Prologis, Inc. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$2.3B
Gross margin	— not reported
Operating income	$1.6B
Net income	$3.3B
Diluted EPS	$1.49
Cash & equivalents	$1.1B
Total assets	$98.7B
Long-term debt	$35.0B

Key takeaway

Prologis generated $2.25 billion in revenue and $3.33 billion in net income for 2025, with net income significantly exceeding operating income due to equity earnings from co-investment ventures.

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Beneath the surface

Despite a $1.15 billion cash balance, Prologis carries $35.6 billion in total debt carrying amount, resulting in a heavily leveraged net debt position of roughly $34.4 billion, far exceeding the headline 'long-term debt' figure's context.

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