Opening its latest reports…Reading every line of the four statements…Putting it into plain words…
PLDPrologis, Inc.
The four financial statements
Every company that sells shares in the US files four statements with the SEC. Together they show whether Prologis made money, what it owns and owes, where its cash went, and what changed for its shareholders. Below is every line exactly as Prologis filed it, with what each one means in plain English.
As filed with the SEC on Feb 13, 2026 · the full report · SEC's figures viewer
Income statement · also called the statement of operations, statement of earnings or profit and loss
Did it make money?
Read it from the top down. It starts with everything customers paid (sales), takes away the cost of making what was sold, then the costs of running the company, then interest and tax. What is left at the bottom is profit (net income), the part that belongs to shareholders. It covers a stretch of time: a year, or a quarter.
- People usually check: Are sales growing compared with a year earlier?
- People usually check: How much of each dollar of sales is left at each step (the margins)?
- People usually check: Is profit growing faster or slower than sales?
Point at or tap a bar to see the lines inside it.
Out of every $100 of sales
- costs of running the business: $50
- other income and costs: $7
- income tax: $5
- kept as profit: $37.9
Every line, explained
| Line (tap for what it means) | 12 months to Dec 31, 2025 | 12 months to Dec 31, 2024 | 12 months to Dec 31, 2023 |
|---|---|---|---|
| Revenues | |||
| $8.2B▲ 8.6% | $7.5B | $6.8B | |
| $592.4M▼ 12% | $671.9M | $1.2B | |
| $38.9M▲ 159% | $15.0M | $4.7M | |
| $8.8B▲ 7.2% | $8.2B | $8.0B | |
| Expenses | |||
| $2.0B▲ 11% | $1.8B | $1.6B | |
| $270.5M▼ 7.3% | $291.9M | $385.5M | |
| $469.1M▲ 12% | $418.8M | $390.4M | |
| $2.6B▲ 1.8% | $2.6B | $2.5B | |
| $46.0M▼ 2.2% | $47.0M | $53.4M | |
| $5.4B▲ 5.3% | $5.1B | $4.9B | |
| $3.4B▲ 10% | $3.1B | $3.1B | |
| $257.7M▼ 38% | $413.7M | $462.3M | |
| $685.8M▼ 24% | $904.1M | $161.0M | |
| $4.4B▼ 1.3% | $4.4B | $3.7B | |
| Other income (expense) | |||
| $402.5M▲ 14% | $353.6M | $307.2M | |
| −$1.0B▼ 16% | −$863.9M | −$641.3M | |
| $14.8M▼ 93% | $208.7M | $87.2M | |
| −$3.5M | $536.0K | $3.3M | |
| −$588.5M▼ 96% | −$301.0M | −$243.6M | |
| $3.8B▼ 8.4% | $4.1B | $3.5B | |
| −$204.0M▼ 22% | −$166.9M | −$211.0M | |
| $3.6B▼ 9.7% | $3.9B | $3.3B | |
| $237.1M▲ 9.6% | $216.3M | $193.9M | |
| $3.3B▼ 11% | $3.7B | $3.1B | |
| $5.9M | $5.9M | $5.8M | |
| $3.3B▼ 11% | $3.7B | $3.1B | |
| 928.5M shares▲ 0.2% | 926.2M shares | 924.4M shares | |
| 956.8M shares▲ 0.3% | 953.6M shares | 951.8M shares | |
| $3.58▼ 11% | $4.02 | $3.30 | |
| $3.56▼ 11% | $4.01 | $3.29 | |
Split by Prologis, L.P.
