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Prologis Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary21 Jan, 2026
Executive summary
Ended 2025 with strong financial and operational momentum, owning or investing in 1.3B sq ft of logistics real estate across 20 countries and serving 6,500 customers, with U.S. operations contributing 85% of NOI.
Achieved record 228 million sq ft of leases signed in 2025, setting up strong momentum for 2026.
Expanded data center power pipeline to 5.7 GW and surpassed 1 GW for installed solar and battery storage.
Annualized NOI reached $6.7B, with $358M in strategic capital fees and promotes, and $568M in value creation from development stabilizations.
Entering 2026 from a position of strength, with initiatives to extend leadership and compound value.
Financial highlights
Q4 2025 total revenues were $2.25B, up from $2.20B in Q4 2024; full-year revenues were $8.79B, up from $8.20B in 2024.
Net earnings attributable to common stockholders for Q4 2025 were $1.40B, up from $1.28B in Q4 2024; full-year net earnings were $3.32B, down from $3.73B in 2024.
Core FFO for Q4 2025 was $1.38B, slightly down from $1.44B in Q4 2024; full-year Core FFO was $5.81B, up from $5.56B in 2024.
Adjusted EBITDA for 2025 was $7.43B, up from $7.16B in 2024.
Dividends and distributions per common share/unit were $4.04 for 2025, up from $3.84 in 2024.
Outlook and guidance
2026 net earnings guidance per diluted share: $3.70–$4.00; Core FFO per diluted share: $6.00–$6.20; excluding Net Promote Income: $6.05–$6.25.
Average occupancy expected between 94.75% and 95.75% for 2026, with a seasonal Q1 dip before rebuilding.
Cash Same Store NOI growth projected at 5.75%–6.75% for 2026.
Strategic capital revenue (excluding promote) expected at $650M–$670M; realized development gains at $500M–$520M.
Development starts projected at $4–$5B (40% Data Centers), acquisitions at $1–$1.5B, and contributions/dispositions at $3.25–$4.25B.
Data center power pipeline: 5.7 GW. How does this align with core logistics?
2026 development starts: $3-4B. Expected yield/margin?
Net Promote Income: $(50)M. Future promote outlook?
Data center LOI: powered shell vs. turnkey mix?
2026 market rent growth drivers and pace?
Data center fund capital structure timeline?
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Next Prologis earnings date
Q1 202615 Apr, 2026
Prologis
Next Prologis earnings date
Q1 202615 Apr, 2026
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Frequently asked questions
Prologis operates in logistics real estate. Millions of square feet of Prologis warehouse, distribution and industrial space are leased on a long-term basis to a diverse base of leading companies worldwide, primarily across two major categories: Business-to-Business (B2B) and Retail/Online Fulfillment. Innovative design, state-of-the-art technology, strong local market knowledge and behind-the-scenes logistical support make the Prologis network an unmatched resource for the industry.
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