Prologis (PLD) FY2025 10-K Review | DHI Capital Research

Statements & commentary

Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.

INCOME STATEMENTCASH FLOWBALANCE SHEETVARIANCE YoYBUSINESS QUALITYQUARTERLYOWNERSHIPEVERY FIGURE AS FILED · $M EXCEPT PER-SHARE

Income statement · $ millions	2025	2024	2023
Total revenues	8,790	8,202	8,023	2
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

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%	—
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%	—
Dividends paid · CF	3,765	3,570	+195	+5.5%	—

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 7.1%	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 0.69	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	28 filings · 0 buys / 2 sells	net selling · −$8,035,050
· Moghadam Hamid	SELL $7,495,500	Form 4 filed 2026-07-20 · open market
· Arndt Timothy D	SELL $539,550	Form 4 filed 2026-06-17 · 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

COMMENTARY6EARNINGS QUALITY5

revenue concentration◐PARTLY

“Rental operations comprise the largest component of our reportable segments and generally contributes 90% to 95% of our consolidated revenues, earnings and FFO.”

Total revenues $8.2B → $8.8B+588

The quoted figures do not map one-for-one onto a filed line on this page; carried as partly supported.

1 LINES TRACED · ITEM 1 · BUSINESS · P.5

strategic capital share◐PARTLY

“This segment generates durable, long-term cash flows and generally contributes 5% to 10% of our consolidated revenues, earnings and FFO, excluding promotes.”

Total revenues $8.2B → $8.8B+588

The quoted figures do not map one-for-one onto a filed line on this page; carried as partly supported.

1 LINES TRACED · ITEM 1 · BUSINESS · P.5

total liquidity◐PARTLY

“At December 31, 2025, we had total available liquidity of $7.6 billion, including available capacity on our credit facilities of $6.5 billion and unrestricted cash balances of $1.1 billion.”

Cash and cash equivalents $1.3B → $1.1B-173

Quoted $1.1 billionCash and cash equivalents: filed $1.1B

1 of 3 quoted figures reconcile ($1.1 billion against cash and cash equivalents); $6.5 billion, $7.6 billion does not map to a filed line on this page — carried as partly supported.

1 LINES TRACED · ITEM 7 · MANAGEMENT'S OVERVIEW – SUMMARY OF 2025 · P. 29

G&A expenses✓MATCHES

“G&A expenses were $469 million and $419 million for 2025 and 2024, respectively.”

Selling, general and administrative $419M → $469M+50

Quoted $469 millionSelling, general and administrative: filed $469M

Quoted $419 millionSelling, general and administrative: filed $419M

Every quoted figure reconciles to the filed lines: $469 million against selling, general and administrative; $419 million against selling, general and administrative.

1 LINES TRACED · ITEM 7 · G&A EXPENSES · P. 33

D&A expenses✓MATCHES

“Depreciation and amortization expenses were $2.6 billion in both 2025 and 2024.”

Depreciation, depletion and amortization $2.6B → $2.6B+45

Quoted $2.6 billionDepreciation, depletion and amortization: filed $2.6B

Every quoted figure reconciles to the filed lines: $2.6 billion against depreciation, depletion and amortization.

1 LINES TRACED · ITEM 7 · DEPRECIATION AND AMORTIZATION EXPENSES · P. 33

noncontrolling earnings✓MATCHES

“We had net earnings attributable to noncontrolling interests of $237 million and $216 million in 2025 and 2024, respectively.”

Less: noncontrolling interests $216M → $237M+21

Quoted $237 millionLess: noncontrolling interests: filed $237M

Quoted $216 millionLess: noncontrolling interests: filed $216M

Every quoted figure reconciles to the filed lines: $237 million against less: noncontrolling interests; $216 million against less: noncontrolling interests.

1 LINES TRACED · ITEM 7 · NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS · P. 37

Interest coverage◐WATCH

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Operating income$4,358M

Interest expense$1,002M

Coverage $4,358M ÷ $1,002M4.3×

Interest coverage is 4.3× — carried as watch (6× threshold).

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Cash tax vs book charge◐WATCH

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Cash income taxes paid$143M

Total book tax charge$204M

Divergence ($143M − $204M) ÷ $204M-29.9%

Deferred tax asset $51M → $54M+3M

Cash taxes paid diverge from the total book charge by -29.9%. Carried as watch.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Cash conversion stability✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Operating cash flow, three years (newest first)$5,008M · $4,912M · $5,373M

Net income incl. noncontrolling interests, three years (newest first)$3,565M · $3,948M · $3,253M

OCF ÷ NI, three years (newest first)1.40× · 1.24× · 1.65×

Swing 1.65× − 1.24×0.41×

Cause verified by this pageno

Net income attributable to common, three years (newest first) shown so both bases reconcile; the ratio above uses the consolidated line$3,322M · $3,726M · $3,053M

OCF ÷ NI ran 1.40× · 1.24× · 1.65× across three years — swing 0.41×, inside the 1.00× threshold.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Stock compensation in cash flow✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Share-based compensation$185M

Operating cash flow$5,008M

Share $185M ÷ $5,008M3.7%

Share-based compensation is 3.7% of operating cash flow (threshold 15%).

EARNINGS-QUALITY FLAG · 1 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Share-count artefact✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Weighted-average shares 954M → 957M+0.3%

Shares outstanding, year-end 926.3M → 929.2M+0.3%

EPS-growth vs NI-growth gap-0.3pp

No share-count artefact: weighted-average and year-end counts do not diverge in direction.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY

Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Return on equity →

Terms and acronyms used on this page

Income statement & cash flow

OCFOperating cash flow — net cash provided by operating activities, as reported.

FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.

Balance sheet & market

Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.

Filing & document terms

10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.

YoY · CAGRYear over year · compound annual growth rate.

Keep readingWHERE AN ANALYST GOES NEXT

Peers in Real Estate →Strongest reviewed · HD 100 →Weakest reviewed · APA 29 →

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.