Analyst Consensus ?
ConsensusBuy40 ratings
Bullish2562.5%
Neutral1435.0%
Bearish12.5%
1 unmapped firm rating excluded from the percentages.
Prologis, Inc. · PLD · FY2026 Q1 · Calendar Q2 2026
Prologis Posts Record Leasing and Raises Guidance as Data-Center Strategy Accelerates
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.
Reported Before market openNYSEReal Estate
$137.30B market cap
90quality score
Company context
Snapshot as of publicationPrologis, Inc. is the undisputed global leader in logistics real estate, strategically focusing its operations on high-barrier, high-growth markets. As of December 31, 2020, the company's extensive portfolio spanned approximately 984 million square feet (91 million square meters) of both existing properties and planned development projects, located across 19 countries. This significant footprint is managed through a blend of wholly-owned assets and co-investment ventures. Prologis leases its contemporary logistics facilities to a diverse client base of roughly 5,500 customers, primarily serving business-to-business (B2B) and retail/online fulfillment needs.
Earnings scorecard
Reported versus consensus
Reported EPS
$1.05
Consensus $1
EPS surprise
+30.3%
Reported versus consensus
Reported revenue
$2.13B
Consensus $2.12B
Revenue surprise
+0.2%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$135.75Current
$118Low
$151.51Average
$187High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 12, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Overweight | Overweight | Maintain | Sep 1, 2026 |
| RBC Capital | Outperform | Sector Perform | Upgrade | Aug 5, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Jul 23, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 21, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jul 17, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 16, 2026 |
| BTIG | Buy | Buy | Maintain | Jul 1, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Jun 29, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | May 27, 2026 |
| B of A Securities | Buy | Buy | Maintain | Apr 20, 2026 |
| UBS | Buy | Buy | Maintain | Apr 17, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Apr 17, 2026 |
| Freedom Capital Markets | Hold | Buy | Downgrade | Jan 23, 2026 |
| Freedom Broker | Hold | Buy | Downgrade | Jan 23, 2026 |
| Argus Research | Buy | Buy | Maintain | Jan 22, 2026 |
| Baird | Neutral | Outperform | Downgrade | Jan 8, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 23, 2025 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Apr 21, 2025 |
| Raymond James | Market Perform | Outperform | Downgrade | Feb 3, 2025 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 21, 2024 |
| Goldman Sachs | Neutral | Buy | Downgrade | Oct 21, 2024 |
| Stifel | Buy | Buy | Maintain | Nov 21, 2023 |
| Exane BNP Paribas | Outperform | Neutral | Upgrade | Jul 20, 2023 |
| Jefferies | Buy | Buy | Maintain | Jun 30, 2022 |
| Deutsche Bank | Buy | Buy | Maintain | Apr 22, 2022 |
| Keybanc | Overweight | Downgrade | Nov 23, 2020 | |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Oct 18, 2019 |
| Bank of America | Buy | Buy | Maintain | Sep 10, 2018 |
| Capital One Financial | Equal Weight | Underweight | Upgrade | Oct 17, 2016 |
| Capital One | Equal Weight | Underweight | Upgrade | Oct 17, 2016 |
| BTIG Research | Buy | Buy | Maintain | Aug 25, 2016 |
| BB&T Capital | Hold | Hold | Maintain | Nov 11, 2015 |
| Stifel Nicolaus | Buy | Buy | Maintain | Oct 21, 2015 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | Jul 23, 2015 |
| Credit Suisse | Buy | Buy | Maintain | Jan 29, 2015 |
| Green Street Advistors | Hold | Buy | Downgrade | Jan 28, 2015 |
| Oppenheimer | Outperform | Outperform | Maintain | May 5, 2014 |
| ISI Group | Buy | Neutral | Upgrade | Apr 23, 2014 |
| McNicoll Lewis Vlak | Hold | Hold | Maintain | Feb 3, 2014 |
| Imperial Capital | Underperform | Underperform | Maintain | Jul 25, 2013 |
| Cantor Fitzgerald | Buy | Buy | Maintain | May 15, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $135.75. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Analyst unavailable | $166 | $139.94 | +22.3% | Sep 1, 2026 |
