PLD Financials Prologis

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 28 h ago Overview →

Growth & profitability

Revenue has grown 14.6% per year over the past 5 years.
Net income has grown faster than revenue (17.6% vs 14.6% per year).
Operating margin has expanded, at 49.6% in the latest year.

Financial health

Total debt ($35.0B) exceeds cash ($1.1B); net debt is $33.9B.
Total debt has grown in line with revenue (15.8% vs 14.6% per year).
Operating income covered interest expense 4.3× in the latest year, down from 6.7× 5 years ago.
Total debt is 5.0× EBITDA.

Shareholder returns

Dividends have been paid for 14 consecutive years, consuming 113.1% of earnings.
The dividend has grown 16.9% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$8.8B	$3.3B	0.0%	49.6%	—	$35.0B	$1.1B
2024	$8.2B	$3.7B	0.0%	53.8%	—	$30.9B	$1.3B
2023	$8.0B	$3.1B	0.0%	46.2%	—	$29.0B	$530M
2022	$6.0B	$3.4B	0.0%	58.0%	—	$23.9B	$278M
2021	$4.8B	$2.9B	0.0%	67.4%	—	$215M	$556M
2020	$4.4B	$1.5B	0.0%	47.7%	—	$16.8B	$598M
2019	$3.3B	$1.6B	0.0%	55.5%	—	$11.9B	$1.1B
2018	$2.8B	$1.6B	0.0%	60.2%	—	$11.1B	$344M
2017	$2.6B	$1.7B	0.0%	74.6%	—	$9.4B	$447M
2016	$2.5B	$1.2B	0.0%	26.4%	—	$10.6B	$807M
2015	—	$869M	—	—	—	$11.6B	$264M
2014	—	$636M	—	—	—	$9.3B	$351M
2013	—	$343M	—	—	—	$9.0B	$491M
2012	—	-$40M	—	—	—	$11.8B	$101M
2011	—	-$153M	—	—	—	$11M	$176M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$2.3B	$982M	0.0%	52.7%	—	$34.7B	$861M
Dec '25	$2.3B	$1.4B	0.0%	72.2%	—	$35.0B	$1.1B
Sep '25	$2.2B	$764M	0.0%	42.5%	—	$35.3B	$1.2B
Jun '25	$2.2B	$571M	0.0%	41.8%	—	$34.7B	$1.1B
Mar '25	$2.1B	$593M	0.0%	41.1%	—	$32.3B	$671M
Dec '24	$2.2B	$1.3B	0.0%	64.6%	—	$30.9B	$1.3B
Sep '24	$2.0B	$1.0B	0.0%	61.4%	—	$32.3B	$781M
Jun '24	$2.0B	$861M	0.0%	51.0%	—	$29.9B	$598M
Mar '24	$2.0B	$586M	0.0%	36.8%	—	$29.6B	$501M
Dec '23	$1.9B	$631M	0.0%	44.2%	—	$29.0B	$530M
Sep '23	$1.9B	$748M	0.0%	46.1%	—	$27.6B	$741M
Jun '23	$2.5B	$1.2B	0.0%	57.6%	—	$28.1B	$531M
Mar '23	$1.8B	$465M	0.0%	32.7%	—	$25.2B	$523M
Dec '22	$1.8B	$587M	0.0%	46.4%	—	$23.9B	$278M
Sep '22	$1.8B	$1.0B	0.0%	52.3%	—	$18.1B	$636M
Jun '22	$1.3B	$611M	0.0%	42.6%	—	$18.0B	$438M
Mar '22	$1.2B	$1.2B	0.0%	98.9%	—	$18.4B	$1.9B
Dec '21	$1.3B	$1.2B	0.0%	94.6%	—	$215M	$556M
Sep '21	$1.2B	$724M	0.0%	64.7%	—	$17.1B	$585M
Jun '21	$1.2B	$600M	0.0%	60.9%	—	$17.0B	$601M

Valuation over time

How the market has priced PLD against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 34.6× (Mar '23) to 39.4× (Jun '26).
The price-to-sales ratio has fallen from 19.5× (Mar '23) to 14.9× (Jun '26).
The dividend yield has risen from 2.1% (Mar '23) to 2.9% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is PLD growing its revenue and profit?

Over the past 5 years, Prologis's revenue has grown 14.6% per year, and net income grown 17.6% per year. These are computed facts, not advice.

How much debt does PLD have?

As of FY2025, Prologis reported $35.0B of total debt against $1.1B of cash; operating income covered interest expense 4.3×.

What is PLD's profit margin?

In FY2025, gross margin was —, operating margin 49.6%, and net margin 37.9%.

What is PLD's P/E ratio?

As of Jun '26, Prologis traded at a price-to-earnings ratio of about 39.4× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.