Q1 2026 Revenue up 7% year over year to $2.3B · 43¢ of every $1 of revenue kept as net profit · operating margin 52.7%
Prologis made $2.3B in Q1 2026 (+7% Y/Y). Operating margin 52.7%, net earnings $982M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Apr 30, 2026.
Revenue$2.3B
Year over year+7%
Operating margin52.7%
Net earnings$982M
Operating cash flow$1.3B
Drawing the Sankey…
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Prologis Q1 2026 revenue breakdown — free to use with credit and a link (terms). Share on XEmbed this chart on your site
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What changed this quarter
Revenue was $2.3B in Q1 2026, up 7% year over year and up 2% from the previous quarter.
Operating profit was $1.2B, a 52.7% margin (up 11.7 points year over year). Of the extra revenue versus Q1 2025, 210% reached operating profit, above the 41% margin then. Total costs fell 14% while revenue rose 7%. The fastest-growing cost line was General & admin (+11%). Net earnings were $1.0B, up 66% year over year. The effective tax rate was 4.4%.
Operating cash flow was $1.3B (up 11% year over year), 123% of net income including minority interests. Non-cash charges added back $0.73B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items used $0.55B. Capital expenditures of $0.76B left free cash flow of $0.52B.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q1 2026
10-Q
Apr 30, 2026
$2.3B
+7%
52.7%
$982M
$1.3B
Q4 2025
10-K
Feb 13, 2026
$2.3B
+2%
72.2%
$1.4B
$1.2B
Q3 2025
10-Q
Oct 28, 2025
$2.2B
+9%
42.5%
$764M
$1.4B
Q2 2025
10-Q
Jul 30, 2025
$2.2B
+9%
41.8%
$571M
$1.2B
Q1 2025
10-Q
Apr 29, 2025
$2.1B
+9%
41.1%
$593M
$1.2B
Q4 2024
10-K
Feb 14, 2025
$2.2B
+16%
64.6%
$1.3B
$1.3B
Charts
Latest (Q1 2026): Y/Y +7%, Q/Q +2%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q1 2026): Net income $1.0B, Operating cash flow $1.3B.+26.8% since FY2020: more shares outstanding (issuance, stock pay).Cash $1.1B, short-term investments —, long-term debt $35.0B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
Prologis, Inc. is a self-administered and self-managed REIT and is the sole general partner of Prologis, L.P. through which it holds substantially all of its assets. We operate Prologis, Inc. and Prologis, L.P. as one enterprise and, therefore, our discussion and analysis refers to Prologis, Inc. and its consolidated subsidiaries, including Prologis, L.P. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors ("co-investment ventures"). We have a significant ownership interest in the co-investment ventures, which are either consolidated or unconsolidated based on our level of control of the entity.
In its own words, from its 10-K, filed Feb 13, 2026.
Prologis against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +13%. Operating margin: 52.7% against the peers' median 20.6%.
