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PLDPrologis

Real estate · REIT · NYSE, OTC

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FY2025 at a glance

Sales up 7.2%

XBRL, from each 10-K

RevenueStatements ↓

$8.8B

from $8.2B in FY2024

FY2016FY2025

Net incomeStatements ↓

$3.3B

from $3.7B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$3.56

from $4.01 in FY2024

FY2016FY2025

Operating marginStatements ↓

49.6%

from 53.8% in FY2024

FY2016FY2025

Total debtStatements ↓

$35.0B

from $30.9B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (37, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	3.98	Sales (ttm)	8.9B	Net income (ttm)	3.7B	Sales growth	+7.2%	EPS growth	-11.2%	Sales Q/Q	+7.4%
Free cash flow	-	Gross margin	-	Oper. margin	52.4%	Net margin	41.5%	FCF margin	-	ROE	6.9%
ROA	3.8%	R&D / sales	-	Dividend	4.04	Debt/Eq	0.65	Curr. ratio	-	Cash	861.1M
Op. cash flow (ttm)	5.1B	EBITDA	7.0B	EBITDA margin	79.5%	Net debt	33.8B	Interest cover	4.35	ROIC	4.7%
Payout ratio	113.5%	Tax rate	5.4%	Stock pay / sales	2.1%	Shares out.	932.3M	Shares Y/Y	+0.3%	Book / share	57.39
Cash / share	0.92	Sales / share	9.60	Asset turnover	0.09	Sales 3Y CAGR	+13.7%	Sales 5Y CAGR	+14.6%	EPS 3Y CAGR	-5.7%
EPS 5Y CAGR	+12.1%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Operating margin narrowed to 49.6%53.8% → 49.6% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

PLD against Real estate peers

Ten years, side by side → · All 30 →

PLDPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.

Sales growth

+7.2%9th of 29 · median +5.1%

Net margin

41.5%4th of 29 · median 21.7%

Return on equity

6.9%17th of 27 · median 7.8%

Debt / equity (less is better)

0.658th of 24 · median 0.84

PLD and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
PLD Prologis	$8.9B	+7.2%	-	41.5%	6.9%	-	0.65
AMT American Tower	$11.0B	+5.1%	-	30.1%	94.2%	36.0%	10.69
EQIX Equinix	$10.1B	+5.4%	51.6%	16.4%	11.3%	-1.4%	1.57
IRM Iron Mountain	$7.8B	+12.2%	-	5.9%	-	-6.9%	-
SPG Simon Property Group	$7.2B	+6.7%	-	63.0%	110.4%	46.9%	6.96
WY Weyerhaeuser	$7.0B	-3.1%	15.0%	6.5%	4.8%	-	0.57

Profitability

2 of 3

✓
Net margin above the peer median41.5% vs 21.7%
!
Return on equity below 15%6.9%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 47.8% → 37.9%

Balance sheet

1 of 2

!
Interest covered less than 5 timesOperating income is 4.3× interest expense
✓
Debt smaller than equityDebt / equity 0.65 on the latest balance sheet (peer median 0.84)

Debt / equity at each year end, FY2016 to FY2025: 0.71 → 0.66

What the debt is made of ↓

Cash and shareholders

2 of 3

!
Share count up over 5 years+26.8%
✓
Dividend per share up over 5 years$2.32 → $4.04
✓
Cash from operations above net income$5.0B vs $3.3B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$11.2B of principal due, schedule of Mar 31, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 8.8B Net income 3.3B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $8.8B of revenue came from

by segment, year to Dec 31, 2025

Real Estate Operations $8.2B · 93%
Strategic Capital $592.4M · 7%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

PLD's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue8.8B

Net income3.3B

EPS (diluted)3.56

Dividend per share4.04

Diluted shares956.8M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Real Estate Operations	8.2B	93.3%	+8.9%
Strategic Capital	592.4M	6.7%	-11.8%

