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Prologis (PLD) stock

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OTC: PLD OTC Industrial REITs Next results ~January 20, 2027

C+ Fundamentals grade

Prologis is a US-listed company in the industrial REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$120

Valuation models combined (2)

Base case. Range ~$72–$140. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Prologis valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Prologis files

10-Q filed October 28: Prologis

Model value +16.1%

Prologis reported revenue of $9.36bn for the twelve months to September 2026, up 7.2% on the prior year. That growth rate was little changed from the previous quarter, suggesting the pace of expansion has steadied rather than accelerated. Our model value for the shares has moved up, from $100 to $117, reflecting the stronger top line. Even so, the stock trades at $128, above the top of that revised range. On these figures, the market appears to be pricing in more than the current numbers justify, leaving the shares looking expensive relative to our estimate of fair value.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Prologis stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $8.95bn, up 6.7% on a year earlier, about the same pace as a quarter earlier. Our valuation models combined value is $101 a share, against a share price of $126.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 20, 2027 (estimated)

Prologis's trailing-twelve-month revenue grew 7.2% year on year, with a free-cash-flow margin of 29.4%.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 7.0% while net income grew 32.9%: a 26pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 54.8% of revenue is left as operating profit.
  • Margins widening. Operating margin is up 7.3 points on a year ago.
  • Strong cash generation. 29.4% of revenue turned into free cash flow.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • High debt. Long-term debt exceeds cash by $34.6bn, more than 1.5 times annual revenue.
  • Weak cash conversion. Free cash flow was 65% of net income over the last 12 months.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 6.9% over 90 days.
  • Earnings expected to fall. The consensus expects earnings per share to fall 16% next year.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.84 against an average estimate of $0.79: beat by 6.6%
Revenue
$2.39bn, up 7.8% on a year earlier
Share reaction
-3.6% in the first session after the results on October 15, 2026, against -0.8% for the S&P 500
Guidance given
net earnings attributable to common stockholders $4.05 to $4.15 (2026); core FFO attributable to common stockholders/unitholders $6.25 to $6.29 (2026)
Next report
January 20, 2027; average EPS estimate $0.76

Prologis' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.3%
  • 1 week+2.6%
  • 1 month+0.6%
  • This year+3.9%
  • 1 year+7.8%
  • 5 years+1.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$9.4B
Operating margin
54.8%
Net margin
45.5%
EPS (TTM, diluted)
$4.43

Growth

Revenue growth
+7.2%
Change in growth rate
−0.2 pts
Share count change
+0.5%

Earnings

Last results
October 15, 2026
Next results (est.)
January 20, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Guidance
  3. Results
  4. Guidance
  5. Results
  6. Dividend
  7. Announcement
  8. Announcement
  9. Financing
  10. Announcement
  11. Deal
  12. Announcement
  13. Announcement
  14. Results
  15. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Prologis valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Prologis as an equity reit, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.78 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$140 ~$120–$170 Primary model, counts double
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$2.6 ~$63–$130 Left out: out of range vs price (0.02x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$72 ~$62–$86 Included
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$120 ~$72–$140 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Prologis with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

65 /100

Moderate moat

How hard Prologis's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.5% of total assets over 10 years.

  • Durability 20 / 20

    Operating margin has been a median 52.9%; its worst year was 46.7%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 9 of 9 years, at a median 31.4% of revenue.

  • Discipline 9 / 20

    The diluted share count rose 25.7% over five years; stock-based pay has been a median 2.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 20, 2027, before the open. Analysts expect revenue of $2.2bn and EPS of $0.76 (range $0.71 to $0.84) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.79 +9% $8.7bn +7%
Next $3.17 −16% $9.7bn +10%

Next year's EPS estimate has moved −6.9% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +16.4% on 90 days ago. In the last 30 days, 1 analyst raised Prologis's forecast and 0 cut it.

