Prologis, Inc.

PLD · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Valuation
Market cap	$118,579	$97,897	$123,165	$104,059	$124,473	$73,681	$65,904	$43,413	$34,324	$27,905	$22,503	$21,497	$17,961	$16,782	$10,594	$5,137	$3,318	$2,280	$5,594	$5,141	$4,133	$3,319	$2,665	$2,292	$2,184	$2,166	$1,723	$1,889	$2,158
Enterprise value	$157,031	$132,738	$156,875	$132,921	$146,396	$94,772	$80,611	$57,662	$46,365	$41,173	$37,619	$31,691	$26,946	$29,176	$22,594	$11,620	$6,847	$6,546	$9,210	$8,967	$8,523	$7,663	$6,104	$5,329	$4,989	$4,656	$3,392	$3,571	$2,869
P/E (TTM) at period end	35.69×	26.28×	40.34×	30.98×	42.43×	50.02×	42.06×	26.42×	20.90×	23.19×	26.08×	34.55×	56.94×	–	–	–	–	–	17.80×	22.94×	16.03×	26.45×	19.89×	18.44×	15.83×	17.78×	9.78×	16.78×	118.39×
P/S (TTM) at period end	13.49×	11.94×	15.35×	17.42×	26.15×	16.60×	19.79×	15.48×	13.11×	11.02×	10.24×	12.21×	10.26×	8.56×	7.45×	6.11×	3.23×	3.19×	8.35×	7.04×	6.11×	4.99×	4.33×	3.72×	3.63×	4.53×	3.84×	5.26×	38.49×
P/B at period end	2.23×	1.81×	2.32×	1.95×	3.72×	2.30×	2.91×	1.95×	2.20×	1.86×	1.53×	1.54×	1.31×	1.28×	0.78×	0.68×	1.13×	0.91×	2.02×	2.37×	2.16×	1.99×	1.60×	1.36×	1.25×	1.23×	0.94×	1.07×	1.29×
EV / EBITDA (TTM)	22.48×	18.97×	25.33×	25.17×	30.60×	25.75×	26.96×	21.88×	16.36×	25.74×	29.84×	32.93×	27.82×	33.91×	32.34×	–	24.23×	18.28×	25.67×	20.94×	19.70×	18.08×	14.76×	12.24×	12.37×	13.69×	10.87×	14.24×	109.03×
EV / Sales (TTM)	17.86×	16.18×	19.55×	22.25×	30.76×	21.35×	24.20×	20.56×	17.71×	16.25×	17.12×	18.00×	15.39×	14.88×	15.89×	13.83×	6.67×	9.16×	13.75×	12.28×	12.60×	11.51×	9.92×	8.65×	8.30×	9.75×	7.57×	9.95×	51.17×
Returns
Return on equity	6.2%	6.9%	5.7%	6.3%	8.8%	4.6%	6.9%	7.4%	10.5%	8.0%	5.9%	4.5%	2.3%	(0.6%)	(1.4%)	(17.3%)	(0.1%)	(2.0%)	11.4%	10.3%	13.5%	7.5%	8.0%	7.4%	7.9%	6.9%	9.6%	6.4%	1.1%
Return on invested capital	4.5%	4.8%	4.0%	4.1%	5.5%	3.7%	4.7%	4.5%	6.8%	2.3%	1.2%	1.3%	0.9%	0.4%	0.4%	(4.3%)	(0.4%)	1.9%	2.9%	4.0%	4.0%	4.6%	5.3%	6.3%	6.5%	5.9%	7.1%	5.6%	0.9%
Dividend yield	3.2%	3.6%	2.6%	2.4%	1.5%	2.3%	2.0%	2.6%	2.7%	3.2%	3.6%	3.1%	3.1%	3.1%	3.7%	5.5%	8.2%	12.6%	6.2%	3.4%	3.7%	4.4%	5.7%	8.3%	9.8%	6.0%	11.1%	4.7%	0.8%
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.27×	1.53×	1.73×	–	–	–	–	–	–	–	–	–	–
Debt / equity	0.66×	0.58×	0.56×	0.48×	0.02×	0.53×	0.53×	0.50×	0.62×	0.71×	0.79×	0.67×	0.71×	0.97×	0.07×	0.87×	1.09×	1.59×	1.26×	1.59×	1.78×	1.95×	1.54×	1.33×	1.22×	1.04×	0.69×	0.78×	0.41×
Effective tax rate	5.4%	4.1%	6.1%	3.7%	5.2%	7.5%	4.2%	3.4%	3.0%	4.1%	2.4%	(3.6%)	31.7%	3.5%	(0.7%)	1.9%	(13.9%)	–	–	–	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	957	954	952	812	765	754	655	590	552	547	534	506	492	462	372	220	180	97	100	91	88	85	83	85	85	84	86	86	86

