Filing Flows › Prologis (PLD) › Q3 2025
Prologis (PLD) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
Prologis (PLD) reported revenue of $2.2B for the third quarter 2025 (Q3 2025), +9% from a year earlier and +1% from the quarter before. Operating margin was 42.5%, net earnings $764M (34.5% of revenue).
Prologis, Q3 2025: revenue $2.2B (+9% year over year), operating margin 42.5%, net earnings $764M, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.2B | +1% | +9% |
| Operating profit | $940M | +3% | -25% |
| Net earnings | $764M | +34% | -24% |
| Operating cash flow | $1.4B | +17% | +0.9% |
| Free cash flow | $820M | +19% | +34% |
What changed
Revenue was $2.2B in Q3 2025, up 9% year over year and up 1% from the previous quarter.
Operating profit was $0.94B, a 42.5% margin (down 19.0 points year over year). Operating profit fell $0.31B even though revenue rose $0.18B versus a year earlier, so costs grew faster than sales. Total costs grew 62% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+69%). Net earnings were $0.76B, down 24% year over year. The effective tax rate was 6.2%.
Operating cash flow was $1.4B (up 1% year over year), 176% of net income including minority interests. Non-cash charges added back $0.65B of depreciation and amortization and $0.04B of share-based compensation. Capital expenditures of $0.63B left free cash flow of $0.82B.
Questions
What was Prologis' revenue in the third quarter 2025?
Prologis (PLD) reported revenue of $2.2B for the third quarter 2025 (Q3 2025), +9% from a year earlier and +1% from the quarter before.
Was Prologis profitable in the third quarter 2025?
Operating profit was $940M (42.5% of revenue) and net earnings $764M.
Source: Prologis 10-Q on SEC EDGAR.