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Digital Realty (DLR) stock

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NYSE: DLR NYSE Data Center REITs Next results ~February 4, 2027

C+ Fundamentals grade

Digital Realty Trust is a real estate investment trust that owns, develops and operates data centres worldwide. Its facilities offer colocation (renting out server space and racks), interconnection services, and larger wholesale deployments, all accessed through its PlatformDIGITAL platform, which also provides connectivity tools such as cross connects, Metro Connect and ServiceFabric for linking customers to networks, clouds and partners.

Customers include cloud and IT service providers, network and communications firms, financial institutions, content and social-media companies, and enterprises across sectors such as manufacturing, energy, gaming and life sciences. Revenue comes mainly from leasing data centre space and power capacity, plus interconnection and related service fees; the company reports over 5,000 customers, with its largest accounting for about 11.7% of annualised recurring revenue.

As at 31 December 2025, the portfolio comprised 310 data centres across more than 30 countries on six continents, including sites in the United States, Europe, Latin America, Africa, Asia, Australia and Canada. In 2022 it acquired a majority stake in Teraco, South Africa's largest interconnected data centre platform. The business operates through its operating partnership structure, with properties held both wholly and through unconsolidated joint ventures.

Based on Digital Realty's 10-K filed February 13, 2026.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$130

Valuation models combined (2)

Base case. Range ~$83–$150. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Digital Realty valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds728 adding, 451 cuttingOf 90 active managers that changed their stake, 64 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Digital Realty files

10-Q filed October 30: Digital Realty

Model value −7.9%

Digital Realty's revenue for the twelve months to September 2026 reached $7.10bn, a rise of 20.0% on a year earlier. That pace accelerated from the 17.4% growth recorded a quarter earlier. Among the 167 real estate companies we cover, this growth ranks 23rd. Alongside the top-line gain, the diluted share count climbed 4.7% year on year, a dilution that works against existing holders. Our model value has fallen as a result, moving from $139 to $128 a share. The current share price stands at $181, well above our updated estimate.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Digital Realty stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.34bn, up 12.6% on a year earlier, faster than 10.0% a quarter earlier. The diluted share count is up 3.7% on a year earlier, which dilutes existing holders. Our valuation models combined value is $139 a share, against a share price of $175.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

Digital Realty's trailing-twelve-month revenue grew 20.0% year on year, with a free-cash-flow margin of 9.3%. Where it stands out: revenue growth of 20.0% ranks 24 of 168 real estate companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 8.4% while net income fell 33.8%: a 42pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 20.0% over the last 12 months, against a median of 5.3% for real estate companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.8bn.

Things to watch

  • Margins narrowing. Operating margin is down 25.0 points on a year ago.
  • Share dilution. Diluted shares rose 4.7% in a year.
  • High earnings multiple. The shares trade at 69 times the last 12 months' earnings, so expectations are demanding.
  • Weak cash conversion. Free cash flow was 71% of net income over the last 12 months.
  • Earnings expected to fall. The consensus expects earnings per share to fall 13% next year.

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$0.61 against an average estimate of $0.57: beat by 5.7%
Revenue
$1.90bn, up 20.6% on a year earlier
Share reaction
+0.5% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
core FFO per share (excluding net promote) $8.3 to $8.35 (2026); constant-Currency Core FFO per share (excluding net promote) $8.25 to $8.3 (2026)
Next report
October 29, 2026; average EPS estimate $0.53

Digital Realty's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.6%
  • 1 week+0.8%
  • 1 month-1.5%
  • This year+16.1%
  • 1 year+6.2%
  • 5 years+31.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.1B
Operating margin
2.8%
Net margin
13.1%
EPS (TTM, diluted)
$2.56

Growth

Revenue growth
+20.0%
Change in growth rate
+2.6 pts
Share count change
+4.7%

Earnings

Last results
October 29, 2026
Next results (est.)
February 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Guidance
  4. Agreement
  5. Announcement
  6. Agreement
  7. Announcement
  8. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Digital Realty valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Digital Realty as an equity reit, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.79 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$150 ~$120–$180 Primary model, counts double
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$2.8 ~$66–$140 Left out: out of range vs price (0.02x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$83 ~$71–$99 Included
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$130 ~$83–$150 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Digital Realty with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

31 /100

Weak moat

How hard Digital Realty's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.6% of total assets over 10 years.

