Prologis (PLD)
NYSE:PLD
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Earnings Data
Report Date
Jul 20, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.78Last Year’s EPS
0.61Same Quarter Last Year
Moderate Buy
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a predominantly positive view: Prologis reported record leasing, strong Q1 core FFO, above-expectation occupancy, meaningful same-store NOI growth, sizable development activity (notably in data centers), a deep power pipeline, expanded strategic capital partnerships, and a fortified balance sheet. These operational and capital achievements led management to raise guidance and scale development targets. Offsetting this are macro and geopolitical uncertainties, pockets of regional softness (notably SoCal, LA County and Seattle), elevated concessions in some markets, and execution risks tied to data center permitting and equipment supply. Overall, the company’s positive fundamentals, capital formation and pipeline progress materially outweigh the noted risks and localized challenges.Company Guidance
Record Leasing and Strong Demand
Signed a record 64 million square feet in Q1 2026; leasing pipeline replenished and reached new highs, with broad mix of transactions across sizes and geographies and strong retention of nearly 76%.
High Occupancy and Raised Outlook
Reported occupancy of 95.3% (seasonal Q1 drop but above expectations) and raised full-year average occupancy guidance (midpoint uplift noted).
Solid Earnings and Upgraded Guidance
Core FFO of $1.50 per share (including net promote) and $1.52 excluding net promote in Q1, both ahead of expectations; raised full-year core FFO guidance to $6.07–$6.23 (incl. promotes) and $6.12–$6.28 (excl.), a ~80 bps increase from prior midpoint.
Meaningful Same-Store NOI and Rent Metrics
Same-store NOI grew 6.1% on a net effective basis and 8.8% on a cash basis year-over-year; net effective rent change of ~32% in the quarter (mix-driven) and lease mark-to-market of 17% representing ~ $750 million of embedded NOI; global market rents rose ~30 basis points in Q1 (first increase in ~2.5 years).
Accelerated Development — Logistics and Data Centers
Started $2.1 billion of development in the quarter: ~$850 million in logistics (≈75% speculative) and $1.3 billion in data center build-to-suits; data center starts totaled 350 MW this quarter; development-start guidance increased to $4.5–$5.5 billion for the year (~40% allocated to data center BTS).
Large Data Center & Power Pipeline
1.3 gigawatts under LOI for powered sites, 5.6 gigawatts of energy secured or in advanced stages (including a 150 MW stabilization); with a conservative $3 million/MW assumption the pipeline could translate to well over $15 billion of investment opportunity.
Capital Formation and Balance Sheet Strength
Announced $1.6 billion JV with GIC and $1.2 billion JV with La Caisse (post-quarter); raised >$2.6 billion of third-party equity across vehicles; sold/contributed ~$1.2 billion of assets; raised $5.5 billion of new financing at ~3.75% WAC with a recast $3 billion facility at a 63 bps spread (noted as lowest among REITs).
Energy & Sustainability Progress
Completed 42 solar/storage projects in the quarter, bringing installed capacity to 1.3 gigawatts and continuing to scale the energy business as an adjacent growth avenue.
U.S. Fundamentals and Construction Supply
U.S. net absorption of ~45 million sq ft in Q1; U.S. vacancy flat sequentially at 7.5%; construction pipeline remains favorable at ~1.7% of stock versus a 10-year average of 2.6%, supporting expectation of vacancy drifting lower over the year.
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 |
|---|---|---|---|
Apr 16, 2026 | $139.77 | $142.17 | +1.72% |
Jan 21, 2026 | $129.77 | $130.09 | +0.25% |
Oct 15, 2025 | $113.64 | $120.84 | +6.33% |
Jul 17, 2025 | $107.49 | $103.84 | -3.39% |
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 Jul 20, 2026, Before Open (Confirmed).
What is Prologis (PLD) earnings time?
Prologis (PLD) earnings time is at Jul 20, 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 (Q2) is 0.78.
