Short answer
Prologis (PLD) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $8.8B (+7.2% year over year) and net income of $3.3B.
- Top risk flagged: Regulatory risk: Compliance with Foreign Corrupt Practices Act and U.K. Bribery Act, noncompliance may cause substantial fines or damages
FY2025 key financial metrics · XBRL
- Revenue
- $8.8B
- +7.2% YoY
- Net income
- $3.3B
- −10.8% YoY
- Operating margin
- 49.6%
- −4.3 pp YoY
- EPS (diluted)
- $3.56
- −11.2% YoY
- ROE
- 6.3%
- −0.7 pp YoY
- Operating cash flow
- $5.0B
- +2.0% YoY
Source: XBRL data from the Prologis (PLD) FY2025 10-K on SEC EDGAR. USD.
Prologis FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Real estate investment and management focused on O&M portfolio combining owned and co-invested properties
- No new products or segments introduced; continued emphasis on managing consolidated and unconsolidated co-investment ventures
- Strategic approach unchanged, operating as fully integrated REIT since 1997 with focus on maintaining REIT tax status
- O&M portfolio management based on total properties including co-investment ventures, guiding operating decisions and performance metrics
- Integration of funds from operations (FFO) and net operating income (NOI) metrics, though not GAAP, for performance evaluation
Management Discussion & Analysis
- Revenue $8.2B, up $644M YoY primarily due to higher rental revenues ($8.16B vs $7.52B)
- Real Estate NOI $6.19B up 8.2% ($471M increase), Strategic Capital NOI $321M down 15.5%, Operating margin ~53.5% (Operating income $4.36B on revenue $8.79B)
- Best segment: Real Estate NOI $6.19B (+$471M), Worst: Strategic Capital NOI $321M (-$59M)
- Net proceeds $2.7B from real estate sales, development starts $2.9B with 60.9% build-to-suit, total liquidity $7.6B, total debt $35B at 3.2% avg interest
- Management notes economic uncertainty as key risk, expects long-term growth supported by embedded rent growth and development pipeline
Risk Factors
- Regulatory risk: Compliance with Foreign Corrupt Practices Act and U.K. Bribery Act, noncompliance may cause substantial fines or damages
- Geopolitical risk: $788M revenue (9% consolidated) from international ops exposed to political instability and trade wars
- Operational risk: Increased material costs and supply chain disruptions impacting property development budgets and transportation routes
- Competitive risk: Adoption of AI technology changes market operations and customer service expectations
- Financial risk: $13.7B (13.8% consolidated assets) held in non-U.S. dollar currency with exposure to foreign currency depreciation
Generated from the filing text; verify against the original. How to read a 10-K
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