.63% 1.75% 3.95% 0.60%
EBITDA Q/Q Growth		 -26.98% 2.43% 35.63% 11.99% -6.26% -0.33% 28.19% -10.49% 3.07% 12.53% 2.48%
EBIT Q/Q Growth		 -15.76% 22.65% -5.91% 18.22% -9.67% -5.82% 47.10% -16.40% 3.52% 19.29% 3.00%
NOPAT Q/Q Growth		 7.90% 9.44% 151.75% -30.29% -2.74% -5.02% 32.43% -10.30% -0.52% 15.31% 5.30%
Net Income Q/Q Growth		 -24.54% 35.69% -6.77% 23.90% -13.44% -6.82% 46.06% -16.07% 1.75% 20.30% 4.09%
EPS Q/Q Growth		 -28.07% 36.75% -8.66% 17.14% -13.07% -10.27% 49.24% -21.15% 4.78% 21.15% 3.49%
Operating Cash Flow Q/Q Growth		 -92.59% 53.86% 0.00% 0.00% 3.98% -0.43% 3.90% 15.75% -3.64% 5.61% -3.42%
Free Cash Flow Firm Q/Q Growth		 33.51% 50.88% 119.70% -126.60% 129.93% -6.76% 530.30% -2,391.07% 93.40% 1,978.90% -27.59%
Invested Capital Q/Q Growth		 0.21% -1.77% -50.40% 42.95% 0.83% 2.10% 1.19% 48.91% 1.44% -1.15% -0.10%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 75.23% 77.54% 78.25% 78.58% 77.95% 78.55% 78.12% 79.82% 79.75% 78.48% 77.66%
EBITDA Margin		 90.93% 89.36% 106.53% 96.73% 86.79% 76.51% 101.08% 88.35% 71.56% 80.95% 72.73%
Operating Margin		 17.30% 26.39% 74.63% 60.19% 55.54% 47.74% 67.38% 58.05% 46.21% 53.84% 49.58%
EBIT Margin		 53.57% 56.90% 72.95% 64.89% 55.01% 43.99% 70.85% 62.09% 47.30% 56.39% 49.74%
Profit (Net Income) Margin		 42.12% 51.03% 67.26% 65.00% 51.10% 36.42% 66.15% 59.52% 40.55% 48.14% 40.56%
Tax Burden Percent		 97.57% 95.95% 96.99% 96.64% 95.81% 92.53% 94.76% 96.33% 93.91% 95.94% 94.59%
Interest Burden Percent		 80.59% 93.45% 95.06% 103.66% 96.95% 89.48% 98.53% 99.51% 91.28% 88.98% 86.20%
Effective Tax Rate		 2.43% 4.05% 3.01% 3.36% 4.19% 7.47% 5.24% 3.67% 6.09% 4.06% 5.41%
Return on Invested Capital (ROIC)		 1.69% 2.65% 8.32% 6.27% 5.90% 5.31% 6.79% 5.72% 4.72% 5.50% 5.21%
ROIC Less NNEP Spread (ROIC-NNEP)		 12.36% 14.00% 5.12% 11.38% 4.19% -0.71% 8.21% 7.74% 3.28% 3.97% 2.55%
Return on Net Nonoperating Assets (RNNOA)		 3.82% 4.36% 1.15% 1.92% 0.67% -0.13% 1.71% 1.72% 0.90% 1.28% 0.92%
Return on Equity (ROE)		 5.51% 7.01% 9.48% 8.19% 6.56% 5.18% 8.50% 7.44% 5.62% 6.78% 6.13%
Cash Return on Invested Capital (CROIC)		 -22.43% 6.55% 16.55% -25.82% 6.72% -32.54% 2.95% -38.12% -2.14% 3.47% 2.05%
Operating Return on Assets (OROA)		 4.11% 4.68% 6.39% 5.36% 4.67% 4.06% 5.89% 5.07% 4.20% 4.91% 4.51%
Return on Assets (ROA)		 3.24% 4.19% 5.90% 5.37% 4.34% 3.36% 5.50% 4.86% 3.60% 4.19% 3.67%
Return on Common Equity (ROCE)		 4.67% 5.61% 7.77% 6.95% 5.67% 4.52% 7.49% 6.73% 5.17% 6.23% 5.63%
Return on Equity Simple (ROE_SIMPLE)		 6.31% 8.62% 11.27% 8.18% 7.51% 5.06% 9.42% 6.68% 6.12% 7.32% 0.00%
Net Operating Profit after Tax (NOPAT)		 371 641 1,895 1,631 1,772 1,961 3,039 3,340 3,482 4,237 4,122
NOPAT Margin		 16.88% 25.32% 72.39% 58.17% 53.21% 44.17% 63.85% 55.92% 43.40% 51.66% 46.89%
Net Nonoperating Expense Percent (NNEP)		 -10.68% -11.35% 3.21% -5.11% 1.71% 6.02% -1.42% -2.02% 1.44% 1.53% 2.66%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 4.09% 4.01% 4.73% 4.44%
Cost of Revenue to Revenue		 24.77% 22.46% 21.75% 21.42% 22.05% 21.45% 21.88% 20.18% 20.25% 21.52% 22.34%
SG&A Expenses to Revenue		 12.92% 9.33% 9.29% 9.01% 8.40% 6.87% 6.63% 6.22% 5.53% 5.68% 5.86%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 57.93% 51.16% 3.61% 18.39% 22.42% 30.81% 10.74% 21.77% 33.54% 24.63% 28.08%
Earnings before Interest and Taxes (EBIT)		 1,177 1,441 1,910 1,820 1,832 1,953 3,372 3,709 3,795 4,625 4,373
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,998 2,264 2,789 2,713 2,891 3,396 4,811 5,278 5,741 6,639 6,393
