What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does Prologis (PLD) spend its free cash flow?

For TTM through Q1 2026, Prologis generated $5.14B of operating cash flow and $4.99B of free cash flow — a free cash flow margin of 97.1% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Prologis (PLD) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Prologis's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Prologis (PLD) Cash Flow Waterfall

Operating CF

$5.14B

Capex

-$150M

Free Cash Flow

$4.99B

FCF Margin

+97.1%

Cash flow waterfall for Prologis (PLD) — TTM through Q1 2026

Free cash flow: $4.99B

Cash flow breakdown for Prologis (PLD) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$5.14B	$5.14B
Capital Expenditure	-$150M	$4.99B
Free Cash Flow	$4.99B	$4.99B
Acquisitions	-$1.22B	$3.77B
Other Investing	-$1.11B	$2.66B
Dividends Paid	-$3.85B	-$1.2B
Net Debt Change	$1.8B	$604M
Other Financing & FX	-$414M	$190M
Net Cash Increase	$190M	$190M

Operating Cash Flow$5.14B
Capital Expenditure-$150M
Free Cash Flow$4.99B
Acquisitions-$1.22B
Other Investing-$1.11B
Dividends Paid-$3.85B
Net Debt Change$1.8B
Other Financing & FX-$414M
Net Cash Increase$190M

Want to see what drove the FCF change?Free Cash Flow Bridge

Frequently asked questions

Data & methodology

Prologis (PLD) Key Financials

Charts, filings, and peer comparison for every metric

Income Statement

Balance Sheet

Profitability

Operating Margin38.4%

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees2.8K

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

PLD Overview

Counters