Prologis, Inc. (PLD) Q3 FY2026 earnings

Reported results

• Net earnings attributable to common stockholders: $815.7 million for Q3 2026 vs. $762.9 million for Q3 2025 (GAAP)
• Core FFO attributable to common stockholders/unitholders: $1,544.6 million for Q3 2026 vs. $1,425.6 million for Q3 2025 (non-GAAP)
• AFFO attributable to common stockholders/unitholders: $1,206.8 million for Q3 2026 vs. $1,063.7 million for Q3 2025 (non-GAAP)
• Adjusted EBITDA attributable to common stockholders/unitholders: $2,080.5 million for Q3 2026 vs. $1,867.7 million for Q3 2025 (non-GAAP)
• Total revenues: $2,387.5 million for Q3 2026 vs. $2,213.9 million for Q3 2025 (GAAP); rental revenues $2,205.3 million vs. $2,054.2 million
• Estimated value creation from development stabilizations (Prologis Share): $38.9 million for Q3 2026 vs. $169.4 million for Q3 2025 (non-GAAP)

Guidance

• 2026 Net earnings attributable to common stockholders guidance: $4.05 to $4.15 per diluted share (GAAP)
• 2026 Core FFO attributable to common stockholders/unitholders guidance: $6.25 to $6.29 per diluted share (non-GAAP)
• 2026 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense) guidance: $6.25 to $6.29 per diluted share (non-GAAP)
• 2026 Average occupancy – Prologis Share: 95.25% to 95.50%
• 2026 Same store NOI – cash – Prologis Share: 7.00% to 7.50% (non-GAAP)
• 2026 Same store NOI – net effective – Prologis Share: 5.50% to 6.00% (non-GAAP)
• 2026 Development stabilizations (Prologis Share owned and managed / total): $2,500 to $3,000 million / $2,750 to $3,250 million (non-GAAP)
• 2026 Development starts (Prologis Share owned and managed / total): $5,000 to $5,750 million / $6,000 to $6,750 million (non-GAAP)
• 2026 Acquisitions (Prologis Share owned and managed / total): $2,100 to $2,300 million / $3,100 to $3,400 million (non-GAAP)

Notes

The company presents financial results using both GAAP and non-GAAP measures, including Core FFO, AFFO, and Adjusted EBITDA, which exclude depreciation, certain gains/losses, and other items. Nine-month results for 2026 show net earnings of $2,857.1 million vs. $1,924.1 million in 2025, and Core FFO of $4,544.2 million vs. $4,177.6 million in 2025. The company’s portfolio includes 1.3 billion square feet across consolidated and unconsolidated co-investment ventures globally.

Price and volatility reaction

The stock moved -2.7% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -3.0 vol points across the event (constant-maturity series — not the front-week crush).

Source

The figures above come from the earnings release the company filed with the SEC on 2026-10-15 (8-K, Item 2.02). Read the original filing on sec.gov.