Prologis, Inc.
Explore Prologis, Inc.
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Prologis, Inc.
Explore Prologis, Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
Annual Revenue
FY2025 Revenue
$8.8B
▲ 57% vs FY2024 ($5.6B)
Source: Annual report / company filing
Prologis, Inc. reported $8.8B in revenue for fiscal year 2025. This represents a growth of 57% compared to the 2024 figure of $5.6B.
A $5.6 billion revenue company with a $105 billion market capitalization trades at roughly 18.8 times revenue — a multiple that would be extraordinary in almost any other industry, and that reflects what the public market assigns to: irreplaceable infill real estate in the most supply-constrained industrial markets in the world, sustained double-digit rental rate growth, and a Strategic Capital platform managing $100 billion in assets for institutional investors that generates high-margin fee income on capital that Prologis does not own. Core funds from operations — the REIT-specific earnings metric that adds back depreciation and other non-cash charges to net income — has been growing consistently, driven by the mark-to-market opportunity embedded in the portfolio. When Prologis's existing leases expire and re-lease at current market rates, the effective rent spread between in-place rents and market rents translates directly into revenue growth without requiring new capital investment. Revenue grew from $4.4 billion in 2022 to $8.8B in FY2025 — a 27% increase in two years driven by rental rate growth and the absorption of recently developed and acquired properties. Net income of $2.8 billion represents a 50% net margin exceptional even within the REIT sector, reflecting the combination of rental income on low-basis legacy assets, fee income from the Strategic Capital platform, and the operating leverage of managing a billion-square-foot portfolio with 3,200 employees. The Inland Empire backlash in Southern California — communities pushing back against the concentration of massive e-commerce fulfillment facilities — and the New Jersey Pine Barrens dispute represent the political risk embedded in Prologis's infill strategy. Development approval in high-barrier markets is slow, expensive, and politically contested. That friction also explains why the barrier to entry is real: the difficulty of building new competing supply in exactly the markets Prologis dominates is structural protection for the rental rate growth embedded in the existing portfolio.
| Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $8.8B | — | +57.0% |
| FY2024 | $5.6B | $2.8B | +9.8% |
| FY2023 | $5.1B | — | +15.9% |
| FY2022 | $4.4B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.