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Revenue and gross profit
Revenue	$9,363	$8,790	$8,202	$8,023	$5,974	$4,759	$4,439	$3,331	$2,804	$2,618	$2,533	$2,197	$1,761	$1,750	$1,961	$1,422	$840	$1,027	$715	$670	$730	$676	$666	$615	$616	$601	$478	$448	$359	$56
Cost of revenue	($7,335)	($3,551)	($2,057)	($2,010)	($1,509)	($1,248)	($1,170)	($919)	($758)	($725)	($697)	($653)	($546)	($541)	($491)	($349)	($199)	–	–	($174)	–	–	–	–	–	–	–	–	–	–
Gross profit	$2,029	$5,239	$6,144	$6,013	$4,465	$3,511	$3,269	$2,412	$2,047	$1,893	$1,836	$1,544	$1,215	$1,209	$1,469	$1,073	$641	–	–	$497	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($106)	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	($469)	($419)	($390)	($331)	($293)	($275)	($267)	($239)	($231)	($222)	($217)	($229)	($229)	($228)	($195)	($166)	($192)	($145)	($131)	($104)	($72)	($59)	($48)	($47)	($36)	($24)	($25)	($20)	($1)
Total operating expenses	$2,997	($881)	($1,728)	($2,305)	($997)	($304)	($1,150)	($562)	($359)	$61	($1,167)	($1,164)	($895)	($905)	($1,376)	($978)	($1,254)	–	–	($300)	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($4,338)	($4,432)	($3,786)	($4,316)	($2,506)	($1,552)	($2,320)	($1,481)	($1,116)	($664)	($1,865)	($1,817)	($1,441)	($1,446)	($1,868)	($1,327)	($1,454)	($1,072)	($511)	($473)	($482)	($424)	($389)	($346)	($320)	($306)	($228)	($201)	($165)	($34)
Operating income	$5,026	$4,358	$4,416	$3,708	$3,468	$3,207	$2,119	$1,850	$1,688	$1,954	$668	$380	$320	$304	$93	$95	($614)	($45)	$204	$197	$248	$252	$276	$269	$296	$295	$250	$248	$193	$22
Earnings
EBITDA	–	$6,984	$6,996	$6,193	$5,280	$4,785	$3,681	$2,990	$2,635	$2,833	$1,599	$1,261	$962	$968	$860	$699	($319)	$283	$358	$359	$428	$433	$424	$414	$436	$403	$340	$312	$251	$26
Interest income	–	–	($27)	($23)	–	–	–	$24	$15	$14	$8	$25	$26	$27	$23	$14	$16	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,078)	($1,002)	($864)	($641)	($309)	($266)	($315)	($240)	($229)	($274)	($303)	($301)	($309)	($379)	($505)	($467)	($461)	($373)	($134)	($127)	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$4,868	$3,769	$4,115	$3,464	$3,691	$3,323	$1,747	$1,776	$1,886	$1,816	$1,347	$949	$714	$336	($103)	($273)	($1,632)	($43)	($49)	$314	$224	$258	$125	$134	$124	$138	$122	$176	$113	$18
