Short answer
Prologis (PLD) filed its Q3 2025 10-Q quarterly report on Oct 28, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $2.2B (up 8.7% year over year) with net income of $764M.
Q3 2025 key financials · XBRL
- Revenue
- $2.2B
- +8.7% YoY · +1.4% QoQ
- Net income
- $764M
- −24.0% YoY · +33.8% QoQ
- Operating margin
- 42.5%
- EPS (diluted)
- $0.81
- −25.0% YoY · +30.6% QoQ
Source: XBRL data from the Prologis (PLD) Q3 2025 10-Q on SEC EDGAR. USD.
Prologis Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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