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.22 1.53 1.86 1.44 2.22 2.11 3.48 1.84 2.25 1.82 2.23
Price to Tangible Book Value (P/TBV)		 1.22 1.53 1.86 1.44 2.22 2.11 3.48 1.84 2.25 1.82 2.23
Price to Revenue (P/Rev)		 8.09 9.01 11.05 11.44 15.07 15.18 24.41 16.41 14.87 11.94 13.49
Price to Earnings (P/E)		 20.60 18.97 17.62 19.53 32.04 45.75 39.60 29.18 39.07 26.28 35.69
Dividend Yield		 4.48% 3.89% 3.24% 3.77% 2.67% 2.54% 1.60% 2.98% 2.70% 3.63% 3.16%
Earnings Yield		 4.85% 5.27% 5.67% 5.12% 3.12% 2.19% 2.53% 3.43% 2.56% 3.81% 2.80%
Enterprise Value to Invested Capital (EV/IC)		 1.14 1.35 1.63 1.35 1.95 1.83 2.83 1.64 1.87 1.57 1.82
Enterprise Value to Revenue (EV/Rev)		 12.84 12.61 13.58 14.50 17.49 18.13 27.12 19.52 17.81 14.89 16.61
Enterprise Value to EBITDA (EV/EBITDA)		 14.12 14.11 12.75 14.99 20.16 23.69 26.84 22.09 24.89 18.39 22.84
Enterprise Value to EBIT (EV/EBIT)		 23.97 22.16 18.61 22.35 31.80 41.21 38.28 31.44 37.66 26.40 33.39
Enterprise Value to NOPAT (EV/NOPAT)		 76.07 49.81 18.76 24.93 32.88 41.04 42.48 34.91 41.04 28.82 35.42
Enterprise Value to Operating Cash Flow (EV/OCF)		 268.89 22.54 0.00 22.55 25.74 27.40 43.09 28.26 26.60 24.86 29.15
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 20.16 9.43 0.00 28.84 0.00 97.71 0.00 0.00 45.64 89.94
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.63 0.57 0.50 0.43 0.46 0.46 0.47 0.41 0.50 0.53 0.61
Long-Term Debt to Equity		 0.63 0.57 0.50 0.43 0.46 0.46 0.47 0.41 0.50 0.53 0.61
Financial Leverage		 0.31 0.31 0.23 0.17 0.16 0.18 0.21 0.22 0.28 0.32 0.36
Leverage Ratio		 1.70 1.67 1.61 1.53 1.51 1.54 1.55 1.53 1.56 1.62 1.67
Compound Leverage Factor		 1.37 1.56 1.53 1.58 1.47 1.38 1.52 1.52 1.43 1.44 1.44
Debt to Total Capital		 38.69% 36.50% 33.48% 30.06% 31.35% 31.69% 31.94% 29.21% 33.40% 34.50% 37.76%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 38.69% 36.50% 33.48% 30.06% 31.35% 31.69% 31.94% 29.21% 33.40% 34.50% 37.76%
Preferred Equity to Total Capital		 0.26% 0.27% 0.25% 0.19% 0.18% 0.12% 0.12% 0.08% 0.07% 0.07% 0.07%
Noncontrolling Interests to Total Capital		 12.49% 11.93% 10.93% 9.50% 9.00% 8.19% 7.78% 5.66% 5.35% 5.21% 4.92%
Common Equity to Total Capital		 48.54% 51.29% 55.33% 60.26% 59.45% 59.99% 60.15% 65.04% 61.17% 60.20% 57.25%
Debt to EBITDA		 5.82 4.69 3.37 4.09 4.12 4.96 3.68 4.52 5.05 4.65 5.48
Net Debt to EBITDA		 3.31 2.46 1.24 1.84 1.58 2.55 1.78 2.63 3.30 2.93 3.57
Long-Term Debt to EBITDA		 5.82 4.69 3.37 4.09 4.12 4.96 3.68 4.52 5.05 4.65 5.48
Debt to NOPAT		 31.35 16.54 4.97 6.80 6.72 8.59 5.83 7.15 8.33 7.29 8.50
Net Debt to NOPAT		 17.81 8.69 1.83 3.07 2.58 4.41 2.81 4.16 5.44 4.60 5.53
Long-Term Debt to NOPAT		 31.35 16.54 4.97 6.80 6.72 8.59 5.83 7.15 8.33 7.29 8.50
Altman Z-Score		 0.85 1.26 1.78 1.66 2.35 2.17 3.59 2.14 2.23 1.83 1.95
Noncontrolling Interest Sharing Ratio		 15.26% 20.03% 18.03% 15.10% 13.62% 12.69% 11.90% 9.50% 8.14% 8.12% 8.05%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.23 2.09 1.17 0.45 0.00 0.52 0.44 0.16 0.30 0.75 0.58
Quick Ratio		 0.70 1.51 0.68 0.45 0.00 0.52 0.44 0.16 0.30 0.75 0.58
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -4,934 1,584 3,769 -6,715 2,021 -12,011 1,321 -22,270 -1,576 2,675 1,623
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 963.03% 220.99% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -12.73 5.27 10.99 -28.98 7.89 -23.89 2.91 -67.64 -2.47 3.10 1.61
Operating Cash Flow to Interest Expense		 0.27 4.71 0.00 7.78 8.84 5.84 6.60 12.53 8.42 5.69 4.98
