Cash Flow Statement

Operating Cash Flow

+45%

+76%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	138	124	123	118	121	150	137	136	129	86	89	96	125	156	178	175	258	239	273	278	224	222	265	305	372	416	385	347	(7)	(200)	(259)	(217)	24	146	17	(68)	(1 270)	(1 310)	(1 353)	(1 279)	(158)	95	244	145	(30)	53	44	69	353	68	226	380	739	1 079	1 066	1 226	926	797	953	953	1 293	1 290	1 283	1 889	1 761	1 932	2 009	1 471	1 823	1 805	1 851	1 966	1 702	1 849	1 893	1 735	1 617	1 495	1 691	2 156	3 149	3 969	3 965	4 236	3 555	2 834	3 467	3 197	3 253	3 385	3 017	3 282	3 948	3 957	3 667	3 425
Depreciation & Amortization	104	106	111	109	121	126	134	135	116	119	117	126	137	139	135	146	159	163	174	172	175	173	169	164	157	158	157	162	161	162	161	160	327	332	421	470	357	392	390	495	604	713	776	776	767	753	725	686	664	647	649	639	642	652	681	779	880	961	1 001	978	931	908	905	882	879	857	832	883	947	1 027	1 108	1 137	1 140	1 202	1 316	1 434	1 562	1 614	1 608	1 598	1 578	1 577	1 587	1 597	1 813	2 018	2 218	2 459	2 485	2 520	2 555	2 562	2 581	2 595	2 615	2 614
Change in Deffered Taxes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(23)	0	(66)	(64)	(52)	(51)	(9)	(9)	(20)	(20)	(30)	(33)	(22)	(27)	(21)	(18)	(20)	(15)	(63)	(98)	(87)	(87)	(35)	(4)	(5)	(7)	(11)	(5)	(6)	(2)	1	(4)	(5)	(10)	(8)	(6)	1	4	12	12	12	14	4	(4)	1	(1)	14	17	1	8	5	15	13	9	0	(1)	18	14	23	10	21	28	13	16
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	21	5	9	4	16	17	18	29	21	22	22	21	23	23	23	24	25	17	18	30	29	39	40	31	32	34	38	42	49	55	56	58	57	55	55	55	54	53	56	57	60	66	69	75	77	78	78	77	76	88	89	91	98	98	105	111	110	113	109	108	113	120	133	169	175	197	250	245	268	272	237	222	232	218	207	209
Other Non-Cash Items	39	52	50	53	48	17	21	13	39	74	73	74	35	5	(11)	(28)	(137)	(71)	(114)	(115)	(81)	(88)	(119)	(152)	(316)	(267)	(213)	(191)	155	300	319	284	(97)	(234)	(141)	(115)	1 219	1 211	1 134	1 085	(32)	(285)	(312)	(179)	(67)	(147)	(144)	(185)	(419)	(71)	(185)	(232)	(349)	(662)	(636)	(872)	(624)	(425)	(501)	(437)	(721)	(684)	(670)	(1 085)	(1 022)	(1 157)	(1 063)	(636)	(925)	(824)	(963)	(1 012)	(597)	(674)	(722)	(183)	(209)	(67)	(128)	(820)	(1 580)	(2 335)	(2 259)	(2 402)	(1 292)	(456)	(1 111)	(167)	(535)	(653)	(113)	(899)	(1 490)	(1 450)	(1 103)	(832)
Cash Taxes Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	26	26	0	0	10	43	0	0	0	28	0	0	85	80	0	104	73	94	0	70	56	17	0	30	19	16	0	18	26	30	47	56	55	54	60	62	68	77	62	57	67	91	101	115	128	103	101	96	97	101	130	146	143	167	149	161	154	132	130	116	135	131