Consensus EPS forecast Prologis, last 90 days
$3.00 $3.20 $3.40 $3.60 $3.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.26 Current fiscal year, 60 days ago: $3.33 Current fiscal year, 30 days ago: $3.36 Current fiscal year, 7 days ago: $3.76 Current fiscal year, Now: $3.79 $3.79 Next fiscal year, 90 days ago: $3.40 Next fiscal year, 60 days ago: $3.40 Next fiscal year, 30 days ago: $3.33 Next fiscal year, 7 days ago: $3.21 Next fiscal year, Now: $3.17 $3.17

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.26$3.40
60 days ago $3.33$3.40
30 days ago $3.36$3.33
7 days ago $3.76$3.21
Now $3.79$3.17

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.79 $0.84 +6.6%
Jun 2026 $0.75 $1.11 +48.3%
Mar 2026 $0.72 $1.02 +41.3%
Dec 2025 $0.68 $1.46 +113.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 15, 2026
  • Net earnings attributable to common stockholders 2026 $4.05 to $4.15 GAAP
    “Net earnings attributable to common stockholders(B) $ 4.05 $ 4.15” source
  • Core FFO attributable to common stockholders/unitholders 2026 $6.25 to $6.29 Non-GAAP
    “Core FFO attributable to common stockholders/unitholders*(B) $ 6.25 $ 6.29” source
  • Average occupancy - Prologis Share 2026 95.25% to 95.5%
    “Average occupancy - Prologis Share 95.25 % 95.50 %” source
  • Same store NOI - cash - Prologis Share 2026 7% growth to 7.5% growth Non-GAAP
    “Same store NOI - cash - Prologis Share* 7.00 % 7.50 %” source
  • Same store NOI - net effective - Prologis Share 2026 5.5% growth to 6% growth Non-GAAP
    “Same store NOI - net effective - Prologis Share* 5.50 % 6.00 %” source
  • Strategic capital revenue, excluding promote revenue 2026 $650m to $660m
    “Strategic capital revenue, excluding promote revenue $ 650 $ 660” source
Show 4 more items
  • General & administrative expenses 2026 $515m to $525m
    “General & administrative expenses $ 515 $ 525” source
  • Realized development gains 2026 $600m to $700m
    “Realized development gains $ 600 $ 700” source
  • Development stabilizations - Prologis Share 2026 $2,500m to $3,000m
    “Development stabilizations $ 2,500 $ 3,000 $ 2,750 $ 3,250” source
  • Development stabilizations - Owned and Managed 2026 $2,750m to $3,250m
    “Development stabilizations $ 2,500 $ 3,000 $ 2,750 $ 3,250” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

17 analysts, Oct 2026
Buy1376%
Hold424%
Sell00%

Monthly trend

  1. Oct 202658417
  2. Sep 202637717
  3. Aug 202637717
  4. Jul 202628818

Counts of recommendations published by analysts covering Prologis, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.1%
of tradable shares
Days to cover
4.31
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
0.3%
of shares
Employees
2,802
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +7.8%

$120.31 on October 31, 2025 to $129.65

ThenNowEffect
Revenue (last 12 months) $8.6bn $9.2bn +7.3%
Net margin 40.3% 45.8% +13.7%
P/E multiple 33.3x 29.5x −11.4%
Share count 955m 958m −0.3%

Biggest factor: net margin.

Last 3 years +34.0%

$96.74 on November 3, 2023 to $129.65

ThenNowEffect
Revenue (last 12 months) $7.7bn $9.2bn +19.0%
Net margin 42.5% 45.8% +7.7%
P/E multiple 26.7x 29.5x +10.7%
Share count 905m 958m −5.6%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PLD+72%−31%+22%−18%+25%+4%
Industry peers (median)+56%−31%+13%−10%+9%+13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PLD83%33%50%50%75%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PLD−11%−42%−26%−24%−27%−17%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 43% from April 28, 2022 to April 8, 2025. Getting back needed a 76% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$118.67 – $148.88
From 52-week high
−12.9%
vs 50-day average
−2.0%
vs 200-day average
−4.8%
Volatility (1 year)
20%
Beta vs S&P 500
0.38

