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Prologis, L.P. cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$937M in Q3 2026 · $2.3B over twelve months

Operating cash flow$1.8B
Capital spending−$821M
Free cash flow+$937M
Cash / net income2.0×

Analysis

In Q3 2026, Prologis, L.P. generated $1.8B of operating cash flow and spent $821M on capital projects, leaving free cash flow of $937M. That is $116M more than in Q3 2025 ($820M).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.6B; the largest uses were dividends ($4.0B), capital spending ($3.2B), real estate bought ($2.2B); besides operations, cash came from other financing ($3.6B), other investing ($1.4B); the cash balance rose by $1.1B.

Operating cash flow was $1.8B against net income of $880M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$710M, stock-based pay +$50.0M, deferred taxes +$38.8M.

Free cash flow

Prologis, L.P.: free cash flow by quarterPrologis, L.P.: free cash flow by quarter$506MQ4 2024$385MQ1 2025$687MQ2 2025$820MQ3 2025$336MQ4 2025$524MQ1 2026$547MQ2 2026$937MQ3 2026
Operating cash flow less capital spending.
Prologis, L.P.: operating cash flow against capital spendingPrologis, L.P.: operating cash flow against capital spendingOperating cash flowCapital spending$1.3B$829MQ4 2024$1.2B$776MQ1 2025$1.2B$555MQ2 2025$1.4B$627MQ3 2025$1.2B$823MQ4 2025$1.3B$764MQ1 2026$1.3B$800MQ2 2026$1.8B$821MQ3 2026
Latest (Q3 2026): Operating cash flow $1.8B, Capital spending $821M.

Capital allocation, year by year

Prologis, L.P.: where the cash came from (up) and went (down), by fiscal yearPrologis, L.P.: where the cash came from (up) and went (down), by fiscal yearOperating cash flowCapital spendingAcquisitionsDividendsFY2022: Operating cash flow $4.1BFY2022: Capital spending −$3.1BFY2022: Acquisitions −$92.1MFY2022: Dividends −$2.5B$4.1BFY2022FY2023: Operating cash flow $5.4BFY2023: Capital spending −$3.4BFY2023: Acquisitions −$33.0MFY2023: Dividends −$3.2B$5.4BFY2023FY2024: Operating cash flow $4.9BFY2024: Capital spending −$3.2BFY2024: Dividends −$3.6B$4.9BFY2024FY2025: Operating cash flow $5.0BFY2025: Capital spending −$2.8BFY2025: Dividends −$3.8B$5.0BFY2025
Over these 4 years operating cash flow totalled $19.4B; the largest uses were dividends ($13.1B) and capital spending ($12.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.3B
Debt$36.8B
Net debt$33.6B
Due within a year$1.9B

Prologis, L.P. funds itself: free cash flow was $2.3B over the last twelve months, and $3.3B of cash and investments stands against $36.8B of debt ($1.9B due within a year, 1.7× covered by cash).

Prologis, L.P.: debt maturities by year (FY2025)Prologis, L.P.: debt maturities by year (FY2025)$1.9BYear 1$2.1BYear 2$2.7BYear 3$3.4BYear 4$2.9BYear 5$22.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $3.3B of cash and investments now.

Where the cash came from and went

Prologis, L.P.: sources (+) and uses (−) of cash, Q3 2026Prologis, L.P.: sources (+) and uses (−) of cash, Q3 2026Other financing$2.2BOperating cash flow$1.8BOther investing−$1.2BDividends−$1.0BCapital spending−$821MCash drawn (+) / kept (−)−$508MReal estate bought−$454MPartners$17.4MExchange rates$5.0MTaxes on employees’ shares−$4.4M
Prologis, L.P.: sources (+) and uses (−) of cash, TTM to Q3 2026Prologis, L.P.: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$5.6BDividends−$4.0BOther financing$3.6BCapital spending−$3.2BReal estate bought−$2.2BOther investing$1.4BCash drawn (+) / kept (−)−$1.1BPartners−$38.0MTaxes on employees’ shares−$30.3MExchange rates−$13.0M

From profit to cash

Prologis, L.P.: net income to operating cash flow, Q3 2026Prologis, L.P.: net income to operating cash flow, Q3 2026Net income$880MDepreciation & amortization$710MStock-based pay$50.0MDeferred taxes$38.8MPrepaid and other assets$20.9MOperating cash flow$1.8B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.8B−$821M−$1.0B−$508M$937M
Q2 2026$1.3B−$800M−$1.0B−$904M$547M
Q1 2026$1.3B−$764M−$1.0B$285M$524M
Q4 2025$1.2B−$823M−$942M$40.4M$336M
Q3 2025$1.4B−$627M−$941M−$120M$820M
Q2 2025$1.2B−$555M−$942M−$395M$687M
Q1 2025$1.2B−$776M−$940M$647M$385M
Q4 2024$1.3B−$829M−$893M−$538M$506M

Prologis, L.P.: income statement and cash flow

Prologis, L.P., Q3 2026: revenue $2.4B (+8% year over year), operating margin 43.8%. The chart follows the revenue to costs, profit and cash.

Prologis, L.P.: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.