PLD · Q2 2026 Earnings

Bullish

Prologis

Reported July 16, 2026

30-second summary

Prologis delivered Core FFO of $1.63 on revenue of $2.43B (+11% YoY), same-store cash NOI of +8.5%, and 95.4% occupancy — and used the print to raise every operational and capital deployment line of the FY26 guide for the second consecutive quarter. Core FFO moves to $6.22–$6.30 (+$0.15/+$0.07), same-store cash NOI to 6.75–7.25% (+50bps both ends), and development starts to $4.5–$5.5B PLD Share / $5.5–$6.5B O&M (+$1B at both ends on both bases). The operating book continues to run ~125bps above the raised NOI range, and the Core FFO ex-Promote line has been consolidated onto the incl.-promote range at $6.22–$6.30, implying management now expects promote income in H2.

Headline numbers

EPS

Q2 FY2026

$1.63

Revenue

Q2 FY2026

$2.42B

+11.0% YoY

+12.3% vs est.

Operating margin

Q2 FY2026

51.6%

Key financials

Q2 FY2026

Metric	Q2 FY2026	Q2 FY2025	YoY	Q1 FY2026	QoQ
Revenue	$2.42B	$2.18B	+11.0%	$2.30B	+5.5%
EPS	$1.63	$1.46	+11.6%	$1.50	+8.7%
Operating margin	51.6%	—	—	—	—

Guidance

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

Changes to prior guidance

Metric	Period	Prior guide	New guide	Δ	Result
Core FFO	FY 2026	$6.07 to $6.23	$6.22 to $6.30	+$0.15 to +$0.23 (midpoint raised from $6.15 to $6.26)	Raised
Net earnings attributable to common stockholders	FY 2026	$3.80 to $4.05	$4.40 to $4.55	+$0.35 to +$0.75 (midpoint raised from $3.93 to $4.48)	Raised
Average occupancy - Prologis Share	FY 2026	95.00% to 95.75%	95.25% to 95.75%	+0.25pt at the low end (midpoint raised from 95.375% to 95.50%)	Raised
Same store NOI - cash - Prologis Share	FY 2026	6.25% to 7.00%	6.75% to 7.25%	+0.50pt at both ends (midpoint raised from 6.625% to 7.00%)	Raised
Same store NOI - net effective - Prologis Share	FY 2026	4.75% to 5.50%	5.25% to 5.75%	+0.50pt at both ends (midpoint raised from 5.125% to 5.50%)	Raised
Development stabilizations (Prologis Share)	FY 2026	$2,250M to $2,750M	$2,250M to $2,750M	Reaffirmed (no change)	Raised
Development starts (Prologis Share)	FY 2026	$3,500M to $4,500M (owned), $4,500M to $5,500M (managed)	$4,500M to $5,500M	Low end raised +$1.0B; guidance now reflects consolidated Prologis Share basis	Raised
Acquisitions (Prologis Share)	FY 2026	$1,000M to $1,500M (owned), $2,000M to $3,000M (managed)	$1,500M to $2,000M	Guidance narrowed and repositioned to consolidated Prologis Share basis, representing net raise from owned guidance low	Raised
Dispositions (Prologis Share)	FY 2026	$1,750M to $2,250M (owned), $2,500M to $3,000M (managed)	$2,250M to $2,750M	Low end raised +$0M (aligns with prior owned high), range consolidated to Prologis Share basis	Raised
Core FFO excluding Net Promote Income	FY 2026	$6.12 to $6.28	Withdrawn — no replacement	—	Withdrawn
Contributions (Prologis Share)	FY 2026	$1,750M to $2,250M (owned), $3,000M to $3,500M (managed)	Withdrawn — no replacement	—	Withdrawn

Segment KPIs

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Rental and Other Revenues	$2.183B	—	+7.1%
Strategic Capital Revenues	$0.242B	—	+64.6%

Other KPIs

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
U.S.	$2.037B	—	+9.8%
Europe	$0.244B	—	+19.1%
Other Americas	$0.117B	—	+15.8%
Asia	$0.027B	—	+38.6%
Same Store NOI - Cash (YoY %)	8.5%	—	—
Same Store NOI - Net Effective (YoY %)	6.4%	—	—
Operating Portfolio Occupancy	95.4%	—	—
Rent Change - Net Effective (Trailing 12M)	36.9%	—	—
Core FFO Per Share	$1.63	—	—
Annualized NOI (Prologis Share)	$7.0B	—	—
Data Center Power Pipeline Secured/Advanced	5.8GW	—	—
Third-Party AUM	$240B	—	—

Management tone

No transcript was available for this quarter; tone read below is inferred from the press release and guide changes rather than direct verbatim commentary.

