At a glance
Prologis Inc is worth $123.23B, about 36 times its fiscal 2025 earnings. Revenue grew 7.2% to $8.79B in fiscal 2025, with 37.9% kept as profit; over 5 years it has grown 14.6% a year. It pays a 3.25% dividend yield, and returned $14.93B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +7.8% over the past year with dividends reinvested and +0.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.2% in the 2020 crash (S&P 500: 33.7%) and 42.1% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Prologis owns, builds and manages logistics real estate: the warehouses and distribution centers where businesses store goods and ship them to customers. It is a real estate investment trust (REIT), a company that owns property and must pay out most of its taxable income as dividends. As of December 31, 2025, its portfolio, including development projects and buildings held with partners, was expected to total about 1.3 billion square feet across 20 countries on four continents, concentrated near large consumer markets.
Rent is the main engine. Rental operations, part of the Real Estate segment, generally supply 90% to 95% of revenue, earnings and funds from operations (FFO, a REIT profit measure that adds back depreciation). Leases have fixed or inflation-linked rent increases, and tenants reimburse most operating costs. Prologis also develops new buildings, including selected data centers, to hold, sell or place in its partner funds.
The Strategic Capital segment, generally 5% to 10% of revenue excluding performance fees, manages property funds co-owned with large institutional investors, including publicly traded vehicles in Japan, China and Mexico. Prologis earns asset and property management fees, plus occasional performance fees called promotes. Revenue was $8.79 billion in 2025. Only about 9.0% came from outside the U.S., since Prologis invests abroad mainly through its partner funds.
Price history
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PLD +7.8% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.39B, up 7.8% from a year earlier, and net income was $817.1M (+6.9%).
- For fiscal 2025, revenue was $8.79B (+7.2% year over year; +14.6% a year from FY2020 to FY2025) with a 37.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.6% good |
|---|---|
| Operating margin | 49.6% good |
| Return on equity (FY2025) | 6.3% weak |
| Return on assets (FY2025) | 3.4% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.44B | $1.48B | — |
| FY2021 | $4.76B | $2.94B | — |
| FY2022 | $5.97B | $3.36B | — |
| FY2023 | $8.02B | $3.06B | — |
| FY2024 | $8.20B | $3.73B | — |
| FY2025 | $8.79B | $3.33B | — |
Valuation snapshot
| Market value | $123.23B |
|---|---|
| P/E ratio | 36.4 |
| Dividend yield | 3.25% |
Rank among 1514 US companies
Market value at each year end
Prologis’s market value went from $27.91B at the end of 2016 to $123.23B on Nov 2, 2026, about 4.4 times as much; since the end of 2025 it is up 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $123.23B | +3.9% |
| 2025 | $118.58B | +21.1% |
| 2024 | $97.90B | -20.5% |
| 2023 | $123.17B | +18.4% |
| 2022 | $104.06B | -16.4% |
| 2021 | $124.47B | +69.0% |
| 2020 | $73.67B | +30.8% |
| 2019 | $56.31B | +52.3% |
| 2018 | $36.97B | +7.7% |
| 2017 | $34.32B | +23.0% |
| 2016 | $27.91B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PLD price data to Nov 2, 2026 | +3.9% | +7.8% | +10.9% | +0.4% | +13.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.0% |
| 2025 | +25.1% |
| 2024 | -18.1% |
| 2023 | +21.6% |
| 2022 | -31.3% |
| 2021 | +72.3% |
| 2020 | +14.6% |
| 2019 | +55.9% |
| 2018 | -6.2% |
| 2017 | +25.9% |
| 2016 | +27.3% |
| 2015 | +3.6% |
| 2014 | +20.3% |
| 2013 | +4.3% |
| 2012 | +31.9% |
| 2011 | -6.5% |
| 2010 | +29.4% |
| 2009 | +15.4% |
| 2008 | -58.0% |
| 2007 | +1.6% |
| 2006 | +23.3% |
| 2005 | +26.8% |
| 2004 | +28.6% |
| 2003 | +27.0% |
| 2002 | +11.5% |
| 2001 | +7.3% |
| 2000 | +38.0% |
| 1999 | -3.0% |
| 1998 | -7.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 83.5% over that stretch · deepest drop along the way 84.7%, back to its old high 86.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 34.7% over that stretch · deepest drop along the way 36.2%, back to its old high 4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38% over that stretch · deepest drop along the way 42.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 1 sales ($7.5M), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 16, 2026 | Hamid Moghadam Director | sell (plan) | $7.5M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10% | May 31, 2026 |
| Vanguard Capital Management | 7.52% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.79% | Mar 31, 2026 |
ETFs with the most weight in PLD
| INDS Pacer Industrial Real Estate ETF | 13.87% |
| SPRE SP Funds S&P Global REIT Sharia ETF | 11.42% |
| FPRO Fidelity Real Estate Investment ETF | 10.27% |
| RITA ETFB Green SRI REITs ETF | 9.62% |
| RWR SPDR Dow Jones REIT ETF | 8.98% |
| XLRE Real Estate Select Sector SPDR Fund | 8.98% |
| FRI First Trust S&P REIT Index Fund | 8.43% |
| USRT iShares Core U.S. REIT ETF | 8.14% |
What could go wrong
- Concentrated in warehouse real estate. Prologis's investments are concentrated in logistics property. A slump in demand for warehouse space, from weaker consumer spending, trade tensions or tariffs, would hit rents and occupancy across much of the portfolio.
