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Blackstone Real Estate Income Trust vs Prologis: revenue, profit, margins and growth compared

Blackstone Real Estate Income Trust brought in $8B of revenue in fiscal 2025, Prologis $8.8B in fiscal 2025. Revenue changed by -6.7% at Blackstone Real Estate Income Trust and +7.2% at Prologis on the year before, so Prologis grew faster. Blackstone Real Estate Income Trust kept -41.2% of its revenue as net profit, Prologis 37.9%.

Side by side, latest fiscal year

BSTTPLD
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$8B$8.8B
Revenue growth-6.7%+7.2%
Net income-$3.3B$3.3B
Net margin-41.2%37.9%
Free cash flow$1.1Bn/a
Free cash flow margin13.4%n/a
Earnings per share (diluted)-$0.92$3.56
Cash$1.6B$1.1B
Debt$55.5B$35B
Price to earningsn/a37.2
Market valuen/a$125.6B
Dividend yieldn/a0.02%
Rank by revenue in sector#6 of 230 · Real estate#5 of 230 · Real estate

Over the years

Revenue
BSTT FY2018: $723.3MBSTT FY2019: $1.7BBSTT FY2020: $2.6BBSTT FY2021: $3.7BBSTT FY2022: $7.6BBSTT FY2023: $8.9BBSTT FY2024: $8.5BBSTT FY2025: $8BPLD FY2018: $2.8BPLD FY2019: $3.3BPLD FY2020: $4.4BPLD FY2021: $4.8BPLD FY2022: $6BPLD FY2023: $8BPLD FY2024: $8.2BPLD FY2025: $8.8BFY18FY19FY20FY21FY22FY23FY24FY25
BSTT $8BPLD $8.8B
Net income
BSTT FY2018: -$281.1MBSTT FY2019: -$401.8MBSTT FY2020: -$853.4MBSTT FY2021: -$804.8MBSTT FY2022: -$883.5MBSTT FY2023: -$691.8MBSTT FY2024: -$890.5MBSTT FY2025: -$3.3BPLD FY2018: $1.6BPLD FY2019: $1.6BPLD FY2020: $1.5BPLD FY2021: $2.9BPLD FY2022: $3.4BPLD FY2023: $3.1BPLD FY2024: $3.7BPLD FY2025: $3.3BFY18FY19FY20FY21FY22FY23FY24FY25
BSTT -$3.3BPLD $3.3B
Net margin
BSTT FY2018: -38.9%BSTT FY2019: -23.8%BSTT FY2020: -33.4%BSTT FY2021: -21.8%BSTT FY2022: -11.6%BSTT FY2023: -7.7%BSTT FY2024: -10.4%BSTT FY2025: -41.2%PLD FY2018: 58.8%PLD FY2019: 47.2%PLD FY2020: 33.4%PLD FY2021: 61.8%PLD FY2022: 56.3%PLD FY2023: 38.1%PLD FY2024: 45.5%PLD FY2025: 37.9%FY18FY19FY20FY21FY22FY23FY24FY25
BSTT -41.2%PLD 37.9%
Revenue growth
BSTT FY2019: +133.1%BSTT FY2020: +51.3%BSTT FY2021: +44.9%BSTT FY2022: +106.8%BSTT FY2023: +16.8%BSTT FY2024: -4.5%BSTT FY2025: -6.7%PLD FY2019: +18.8%PLD FY2020: +33.3%PLD FY2021: +7.2%PLD FY2022: +25.5%PLD FY2023: +34.3%PLD FY2024: +2.2%PLD FY2025: +7.2%FY19FY20FY21FY22FY23FY24FY25
BSTT -6.7%PLD +7.2%
Free cash flow
BSTT FY2018: $150.4MBSTT FY2019: $401.2MBSTT FY2020: $644.7MBSTT FY2021: $1.2BBSTT FY2022: $1.4BBSTT FY2023: $1.2BBSTT FY2024: $950.5MBSTT FY2025: $1.1BPLD FY2018: $1.7BFY18FY19FY20FY21FY22FY23FY24FY25
BSTT $1.1BPLD $1.7B

Fiscal years as each company reports them; the two may end in different months.

Questions about Blackstone Real Estate Income Trust and Prologis

Which is bigger by revenue, Blackstone Real Estate Income Trust or Prologis?

Prologis is bigger by revenue: $8.8B in fiscal 2025, against $8B for Blackstone Real Estate Income Trust in fiscal 2025.

Which keeps more of its revenue as profit, Blackstone Real Estate Income Trust or Prologis?

Blackstone Real Estate Income Trust had a net margin of -41.2% in fiscal 2025; Prologis had 37.9% in fiscal 2025.

Which grew revenue faster, Blackstone Real Estate Income Trust or Prologis?

In their latest fiscal years revenue changed by -6.7% at Blackstone Real Estate Income Trust and +7.2% at Prologis.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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