Latest revenue
$2.30B
as of 2026-03-31
Latest net income
$982.0M
as of 2026-03-31
Net margin
42.7%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $136.03B
- Enterprise value
- $169.84B
- P/E (trailing)
- 40.9×
- Forward P/E
- —
- P/B
- 2.54×
- Dividend yield
- 2.8%
- 52-wk high
- $146.27
- 52-wk low
- $103.41
- Beta
- —
- Shares out
- 932.3M
5-year trend
What this company does
Prologis owns and operates logistics warehouses globally, leasing industrial real estate to e-commerce, retail, and distribution tenants. Rental income drives the business, generating $2.13 billion of the $2.30 billion in quarterly revenue, with a smaller stream from managing real estate funds for outside investors. Earnings per share jumped to $1.05 from $0.63 a year earlier, boosted by $384 million in property disposition gains as the company harvests development profits while slowing acquisitions.
Generated from PLD's filing dated 2026-02-13
Key risks
- Leverage: $34.7B debt with quarterly interest expense of $254M (up 10% YoY); rising rates pressure refinancing of maturing notes.
- Dividend coverage tightening: $1.0B common dividends ($1.07/share) exceeded retained earnings, deepening distributions-in-excess-of-earnings to $921M.
- Reliance on disposition gains: Q1 earnings boosted by $384M of property/development gains vs. $64M prior year; recurring operating income barely grew.
Generated from PLD's filing dated 2026-02-13
Profitability
Operating margin
49.6%
7.9%Net margin
37.9%
16.8%Return on equity
6.3%
9.5%Return on assets
3.4%
13.9%Leverage
Debt / equity
0.86×
11.6%Long-term debt / equity
0.66×
15.1%Debt / assets
46.1%
6.3%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $2.30B | +7.4% | $982.0M | +65.6% | 42.7% |
Q4 2025 2025-12-31 | $2.25B | +2.4% | $1.40B | +9.5% | 62.1% |
Q3 2025 2025-09-30 | $2.21B | +8.7% | $764.3M | -24.0% | 34.5% |
Q2 2025 2025-06-30 | $2.18B | +8.8% | $571.2M | -33.7% | 26.2% |
Q1 2025 2025-03-31 | $2.14B | +9.4% | $593.0M | +1.2% | 27.7% |
Q4 2024 2024-12-31 | $2.20B | — | $1.28B | — | 58.1% |
Q3 2024 2024-09-30 | $2.04B | +6.4% | $1.01B | +34.5% | 49.4% |
Q2 2024 2024-06-30 | $2.01B | -18.1% | $861.3M | -29.2% | 42.9% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Real Estate Investment Trusts · SIC 6798
Your notes
Keep private notes on PLD — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$0
Insider selling
$13.2M
Net activity
−$13.2M
Distinct insiders
4
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns PLD
Institutional value
$41.51B
Total shares held
320.0M
Distinct holders
724
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 60.3M | $7.97B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 53.9M | $7.12B | — | New |
| 3 | DIMENSIONAL FUND ADVISORS LP | 11.6M | $1.53B | — | New |
| 4 | Legal & General Group Plc | 11.2M | $1.48B | — | New |
| 5 | Nuveen, LLC | 11.2M | $1.47B | — | New |
| 6 | PRINCIPAL FINANCIAL GROUP INC | 10.5M | $1.39B | — | New |
| 7 | Invesco Ltd. | 9.6M | $1.27B | — | New |
| 8 | WELLS FARGO & COMPANY/MN | 9.4M | $1.24B | — | New |
| 9 | UBS Group AG | 7.6M | $1.01B | — | New |
| 10 | DEUTSCHE BANK AG\ | 6.9M | $915.4M | — | New |
| 11 | Swedbank AB | 6.9M | $911.6M | — | New |
| 12 | CENTERSQUARE INVESTMENT MANAGEMENT LLC | 6.2M | $823.2M | — | New |
| 13 | Bank of New York Mellon Corp | 5.5M | $723.2M | — | New |
| 14 | VANGUARD FIDUCIARY TRUST CO | 5.2M | $691.3M | — | New |
| 15 | Sumitomo Mitsui Trust Group, Inc. | 3.9M | $521.7M | — | New |
| 16 | HSBC HOLDINGS PLC | 3.9M | $519.6M | — | New |
| 17 | FEDERATED HERMES, INC. | 3.9M | $512.3M | — | New |
| 18 | AMF Tjanstepension AB | 3.8M | $503.4M | — | New |
| 19 | ENVESTNET ASSET MANAGEMENT INC | 3.7M | $492.5M | — | New |
| 20 | DUFF & PHELPS INVESTMENT MANAGEMENT CO | 3.0M | $395.2M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Operating income excluding the $384M disposition gains was roughly flat YoY despite 7.4% revenue growth—what's pressuring core same-store NOI margins?
- 2
Dispositions gains jumped 10x to $293M; how sustainable is this earnings contribution and what's the embedded cap rate versus replacement cost?
- 3
Distributions of $1.0B exceeded net earnings again, growing distributions-in-excess to $921M—at what AFFO coverage threshold would you reconsider the 6% dividend hike?
Refreshed when PLD files a new report · last from 2026-02-13