Prologis (PLD) Q4 2025 earnings summary

Executive summary

• Delivered strong Q4 and closed 2025 with solid financial and operational momentum, driven by disciplined execution, record 228 million square feet of leases signed, and customer engagement across global markets.

• Ended 2025 with ownership or investments in 1.3B square feet of logistics real estate across 20 countries, serving 6,500 customers in business-to-business and retail/online fulfillment sectors.

• Strategic focus on extending operational leadership, capturing value in logistics, real estate, and data centers, and enhancing shareholder returns through asset growth.

• Expanded data center power pipeline to 5.7 GW and surpassed 1 GW for installed solar and battery storage.

• Entering 2026 from a position of strength, with initiatives in place to support durable long-term growth.

Financial highlights

• Q4 core FFO was $1.44 per share (including net promote expense) and $1.46 per share (excluding), with full-year Core FFO at $5.81 per share.

• Total revenues for 2025 were $8.79B, up from $8.20B in 2024; Q4 2025 revenues were $2.25B.

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

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

• Average occupancy was 95.3% for Q4 and 95% for the year, with period-end at 95.8%.

Outlook and guidance

• 2026 net earnings guidance per diluted share: $3.70–$4.00; Core FFO per share: $6.00–$6.20.

• Average occupancy expected between 94.75% and 95.75%; cash same-store NOI growth projected at 5.75%–6.75%.

• Strategic capital revenue forecasted at $650M–$670M; realized development gains at $500M–$520M.

• Development starts expected between $4–$5B, with 40% from Data Centers; acquisitions of $1–$1.5B.

• Development stabilizations projected at $2.25B–$2.75B; acquisitions at $3.0B–$4.0B.