Operating Cash Flow Less CapEx to Interest Expense		 7.27 12.25 0.00 13.44 14.02 7.92 10.80 11.23 4.61 7.38 5.42
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.08 0.08 0.09 0.08 0.08 0.09 0.08 0.08 0.09 0.09 0.09
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.10 0.00 0.00 0.00 0.00 0.00 0.11 0.10 0.11 0.11 0.11
Accounts Payable Turnover		 0.81 0.90 0.90 0.82 0.00 0.00 0.87 0.81 0.93 1.00 1.05
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 449.63 407.08 403.43 444.61 0.00 0.00 419.94 448.73 390.65 365.47 346.85
Cash Conversion Cycle (CCC)		 -449.63 -407.08 -403.43 -444.61 0.00 0.00 -419.94 -448.73 -390.65 -365.47 -346.85
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 24,650 23,707 21,833 30,179 29,931 43,903 45,621 71,230 76,288 77,849 80,348
Invested Capital Turnover		 0.10 0.10 0.12 0.11 0.11 0.12 0.11 0.10 0.11 0.11 0.11
Increase / (Decrease) in Invested Capital		 5,305 -943 -1,874 8,346 -249 13,972 1,718 25,610 5,058 1,561 2,499
Enterprise Value (EV)		 28,214 31,941 35,547 40,667 58,268 80,466 129,093 116,602 142,913 122,108 146,001
Market Capitalization		 17,776 22,825 28,934 32,095 50,200 67,400 116,166 98,013 119,281 97,897 118,579
Book Value per Share		 $27.82 $28.20 $29.24 $35.31 $35.74 $43.15 $45.12 $57.59 $57.48 $58.17 $57.19
Tangible Book Value per Share		 $27.82 $28.20 $29.24 $35.31 $35.74 $43.15 $45.12 $57.59 $57.48 $58.17 $57.19
Total Capital		 30,048 29,066 28,118 36,891 37,978 53,174 55,457 81,739 86,824 89,496 92,791
Total Debt		 11,627 10,608 9,413 11,090 11,906 16,849 17,715 23,876 29,001 30,879 35,037
Total Long-Term Debt		 11,627 10,608 9,413 11,090 11,906 16,849 17,715 23,876 29,001 30,879 35,037
Net Debt		 6,607 5,571 3,469 5,001 4,580 8,649 8,548 13,899 18,926 19,481 22,797
Capital Expenditures (CapEx)		 -2,712 -2,266 0.00 -1,311 -1,326 -1,043 -1,902 428 2,431 -1,463 -446
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -99 -202 -326 -761 0.00 -1,143 -1,253 -1,712 -1,766 -1,769 -1,964
Debt-free Net Working Capital (DFNWC)		 165 605 121 -417 1,089 -545 -697 -1,433 -1,236 -451 -818
Net Working Capital (NWC)		 165 605 121 -417 1,089 -545 -697 -1,433 -1,236 -451 -818
Net Nonoperating Expense (NNE)		 -555 -651 134 -192 70 344 -110 -215 229 289 557
Net Nonoperating Obligations (NNO)		 6,229 5,248 3,127 4,378 3,859 7,578 7,878 13,367 18,464 19,233 22,594
Total Depreciation and Amortization (D&A)		 821 822 879 893 1,058 1,444 1,438 1,569 1,946 2,015 2,021
Debt-free, Cash-free Net Working Capital to Revenue		 -4.52% -7.97% -12.47% -27.12% 0.00% -25.76% -26.32% -28.66% -22.01% -21.57% -22.34%
Debt-free Net Working Capital to Revenue		 7.50% 23.90% 4.60% -14.86% 32.69% -12.28% -14.64% -24.00% -15.40% -5.50% -9.31%
Net Working Capital to Revenue		 7.50% 23.90% 4.60% -14.86% 32.69% -12.28% -14.64% -24.00% -15.40% -5.50% -9.31%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $2.29 $3.10 $2.90 $2.48 $2.02 $3.97 $4.28 $3.30 $4.02 $3.58
Adjusted Weighted Average Basic Shares Outstanding		 0.00 526.10M 530.40M 567.37M 630.58M 728.32M 739.36M 785.68M 924.35M 926.17M 928.47M
Adjusted Diluted Earnings per Share		 $0.00 $2.27 $3.06 $2.87 $2.46 $2.01 $3.94 $4.25 $3.29 $4.01 $3.56
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 546.67M 552.30M 590.24M 654.90M 754.41M 764.76M 811.61M 951.79M 953.59M 956.83M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 529.35M 533.05M 630.35M 738.74M 739.50M 740M 923.43M 924.88M 926.86M 929.56M
