Prologis (PLD) Q2 2026 earnings summary

Executive summary

• Achieved $2.18B in net earnings attributable to common stockholders for the first half of 2026, up from $1.16B year-over-year.

• Net earnings per diluted share rose to $1.13, up from $0.61 year-over-year, reflecting strong business momentum and record leasing activity.

• Core FFO for the first half reached $3.00B, with Q2 at $1.56B, both showing strong year-over-year growth.

• Over 67 million square feet of leases were signed, setting a new record, and period-end occupancy reached 95.5%.

• Guidance for 2026 was raised for the second time, with improved outlooks for net earnings and Core FFO.

Financial highlights

• Q2 2026 total revenues were $2.43B, up from $2.18B in Q2 2025; six-month revenues reached $4.72B.

• Net earnings attributable to common stockholders for Q2 2026 were $1.06B, up from $570M in Q2 2025.

• Core FFO for Q2 2026 was $1.56B, up from $1.40B in Q2 2025.

• Adjusted EBITDA for Q2 was $2.14B, up from $1.79B in Q2 2025.

• Dividends and distributions for the first half totaled $2.14 per share.

Outlook and guidance

• 2026 net earnings guidance per diluted share raised to $4.40–$4.55, up from $3.80–$4.05 previously.

• Core FFO guidance per diluted share increased to $6.22–$6.30, up from $6.07–$6.23.

• Expected average occupancy: 95.25–95.75%; same store NOI growth (cash): 6.75–7.25%.

• Strategic capital revenue (excluding promote): $660–$680M; development stabilizations: $2.25–$2.75B.

• FX risk largely hedged for 2026 Euro, Sterling, and Yen Core FFO.