| RBC Capital | Analyst unavailable | $160 | $139.05 | +17.9% | Aug 4, 2026 |
| Robert W. Baird | Nicholas Thillman | $140 | $146.19 | +3.1% | Jul 31, 2026 |
| Scotiabank | Analyst unavailable | $150 | $143.44 | +10.5% | Jul 23, 2026 |
| Mizuho Securities | Analyst unavailable | $159 | $149.96 | +17.1% | Jul 17, 2026 |
| Barclays | Analyst unavailable | $156 | $143.42 | +14.9% | Jul 16, 2026 |
| BTIG | Analyst unavailable | $170 | $135.47 | +25.2% | Jul 1, 2026 |
| BMO Capital | John Kim | $158 | $139.97 | +16.4% | Jun 29, 2026 |
| Morgan Stanley | Ronald Kamdem | $151 | $147.38 | +11.2% | May 26, 2026 |
| RBC Capital | Analyst unavailable | $148 | $140.02 | +9.0% | Apr 28, 2026 |
| Truist Financial | Analyst unavailable | $154 | $141.34 | +13.4% | Apr 27, 2026 |
| Scotiabank | Nicholas Yulico | $154 | $142.43 | +13.4% | Apr 21, 2026 |
| Goldman Sachs | Analyst unavailable | $157 | $145.1 | +15.7% | Apr 17, 2026 |
| Evercore ISI | Steve Sakwa | $135 | $144.46 | -0.6% | Apr 17, 2026 |
| UBS | Analyst unavailable | $161 | $144.72 | +18.6% | Apr 17, 2026 |
| Industrial Alliance Securities | Analyst unavailable | $153 | $135.15 | +12.7% | Mar 9, 2026 |
| RBC Capital | Michael Carroll | $135 | $130.35 | -0.6% | Feb 2, 2026 |
| Truist Financial | Michael Lewis | $139 | $127.54 | +2.4% | Jan 26, 2026 |
| Mizuho Securities | Analyst unavailable | $143 | $127.15 | +5.3% | Jan 26, 2026 |
| BMO Capital | Analyst unavailable | $123 | $128.42 | -9.4% | Jan 22, 2026 |
| Argus Research | Marie Ferguson | $135 | $128.5 | -0.6% | Jan 22, 2026 |
| Evercore ISI | Analyst unavailable | $121 | $128.48 | -10.9% | Jan 22, 2026 |
| UBS | Analyst unavailable | $148 | $130.59 | +9.0% | Jan 22, 2026 |
| Morgan Stanley | Ronald Kamdem | $135 | $133.19 | -0.6% | Jan 16, 2026 |
| UBS | Nicholas Yulico | $146 | $130.22 | +7.6% | Jan 14, 2026 |
| Scotiabank | Analyst unavailable | $146 | $130.22 | +7.6% | Jan 14, 2026 |
| Barclays | Analyst unavailable | $139 | $128.44 | +2.4% | Jan 13, 2026 |
| UBS | Analyst unavailable | $144 | $126.9 | +6.1% | Jan 8, 2026 |
| Robert W. Baird | Nicholas Thillman | $130 | $126.9 | -4.2% | Jan 8, 2026 |
| BTIG | Analyst unavailable | $155 | $129.01 | +14.2% | Dec 31, 2025 |
| UBS | Analyst unavailable | $138 | $129.19 | +1.7% | Dec 4, 2025 |
| UBS | Analyst unavailable | $133 | $124.14 | -2.0% | Nov 10, 2025 |
| UBS | Michael Goldsmith | $137 | $126.38 | +0.9% | Oct 21, 2025 |
| Truist Financial | Ki Bin Kim | $131 | $124.08 | -3.5% | Oct 20, 2025 |
| BMO Capital | John Kim | $119 | $124.08 | -12.3% | Oct 20, 2025 |
| Industrial Alliance Securities | Analyst unavailable | $119 | $125.04 | -12.3% | Oct 20, 2025 |
| Scotiabank | Nicholas Yulico | $114 | $111.35 | -16.0% | Aug 27, 2025 |
| Mizuho Securities | Vikram Malhotra | $118 | $105.44 | -13.1% | Aug 19, 2025 |
| Wells Fargo | Blaine Heck | $137 | $109.17 | +0.9% | Jul 13, 2025 |
| Truist Financial | Ki Bin Kim | $120 | $105.41 | -11.6% | May 2, 2025 |
| Mizuho Securities | Vikram Malhotra | $117 | $106.58 | -13.8% | Jan 8, 2025 |
| Goldman Sachs | Caitlin Burrows | $132 | $122.5 | -2.8% | Oct 21, 2024 |
| Goldman Sachs | Caitlin Burrows | $142 | $126.24 | +4.6% | Oct 16, 2024 |
| BMO Capital | John Kim | $122 | $127.48 | -10.1% | Oct 16, 2024 |
| Evercore ISI | Steve Sakwa | $128 | $129.07 | -5.7% | Sep 16, 2024 |
| Evercore ISI | Steve Sakwa | $122 | $124.7 | -10.1% | Aug 20, 2024 |
| Truist Financial | Ki Bin Kim | $137 | $123.98 | +0.9% | Aug 5, 2024 |
| BMO Capital | John Kim | $115 | $119.83 | -15.3% | Jul 15, 2024 |
| Mizuho Securities | Vikram Malhotra | $120 | $107.57 | -11.6% | May 31, 2024 |
| RBC Capital | Michael Carroll | $124 | $105.89 | -8.7% | May 6, 2024 |
| Evercore ISI | Steve Sakwa | $123 | $106.49 | -9.4% | Apr 18, 2024 |
| Truist Financial | Ki Bin Kim | $142 | $107.64 | +4.6% | Apr 17, 2024 |
| Morgan Stanley | Ronald Kamdem | $141 | $108.35 | +3.9% | Apr 17, 2024 |
| RBC Capital | Michael Carroll | $145 | $108.35 | +6.8% | Apr 17, 2024 |
| BTIG | Thomas Catherwood | $154 | $108.35 | +13.4% | Apr 17, 2024 |
| Evercore ISI | Steve Sakwa | $132 | $126.26 | -2.8% | Apr 3, 2024 |