Cash Interest Paid	148	133	151	160	165	175	172	156	153	153	162	156	171	176	170	183	174	170	167	169	159	165	147	150	134	127	140	127	138	135	132	126	0	78	192	254	0	0	255	305	0	0	0	377	0	0	603	309	0	384	225	222	0	147	266	273	0	390	286	267	0	262	257	232	278	250	245	234	205	218	204	219	214	229	229	244	309	288	321	303	279	252	241	243	234	301	337	386	457	538	620	689	711	769	816	849
Change in Working Capital	8	(22)	(37)	(31)	1	27	1	(32)	(14)	(19)	(8)	37	(0)	(22)	(49)	(37)	15	(30)	41	(12)	17	32	(8)	15	27	(60)	(93)	(54)	(6)	40	74	44	(142)	(124)	(160)	(117)	(12)	(69)	(41)	(171)	(187)	(228)	(295)	(234)	(184)	(112)	(96)	(129)	(93)	(200)	(39)	(85)	(51)	(78)	(131)	(35)	(60)	(25)	(47)	(25)	(80)	(8)	9	98	74	61	(55)	(111)	(43)	(63)	26	73	7	57	125	(32)	(34)	34	(137)	(68)	(152)	(197)	(121)	119	38	(7)	235	88	152	48	(297)	(304)	(147)	(112)	(20)	(37)
Cash from Operating Activities	289 N/A	260 -10%	247 -5%	249 +1%	291 +17%	320 +10%	292 -9%	252 -14%	270 +7%	260 -4%	271 +4%	333 +23%	297 -11%	278 -7%	253 -9%	255 +1%	296 +16%	300 +2%	374 +25%	323 -14%	336 +4%	340 +1%	307 -9%	332 +8%	241 -27%	247 +3%	237 -4%	264 +11%	303 +15%	302 0%	296 -2%	271 -9%	89 -67%	97 +9%	71 -27%	105 +49%	241 +128%	173 -28%	122 -29%	121 -1%	207 +71%	276 +33%	383 +39%	475 +24%	463 -3%	521 +12%	507 -3%	422 -17%	485 +15%	428 -12%	587 +37%	604 +3%	894 +48%	904 +1%	944 +5%	1 094 +16%	1 116 +2%	1 301 +17%	1 394 +7%	1 464 +5%	1 417 -3%	1 504 +6%	1 529 +2%	1 780 +16%	1 687 -5%	1 684 0%	1 715 +2%	1 601 -7%	1 804 +13%	1 949 +8%	2 034 +4%	2 177 +7%	2 264 +4%	2 448 +8%	2 616 +7%	2 950 +13%	2 937 0%	3 075 +5%	3 048 -1%	2 884 -5%	2 996 +4%	3 021 +1%	3 176 +5%	3 565 +12%	4 126 +16%	4 399 +7%	4 810 +9%	5 576 +16%	5 373 -4%	5 314 -1%	5 186 -2%	4 651 -10%	4 912 +6%	5 018 +2%	5 173 +3%	5 186 +0%
Investing Cash Flow
Capital Expenditures	(625)	(557)	(553)	(534)	(566)	(587)	(591)	(561)	(754)	(851)	(957)	(1 161)	(996)	(1 012)	(958)	(929)	(1 087)	(1 237)	(1 481)	(1 555)	(1 486)	(1 408)	(1 247)	(1 171)	(1 358)	(1 425)	(1 475)	(1 454)	(1 216)	(1 030)	(799)	(600)	(1 268)	(1 179)	(1 265)	(1 329)	(487)	(639)	(681)	(909)	(1 081)	(1 070)	(1 101)	(1 076)	(1 128)	(1 165)	(1 328)	(1 314)	(1 442)	(1 541)	(1 416)	(1 656)	(1 755)	(1 842)	(2 090)	(2 114)	(2 313)	(2 319)	(2 265)	(2 313)	(2 202)	(2 244)	(2 215)	(2 089)	(2 159)	(2 184)	(2 316)	(2 604)	(3 045)	(3 213)	(3 201)	(3 163)	(2 944)	(3 183)	(3 267)	(3 216)	(3 309)	(3 070)	(3 588)	(4 082)	(5 130)	(5 583)	(6 648)	(6 646)	(5 822)	(5 721)	(7 669)	(7 553)	(7 898)	(7 766)	(4 870)	(6 031)	(5 920)	(6 634)	(6 301)	(4 892)
