Q4 25 EPS
$1.49
BEAT +115.94%
Est. $0.69
Q4 25 Revenue
$2.25B
BEAT +39.28%
Est. $1.62B
vs S&P Since Q4 25
+4.7%
BEATING MARKET
PLD +9.3% vs S&P +4.6%
Full Year 2025 Results
FY 25 EPS
$3.56
BEAT +34.92%
Est. $2.64
FY 25 Revenue
$8.79B
BEAT +7.79%
Est. $8.15B
Market Reaction
Did PLD Beat Earnings? Q4 2025 Results
Prologis delivered a blowout fourth quarter, posting earnings per diluted share of $1.49 against a consensus estimate of just $0.69, a beat of 115.94%, while revenue of $2.25 billion topped expectations of $1.62 billion by 39.28% and edged up 2.4% fr… Read more Prologis delivered a blowout fourth quarter, posting earnings per diluted share of $1.49 against a consensus estimate of just $0.69, a beat of 115.94%, while revenue of $2.25 billion topped expectations of $1.62 billion by 39.28% and edged up 2.4% from a year ago. The primary engine behind the top-line strength was rental revenue, which climbed to $2.09 billion from $1.94 billion in Q4 2024, reflecting the company's ability to push rents higher across its global logistics portfolio, with net effective rent change on Prologis Share reaching 43.8% and cash same-store NOI growing 5.7% year-over-year. The industrial REIT also signed a record 228 million square feet of leases during 2025, signaling robust customer demand even as occupancy held steady at 95.8%. Shares have been responding favorably, with the stock recently touching a 52-week high near $135. Looking ahead, Prologis guided 2026 Core FFO per share of $6.00 to $6.20, supported by expected cash same-store NOI growth of 5.75% to 6.75% and development starts of $3.00 billion to $4.00 billion.
Key Takeaways
- • Record 228 million square feet of leases signed in 2025
- • Net effective rent change of 43.8% on Prologis Share basis in Q4 2025
- • Cash rent change of 27.3% on Prologis Share basis in Q4 2025
- • Same store NOI growth of 5.7% on a cash basis (Prologis Share)
- • Period-end occupancy of 95.8% Owned and Managed
- • Customer retention rate of 77.7%
PLD YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
PLD Revenue by Segment
With YoY comparisons, source: SEC Filings
“2025 was a record year for lease signings, setting the business up with strong momentum for 2026. Customers are making long-term decisions with greater conviction, and we are meeting that demand with a platform that brings logistics, digital infrastructure and energy together at a global scale.”
— Daniel S. Letter, Q4 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% |