Analyst Consensus ?
ConsensusBuy40 ratings
Bullish2665.0%
Neutral1332.5%
Bearish12.5%
1 unmapped firm rating excluded from the percentages.
Prologis, Inc. · PLD · FY2026 Q3 · Calendar Q4 2026
Prologis raises guidance as logistics and data-center demand stays strong
Prologis's Q3 update supports a constructive operating thesis: strong occupancy, rent growth, and demand across logistics and data centers were paired with higher guidance. The main counterweights are rates, financing and construction costs, plus merger and permitting execution risks.
Reported Before market openNYSEReal Estate
$120.64B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.60
Consensus $0.78
EPS surprise
+105.9%
Reported versus consensus
Reported revenue
$2.39B
Consensus $2.18B
Revenue surprise
+9.7%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-2.7%
Event window
SPY move
+0.3%
Same window
Abnormal move
-3.0%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
+0.4%
Up to 20 sessions
PLDSPY benchmark
Ask FN2 about PLD FY2026 Q3
Transcript, numbers and history already loaded
Why did PLD fall 2.7% after beating EPS estimates in FY2026 Q3?What changed in PLD's guidance and outlook in FY2026 Q3?Give me the bull and bear case for PLD after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, Prologis reported higher occupancy of 95.6%, about 5.8% same-store NOI growth, and raised targets for development starts and acquisitions. The data-center pipeline remained a central growth focus, while the SEGRO merger advanced to the regulatory-clearance stage.
Guidance delta
Management raised guidance for occupancy, same-store growth, development starts, and acquisitions.
Key takeaways
- Q3 occupancy was 95.6%, rent change was 38% net effective, and same-store NOI growth was about 5.8%.
- Management cited demand from e-commerce, advanced manufacturing, and data-center supply chains.
- The SEGRO merger received shareholder approval and is expected to close in the first half of 2027, pending regulatory clearance.
Management priorities
- Increase development starts to $6–6.75 billion, with 55–65% build-to-suit.
- Execute $2.1–2.3 billion of acquisitions focused on discounted assets.
- Advance the 5.8-gigawatt data-center power pipeline and strategic capital opportunities.
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Beat
Miss
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Analyst 52W Price Targets
$126.35Current
$118Low
$151.51Average
$187High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 16, 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 |
|---|---|---|---|---|
| Scotiabank | Sector Outperform | Sector Perform | Upgrade | Oct 13, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Sep 1, 2026 |
| RBC Capital | Outperform | Sector Perform | Upgrade | Aug 5, 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 $126.35. 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 | +31.4% | Sep 1, 2026 |
| RBC Capital | Analyst unavailable | $160 | $139.05 | +26.6% | Aug 4, 2026 |
| Robert W. Baird | Nicholas Thillman | $140 | $146.19 | +10.8% | Jul 31, 2026 |
| Scotiabank | Analyst unavailable | $150 | $143.44 | +18.7% | Jul 23, 2026 |
| Mizuho Securities | Analyst unavailable | $159 | $149.96 | +25.8% | Jul 17, 2026 |
| Barclays | Analyst unavailable | $156 | $143.42 | +23.5% | Jul 16, 2026 |
