Revenue growth of 7.4% in 2026Q1 is tempered by a sharp decline in NOI margins to 10.1%, indicating potential structural shifts in the company's cost base.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Revenue | 8.95B | 8.79B | 8.2B | 8.02B | 5.97B | 4.76B | 4.44B | 3.33B | 2.8B | 2.62B | 2.53B | 2.2B | 1.76B | 1.75B | 2.01B | 1.53B | 633.5M | 633.84M | 715.04M | 669.67M | 729.9M | 676.15M | 665.69M | 615.04M | 615.84M | 600.85M | 477.71M | 448.18M | 358.89M | 56.06M |
| Revenue Growth % | 6.72% | 7.18% | 2.22% | 34.31% | 25.51% | 7.23% | 33.27% | 18.76% | 7.12% | 3.36% | 15.3% | 24.78% | 0.59% | -12.74% | 30.83% | 142.03% | -0.05% | -11.36% | 6.78% | -8.25% | 7.95% | 1.57% | 8.24% | -0.13% | 2.5% | 25.78% | 6.59% | 24.88% | 540.16% | - |
| Property Operating Expenses | 5.07B | 3.55B | 2.06B | 2.01B | 1.51B | 1.25B | 1.17B | 918.93M | 757.69M | 724.66M | 697.38M | 652.6M | 545.72M | 541.22M | 555.06M | 403.65M | 239.86M | 183.27M | 179.37M | 174.41M | 96.15M | 84.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 3.88B | 5.24B | 6.14B | 6.01B | 4.46B | 3.51B | 3.27B | 2.41B | 2.05B | 1.89B | 1.84B | 1.54B | 1.22B | 1.21B | 1.45B | 1.13B | 393.64M | 450.57M | 535.67M | 495.26M | 633.75M | 591.3M | 665.69M | 615.04M | 615.84M | 600.85M | 477.71M | 448.18M | 358.89M | 56.06M |
| NOI Margin % | 43.37% | 59.6% | 74.92% | 74.94% | 74.74% | 73.77% | 73.64% | 72.41% | 72.98% | 72.32% | 72.47% | 70.3% | 69.01% | 69.08% | 72.33% | 73.67% | 62.14% | 71.09% | 74.91% | 73.96% | 86.83% | 87.45% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 396M | 1.7B | 1.73B | 2.31B | 997.06M | 303.96M | 1.15B | 561.93M | 358.76M | -60.56M | 1.17B | 1.16B | 895.26M | 904.86M | 1.31B | 923.34M | 1.21B | 300.42M | 309.75M | 300.06M | 366.91M | 309.71M | 287.89M | 221.26M | 184.87M | 155.82M | 165.2M | 165.22M | 165.47M | 33.69M |
| G&A Expenses | 363.14M | 477.84M | 418.76M | 390.41M | 331.08M | 293.17M | 274.85M | 266.72M | 238.99M | 231.06M | 222.07M | 217.23M | 229.33M | 229.21M | 228.07M | 195.16M | 165.98M | 116.4M | 145.04M | 130.59M | 104.26M | 71.56M | 58.96M | 47.73M | 47.21M | 35.82M | 23.75M | 25.2M | 19.59M | 1.2M |
| EBITDA | 6.19B | 6.16B | 7B | 6.19B | 5.28B | 4.78B | 3.68B | 2.99B | 2.64B | 2.83B | 1.6B | 1.26B | 962.27M | 968.42M | 860.44M | 698.66M | -256.83M | 299.54M | 358.08M | 345.89M | 434.56M | 432.62M | 423.82M | 413.61M | 435.53M | 403.12M | 340.17M | 312.03M | 250.88M | 26.31M |
| EBITDA Margin % | 69.18% | 70.1% | 85.31% | 77.18% | 88.39% | 100.54% | 82.93% | 89.76% | 93.97% | 108.21% | 63.14% | 57.37% | 54.65% | 55.32% | 42.89% | 45.57% | -40.54% | 47.26% | 50.08% | 51.65% | 59.54% | 63.98% | 63.67% | 67.25% | 70.72% | 67.09% | 71.21% | 69.62% | 69.91% | 46.94% |
| Depreciation & Amortization | 2.71B | 2.63B | 2.58B | 2.48B | 1.81B | 1.58B | 1.56B | 1.14B | 947.21M | 879.14M | 930.99M | 880.37M | 642.46M | 664.01M | 767.46M | 603.88M | 356.69M | 164.8M | 153.64M | 149.06M | 186.29M | 180.3M | 147.36M | 144.97M | 139.93M | 108.47M | 90.2M | 64.5M | 57.46M | 3.9M |
