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NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

Prologis, Inc. PLD

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$8.8B
▲ 7.2% YoY
$3.3B
▼ 10.8% YoY
$3.2B
▲ 24.1% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

The company owns, manages and develops logistics facilities and delivers integrated infrastructure solutions that optimize how its customers operate within its buildings. At December 31, 2025, it owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.3 billion square feet. It had more than 4,000 customers occupying 649 million square feet of logistics operating properties. Its business comprises two reportable segments: Real Estate, made up of Rental Operations and Development, and Strategic Capital. Its Strategic Capital Segment, comprising management of unconsolidated co-investment ventures, generates durable, long-term cash flows and generally contributes 5% to 10% of its consolidated revenues, earnings and FFO. Prologis, Inc. began operating as a fully integrated real estate company in 1997 and elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended.

Written from the business description in Prologis, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 13 February 2026. Every sentence was checked against that document before publication.

Growth

USD 8.8B
Revenue, FY2025 · full 17-year series below
Revenue $B Net income $B
FY2025 · Revenue 8.8 · Net income 3.3
4.0B8.0B-0.5B-1.0B
2009201220152018202120242025
Compound annual growth
+13.7%
+14.6%
+14.9%
+16.9%
−0.4%
+17.6%
+14.4%
−5.7%
+12.1%
+8.1%
+14.7%
+16.9%
+16.7%
+18.9%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +14.6% a year over the five years to FY2025 — but profit grew faster: net income at +17.6%, earnings per share at +12.1%.

The share count rose from 0.74B to 0.93B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

41 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 49.6% · Net 40.6%
20%40%60%-50%-100%-150%
200920172025
ROE
FY2025 · ROE 6.2%
5%10%-5%-10%-15%
200920172025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.

Each USD of equity produced 6 cents of profit this year.

Cash & shareholders

USD 3.8B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 3.2
1.5B3.0B-0.5B-1.0B
200920172025
Net buybacks $B Dividends $B
FY2025 · Dividends 3.8 · Net buybacks ·
2B3B
200920112013201520172019202120232025

USD 3.8B in dividends — 113% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 98.7B
EquityUSD 53.2B
CashUSD 1.1B
Gross debtUSD 35.0B
Net debtUSD 33.9B

Net debt stands at 64% of equity.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
PLD, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B8.88.28.06.04.84.43.32.82.62.52.21.81.82.01.40.81.0
Operating income $B4.44.43.73.53.22.11.81.72.00.70.40.30.30.10.1−0.6−0.0
EBITDA $B◌◌◌◌◌◌◌◌◌◌1.31.01.00.90.7−0.30.3
Income tax $B0.20.20.20.10.20.10.10.10.10.10.0−0.00.1−0.00.0−0.00.0
Net income $B3.33.73.13.42.91.51.61.61.71.20.90.60.3−0.0−0.2−1.30.0
Free cash flow $B3.22.61.21.60.71.71.30.81.2−0.2−0.2−0.2−0.4−0.3−0.6−0.1−1.2
EPS, diluted $3.564.013.294.253.942.012.462.873.062.271.641.240.64−0.18−0.51−5.900.01
Dividend / sh $0.030.010.000.020.000.000.000.030.010.150.080.410.000.200.011.250.20
Payout %1139610674641168668577493106167−1430−252−221194
ROE %6.27.05.77.89.05.47.08.710.88.26.14.62.6−0.3−1.4−16.40.3
Shares out B0.930.930.920.920.740.740.630.630.530.530.520.510.500.460.460.25◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 51 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Three checks were skipped: the balance sheet is not tagged before 2010. Two checks were skipped: EPS is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityReal Estate Investment Trusts
Listed onNYSE
Incorporated inMaryland
Fiscal year endsDecember 31
Data on record since2008

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