Prologis Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Prologis Inc reported revenue of $8.8B (+7.2% year on year) and net income of $3.6B (-9.7% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Rental | $8.2B | $7.5B | $6.8B | $4.9B |
| Strategic capital | $592.4M | $671.9M | $1.2B | $1.0B |
| Development management and other | $38.9M | $15.0M | $4.7M | $20.9M |
| Total revenues | $8.8B | $8.2B | $8.0B | $6.0B |
| Rental | $2.0B | $1.8B | $1.6B | $1.2B |
| Strategic capital | $270.5M | $291.9M | $385.5M | $303.4M |
| General and administrative | $469.1M | $418.8M | $390.4M | $331.1M |
| Depreciation and amortization | $2.6B | $2.6B | $2.5B | $1.8B |
| Other | $46.0M | $47.0M | $53.4M | $40.3M |
| Total expenses | $5.4B | $5.1B | $4.9B | $3.7B |
| Operating income before gains on real estate transactions, net | $3.4B | $3.1B | $3.1B | $2.3B |
| Gains on dispositions of development properties and land, net | $257.7M | $413.7M | $462.3M | $597.7M |
| Gains on other dispositions of investments in real estate, net | $685.8M | $904.1M | $161.0M | $589.4M |
| Operating income | $4.4B | $4.4B | $3.7B | $3.5B |
| Earnings from unconsolidated entities, net | $402.5M | $353.6M | $307.2M | $310.9M |
| Interest expense | ($1.0B) | ($863.9M) | ($641.3M) | ($309.0M) |
| Foreign currency, derivative and other gains (losses) and other income (expense), net | $14.8M | $208.7M | — | — |
| Gains (losses) on early extinguishment of debt, net | ($3.5M) | $536.0K | $3.3M | ($20.2M) |
| Total other income (expense) | ($588.5M) | ($301.0M) | ($243.6M) | $223.3M |
| Earnings before income taxes | $3.8B | $4.1B | $3.5B | $3.7B |
| Income tax expense | ($204.0M) | ($166.9M) | ($211.0M) | ($135.4M) |
| Consolidated net earnings | $3.6B | $3.9B | $3.3B | $3.6B |
| Less net earnings attributable to noncontrolling interests | $237.1M | $216.3M | $193.9M | $190.5M |
| Net earnings attributable to controlling interests | $3.3B | $3.7B | $3.1B | $3.4B |
| Less preferred stock/unit dividends/distributions | $5.9M | $5.9M | $5.8M | $6.1M |
| Net earnings attributable to common stockholders/unitholders | $3.3B | $3.7B | $3.1B | $3.4B |
| Weighted average common shares/units outstanding - Basic | 928.5M | 926.2M | 924.4M | 785.7M |
| Weighted average common shares/units outstanding - Diluted | 956.8M | 953.6M | 951.8M | 811.6M |
| Net earnings per share/unit attributable to common stockholders/unitholders - Basic | $3.58 | $4.02 | $3.30 | $4.28 |
| Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | $3.56 | $4.01 | $3.29 | $4.25 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Rental | $2.2B | $2.1B | $2.1B | $2.0B |
| Strategic capital | $241.6M | $160.8M | $150.4M | $147.2M |
| Development management and other | $6.8M | $11.8M | $9.3M | $11.4M |
| Total revenues | $2.4B | $2.3B | $2.2B | $2.2B |
| Rental | $530.9M | $520.3M | $484.6M | $488.0M |
| Strategic capital | $95.6M | $81.9M | $69.3M | $64.9M |
| General and administrative | $129.6M | $126.9M | $110.7M | $106.9M |
| Depreciation and amortization | $689.5M | $731.5M | $648.0M | $657.2M |
| Other | $20.2M | $10.1M | $8.7M | $11.7M |
| Total expenses | $1.5B | $1.5B | $1.3B | $1.3B |
| Operating income before gains on real estate transactions, net | $959.7M | $827.0M | $892.6M | $855.2M |
| Gains on dispositions of development properties and land, net | $79.2M | $293.0M | $15.4M | $10.5M |
