Filing Flows › Prologis (PLD) › Q1 2026 › vs Q4 2025
Prologis (PLD) Q1 2026 vs Q4 2025 (quarter over quarter)
Prologis's revenue rose $45.0M (+2%) from $2.3B in Q4 2025 to $2.3B in Q1 2026. Operating margin 52.7% against 72.2% (-19.5 pts).
Prologis, Q1 2026: revenue $2.3B (+7% year over year), operating margin 52.7%, net earnings $982M, operating cash flow $1.3B. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 52.7% | 72.2% | -19.5 pts |
| Net margin | 42.7% | 62.1% | -19.4 pts |
| Free cash flow margin | 22.8% | 14.9% | +7.9 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $2.3B | $2.3B | $45.0M | +2% |
| Operating profit | $1.2B | $1.6B | −$415M | -26% |
| Costs & expenses | $1.1B | $626M | $460M | +74% |
| Pre-tax earnings | $1.1B | $1.6B | −$472M | -30% |
| Other expense, net | $118M | $61.6M | $56.7M | +92% |
| General & admin | $127M | $137M | −$10.0M | -7% |
| Other operating costs | $960M | $489M | $470M | +96% |
| Net earnings | $982M | $1.4B | −$418M | -30% |
| Minority interests | $62.8M | $82.4M | −$19.6M | -24% |
| Income tax | $48.0M | $82.7M | −$34.7M | -42% |
| Depreciation & amortization | $732M | $669M | $62.8M | +9% |
| Share-based compensation | $60.6M | $43.8M | $16.8M | +38% |
| Working capital & other | $486M | $954M | −$468M | -49% |
| Operating cash flow | $1.3B | $1.2B | $130M | +11% |
| Free cash flow (OCF − capex) | $524M | $336M | $188M | +56% |
| Capital expenditures | $764M | $823M | −$58.1M | -7% |
Questions
How much did Prologis's revenue grow quarter over quarter in Q1 2026?
Prologis's revenue rose $45.0M (+2%) from $2.3B in Q4 2025 to $2.3B in Q1 2026. Operating margin 52.7% against 72.2% (-19.5 pts).