Filing Flows › Prologis (PLD) › Q4 2025
Prologis (PLD) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
Prologis (PLD) reported revenue of $2.3B for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and +2% from the quarter before. Operating margin was 72.2%, net earnings $1.4B (62.1% of revenue).
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 follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.3B | +2% | +2% |
| Operating profit | $1.6B | +73% | +14% |
| Net earnings | $1.4B | +83% | +9% |
| Operating cash flow | $1.2B | -20% | -13% |
| Free cash flow | $336M | -59% | -34% |
What changed
Revenue was $2.3B in Q4 2025, up 2% year over year and up 2% from the previous quarter.
Operating profit was $1.6B, a 72.2% margin (up 7.6 points year over year). Of the extra revenue versus Q4 2024, 394% reached operating profit, above the 65% margin then. Total costs fell 20% while revenue rose 2%. The fastest-growing cost line was General & admin (+33%). Net earnings were $1.4B, up 9% year over year. The effective tax rate was 5.3%.
Operating cash flow was $1.2B (down 13% year over year), 78% of net income including minority interests. Non-cash charges added back $0.67B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $1.0B. Capital expenditures of $0.82B left free cash flow of $0.34B.
Questions
What was Prologis' revenue in the fourth quarter 2025?
Prologis (PLD) reported revenue of $2.3B for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and +2% from the quarter before.
Was Prologis profitable in the fourth quarter 2025?
Operating profit was $1.6B (72.2% of revenue) and net earnings $1.4B.
Source: Prologis 10-K on SEC EDGAR.