Normalized Net Operating Profit after Tax (NOPAT)		 371 641 1,578 1,177 1,324 1,530 2,265 2,765 3,048 3,840 3,878
Normalized NOPAT Margin		 16.88% 25.32% 60.26% 41.98% 39.76% 34.48% 47.58% 46.28% 37.99% 46.82% 44.12%
Pre Tax Income Margin		 43.18% 53.18% 69.35% 67.26% 53.33% 39.36% 69.82% 61.78% 43.18% 50.17% 42.88%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.04 4.79 5.57 7.85 7.16 3.88 7.43 11.27 5.95 5.36 4.35
NOPAT to Interest Expense		 0.96 2.13 5.53 7.04 6.92 3.90 6.70 10.15 5.46 4.91 4.10
EBIT Less CapEx to Interest Expense		 10.03 12.33 5.57 13.51 12.33 5.96 11.63 9.97 2.14 7.05 4.79
NOPAT Less CapEx to Interest Expense		 7.95 9.67 5.53 12.70 12.10 5.97 10.89 8.84 1.65 6.60 4.54
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 110.26% 95.70% 0.00% 73.96% 88.73% 128.95% 71.39% 77.76% 106.47% 97.93% 114.77%
Augmented Payout Ratio		 113.99% 97.50% 0.00% 79.08% 96.22% 141.69% 81.87% 81.55% 110.42% 98.80% 116.83%

Quarterly Metrics And Ratios for Prologis

This table displays calculated financial ratios and metrics derived from Prologis' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 929,559,000.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 929,559,000.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.05
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 9.35% 7.86% 10.63% -18.08% 6.36% 16.48% 9.36% 8.76% 8.72% 2.37% 7.39%
EBITDA Growth		 -1.24% 14.74% 20.35% -17.58% 19.31% 55.57% 4.59% -18.58% -9.75% 7.47% 37.54%
EBIT Growth		 -12.58% 18.68% 33.40% -26.25% 27.68% 91.27% 8.02% -25.52% -14.16% 8.14% 48.29%
NOPAT Growth		 -5.01% -2.85% 25.86% -26.50% 48.55% 73.73% 20.13% -9.98% -29.24% 15.41% 40.76%
Net Income Growth		 -25.26% 9.00% 26.51% -28.76% 33.07% 98.58% 1.38% -31.73% -22.77% 10.43% 63.37%
EPS Growth		 -41.18% 28.30% 26.00% -29.77% 35.00% 102.94% 0.00% -33.70% -24.07% 8.70% 66.67%
Operating Cash Flow Growth		 63.65% -15.90% -5.28% -10.59% -27.14% 24.29% 9.98% 14.29% 0.90% -13.27% 10.97%
Free Cash Flow Firm Growth		 -1,319.88% 82.72% 82.54% 96.78% 91.33% 94.72% 72.12% -161.75% 65.60% -323.17% 98.05%
Invested Capital Growth		 57.22% 7.10% 7.11% 2.42% 4.71% 2.05% 2.67% 4.01% 2.12% 3.21% 1.50%
Revenue Q/Q Growth		 -21.88% -1.33% 3.57% 2.62% 1.42% 8.07% -2.77% 2.07% 1.37% 1.75% 2.00%
EBITDA Q/Q Growth		 -24.68% -7.47% -3.76% 22.88% 9.03% 20.64% -35.29% -4.34% 20.85% 43.65% -17.18%
EBIT Q/Q Growth		 -33.93% -13.76% -4.33% 35.28% 14.38% 29.20% -45.97% -6.72% 31.82% 62.76% -25.91%
NOPAT Q/Q Growth		 -36.91% -8.40% -10.88% 42.71% 27.51% 7.13% -38.37% 6.93% 0.24% 74.72% -24.84%
Net Income Q/Q Growth		 -37.54% -15.42% -6.67% 44.50% 16.67% 26.21% -52.35% -2.69% 31.97% 80.48% -29.51%
EPS Q/Q Growth		 -38.93% -15.00% -7.35% 46.03% 17.39% 27.78% -54.35% -3.17% 34.43% 82.93% -30.00%
Operating Cash Flow Q/Q Growth		 62.06% -45.44% -1.76% 2.94% 32.07% -6.93% -13.08% 6.98% 16.59% -20.00% 11.22%
Free Cash Flow Firm Q/Q Growth		 -1.40% 83.83% -2.90% 80.89% -172.70% 90.15% -443.51% -79.37% 64.16% -21.12% 97.49%
Invested Capital Q/Q Growth		 0.11% 1.44% 0.65% 0.22% 2.35% -1.15% 1.26% 1.53% 0.49% -0.10% -0.41%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 78.27% 78.39% 76.78% 77.83% 79.01% 80.08% 77.18% 77.66% 78.11% 77.66% 77.36%
EBITDA Margin		 75.10% 70.42% 65.44% 78.36% 84.25% 94.05% 62.59% 58.67% 69.94% 98.74% 80.17%
Operating Margin		 46.07% 44.19% 36.82% 50.96% 61.43% 64.58% 41.05% 41.79% 42.47% 72.20% 52.71%
EBIT Margin		 49.62% 43.37% 40.06% 52.81% 59.57% 71.22% 39.57% 36.17% 47.03% 75.23% 54.65%
