PROLOGIS, INC.
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 35,037 | 39.7 |
| Stockholders' equity | 53,193 | 60.3 |
| Total capitalization | 88,230 | 100.0 |
932,338,000 shares outstanding at 28 April 2026 (cover page of the 10-Q filed 30 April 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 35,037 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 2,000,000,000 |
| Common shares issued | 929,153,000 |
| Par or stated value per share ($) | 0.01 |
| Preferred stock ($ millions) | 64 |
| Outstanding at 4/28/26 | 932,338,000 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | 4.04 | 113.5 |
| 2024 | 3.84 | 95.8 |
| 2023 | 3.48 | 105.8 |
| 2022 | 3.16 | 74.4 |
| 2021 | 2.52 | 64.0 |
HISTORY AND BUSINESS
HISTORY: Incorporated in Maryland. Formerly known as AMB PROPERTY CORP (to 3 June 2011).
BUSINESS: Classified by the SEC under Standard Industrial Classification 6798, Real Estate Investment Trusts. Large accelerated filer. Principal executive office: Pier 1 Bay 1, San Francisco, CA 94111. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Total revenues | 8,790 | 8,202 | 8,023 |
| Depreciation and amortization | 2,626 | 2,581 | 2,485 |
| Operating income | 4,358 | 4,416 | 3,708 |
| Interest expense | 1,002 | 864 | 641 |
| Net income | 3,328 | 3,732 | 3,059 |
| Earned per share, diluted ($) | 3.56 | 4.01 | 3.29 |
| Dividends per share ($) | 4.04 | 3.84 | 3.48 |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Real estate, net | 80,400 | 78,488 |
| Cash and equivalents | 1,146 | 1,319 |
| Total assets | 98,724 | 95,329 |
| Debt | 35,037 | 30,879 |
| Total liabilities | 40,970 | 36,712 |
| Stockholders' equity | 53,193 | 53,951 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 8,790 | 4,358 | 3,328 | 37.9 | 3.56 | 4.04 | 5,008 | – | – | 98,724 | 40,970 | 35,037 | 53,193 | 6.3 | 0.66 |
| 12/31/24 | 8,202 | 4,416 | 3,732 | 45.5 | 4.01 | 3.84 | 4,912 | – | – | 95,329 | 36,712 | 30,879 | 53,951 | 6.9 | 0.57 |
| 12/31/23 | 8,023 | 3,708 | 3,059 | 38.1 | 3.29 | 3.48 | 5,373 | – | – | 93,021 | 35,197 | 29,001 | 53,182 | 5.8 | 0.55 |
| 12/31/22 | 5,974 | 3,468 | 3,365 | 56.3 | 4.25 | 3.16 | 4,126 | – | – | 87,897 | 30,034 | 23,876 | 53,237 | 6.3 | 0.45 |
| 12/31/21 | 4,759 | 3,207 | 2,940 | 61.8 | 3.94 | 2.52 | 2,996 | – | – | 58,486 | 20,744 | 215 | 33,427 | 8.8 | 0.01 |
| 12/31/20 | 4,439 | 2,119 | 1,482 | 33.4 | 2.01 | 2.32 | 2,937 | – | – | 56,065 | 19,740 | 16,849 | 31,972 | 4.6 | 0.53 |
| 12/31/19 | 3,331 | 1,850 | 1,573 | 47.2 | 2.46 | 2.12 | 2,264 | – | – | 40,032 | 13,960 | 11,906 | 22,653 | 6.9 | 0.53 |
| 12/31/18 | 2,804 | 1,688 | 1,649 | 58.8 | 2.87 | 1.92 | 1,804 | 93 | 1,710 | 38,418 | 12,617 | 11,090 | 22,298 | 7.4 | 0.50 |
| 12/31/17 | 2,618 | 1,954 | 1,652 | 63.1 | 3.06 | 1.76 | 1,687 | 111 | 1,577 | 29,481 | 10,775 | 9,413 | 15,631 | 10.6 | 0.60 |
| 12/31/16 | 2,533 | 668 | 1,210 | 47.8 | 2.27 | 1.68 | 1,417 | 102 | 1,315 | 30,250 | 11,792 | 10,608 | 14,991 | 8.1 | 0.71 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
Prologis, Inc.
CIK 1045609 · EIN 94-3281941
PRINCIPAL OFFICE:
Pier 1 Bay 1, San Francisco, CA 94111
Tel.: 4153949000
INCORPORATED:
Maryland
INDUSTRY (SEC SIC CODE):
6798 · Real Estate Investment Trusts
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 13 February 2026
FORMER NAMES:
AMB PROPERTY CORP
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/13/26) · 10-K FY2024 (filed 2/14/25) · 10-K FY2023 (filed 2/13/24) · 10-K FY2022 (filed 2/14/23) · 10-K FY2021 (filed 2/9/22) · 10-K FY2020 (filed 2/11/21) · 10-K FY2019 (filed 2/11/20) · 10-K FY2018 (filed 2/13/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.