Prologis (PLD) financial statements
Prologis reported revenue of $8.8B in fiscal 2025, up 14.8% a year over 9 years.
Net income was $3.3B and the operating margin 49.6%, against 26.4% in 2016.
The diluted share count rose 75% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Prologis's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5B | $2.6B | $2.8B | $3.3B | $4.4B | $4.8B | $6.0B | $8.0B | $8.2B | $8.8B |
| Selling, general and admin | $222M | $231M | $239M | $267M | $275M | $293M | $331M | $390M | $419M | $469M |
| Operating income | $668M | $2.0B | $1.7B | $1.8B | $2.1B | $3.2B | $3.5B | $3.7B | $4.4B | $4.4B |
| Interest expense | $303M | $274M | $229M | $240M | $315M | $266M | $309M | $641M | $864M | $1.0B |
| Pre-tax income | $1.3B | $1.8B | $1.9B | $1.8B | $1.7B | $3.3B | $3.7B | $3.5B | $4.1B | $3.8B |
| Income tax | $55M | $55M | $63M | $75M | $130M | $174M | $135M | $211M | $167M | $204M |
| 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 | 547M | 552M | 590M | 655M | 754M | 765M | 812M | 952M | 954M | 957M |
| 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% |
Balance sheet
Fiscal years, from Prologis's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $807M | $447M | $344M | $1.1B | $598M | $556M | $278M | $530M | $1.3B | $1.1B |
| Property, plant and equipment | — | — | $112M | $107M | $118M | $118M | $120M | $208M | $212M | $222M |
| Total assets | $30.2B | $29.5B | $38.4B | $40.0B | $56.1B | $58.5B | $87.9B | $93.0B | $95.3B | $98.7B |
| 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 |
| Net debt | -$807M | -$447M | -$344M | -$1.1B | -$598M | -$556M | -$278M | -$530M | -$1.3B | -$1.1B |
Cash flow
Fiscal years, from Prologis's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.4B | $1.7B | $1.8B | $2.3B | $2.9B | $3.0B | $4.1B | $5.4B | $4.9B | $5.0B |
| Capital spending | $102M | $111M | $93M | — | — | — | — | — | — | — |
| Free cash flow | $1.3B | $1.6B | $1.7B | — | — | — | — | — | — | — |
| Stock-based compensation | $60M | $77M | $76M | $98M | $110M | $113M | $175M | $268M | $232M | $185M |
| Dividends paid | $893M | $943M | $1.1B | $1.3B | $1.7B | $1.9B | $2.5B | $3.2B | $3.6B | $3.8B |
| Net borrowing | $1.4B | $2.4B | $4.9B | — | -$750M | -$750M | — | — | — | — |
| Free cash flow margin | 51.9% | 60.2% | 61.0% | — | — | — | — | — | — | — |
| Dividends per share | $1.63 | $1.71 | $1.90 | $2.05 | $2.28 | $2.45 | $3.07 | $3.39 | $3.74 | $3.93 |
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What was Prologis's revenue in 2025?
$8.8B in fiscal 2025, from its 10-K filing.
From Prologis's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.