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Prologis (PLD)
NYSE:PLD
Earnings Data
Report Date
Apr 21, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.82Last Year’s EPS
0.63Same Quarter Last Year
Moderate Buy
Based on 16 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented multiple strong operational and financial achievements: robust leasing (57M sq ft in Q4), high occupancy (≈95–96%), significant rent momentum and embedded NOI (~$800M at 18% mark-to-market), a growing data center power pipeline (5.7 GW) and energy milestone (1.1 GW installed). Management also provided constructive 2026 guidance and reported progress in strategic capital (CREIT IPO, Agility Fund). Headwinds discussed were largely timing and normalization issues—seasonal Q1 occupancy dip, normalization of rent-change contribution, drag from recent acquisition, and data center power procurement timelines—all of which management believes are manageable and part of a multi-year growth setup. On balance, highlights substantially outweigh the lowlights, reflecting operational strength and strategic optionality.Company Guidance
Strong Leasing Activity and High Occupancy
Signed 57 million square feet of leases in Q4; average owned & managed occupancy 95.3% for the quarter, 95.0% for the full year, and period-end 95.8%; retention rate of 78% and U.S. outperformance expanded to ~300 basis points versus the market.
Significant Rent Momentum and Embedded NOI
Net effective rent change was +44% for the quarter (contributing ~ $60 million of annualized NOI) and >50% for the year; net effective lease mark-to-market ended at 18% representing nearly $800 million of embedded NOI yet to be realized.
Same-Store NOI Outperformance
Same-store NOI growth of 4.7% on a net effective basis and 5.7% on a cash basis in Q4; full year net effective same-store growth of 4.8%, at the top end of guidance.
Active and Disciplined Capital Deployment
Sold ~ $900 million of value-maximized assets and acquired ~ $625 million at attractive discounts to replacement cost, generating a ~150 basis point positive spread in expected IRR; development starts of $1.1 billion in Q4 and $3.1 billion for the year (61% build-to-suit for the year).
Energy Milestone Achieved
Installed capacity for the energy business reached 1.1 gigawatts, surpassing the one-gigawatt goal set four years ago, with plans to continue adding capacity across the portfolio.
Expanding Data Center Platform and Power Pipeline
Expanded data center power access to 5.7 gigawatts, stabilized 72 megawatts of projects, sold a turnkey facility at compelling economics, and reported ~1.2 gigawatts in LOI or pending lease execution; guidance assumes ~40% of 2026 development starts will be data center-related.
Strong Market Fundamentals and Demand
U.S. net absorption of 59 million square feet in Q4, contributing to U.S. vacancy decline to 7.4%; evidence of vacancy peaking and rents beginning to inflect across many markets; international outperformance with Japan occupancy >97% (≈600 bps outperformance), Europe posting first quarter of positive rental growth in two years, and robust LatAm consumption.
Capital Raising and Strategic Capital Progress
Completed IPO of China AMC Prologis Logistics REIT (CREIT) on Shenzhen Stock Exchange and held anchor closing for U.S. Agility Fund; formed two new investment vehicles (U.S. and China), expanding strategic capital AUM and fee-generating opportunities.
Guidance and Financial Positioning
Provided initial 2026 guidance: average occupancy 94.75%–95.75%; net effective same-store growth 4.25%–5.25% (cash 5.75%–6.75%); development starts $4.0–$5.0 billion (≈40% data centers); core FFO guidance $6.00–$6.20 per share (including net promote) and GAAP EPS $3.70–$4.00.
PLD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
PLD Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Jan 21, 2026 | $130.81 | $131.14 | +0.25% |
Oct 15, 2025 | $114.56 | $121.81 | +6.33% |
Jul 17, 2025 | $108.35 | $104.67 | -3.40% |
Apr 16, 2025 | $95.94 | $97.70 | +1.84% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Prologis (PLD) report earnings?
Prologis (PLD) is schdueled to report earning on Apr 21, 2026, Before Open (Confirmed).
What is Prologis (PLD) earnings time?
Prologis (PLD) earnings time is at Apr 21, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PLD EPS forecast?
PLD EPS forecast for the fiscal quarter 2026 (Q1) is 0.82.
