Prologis (PLD) Q4 FY2025 earnings: revenue $2.3 billion, up 2.4% on the year

Prologis, Inc. (PLD) reported revenue of $2.3 billion for Q4 FY2025, the quarter ended 31 December 2025, up 2.4% on the same quarter a year earlier. Net income was $1.4 billion, up 9.5% on the year, and diluted earnings per share $1.49. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue

$2.3 billion

+2.4% on the year · +1.8% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

72.2%

64.6% a year earlier

Q1 FY2024Q4 FY2025

Net income

$1.4 billion

+9.5% on the year · +83.0% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.49

+8.8% on the year · +81.7% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 16 new.

Net earnings rose on property gains: Net earnings attributable to common stockholders were $1,398 million in the quarter, against $1,277 million a year earlier. Gains on other dispositions of real estate were $570 million. Twelve-month net earnings were $3,322 million, against $3,726 million.
U.S. holds most of NOI: U.S. holds 802 million square feet and 85% of NOI. Europe holds 255 million square feet and 9%, Other Americas 128 million and 5%, and Asia 115 million and 1%. The portfolio totals about 1.3 billion square feet in 20 countries.
Leases commenced fell in quarter: Operating Portfolio leases commenced totaled 42.3 million square feet in the fourth quarter, against 62.4 million in the third quarter and 43.0 million a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	2,253	2,214	2,201	+1.8%	+2.4%
Operating income	1,626	940	1,421	+73.0%	+14.4%
Operating margin	72.2%	42.5%	64.6%
Interest expense	260	258	232	+0.8%	+12.2%
Pre-tax income	1,565	876	1,429	+78.7%	+9.5%
Income tax	82.7	54.5	86.9	+51.6%	-4.8%
Effective tax rate	5.3%	6.2%	6.1%
Net income	1,398	764	1,277	+83.0%	+9.5%
Net margin	62.1%	34.5%	58.0%
Diluted EPS	$1.49	$0.82	$1.37	+81.7%	+8.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,158	1,448	1,335	-20.0%	-13.3%
Capital expenditure	823	627	829	+31.1%	-0.8%
Free cash flow	336	820	506	-59.1%	-33.7%
Free cash flow margin	14.9%	37.1%	23.0%
Cash from investing	25.1	-1,070	320		-92.1%
Cash from financing	-1,218	-252	-1,092
Depreciation and amortisation	669	648	656	+3.2%	+1.9%
Share-based compensation	43.8	44.5	67.4	-1.6%	-35.0%
Dividends paid	942	941	893	+0.1%	+5.5%
Dividend per share	n/a	$1.01	n/a
Diluted shares, weighted	n/a	957m	n/a
Shares outstanding at period end	929m	929m	926m	+0.1%	+0.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	53,193	52,636	53,951	+1.1%	-1.4%
Non-controlling interest	4,561	4,577	4,666	-0.3%	-2.2%
Debt	35,037	35,303	30,879	-0.8%	+13.5%
Other liabilities	5,933	5,826	5,833	+1.8%	+1.7%
Total liabilities and equity	98,724	98,341	95,329	+0.4%	+3.6%
Fixed assets	222	n/a	212		+4.4%
Intangible assets	1,496	n/a	1,563		-4.3%
Cash and equivalents	1,146	1,186	1,319	-3.4%	-13.1%
Other assets	95,861	97,155	92,235	-1.3%	+3.9%
Total assets	98,724	98,341	95,329	+0.4%	+3.6%

Questions

What was Prologis' revenue in Q4 FY2025?

Prologis (PLD) reported revenue of $2.3 billion for Q4 FY2025, the quarter ended 31 December 2025, up 2.4% on the same quarter a year earlier.

How much did Prologis earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.4 billion, up 9.5% on the year, and diluted earnings per share $1.49.

When did Prologis report Q4 FY2025 results?

Prologis filed its 10-K for the quarter ended 31 December 2025 with the SEC on 13 February 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,277	1,219	1,252	1,751	1,752	1,769	2,451	1,915	1,889	1,957	2,008	2,036	2,201	2,140	2,184	2,214	2,253	2,298	2,425	2,388
Operating income	1,208	1,206	533	915	813	579	1,412	882	835	720	1,023	1,251	1,421	878	913	940	1,626	1,211	1,251	1,045
Operating margin	95%	99%	43%	52%	46%	33%	58%	46%	44%	37%	51%	61%	65%	41%	42%	42%	72%	53%	52%	44%
Interest expense	62.9	64.1	60.3	63.9	121	136	150	181	174	193	208	230	232	232	252	258	260	254	276	287
Pre-tax income	1,341	1,249	696	1,108	638	531	1,359	840	734	664	955	1,068	1,429	683	646	876	1,565	1,093	1,232	978
Tax rate	3%	2%	7%	3%	3%	6%	6%	5%	8%	5%	5%	0%	6%	6%	4%	6%	5%	4%	9%	10%
Net income	1,247	1,151	611	1,015	586	465	1,216	748	629	586	861	1,006	1,277	593	571	764	1,398	982	1,062	817
Net margin	98%	94%	49%	58%	33%	26%	50%	39%	33%	30%	43%	49%	58%	28%	26%	35%	62%	43%	44%	34%
Diluted EPS	$1.67	$1.54	$0.82	$1.36	$0.63	$0.50	$1.31	$0.80	$0.68	$0.63	$0.92	$1.08	$1.37	$0.63	$0.61	$0.82	$1.49	$1.05	$1.13	$0.86
Operating cash flow	716	842	804	1,203	1,278	1,114	1,215	1,969	1,074	1,055	1,086	1,435	1,335	1,161	1,242	1,448	1,158	1,288	1,347	1,758
Capital expenditure	870	640	822	770	887	937	775	796	891	720	835	822	829	776	555	627	823	764	800	821
Free cash flow	-153	202	-18.4	434	391	177	440	1,173	183	336	251	613	506	385	687	820	336	524	547	937
Dividends paid	469	587	588	588	732	807	807	806	809	892	893	893	893	940	942	941	942	1,001	1,002	1,020
Shares outstanding	740m	740m	740m	740m	923m	923m	924m	924m	924m	926m	926m	926m	926m	928m	928m	929m	929m	932m	933m	950m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 13 February 2026: the filing.