Prologis
PLD · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
Prologis reported revenue of $8.8B in the fiscal year ended Dec 2025, up 7.2% from the year before. Operating income was $4.4B, an operating margin of 49.6%, and net income was $3.3B. Net debt was $33.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4.8B | $6B | $8B | $8.2B | $8.8B |
| Operating income | $3.2B | $3.5B | $3.7B | $4.4B | $4.4B |
| Interest expense | $266M | $309M | $641M | $864M | $1B |
| Pre-tax income | $3.3B | $3.7B | $3.5B | $4.1B | $3.8B |
| Income tax | $174M | $135M | $211M | $167M | $204M |
| Net income | $2.9B | $3.4B | $3.1B | $3.7B | $3.3B |
| Diluted EPS | 3.94 | 4.25 | 3.29 | 4.01 | 3.56 |
| Diluted shares | 765M | 812M | 952M | 954M | 957M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $556M | $278M | $530M | $1.3B | $1.1B |
| Net PP&E | $118M | $120M | $208M | $212M | $222M |
| Total assets | $58.5B | $87.9B | $93B | $95.3B | $98.7B |
| Long-term debt | $215M | $23.9B | $29B | $30.9B | $35B |
| Total liabilities | $20.7B | $30B | $35.2B | $36.7B | $41B |
| Shareholders' equity | $33.4B | $53.2B | $53.2B | $54B | $53.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3B | $4.1B | $5.4B | $4.9B | $5B |
| Depreciation & amortisation | $1.6B | $1.8B | $2.5B | $2.6B | $2.6B |
| Stock-based compensation | $113M | $175M | $268M | $232M | $185M |
| Acquisitions | $0 | $92M | $33M | $0 | $0 |
| Dividends paid | $1.9B | $2.5B | $3.2B | $3.6B | $3.8B |
| Dividend per share | 0.00 | 0.02 | 0.00 | 0.01 | 0.03 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 25.5% | 34.3% | 2.2% | 7.2% |
| Operating income growth (YoY) | – | 8.1% | 6.9% | 19.1% | −1.3% |
| EPS growth (YoY) | – | 7.9% | −22.6% | 21.9% | −11.2% |
| Operating margin | 67.4% | 58.0% | 46.2% | 53.8% | 49.6% |
| Net margin | 61.8% | 56.3% | 38.1% | 45.5% | 37.9% |
| Return on equityBlank when equity is negative | 8.8% | 6.3% | 5.8% | 6.9% | 6.3% |
| Cash conversion (CFO ÷ net income) | 1.02x | 1.23x | 1.76x | 1.32x | 1.50x |
| Interest cover | 12.0x | 11.2x | 5.78x | 5.11x | 4.35x |
| Debt ÷ equity | 0.01x | 0.45x | 0.55x | 0.57x | 0.66x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$341M | $23.6B | $28.5B | $29.6B | $33.9B |
Recent filings
More in Real Estate Investment Trusts
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.