Q2 25 EPS
$1.46
BEAT +105.26%
Est. $0.71
Q2 25 Revenue
$2.18B
BEAT +7.82%
Est. $2.03B
vs S&P Since Q2 25
+14.9%
BEATING MARKET
PLD +29.6% vs S&P +14.7%
Market Reaction
Did PLD Beat Earnings? Q2 2025 Results
Prologis delivered a decisive beat in the second quarter of 2025, with Core FFO per diluted share of $1.46 clearing the $0.71 consensus estimate by 105.26%, while revenue of $2.18 billion topped expectations by 7.82% and grew 8.8% year-over-year, dri… Read more Prologis delivered a decisive beat in the second quarter of 2025, with Core FFO per diluted share of $1.46 clearing the $0.71 consensus estimate by 105.26%, while revenue of $2.18 billion topped expectations by 7.82% and grew 8.8% year-over-year, driven by rental revenue climbing to $2.03 billion from $1.85 billion in the prior-year period. The standout operational driver was a sharp acceleration in development activity, with starts reaching $845.53 million on a Prologis Share basis in Q2, featuring 62.7% build-to-suit composition and a 21.4% estimated weighted average margin, reflecting the kind of demand-driven pipeline that underpins the company's role facilitating trillions in global trade flows. Management responded to the momentum by significantly raising full-year development starts guidance to $2.25 billion to $2.75 billion from a prior range of $1.50 billion to $2.00 billion, and narrowing Core FFO guidance to $5.75 to $5.80 per share, even as net earnings guidance was lowered to $3.00 to $3.15 due to reduced disposition gains and foreign currency headwinds.
Key Takeaways
- • Net effective rent change of 53.4% on Prologis Share basis
- • Cash rent change of 34.8% on Prologis Share basis
- • Same store cash NOI growth of 4.9% on Prologis Share basis
- • Same store net effective NOI growth of 4.8% on Prologis Share basis
- • 74.9% customer retention rate
- • Core FFO per share growth of 9.0% year-over-year
- • Rental revenue growth to $2.025B from $1.852B year-over-year
PLD YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
PLD Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our teams performed exceptionally in our operations and deployment activity over the quarter. This success stems from strong execution, staying close to customers, and the long-term fundamentals of our business.”
— Hamid R. Moghadam, Q2 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% |