Profit (Net Income) Margin		 41.74% 35.78% 32.24% 45.39% 52.22% 60.99% 29.89% 28.50% 37.10% 65.80% 45.47%
Tax Burden Percent		 95.09% 92.03% 95.06% 95.49% 99.61% 93.92% 93.65% 96.38% 93.77% 94.72% 95.61%
Interest Burden Percent		 88.45% 89.63% 84.65% 90.01% 88.02% 91.18% 80.65% 81.75% 84.11% 92.34% 87.03%
Effective Tax Rate		 4.91% 7.97% 4.94% 4.51% 0.39% 6.08% 6.35% 3.62% 6.23% 5.28% 4.39%
Return on Invested Capital (ROIC)		 5.62% 4.42% 3.87% 4.97% 6.27% 6.46% 4.14% 4.39% 4.37% 7.60% 5.68%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.30% 3.84% 3.55% 4.61% 5.31% 6.49% 3.22% 3.16% 4.10% 7.32% 5.15%
Return on Net Nonoperating Assets (RNNOA)		 1.36% 1.06% 1.02% 1.43% 1.74% 2.10% 1.10% 1.15% 1.58% 2.63% 1.90%
Return on Equity (ROE)		 6.98% 5.48% 4.89% 6.40% 8.01% 8.56% 5.25% 5.54% 5.95% 10.23% 7.58%
Cash Return on Invested Capital (CROIC)		 -38.80% -2.14% -1.99% 1.91% 0.17% 3.47% 2.99% 1.52% 2.82% 2.05% 4.12%
Operating Return on Assets (OROA)		 5.12% 3.85% 3.62% 4.41% 5.00% 6.20% 3.51% 3.24% 4.23% 6.82% 5.04%
Return on Assets (ROA)		 4.31% 3.17% 2.91% 3.79% 4.39% 5.31% 2.65% 2.55% 3.34% 5.96% 4.19%
Return on Common Equity (ROCE)		 6.33% 5.04% 4.49% 5.89% 7.37% 7.86% 4.82% 5.09% 5.47% 9.41% 6.98%
Return on Equity Simple (ROE_SIMPLE)		 5.96% 0.00% 6.36% 5.66% 6.18% 0.00% 7.40% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 839 768 685 977 1,246 1,335 823 880 882 1,541 1,158
NOPAT Margin		 43.81% 40.67% 35.00% 48.67% 61.19% 60.66% 38.45% 40.28% 39.83% 68.39% 50.39%
Net Nonoperating Expense Percent (NNEP)		 0.32% 0.58% 0.33% 0.36% 0.96% -0.04% 0.92% 1.23% 0.27% 0.28% 0.53%
Return On Investment Capital (ROIC_SIMPLE)		 - 0.89% - - - 1.49% 0.91% 0.96% 0.95% 1.66% 1.25%
Cost of Revenue to Revenue		 21.73% 21.61% 23.22% 22.17% 20.99% 19.92% 22.82% 22.34% 21.89% 22.34% 22.64%
SG&A Expenses to Revenue		 5.69% 6.35% 6.31% 5.88% 5.59% 5.02% 5.81% 5.43% 5.39% 6.78% 5.96%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 32.20% 34.20% 39.97% 26.86% 17.58% 15.49% 36.12% 35.86% 35.64% 5.46% 24.65%
Earnings before Interest and Taxes (EBIT)		 950 819 784 1,060 1,213 1,567 847 790 1,041 1,695 1,256
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,438 1,330 1,281 1,574 1,716 2,070 1,339 1,281 1,548 2,224 1,842
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.88 2.25 2.25 1.95 2.21 1.82 1.94 1.85 2.02 2.23 2.30
Price to Tangible Book Value (P/TBV)		 1.88 2.25 2.25 1.95 2.21 1.82 1.94 1.85 2.02 2.23 2.30
Price to Revenue (P/Rev)		 12.76 14.87 14.53 13.39 14.82 11.94 12.36 11.39 12.16 13.49 13.73
Price to Earnings (P/E)		 33.44 39.07 37.58 36.88 37.99 26.28 27.76 28.33 33.20 35.69 33.11
Dividend Yield		 3.12% 2.70% 2.77% 3.26% 2.97% 3.63% 3.48% 3.75% 3.48% 3.16% 3.10%
Earnings Yield		 2.99% 2.56% 2.66% 2.71% 2.63% 3.81% 3.60% 3.53% 3.01% 2.80% 3.02%
Enterprise Value to Invested Capital (EV/IC)		 1.64 1.87 1.87 1.67 1.82 1.57 1.64 1.56 1.67 1.82 1.87
Enterprise Value to Revenue (EV/Rev)		 15.61 17.81 17.45 16.50 18.12 14.89 15.46 14.62 15.39 16.61 16.76
Enterprise Value to EBITDA (EV/EBITDA)		 22.09 24.89 24.06 22.80 24.24 18.39 19.35 19.54 21.56 22.84 21.74
Enterprise Value to EBIT (EV/EBIT)		 33.57 37.66 35.91 35.46 36.88 26.40 27.65 28.34 31.68 33.39 31.36
Enterprise Value to NOPAT (EV/NOPAT)		 35.16 41.04 39.57 39.19 38.92 28.82 29.60 29.25 34.36 35.42 33.65
Enterprise Value to Operating Cash Flow (EV/OCF)		 22.07 26.60 26.97 24.72 30.74 24.86 25.83 24.20 25.94 29.15 29.20
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 88.40 1,111.11 45.64 55.75 104.99 59.99 89.94 45.79
