Prologis, Inc.: Beat — EPS $0.86, Revenue $2.39B
Earnings BeatQ3 2026 · Pre-market
@trystockwhiz
Did Prologis, Inc. (PLD) beat earnings today?
Yes, Prologis, Inc. (PLD) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+8.86% surprise
$0.86Actual
Expected: $0.79
vs. year ago +4.9%
Total Revenue+8.03% surprise
$2.39BActual
Expected: $2.21B
vs. year ago +7.8%
Released Oct 15 · 8:00 AM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $2.39B | $2.21B | +7.8% |
| Revenue detail — reported lines | |||
| └─Rental | $2.21B | $2.05B | +7.4% |
| └─Strategic capital | $164.33M | $150.35M | +9.3% |
| └─Development management and other | $17.92M | $9.33M | +92.1% |
| Net earnings | $815.73M | $762.90M | +6.9% |
| GAAP Basic EPS | $0.86 | $0.82 | +4.9% |
| GAAP Diluted EPS | $0.86 | $0.82 | +4.9% |
| Core FFO | $1.60 | $1.49 | +7.4% |
| Core FFO ex Promote | $1.61 | $1.50 | +7.3% |
Financial Outlook / Guidance
| Metric | Next Quarter Outlook | FY2026 Guidance |
|---|---|---|
| Net earnings | — | $4.05-$4.15 (prev. $4.40-$4.55) |
| Core FFO | — | $6.25-$6.29 (prev. $6.22-$6.30) |
| Core FFO ex Net Promote | — | $6.25-$6.29 (prev. $6.22-$6.30) |
| Average occupancy | — | 95.25%-95.50% (prev. 95.25%-95.75%) |
| Cash Same Store NOI | — | 7.00%-7.50% (prev. 6.75%-7.25%) |
| Net Effective Same Store NOI | — | 5.50%-6.00% (prev. 5.25%-5.75%) |
| Strategic Capital revenue | — | $650M-$660M (prev. $660M-$680M) |
| Net Promote Income (Expense) | — | $0 (prev. $0) |
| General & administrative expenses | — | $515M-$525M (prev. $510M-$525M) |
| Development stabilizations | — | $2,500M-$3,000M (prev. $2,250M-$2,750M) |
| Development starts | — | $5,000M-$5,750M (prev. $4,500M-$5,500M) |
| Acquisitions | — | $2,100M-$2,300M (prev. $1,500M-$2,000M) |
| Contributions | — | $1,750M-$2,250M (prev. $2,000M-$2,500M) |
| Dispositions | — | $1,750M-$2,500M (prev. $2,250M-$2,750M) |
| Realized development gains | — | $600M-$700M (prev. $600M-$700M) |
Business Highlights
- ➤Signed 60 million square feet of leases during the quarter.
- ➤Announced nearly $2.3 billion of transactions.
- ➤Received shareholder approval for the SEGRO combination.
- ➤Expects the SEGRO transaction to expand its European platform and customer-serving scale.
- ➤Closed, with co-investment ventures, $1.3 billion of debt during the quarter.
- ➤Forecasted earnings for 2026, 2027 and 2028 are substantially USD-denominated or hedged.
- ➤The development portfolio includes industrial and non-industrial properties, data centers, yards and parking lots.
Management Commentary
Daniel S. Letter, chief executive officer of Prologis
“We executed well on our plan this quarter, signing 60 million square feet of leases and announcing nearly $2.3 billion of transactions. Customers are running lean on inventory, and excess capacity within their networks has largely cleared. We see healthy demand supported by e-commerce, advanced manufacturing and the build-out of the data center supply chain.”
Daniel S. Letter, chief executive officer of Prologis
“On SEGRO, shareholder approval was an important milestone in bringing our two companies together. We look forward to completing the transaction and expanding our platform in Europe, increasing the scale at which we can serve customers.”
Timothy D. Arndt, chief financial officer of Prologis
“Our financial results reflect another quarter of strong operating performance and disciplined capital allocation. That performance, together with the strength of our balance sheet, gives us the capacity and flexibility to continue investing in growth even in a higher interest rate environment.”