- Growth depends on re-leasing at market rents. Prologis says moving expiring leases to current market rents is its main source of revenue growth. If market rents fall, tenants fail to pay or space sits empty, that growth slows.
- Development and data centers may disappoint. Prologis builds some warehouses before tenants sign and is expanding into data centers, which need hard-to-get power and equipment. Cost overruns, delays or slow leasing could hurt returns on new projects.
- Fund business depends on outside investors. Prologis's fund business relies on large institutional investors, and its asset management fees move with quarterly property valuations. Falling values or partner pullback would cut fees and limit sales of new buildings to the funds.
- Heavy borrowing and need for outside capital. REITs must pay out most income, so Prologis relies on outside capital. Debt was $36.8 billion as of September 30, 2026. Tighter credit or a rating downgrade would raise costs; new stock dilutes existing owners.
- Currency swings and overseas risks. About 9.0% of 2025 revenue, roughly $788 million, came from outside the U.S. Weaker foreign currencies, tariffs, trade wars or political instability could reduce results, and Prologis's currency hedges may not fully protect it.
Recent events
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Other company announcement
- New debt or financial obligation; Other company announcement
- Shareholder vote results
- New debt or financial obligation; Other company announcement
For income and retirement investors
Prologis is a REIT, so it must pay out most of its taxable income as dividends. The yield was 3.3% as of October 30, 2026. Total dividends paid rose every year from 2020 to 2025, from $1.72 billion to $3.76 billion, but shares outstanding grew 28.4% between February 2022 and October 2026, so part of that rise reflects more shares. Dividends equaled about 113% of 2025 net income. That looks high, but depreciation, a non-cash charge, depresses REIT earnings. Prologis reported no share buybacks from 2021 through 2025.
Past downturns hit the stock hard. It lost 84.7% from October 2007 to March 2009 and took about 87 months to recover. It fell 36.2% in the 2020 COVID crash but recovered in about four months. From April to October 2022 it dropped 42.1% and had not regained that peak as of October 30, 2026. A single stock carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
How does Prologis make money?
Mostly by renting out warehouses and distribution centers. Rental operations generally provide 90% to 95% of Prologis's revenue, earnings and funds from operations (FFO, a REIT profit measure), and tenants reimburse most property operating costs. Most of the rest comes from its Strategic Capital business, which earns fees for managing property funds it co-owns with large institutional investors, plus occasional performance fees called promotes. Prologis also develops new buildings, including selected data centers, to hold or sell. Revenue was $8.79 billion in 2025.
What is Prologis's dividend yield?
Prologis's dividend yield was 3.3% as of October 30, 2026, based on the share price that day. As a real estate investment trust (REIT), it must pay out most of its taxable income. It paid $3.76 billion in dividends in 2025 and $14.93 billion in total from 2021 through 2025. Dividends are not guaranteed, and the share price can swing: the stock lost 31.3% in 2022 and 18.1% in 2024.
Why does Prologis pay out more in dividends than it earns?
Because net income is a poor yardstick for REITs. Prologis's 2025 dividends equaled about 113% of its $3.33 billion net income. But net income is reduced by depreciation, a non-cash charge that spreads the cost of buildings over many years. REITs are usually judged on funds from operations (FFO), which adds depreciation back, and Prologis reports FFO in its annual report. Even so, paying out more than reported earnings leaves less cushion, and the company also relies on borrowing and property sales to fund growth.
How has Prologis stock performed over the long run?
It has done well over 10 years but been roughly flat over five. As of October 30, 2026, the stock had returned 12.8% a year over 10 years, or 233% in total, but just 0.5% a year over five years and 6.3% over one year. It can fall sharply: it lost 84.7% during the 2008 financial crisis and 42.1% between April and October 2022. Revenue for the quarter ended September 30, 2026, rose 7.8% from a year earlier.
Is Prologis getting into data centers?
Yes, selectively. Prologis says it is expanding its development work to include data centers in certain markets. It focuses on securing power and on build-to-suit leases, where a building is constructed for a specific tenant. It also sells some data centers to free up cash for new projects. Logistics buildings remain the core of the business. Data centers carry their own risks, including the cost and availability of power and high-demand equipment.