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.47 0.50 0.51 0.52 0.56 0.53 0.56 0.60 0.62 0.61 0.60
Long-Term Debt to Equity		 0.47 0.50 0.51 0.52 0.56 0.53 0.56 0.60 0.62 0.61 0.60
Financial Leverage		 0.26 0.28 0.29 0.31 0.33 0.32 0.34 0.36 0.39 0.36 0.37
Leverage Ratio		 1.56 1.56 1.58 1.60 1.62 1.62 1.63 1.66 1.69 1.67 1.67
Compound Leverage Factor		 1.38 1.40 1.34 1.44 1.43 1.48 1.32 1.36 1.42 1.54 1.46
Debt to Total Capital		 32.13% 33.40% 33.84% 34.05% 35.90% 34.50% 35.71% 37.69% 38.16% 37.76% 37.43%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 32.13% 33.40% 33.84% 34.05% 35.90% 34.50% 35.71% 37.69% 38.16% 37.76% 37.43%
Preferred Equity to Total Capital		 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%
Noncontrolling Interests to Total Capital		 5.39% 5.35% 5.27% 5.21% 5.11% 5.21% 5.10% 4.98% 4.95% 4.92% 4.80%
Common Equity to Total Capital		 62.40% 61.17% 60.81% 60.65% 58.92% 60.20% 59.11% 57.25% 56.81% 57.25% 57.69%
Debt to EBITDA		 4.95 5.05 4.96 5.32 5.47 4.65 4.82 5.41 5.66 5.48 5.03
Net Debt to EBITDA		 3.19 3.30 3.25 3.48 3.63 2.93 3.18 3.59 3.78 3.57 3.27
Long-Term Debt to EBITDA		 4.95 5.05 4.96 5.32 5.47 4.65 4.82 5.41 5.66 5.48 5.03
Debt to NOPAT		 7.88 8.33 8.16 9.14 8.79 7.29 7.37 8.10 9.02 8.50 7.78
Net Debt to NOPAT		 5.07 5.44 5.35 5.98 5.83 4.60 4.87 5.37 6.02 5.53 5.06
Long-Term Debt to NOPAT		 7.88 8.33 8.16 9.14 8.79 7.29 7.37 8.10 9.02 8.50 7.78
Altman Z-Score		 1.89 2.12 2.10 1.84 1.93 1.73 1.73 1.54 1.65 1.86 1.94
Noncontrolling Interest Sharing Ratio		 9.28% 8.14% 8.14% 8.05% 8.08% 8.12% 8.08% 8.07% 8.11% 8.05% 7.93%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.43 0.30 0.29 0.36 0.43 0.75 0.41 0.65 0.64 0.58 0.51
Quick Ratio		 0.43 0.30 0.29 0.36 0.43 0.75 0.41 0.65 0.64 0.58 0.51
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -26,534 -4,289 -4,414 -843 -2,300 -226 -1,231 -2,207 -791 -958 -24
Operating Cash Flow to CapEx		 0.00% 1,156.36% 0.00% 0.00% 257.92% 0.00% 186.42% 452.16% 17,650.91% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -146.55 -24.59 -22.89 -4.05 -9.99 -0.98 -5.31 -8.76 -3.06 -3.63 -0.09
Operating Cash Flow to Interest Expense		 10.88 6.16 5.47 5.22 6.24 5.75 5.01 4.93 5.61 4.39 5.03
Operating Cash Flow Less CapEx to Interest Expense		 12.73 5.63 5.86 7.38 3.82 12.18 2.32 3.84 5.57 9.51 6.59
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.10 0.09 0.09 0.08 0.08 0.09 0.09 0.09 0.09 0.09 0.09
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.13 0.11 0.11 0.10 0.10 0.11 0.11 0.11 0.11 0.11 0.11
Accounts Payable Turnover		 1.05 0.93 1.02 1.07 0.98 1.00 1.07 1.12 1.04 1.05 1.21
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 348.55 390.65 357.03 341.97 371.20 365.47 342.08 324.53 351.24 346.85 301.84
Cash Conversion Cycle (CCC)		 -348.55 -390.65 -357.03 -341.97 -371.20 -365.47 -342.08 -324.53 -351.24 -346.85 -301.84
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 75,209 76,288 76,780 76,949 78,754 77,849 78,834 80,036 80,427 80,348 80,015
Invested Capital Turnover		 0.13 0.11 0.11 0.10 0.10 0.11 0.11 0.11 0.11 0.11 0.11
Increase / (Decrease) in Invested Capital		 27,373 5,058 5,098 1,820 3,546 1,561 2,053 3,087 1,673 2,499 1,182
Enterprise Value (EV)		 123,064 142,913 143,327 128,165 142,997 122,108 129,589 125,168 134,496 146,001 149,945
Market Capitalization		 100,630 119,281 119,291 103,982 116,924 97,897 103,614 97,544 106,282 118,579 122,869
Book Value per Share		 $57.98 $57.48 $57.40 $57.54 $57.24 $58.17 $57.61 $56.75 $56.64 $57.19 $57.48
