Prologis, Inc. earnings overview

PLD FY2026 Q1 · Calendar Q2 2026

Prologis, Inc.

Prologis delivered a strong Q1 FY2026, beating EPS estimates by 30% on record leasing of 64 million square feet and raising full-year guidance. The quarter marks an inflection point as data-center development shifts from opportunistic to a core growth engine, with $1.3 billion in build-to-suit starts and a 1.3 GW pipeline under LOI representing a potential $15 billion investment. Strategic capital partnerships with GIC ($1.6B) and La Caisse ($1.2B) plus a new Japan acquisition vehicle expand the funding platform. With $5.5B in new financing and $1.2B in asset disposals, the balance sheet supports an increasing capex program. The combination of logistics resilience and data-center optionality positions the platform to compound through the cycle, though execution risk on the data-center build-out and geopolitical headwinds warrant monitoring.