| Evercore ISI | Steve Sakwa | $136 | $128.14 | +0.2% | Mar 18, 2024 |
| Morgan Stanley | Ronald Kamdem | $128 | $108.13 | -5.7% | Oct 18, 2023 |
| Goldman Sachs | Chandni Luthra | $187 | $121.09 | +37.8% | Dec 14, 2022 |
| Scotiabank | Nicholas Yulico | $116 | $102.75 | -14.5% | Oct 17, 2022 |
| Truist Financial | Ki Bin Kim | $130 | $105.99 | -4.2% | Oct 4, 2022 |
| Wells Fargo | Analyst unavailable | $163 | $134.41 | +20.1% | Aug 11, 2022 |
| Barclays | Anthony Powell | $183 | $132.68 | +34.8% | Aug 3, 2022 |
| Deutsche Bank | Derek Johnston | $156 | $130.86 | +14.9% | Jul 28, 2022 |
| Truist Financial | Analyst unavailable | $150 | $131.1 | +10.5% | Jul 28, 2022 |
| Raymond James | Analyst unavailable | $160 | $124.57 | +17.9% | Jul 21, 2022 |
| Jefferies | Analyst unavailable | $146 | $118.46 | +7.6% | Jun 30, 2022 |
| Truist Financial | Ki Bin Kim | $162 | $125.25 | +19.3% | May 17, 2022 |
| Morgan Stanley | Analyst unavailable | $180 | $142.34 | +32.6% | May 6, 2022 |
| RBC Capital | Analyst unavailable | $180 | $147.58 | +32.6% | May 5, 2022 |
| Wells Fargo | Analyst unavailable | $184 | $168.48 | +35.5% | Apr 28, 2022 |
| Raymond James | Analyst unavailable | $190 | $168.73 | +40.0% | Apr 25, 2022 |
| Deutsche Bank | Analyst unavailable | $184 | $170.6 | +35.5% | Apr 22, 2022 |
| Barclays | Analyst unavailable | $190 | $172.67 | +40.0% | Apr 21, 2022 |
| BMO Capital | John Kim | $172 | $152.8 | +26.7% | Jan 19, 2022 |
| Truist Financial | Ki Bin Kim | $166 | $152.64 | +22.3% | Jan 18, 2022 |
| Raymond James | William Crow | $180 | $152.24 | +32.6% | Jan 10, 2022 |
| Morgan Stanley | Ronald Kamdem | $175 | $161.73 | +28.9% | Dec 15, 2021 |
| Bank of America Securities | James Feldman | $161 | $142.12 | +18.6% | Oct 20, 2021 |
| BTIG | Tom Catherwood | $161 | $137.86 | +18.6% | Oct 19, 2021 |
| Mizuho Securities | Vikram Malhorta | $131 | $125.19 | -3.5% | Jul 15, 2021 |
| Jefferies | Jonathan Petersen | $148 | $125.19 | +9.0% | Jul 15, 2021 |
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What changed
EPS of $1.05 beat the $0.806 consensus by 30.3%, while revenue of $2.13B edged past estimates by 0.2%. Full-year guidance was raised on higher occupancy and same-store NOI growth expectations. Development starts accelerated to $2.1B, including $1.3B for data-center build-to-suits. Two new strategic JVs were announced ($1.6B with GIC and $1.2B with La Caisse) alongside a new Japan acquisition vehicle. The company completed $5.5B in new financing and approximately $1.2B in asset disposals, while the energy business reached 1.3 GW of installed solar and storage capacity.
Guidance delta
Management raised full-year guidance, citing record leasing activity, higher occupancy, and stronger same-store NOI growth. Development starts are targeted at $4.5-$5.5B with approximately 40% allocated to data-center build-to-suits. Annual acquisitions of $1-$1.5B and total contribution/disposition activity of $3.5-$4.5B are planned. The capex outlook is increasing.
Key takeaways
- Record leasing of 64M square feet drove a full-year guidance upgrade.
- Data-center development is becoming a core growth engine, with $1.3B in build-to-suit starts and a 1.3 GW pipeline under LOI representing a potential $15B investment.
- Strategic capital expanded through new JVs with GIC ($1.6B) and La Caisse ($1.2B), plus a Japan acquisition vehicle.
- Energy business scaled to 1.3 GW of solar and storage capacity.
- Demand across logistics, e-commerce, and essential goods remains resilient despite geopolitical uncertainty.
Management priorities
- Scale data-center build-to-suit development and powered-site offerings.
- Launch and expand strategic capital vehicles, including the Japan acquisition platform.
- Increase development starts to $4.5-$5.5B with approximately 40% for data centers.
- Maintain $1-$1.5B annual acquisitions and $3.5-$4.5B total contribution/disposition activity.
- Expand solar and storage toward 1.3 GW installed capacity.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-28T21:31:18.260912+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T21:31:18.258233+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.