10-K 0001193125-26-051453, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2.5B	2.6B	2.8B	3.3B	4.4B	4.8B	6.0B	8.0B	8.2B	8.8B
SG&A	222.1M	231.1M	239.0M	266.7M	274.8M	293.2M	331.1M	390.4M	418.8M	469.1M
Operating income	668.4M	2.0B	1.7B	1.8B	2.1B	3.2B	3.5B	3.7B	4.4B	4.4B
Interest expense	303.1M	274.5M	229.1M	240.0M	314.5M	266.2M	309.0M	641.3M	863.9M	1.0B
Pretax income	1.3B	1.8B	1.9B	1.8B	1.7B	3.3B	3.7B	3.5B	4.1B	3.8B
Income tax	54.6M	54.6M	63.3M	74.5M	130.5M	174.3M	135.4M	211.0M	166.9M	204.0M
Net income	1.2B	1.7B	1.6B	1.6B	1.5B	2.9B	3.4B	3.1B	3.7B	3.3B
EPS (diluted)	2.27	3.06	2.87	2.46	2.01	3.94	4.25	3.29	4.01	3.56
Diluted shares	546.7M	552.3M	590.2M	654.9M	754.4M	764.8M	811.6M	951.8M	953.6M	956.8M
Depreciation & amortization	931.0M	879.1M	947.2M	1.1B	1.6B	1.6B	1.8B	2.5B	2.6B	2.6B
EBITDA	1.6B	2.8B	2.6B	3.0B	3.7B	4.8B	5.3B	6.2B	7.0B	7.0B
Operating margin	26.4%	74.6%	60.2%	55.5%	47.7%	67.4%	58.0%	46.2%	53.8%	49.6%
Net margin	47.8%	63.1%	58.8%	47.2%	33.4%	61.8%	56.3%	38.1%	45.5%	37.9%
Revenue growth	-	+3.4%	+7.1%	+18.8%	+33.3%	+7.2%	+25.5%	+34.3%	+2.2%	+7.2%
EPS growth	-	+34.8%	-6.2%	-14.3%	-18.3%	+96.0%	+7.9%	-22.6%	+21.9%	-11.2%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	807.3M	447.0M	343.9M	1.1B	598.0M	556.0M	278.0M	530.0M	1.3B	1.1B
Property & equipment	-	-	112.2M	107.5M	117.7M	118.0M	119.9M	208.0M	212.3M	221.7M
Total assets	30.2B	29.5B	38.4B	40.0B	56.1B	58.5B	87.9B	93.0B	95.3B	98.7B
Total debt	10.6B	9.4B	11.1B	11.9B	16.8B	215.3M	23.9B	29.0B	30.9B	35.0B
Total liabilities	11.8B	10.8B	12.6B	14.0B	19.7B	20.7B	30.0B	35.2B	36.7B	41.0B
Shareholders' equity	15.0B	15.6B	22.3B	22.7B	32.0B	33.4B	53.2B	53.2B	54.0B	53.2B
Retained earnings	-3.6B	-2.9B	-2.4B	-2.2B	-2.4B	-1.3B	-457.7M	-627.1M	-465.9M	-902.4M

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	1.4B	1.7B	1.8B	2.3B	2.9B	3.0B	4.1B	5.4B	4.9B	5.0B
Stock-based pay (added back)	60.3M	76.6M	76.1M	97.6M	109.8M	113.0M	175.4M	267.6M	231.7M	185.5M
Dividends paid	893.5M	942.9M	1.1B	1.3B	1.7B	1.9B	2.5B	3.2B	3.6B	3.8B
Acquisitions	0	0	45.9M	0	-	0	92.1M	33.0M	0	0
Debt raised	1.4B	2.4B	4.9B	-	-	-	-	-	-	-
Debt repaid	-	-	-	-	750.0M	750.0M	-	-	-	-
Investing cash flow	1.3B	543.3M	-663.8M	-685.4M	-3.1B	-2.0B	-4.5B	-6.4B	-3.1B	-3.6B
Financing cash flow	-2.1B	-2.6B	-1.2B	-839.6M	-372.2M	-1.0B	115.8M	1.3B	-1000.0M	-1.6B
Dividend per share	1.68	1.76	1.92	2.12	2.32	2.52	3.16	3.48	3.84	4.04

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	60.3M	76.6M	76.1M	97.6M	109.8M	113.0M	175.4M	267.6M	231.7M	185.5M
Stock-based pay / revenue	2.4%	2.9%	2.7%	2.9%	2.5%	2.4%	2.9%	3.3%	2.8%	2.1%
Right-of-use assets	-	-	0	486.3M	492.8M	459.4M	735.4M	683.7M	707.8M	671.7M
Operating lease liabilities	-	-	0	471.6M	487.0M	448.4M	638.8M	597.6M	615.3M	643.5M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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