Prologis, Inc. is a self-administered and self-managed real estate investment trust that operates as the sole general partner of Prologis, L.P., through which it holds substantially all of its assets. The company owns, manages and develops logistics real estate facilities, including selective development of data centers, and conducts business through two reportable segments: Real Estate (Rental Operations and Development) and Strategic Capital.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 8,790 | 8,202 | 8,023 | 2 |
| · Real Estate Operations | 8,198 | 7,530 | 6,823 | |
| · Strategic Capital | 592 | 672 | 1,200 | |
| Selling, general and administrative | 469 | 419 | 390 | 1 |
| Depreciation, depletion and amortization | 2,626 | 2,581 | 2,485 | 1 |
| Total operating expenses | (2,281) | (2,104) | (2,064) | |
| Operating income | 4,358 | 4,416 | 3,708 | 1 |
| Interest expense | 1,002 | 864 | 641 | 1 |
| Other income (expense), net | (589) | (301) | (244) | |
| Income before income taxes | 3,769 | 4,115 | 3,464 | |
| Income tax provision | 204 | 167 | 211 | 1 |
| — of which current | 200 | 146 | 193 | 1 |
| Net income incl. noncontrolling interests | 3,565 | 3,948 | 3,253 | |
| Less: noncontrolling interests | 237 | 216 | 194 | 1 |
| Net income attributable to common | 3,322 | 3,726 | 3,053 | 2 |
| Diluted earnings per share | $3.56 | $4.01 | $3.29 | |
| Weighted-average diluted shares | 957 | 954 | 952 | 1 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 3,565 | 3,948 | 3,253 | |
| Depreciation, depletion and amortization | 2,626 | 2,581 | 2,485 | |
| Share-based compensation | 185 | 232 | 268 | |
| Deferred income taxes | 4 | 21 | 18 | |
| Net cash provided by operating activities | 5,008 | 4,912 | 5,373 | 2 |
| Acquisitions, net of cash | 0 | 0 | 33 | |
| Net cash used in investing activities | (3,630) | (3,099) | (6,419) | |
| Dividends paid | 3,765 | 3,570 | 3,229 | |
| Net cash used in financing activities | (1,564) | (1,000) | 1,320 | |
| Cash and equivalents at end of period | 1,146 | 1,319 | 530 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 1,146 | 1,319 | 1 |
| Property, plant and equipment, net | 222 | 212 | |
| Intangible assets, net | 1,496 | 1,563 | |
| Total assets | 98,724 | 95,329 | |
| Long-term debt | 35,037 | 30,879 | |
| Total liabilities | 40,970 | 36,712 | |
| Stockholders' equity | 53,193 | 53,951 | |
| Noncontrolling interests | 4,561 | 4,666 | |
| Total equity | 57,754 | 58,617 |
| Segments · as filed in the segment note · $ millions | Real Estate Operations | Strategic Capital | Corporate / other | Consolidated |
|---|---|---|---|---|
| Net sales | 8,198 | 592 | — | 8,790 |
| Assets | 85,521 | 32 | 13,171 | 98,724 |
Not shown: Operating income. The filed segment lines for these do not reconcile to the consolidated line, so the row is left out rather than approximated.
No product revenue tagged.
