Prologis (PLD) Q4 2025 earnings summary

Executive summary

• Ended 2025 with strong financial and operational momentum, owning or investing in 1.3B sq ft of logistics real estate across 20 countries and serving 6,500 customers, with U.S. operations contributing 85% of NOI.

• Achieved record 228 million sq ft of leases signed in 2025, setting up strong momentum for 2026.

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

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

• Entering 2026 from a position of strength, with initiatives to extend leadership and compound value.

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 $1.38B, slightly down from $1.44B in Q4 2024; full-year Core FFO was $5.81B, up from $5.56B in 2024.

• 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; excluding Net Promote Income: $6.05–$6.25.

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

• Cash Same Store NOI growth projected at 5.75%–6.75% for 2026.

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

• Development starts projected at $4–$5B (40% Data Centers), acquisitions at $1–$1.5B, and contributions/dispositions at $3.25–$4.25B.