Filing Flows › Prologis (PLD) › Q1 2026
Prologis (PLD) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 30, 2026
Prologis (PLD) reported revenue of $2.3B for the first quarter 2026 (Q1 2026), +7% from a year earlier and +2% from the quarter before. Operating margin was 52.7%, net earnings $982M (42.7% of revenue).
Prologis, Q1 2026: revenue $2.3B (+7% year over year), operating margin 52.7%, net earnings $982M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.3B | +2% | +7% |
| Operating profit | $1.2B | -26% | +38% |
| Net earnings | $982M | -30% | +66% |
| Operating cash flow | $1.3B | +11% | +11% |
| Free cash flow | $524M | +56% | +36% |
What changed
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.
Questions
What was Prologis' revenue in the first quarter 2026?
Prologis (PLD) reported revenue of $2.3B for the first quarter 2026 (Q1 2026), +7% from a year earlier and +2% from the quarter before.
Was Prologis profitable in the first quarter 2026?
Operating profit was $1.2B (52.7% of revenue) and net earnings $982M.
Source: Prologis 10-Q on SEC EDGAR.