PLDMEDIUM SIGNALFINANCIAL10-K

PLD increased debt by $4.1 billion while net income declined and cash reserves decreased, indicating potential financing challenges or aggressive growth investments.

The 13.5% increase in total debt to $35.0 billion combined with declining profitability suggests either significant capital deployment for expansion or potential financing pressures. The simultaneous reduction in cash reserves and net income creates a concerning leverage dynamic that warrants investor attention.

Comparing 2026-02-13 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

PLD's balance sheet shows meaningful expansion in debt obligations, with total debt increasing by $4.1 billion to $35.0 billion while cash reserves declined modestly to $1.1 billion. Net income decreased by approximately 11% to $3.3 billion, creating a challenging combination of higher leverage and reduced profitability. The overall financial picture suggests either aggressive growth capital deployment or potential financing challenges that investors should monitor closely.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+13.5%
$30.9B$35.0B

Debt rose 13.5% — additional borrowing for investment or operations; monitor coverage ratios.

Cash & Equivalents
Balance Sheet
-13.1%
$1.3B$1.1B

Cash decreased 13.1% — monitor burn rate and upcoming capital needs.

Total Liabilities
Balance Sheet
+11.6%
$36.7B$41.0B

Liabilities increased 11.6% — monitor debt-to-equity ratio and interest coverage.

Net Income
P&L
-10.8%
$3.7B$3.3B

Net income declined 10.8% — review whether driven by operations, interest costs, or non-recurring items.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-14
ADDED
s common stock outstanding at February 11, 2026 , was approximately 929,559,000 .
At December 31, 2025, the Parent owned a 97.71% common general partnership interest in the OP and substantially all of the preferred units in the OP.
Words such as expects, anticipates, intends, plans, believes, seeks, aims, and estimates, including variations of such words and similar expressions, are intended to identify such forward-looking statements, which generally are not historical in nature.
THE COMPANY Prologis is the global leader in logistics real estate, operating in high-barrier, high-growth markets across 20 countries on four continents.
We own, manage and develop high-quality logistics facilities and deliver integrated infrastructure solutions that optimize how our customers operate within our buildings.
Our services address the evolving needs of modern supply chains, including the growing convergence of physical, digital and energy infrastructure, as logistics facilities increasingly support power and data-intensive operations.
Consistent with this strategy, we are leveraging our development capabilities, energy solutions and strategic locations to deliver digital infrastructure requirements through selective development of data centers.
Logistics real estate demand is driven by the essential role supply chains play in the global economy and heightened by several long-term structural factors.
These include: (i) customers repositioning their supply chains to meet rising e-commerce penetration and service expectations; (ii) growth in global consumption; (iii) an increased focus on supply chain efficiency and resiliency; and (iv) the need for modern, well-located facilities to support evolving distribution and fulfillment requirements.
We believe these factors will continue to support demand for logistics space and relatively low vacancy rates over the long term.
REMOVED
3.000% Notes due 2026 PLD/26 New York Stock Exchange Prologis, L.P.
s common stock outstanding at February 12, 2025, was approximately 926,860,000 .
At December 31, 2024, the Parent owned a 97.57% common general partnership interest in the OP and substantially all of the preferred units in the OP.
Words such as expects, anticipates, intends, plans, believes, seeks, "aims," and estimates including variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature.
THE COMPANY Prologis is the global leader in logistics real estate with a focus on high-barrier, high growth markets.
We own, manage and develop well-located, high-quality logistics facilities in 20 countries across four continents.
Our portfolio centers on the world s most vibrant centers of commerce and our scale across these locations allows us to better serve our customers diverse logistics requirements.
Long-term trends, including the growth of e-commerce and modernization of the supply chain, continue to drive demand toward creating supply chain resiliency through leasing additional space to store and distribute goods.
This sustained demand has contributed to meaningful rent growth and low vacancy rates in recent years.
We believe this demand is driven by three primary factors: (i) the re-positioning of our customer supply chains to accommodate the shift toward e-commerce and heightened service expectations; (ii) growth in overall consumption and households; and (iii) our customers increased focus on building supply chain efficiency.
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →