Direct Answer
Prologis reports revenue across 2 business segments in its fiscal 2025 Form 10-K. Real Estate Operations is the largest, with $8.2 billion of revenue (93% of the total), followed by Strategic Capital at $592 million (7%).
How Does Prologis Make Money?
Real Estate Operations supplies 93% of revenue, so Prologis's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Real Estate Operations grew fastest (+8.9%) and Strategic Capital slowest (-11.8%), so the revenue mix tilts toward Real Estate Operations while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Real Estate Operations | $8.2 billion | $7.5 billion | 93.3% | 8.9% |
| Strategic Capital | $592 million | $672 million | 6.7% | -11.8% |
Which Prologis Segments Earn the Most?
| Segment | FY2025 segment operating income | Segment margin |
|---|---|---|
| Real Estate Operations | $6.2 billion | 75.5% |
| Strategic Capital | $322 million | 54.3% |
Segment operating income is the profit measure Prologis reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Prologis more safely than against another company.
What the Segment Figures Do Not Show
The rows above add up to 100% of Prologis's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value Prologis reported in the segment note and revenue disclosures of its Form 10-K filed February 13, 2026 (accession 0001193125-26-051453), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are Prologis's business segments?
In its fiscal 2025 Form 10-K, Prologis reports revenue for Real Estate Operations and Strategic Capital.
Which part of Prologis brings in the most revenue?
Real Estate Operations, with $8.2 billion of revenue in fiscal 2025, or 93% of the total.
Where does Prologis report its segment results?
In the segment note to the financial statements in its Form 10-K, most recently filed February 13, 2026, alongside management's discussion of each segment's results.