The earnings call indicates a strong performance with solid financial metrics, robust leasing pipeline, and record build-to-suit activity. However, challenges such as subdued net absorption, market rent decline, and elevated bad debt levels indicate market uncertainties. Despite these headwinds, the company's long-term outlook remains positive with strategic positioning and high liquidity.

Company Guidance -

Q3 2025

During the Prologis Second Quarter 2025 Earnings Conference Call, the company provided updated guidance based on improved market stability. Prologis expects average occupancy to range between 94.75% and 95.25%, with rent change anticipated to remain strong, averaging in the low to mid-50% range for the full year. Same-store NOI growth is projected between 3.75% and 4.25% on a net effective basis and 4.25% to 4.75% on a cash basis. The company is maintaining its G&A guidance of $450 million to $470 million while increasing strategic capital revenue guidance to $570 million to $590 million. Capital deployment guidance has been adjusted, with development starts expected to range from $2.25 billion to $2.75 billion, reflecting a $300 million data center start and increased build-to-suit activity. Disposition and contribution guidance has been raised to $1 billion to $1.75 billion. Prologis also increased its Core FFO guidance to $5.75 to $5.80 per share, including net promote expense, and $5.80 to $5.85 per share, excluding net promote expense, due to higher NOI and strategic capital revenues.

Strong Core FFO Performance

Core FFO, including net promote income, was $1.46 per share, and excluding net promotes was $1.47 per share, both ahead of the forecast.

High Occupancy and Rent Growth

Occupancy ended the quarter at 95.1%, outperforming the market by 290 basis points. The lease mark-to-market was 22% at quarter-end, with rent change delivering an additional $75 million of NOI.

Record Build-to-Suit Activity

Build-to-suit starts for the first half totaled $1.1 billion, marking the largest start to a year ever, with significant investments such as $300 million in a data center development in Austin, Texas.

Robust Leasing Pipeline

The leasing pipeline reached historically high levels, up 19% year-over-year, indicating strong customer interest across diverse geographies and customer segments.

High Liquidity and Strategic Capital Expansion

Closed on $5.8 billion in financing activities, with strategic capital business expanding with new offerings in development.

Prologis (PLD) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

PLD Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 21, 2025	2025 (Q3)	0.66 / -	1.08	―	―	―
Jul 17, 2025	2025 (Q2)	0.69 / 0.61	0.92	-33.70% (-0.31)
Apr 16, 2025	2025 (Q1)	0.63 / 0.63	0.63	0.00% (0.00)
Jan 21, 2025	2024 (Q4)	0.71 / 1.37	0.68	101.47% (+0.69)
Oct 16, 2024	2024 (Q3)	0.66 / 1.08	0.8	35.00% (+0.28)
Jul 17, 2024	2024 (Q2)	0.62 / 0.92	1.31	-29.77% (-0.39)
Apr 17, 2024	2024 (Q1)	0.58 / 0.63	0.5	26.00% (+0.13)
Jan 17, 2024	2023 (Q4)	0.59 / 0.68	0.63	7.94% (+0.05)
Oct 17, 2023	2023 (Q3)	0.60 / 0.80	1.36	-41.18% (-0.56)
Jul 18, 2023	2023 (Q2)	0.98 / 1.31	0.82	59.76% (+0.49)

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
Jul 17, 2025	$110.17	$106.43	-3.39%
Apr 16, 2025	$97.55	$99.34	+1.83%
Jan 21, 2025	$107.49	$115.14	+7.12%
Oct 16, 2024	$118.15	$123.58	+4.60%

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.