The earnings call presented a generally positive outlook with strong financial performance, record build-to-suit activity, and high leasing pipeline. However, it also highlighted challenges such as subdued net absorption, strategic capital business outflows, and market rent declines.

Company Guidance -

Q3 2025

During the Prologis Second Quarter 2025 Earnings Conference Call, the company provided updated financial guidance, reflecting improved market conditions and operational performance. Average occupancy is expected to range between 94.75% and 95.25%, with rent changes projected to remain robust, averaging in the low to mid-50s percentage range for the full year. Same-store NOI growth is anticipated to be between 3.75% and 4.25% on a net effective basis, and 4.25% to 4.75% on a cash basis. G&A guidance is maintained at $450 million to $470 million, while strategic capital revenue guidance has been increased to a range of $570 million to $590 million. Development starts are expected to range from $2.25 billion to $2.75 billion, reflecting additional data center starts and improved visibility in logistics starts, largely due to build-to-suit success. Dispositions and contributions are projected to be between $1 billion and $1.75 billion. GAAP earnings guidance is set at $3 to $3.15 per share, with Core FFO, including net promote expense, ranging from $5.75 to $5.80 per share, and excluding net promote expense, from $5.80 to $5.85 per share, marking a $0.05 increase from prior guidance.

Strong Core FFO Performance

Core FFO, including net promote income, was $1.46 per share, and excluding net promotes was $1.47 per share, each ahead of forecasts.

Record Build-to-Suit Activity

Build-to-suit starts for the first half totaled $1.1 billion, the largest start to a year for the company.

High Leasing Pipeline

The leasing pipeline reached historically high levels, up 19% year-on-year, with significant interest reflected in the aggregate size.

Significant Development Starts

Over $900 million in new development starts, with 65% in build-to-suit activity and a $300 million investment in data center development in Austin, Texas.

Improved Occupancy

Occupancy ended the quarter at 95.1%, outperforming the market by 290 basis points.

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.