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±3.7%
After a week
7 up, 5 down
typical move ±4.1%
After a month
7 up, 4 down
typical move ±5.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 15, 2026 −3.6% −0.8% −2.9% —
July 16, 2026 +4.4% −1.5% +1.2% −1.7%
April 16, 2026 +3.8% +1.5% +1.8% +0.5%
January 21, 2026 −3.2% +1.7% −2.8% +8.2%
October 15, 2025 +5.0% −0.2% +9.1% +7.4%
July 16, 2025 −2.0% +0.9% +1.3% −2.6%
April 16, 2025 +3.7% −2.1% +5.0% +12.3%
January 21, 2025 +5.2% +1.5% +9.8% +10.4%
October 16, 2024 +1.1% +0.4% −0.5% −5.5%
July 17, 2024 +0.9% −2.2% +1.3% +2.7%
April 17, 2024 −8.8% −0.8% −10.1% −3.4%
January 17, 2024 −2.9% +0.3% −3.5% +2.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Prologis in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Prologis
$7.5B $8B $8.5B $9B $9.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $8B Revenue (TTM), FY24 Q1: $8.2B Revenue (TTM), FY24 Q2: $7.8B Revenue (TTM), FY24 Q3: $7.9B Revenue (TTM), FY24 Q4: $8.2B Revenue (TTM), FY25 Q1: $8.4B Revenue (TTM), FY25 Q2: $8.6B Revenue (TTM), FY25 Q3: $8.7B Revenue (TTM), FY25 Q4: $8.8B Revenue (TTM), FY26 Q1: $8.9B Revenue (TTM), FY26 Q2: $9.2B Revenue (TTM), FY26 Q3: $9.4B $9.4B

