Q1 26 EPS
$1.50
Q1 26 Revenue
$2.30B
Did PLD Beat Earnings? Q1 2026 Results
Prologis, Inc. Delivered a strong first quarter for 2026, posting Core FFO of $1.50 per diluted share and revenue of $2.30 billion, extending the industrial real estate giant's consensus EPS beat streak to four consecutive quarters. The standout driv… Read more Prologis, Inc. Delivered a strong first quarter for 2026, posting Core FFO of $1.50 per diluted share and revenue of $2.30 billion, extending the industrial real estate giant's consensus EPS beat streak to four consecutive quarters. The standout driver behind the results was record leasing activity, with 66.7 million square feet of leases commenced across its operating and development portfolio, paired with Prologis Share cash same-store NOI growth of 8.8% year over year, a meaningful acceleration from 6.2% in the prior-year period. Development starts of $1.78 billion, of which $1.23 billion was directed toward data center projects, underscored the company's deepening push into digital infrastructure, with a disclosed 5.6GW power pipeline supporting that expansion. The balance sheet stayed disciplined, with debt-to-Adjusted EBITDA improving to 4.8x from 5.3x. Looking ahead, management raised full-year 2026 Core FFO guidance to $6.07–$6.23 per share, while also lifting development starts guidance to $3.50 billion–$4.50 billion, reflecting confidence in execution despite an uncertain geopolitical backdrop.
Key Takeaways
- • Record logistics lease signings of 64 million square feet in Q1 2026
- • Cash same-store NOI growth of 8.8% (Prologis Share), accelerating from prior quarters
- • Net effective rent change of 31.9% on leases commenced (Prologis Share)
- • Development stabilizations generated estimated value creation of $387 million at 7.6% yield and 34.8% margin
- • Gains on dispositions of development properties and land of $293 million
- • Retention rate of 75.8%
PLD Forward Guidance & Outlook
Prologis raised its full-year 2026 guidance. Core FFO per diluted share is now expected at $6.07–$6.23 (up from $6.00–$6.20), and Core FFO excluding Net Promote Income (Expense) at $6.12–$6.28 (up from $6.05–$6.25). Net earnings per share guidance was raised to $3.80–$4.05 (from $3.70–$4.00). Average occupancy guidance was narrowed to 95.00%–95.75% (from 94.75%–95.75%). Cash same-store NOI growth is now expected at 6.25%–7.00% (up from 5.75%–6.75%). Development starts guidance (Prologis Share) increased to $3.5B–$4.5B (from $3.0B–$4.0B), contributions guidance raised to $1.75B–$2.25B (from $1.5B–$2.0B), and realized development gains raised to $500M–$700M (from $400M–$600M). Strategic capital revenue guidance (excluding promotes) was raised to $660M–$680M from $650M–$670M. The company has hedged the majority of its estimated 2026 Euro, Sterling, and Yen Core FFO.
PLD YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
PLD Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered record lease signings of 64 million square feet in our logistics business this quarter, reflecting the strength of our platform and resilient customer demand. We also advanced our data center platform with $1.3 billion of build-to-suit development starts, and we are scaling digital infrastructure and energy to support our next phase of growth.”
— Daniel S. Letter, Q1 2026 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% |