Other Items	262	331	243	158	319	499	474	592	408	221	244	132	265	355	392	422	1 026	940	1 014	1 020	605	675	758	778	726	704	698	619	335	414	311	466	2 504	2 216	2 378	2 368	1 220	1 733	893	932	848	835	1 706	1 594	1 658	4 332	4 085	3 558	3 776	543	1 143	1 720	1 090	1 494	(3 466)	(2 823)	(2 476)	(1 927)	3 416	3 129	3 454	3 210	2 436	2 952	2 703	2 823	2 843	2 161	2 382	2 557	2 806	2 861	2 259	329	249	233	234	1 898	2 249	2 691	3 140	3 983	3 215	2 341	1 323	(111)	616	1 053	1 478	1 312	1 256	1 405	2 821	3 069	2 325	1 556
Cash from Investing Activities	(363) N/A	(226) +38%	(310) -37%	(376) -21%	(247) +34%	(88) +64%	(117) -32%	31 N/A	(346) N/A	(630) -82%	(714) -13%	(1 029) -44%	(731) +29%	(657) +10%	(566) +14%	(507) +10%	(60) +88%	(297) -392%	(468) -57%	(535) -14%	(881) -65%	(734) +17%	(490) +33%	(393) +20%	(632) -61%	(721) -14%	(777) -8%	(835) -8%	(882) -6%	(615) +30%	(488) +21%	(134) +73%	1 235 N/A	1 037 -16%	1 113 +7%	1 040 -7%	733 -29%	1 095 +49%	211 -81%	23 -89%	(233) N/A	(235) -1%	605 N/A	518 -14%	530 +2%	3 168 +498%	2 757 -13%	2 244 -19%	2 334 +4%	(998) N/A	(274) +73%	64 N/A	(665) N/A	(348) +48%	(5 556) -1 494%	(4 937) +11%	(4 789) +3%	(4 246) +11%	1 151 N/A	816 -29%	1 252 +53%	966 -23%	222 -77%	864 +290%	543 -37%	639 +18%	527 -17%	(443) N/A	(664) -50%	(656) +1%	(395) +40%	(302) +24%	(685) -127%	(2 854) -316%	(3 018) -6%	(2 983) +1%	(3 074) -3%	(1 172) +62%	(1 339) -14%	(1 391) -4%	(1 990) -43%	(1 600) +20%	(3 433) -115%	(4 305) -25%	(4 499) -5%	(5 832) -30%	(7 053) -21%	(6 500) +8%	(6 419) +1%	(6 454) -1%	(3 614) +44%	(4 626) -28%	(3 099) +33%	(3 566) -15%	(3 977) -12%	(3 336) +16%
Financing Cash Flow
Net Issuance of Common Stock	35	(104)	(61)	(88)	(16)	(44)	(36)	(130)	(11)	(51)	(100)	9	28	27	30	48	121	62	50	81	6	545	452	345	344	(235)	(132)	(79)	(85)	555	552	551	1 491	940	967	969	1 162	1 161	2 290	2 289	1 156	1 175	23	29	31	18	1 510	1 504	1 506	1 508	15	18	351	425	422	420	90	9	17	44	39	40	54	32	20	19	(1)	(6)	7	8	7	8	6	(30)	(31)	(40)	(40)	(5)	(6)	1	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Issuance of Debt	292	272	269	145	47	81	(50)	137	287	666	962	1 011	447	443	369	266	206	335	491	551	645	233	70	195	396	973	1 072	921	950	(36)	(286)	(549)	(2 530)	(1 826)	(1 746)	(1 711)	(1 748)	(1 981)	(1 980)	(1 748)	(608)	(443)	(414)	(510)	(408)	(2 579)	(3 338)	(2 850)	(2 517)	(542)	96	60	(143)	111	2 768	2 067	2 218	1 909	(1 273)	(975)	(898)	(442)	(37)	(699)	(876)	(1 281)	(811)	(224)	59	(83)	(256)	461	803	1 901	1 579	1 222	1 031	213	669	579	1 361	2 394	2 760	3 376	3 030	3 130	5 687	4 610	4 916	4 798	2 226	3 799	2 856	2 606	3 196	2 543
