EarningsQ2 2026 Earnings Report
MX:PLD Q2 2026 EPS Results
Actual EPS$20.04
Consensus EPS$13.25
Beat/MissBeat by +$6.79
One Year Ago EPS$10.82
MX:PLD Q2 2026 Revenue Results
Actual Revenue$43.01B
Expected Revenue$38.33B
Beat/MissBeat by +$4.68B
YoY Revenue Growth+11.06%
Earnings Announcement Details
QuarterQ2 2026
Date07/16/2026
TimeBefore Open
Conference CallThursday, July 16, 2026
MX:PLD Upcoming Earnings
Prologis's next earnings date is estimated for October 15, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PLD Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was largely positive: the company reported record leasing, strong same-store NOI growth, elevated occupancy, robust data center momentum with YTD starts ahead of guidance, an expanded 5.8 GW power pipeline, and raised earnings and development guidance. Key challenges include entitlement/NIMBY risks for data centers, variability in development yields driven by deal mix, and uncertainty around the ultimate capital mix and valuation range for the data center opportunity. Management emphasized disciplined capital allocation, meaningful borrowing capacity, and multiple avenues to monetize development (sales, JVs and strategic capital), leaving the growth outlook constructive despite execution and permitting risks.Company Guidance
Record Leasing Volume
Signed a record 67 million sq ft of leases in Q2, marking the fourth record in the last seven quarters and supported by broad customer demand.
Strong Earnings and FFO
Core FFO of $1.63 per share (including net promote) and $1.60 per share (excluding promotes), both ahead of expectations; raised Core FFO guidance to $6.22–$6.30 per share.
High Occupancy and Improved Occupancy Guidance
Ended the quarter with 95.5% occupancy (up 20 bps QoQ) and raised average occupancy guidance to 95.25%–95.75% for the year.
Meaningful Rent Repricing and NOI Growth
Rent change on rollover: +36% net effective (realizing $60 million incremental NOI) and +22% on a cash basis; same-store NOI growth of 6.4% net effective and 8.5% cash for the quarter.
Robust Development and Land Pipeline
Started $1.6 billion of new projects in the quarter (including ~ $800 million in logistics); 14,000-acre land bank represents ~240 million sq ft of embedded development opportunity; increased development starts guidance to $5.5–$6.5 billion (owned & managed).
Data Center Momentum
YTD data center starts of $2.1 billion (exceeding full-year prior guidance); commenced nearly $4 billion of data center development (majority build-to-suit); started 260 MW build-to-suit campus (~$800 million expected investment).
Expanding Power Pipeline
Power pipeline expanded to ~5.8 GW (more than doubled over two years), ~85% positioned to support starts through 2030; company cites >10 GW development opportunity over next 10 years.
Strategic Capital and Promote Revenue
Generated $83 million of net promote revenue in the quarter driven by outperformance from three vehicles; closed $1.2 billion European JV with La Caisse and recorded $500 million of contributions.
Acquisitions at Discount to Replacement Cost
Acquired $1.8 billion of real estate in the quarter at an estimated ~20% discount to replacement cost, supporting portfolio optimization and long-term returns.
Strong US Market Fundamentals
U.S. net absorption of 66 million sq ft in Q2 (highest since 2022); U.S. vacancy fell to 7.2%; U.S. market rents rose ~70 basis points in the quarter.
European Performance
Europe vacancy around 5.2% with rent growth of ~60 basis points in the quarter and 160 bps from trough last year; appraised values across strategic capital up ~1% QoQ.
Balance Sheet and Capital Access
Completed ~$3.4 billion of financing activity across regions; debt-to-EBITDA at 4.7x while management emphasizes borrowing capacity; raised net earnings guidance to $4.40–$4.55 per share.
MX: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