| Gains on other dispositions of investments in real estate, net | $212.4M | $91.0M | $32.2M | $47.0M |
| Operating income | $1.3B | $1.2B | $940.3M | $912.7M |
| Earnings from unconsolidated entities, net | $147.5M | $93.3M | $92.8M | $107.7M |
| Interest expense | ($276.3M) | ($254.3M) | ($258.3M) | ($251.9M) |
| Foreign currency, derivative and other gains (losses) and other income (expense), net | $109.7M | $44.6M | $101.0M | ($122.8M) |
| Gains (losses) on early extinguishment of debt, net | ($31.0K) | ($1.9M) | $0 | $0 |
| Total other income (expense) | ($19.2M) | ($118.3M) | ($64.5M) | ($267.0M) |
| Earnings before income taxes | $1.2B | $1.1B | $875.8M | $645.7M |
| Income tax expense | ($108.2M) | ($48.0M) | ($54.5M) | ($23.4M) |
| Consolidated net earnings | $1.1B | $1.0B | $821.3M | $622.3M |
| Less net earnings attributable to noncontrolling interests | $61.8M | $62.8M | $57.0M | $51.1M |
| Net earnings attributable to controlling interests | $1.1B | $982.0M | $764.3M | $571.2M |
| Less preferred stock/unit dividends/distributions | $1.3M | $1.5M | $1.4M | $1.5M |
| Net earnings attributable to common stockholders/unitholders | $1.1B | $980.5M | $762.9M | $569.7M |
| Weighted average common shares/units outstanding - Basic | 933.1M | 931.3M | 928.9M | 928.5M |
| Weighted average common shares/units outstanding - Diluted | 957.9M | 957.6M | 956.6M | 955.9M |
| Net earnings per share/unit attributable to common stockholders/unitholders - Basic | $1.14 | $1.05 | $0.82 | $0.61 |
| Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | $1.13 | $1.05 | $0.82 | $0.61 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Investments in real estate properties | $95.1B | $91.2B | $88.7B | $81.6B |
| Less accumulated depreciation | $14.7B | $12.8B | $10.9B | $9.0B |
| Net investments in real estate properties | $80.4B | $78.5B | $77.7B | $72.6B |
| Investments in and advances to unconsolidated entities | $11.1B | $10.1B | $9.5B | $9.7B |
| Assets held for sale or contribution | $203.3M | $248.5M | $461.7M | $531.3M |
| Net investments in real estate | $91.7B | $88.8B | $87.7B | $82.8B |
| Cash and cash equivalents | $1.1B | $1.3B | $530.4M | $278.5M |
| Other assets | $5.9B | $5.2B | $4.7B | $4.8B |
| Total assets | $98.7B | $95.3B | $93.0B | $87.9B |
| Debt | $35.0B | $30.9B | $29.0B | $23.9B |
| Accounts payable and accrued expenses | $2.0B | $1.8B | $1.8B | $1.7B |
| Other liabilities | $4.0B | $4.1B | $4.4B | $4.4B |
| Total liabilities | $41.0B | $36.7B | $35.2B | $30.0B |
| Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,279 shares issued and outstanding and 100,000 preferred shares authorized at December 31, 2025 and 2024 | $63948000.00 | $63948000.00 | $63948000.00 | $63948000.00 |
| Common stock; $0.01 par value; 929,153 and 926,283 shares issued and outstanding at December 31, 2025 and 2024, respectively | 9.3M | 9.3M | 9.2M | 9.2M |
| Additional paid-in capital | $54.7B | $54.5B | $54.2B | $54.1B |
| Accumulated other comprehensive loss | ($676.3M) | ($120.2M) | ($514.2M) | ($443.6M) |
| Distributions in excess of net earnings | ($902.4M) | ($465.9M) | ($627.1M) | ($457.7M) |
| Total Prologis, Inc. stockholders’ equity | $53.2B | $54.0B | $53.2B | $53.2B |
| Noncontrolling interests | $4.6B | $4.7B | $4.6B | $4.6B |
| Total equity | $57.8B | $58.6B | $57.8B | $57.9B |
