# Prologis Inc. (PLD) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/PLD/thesis · /stocks/PLD/memo

## Financial Snapshot

---
ticker: PLD
step: 04
generated: 2026-05-12
source: quick-research
---

### Prologis, Inc. (PLD) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY |
|--------|--------|--------|--------|-----|
| Rental Revenue | $7.7B | $8.0B | $8.3B | +4% |
| Total Revenue | $8.0B | $8.2B | $8.6B | +5% |
| Net Earnings/Share (GAAP) | $3.55 | $4.01 | $3.56 | -11% |
| Core FFO/Share | $5.40 | $5.56 | $5.81 | +4% |
| Core FFO/Share ex-Promotes | $5.10 | $5.53 | $5.86 | +6% |

#### Q1 2026 Highlights

| Metric | Q1 2026 |
|--------|---------|
| Occupancy | 95.1% (290bps above market) |
| Same-Store NOI Growth (Cash) | +8.8% |
| Same-Store NOI Growth (Net Effective) | +6.1% |
| Net Effective Rent Change | +44% (Q4 2025), decelerating |
| Leases Signed (FY25 record) | 228M SF |
| Avg lease gestation | 64 days (rising — tariff uncertainty) |

#### Development Activity (2026)

| Metric | Value |
|--------|-------|
| Q1 2026 Development Starts | $2.1B |
| Q1 Data Center Starts | $1.3B (62%) |
| FY26 Development Starts Guide | $4-5B |
| FY26 Data Center % of starts | 40% (up from 10% in 2025) |
| 10-Year Data Center Plan | $30-50B investment |
| Total Power Pipeline | 5.7 GW |
| Target Data Center Capacity | 10 GW over decade |
| Advanced-Stage Power | 2.2 GW |

#### 2026 Guidance (raised in Q1)

| Metric | 2026 Guide |
|--------|------------|
| Core FFO/Share | ~$5.95-6.05 |
| Same Store NOI Growth | Mid-single-digit |
| Occupancy | 95%+ |
| Development Starts | $4-5B |

#### Geographic Mix

| Region | % of Portfolio |
|--------|---------------|
| Americas (US + Canada) | ~65% |
| Europe | ~25% |
| Asia (Japan, China, India) | ~10% |
| International SF | 452M SF |

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$5B |
| Capital Expenditures | ~$4B |
| Free Cash Flow | ~$1B |
| Cash & Equivalents | ~$1B |
| Total Debt | ~$32B |
| Net Debt/EBITDA | ~5.0x (typical REIT) |
| Investment Grade rating | A (S&P), A3 (Moody's) |

#### Key Ratios (approximate, May 2026)
- P/FFO (forward): ~19x | EV/EBITDA: ~22x | Dividend Yield: ~3.6%
- Dividend coverage: 1.5x+ Core FFO
- ROIC: low cap rate (~6-7% typical for industrial)

#### Growth Profile
2026 inflection from pure-warehouse REIT to "infrastructure platform" with data center pivot. Q1 2026 occupancy 95.1%, same-store NOI +8.8% cash. Data center starts $1.3B in Q1 alone. Raised 2026 EPS guidance + European logistics venture expansion. Tariff uncertainty extending lease decision timelines (64 day gestation vs prior shorter).

#### Forward Estimates
- **FY2026E Core FFO/Share:** $5.95-6.05 (mgmt raised)
- **FY2026E Net Earnings:** ~$3.80
- **FY2027E Core FFO/Share:** $6.30-6.50 (+5-8%)
- **FY2030E Data Center Revenue:** Multi-billion contribution if 10 GW target achieved

#### Capital Return
- Dividend $3.92 annual = ~$3.7B paid — 3.6% yield
- 11+ consecutive years of dividend growth
- Buybacks: minimal (REITs reinvest cash flow)
- Total return: ~3.6% dividend + 5-8% Core FFO growth

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/PLD/fundamental

## Navigation

- Overview: /stocks/PLD
- Financials (this page): /stocks/PLD/financials
- Thesis: /stocks/PLD/thesis
- Investment Memo: /stocks/PLD/memo
- Coverage universe: /stocks