Prologis, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Prologis, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,533	2,618	2,804	3,331	4,439	4,759	5,974	8,023	8,202	8,790
General and administrative	222	231	239	267	275	293	331	390	419	469
Operating expenses	1,865	1,847	1,957				-1,549	-2,064	-2,104	-2,281
Operating income	668	1,954	1,688	1,850	2,119	3,207	3,468	3,708	4,416	4,358
Interest expense	303	274	229	240	315	266	309	641	864	1,002
Other non-operating income	679	-138	198	-73.4	-372	116	223	-244	-301	-589
Pre-tax income	1,347	1,816	1,886	1,776	1,747	3,323	3,691	3,464	4,115	3,769
Income tax	54.6	54.6	63.3	74.5	130	174	135	211	167	204
Net income to minority interests	82.6	109	174	129	135	209	191	194	216	237
Net income	1,210	1,652	1,649	1,573	1,482	2,940	3,365	3,059	3,732	3,328
EBITDA	1,599	2,833	2,635	2,990	3,681	4,785	5,280	6,193	6,996	6,984
EPS, basic	2.29	3.10	2.90	2.48	2.02	3.97	4.28	3.30	4.02	3.58
EPS, diluted	2.27	3.06	2.87	2.46	2.01	3.94	4.25	3.29	4.01	3.56
Shares, basic (weighted)	526	530	567	631	728	739	786	924	926	928
Shares, diluted (weighted)	547	552	590	655	754	765	812	952	954	957
Dividend per share	0.15	0.01	0.03	0.00	0.00	0.00	0.02	0.00	0.01	0.03

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	807	447	344	1,089	598	556	278	530	1,319	1,146
Property, plant and equipment			112	107	118	118	120	208	212	222
Lease right-of-use assets			0	486	493	459	735	684	708	672
Intangible assets	520	468	755	671	1,053	989	1,733	1,680	1,563	1,496
Total assets	30,250	29,481	38,418	40,032	56,065	58,486	87,897	93,021	95,329	98,724
Total liabilities	11,792	10,775	12,617	13,960	19,740	20,744	30,034	35,197	36,712	40,970
Total debt	10,608	9,413	11,090	11,906	16,849	215	23,876	29,001	30,879	35,037
Paid-in capital	19,455	19,363	25,686	25,719	35,489	35,562	54,065	54,250	54,464	54,699
Retained earnings	-3,610	-2,904	-2,378	-2,151	-2,395	-1,328	-458	-627	-466	-902
Other comprehensive income	-937	-902	-1,085	-990	-1,194	-878	-444	-514	-120	-676
Shareholders' equity	14,991	15,631	22,298	22,653	31,972	33,427	53,237	53,182	53,951	53,193
Minority interests	3,467	3,075	3,503	3,419	4,353	4,315	4,626	4,642	4,666	4,561
Total equity	18,458	18,706	25,801	26,072	36,325	37,742	57,863	57,824	58,617	57,754
Total liabilities and equity	30,250	29,481	38,418	40,032	56,065	58,486	87,897	93,021	95,329	98,724
Shares outstanding	529	532	630	632	739	740	923	924	926	929

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,293	1,761	1,823	1,702	1,617	3,149	3,555	3,253	3,948	3,565
Depreciation and amortization	931	879	947	1,140	1,562	1,578	1,813	2,485	2,581	2,626
Stock-based compensation	60.3	76.6	76.1	97.6	110	113	175	268	232	185
Deferred income tax	-5.53	-5.01	1.45	12.2	0.74	1.32	12.6	17.7	21.2	4.31
Cash from operations	1,417	1,687	1,804	2,264	2,937	2,996	4,126	5,373	4,912	5,008
Capital expenditures	-102	-111	-93.1
Acquisitions	0	0	-45.9	0		0	-92.1	-33	0	0
Purchases of investments								0	0	-177
Cash from investing	1,252	543	-664	-685	-3,074	-1,990	-4,499	-6,419	-3,099	-3,630
Debt issued	1,370	2,420	4,900
Debt repaid					-750	-750
Share buybacks			0	0	-34.8	0	0
Dividends paid	-893	-943	-1,123	-1,346	-1,723	-1,873	-2,495	-3,229	-3,570	-3,765
Cash from financing	-2,125	-2,607	-1,232	-840	-372	-1,008	116	1,320	-1,000	-1,564
Exchange rate effect	-0.34	15.8	-10.9	5.91	18.7	-39.6
Net change in cash	543	-360	-103	745	-491	-42	-278	252	788	-173
Free cash flow	1,315	1,577	1,710
Interest paid	322	278	205	214	309	279	234	457	711	842
Income taxes paid	29.3	46.7	60.3	62.1	101	149	130	149	130	143

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $133.05 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	52.4%	Operating income / revenue.
EBITDA margin	82.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	46.7%	Pre-tax income / revenue.
Net margin	41.5%	Net income / revenue.
Operating cash flow margin	57.4%	Cash from operations / revenue.
Effective tax rate	5.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.8%	Net income / average total assets.
Return on invested capital (ROIC)	5.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.2%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	30.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-1.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	15.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-0.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-10.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-0.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	17.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-11.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-5.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	2.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	200.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-1.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.65x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.3%	Total debt / total assets.
Liabilities / assets	40.9%	Total liabilities / total assets.
Net debt	$33.81B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.57x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.58x	Operating income / interest expense.
Tangible book value	$53.50B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.09x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.97	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.34	Revenue / diluted weighted shares.
Operating cash flow per share	$5.36	Cash from operations / diluted weighted shares.
Book value per share	$57.39	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$57.39	Tangible book value / shares outstanding.
Cash per share	$0.92	(Cash + short-term investments) / shares outstanding.
Payout ratio	103.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$126.14B	Share price x shares outstanding.
Enterprise value	$159.95B	Market cap + total debt - cash - short-term investments.
P/E	33.9x	Market cap / net income. Only when net income is positive.
P/S	14.1x	Market cap / revenue.
P/B	2.36x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.36x	Market cap / tangible book value, when positive.
P/OCF	24.6x	Market cap / cash from operations, when positive.
EV/Sales	17.9x	Enterprise value / revenue.
EV/EBIT	34.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	21.6x	Enterprise value / EBITDA, when both are positive.
Earnings yield	2.9%	Net income / market cap (the inverse of P/E).
Dividend yield	3.0%	Dividends paid over the period / market cap.
Shareholder yield	3.0%	(Dividends paid + share buybacks) / market cap.

What was Prologis, Inc.'s revenue in fiscal 2025?

Prologis, Inc. reported revenue of $8.79B for fiscal 2025, 7.2% higher than the year before.

Was Prologis, Inc. profitable in fiscal 2025?

Yes. Net income was $3.33B, a net margin of 37.9%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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