| Total partners’ capital | $54.4B | $55.3B | $54.5B | $54.5B |
| Total capital | $57.8B | $58.6B | $57.8B | $57.9B |
| Total liabilities and equity | $98.7B | $95.3B | $93.0B | $87.9B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Investments in real estate properties | $97.0B | $95.2B | $95.0B | $94.3B |
| Less accumulated depreciation | $15.8B | $15.3B | $14.3B | $13.8B |
| Net investments in real estate properties | $81.2B | $79.9B | $80.7B | $80.5B |
| Investments in and advances to unconsolidated entities | $11.5B | $11.2B | $10.5B | $10.6B |
| Assets held for sale or contribution | $499.0M | $499.8M | $358.9M | $253.3M |
| Net investments in real estate | $93.2B | $91.7B | $91.6B | $91.4B |
| Cash and cash equivalents | $1.8B | $861.1M | $1.2B | $1.1B |
| Other assets | $6.0B | $5.6B | $5.6B | $5.3B |
| Total assets | $101.0B | $98.1B | $98.3B | $97.7B |
| Debt | $36.4B | $34.7B | $35.3B | $34.7B |
| Accounts payable and accrued expenses | $2.5B | $1.7B | $1.8B | $1.6B |
| Other liabilities | $3.9B | $3.8B | $4.0B | $4.1B |
| Total liabilities | $42.9B | $40.2B | $41.1B | $40.4B |
| Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,279 shares issued and outstanding and 100,000 authorized at June 30, 2026 and December 31, 2025 | $63948000.00 | $63948000.00 | $63948000.00 | $63948000.00 |
| Common stock; $0.01 par value; 933,006 and 929,153 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 9.3M | 9.3M | 9.3M | 9.3M |
| Additional paid-in capital | $54.9B | $54.8B | $54.7B | $54.6B |
| Accumulated other comprehensive loss | ($397.7M) | ($479.5M) | ($736.1M) | ($765.5M) |
| Distributions in excess of net earnings | ($860.5M) | ($921.0M) | ($1.4B) | ($1.2B) |
| Total Prologis, Inc. stockholders’ equity | $53.7B | $53.5B | $52.6B | $52.7B |
| Noncontrolling interests | $4.4B | $4.4B | $4.6B | $4.6B |
| Total equity | $58.1B | $57.9B | $57.2B | $57.3B |
| Total partners’ capital | $54.8B | $54.6B | $53.9B | $54.0B |
| Total capital | $58.1B | $57.9B | $57.2B | $57.3B |
| Total liabilities and equity | $101.0B | $98.1B | $98.3B | $97.7B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Consolidated net earnings | $3.6B | $3.9B | $3.3B | $3.6B |
| Straight-lined rents and amortization of above and below market leases | ($691.1M) | ($644.6M) | ($613.0M) | ($267.7M) |
| Equity-based compensation awards | $185.5M | $231.7M | $267.6M | $175.4M |
| Depreciation and amortization | $2.6B | $2.6B | $2.5B | $1.8B |
| Earnings from unconsolidated entities, net | ($402.5M) | ($353.6M) | ($307.2M) | ($310.9M) |
| Operating distributions from unconsolidated entities | $644.9M | $562.5M | $680.2M | $410.5M |
| Decrease (increase) in operating receivables from unconsolidated entities | $1.3M | $20.5M | ($82.4M) | ($63.9M) |
| Amortization of debt discounts and debt issuance costs, net | $85.6M | $78.9M | $74.6M | $23.7M |
| Gains on dispositions of development properties and land, net | ($257.7M) | ($413.7M) | ($462.3M) | ($597.7M) |
| Gains on other dispositions of investments in real estate, net | ($685.8M) | ($904.1M) | ($161.0M) | ($589.4M) |
| Unrealized foreign currency and derivative losses (gains), net | $125.7M | ($67.3M) | $71.6M | ($92.2M) |
| Losses (gains) on early extinguishment of debt, net | $3.5M | ($536.0K) | ($3.3M) | $20.2M |
| Deferred income tax expense (benefit) | $4.3M | $21.2M | $17.7M | $12.6M |
