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Prologis cash flow, quarter by quarter

Latest: Q1 2026 · from the cash-flow statements filed with the SEC

Free cash flow$524M in Q1 2026 · $2.4B over twelve months

Operating cash flow$1.3B
Capital spending−$764M
Free cash flow+$524M
Cash / net income1.2×

Analysis

In Q1 2026, Prologis generated $1.3B of operating cash flow and spent $764M on capital projects, leaving free cash flow of $524M. That is $139M more than in Q1 2025 ($385M).

Over the twelve months to Mar 31, 2026, operating cash flow was $5.1B; the largest uses were dividends ($3.8B), capital spending ($2.8B), real estate bought ($1.2B); besides operations, cash came from other investing ($1.5B), other financing ($1.4B); the cash balance rose by $190M.

Operating cash flow was $1.3B against net income of $1.0B — 1.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$732M, prepaid and other assets +$61.4M, stock-based pay +$60.6M.

Free cash flow

Prologis: free cash flow by quarterPrologis: free cash flow by quarter$251MQ2 2024$613MQ3 2024$506MQ4 2024$385MQ1 2025$687MQ2 2025$820MQ3 2025$336MQ4 2025$524MQ1 2026
Operating cash flow less capital spending.
Prologis: operating cash flow against capital spendingPrologis: operating cash flow against capital spendingOperating cash flowCapital spending$1.1B$835MQ2 2024$1.4B$822MQ3 2024$1.3B$829MQ4 2024$1.2B$776MQ1 2025$1.2B$555MQ2 2025$1.4B$627MQ3 2025$1.2B$823MQ4 2025$1.3B$764MQ1 2026
Latest (Q1 2026): Operating cash flow $1.3B, Capital spending $764M.

Capital allocation, year by year

Prologis: where the cash came from (up) and went (down), by fiscal yearPrologis: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $3.0BFY2021: Net borrowing −$427MFY2021: Shares issued $743KFY2021: Capital spending −$2.6BFY2021: Dividends −$1.9B$3.0BFY2021FY2022: Operating cash flow $4.1BFY2022: Net borrowing $294MFY2022: Capital spending −$3.1BFY2022: Acquisitions −$92.1MFY2022: Dividends −$2.5B$4.4BFY2022FY2023: Operating cash flow $5.4BFY2023: Net borrowing −$567MFY2023: 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 5 years operating cash flow totalled $22.4B; the largest uses were capital spending ($15.1B) and dividends ($14.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$861M
Debt$34.7B
Net debt$33.8B
Due within a year$1.9B

Prologis funds itself: free cash flow was $2.4B over the last twelve months, and $861M of cash and investments stands against $34.7B of debt ($1.9B due within a year, 0.4× covered by cash).

Prologis: debt maturities by year (FY2025)Prologis: 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 $861M of cash and investments now.

Where the cash came from and went

Prologis: sources (+) and uses (−) of cash, Q1 2026Prologis: sources (+) and uses (−) of cash, Q1 2026Operating cash flow$1.3BDividends−$1.0BCapital spending−$764MOther investing$587MCash drawn (+) / kept (−)$285MReal estate bought−$223MOther financing−$104MPartners−$35.2MTaxes on employees’ shares−$18.3MExchange rates−$13.7M
Prologis: sources (+) and uses (−) of cash, TTM to Q1 2026Prologis: sources (+) and uses (−) of cash, TTM to Q1 2026Operating cash flow$5.1BDividends−$3.8BCapital spending−$2.8BOther investing$1.5BOther financing$1.4BReal estate bought−$1.2BCash drawn (+) / kept (−)−$190MTaxes on employees’ shares−$26.9MExchange rates−$18.9MPartners−$7.4M

From profit to cash

Prologis: net income to operating cash flow, Q1 2026Prologis: net income to operating cash flow, Q1 2026Net income$1.0BDepreciation & amortization$732MStock-based pay$60.6MDeferred taxes$190KPrepaid and other assets$61.4MOperating cash flow$1.3B
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
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
Q3 2024$1.4B−$822M−$893M−$183M$613M
Q2 2024$1.1B−$835M−$893M−$97.8M$251M

Prologis: income statement and cash flow

Prologis, Q1 2026: revenue $2.3B (+7% year over year), operating margin 52.7%. The chart follows the revenue to costs, profit and cash.

Prologis: 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.