Sep 2026 (Q3 FY26) — Oct 15, 2026
Prologis Q3 FY26 — Strong Operations and Strategic Growth Amidst Capital Market Volatility
Read the full callPrologis (PLD) earnings
- Mar 2026
- Sep 2026 (Q3 FY26)
- Dec 2025
Prologis earnings: last reported Thu, 15 Oct 2026, for the quarter ended Sep 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,298 | +7.4% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 52.7 | +11.7 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 982 | +65.6% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
14 of 22 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year acquisitions | $1 billion to $1.5 billion | Dec 2025 | We are also increasing acquisitions to $1.5 billion to $2 billion | Revised Up |
| Full-year data centre development starts | approximately 40% of $4 billion to $5 billion of owned and managed starts | Dec 2025 | Our year-to-date data center starts now totaled $2.1 billion, exceeding our full year guidance | On Track |
8 of Prologis, Inc.'s 48 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 46 more targets are in the full ledger.
Claimed
- Signed 60 million square feet of leases, fully replenishing the pipeline.
- Achieved 95.6% occupancy, up 10 basis points QoQ, with average occupancy of 95.1%.
- Delivered same-store NOI growth of 5.7% net effective and 5.9% cash basis.
- Lease mark-to-market at 16%, representing $780 million of embedded NOI.
- Data center pipeline totals 5.8 gigawatts, with 1.7 GW secured power and 4.1 GW in advanced stages.
Qualified
- Capital markets backdrop has become more challenging with recent interest rate moves.
- Transaction activity expected to slow due to wider bid-ask spreads.
- Disposition and contribution guidance tempered due to caution regarding pricing volatility.
Price
$124.09 −1.32% · −$1.66
Performance +0.0% 1Y
1Y: $124.08 on 17 Oct 2025 → $124.09. High $150.06 (16 Jul 2026), low $122.4 (19 Nov 2025).
- Previous close
- $125.75
- 52-week range
- $122.4 – $150.06
- One year
- −2.43%
Overview
- Symbol
- PLD
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
14 of 22 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year acquisitions | $1 billion to $1.5 billion | Dec 2025 | We are also increasing acquisitions to $1.5 billion to $2 billion | Revised Up |
| Full-year data centre development starts | approximately 40% of $4 billion to $5 billion of owned and managed starts | Dec 2025 | Our year-to-date data center starts now totaled $2.1 billion, exceeding our full year guidance | On Track |
Claimed
- Signed 60 million square feet of leases, fully replenishing the pipeline.
- Achieved 95.6% occupancy, up 10 basis points QoQ, with average occupancy of 95.1%.
- Delivered same-store NOI growth of 5.7% net effective and 5.9% cash basis.
- Lease mark-to-market at 16%, representing $780 million of embedded NOI.
- Data center pipeline totals 5.8 gigawatts, with 1.7 GW secured power and 4.1 GW in advanced stages.
Qualified
- Capital markets backdrop has become more challenging with recent interest rate moves.
- Transaction activity expected to slow due to wider bid-ask spreads.
- Disposition and contribution guidance tempered due to caution regarding pricing volatility.
The full ledger
Open Prologis, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 48 tracked commitments, with each call’s wording and source.
Call summaries
Jun 2026 (Q2 FY26) — Jul 16, 2026
Prologis Q2 FY26 — Strong Demand Drives Record Leasing and Raised Outlook
Read the full callMar 2026 (Q1 FY26) — Apr 16, 2026
Prologis, Inc. Q1 FY26 — Record Leasing and Data Center Expansion
Read the full callNews
Latest news
From the news desk, item by item, hours after each call.