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $8B
FY24 Q1 $8.2B
FY24 Q2 $7.8B
FY24 Q3 $7.9B
FY24 Q4 $8.2B
FY25 Q1 $8.4B
FY25 Q2 $8.6B
FY25 Q3 $8.7B
FY25 Q4 $8.8B
FY26 Q1 $8.9B
FY26 Q2 $9.2B
FY26 Q3 $9.4B
Revenue growth, TTM YoY Prologis
0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 34.3% Revenue growth, TTM YoY, FY24 Q1: 25.9% Revenue growth, TTM YoY, FY24 Q2: 0.6% Revenue growth, TTM YoY, FY24 Q3: 0.1% Revenue growth, TTM YoY, FY24 Q4: 2.2% Revenue growth, TTM YoY, FY25 Q1: 2.1% Revenue growth, TTM YoY, FY25 Q2: 10.2% Revenue growth, TTM YoY, FY25 Q3: 10.7% Revenue growth, TTM YoY, FY25 Q4: 7.2% Revenue growth, TTM YoY, FY26 Q1: 6.7% Revenue growth, TTM YoY, FY26 Q2: 7.3% Revenue growth, TTM YoY, FY26 Q3: 7.2% 7.2%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 34.3%
FY24 Q1 25.9%
FY24 Q2 0.6%
FY24 Q3 0.1%
FY24 Q4 2.2%
FY25 Q1 2.1%
FY25 Q2 10.2%
FY25 Q3 10.7%
FY25 Q4 7.2%
FY26 Q1 6.7%
FY26 Q2 7.3%
FY26 Q3 7.2%
Operating margin (TTM) Prologis
40% 45% 50% 55% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 46.2% Operating margin (TTM), FY24 Q1: 46.9% Operating margin (TTM), FY24 Q2: 44.5% Operating margin (TTM), FY24 Q3: 48.5% Operating margin (TTM), FY24 Q4: 53.8% Operating margin (TTM), FY25 Q1: 54.6% Operating margin (TTM), FY25 Q2: 52.1% Operating margin (TTM), FY25 Q3: 47.5% Operating margin (TTM), FY25 Q4: 49.6% Operating margin (TTM), FY26 Q1: 52.4% Operating margin (TTM), FY26 Q2: 54.7% Operating margin (TTM), FY26 Q3: 54.8% 54.8%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 46.2%
FY24 Q1 46.9%
FY24 Q2 44.5%
FY24 Q3 48.5%
FY24 Q4 53.8%
FY25 Q1 54.6%
FY25 Q2 52.1%
FY25 Q3 47.5%
FY25 Q4 49.6%
FY26 Q1 52.4%
FY26 Q2 54.7%
FY26 Q3 54.8%
FCF margin (TTM) Prologis
25% 30% 35% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 36.0% FCF margin (TTM), FY24 Q1: 34.0% FCF margin (TTM), FY24 Q2: 33.9% FCF margin (TTM), FY24 Q3: 26.5% FCF margin (TTM), FY24 Q4: 28.4% FCF margin (TTM), FY25 Q1: 28.9% FCF margin (TTM), FY25 Q2: 29.9% FCF margin (TTM), FY25 Q3: 29.4% FCF margin (TTM), FY25 Q4: 27.1% FCF margin (TTM), FY26 Q1: 27.2% FCF margin (TTM), FY26 Q2: 27.2% FCF margin (TTM), FY26 Q3: 29.4% 29.4%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 36.0%
FY24 Q1 34.0%
FY24 Q2 33.9%
FY24 Q3 26.5%
FY24 Q4 28.4%
FY25 Q1 28.9%
FY25 Q2 29.9%
FY25 Q3 29.4%
FY25 Q4 27.1%
FY26 Q1 27.2%
FY26 Q2 27.2%
FY26 Q3 29.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2.5 2.6 2.8 3.3 4.4 4.8 6.0 8.0 8.2 8.8 9.4
EBITDA 1.6 2.8 2.6 3.0 3.7 4.8 5.3 6.2 7.0 7.0 7.9
Operating income 0.7 2.0 1.7 1.8 2.1 3.2 3.5 3.7 4.4 4.4 5.1
Net income 1.2 1.7 1.6 1.6 1.5 2.9 3.4 3.1 3.7 3.3 4.3
Diluted EPS $2.27 $3.06 $2.87 $2.46 $2.01 $3.94 $4.25 $3.29 $4.01 $3.56 $4.43
Growth (year on year)
Revenue — +3.4% +7.1% +18.8% +33.3% +7.2% +25.5% +34.3% +2.2% +7.2% +7.2%
EBITDA — +77.1% −7.0% +13.4% +23.1% +30.0% +10.4% +17.3% +13.0% −0.2% +17.3%
Operating income — +192.4% −13.6% +9.6% +14.6% +51.3% +8.1% +6.9% +19.1% −1.3% +23.6%
Net income — +36.6% −0.2% −4.6% −5.8% +98.4% +14.5% −9.1% +22.0% −10.8% +32.9%
Diluted EPS — +34.8% −6.2% −14.3% −18.3% +96.0% +7.9% −22.6% +21.9% −11.2% +32.2%
Margins
EBITDA margin 63.1% 108.2% 94.0% 89.8% 82.9% 100.5% 88.4% 77.2% 85.3% 79.5% 84.7%
Operating margin 26.4% 74.6% 60.2% 55.5% 47.7% 67.4% 58.0% 46.2% 53.8% 49.6% 54.8%
Net margin 47.8% 63.1% 58.8% 47.2% 33.4% 61.8% 56.3% 38.1% 45.5% 37.9% 45.5%
Free-cash-flow margin 51.9% 60.2% 61.0% 68.0% 66.2% 62.9% 69.1% 67.0% 59.9% 57.0% 59.3%
Cash flow
Cash from operations 1.4 1.7 1.8 2.3 2.9 3.0 4.1 5.4 4.9 5.0 5.6
Capital spending 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow 1.3 1.6 1.7 2.3 2.9 3.0 4.1 5.4 4.9 5.0 5.6
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.2 0.2 0.2
Free cash flow after stock pay 1.3 1.5 1.6 2.2 2.8 2.9 4.0 5.1 4.7 4.8 5.3
Balance sheet
Cash 0.8 0.4 0.3 1.1 0.6 0.6 0.3 0.5 1.3 1.1 2.3
Total debt 10.6 9.4 11.1 12.0 16.9 17.8 24.4 29.6 31.4 35.6 37.4
Net debt (negative = net cash) 9.8 9.0 10.7 10.9 16.3 17.2 24.2 29.0 30.1 34.4 35.1
Diluted shares 547m 552m 590m 655m 754m 765m 812m 952m 954m 957m 961m
Returned to shareholders
Dividends 0.9 0.9 1.1 1.3 1.7 1.9 2.5 3.2 3.6 3.8 4.0
Buybacks — — 0.0 0.0 0.0 0.0 0.0 — — — —
Total returned 0.9 0.9 1.1 1.3 1.8 1.9 2.5 3.2 3.6 3.8 4.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

