10-Q · April 30, 2026
Prologis, Inc. reported strong performance in Q1 2026 with significant growth in revenue and earnings compared to prior periods, rebounding from the previous quarter's dip. With an impressive diluted EPS of $1.5,…
Earnings analysis · 10-Q
PLD earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
Reported EPS of $1.60 improved materially versus both the prior quarter’s $1.13 and prior-year quarter’s $0.82, while revenue of $2.224 billion was modestly above the prior year but below 2026 Q2. The supplied 10-Q…
Read full summary
Reported EPS of $1.60 improved materially versus both the prior quarter’s $1.13 and prior-year quarter’s $0.82, while revenue of $2.224 billion was modestly above the prior year but below 2026 Q2. The supplied 10-Q extract does not provide gross margin, operating margin, free cash flow, balance-sheet detail, segment results or new quantitative guidance. Market-risk disclosures highlight $625 million of foreign-currency revenue, $1.5 billion of currency contracts and $1.5 billion of variable-rate debt, while management reported no material changes to the 2025 Form 10-K risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.6
What stood out
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Revenue modestly above prior year
Reported revenue was $2.224 billion, down approximately 8.5% from $2.43 billion in 2026 Q2 but up approximately 0.6% from $2.21 billion in 2025 Q3.
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EPS increased sharply
Reported EPS was $1.60, up from $1.13 in 2026 Q2 and $0.82 in 2025 Q3, increases of approximately 41.6% and 95.1%, respectively.
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International exposure remains material
Foreign-currency-denominated revenue totaled $625 million, or 8.8% of nine-month consolidated revenue, indicating meaningful international currency exposure.
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Fixed debt limits rate sensitivity
The company had $35.9 billion of fixed-rate debt and $1.5 billion of variable-rate debt at September 30, 2026; a 10% increase in interest rates would increase annual interest expense by $5 million.
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Currency hedges carry settlement risk
Foreign-currency contracts had an aggregate notional amount of $1.5 billion; a 10% weakening of the U.S. dollar could result in a $148 million cash payment on settlement.
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Controls remain effective
Management stated that disclosure controls were effective at September 30, 2026, while continuing implementation of a new financial system to automate global close and consolidation processes.
What to watch
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Foreign-exchange settlement exposure
A 10% adverse foreign-exchange movement could result in a $148 million cash payment on settlement of the company’s $1.5 billion of principally sterling, Canadian dollar, euro and yen contracts.
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Interest-rate and debt exposure
Variable-rate debt totaled $1.5 billion and a 10% increase in interest rates would add $5 million to annual interest expense; the filing also reports $35.9 billion of fixed-rate debt whose fair value is rate-sensitive.
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No formal risk-factor update
The filing states that no material changes occurred in the risk factors from the December 31, 2025 Form 10-K. However, 8.8% of nine-month revenue, or $625 million, was denominated in foreign currencies, leaving earnings exposed to international volatility.
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Financial-system implementation risk
The company continued implementing a new financial system during the quarter ended September 30, 2026. Although controls were deemed effective, system implementation creates execution and reporting-control risk during transition.
Management's outlook
The supplied 10-Q extract does not provide quantitative revenue or EPS guidance. Prior 2026 Core FFO guidance of $6.25-$6.29 per diluted share was disclosed in the October 15, 2026 earnings release, not in the provided 10-Q text.
Earlier filings 4
10-K · February 13, 2026
Prologis positions itself as the global leader in logistics real estate with a 1.3 billion square foot O&M portfolio and a large development pipeline. The company reported organic revenue growth in 2025 versus 2024,…
10-Q · October 28, 2025
Prologis reported Q3 results with revenue of $2.21 billion, a 9.1% increase from $2.04 billion in Q3 2024. The company saw a diluted EPS of $0.82, down from $1.08 in the prior year, and strong operating cash flow of…
10-Q · April 29, 2025
Prologis reported Q1 2025 revenues of $2,139,665 (in thousands), up from $1,956,621 in Q1 2024, with operating income before gains rising to $814,163 (in thousands) and an operating margin ~38.1%. Diluted EPS was stable…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.