Tangible Book Value per Share		 $57.98 $57.48 $57.40 $57.54 $57.24 $58.17 $57.61 $56.75 $56.64 $57.19 $57.48
Total Capital		 85,839 86,824 87,355 87,828 89,954 89,496 90,337 91,973 92,515 92,791 92,618
Total Debt		 27,578 29,001 29,558 29,905 32,290 30,879 32,262 34,667 35,303 35,037 34,670
Total Long-Term Debt		 27,578 29,001 29,558 29,905 32,290 30,879 32,262 34,667 35,303 35,037 34,670
Net Debt		 17,746 18,926 19,366 19,541 21,416 19,481 21,304 22,982 23,574 22,797 22,567
Capital Expenditures (CapEx)		 -336 93 -73 -452 556 -1,494 623 275 8.20 -1,351 -401
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1,721 -1,766 -1,752 -1,648 -1,808 -1,769 -1,620 -1,628 -1,847 -1,964 -1,681
Debt-free Net Working Capital (DFNWC)		 -980 -1,236 -1,252 -1,050 -1,027 -451 -949 -562 -661 -818 -820
Net Working Capital (NWC)		 -980 -1,236 -1,252 -1,050 -1,027 -451 -949 -562 -661 -818 -820
Net Nonoperating Expense (NNE)		 40 92 54 66 183 -7.32 183 257 60 58 113
Net Nonoperating Obligations (NNO)		 16,948 18,464 18,983 19,026 21,090 19,233 20,758 22,729 23,215 22,594 22,067
Total Depreciation and Amortization (D&A)		 488 511 497 513 503 503 493 491 507 530 586
Debt-free, Cash-free Net Working Capital to Revenue		 -21.83% -22.01% -21.34% -21.21% -22.92% -21.57% -19.33% -19.02% -21.14% -22.34% -18.79%
Debt-free Net Working Capital to Revenue		 -12.43% -15.40% -15.25% -13.51% -13.02% -5.50% -11.32% -6.56% -7.57% -9.31% -9.16%
Net Working Capital to Revenue		 -12.43% -15.40% -15.25% -13.51% -13.02% -5.50% -11.32% -6.56% -7.57% -9.31% -9.16%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.81 $0.68 $0.63 $0.93 $1.08 $1.38 $0.64 $0.61 $0.82 $1.51 $1.05
Adjusted Weighted Average Basic Shares Outstanding		 924.40M 924.35M 925.32M 926.28M 926.43M 926.17M 927.34M 928.48M 928.85M 928.47M 931.26M
Adjusted Diluted Earnings per Share		 $0.80 $0.68 $0.63 $0.92 $1.08 $1.38 $0.63 $0.61 $0.82 $1.50 $1.05
Adjusted Weighted Average Diluted Shares Outstanding		 951.91M 951.79M 953.91M 953.20M 953.81M 953.59M 956.08M 955.88M 956.60M 956.83M 957.56M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 923.97M 924.88M 925.84M 925.91M 926.18M 926.86M 927.93M 928.06M 928.87M 929.56M 932.34M
Normalized Net Operating Profit after Tax (NOPAT)		 754 599 630 894 1,214 1,113 797 870 867 1,347 878
Normalized NOPAT Margin		 39.39% 31.69% 32.19% 44.52% 59.62% 50.55% 37.24% 39.82% 39.17% 59.79% 38.20%
Pre Tax Income Margin		 43.89% 38.87% 33.92% 47.54% 52.43% 64.94% 31.92% 29.57% 39.56% 69.47% 47.56%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.25 4.70 4.07 5.09 5.27 6.75 3.65 3.14 4.03 6.42 4.90
NOPAT to Interest Expense		 4.63 4.40 3.55 4.69 5.41 5.75 3.55 3.49 3.41 5.84 4.52
EBIT Less CapEx to Interest Expense		 7.10 4.16 4.45 7.26 2.85 13.18 0.97 2.05 4.00 11.54 6.47
NOPAT Less CapEx to Interest Expense		 6.49 3.87 3.93 6.86 3.00 12.18 0.86 2.40 3.38 10.96 6.09
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 105.72% 106.47% 105.18% 121.90% 114.91% 97.93% 99.05% 107.70% 117.20% 114.77% 104.71%
Augmented Payout Ratio		 116.26% 110.42% 109.65% 123.04% 115.83% 98.80% 99.75% 109.26% 118.82% 116.83% 108.04%

Financials Breakdown Chart

Key Financial Trends

Here are the top takeaways from Prologis (PLD) quarterly statements over the last four years, aimed at retail investors evaluating trends in revenue, profitability, cash flow, and the balance sheet. The bullets are organized to highlight positives first, then neutral points, then potential concerns.

