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How Prologis (PLD) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/16/2026
Prologis, Inc. is a real estate investment trust headquartered in San Francisco, California that invests in logistics facilities. · Wikipedia
More about the company
The company was formed through the merger of AMB Property Corporation and Prologis in June 2011, which made Prologis the largest industrial real estate company in the world. As of 2025, the company operates more than 15,000 land acres and over 6,000 buildings comprising about 1.3 billion square feet in 20 countries across North America, Latin America, Europe, and Asia. According to The Economist, its business strategy is focused on warehouses that are located close to huge urban areas where land is scarce. It serves about 6,600 tenants. Prologis began to expand its non-real estate business, Essentials, in 2018, offering customers solar power, racking systems, forklifts, generators, EV charging infrastructure, and other logistics tech equipment for purchase.
Key growth driver: Rental — the fastest-growing revenue line: $2,177, +8% y/y. · by the Q2 2026 report
How does Prologis make money?
Prologis brought in $2.42 billion of revenue in Q2 2026, up 11.1% year over year. The largest source was Rental: $2.18 billion, or 90% of the total, followed by Strategic Capital ($242M, 10%). Net income for the quarter was $1.12 billion, up 80.6% year over year.
Revenue by source, Q2 2026
- Rental$2.18B · 90% · +7.5%
- Strategic Capital$242M · 10% · +64.2%
- Development Mgmt & Other$7.0M · 0.3% · −40.6%
Shares of $2.42B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is PLD’s next earnings date?
Thursday, October 15, 2026confirmed · before market open
Prologis (PLD) is scheduled to report results for the quarter ending Sep 2026 on Oct 15, 2026. Consensus EPS forecast: $1.58 (2 analysts), vs $1.49 in the same quarter last year.
What time does PLD report? Usually before market open: the last 4 results releases reached the SEC at 8:05 am, 8:05 am, 8:06 am, 8:05 am ET.
Last report: Jul 16, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$2,425
+11.1%
Operating income
$1,251
+37.1%
incl. gains
Net income
$1,124
+80.6%
Verdict: net earnings +86% overstates the quarter and Core FFO +12% tells the truth — the GAAP number is inflated by $292M of disposition gains and a $110M FX/derivative swing; the underlying logistics-rent machine grew rents 7%, strategic-capital fees 64%, and still covers the $1.0B quarterly dividend from FFO.
Core FFO $1,559M ($1.63/sh, +11.6%); AFFO $1,323M; adjusted EBITDA $2,143M. Dividends+distributions $1,027M ($1.07/sh). Portfolio: 1.3B sq ft, 5,929 buildings, ~6,500 customers; 84% of NOI from the U.S.
Source and notation
* marks non-cash / ≈ estimated. REIT: depreciation makes GAAP net earnings a poor profitability lens — Core FFO is the industry metric. Source: Prologis supplemental / 8-K EX-99.1 (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
PLD earnings history: past report dates
| Apr 16, 2026 Thu | 8:05 ambefore market open | Mar 31, 2026 | $2.3B+7% y/y | $1.05+67% y/y |
| Jan 21, 2026 Wed | 8:06 ambefore market open | Dec 31, 2025 | $2.3B+2% y/y | $1.49+9% y/y |
| Oct 15, 2025 Wed | 8:05 ambefore market open | Sep 30, 2025 | $2.2B+9% y/y | $0.82−24% y/y |
| Jul 16, 2025 Wed | 8:05 ambefore market open | Jun 30, 2025 | $2.2B+9% y/y | $0.61−34% y/y |
| Apr 16, 2025 Wed | 8:05 ambefore market open | Mar 31, 2025 | $2.1B+9% y/y | $0.63+0% y/y |
| Jan 21, 2025 Tue | 8:05 ambefore market open | Dec 31, 2024 | $2.2B+16% y/y | $1.37+101% y/y |
| Oct 16, 2024 Wed | 8:05 ambefore market open | Sep 30, 2024 | $2.0B+6% y/y | $1.08+35% y/y |
| Jul 17, 2024 Wed | 8:05 ambefore market open | Jun 30, 2024 | $2.0B−18% y/y | $0.92−30% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Prologis: 5-year financials
| 2025 | 8,790 | 4,358 | 3,328 | 3,765 |
| 2024 | 8,202 | 4,416 | 3,732 | 3,571 |
| 2023 | 8,024 | 3,708 | 3,059 | 3,229 |
| 2022 | 5,974 | 3,468 | 3,365 | 2,495 |
| 2021 | 4,759 | 3,207 | 2,940 | 1,873 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
1.5/2mostly good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Oct 2022Prologis acquired Duke Realty: 0.475 Prologis shares for each Duke share, 184.8M shares and units in total at $101.60 ($18.8B). sec.gov ↗
- Dec 2025Diluted shares rose 26.8% over 2020–2025, mostly in 2022–2023 (XBRL). data.sec.gov ↗
- Feb 2026Per the 10-K 2025: a single class of common stock; dividends of $3.84 (2024) and $4.04 (2025) per share; no shareholder suits. sec.gov ↗
Scoring: 2.0 −0.5 (criterion 1: +26.8% dilution over 5 years almost entirely from the all-stock Duke Realty acquisition in October 2022 — an M&A deal at market, capped at 0.5) = 1.5
- Share classes
- Single class of common stock (10-K 2025 cover); operating partnership units are a standard REIT structure.
- Dilution
- Diluted shares 2020→2025 +26.8%, of which ~185M shares/units paid for Duke Realty (October 2022) at the market price of $101.60; excluding it, growth is small; SBC 2.1% of revenue.
- Disclosure
- Full reporting, filed on time.
- Dividends
- Dividend growing: $3.48 (2023) → $3.84 (2024) → $4.04 (2025) per share.
- Lawsuits & regulators
- The 10-K lists only ordinary commercial disputes; no shareholder suits or SEC cases.
- Related parties
- No material related-party transactions disclosed.
How the score works · checked as of Sep 2026
Prologis (PLD) earnings: FAQ
How does Prologis make money?
Prologis brought in $2.42 billion of revenue in Q2 2026, up 11.1% year over year. The largest source was Rental: $2.18 billion, or 90% of the total, followed by Strategic Capital ($242M, 10%). Net income for the quarter was $1.12 billion, up 80.6% year over year.
When is PLD's next earnings date?
Prologis (PLD) is scheduled to report on Oct 15, 2026, before market open.
What time does PLD report earnings?
Prologis is scheduled to report before market open on Oct 15, 2026. Its last results releases were filed before market open, most recently at 8:05 am ET on Jul 16, 2026.
When did PLD last report earnings?
Prologis reported Q2 2026 results on Jul 16, 2026.
What is the EPS estimate for PLD's next earnings?
The consensus EPS forecast is $1.58 (2 analysts), vs $1.49 in the same quarter last year.
Where can I find Prologis's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to PLD's filings; this page breaks the latest report down in a Sankey chart.
What was PLD's net income in Q2 2026?
Prologis reported net income of $1,124M for Q2 2026 (+80.6% year over year), under US GAAP.
Does Prologis pay dividends?
Yes. In 2025, Prologis paid $3,765M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/26/2026. How we make the breakdowns · Report an error
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