Q1 25 EPS
$0.63
BEAT +0.46%
Est. $0.63
Q1 25 Revenue
$2.14B
BEAT +7.39%
Est. $1.99B
vs S&P Since Q1 25
+9.3%
BEATING MARKET
PLD +46.2% vs S&P +36.9%
Market Reaction
Did PLD Beat Earnings? Q1 2025 Results
Prologis delivered a clean beat to open 2025, posting first-quarter revenue of $2.14 billion, up 9.4% year-over-year and ahead of the $1.99 billion consensus by 7.39%, while GAAP earnings per diluted share of $0.63 edged past the $0.63 estimate by 0.… Read more Prologis delivered a clean beat to open 2025, posting first-quarter revenue of $2.14 billion, up 9.4% year-over-year and ahead of the $1.99 billion consensus by 7.39%, while GAAP earnings per diluted share of $0.63 edged past the $0.63 estimate by 0.46%. The more telling number was Core FFO per diluted share, which climbed 10.9% to $1.42, driven by rental revenue growth to $1.99 billion from $1.83 billion a year ago as the company's global logistics portfolio continued to capture strong rent spreads, with net effective rent change on new and renewal leases reaching 53.7%. The quarter was not without nuance: average occupancy slipped to 94.8% from 96.9% a year ago, reflecting broader industrial market softening, and the company trimmed its development starts and contributions guidance meaningfully, signaling caution on near-term transaction activity amid trade policy uncertainty. Still, Prologis reaffirmed its Core FFO guidance of $5.65 to $5.81 per share for the full year, with management noting that constrained new supply and elevated construction costs underpin the long-term rent growth outlook.
Key Takeaways
- • Net effective rent change of 53.7% on Prologis Share basis
- • Cash rent change of 32.1% on Prologis Share basis
- • Cash same store NOI growth of 6.2%
- • 65.1 million square feet of leases commenced in Q1 2025 vs 48.1 million in Q1 2024
- • Core FFO per diluted share increased 10.9% year-over-year to $1.42
- • Development stabilizations generating 6.9% estimated weighted average yield and 26.0% margin
- • Customer retention of 72.9%
PLD YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
PLD Revenue by Segment
With YoY comparisons, source: SEC Filings
“In the near term, policy uncertainty is making customers more cautious. But over the long term, limited new supply and high construction costs support continued rent growth. We're confident in the strength and resilience of our business.”
— Hamid R. Moghadam, Q1 2025 Earnings Press Release
PLD Earnings Trends
PLD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PLD EPS Trend
Earnings per share: estimate vs actual
PLD Revenue Trend
Quarterly revenue: estimate vs actual
PLD Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.50 | — | $2.30B | — |
| Q4 25 BEAT FY | $0.69 | $1.49 | +115.94% | $2.25B | +39.28% |
| FY Full Year | $2.64 | $3.56 | +34.92% | $8.79B | +7.79% |
| Q3 25 BEAT | $0.73 | $1.49 | +103.33% | $2.21B | +8.85% |
| Q2 25 BEAT | $0.71 | $1.46 | +105.26% | $2.18B | +7.82% |
| Q1 25 BEAT | $0.63 | $0.63 | +0.46% | $2.14B | +7.39% |