Cash Paid for Dividends	(142)	(142)	(143)	(144)	(112)	(148)	(145)	(150)	(152)	(150)	(153)	(147)	(146)	(148)	(150)	(152)	(154)	(159)	(165)	(170)	(174)	(177)	(188)	(198)	(212)	(220)	(220)	(220)	(220)	(170)	(160)	(150)	(297)	(340)	(406)	(440)	(306)	(331)	(291)	(352)	(414)	(489)	(559)	(560)	(568)	(563)	(569)	(572)	(574)	(602)	(622)	(645)	(672)	(695)	(717)	(763)	(805)	(837)	(869)	(881)	(893)	(906)	(919)	(931)	(943)	(965)	(987)	(1 055)	(1 123)	(1 202)	(1 280)	(1 313)	(1 346)	(1 440)	(1 535)	(1 629)	(1 723)	(1 760)	(1 797)	(1 835)	(1 873)	(1 992)	(2 112)	(2 231)	(2 495)	(2 714)	(2 933)	(3 152)	(3 229)	(3 314)	(3 399)	(3 486)	(3 570)	(3 619)	(3 667)	(3 716)
Other	(58)	(72)	(28)	47	53	(73)	14	(89)	(12)	(111)	(224)	(195)	80	99	88	110	(275)	(259)	(222)	(226)	7	(92)	(117)	(149)	(108)	(69)	(93)	(78)	(64)	(34)	(28)	(25)	(127)	(124)	(144)	(134)	(78)	(81)	(120)	(133)	29	36	(11)	(16)	(126)	(129)	(721)	(736)	(781)	(336)	81	107	114	(356)	2 258	2 142	2 093	2 037	(449)	(414)	(373)	(1 138)	(913)	(856)	(808)	(46)	(181)	(153)	(175)	(208)	(236)	(282)	(303)	529	536	385	359	(462)	(507)	(571)	(497)	(576)	(512)	(307)	(419)	(371)	(415)	(425)	(367)	(334)	(312)	(306)	(286)	(265)	(269)	(264)
Cash from Financing Activities	127 N/A	(46) N/A	37 N/A	(40) N/A	(28) +30%	(184) -552%	(216) -18%	(232) -7%	112 N/A	354 +216%	484 +37%	677 +40%	410 -40%	421 +3%	337 -20%	272 -19%	(102) N/A	(21) +79%	154 N/A	236 +53%	484 +105%	509 +5%	217 -57%	193 -11%	420 +118%	449 +7%	627 +40%	544 -13%	580 +7%	315 -46%	78 -75%	(173) N/A	(1 463) -746%	(1 350) +8%	(1 329) +2%	(1 316) +1%	(970) +26%	(1 232) -27%	(101) +92%	56 N/A	163 +191%	278 +70%	(962) N/A	(1 057) -10%	(1 072) -1%	(3 253) -204%	(3 117) +4%	(2 655) +15%	(2 366) +11%	28 N/A	(431) N/A	(460) -7%	(351) +24%	(515) -47%	4 732 N/A	3 866 -18%	3 596 -7%	3 119 -13%	(2 573) N/A	(2 226) +13%	(2 125) +5%	(2 445) -15%	(1 814) +26%	(2 454) -35%	(2 607) -6%	(2 274) +13%	(1 980) +13%	(1 438) +27%	(1 232) +14%	(1 485) -21%	(1 766) -19%	(1 126) +36%	(840) +25%	959 N/A	549 -43%	(62) N/A	(372) -498%	(2 015) -441%	(1 642) +19%	(1 825) -11%	(1 008) +45%	(174) +83%	136 N/A	838 +518%	116 -86%	46 -61%	2 339 +5 016%	1 033 -56%	1 320 +28%	1 150 -13%	(1 485) N/A	8 N/A	(1 000) N/A	(1 278) -28%	(740) +42%	(1 437) -94%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	1	3	4	7	7	6	3	(2)	(5)	(10)	(7)	2	(1)	3	2	(13)	11	17	23	29	17	3	5	(40)	(75)	(2)	2	34	64	(1)	(12)	3	(2)	1	(0)	6	5	3	6	(55)	(48)	(63)	(55)	(1)	(17)	(19)	(37)	(36)	(24)	(10)	4	9	11	(0)	2	3	4	16	14	(5)	(13)	(11)	(16)	1	0	6	3	2	11	19	(19)	(15)	(23)	(40)	(11)	(42)	(46)	(21)	(4)	(2)	(5)	(22)	(32)	(19)	7	(25)	(4)	12	(8)
