Prologis (PLD) Operating Margin (2009 - 2025)
Prologis (PLD) reported Operating Margin of 72.2% for Q4 2025, up 762.0% on a YoY basis from 8.38% in Q4 2024, and up 70.0% quarter-over-quarter from 42.47% in Q3 2025.
Prologis (PLD) Operating Margin (2009 - 2025) Analysis & Trends
Prologis has reported Operating Margin for 17 years, with the latest figure at 72.2% in Q4 2025.
- For the quarter ending Q4 2025, Operating Margin rose 762.0% year-over-year to 72.2%; the trailing twelve-month figure through Dec 2025 stood at 49.58% (down 427.0% YoY), and the FY2025 full-year result was 49.58%, down 427.0% from the prior year.
- Operating Margin for Q4 2025 stood at 72.2%, up from 42.47% in the prior quarter.
- The five-year high for Operating Margin was 98.91% in Q1 2022, with the low at 32.74% in Q1 2023.
- Historically, Operating Margin has averaged 54.93% across 5 years, with a median of 48.7% in 2022.
- Annual changes were most pronounced in 2021 — Operating Margin tumbled 28529 bps — and 2022, when it soared 5256 bps.
- Prologis' Operating Margin stood at 94.6% in 2021, then plunged by 51 bps to 46.44% in 2022, then retreated by 5 bps to 44.19% in 2023, then surged by 46 bps to 64.58% in 2024, then rose by 12 bps to 72.2% in 2025.
- The last three Operating Margin figures came in at 72.2% (Q4 2025), 42.47% (Q3 2025), and 41.79% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Prologis | 137.79 Bn | 141.12 Bn | 2.24 Bn | 72.20% |
| 2 | Public Storage | 57.19 Bn | 57.15 Bn | 1.18 Bn | 38.95% |
| 3 | Extra Space Storage | 31.69 Bn | 32.52 Bn | -204.61 Mn | 1,090.82% |
| 4 | Eastgroup Properties | 10.93 Bn | 10.93 Bn | 190.03 Mn | 40.04% |
| 5 | Lineage | 10.07 Bn | 10.97 Bn | 417.00 Mn | 2.78% |
| 6 | CubeSmart | 9.54 Bn | 9.57 Bn | 191.86 Mn | 8.22% |
| 7 | Rexford Industrial Realty | 7.99 Bn | 8.37 Bn | - | - |
| 8 | STAG Industrial | 7.40 Bn | 7.47 Bn | - | - |
| 9 | Terreno Realty | 7.04 Bn | 7.04 Bn | - | - |
| 10 | Americold Realty Trust | 4.14 Bn | 4.14 Bn | 195.51 Mn | 2.27% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 72.20% |
| Sep 30, 2025 | 42.47% |
| Jun 30, 2025 | 41.79% |
| Mar 31, 2025 | 41.05% |
| Dec 31, 2024 | 64.58% |
| Sep 30, 2024 | 61.43% |
| Jun 30, 2024 | 50.96% |
| Mar 31, 2024 | 36.82% |
| Dec 31, 2023 | 44.19% |
| Sep 30, 2023 | 46.07% |
| Jun 30, 2023 | 57.60% |
| Mar 31, 2023 | 32.74% |
| Dec 31, 2022 | 46.44% |
| Sep 30, 2022 | 52.26% |
| Jun 30, 2022 | 42.59% |
| Mar 31, 2022 | 98.91% |
| Dec 31, 2021 | 94.60% |
| Sep 30, 2021 | 64.72% |
| Jun 30, 2021 | 60.90% |
| Mar 31, 2021 | 46.35% |