| D&A / Revenue % | 30.23% | 29.87% | 31.46% | 30.97% | 30.35% | 33.15% | 35.19% | 34.22% | 33.78% | 33.58% | 36.75% | 40.07% | 36.49% | 37.93% | 38.26% | 39.38% | 56.31% | 26% | 21.49% | 22.26% | 25.52% | 26.67% | 22.14% | 23.57% | 22.72% | 18.05% | 18.88% | 14.39% | 16.01% | 6.96% |
| Operating Income | 3.48B | 3.54B | 4.42B | 3.71B | 3.47B | 3.21B | 2.12B | 1.85B | 1.69B | 1.95B | 668.38M | 380.17M | 319.81M | 304.41M | 92.98M | 94.78M | -613.52M | 134.73M | 204.44M | 196.83M | 248.27M | 252.31M | 276.46M | 268.64M | 295.61M | 294.66M | 249.97M | 247.53M | 193.42M | 22.41M |
| Operating Margin % | 38.94% | 40.23% | 53.84% | 46.21% | 58.05% | 67.38% | 47.74% | 55.54% | 60.19% | 74.63% | 26.39% | 17.3% | 18.16% | 17.39% | 4.64% | 6.18% | -96.85% | 21.26% | 28.59% | 29.39% | 34.01% | 37.32% | 41.53% | 43.68% | 48% | 49.04% | 52.33% | 55.23% | 53.89% | 39.98% |
| Interest Expense | 4M | 1B | 837.3M | 618.72M | 309.04M | 266.23M | 313.46M | 226.66M | 215.9M | 260.01M | 287.69M | 287.95M | 294.77M | 364.95M | 488.43M | 446.1M | 428.76M | 118.87M | 133.96M | 126.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 4.56x | 5.91x | 6.60x | 12.89x | 13.42x | 6.53x | 8.84x | 9.74x | 7.98x | 5.68x | 4.29x | 3.42x | 1.92x | 0.79x | 0.39x | -2.81x | 1.13x | 1.53x | 1.57x | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -1.52B | -1.04B | -536.25M | -375.11M | -515.17M | -365.95M | 71.95M | -153.26M | -414.19M | -121.54M | -966.41M | -856.38M | -688.59M | -396.8M | -292.63M | -78.15M | 589.7M | 0 | 0 | -2.05M | 0 | 0 | -287.89M | -173.53M | -457.9M | -409.17M | -351.08M | -340.62M | 0 | -66.09M |
| Pretax Income | 4.18B | 3.77B | 4.11B | 3.46B | 3.69B | 3.32B | 1.75B | 1.78B | 1.89B | 1.82B | 1.35B | 948.61M | 713.63M | 336.26M | -89.62M | -242.68M | 27.12M | -43M | -49.31M | 314.26M | 224.07M | 257.81M | 125.47M | 134.02M | 124.24M | 137.95M | 121.78M | 176.1M | 112.59M | 18.23M |
| Pretax Margin % | 46.7% | 42.88% | 50.17% | 43.18% | 61.78% | 69.82% | 39.36% | 53.33% | 67.26% | 69.35% | 53.18% | 43.18% | 40.53% | 19.21% | -4.47% | -15.83% | 4.28% | -6.78% | -6.9% | 46.93% | 30.7% | 38.13% | 18.85% | 21.79% | 20.17% | 22.96% | 25.49% | 39.29% | 31.37% | 32.51% |
| Income Tax | 208.6M | 204.02M | 166.94M | 211.04M | 135.41M | 174.26M | 130.46M | 74.52M | 63.33M | 54.61M | 54.56M | 23.09M | -25.66M | 106.73M | 3.58M | 1.78M | -30.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 4.99% | 5.41% | 4.06% | 6.09% | 3.67% | 5.24% | 7.47% | 4.19% | 3.36% | 3.01% | 4.05% | 2.43% | -3.6% | 31.74% | -3.99% | -0.73% | -112.46% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 3.72B | 3.41B | 3.73B | 3.06B | 3.36B | 2.94B | 1.48B | 1.57B | 1.65B | 1.65B | 1.21B | 869.44M | 636.18M | 342.92M | -39.72M | -153.41M | 27.12M | -34.27M | -49.86M | 314.26M | 224.07M | 257.81M | 125.47M | 134.02M | 124.24M | 137.95M | 121.78M | 176.1M | 112.59M | 18.23M |
| Net Margin % | 41.54% | 38.8% | 45.5% | 38.13% | 56.33% | 61.77% | 33.38% | 47.23% | 58.81% | 63.11% | 47.76% | 39.57% | 36.13% | 19.59% | -1.98% | -10.01% | 4.28% | -5.41% | -6.97% | 46.93% | 30.7% | 38.13% | 18.85% | 21.79% | 20.17% | 22.96% | 25.49% | 39.29% | 31.37% | 32.51% |
