Prologis (PLD) Q3 2025 10-Q Quarterly Report
Prologis (PLD) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 28, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Prologis Q3 2025 10-Q Analysis
Management Discussion & Analysis
- • Revenue Real Estate Segment $6.07B, up $490M YoY from $5.58B; Strategic Capital expenses $195M vs $211M, NOI Real Estate $4.61B vs $4.22B
- • Operating margin: Real Estate Segment NOI margin approximately 75.9% in 2025 vs 75.6% in 2024 (NOI/revenues); Operating income $2.73B in 2025 vs $2.99B in 2024
- • Best segment: Real Estate Segment NOI growth +$392M; Worst segment: Strategic Capital NOI declined to -$195M from -$211M expenses
- • Cash flow operating activities increased to $3.85B in 2025 from $3.58B in 2024; Financing used ($345M) vs no use in 2024; Available liquidity $7.5B (cash $1.2B, credit capacity $6.3B)
- • Management sees resilient leasing and rent growth with 95.2% occupancy; Q3 rent change +52% net effective; acknowledges economic uncertainty from tariffs but expects long-term demand growth
Risk Factors
- • No material changes in risk factors since 2024 10-K
- • Carried-forward regulatory risk: compliance with zoning and land use laws affecting property development
- • Carried-forward operational risk: exposure to competitive industrial real estate market dynamics
- • Carried-forward financial risk: sensitivity to interest rate fluctuations impacting debt servicing costs
Prologis Q3 2025 Quarterly FinancialsXBRL
Revenue
$2.2B
▲ +8.7% YoY▲ +1.4% QoQ
Net Income
$764M
▼ -24.0% YoY▲ +33.8% QoQ
Net Margin
34.5%
▼ -1487bp YoY▲ +836bp QoQ
Source: XBRL data from Prologis Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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