Every analysed call
Prologis earnings calls (PLD)
Financials
What the filings say
Net profit, year on year: +66% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,008 | 2,036 | 2,201 | 2,140 | 2,184 | 2,214 | 2,253 | 2,298 |
| Operating profit | 1,023 | 1,251 | 1,421 | 878 | 913 | 940 | 1,626 | 1,211 |
| Operating margin | 51.0% | 61.4% | 64.6% | 41.0% | 41.8% | 42.5% | 72.2% | 52.7% |
| Other income | -69 | -183 | 8 | -196 | -267 | -64 | -62 | -118 |
| Interest | 208 | 230 | 232 | 232 | 252 | 258 | 260 | 254 |
| Profit before tax | 955 | 1,068 | 1,429 | 683 | 646 | 876 | 1,565 | 1,093 |
| Tax rate | 4.5% | 0.4% | 6.1% | 6.3% | 3.6% | 6.2% | 5.3% | 4.4% |
| Net profit | 861 | 1,006 | 1,279 | 593 | 571 | 764 | 1,400 | 982 |
| EPS ($ per share) | 0.93 | 1.08 | 1.38 | 0.64 | 0.61 | 0.82 | 1.50 | 1.05 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 6 | 6 | 7 | 7 | 9 | 9 | 9 | 9 |
| Reserves | -2,378 | -2,151 | -2,395 | -1,328 | -458 | -627 | -466 | -902 |
| Total liabilities | 12,617 | 13,960 | 19,740 | 20,744 | 30,034 | 35,197 | 36,712 | 40,970 |
| Fixed assets | 112 | 107 | 118 | 118 | 120 | 208 | 212 | 222 |
| Total assets | 38,418 | 40,032 | 56,065 | 58,486 | 87,897 | 93,021 | 95,329 | 98,724 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,804 | 2,264 | 2,937 | 2,996 | 4,126 | 5,373 | 4,912 | 5,008 |
| Cash from investing | -664 | -685 | -3,074 | -1,990 | -4,499 | -6,419 | -3,099 | -3,630 |
| Cash from financing | -1,232 | -840 | -372 | -1,008 | 116 | 1,320 | -1,000 | -1,564 |
| Net cash flow | -103 | 745 | -491 | -42 | -278 | 252 | 788 | -173 |
| Capital expenditure | -1,092 | -1,006 | -1,239 | -2,320 | -2,492 | -4,196 | -2,328 | -1,801 |
| Free cash flow | 711 | 1,258 | 1,698 | 676 | 1,634 | 1,177 | 2,585 | 3,208 |
PLD revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Strategic Capital | 7% | 12% | 7% | 7% | 7% | 7% | 7% | 10% | +64.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
PLD operating KPIs by quarter
| KPI | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Occupancy rate | 95.1%Occupancy ended the quarter at 95.1%, down just 10% sequentially and further widening our outperformance to the market now at 290 basis points.Source: earnings call transcript | 95.3%As a result, occupancy grew over the quarter to 95.3%, an increase of 20 basis points.Source: earnings call transcript | — | 95.3%We ended the quarter with occupancy of 95.3%, reflecting the seasonal drop we telegraphed and typically experience each first quarter.Source: earnings call transcript | 95.5%We ended the quarter with 95.5% occupancy, a 20 basis point improvement over the first quarter.Source: earnings call transcript | 95.6%We ended the quarter with 95.6% occupancy, up 10 basis points from the second quarter, with average occupancy of 95.1%, also a 10 basis point increase.Source: earnings call transcript | +0.1 pt |
| Square feet | — | <62M sq ftWe had a record quarter for leasing with signings of nearly 62 million square feet, an uptick in portfolio occupancy and another very strong quarter in rent change.Source: earnings call transcript | 57M sq ftOur teams performed exceptionally well, signing 57 million square feet of leases in the quarter and driving occupancy toward 96%, further widening our out-performance versus the market.Source: earnings call transcript | 64M sq ftFirst, we delivered another quarter of record leasing with 64 million square feet of signings supported by both strong retention and healthy new leasing activity.Source: earnings call transcript | — | — | +12.3% |
| Properties | — | 6,000And then if you think about our land bank, our 14,000 acres of land that we own or control, you look at our 6,000 buildings in these infill locations and think about how well we are set up for not only the current wave of AI demand, but the next wave, which will be inference.Source: earnings call transcript | 6,000We own 6,000 buildings adjacent to the world's most dynamic consumption centers.Source: earnings call transcript | — | 6,000And we have dozens, if not hundreds of applications out there and across all of our geographies, our 6,000 buildings and literally hundreds and hundreds of land sites, building a power bank.Source: earnings call transcript | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- US 87% ↓ 5 pt
- Other Americas 7% ↑ 4 pt
- Europe 4%
- Asia 2%
As PLD cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
19 filings between Oct 23, 2025 and Sep 17, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$18.30M
6 sales by 5 insiders
67% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 1
- Award — granted as compensation
- 6
- Option exercise — converted options into shares
