Filing Flows › Prologis (PLD) › Q4 2025 › vs Q3 2025
Prologis (PLD) Q4 2025 vs Q3 2025 (quarter over quarter)
Prologis's revenue rose $38.8M (+2%) from $2.2B in Q3 2025 to $2.3B in Q4 2025. Operating margin 72.2% against 42.5% (+29.7 pts).
Prologis, Q4 2025: revenue $2.3B (+2% year over year), operating margin 72.2%, net earnings $1.4B, operating cash flow $1.2B. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q4 2025 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 72.2% | 42.5% | +29.7 pts |
| Net margin | 62.1% | 34.5% | +27.6 pts |
| Free cash flow margin | 14.9% | 37.1% | -22.2 pts |
Every line
| Line | Q4 2025 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $2.3B | $2.2B | $38.8M | +2% |
| Operating profit | $1.6B | $940M | $686M | +73% |
| Costs & expenses | $626M | $1.3B | −$647M | -51% |
| Pre-tax earnings | $1.6B | $876M | $689M | +79% |
| Other expense, net | $61.6M | $64.5M | −$2.9M | -4% |
| General & admin | $137M | $111M | $26.2M | +24% |
| Other operating costs | $489M | $1.2B | −$674M | -58% |
| Net earnings | $1.4B | $764M | $636M | +83% |
| Minority interests | $82.4M | $57.0M | $25.4M | +45% |
| Income tax | $82.7M | $54.5M | $28.2M | +52% |
| Depreciation & amortization | $669M | $648M | $20.8M | +3% |
| Share-based compensation | $43.8M | $44.5M | −$697K | -2% |
| Working capital & other | $954M | $9.0M | $945M | 105× |
| Operating cash flow | $1.2B | $1.4B | −$289M | -20% |
| Free cash flow (OCF − capex) | $336M | $820M | −$485M | -59% |
| Capital expenditures | $823M | $627M | $195M | +31% |
Questions
How much did Prologis's revenue grow quarter over quarter in Q4 2025?
Prologis's revenue rose $38.8M (+2%) from $2.2B in Q3 2025 to $2.3B in Q4 2025. Operating margin 72.2% against 42.5% (+29.7 pts).