| BTIG | Analyst unavailable | $170 | $135.47 | +34.5% | Jul 1, 2026 |
| BMO Capital | John Kim | $158 | $139.97 | +25.0% | Jun 29, 2026 |
| Morgan Stanley | Ronald Kamdem | $151 | $147.38 | +19.5% | May 26, 2026 |
| RBC Capital | Analyst unavailable | $148 | $140.02 | +17.1% | Apr 28, 2026 |
| Truist Financial | Analyst unavailable | $154 | $141.34 | +21.9% | Apr 27, 2026 |
| Scotiabank | Nicholas Yulico | $154 | $142.43 | +21.9% | Apr 21, 2026 |
| Goldman Sachs | Analyst unavailable | $157 | $145.1 | +24.3% | Apr 17, 2026 |
| Evercore ISI | Steve Sakwa | $135 | $144.46 | +6.8% | Apr 17, 2026 |
| UBS | Analyst unavailable | $161 | $144.72 | +27.4% | Apr 17, 2026 |
| Industrial Alliance Securities | Analyst unavailable | $153 | $135.15 | +21.1% | Mar 9, 2026 |
| RBC Capital | Michael Carroll | $135 | $130.35 | +6.8% | Feb 2, 2026 |
| Truist Financial | Michael Lewis | $139 | $127.54 | +10.0% | Jan 26, 2026 |
| Mizuho Securities | Analyst unavailable | $143 | $127.15 | +13.2% | Jan 26, 2026 |
| BMO Capital | Analyst unavailable | $123 | $128.42 | -2.7% | Jan 22, 2026 |
| Argus Research | Marie Ferguson | $135 | $128.5 | +6.8% | Jan 22, 2026 |
| Evercore ISI | Analyst unavailable | $121 | $128.48 | -4.2% | Jan 22, 2026 |
| UBS | Analyst unavailable | $148 | $130.59 | +17.1% | Jan 22, 2026 |
| Morgan Stanley | Ronald Kamdem | $135 | $133.19 | +6.8% | Jan 16, 2026 |
| UBS | Nicholas Yulico | $146 | $130.22 | +15.6% | Jan 14, 2026 |
| Scotiabank | Analyst unavailable | $146 | $130.22 | +15.6% | Jan 14, 2026 |
| Barclays | Analyst unavailable | $139 | $128.44 | +10.0% | Jan 13, 2026 |
| UBS | Analyst unavailable | $144 | $126.9 | +14.0% | Jan 8, 2026 |
| Robert W. Baird | Nicholas Thillman | $130 | $126.9 | +2.9% | Jan 8, 2026 |
| BTIG | Analyst unavailable | $155 | $129.01 | +22.7% | Dec 31, 2025 |
| UBS | Analyst unavailable | $138 | $129.19 | +9.2% | Dec 4, 2025 |
| UBS | Analyst unavailable | $133 | $124.14 | +5.3% | Nov 10, 2025 |
| UBS | Michael Goldsmith | $137 | $126.38 | +8.4% | Oct 21, 2025 |
| Truist Financial | Ki Bin Kim | $131 | $124.08 | +3.7% | Oct 20, 2025 |
| BMO Capital | John Kim | $119 | $124.08 | -5.8% | Oct 20, 2025 |
| Industrial Alliance Securities | Analyst unavailable | $119 | $125.04 | -5.8% | Oct 20, 2025 |
| Scotiabank | Nicholas Yulico | $114 | $111.35 | -9.8% | Aug 27, 2025 |
| Mizuho Securities | Vikram Malhotra | $118 | $105.44 | -6.6% | Aug 19, 2025 |
| Wells Fargo | Blaine Heck | $137 | $109.17 | +8.4% | Jul 13, 2025 |
| Truist Financial | Ki Bin Kim | $120 | $105.41 | -5.0% | May 2, 2025 |
| Mizuho Securities | Vikram Malhotra | $117 | $106.58 | -7.4% | Jan 8, 2025 |
| Goldman Sachs | Caitlin Burrows | $132 | $122.5 | +4.5% | Oct 21, 2024 |
| Goldman Sachs | Caitlin Burrows | $142 | $126.24 | +12.4% | Oct 16, 2024 |
| BMO Capital | John Kim | $122 | $127.48 | -3.4% | Oct 16, 2024 |
| Evercore ISI | Steve Sakwa | $128 | $129.07 | +1.3% | Sep 16, 2024 |
| Evercore ISI | Steve Sakwa | $122 | $124.7 | -3.4% | Aug 20, 2024 |
| Truist Financial | Ki Bin Kim | $137 | $123.98 | +8.4% | Aug 5, 2024 |
| BMO Capital | John Kim | $115 | $119.83 | -9.0% | Jul 15, 2024 |
| Mizuho Securities | Vikram Malhotra | $120 | $107.57 | -5.0% | May 31, 2024 |
| RBC Capital | Michael Carroll | $124 | $105.89 | -1.9% | May 6, 2024 |
| Evercore ISI | Steve Sakwa | $123 | $106.49 | -2.7% | Apr 18, 2024 |