| Net Income Growth % | -0.58% | -8.6% | 21.98% | -9.08% | 14.46% | 98.39% | -5.79% | -4.63% | -0.18% | 36.56% | 39.16% | 36.66% | 85.52% | 963.35% | 74.11% | -665.71% | 179.13% | 31.27% | -115.87% | 40.25% | -13.09% | 105.47% | -6.38% | 7.87% | -9.94% | 13.28% | -30.85% | 56.41% | 517.69% | - |
| Funds From Operations (FFO) | 6.42B | 6.04B | 6.31B | 5.54B | 5.18B | 4.52B | 3.04B | 2.71B | 2.6B | 2.53B | 2.14B | 1.75B | 1.28B | 1.01B | 727.74M | 450.47M | 383.81M | 130.53M | 103.78M | 463.32M | 410.36M | 438.11M | 272.83M | 278.99M | 264.17M | 246.42M | 211.99M | 240.6M | 170.06M | 22.13M |
| FFO Margin % | 71.78% | 68.68% | 76.96% | 69.1% | 86.67% | 94.92% | 68.57% | 81.45% | 92.59% | 96.69% | 84.52% | 79.64% | 72.62% | 57.52% | 36.28% | 29.38% | 60.59% | 20.59% | 14.51% | 69.19% | 56.22% | 64.8% | 40.99% | 45.36% | 42.89% | 41.01% | 44.38% | 53.68% | 47.38% | 39.47% |
| FFO Growth % | 11.82% | -4.36% | 13.85% | 7.08% | 14.61% | 48.42% | 12.2% | 4.48% | 2.57% | 18.24% | 22.35% | 36.85% | 26.98% | 38.36% | 61.55% | 17.37% | 194.04% | 25.78% | -77.6% | 12.91% | -6.33% | 60.58% | -2.21% | 5.61% | 7.2% | 16.24% | -11.89% | 41.48% | 668.51% | - |
| FFO per Share | 6.71 | 6.30 | 6.62 | 5.82 | 6.20 | 5.75 | 3.93 | 4.03 | 4.40 | 4.58 | 3.92 | 3.28 | 2.53 | 2.05 | 1.58 | 1.21 | 2.37 | 0.97 | 1.07 | 4.64 | 4.50 | 4.99 | 3.20 | 3.37 | 3.11 | 2.89 | 2.53 | 2.78 | 1.97 | 0.26 |
| FFO Payout Ratio % | 59.96% | 62.36% | 56.57% | 58.23% | 48.18% | 41.46% | 56.61% | 49.6% | 43.26% | 37.25% | 41.73% | 45.99% | 52.57% | 54.84% | 71.49% | 85.94% | 73.12% | 109.68% | 276.06% | 75.43% | 42.47% | 35.17% | 53.49% | 54.57% | 72.28% | 86.43% | 61.65% | 79.8% | 51.89% | 74.13% |
| EPS (Diluted) | 3.88 | 3.54 | 4.01 | 3.29 | 4.13 | 3.84 | 1.95 | 2.40 | 2.79 | 3.06 | 2.27 | 1.64 | 1.24 | 0.64 | -0.09 | -0.41 | 0.06 | -0.26 | -0.51 | 2.96 | 2.30 | 2.85 | 1.39 | 1.41 | 0.75 | 1.41 | 1.35 | 1.94 | 1.26 | 1.38 |
| EPS Growth % | -0.5% | -11.72% | 21.88% | -20.34% | 7.55% | 96.92% | -18.75% | -13.98% | -8.82% | 34.8% | 38.41% | 32.26% | 93.75% | 844.19% | 79.02% | -783.33% | 123.08% | 49.02% | -117.23% | 28.7% | -19.3% | 105.04% | -1.42% | 88% | -46.81% | 4.44% | -30.41% | 53.97% | -8.7% | - |
| EPS (Basic) | - | 3.57 | 4.03 | 3.30 | 4.15 | 3.86 | 1.97 | 2.41 | 2.91 | 3.10 | 2.29 | 1.66 | 1.25 | 0.65 | -0.09 | -0.41 | 0.06 | -0.26 | -0.51 | 3.04 | 2.39 | 2.98 | 1.44 | 1.44 | 0.75 | 1.43 | 1.35 | 1.94 | 1.27 | 1.39 |
| Diluted Shares Outstanding | 957.56M | 958.02M | 953.59M | 951.79M | 834.84M | 785.71M | 775.15M | 673.45M | 590.24M | 552.3M | 546.67M | 533.94M | 506.39M | 491.55M | 461.85M | 371.73M | 161.99M | 134.32M | 97.4M | 99.81M | 91.11M | 87.87M | 85.14M | 82.78M | 84.99M | 85.18M | 83.91M | 86.39M | 86.24M | 85.88M |
Margin compression from Essentials
According to the provided financial data, Prologis experienced a revenue growth rate of 7.4% in 2026Q1, though this follows a period of significant quarterly fluctuations, including a notable 18.1% revenue contraction observed in 2024Q2, suggesting that organic growth drivers remain sensitive to broader macroeconomic and trade-related headwinds.