Dividends (TTM)
$4B
Diluted share count
+0.5%
year over year
Total shareholder yield
3.2%
dividends 3.2% + buybacks 0.0% of market value
Dividend payout ratio
93%
of net income paid out

Competitors: side by side with peers

Closest by revenue in industrial reits
Last 12 months unless stated PLD LINE COLD REXR STAG FR Median
Revenue, last 12 months $9.4bn $5.4bn $2.6bn $978m $901m $775m $838m
Revenue growth, last 12 months 7.2% 1.0% −0.2% −2.0% 9.3% 8.5% 7.9%
Revenue growth, 3-year average 5.9% — −2.3% 8.5% 9.0% 8.8% 8.8%
Revenue growth, latest quarter 7.8% 0.8% 1.9% −5.6% 9.4% 8.6% 8.2%
Gross margin — 32.0% 31.7% — — — 32.0%
Operating margin 54.8% 3.6% −12.5% 73.3% — — 36.1%
Operating margin, 3-year average 50.3% 0.4% −3.9% 72.6% — — 35.1%
Net margin 45.5% −3.1% −17.4% −47.1% 29.9% 46.1% 32.1%
Cash from operations / revenue 59.3% 18.4% 13.4% 52.3% 53.3% 56.9% 53.2%
Free-cash-flow margin 29.4% 4.5% −7.2% 26.8% 18.0% 31.1% 22.4%
Free-cash-flow margin, 3-year average 28.4% 2.9% −1.1% 19.3% 37.2% 30.1% 23.9%
Stock pay / revenue 2.2% 2.0% 1.1% 8.0% 1.6% 2.9% 2.2%
Change in share count 0.5% 1.4% 0.4% −1.8% 2.7% 0.1% 0.5%

Median of all 10 companies we cover in industrial reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

10 industrial reits companies
Measure Company Peer median Rank
Revenue growth Growth 7.2% 8.5% 6 of 10
Change in growth rate Growth -0.2pp -0.0pp 6 of 10
Net margin Profitability 45.5% 34.3% 3 of 10
Stock pay as % of revenue Cash generation 2.2% 2.2% 5 of 9
Long-term debt as % of assets Balance sheet 35.5% 35.5% 5 of 8
Change in share count Balance sheet 0.5% 0.5% 5 of 9

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Real Estate Operations $8.2B 93.3% ▲ 8.9%
Strategic Capital $592M 6.7% ▼ 11.8%

From Prologis's 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$120B
Institutions reporting
1,719
Shares held vs prior quarter
▲ 1.1%
Positions opened / closed
138 / 82