| Truist Financial | Ki Bin Kim | $142 | $107.64 | +12.4% | Apr 17, 2024 |
| Morgan Stanley | Ronald Kamdem | $141 | $108.35 | +11.6% | Apr 17, 2024 |
| RBC Capital | Michael Carroll | $145 | $108.35 | +14.8% | Apr 17, 2024 |
| BTIG | Thomas Catherwood | $154 | $108.35 | +21.9% | Apr 17, 2024 |
| Evercore ISI | Steve Sakwa | $132 | $126.26 | +4.5% | Apr 3, 2024 |
| Evercore ISI | Steve Sakwa | $136 | $128.14 | +7.6% | Mar 18, 2024 |
| Morgan Stanley | Ronald Kamdem | $128 | $108.13 | +1.3% | Oct 18, 2023 |
| Goldman Sachs | Chandni Luthra | $187 | $121.09 | +48.0% | Dec 14, 2022 |
| Scotiabank | Nicholas Yulico | $116 | $102.75 | -8.2% | Oct 17, 2022 |
| Truist Financial | Ki Bin Kim | $130 | $105.99 | +2.9% | Oct 4, 2022 |
| Wells Fargo | Analyst unavailable | $163 | $134.41 | +29.0% | Aug 11, 2022 |
| Barclays | Anthony Powell | $183 | $132.68 | +44.8% | Aug 3, 2022 |
| Deutsche Bank | Derek Johnston | $156 | $130.86 | +23.5% | Jul 28, 2022 |
| Truist Financial | Analyst unavailable | $150 | $131.1 | +18.7% | Jul 28, 2022 |
| Raymond James | Analyst unavailable | $160 | $124.57 | +26.6% | Jul 21, 2022 |
| Jefferies | Analyst unavailable | $146 | $118.46 | +15.6% | Jun 30, 2022 |
| Truist Financial | Ki Bin Kim | $162 | $125.25 | +28.2% | May 17, 2022 |
| Morgan Stanley | Analyst unavailable | $180 | $142.34 | +42.5% | May 6, 2022 |
| RBC Capital | Analyst unavailable | $180 | $147.58 | +42.5% | May 5, 2022 |
| Wells Fargo | Analyst unavailable | $184 | $168.48 | +45.6% | Apr 28, 2022 |
| Raymond James | Analyst unavailable | $190 | $168.73 | +50.4% | Apr 25, 2022 |
| Deutsche Bank | Analyst unavailable | $184 | $170.6 | +45.6% | Apr 22, 2022 |
| Barclays | Analyst unavailable | $190 | $172.67 | +50.4% | Apr 21, 2022 |
| BMO Capital | John Kim | $172 | $152.8 | +36.1% | Jan 19, 2022 |
| Truist Financial | Ki Bin Kim | $166 | $152.64 | +31.4% | Jan 18, 2022 |
| Raymond James | William Crow | $180 | $152.24 | +42.5% | Jan 10, 2022 |
| Morgan Stanley | Ronald Kamdem | $175 | $161.73 | +38.5% | Dec 15, 2021 |
| Bank of America Securities | James Feldman | $161 | $142.12 | +27.4% | Oct 20, 2021 |
| BTIG | Tom Catherwood | $161 | $137.86 | +27.4% | Oct 19, 2021 |
| Mizuho Securities | Vikram Malhorta | $131 | $125.19 | +3.7% | Jul 15, 2021 |
| Jefferies | Jonathan Petersen | $148 | $125.19 | +17.1% | Jul 15, 2021 |
Track every rating change on PLD the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationPrologis, Inc. don't just lead the industry, they define it. The firm creates the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, their ecosystems help your business move faster, operate smarter and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next. Prologis, Inc. was established in 1983 and is incorporated in Maryland.
Historical context
All PLD earningsLatest beats and misses
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Sources
- Earnings call transcript and parsed analysis · 2026-10-16T15:04:03.939266+00:00
- FN2 earnings calendar · 2026-10-16T01:23:22.079841+00:00
- Polygon adjusted daily market bars · 2026-10-16T15:20:44.737249+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-16T15:20:44.734669+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 · As of 2026-10-16. For educational purposes only; not investment advice.