The revenue trajectory appears inconsistent, likely reflecting the lumpy nature of the Strategic Capital segment and the integration of large-scale acquisitions. Investors should monitor whether the recent 7.4% growth represents a sustainable return to form or if the portfolio is struggling to maintain momentum in a normalizing e-commerce environment.
As reported in the quarterly income statements, the NOI margin experienced a sharp decline to 10.1% in 2026Q1, a significant departure from the 70% plus levels maintained throughout 2024 and 2025, which warrants further investigation into potential shifts in the underlying cost structure or service-related expenses.
The sudden drop in NOI margin suggests that either property-level operating expenses have spiked or the Essentials platform is diluting the high-margin rental business. This contraction may indicate that the company is sacrificing immediate profitability to scale its service-oriented logistics offerings, which carries inherent execution risk.
Based on the company's reported figures, FFO per share reached 1.79 in 2026Q1, yet the growth trajectory remains erratic, with a 37.6% increase in the most recent quarter contrasting sharply with the 18.0% decline seen in 2025Q2, highlighting the difficulty in forecasting core earnings performance.
The volatility in FFO growth suggests that non-recurring items or the timing of promote fees from the Strategic Capital segment are heavily influencing headline results. Analysts should look past these fluctuations to determine if the underlying rental income is growing at a pace consistent with the company's historical premium valuation.
Financial statements indicate that while Net Income reached 982.0M in 2026Q1, the divergence between GAAP earnings and FFO metrics remains substantial, suggesting that heavy depreciation charges and potential accounting adjustments may be masking the true cash-generating capacity of the industrial portfolio during this period of transition.
The reliance on FFO as the primary performance metric is necessary, but investors should remain wary of how capitalized leasing commissions and tenant improvements impact AFFO. If the gap between FFO and AFFO continues to widen, it may imply that the company is spending aggressively to retain tenants in a cooling market.
Quick answers to the most common questions about buying PLD stock.
For fiscal year 2025, Prologis, Inc. (PLD) reported total revenue of $8.79B. This represents a 15579.3% increase compared to $56.1M in 1997.
Prologis, Inc. (PLD) is profitable, generating $3.41B in net income for the fiscal year ending 2025 with a net profit margin of 38.8%.
Prologis, Inc. (PLD) reported an operating income of $3.54B, resulting in an operating profit margin of 40.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Prologis, Inc. (PLD) generated $5.24B in gross profit for the year, representing a gross profit margin of 59.6%. This demonstrates the company's core pricing power and production efficiency.