  • Strong quarterly operating cash flow: In 2025, Net Cash From Continuing Operating Activities was approximately $1.45B in Q3 2025, and about $1.16B in Q4 2025, evidencing robust cash generation from core operations.
  • Net income and earnings per share showed strength in late 2025: Q4 2025 Consolidated Net Income / (Loss) attributable to common shareholders was around $1.398B, with quarterly earnings per share (diluted) near $1.50, signaling solid profitability per share versus earlier periods.
  • Asset recycling contributed sizable cash inflows: Q4 2025 included a substantial cash inflow from the sale of Property, Plant & Equipment of approximately $1.905B, indicating opportunistic asset turnover and potential liquidity benefits.
  • Dividend policy remains steady and investor-friendly: Cash dividends per share were around $1.01 per quarter, consistent with a regular, predictable payout for income-focused investors.
  • Large, durable balance sheet base supported by substantial assets: Total assets around $98.3B (Q3 2025), and Total Common Equity near $52.6B, illustrating a solid capital base to support ongoing operations and growth opportunities.
  • Debt load rising gradually: Long-Term Debt increased from roughly $32.3B in early 2025 to about $35.3B by Q3 2025, implying higher leverage and interest exposure that could influence future profitability if rates rise.
  • Liquidity remains manageable but not cash-heavy: Cash & Equivalents hovered around $1.0B–$1.3B during 2025, indicating solid liquidity but not a large cash cushion relative to the scale of liquidity risk in the sector.
  • Financing activities have been cash outflows: Net cash from financing activities was negative in several periods (e.g., around $-1.22B in Q4 2025), reflecting ongoing dividend payments and debt management rather than net new financing.
  • Working capital fluctuations occasionally weigh on cash flow from operations: Changes in Operating Assets and Liabilities were negative in multiple quarters (for example, around $-146.3M in Q4 2025), indicating working capital needs that can temper quarterly cash flow.
  • Interest expense remains meaningful as leverage rises: Interest expense in Q4 2025 was about $264M, highlighting ongoing interest costs in the context of higher debt levels.
  • Quarterly cash balance and cash flow mix can be volatile: The combination of asset sales, financing activities, and working capital swings led to net changes in cash that were negative in some quarters (e.g., net change in cash around $-40.4M in Q4 2025), suggesting liquidity sensitivity in certain periods.
05/19/26 06:30 AM ETAI Generated. May Contain Errors.

Prologis Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Prologis' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Prologis' net income appears to be on an upward trend, with a most recent value of $3.57 billion in 2025, rising from $925.52 million in 2015. The previous period was $3.95 billion in 2024. See where experts think Prologis is headed by visiting Prologis' forecast page.

Prologis' total operating income in 2025 was $4.36 billion, based on the following breakdown:
  • Total Gross Profit: $6.83 billion
  • Total Operating Expenses: $2.47 billion

Over the last 10 years, Prologis' total revenue changed from $2.20 billion in 2015 to $8.79 billion in 2025, a change of 300.1%.

Prologis' total liabilities were at $40.97 billion at the end of 2025, a 11.6% increase from 2024, and a 215.8% increase since 2015.

In the past 10 years, Prologis' cash and equivalents has ranged from $264.08 million in 2015 to $1.32 billion in 2024, and is currently $1.15 billion as of their latest financial filing in 2025.

Over the last 10 years, Prologis' book value per share changed from 27.82 in 2015 to 57.19 in 2025, a change of 105.6%.


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Financial statements for NYSE:PLD last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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