The read across the guide changes: management raised every operational line and every capital deployment line (at both PLD Share and O&M levels) — not a partial or definitional raise, a broad one. Development starts alone moved +$1B at both ends on both disclosure bases, acquisitions and dispositions +$500M at both ends on both bases, and contributions +$250M at both ends on both bases. Only development stabilizations were reaffirmed, which makes sense given stabilizations reflect starts from 2024 and are largely locked in by now.

The convergence of the Core FFO ex-Promote range onto the incl.-Promote range at $6.22–$6.30 is the second-order signal. Prologis has historically disclosed the two separately to protect against a "promote didn't happen" downside; setting them equal alongside a "Net Promote Income (Expense) $– to $–" other-assumption line implies management expects roughly zero net promote contribution for the year — the disclosure is being simplified rather than promoting a large H2 promote assumption.

Answers to last quarter's watch list

Whether net effective rent change re-accelerates from Q1's +31.9% — Q2 (PLD Share, single-quarter) printed +36.9%, a 500bps re-acceleration from Q1.

Resolved positively

Same-store cash NOI sustainability above the high end of the raised 6.25–7.00% range — Q2 printed +8.5%, down 30bps from Q1's +8.8% but still ~125bps above the new raised high end of 7.25%. The full-year guide was raised again 50bps at the low end and 25bps at the high end, extending the pattern of the actual running above the guide.

Resolved positively

Data center starts run-rate — H1 momentum against the implied FY data center share — H1 total development starts reached $3.13B on a PLD Share basis, with data center starts of $2.03B PLD Share (~65% of H1 starts). Power pipeline advanced from 5.6GW to 5.8GW.

Resolved positively

Strategic capital fundraising pace and deployment into new vehicles — Third-party AUM moved from $235B to $240B, a $5B QoQ step-up. Strategic capital revenues +64.6% YoY at $242M provides fee-line validation.

Resolved positively

Disposition and contribution execution — Dispositions guide raised +$500M at both ends on both PLD Share and O&M bases; contributions raised +$250M at both ends on both bases.

Resolved positively

Tariff/macro pass-through evidence — Cannot resolve without transcript. Operating results (occupancy holding at 95.4%, cash NOI +8.5%, AUM +$5B, pipeline +200MW, rent change re-accelerating) show no evidence of demand deterioration through Q2.

Continue monitoring

What to watch into next quarter

Whether same-store cash NOI Q3 print holds above 8% — Q2 at +8.5% is running 125bps above the raised FY high end of 7.25%, and another sequential quarter above 8% will force a fourth FY26 raise

Core FFO ex-Promote posture on the Q3 call — the ex-promote and incl.-promote ranges have converged at $6.22–$6.30 with zero net promote assumed; any H2 promote realization would create upside optionality against a de facto floor

Development starts H2 pacing — H1 PLD Share starts of $3.13B already implies only $1.4–2.4B needed in H2 to hit the $4.5–5.5B FY range, with data center already 65% of H1 starts

Net effective rent change durability — Q2's re-acceleration to +36.9% (PLD Share) reverses a four-quarter deceleration; whether Q3 holds mid-30s or slides back is the mark-to-market signal for FY27 Core FFO composition

Whether Europe's +19.1% YoY revenue growth sustains — the fastest-growing geography in the quarter at ~10% of revenue but on a compounding base, and any read on whether the trajectory is supply/demand-driven or a translation/pricing effect

Sources

Prologis Q2 2026 press release / 8-K exhibit, SEC EDGAR: https://www.sec.gov/Archives/edgar/data/1045609/000119312526305416/pld-ex99_1.htm
Prologis prior-quarter briefs (Q2 2025, Q3 2025, Q4 2025, Q1 2026) for guidance comparison and multi-quarter trajectory

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