Q3 25 EPS
$1.49
BEAT +103.33%
Est. $0.73
Q3 25 Revenue
$2.21B
BEAT +8.85%
Est. $2.03B
vs S&P Since Q3 25
+11.6%
BEATING MARKET
PLD +20.7% vs S&P +9.1%
Market Reaction
Did PLD Beat Earnings? Q3 2025 Results
Prologis delivered a blowout third quarter, with Core FFO per diluted share of $1.49 beating the $0.73 consensus estimate by 103.33% and revenue of $2.21 billion coming in 8.85% ahead of expectations while growing 8.7% year over year. The standout re… Read more Prologis delivered a blowout third quarter, with Core FFO per diluted share of $1.49 beating the $0.73 consensus estimate by 103.33% and revenue of $2.21 billion coming in 8.85% ahead of expectations while growing 8.7% year over year. The standout result was driven by record leasing activity of 65.6 million square feet across its operating and development portfolio, underscoring resilient demand for logistics real estate even as broader economic uncertainty lingers. Net effective rent change of 49.4% on a Prologis Share basis illustrated the substantial mark-to-market still embedded in the portfolio, and cash same store NOI accelerated to 5.2% growth. A growing pivot into data center infrastructure, including 5.2 gigawatts of secured power capacity and $1.00 billion in data center development value, adds a compelling new growth vector. Management lifted its full-year net earnings guidance to $3.40 to $3.50 per share and raised Core FFO guidance to $5.78 to $5.81, with development starts now expected between $2.75 billion and $3.25 billion, reflecting confidence in the company's operational momentum heading into 2026.
Key Takeaways
- • Record 62 million square feet of operating portfolio lease signings in Q3 2025
- • 49.4% net effective rent change on Prologis Share basis reflecting mark-to-market embedded in the portfolio
- • 5.2% cash same store NOI growth on Prologis Share basis, accelerating from 4.9% in Q2
- • 77.2% customer retention rate
- • Development stabilizations of $604M at 6.7% estimated yield and 27.9% estimated margin
PLD YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
PLD Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our record leasing this quarter underscores the strength and resilience of our platform. With a solid pipeline, improving customer sentiment and limited new supply, the logistics market is setting up for the next inflection in rent and occupancy growth — one of the most compelling setups I've seen in 40 years.”
— Hamid R. Moghadam, Q3 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% |