Income tax expense	($337)	($204)	($167)	($211)	($135)	($174)	($130)	($75)	($63)	($55)	($55)	($23)	$26	($107)	$4	($2)	$30	($6)	–	–	–	–	–	–	–	–	–	–	–	–
Net income	$4,261	$3,328	$3,732	$3,059	$3,365	$2,940	$1,482	$1,573	$1,649	$1,652	$1,210	$869	$636	$343	($40)	($153)	($1,270)	$23	($50)	$314	$224	$258	$125	$134	$124	$138	$122	$176	$113	$18
Per share
Diluted EPS (GAAP)	$4.53	$3.56	$4.01	$3.29	$4.25	$3.94	$2.01	$2.46	$2.87	$3.06	$2.27	$1.64	$1.24	$0.64	($0.18)	($0.51)	($5.90)	($0.01)	($0.51)	$2.96	$2.30	$2.85	$1.39	$1.41	$0.75	$1.41	$1.35	$1.94	$1.26	$1.38
Basic EPS (GAAP)	$4.55	$3.58	$4.02	$3.30	$4.28	$3.97	$2.02	$2.48	$2.90	$3.10	$2.29	$1.66	$1.25	$0.65	($0.18)	($0.51)	($5.90)	($0.01)	($0.51)	$3.04	$2.39	$2.98	$1.44	$1.44	$0.75	$1.43	$1.35	$1.94	$1.27	$1.39
Basic shares outstanding	937	928	926	924	786	739	728	631	567	530	526	521	500	486	460	371	220	180	97	97	88	84	82	81	84	84	84	86	86	86
Margins
Gross margin	21.7%	59.6%	74.9%	74.9%	74.7%	73.8%	73.6%	72.4%	73.0%	72.3%	72.5%	70.3%	69.0%	69.1%	74.9%	75.5%	76.3%	–	–	74.2%	–	–	–	–	–	–	–	–	–	–
Operating margin	53.7%	49.6%	53.8%	46.2%	58.0%	67.4%	47.7%	55.5%	60.2%	74.6%	26.4%	17.3%	18.2%	17.4%	4.7%	6.7%	(73.0%)	(4.3%)	28.6%	29.4%	34.0%	37.3%	41.5%	43.7%	48.0%	49.0%	52.3%	55.2%	53.9%	40.0%
Net margin	45.5%	37.9%	45.5%	38.1%	56.3%	61.8%	33.4%	47.2%	58.8%	63.1%	47.8%	39.6%	36.1%	19.6%	(2.0%)	(10.8%)	(151.2%)	2.2%	(7.0%)	46.9%	30.7%	38.1%	18.8%	21.8%	20.2%	23.0%	25.5%	39.3%	31.4%	32.5%

Analyst consensus

Buy42 analysts

Bearish · 1 · Hold · 14 · Bullish · 27

Earnings history

	EPS	Estimate
Q4 2024	$1.38	$0.64	Beat
Q1 2025	$0.65	$0.63	Beat
Q2 2025	$0.61	$0.69	Miss
Q3 2025	$0.82	$0.67	Beat
Q4 2025	$1.49	$0.74	Beat
Q1 2026	$1.05	$0.81	Beat
Q2 2026	$1.13	$0.75	Beat
Q3 2026	$1.60	$0.78	Beat

Peers

Company overview

IPO dateNov 21, 1997

CEODaniel S. Letter

Employees2,802

SectorReal Estate

IndustryREIT - Industrial

CountryUS

ExchangeNew York Stock Exchange

Websitewww.prologis.com

Prologis, Inc. don't just lead the industry, they define it. The firm creates the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, their ecosystems help your business move faster, operate smarter and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next. Prologis, Inc. was established in 1983 and is incorporated in Maryland.

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