Prologis Q2 Earnings Beat, Guidance Raised Again on Record Leasing
PLD sits 39% above its 52-week low of $103.41.
Summary
Prologis reported Q2 2026 earnings that beat estimates and raised full-year guidance for the second time, driven by record leasing activity and strong same-store NOI growth.
Key Events · Earnings and Guidance · PLD
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Q2 Earnings Beat
Net earnings per diluted share of $1.13, up from $0.61 in Q2 2025. Core FFO per share of $1.63, exceeding the $1.46 prior-year period.
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Guidance Raised Again
Full-year 2026 Core FFO guidance increased to $6.22-$6.30 per share, up from $6.07-$6.23. Net earnings guidance raised to $4.40-$4.55 per share.
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Record Leasing Volume
Signed over 67 million square feet of leases in Q2, a new record, driving period-end occupancy up 20 basis points to 95.5%.
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Strong Same-Store NOI Growth
Prologis Share same-store NOI grew 6.4% on a net effective basis and 8.5% on a cash basis year-over-year.
Analysis · PLD · Real Estate & Construction
Prologis delivered a strong second quarter, with net earnings per share nearly doubling year-over-year to $1.13 and Core FFO of $1.63 beating expectations. The company raised its full-year 2026 guidance for the second time, now projecting Core FFO of $6.22-$6.30 per share, up from $6.07-$6.23. Record leasing of over 67 million square feet and improving occupancy to 95.5% signal robust demand across logistics and data center segments. The balance sheet remains fortress-like with $7.6 billion in liquidity and debt-to-EBITDA of 4.7x. This earnings report reinforces the growth narrative and provides concrete evidence that the business is accelerating, which should support the stock near its 52-week high.
At the time of this filing, PLD was trading at $143.64 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $136.5B. The 52-week trading range was $103.41 to $150.18. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.