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 Oct 31, 2026, 11:19 UTC 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2025	$8.8B	$3.3B	0.0%	49.6%	6.3%	3.4%	—	$35.0B	$1.1B
2024	$8.2B	$3.7B	0.0%	53.8%	6.9%	3.9%	—	$30.9B	$1.3B
2023	$8.0B	$3.1B	0.0%	46.2%	5.8%	3.3%	—	$29.0B	$530M
2022	$6.0B	$3.4B	0.0%	58.0%	6.3%	3.8%	—	$23.9B	$278M
2021	$4.8B	$2.9B	0.0%	67.4%	8.8%	5.0%	—	$215M	$556M
2020	$4.4B	$1.5B	0.0%	47.7%	4.6%	2.6%	—	$16.8B	$598M
2019	$3.3B	$1.6B	0.0%	55.5%	6.9%	3.9%	—	$11.9B	$1.1B
2018	$2.8B	$1.6B	0.0%	60.2%	7.4%	4.3%	—	$11.1B	$344M
2017	$2.6B	$1.7B	0.0%	74.6%	10.6%	5.6%	—	$9.4B	$447M
2016	$2.5B	$1.2B	0.0%	26.4%	8.1%	4.0%	—	$10.6B	$807M
2015	—	$869M	—	—	5.9%	2.8%	—	$11.6B	$264M
2014	—	$636M	—	—	4.6%	2.5%	—	$9.3B	$351M
2013	—	$343M	—	—	2.5%	1.4%	—	$9.0B	$491M
2012	—	-$40M	—	—	-0.3%	-0.1%	—	$11.8B	$101M
2011	—	-$153M	—	—	-1.1%	-0.6%	—	$11M	$176M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
Mar '26	$2.3B	$982M	0.0%	52.7%	1.8%	1.0%	—	$34.7B	$861M
Dec '25	$2.3B	$1.4B	0.0%	72.2%	2.6%	1.4%	—	$35.0B	$1.1B
Sep '25	$2.2B	$764M	0.0%	42.5%	1.5%	0.8%	—	$35.3B	$1.2B
Jun '25	$2.2B	$571M	0.0%	41.8%	1.1%	0.6%	—	$34.7B	$1.1B
Mar '25	$2.1B	$593M	0.0%	41.1%	1.1%	0.6%	—	$32.3B	$671M
Dec '24	$2.2B	$1.3B	0.0%	64.6%	2.4%	1.3%	—	$30.9B	$1.3B
Sep '24	$2.0B	$1.0B	0.0%	61.4%	1.9%	1.0%	—	$32.3B	$781M
Jun '24	$2.0B	$861M	0.0%	51.0%	1.6%	0.9%	—	$29.9B	$598M
Mar '24	$2.0B	$586M	0.0%	36.8%	1.1%	0.6%	—	$29.6B	$501M
Dec '23	$1.9B	$631M	0.0%	44.2%	1.2%	0.7%	—	$29.0B	$530M
Sep '23	$1.9B	$748M	0.0%	46.1%	1.4%	0.8%	—	$27.6B	$741M
Jun '23	$2.5B	$1.2B	0.0%	57.6%	2.3%	1.3%	—	$28.1B	$531M
Mar '23	$1.8B	$465M	0.0%	32.7%	0.9%	0.5%	—	$25.2B	$523M
Dec '22	$1.8B	$587M	0.0%	46.4%	1.1%	0.7%	—	$23.9B	$278M
Sep '22	$1.8B	$1.0B	0.0%	52.3%	2.9%	1.7%	—	$18.1B	$636M
Jun '22	$1.3B	$611M	0.0%	42.6%	1.8%	1.0%	—	$18.0B	$438M
Mar '22	$1.2B	$1.2B	0.0%	98.9%	3.4%	1.9%	—	$18.4B	$1.9B
Dec '21	$1.3B	$1.2B	0.0%	94.6%	3.7%	2.1%	—	$215M	$556M
Sep '21	$1.2B	$724M	0.0%	64.7%	2.2%	1.3%	—	$17.1B	$585M
Jun '21	$1.2B	$600M	0.0%	60.9%	1.9%	1.1%	—	$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 36.3× (Nov '26).
The price-to-sales ratio has fallen from 19.5× (Mar '23) to 13.8× (Nov '26).
The dividend yield has risen from 2.1% (Mar '23) to 3.1% (Nov '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?

Prologis's P/E (TTM) is 32.52 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the PLD stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 36.3× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.