Filing Flows › Prologis (PLD) › Q4 2025 › vs Q4 2024
Prologis (PLD) Q4 2025 vs Q4 2024 (year over year)
Prologis's revenue rose $52.1M (+2%) from $2.2B in Q4 2024 to $2.3B in Q4 2025. Operating margin 72.2% against 64.6% (+7.6 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 Q4 2024, the increases inside each band.
Margins
| Q4 2025 | Q4 2024 | Change | |
|---|---|---|---|
| Operating margin | 72.2% | 64.6% | +7.6 pts |
| Net margin | 62.1% | 58.1% | +4.0 pts |
| Free cash flow margin | 14.9% | 23.0% | -8.1 pts |
Every line
| Line | Q4 2025 | Q4 2024 | Change | % |
|---|---|---|---|---|
| Revenue | $2.3B | $2.2B | $52.1M | +2% |
| Operating profit | $1.6B | $1.4B | $205M | +14% |
| Costs & expenses | $626M | $779M | −$153M | -20% |
| Pre-tax earnings | $1.6B | $1.4B | $136M | +10% |
| Other expense, net | $61.6M | −$7.8M | $69.4M | — |
| General & admin | $137M | $103M | $34.2M | +33% |
| Other operating costs | $489M | $677M | −$187M | -28% |
| Net earnings | $1.4B | $1.3B | $121M | +9% |
| Minority interests | $82.4M | $63.3M | $19.1M | +30% |
| Income tax | $82.7M | $86.9M | −$4.2M | -5% |
| Depreciation & amortization | $669M | $656M | $12.3M | +2% |
| Share-based compensation | $43.8M | $67.4M | −$23.6M | -35% |
| Working capital & other | $954M | $667M | $287M | +43% |
| Operating cash flow | $1.2B | $1.3B | −$177M | -13% |
| Free cash flow (OCF − capex) | $336M | $506M | −$170M | -34% |
| Capital expenditures | $823M | $829M | −$6.8M | -0.8% |
Questions
How much did Prologis's revenue grow year over year in Q4 2025?
Prologis's revenue rose $52.1M (+2%) from $2.2B in Q4 2024 to $2.3B in Q4 2025. Operating margin 72.2% against 64.6% (+7.6 pts).