| Decrease (increase) in other assets | ($422.1M) | ($341.6M) | — | — |
| Increase (decrease) in accounts payable and accrued expenses and other liabilities | $225.6M | $194.5M | $255.1M | $109.0M |
| Net cash provided by (used in) operating activities | $5.0B | $4.9B | $5.4B | $4.1B |
| Real estate development | ($2.8B) | ($3.2B) | — | ($3.1B) |
| Real estate acquisitions | ($1.8B) | ($2.3B) | ($4.2B) | ($2.5B) |
| Duke Transaction, net of cash acquired | $0 | $0 | ($33.0M) | ($92.1M) |
| Tenant improvements and lease commissions on previously leased space | ($562.2M) | ($499.9M) | ($388.8M) | ($339.2M) |
| Property improvements | ($327.4M) | ($386.5M) | ($303.0M) | ($211.4M) |
| Proceeds from dispositions and contributions of real estate | $2.2B | $3.8B | $1.8B | $2.1B |
| Investments in and advances to unconsolidated entities | ($312.2M) | ($540.6M) | ($284.2M) | ($442.4M) |
| Return of investment from unconsolidated entities | $104.4M | $58.3M | $348.3M | $77.0M |
| Proceeds from the settlement of net investment hedges | $4.9M | $16.0M | $37.1M | $59.3M |
| Payments on the settlement of net investment hedges | ($25.6M) | ($3.0M) | ($2.2M) | ($3.5M) |
| Proceeds from repayment of notes receivable backed by real estate | $0 | $0 | $37.0M | $0 |
| Purchase of short-term investments | ($176.7M) | — | — | — |
| Net cash provided by (used in) investing activities | ($3.6B) | ($3.1B) | ($6.4B) | ($4.5B) |
| Dividends/distributions paid on common and preferred stock/units | ($3.8B) | ($3.6B) | ($3.2B) | ($2.5B) |
| Noncontrolling interests contributions | $70.6M | $73.1M | $21.1M | $13.3M |
| Noncontrolling interests distributions | ($327.0M) | ($295.7M) | ($235.1M) | ($270.1M) |
| Settlement of noncontrolling interests | ($33.6M) | ($1.6M) | ($69.8M) | ($89.0M) |
| Redemption of common limited partnership units | ($19.9M) | ($1.6M) | ($69.8M) | ($89.0M) |
| Tax paid with shares of the Parent withheld | -23.9M | -30.5M | -24.5M | -27.7M |
| Debt and equity issuance costs paid | ($40.0M) | ($31.0M) | ($58.7M) | ($45.7M) |
| Net proceeds from (payments on) credit facilities and commercial paper | ($203.9M) | ($730.1M) | — | — |
| Repurchase of and payments on debt | ($701.9M) | ($919.5M) | ($272.2M) | ($1.4B) |
| Proceeds from the issuance of debt | $3.5B | $4.5B | $5.8B | $4.1B |
| Net cash provided by (used in) financing activities | ($1.6B) | ($1000.0M) | $1.3B | $115.8M |
| Effect of foreign currency exchange rate changes on cash | $12.7M | ($25.0M) | ($22.0M) | ($20.8M) |
| Net increase (decrease) in cash and cash equivalents | ($172.9M) | $788.2M | $251.9M | ($277.6M) |
| Cash and cash equivalents, beginning of year | $1.3B | $530.4M | $278.5M | $556.1M |
| Cash and cash equivalents, end of year | $1.1B | $1.3B | $530.4M | $278.5M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Consolidated net earnings | $2.2B | $1.0B | $2.1B | $1.3B |
| Straight-lined rents and amortization of above and below market leases | ($326.9M) | ($165.7M) | ($530.7M) | ($368.2M) |
| Equity-based compensation awards | $115.8M | $60.6M | $141.7M | $97.1M |
| Depreciation and amortization | $1.4B | $731.5M | $2.0B | $1.3B |
| Earnings from unconsolidated entities, net | ($240.8M) | ($93.3M) | ($268.4M) | ($175.6M) |
| Operating distributions from unconsolidated entities | $328.3M | $186.2M | $454.7M | $292.3M |
