Prologis earnings date and guidance
Prologis’s next results are expected on January 20, 2027. The key thing to watch is whether stronger property-income guidance becomes delivered results.
What has Prologis guided for the year?
Management’s October 15 guidance puts full-year net earnings at $4.05–$4.15 per diluted share. It puts Core FFO at $6.25–$6.29 per share. Core FFO adjusts accounting earnings for building depreciation, property-sale gains and other specified items, so it better reflects recurring property performance.
The operating promise has improved. Prologis now expects cash same-store NOI growth of 7.0%–7.5%. NOI means net operating income: property revenue less property expenses, before corporate overhead and financing. “Same-store” means the comparison follows a consistent group of properties rather than growth from buying more buildings.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Net earnings attributable to common stockholders (per diluted share) | 2026 | 4.05 | 4.15 | Oct 15, 2026 |
| Core FFO attributable to common stockholders/unitholders (per diluted share) | 2026 | 6.25 | 6.29 | Oct 15, 2026 |
| Average occupancy - Prologis Share | 2026 | 95.3% | 95.5% | Oct 15, 2026 |
| Same store NOI - cash - Prologis Share | 2026 | 7.0% | 7.5% | Oct 15, 2026 |
What this means. The rows labeled per diluted share show dollars for each share, not millions of dollars, even though the table heading says millions.
Has Prologis kept its past promises?
Management also met its operating forecast. Core FFO, an adjusted property-company earnings measure that removes depreciation and certain property-sale gains, reached US$5.81 per share in 2025, the top of the forecast range. That supports execution credibility, but Core FFO is not cash in the bank and does not prove every investment earned an adequate return.
What do Prologis’s last eight quarters show?
Revenue and NOI grew at nearly the same rate year over year, suggesting that property operations supplied most of the quarter’s improvement. Revenue nevertheless fell from the second quarter, when promote revenue had been stronger. The sequential decline therefore says little by itself about rents.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,387,518 | 2,425,452 | 2,297,723 | 2,252,712 | 2,213,881 | 2,183,869 | 2,139,665 | 2,200,646 |
| Net operating income | 1,693,554 | 1,646,213 | 1,604,801 | 1,588,885 | 1,569,565 | 1,537,369 | 1,498,948 | 1,499,039 |
| AFFO per share (company's measure) | 1.60 | 1.63 | 1.50 | 1.44 | 1.49 | 1.46 | 1.42 | 1.50 |
| Dividend per share | 1.07 | 1.07 | 1.07 | 1.01 | 1.01 | 1.01 | 1.01 | 0.96 |
| Occupancy | 95.6% | 95.5% | 95.3% | 95.8% | 95.3% | 95.1% | 95.2% | 95.9% |
What this means. The company’s adjusted profit measure uses its own rules, so it may not match the comparable profit measure reported by other companies.
What should Prologis watchers look for next?
December 31, 2026 results should show whether Prologis delivered its stronger property-income forecast and increased construction program. Investors should compare starts with leasing commitments, cash spent with progress, and asset-sale proceeds with the capital-recycling plan.