- 1
- Tax withheld — shares kept back by the company to cover tax
Also filed: 3 gifts, 1 conversion, 1 other.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Connor James B. | — | $10.13M | Oct 24, 2025 |
| Moghadam Hamid | — | $7.50M | Jul 16, 2026 |
| Arndt Timothy D | — | $539.5K | Jun 15, 2026 |
| BITA CRISTINA GABRIELA | — | $140.8K | Dec 1, 2025 |
| Slusser Sarah A | — | $1.3K | Jan 28, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 17, 2026 | FOTIADES GEORGE L Director | Option exercise | 1,687 | $0 |
| Sep 17, 2026 | BITA CRISTINA GABRIELA Director | Option exercise | 1,128 | $0 |
| Sep 17, 2026 | BITA CRISTINA GABRIELA Director | Option exercise | 1,687 | $0 |
| Jul 16, 2026 | Moghadam Hamid Director | Sale 10b5-1 plan | 50,000 | $7.50M |
| Jun 15, 2026 | Arndt Timothy D Chief Financial Officer | Sale 10b5-1 plan | 3,597 | $539.5K |
| Apr 28, 2026 | Piani Olivier Director | Award | 1,984 | $0 |
| Apr 28, 2026 | Piani Olivier Director | Tax withheld | 595 | $84.2K |
| Apr 28, 2026 | Connor James B. Director | Option exercise | 1,984 | $0 |
| Apr 28, 2026 | Modjtabai Avid Director | Option exercise | 1,984 | $0 |
| Apr 28, 2026 | LYONS IRVING F III Director | Conversion | 43,825 | $6.20M |
| Apr 28, 2026 | KENNARD LYDIA H Director | Option exercise | 1,984 | $0 |
| Mar 26, 2026 | Moghadam Hamid Director | Gift | 1,019,089 | $0 |
| Mar 26, 2026 | Moghadam Hamid Director | Gift | 1,019,089 | $0 |
| Jan 28, 2026 | Slusser Sarah A Director | Sale | 10 | $1.3K |
| Dec 9, 2025 | FOTIADES GEORGE L Director | Gift | 1,824 | $0 |
| Dec 1, 2025 | BITA CRISTINA GABRIELA Director | Sale 10b5-1 plan | 621 | $79.2K |
| Nov 3, 2025 | BITA CRISTINA GABRIELA Director | Sale 10b5-1 plan | 500 | $61.6K |
| Oct 24, 2025 | Connor James B. Director | Sale | 80,000 | $10.13M |
| Oct 23, 2025 | Connor James B. Director | Other | 80,000 | $0 |
| Oct 9, 2025 | Slusser Sarah A Director | Sale | 42 | $4.8K |
| Oct 8, 2025 | Slusser Sarah A Director | Sale | 18 | $2.1K |
| Oct 1, 2025 | BITA CRISTINA GABRIELA Director | Sale 10b5-1 plan | 500 | $57.8K |
| Sep 3, 2025 | BITA CRISTINA GABRIELA Director | Sale 10b5-1 plan | 1,000 | $111.0K |
| Aug 26, 2025 | Palazzolo Lori A Chief Accounting Officer/MD | Sale | 25,000 | $2.78M |
| Aug 19, 2025 | Palazzolo Lori A Chief Accounting Officer/MD | Award | 25,000 | $0 |
| Jul 14, 2025 | Slusser Sarah A Director | Sale | 22 | $2.4K |
| Jul 10, 2025 | Slusser Sarah A Director | Sale | 19 | $2.1K |
| Jun 1, 2025 | FOTIADES GEORGE L Director | Option exercise | 1,824 | $0 |
| May 14, 2025 | Slusser Sarah A Director | Purchase | 13 | $1.4K |
| May 8, 2025 | WEBB CARL B Director | Option exercise | 29,820 | $3.13M |
| May 4, 2025 | KENNARD LYDIA H Director | Option exercise | 1,617 | $0 |
| May 4, 2025 | Modjtabai Avid Director | Option exercise | 1,617 | $0 |
| May 4, 2025 | OCONNOR DAVID P Director | Option exercise | 1,617 | $0 |
| May 4, 2025 | Piani Olivier Director | Option exercise | 1,617 | $0 |
| May 4, 2025 | Piani Olivier Director | Tax withheld | 485 | $51.1K |
| May 4, 2025 | WEBB CARL B Director | Option exercise | 1,617 | $0 |
| May 3, 2025 | Ghazal Joseph Chief Investment Officer | Tax withheld | 128 | $13.5K |
| May 3, 2025 | Ghazal Joseph Chief Investment Officer | Option exercise | 252 | $0 |
| Feb 21, 2025 | Ghazal Joseph Chief Investment Officer | Tax withheld | 250 | $30.2K |
| Feb 21, 2025 | Ghazal Joseph Chief Investment Officer | Option exercise | 491 | — |
| Feb 5, 2025 | Ghazal Joseph Chief Investment Officer | Sale | 10,997 | $1.31M |
| Feb 2, 2025 | Ghazal Joseph Chief Investment Officer | Tax withheld | 232 | $27.7K |
| Feb 2, 2025 | Ghazal Joseph Chief Investment Officer | Option exercise | 956 | — |
| Jan 18, 2025 | Ghazal Joseph Chief Investment Officer | Option exercise | 639 | — |
| Jan 18, 2025 | Ghazal Joseph Chief Investment Officer | Tax withheld | 357 | $39.1K |
| Jan 18, 2025 | Ghazal Joseph Chief Investment Officer | Option exercise | 168 | — |
| Jan 18, 2025 | Ghazal Joseph Chief Investment Officer | Tax withheld | 94 | $10.3K |
| Jan 17, 2025 | Ghazal Joseph Chief Investment Officer | Tax withheld | 798 | $88.5K |
| Jan 17, 2025 | Ghazal Joseph Chief Investment Officer | Option exercise | 2,229 | — |
| Jan 16, 2025 | Ghazal Joseph Chief Investment Officer | Tax withheld | 923 | $99.5K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for Prologis, Inc.
Free account. Everything above stays public.
Write why you follow Prologis, Inc. and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Other companies in Real Estate
Nearest to Prologis by market cap among the sector's top 20 companies at Q2 2026.