| Revenue by geography · as filed · $ millions | FY2025 | Share |
|---|---|---|
| United States | 8,002 | 91.0% |
| Europe | 356 | 4.0% |
| Europe | 283 | 3.2% |
| Asia | 150 | 1.7% |
| Total revenues, as filed | 8,790 | 100.0% |
Geographic lines sum to the filed total. Lines not filed as one figure are the sum of their filed pieces across segments.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total liabilities · BS | 40,970 | 36,712 | +4,258 | +11.6% | — |
| Long-term debt · BS | 35,037 | 30,879 | +4,158 | +13.5% | — |
| Total assets · BS | 98,724 | 95,329 | +3,395 | +3.6% | — |
| Total equity · BS | 57,754 | 58,617 | −863 | -1.5% | — |
| Stockholders' equity · BS | 53,193 | 53,951 | −758 | -1.4% | — |
| · Real Estate Operations · IS | 8,198 | 7,530 | +668 | +8.9% | — |
| Total revenues · IS | 8,790 | 8,202 | +588 | +7.2% | — |
| Net cash used in financing activities · CF | (1,564) | (1,000) | −564 | -56.4% | ◐ outsized |
| Net cash used in investing activities · CF | (3,630) | (3,099) | −531 | -17.1% | — |
| Net income attributable to common · IS | 3,322 | 3,726 | −404 | -10.8% | — |
| Net income incl. noncontrolling interests · IS | 3,565 | 3,948 | −383 | -9.7% | — |
| Net income incl. noncontrolling interests · CF | 3,565 | 3,948 | −383 | -9.7% | — |
| Income before income taxes · IS | 3,769 | 4,115 | −346 | -8.4% | — |
| Other income (expense), net · IS | (589) | (301) | −288 | -95.7% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 6.2% sector median 7.4% | weak |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | +0.3% sector median +0.0% | flat |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 0.66 sector median 0.71 | moderate |
| FCF consistency operating cash flow − capital expenditure, per year | n/a | insufficient data |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 42.9% sector median 23.6% | volatile |
| Quarterly · as filed in 10-Q/10-K · $ millions | MAR 25 | JUN 25 | SEP 25 | DEC 25 | MAR 26 |
|---|---|---|---|---|---|
| Total revenues | 2,140 | 2,184 | 2,214 | 2,253 | 2,298 |
| Selling, general and administrative | 115 | 107 | 111 | — | 127 |
| Depreciation, depletion and amortization | 652 | 657 | 648 | — | 732 |
| Total operating expenses | 559 | 565 | 563 | — | 612 |
| Operating income | 878 | 913 | 940 | 1,626 | 1,211 |
| Interest expense | 232 | 252 | 258 | — | 254 |
| Other income (expense), net | (196) | (267) | (64) | — | (118) |
| Income before income taxes | 683 | 646 | 876 | — | 1,093 |
| Income tax provision | 43 | 23 | 55 | — | 48 |
| Net income incl. noncontrolling interests | 640 | 622 | 821 | 1,482 | 1,045 |
| Less: noncontrolling interests | 47 | 51 | 57 | — | 63 |
| Net income attributable to common | 592 | 570 | 763 | 1,398 | 980 |
| Diluted earnings per share | $0.63 | $0.61 | $0.82 | $1.49 | $1.05 |
| Weighted-average diluted shares | 956 | 956 | 957 | — | 958 |
| Net cash provided by operating activities | 1,161 | — | — | — | 1,288 |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 1,482 | 1,045 | −437 | -29.5% |
| Net income attributable to common | 1,398 | 980 | −418 | -29.9% |
| Operating income | 1,626 | 1,211 | −415 | -25.5% |
| Income before income taxes | 876 | 1,093 | +217 | +24.8% |
| Net cash provided by operating activities | 1,161 | 1,288 | +127 | +10.9% |
| Depreciation, depletion and amortization | 648 | 732 | +84 | +13.0% |
| Other income (expense), net | (64) | (118) | −54 | -84.4% |
| Total operating expenses | 563 | 612 | +49 | +8.7% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $97,322M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 18 filings · 0 buys / 1 sells | net selling · −$7,495,500 |
| · Moghadam Hamid | SELL $7,495,500 | Form 4 filed 2026-07-20 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| Institutional % | — | needs 13F aggregation — not read yet, never estimated |
| · 10b5-1 adopted | Timothy D. Arndt, Chief Financial Officer | November 26, 2025 · 26,290 shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Daniel S. Letter, then President and current Chief Executive Officer | December 30, 2025 · 60,000 shares · 10-K insider trading arrangements |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Prologis's Form 10-K for FY2025 (accession 0001193125-26-051453), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. PLD is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.