Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Prologis delivered a strong Q1 FY2026 with revenue rising 7.4% YoY to $2.30B and net income surging 65.6% to $982M, driven by significant operating leverage that pushed operating margin above 52%.
Revenue
$2.3B
+7.39% YoY
EPS (Diluted)
$1.05
+66.67% YoY
Operating Income
$1.21B
+37.87% YoY
Source: SEC XBRL
Prologis (PLD) reported Q1 FY2026 revenue of $2.3B, up 7.4% year over year. Operating margin was 52.7%, up 11.6 points from 41.1% a year earlier. Operating cash flow was $1.29B, up 11.0% year over year. PLD's fiscal Q1 FY2026 corresponds to calendar Q1 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 1.13 | 0.80 | Beat +41.6% |
| Mar 2026This filing | 1.05 | 0.82 | Beat +28.3% |
| Dec 2025 | 1.49 | 0.68 | Beat +117.6% |
| Sep 2025 | 0.82 | 0.67 | Beat +22.6% |
Reported EPS of $1.05 versus the $0.82 analyst consensus — a +28.3% beat for Mar 2026.
Compiled by AI from this SEC filing
Total revenues increased 7.4% YoY from $2.14B to $2.30B in Q1 FY2026, reflecting continued demand for Prologis's logistics real estate portfolio and the ability to push through higher rents on lease renewals and new leases.
Source: 10-Q Income Statement (XBRL Financial Data)
Operating income jumped 37.9% YoY to $1.21B, with operating margin expanding approximately 11.7 percentage points to 52.7%, indicating that revenue growth is flowing through to the bottom line at an accelerating rate relative to cost growth.
Source: 10-Q Income Statement & Key Ratios (XBRL Financial Data)
Net income rose 65.6% YoY to $982M and diluted EPS grew 66.7% to $1.05, significantly outpacing revenue growth and suggesting meaningful non-operating or below-the-line tailwinds in addition to operating improvements.
Source: 10-Q Income Statement (XBRL Financial Data)
Operating cash flow grew 11.0% YoY to $1.29B, demonstrating the cash-generative nature of the business, though dividends paid of $1.00B represent a substantial portion of operating cash flow, consistent with Prologis's REIT distribution requirements.
Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Total assets grew 2.2% YoY to $98.1B while long-term debt increased 7.5% to $34.7B, reflecting continued portfolio investment; the debt-to-equity ratio stands at 0.75, which is moderate for a large-cap REIT but warrants monitoring given the rising rate environment.
Source: 10-Q Balance Sheet (XBRL Financial Data)
Compiled by AI from this SEC filing · 1 high, 3 medium, 1 low
Long-term debt increased 7.5% YoY to $34.7B, while financing cash outflows surged 320.3% YoY to -$1.16B. As a capital-intensive REIT, Prologis is sensitive to interest rate movements, and sustained higher rates could increase refinancing costs and compress net income.
Source: 10-Q Balance Sheet & Cash Flow Statement (XBRL Financial Data)
Dividends paid totaled $1.00B in Q1 FY2026, representing approximately 77.7% of operating cash flow of $1.29B. As a REIT, Prologis is required to distribute a significant portion of taxable income, which limits retained capital for reinvestment and leaves limited buffer if operating cash flows decline.
Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Stockholders' equity grew only 0.1% YoY to $53.5B despite strong net income, suggesting significant capital returns or other equity adjustments. Total liabilities grew 6.0% YoY to $40.2B, increasing financial leverage and potential vulnerability in a credit tightening environment.
Source: 10-Q Balance Sheet (XBRL Financial Data)
With $98.1B in total assets concentrated in logistics and industrial properties, Prologis is exposed to cyclical shifts in e-commerce demand, supply chain restructuring, and potential oversupply in key logistics markets, which could pressure occupancy rates and rental income.
Source: 10-Q Balance Sheet (XBRL Financial Data)
Cash and equivalents of $861M represent less than 0.9% of total assets of $98.1B, which is a thin liquidity cushion for a company with $34.7B in long-term debt obligations. Any disruption to capital markets access could constrain Prologis's ability to refinance or fund new investments.
Source: 10-Q Balance Sheet (XBRL Financial Data)
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 2.30 $B | 2.14 $B | +7.39% |
Operating Income $B | 1.21 $B | 0.88 $B | +37.87% |
Net Income $M | 981.98 $M | 592.95 $M | +65.61% |
EPS (Basic) $ | 1.05 $ | 0.64 $ | +64.06% |
EPS (Diluted) $ | 1.05 $ | 0.63 $ | +66.67% |
Answers draw on this SEC filing and the data on this page
For 2026-Q2, Prologis demonstrated strong operational performance with 6M 2026 Real Estate NOI reaching $3.24B and operating income growing to $2.46B, supported by 34.2% lease rollover rent increases and an expanding $2.1B data center development pipeline.
Prologis (PLD) delivered 7.2% revenue growth to $8.79B in FY2025, but net income declined 10.8% to $3.33B as rising interest costs and higher liabilities weighed on profitability despite strong operating cash flow of $5.01B.