Prologis (PLD) 10-K Summary — Year Ended Dec 31, 2025
Prologis is a self-administered REIT that invests in real estate through wholly owned subsidiaries and co-investment ventures. The filing reports annual revenue, operating income, net income, and operating cash flow, with quarterly revenue showing variability across the year.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Prologis is a self-administered REIT that invests in real estate through wholly owned subsidiaries and co-investment ventures. The filing reports annual revenue, operating income, net income, and operating cash flow, with quarterly revenue showing variability across the year.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$8.8B
Revenue reported for the fiscal year.
Operating income
$4.4B
Income from operations reported for the year.
Net income
$3.3B
Net income reported for the year.
Operating cash flow
$5B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Mar 31, 2025 | $2.1B | -73.9% |
| Jun 30, 2025 | $2.2B | +2.1% |
| Sep 30, 2025 | $2.2B | +1.4% |
| Dec 31, 2025 | $8.8B | +297.0% |
Business overview
Prologis operates as a fully integrated real estate company and has elected to be taxed as a REIT. It holds substantially all its assets through Prologis, L.P., and manages properties on an owned and managed basis, including consolidated properties and those owned by unconsolidated co-investment ventures. The company makes operating decisions based on the total owned and managed portfolio without regard to ownership structure.
Financial performance
The filing reports annual revenue, operating income, net income, and operating cash flow. Quarterly revenue figures show variability, with the first quarter lower than subsequent quarters, and the final quarter significantly higher than earlier periods.
Material risks
The filing includes a section on risk factors, though the specific risks are not detailed in the provided context. The company notes that forward-looking statements involve uncertainties that could cause actual results to differ materially from expectations. No other material risks are explicitly stated in the supplied filing sections.
Liquidity and capital
The filing includes a section on liquidity and capital resources, but no specific themes or actions are described in the supplied context. No further capital allocation details are available from the provided data.
What to watch
Monitor the quarterly revenue trend for consistency, given the significant variability observed across periods in the filing.