Prologis (PLD) Q4 2025 earnings summary

Executive summary

• Delivered strong Q4 and full-year 2025 results, with disciplined execution, customer engagement, and record 228M sq ft of leases signed, supporting momentum into 2026.

• Ended 2025 with ownership or investments in 1.3B sq ft of logistics real estate across 20 countries, serving 6,500 customers, with U.S. operations contributing 85% of NOI.

• Expanded data center power pipeline to 5.7 GW and surpassed 1.1 GW for installed solar and battery storage.

• Annualized NOI reached $6.7B, with $358M in strategic capital fees and $568M in value creation from development stabilizations.

• Entering 2026 from a position of strength, with strategic initiatives and a large land pipeline to support durable long-term growth.

Financial highlights

• Q4 2025 total revenues were $2.25B, up from $2.20B in Q4 2024; full-year revenues were $8.79B, up from $8.20B in 2024.

• Net earnings attributable to common stockholders for Q4 2025 were $1.40B, up from $1.28B in Q4 2024; full-year net earnings were $3.32B, down from $3.73B in 2024.

• Core FFO for Q4 2025 was $1.44 per share (including net promote expense) and $1.46 per share (excluding); full-year Core FFO was $5.81 per share.

• Adjusted EBITDA for 2025 was $7.43B, up from $7.16B in 2024.

• Dividends and distributions per common share/unit were $4.04 for 2025, up from $3.84 in 2024.

Outlook and guidance

• 2026 net earnings guidance per diluted share: $3.70–$4.00; Core FFO per diluted share: $6.00–$6.20 (including net promote), $6.05–$6.25 (excluding).

• Average occupancy expected between 94.75% and 95.75% for 2026, with a seasonal Q1 dip before rebuilding.

• Net effective same-store growth expected at 4.25%–5.25%, cash at 5.75%–6.75%.

• Strategic capital revenue (excluding promote) expected at $650M–$670M; realized development gains at $500M–$520M.

• Development starts guidance: $4–$5B (owned/managed), with ~40% in data centers; acquisitions: $1–$1.5B; contributions/dispositions: $3.25–$4.25B.