Top buyers and sellers, Q2 2026: 937 institutions bought and 621 sold ; the biggest buyer was Blackrock, Inc (+3.0M shares) and the biggest seller Massachusetts Financial Services Co (−2.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $14B 103.4M 11.7% ▲ 3.0%
Vanguard Capital Management LLC $8.3B 60.9M 6.9% ▲ 1.0%
State Street Corp $7.6B 55.9M 6.3% ▼ 0.2%
Vanguard Portfolio Management LLC $7.5B 55.3M 6.3% ▲ 2.6%
Geode Capital Management, LLC $3.2B 23.9M 2.7% ▲ 1.2%
Cohen & Steers, Inc. $3.1B 22.8M 2.6% ▼ 1.9%
Jpmorgan Chase & Co $2.7B 19.3M 2.2% ▼ 6.5%
APG Asset Management Us Inc. $2.6B 19.3M 2.2% 0.0%
FMR LLC $2.3B 17.3M 2.0% ▲ 4.3%
Capital Research Global Investors $2.2B 15.9M 1.8% ▼ 6.0%
UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC $2B 14.8M 1.7% ▲ 4.4%
Morgan Stanley $2B 14.5M 1.6% ▲ 3.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Prologis's complete shareholder register. Values are as reported by the filers ; 11 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $8.2M 5 trades by 4 insiders · 100% under pre-set plans
Net ▼ $8.2M net selling
Insider Date Trade Shares Price Value
Moghadam Hamid Director July 16, 2026 Sell pre-set plan 50,000 $149.91 $7.5M
Arndt Timothy D Chief Financial Officer June 15, 2026 Sell pre-set plan 3,597 $150.00 $539,550
Slusser Sarah A Director January 28, 2026 Sell 10 $127.57 $1,276
Bita Cristina Gabriela Director December 1, 2025 Sell pre-set plan 621 $127.60 $79,240
Bita Cristina Gabriela Director November 3, 2025 Sell pre-set plan 500 $123.14 $61,570

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 46 trades and filings

In the last 12 months, 2 members of Congress disclosed 3 purchases and 3 sales of Prologis shares.

  • David J. Taylor(R-OH 2):Purchase, $1,001 - $15,000, traded October 15, 2026, filed October 29, 2026
  • David J. Taylor(R-OH 2):Purchase, $1,001 - $15,000, traded October 15, 2026, filed October 29, 2026
  • Kevin Hern(R-OK 1):Sale (full), $50,001 - $100,000, traded March 20, 2026, filed April 3, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 20, 2027 estimated from the company's past filing pattern, not announced

  • October 15, 2026
  • July 16, 2026
  • April 16, 2026
  • January 21, 2026
  • October 15, 2025
  • July 16, 2025

Recent SEC filings

Data status

When each part of this page on Prologis was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Prologis in brief

What does Prologis do?
Prologis is a US-listed company in the industrial REITs industry. Its financial year ends in December.
What is Prologis's stock ticker?
Prologis trades under the ticker PLD on OTC. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Prologis's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Prologis reported revenue of $9.4B, 7.2% higher than a year earlier, according to its SEC filings.
What is Prologis's free cash flow?
Prologis's free-cash-flow margin is 29.4% of revenue over the trailing twelve months.
Who are Prologis's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Prologis's market cap?
On November 2, 2026, Prologis's market capitalisation was about $125B, with a price-to-earnings ratio of 29.2 and net debt of $35.1B. Market figures come from third-party market data and may be delayed.
Does Prologis pay a dividend?
Yes: Prologis paid $4B in dividends over the trailing twelve months, a dividend yield of 3.22% and a payout ratio of 93.1%.
Who are Prologis's competitors?
In our Industrial REITs peer group, the companies closest to Prologis are Lineage, Inc., Americold Realty Trust, Rexford Industrial Realty, Inc., Stag Industrial, Inc. and First Industrial Realty Trust Inc. The side-by-side comparison below sets their revenue, margins and growth against Prologis's.
Are insiders buying or selling Prologis stock?
Over the last 12 months, Prologis's directors and officers reported 0 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Prologis's next earnings date?
Around January 20, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Prologis announces its own schedule.