| Prologis, L.P. | |||
|---|---|---|---|
| Sales (Rental) | $8.2B | $7.5B | $6.8B |
| Sales (Strategic capital) | $592.4M | $671.9M | $1.2B |
| Research and development (Development management and other) | $38.9M | $15.0M | $4.7M |
| Sales (Total revenues) | $8.8B | $8.2B | $8.0B |
| Buildings and equipment (Rental) | $2.0B | $1.8B | $1.6B |
| Other item (Strategic capital) | $270.5M | $291.9M | $385.5M |
| Running the company (general and administrative) (General and administrative) | $469.1M | $418.8M | $390.4M |
| Wear and tear (depreciation and amortization) (Depreciation and amortization) | $2.6B | $2.6B | $2.5B |
| Other item (Other) | $46.0M | $47.0M | $53.4M |
| Gains or losses (Total expenses) | $5.4B | $5.1B | $4.9B |
| Gains or losses (Operating income before gains on real estate transactions, net) | $3.4B | $3.1B | $3.1B |
| Research and development (Gains on dispositions of development properties and land, net) | $257.7M | $413.7M | $462.3M |
| Gains or losses (Gains on other dispositions of investments in real estate, net) | $685.8M | $904.1M | $161.0M |
| Profit from the main business (operating income) (Operating income) | $4.4B | $4.4B | $3.7B |
| Share of profit from part-owned businesses (Earnings from unconsolidated entities, net) | $402.5M | $353.6M | $307.2M |
| Interest paid on debt (Interest expense) | −$1.0B | −$863.9M | −$641.3M |
| Effect of currency moves (Foreign currency, derivative and other gains (losses) and other income (expense), net) | $14.8M | $208.7M | $87.2M |
| Gains or losses (Gains (losses) on early extinguishment of debt, net) | −$3.5M | $536.0K | $3.3M |
| Other income and costs (Total other income (expense)) | −$588.5M | −$301.0M | −$243.6M |
| Profit before tax (Earnings before income taxes) | $3.8B | $4.1B | $3.5B |
| Income tax (Income tax expense) | −$204.0M | −$166.9M | −$211.0M |
| Profit, including partners' share (Consolidated net earnings) | $3.6B | $3.9B | $3.3B |
| Profit belonging to partners (non-controlling interest) (Less net earnings attributable to noncontrolling interests) | $156.1M | $123.2M | $116.7M |
| Profit (net income) (Net earnings attributable to controlling interests) | $3.4B | $3.8B | $3.1B |
| Dividends (Less preferred stock/unit dividends/distributions) | $5.9M | $5.9M | $5.8M |
| Profit for ordinary shareholders (Net earnings attributable to common stockholders/unitholders) | $3.4B | $3.8B | $3.1B |
| Average number of shares (Weighted average common shares/units outstanding - Basic) | 947.9M shares | 941.8M shares | 939.6M shares |
| Average number of shares, counting promised shares (Weighted average common shares/units outstanding - Diluted) | 956.8M shares | 953.6M shares | 951.8M shares |
| Profit per share (basic EPS) (Net earnings per share/unit attributable to common stockholders/unitholders - Basic) | $3.58 | $4.02 | $3.30 |
| Profit per share, counting promised shares (diluted EPS) (Net earnings per share/unit attributable to common stockholders/unitholders - Diluted) | $3.56 | $4.01 | $3.29 |
Every line as the company filed it (USD ($), shares in Thousands, $ in Thousands), shown in full dollars. See this statement on SEC.
Extra: What other gains and losses were there?Statement of comprehensive income: Profit, plus gains and losses that skip the income statement.
Some value changes don't count as profit yet: currency moves on businesses abroad, rises or falls in investments it hasn't sold, and some hedges and pension changes. They are added to profit here to give comprehensive income, and they build up in shareholders' equity.
Every line, explained
| Line (tap for what it means) | 12 months to Dec 31, 2025 | 12 months to Dec 31, 2024 | 12 months to Dec 31, 2023 |
|---|---|---|---|
| $3.6B | $3.9B | $3.3B | |
| Other comprehensive income | |||
| −$575.9M | $360.9M | $20.8M | |
| $8.4M | $39.3M | −$92.7M | |
| $3.0B | $4.3B | $3.2B | |
| −$237.1M | −$216.3M | −$193.9M | |
| $11.4M | −$6.2M | $1.3M | |
| $2.8B | $4.1B | $3.0B | |
Split by Prologis, L.P.
| Prologis, L.P. | |||
|---|---|---|---|
| Profit, including partners' share (Consolidated net earnings) | $3.6B | $3.9B | $3.3B |
| Effect of currency moves (Foreign currency translation gains (losses), net) | −$575.9M | $360.9M | $20.8M |
| Hedges (Unrealized gains (losses) on derivative contracts, net) | $8.4M | $39.3M | −$92.7M |
| Partners' share (non-controlling interest) (Comprehensive income) | $3.0B | $4.3B | $3.2B |
| Profit belonging to partners (non-controlling interest) (Net earnings attributable to noncontrolling interests) | −$156.1M | −$123.2M | −$116.7M |
| Other gains and losses not in profit (other comprehensive income) (Other comprehensive loss (income) attributable to noncontrolling interests) | −$1.8M | $3.7M | −$404.0K |
| Profit plus other gains and losses (comprehensive income) (Comprehensive income attributable to common unitholders) | $2.8B | $4.2B | $3.1B |