| Decrease (increase) in operating receivables from unconsolidated entities | ($41.6M) | $31.0M | $8.2M | $4.8M |
| Amortization of debt discounts and debt issuance costs, net | $41.9M | $20.6M | $64.5M | $42.8M |
| Gains on dispositions of development properties and land, net | ($372.2M) | ($293.0M) | ($53.4M) | ($37.9M) |
| Gains on other dispositions of investments in real estate, net | ($303.5M) | ($91.0M) | ($116.1M) | ($83.8M) |
| Unrealized foreign currency and derivative losses (gains), net | ($20.0M) | ($14.3M) | $155.3M | $193.3M |
| Losses (gains) on early extinguishment of debt, net | $1.9M | $1.9M | $0 | $0 |
| Deferred income tax expense (benefit) | $19.0M | $190.0K | ($2.9M) | $2.4M |
| Decrease (increase) in other assets | ($151.1M) | $61.4M | ($127.5M) | ($40.3M) |
| Increase (decrease) in accounts payable and accrued expenses and other liabilities | ($5.7M) | ($192.7M) | $84.6M | ($95.5M) |
| Net cash provided by (used in) operating activities | $2.6B | $1.3B | $3.9B | $2.4B |
| Real estate development | ($1.6B) | ($764.5M) | ($2.0B) | ($1.3B) |
| Real estate acquisitions | ($1.2B) | ($223.1M) | ($1.2B) | ($1.2B) |
| Tenant improvements and lease commissions on previously leased space | ($257.8M) | ($123.8M) | ($413.6M) | ($275.4M) |
| Property improvements | ($97.3M) | ($26.1M) | ($212.5M) | ($103.1M) |
| Proceeds from dispositions and contributions of real estate | $1.4B | $624.0M | $340.9M | $256.4M |
| Investments in and advances to unconsolidated entities | ($241.2M) | ($150.7M) | ($50.7M) | ($32.6M) |
| Return of investment from unconsolidated entities | $217.4M | $86.6M | $76.2M | $59.0M |
| Proceeds from the settlement of net investment hedges | $3.7M | $310.0K | $4.9M | $4.9M |
| Payments on the settlement of net investment hedges | ($5.3M) | — | ($18.9M) | ($9.7M) |
| Proceeds from maturity of short-term investments | $176.5M | $176.5M | — | — |
| Net cash provided by (used in) investing activities | ($1.6B) | ($400.6M) | ($3.7B) | ($2.6B) |
| Dividends/distributions paid on common and preferred units | ($2.0B) | ($1.0B) | ($2.8B) | ($1.9B) |
| Noncontrolling interests contributions | $20.5M | $12.8M | $59.2M | $26.5M |
| Noncontrolling interests distributions | ($152.4M) | ($80.2M) | ($230.8M) | ($148.6M) |
| Settlement of noncontrolling interests | ($73.6M) | ($48.0M) | ($20.0M) | ($17.9M) |
| Redemption of common limited partnership units | ($65.6M) | ($48.0M) | ($6.3M) | ($4.7M) |
| Tax paid with shares of the Parent withheld | -20.8M | -18.3M | -18.8M | -15.4M |
| Debt and equity issuance costs paid | ($29.9M) | ($17.2M) | ($30.7M) | ($25.3M) |
| Net proceeds from (payments on) credit facilities and commercial paper | $482.2M | $517.8M | ($27.9M) | $262.6M |
| Repurchase of and payments on debt | ($986.5M) | ($686.3M) | ($209.1M) | ($72.4M) |
| Proceeds from the issuance of debt | $2.3B | $161.6M | $3.0B | $1.8B |
| Net cash provided by (used in) financing activities | ($449.9M) | ($1.2B) | ($345.3M) | ($93.6M) |
| Effect of foreign currency exchange rate changes on cash | ($12.5M) | ($13.7M) | $18.1M | $24.1M |
| Net increase (decrease) in cash and cash equivalents | $619.4M | ($284.5M) | ($132.6M) | ($252.5M) |
| Cash and cash equivalents, beginning of period | $1.1B | $1.1B | $1.3B | $1.3B |
| Cash and cash equivalents, end of period | $1.8B | $861.1M | $1.2B | $1.1B |
Prologis Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.