PLD Prologis, Inc.

Overview and Growth

In fiscal 2025, Prologis, Inc. recorded $8.79B of revenue, net income of $3.33B, and an operating cash inflow of $5.01B. At $8.79B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 7.2% above fiscal 2024 revenue of $8.20B, marking a year-over-year increase. On a per-share basis, diluted EPS was $3.56, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS decreased by 11.2% from $4.01 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Diluted shares averaged 956.83M; this is the reported share base over which the company’s diluted per-share earnings were spread. Total assets stood at $98.72B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.09x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Operations produced $4.36B of income after the reported operating expense base, before the remaining non-operating and tax effects. Operating margin measured 49.6%, showing the portion of revenue preserved after the full set of operating costs. Net income came to $3.33B, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 37.9%, meaning that this portion of revenue remained as net income after all recognized expenses. EBITDA was $6.98B, adding a pre-interest, tax, depreciation, and amortization view of the company’s earnings capacity. Before income taxes, the company reported $3.77B of earnings, providing a bridge between the operating result and final net income. Pretax income represented 42.9% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $204.02M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 5.4%, without assuming a statutory-rate comparison. Net income equaled 5.8% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 3.4% of period-end assets, placing the company’s bottom-line result against the total resource base employed. Against $3.73B in fiscal 2024, the current $3.33B bottom line finished below the prior-year result in absolute terms.

Liquidity and Capital Structure

Total assets were $98.72B, supported by $40.97B of liabilities and $57.75B of shareholder equity. The company held $1.15B in cash and equivalents, a narrower liquidity measure than total current assets. Total debt was $35.04B, establishing the amount of borrowing carried within the company’s capital structure. Debt equaled 0.61x of book equity, describing the relative scale of borrowing and shareholder capital. Debt represented 35.5% of total assets, placing borrowing in the context of the company’s full resource base. Book equity represented 58.5% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 41.5% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 1.2%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 3.6% from $95.33B in fiscal 2024, leaving current total assets higher year over year. Reported equity changed 1.5% from $58.62B in fiscal 2024, placing the current capital base lower year over year. Compared with $1.32B in fiscal 2024, the current cash balance moved 13.1% and finished lower.

Cash Flow and Earnings Quality

Cash flow from operations was $5.01B, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 1.5x, comparing cash generated by operations with the bottom-line earnings result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.