Net Change in Cash	53 N/A	(12) N/A	(26) -120%	(167) -545%	16 N/A	48 +195%	(41) N/A	52 N/A	38 -27%	(11) N/A	48 N/A	(12) N/A	(18) -52%	44 N/A	22 -50%	15 -30%	123 +697%	(25) N/A	63 N/A	22 -65%	(58) N/A	117 N/A	22 -82%	142 +559%	45 -68%	(3) N/A	116 N/A	(11) N/A	4 N/A	6 +72%	(154) N/A	(111) +28%	(140) -26%	(213) -52%	(112) +48%	(108) +4%	3 N/A	24 +638%	236 +876%	199 -16%	138 -30%	319 +130%	33 -90%	(59) N/A	(75) -29%	442 N/A	92 -79%	(36) N/A	390 N/A	(596) N/A	(118) +80%	190 N/A	(140) N/A	3 N/A	84 +2 573%	(1) N/A	(87) -5 890%	178 N/A	(19) N/A	65 N/A	543 +740%	26 -95%	(61) N/A	194 N/A	(360) N/A	62 N/A	256 +312%	(293) N/A	(103) +65%	(207) -101%	(127) +39%	749 N/A	745 -1%	557 -25%	148 -73%	(85) N/A	(491) -479%	(132) +73%	52 N/A	(355) N/A	(42) +88%	1 237 N/A	(164) N/A	51 N/A	(278) N/A	(1 390) -401%	94 N/A	105 +12%	252 +141%	(22) N/A	67 N/A	40 -40%	788 +1 869%	171 -78%	468 +174%	405 -13%
Free Cash Flow
Free Cash Flow	(336) N/A	(296) +12%	(307) -3%	(285) +7%	(274) +4%	(267) +2%	(299) -12%	(309) -3%	(484) -57%	(591) -22%	(687) -16%	(829) -21%	(699) +16%	(734) -5%	(705) +4%	(674) +4%	(791) -17%	(936) -18%	(1 107) -18%	(1 232) -11%	(1 150) +7%	(1 069) +7%	(940) +12%	(839) +11%	(1 117) -33%	(1 178) -5%	(1 238) -5%	(1 190) +4%	(914) +23%	(728) +20%	(503) +31%	(329) +35%	(1 179) -258%	(1 082) +8%	(1 194) -10%	(1 223) -2%	(246) +80%	(465) -89%	(559) -20%	(788) -41%	(874) -11%	(794) +9%	(718) +10%	(601) +16%	(665) -11%	(644) +3%	(821) -28%	(892) -9%	(957) -7%	(1 113) -16%	(829) +25%	(1 053) -27%	(861) +18%	(939) -9%	(1 146) -22%	(1 020) +11%	(1 197) -17%	(1 018) +15%	(871) +14%	(850) +2%	(785) +8%	(740) +6%	(686) +7%	(308) +55%	(472) -53%	(500) -6%	(600) -20%	(1 003) -67%	(1 242) -24%	(1 264) -2%	(1 167) +8%	(986) +16%	(680) +31%	(735) -8%	(651) +11%	(266) +59%	(372) -40%	5 N/A	(541) N/A	(1 198) -122%	(2 134) -78%	(2 562) -20%	(3 473) -36%	(3 081) +11%	(1 695) +45%	(1 321) +22%	(2 859) -116%	(1 977) +31%	(2 525) -28%	(2 452) +3%	315 N/A	(1 380) N/A	(1 008) +27%	(1 617) -60%	(1 129) +30%	294 N/A

Income Statement Balance Sheet Cash Flow Statement

Prologis Inc
NYSE:PLD

Cash Flow Statement

Cash Flow Statement
Prologis Inc

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Prologis Inc NYSE:PLD

Cash Flow Statement

Cash Flow Statement Prologis Inc

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Prologis Inc
NYSE:PLD

Cash Flow Statement
Prologis Inc