Prologis, Inc. Earnings Per Share Disclosure
NOTE 13. EARNINGS PER COMMON SHARE OR UNIT
We determine basic earnings per share or unit based on the weighted average number of shares of common stock or units outstanding during the period. We compute diluted earnings per share or unit based on the weighted average number of shares or units outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments. During the year ended December 31, 2025 all Class A Units in the OP were converted to limited partnership units in the OP.
The computation of our basic and diluted earnings per share and unit for the years ended December 31 was as follows (in thousands, except per share and unit amounts):
Prologis, Inc. |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Net earnings attributable to common stockholders – Basic |
|
$ |
3,322,349 |
|
|
$ |
3,725,754 |
|
|
$ |
3,053,373 |
|
Net earnings attributable to exchangeable limited partnership units (1) |
|
|
81,773 |
|
|
|
94,052 |
|
|
|
77,806 |
|
Adjusted net earnings attributable to common stockholders – Diluted |
|
$ |
3,404,122 |
|
|
$ |
3,819,806 |
|
|
$ |
3,131,179 |
|
|
|
|
|
|
|
|
|
|
|
|||
Weighted average common shares outstanding – Basic |
|
|
928,473 |
|
|
|
926,172 |
|
|
|
924,351 |
|
Incremental weighted average effect on exchange of limited partnership units (1) |
|
|
23,034 |
|
|
|
23,445 |
|
|
|
23,693 |
|
Incremental weighted average effect of equity awards |
|
|
5,325 |
|
|
|
3,973 |
|
|
|
3,747 |
|
Weighted average common shares outstanding – Diluted (2) |
|
|
956,832 |
|
|
|
953,590 |
|
|
|
951,791 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net earnings per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|||
Basic |
|
$ |
3.58 |
|
|
$ |
4.02 |
|
|
$ |
3.30 |
|
Diluted |
|
$ |
3.56 |
|
|
$ |
4.01 |
|
|
$ |
3.29 |
|
Prologis, L.P. |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Net earnings attributable to common unitholders |
|
$ |
3,403,353 |
|
|
$ |
3,818,862 |
|
|
$ |
3,130,647 |
|
Net earnings attributable to Class A Units |
|
|
(9,158 |
) |
|
|
(30,308 |
) |
|
|
(26,784 |
) |
Net earnings attributable to common unitholders – Basic |
|
|
3,394,195 |
|
|
|
3,788,554 |
|
|
|
3,103,863 |
|
Net earnings attributable to Class A Units |
|
|
9,158 |
|
|
|
30,308 |
|
|
|
26,784 |
|
Net earnings attributable to exchangeable other limited partnership units |
|
|
769 |
|
|
|
944 |
|
|
|
532 |
|
Adjusted net earnings attributable to common unitholders – Diluted |
|
$ |
3,404,122 |
|
|
$ |
3,819,806 |
|
|
$ |
3,131,179 |
|
|
|
|
|
|
|
|
|
|
|
|||
Weighted average common partnership units outstanding – Basic |
|
|
947,938 |
|
|
|
941,782 |
|
|
|
939,635 |
|
Incremental weighted average effect on exchange of Class A Units |
|
|
3,305 |
|
|
|
7,536 |
|
|
|
8,110 |
|
Incremental weighted average effect on exchange of other limited partnership units |
|
|
264 |
|
|
|
299 |
|
|
|
299 |
|
Incremental weighted average effect of equity awards of Prologis, Inc. |
|
|
5,325 |
|
|
|
3,973 |
|
|
|
3,747 |
|
Weighted average common units outstanding – Diluted (2) |
|
|
956,832 |
|
|
|
953,590 |
|
|
|
951,791 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net earnings per unit attributable to common unitholders: |
|
|
|
|
|
|
|
|
|
|||
Basic |
|
$ |
3.58 |
|
|
$ |
4.02 |
|
|
$ |
3.30 |
|
Diluted |
|
$ |
3.56 |
|
|
$ |
4.01 |
|
|
$ |
3.29 |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
|
Class A Units |
|
3,305 |
|
|
|
7,536 |
|
|
|
8,110 |
|
|
Other limited partnership units |
|
264 |
|
|
|
299 |
|
|
|
299 |
|
|
Equity awards |
|
7,839 |
|
|
|
7,688 |
|
|
|
7,455 |
|
|
Prologis, L.P. |
|
11,408 |
|
|
|
15,523 |
|
|
|
15,864 |
|
|
Common limited partnership units |
|
19,465 |
|
|
|
15,610 |
|
|
|
15,284 |
|
|
Prologis, Inc. |
|
30,873 |
|
|
|
31,133 |
|
|
|
31,148 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 13, 2024 | |
| 2022 | Feb 14, 2023 | |
| 2021 | Feb 9, 2022 | |
| 2020 | Feb 11, 2021 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.