A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
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 achieved strong 2026-Q2 operational growth driven by 36.9% rent increases on lease rollovers, $2.1B in new data center developments, and $7.6B in liquidity.
Last 4 quarters: 4 beats
Reported EPS of $1.13 versus the $0.80 analyst consensus — a +41.6% beat for Jun 2026.
For the six months ended June 30, 2026, Real Estate Segment Net Operating Income (NOI) grew to $3,239 million compared to $3,038 million in 6M 2025, driven by $4,302 million in rental revenues and positive rental rate increases on lease rollovers.
Source: 10-Q Item 2 MD&A, p.36-37
Net effective rent change on lease rollovers reached 36.9% for Q2 2026 and 34.2% for 6M 2026. Prologis estimates its share of remaining lease mark-to-market at approximately 17%, indicating significant embedded rent growth potential.
Source: 10-Q Item 2 MD&A, p.34-35
Prologis commenced $3.0 billion of consolidated total expected investment (TEI) in developments during 6M 2026, including $2.1 billion dedicated to data centers with 680 megawatts of power capacity.
Source: 10-Q Item 2 MD&A, p.35, 38
Strategic Capital NOI increased to $225 million in 6M 2026 from $162 million in 6M 2025, benefiting from $83 million ($49 million net of related expenses) in net promote revenues recognized primarily in Q2 2026.
Source: 10-Q Item 2 MD&A, p.35, 38
Prologis maintained $7.6 billion in total available liquidity ($5.8B credit facility capacity and $1.8B cash) as of June 30, 2026, while issuing $2.2 billion in senior notes with a weighted average interest rate of 4.3% and 8-year maturity.
Source: 10-Q Item 2 MD&A, p.35
Prologis operates globally across 20 countries, exposing non-U.S. revenues and investments in foreign currencies to exchange rate fluctuations relative to the U.S. dollar.
Source: 10-Q Item 2 MD&A
Expanding development into power- and data-intensive facilities relies heavily on securing grid access, power commitments, and specialized equipment amidst intense competition.
Source: 10-Q Item 2 MD&A
Changes in global debt markets and elevated benchmark interest rates could increase future borrowing costs and impact capitalization rates across real estate markets.
Source: 10-Q Item 2 MD&A
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
Prologis (PLD) is next expected to report on , when the following quarter's results and any updated outlook will be available.
See the PLD earnings preview — expected date, analyst estimates and what to watch →
Prologis generated strong operational metrics in 2026-Q2, highlighted by 36.9% net effective rent increases on lease renewals and $83M in promotes from strategic capital. Operating income for 6M 2026 grew to $2.46B, supported by $676M in net real estate gains and strong overall portfolio occupancy of 95.4%.
Prologis significantly expanded its data center initiative, commencing $2.1B of data center developments during 6M 2026. Its data center development pipeline represents 680 megawatts of power capacity, leveraging strategic land locations and energy procurement capabilities.
As of June 30, 2026, Prologis held $7.6B in total available liquidity, including $1.8B in cash and $5.8B in available credit capacity. Consolidated debt had a weighted average maturity of 8 years and a low weighted average interest rate of 3.3%.
Prologis (PLD) is next expected to report earnings on Oct 13, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.
Expected release date, analyst estimates & what to watch
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%.
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.