Filing Flows › Prologis (PLD) › Q2 2025
Prologis (PLD) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Prologis (PLD) reported revenue of $2.2B for the second quarter 2025 (Q2 2025), +9% from a year earlier and +2% from the quarter before. Operating margin was 41.8%, net earnings $571M (26.2% of revenue).
Prologis, Q2 2025: revenue $2.2B (+9% year over year), operating margin 41.8%, net earnings $571M, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.2B | +2% | +9% |
| Operating profit | $913M | +4% | -11% |
| Net earnings | $571M | -4% | -34% |
| Operating cash flow | $1.2B | +7% | +14% |
| Free cash flow | $687M | +79% | +173% |
What changed
Revenue was $2.2B in Q2 2025, up 9% year over year and up 2% from the previous quarter.
Operating profit was $0.91B, a 41.8% margin (down 9.2 points year over year). Operating profit fell $0.11B even though revenue rose $0.18B versus a year earlier, so costs grew faster than sales. Total costs grew 29% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+33%). Net earnings were $0.57B, down 34% year over year. The effective tax rate was 3.6%.
Operating cash flow was $1.2B (up 14% year over year), 200% of net income including minority interests. Non-cash charges added back $0.66B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.08B. Capital expenditures of $0.56B left free cash flow of $0.69B.
Questions
What was Prologis' revenue in the second quarter 2025?
Prologis (PLD) reported revenue of $2.2B for the second quarter 2025 (Q2 2025), +9% from a year earlier and +2% from the quarter before.
Was Prologis profitable in the second quarter 2025?
Operating profit was $913M (41.8% of revenue) and net earnings $571M.
Source: Prologis 10-Q on SEC EDGAR.