  • Durability 7 / 20

    Operating margin has been a median 15.6%; its worst year was 2.8%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 9 of 10 years, at a median 7.7% of revenue.

  • Discipline 5 / 20

    The diluted share count rose 74.9% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.19 +102% $7.1bn +17%
Next $2.76 −13% $7.9bn +11%

Next year's EPS estimate has moved −3.6% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +21.9% on 90 days ago. In the last 30 days, 0 analysts raised Digital Realty's forecast and 1 cut it.

Consensus EPS forecast Digital Realty, last 90 days
$2.60 $2.80 $3.00 $3.20 $3.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.61 Current fiscal year, 60 days ago: $3.35 Current fiscal year, 30 days ago: $3.19 Current fiscal year, 7 days ago: $3.19 Current fiscal year, Now: $3.19 $3.19 Next fiscal year, 90 days ago: $2.86 Next fiscal year, 60 days ago: $2.93 Next fiscal year, 30 days ago: $2.89 Next fiscal year, 7 days ago: $2.89 Next fiscal year, Now: $2.76 $2.76

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.61$2.86
60 days ago $3.35$2.93
30 days ago $3.19$2.89
7 days ago $3.19$2.89
Now $3.19$2.76

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.57 $0.61 +5.7%
Jun 2026 $0.73 $0.62 −15.0%
Mar 2026 $0.45 $0.46 +2.7%
Dec 2025 $0.39 $0.40 +2.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Total revenue (excluding promote income) 2026 $7.05bn to $7.125bn Non-GAAP Raised vs 6.85bn to 6.95bn
    “Total revenue (excluding promote income) $6.600 - $6.700 billion $6.650 - $6.750 billion $6.850 - $6.950 billion $7.050 - $7.125 billion” source
  • Core FFO per share (excluding net promote) 2026 $8.30 to $8.35 Non-GAAP Raised
    “Raised 2026 Core FFO per share (excluding net promote) outlook to $8.30 - $8.35 and 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.25 - $8.30” source
  • Constant-Currency Core FFO per share (excluding net promote) 2026 $8.25 to $8.30 Non-GAAP Raised
    “Raised 2026 Core FFO per share (excluding net promote) outlook to $8.30 - $8.35 and 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.25 - $8.30” source
  • Net income per diluted share 2026 $2.90 to $2.95 GAAP
    “Net income per diluted share $2.55 - $2.65 $2.65 - $2.75 $3.10 - $3.15 $2.90 - $2.95” source
  • Funds From Operations / share (NAREIT-Defined) 2026 $8.55 to $8.60 Non-GAAP Raised vs 8.1 to 8.15
    “Funds From Operations / share (NAREIT-Defined) $7.45 - $7.55 $7.60 - $7.70 $8.40 - $8.45 $8.55 - $8.60” source
  • Net non-cash rent adjustments 2026 $-150m to $-145m Lowered vs 1,500m to 2,000m
    “Net non-cash rent adjustments (1) ($90 - $95 million) ($90 - $95 million) ($145 - $150 million) ($145 - $150 million)” source
Show 14 more items
  • Adjusted EBITDA 2026 $3.8bn to $3.85bn Non-GAAP Raised vs 3.75bn to 3.85bn
    “Adjusted EBITDA $3.600 - $3.700 billion $3.650 - $3.750 billion $3.750 - $3.850 billion $3.800 - $3.850 billion” source
  • G&A 2026 $640m to $650m Raised vs 620m to 630m
    “G&A $610 - $620 million $615 - $625 million $620 - $630 million $640 - $650 million” source
  • Rental rates on renewal leases - Cash basis 2026 10% to 12%
    “Cash basis 6.0% - 8.0% 6.5% - 8.5% 9.0% - 11.0% 10.0% - 12.0%” source
  • Rental rates on renewal leases - GAAP basis 2026 13% to 15% GAAP
    “GAAP basis 8.5% - 10.5% 9.5% - 11.5% 12.0% - 14.0% 13.0% - 15.0%” source
  • Year-end portfolio occupancy 2026 75 to 125 Maintained vs 75 to 125
    “Year-end portfolio occupancy (2) +50 - 100 bps +50 - 100 bps +75 - 125 bps +75 - 125 bps” source
  • "Same-Capital" cash NOI growth 2026 5.25% growth to 5.75% growth Raised vs 4.25 to 5.25
    “"Same-Capital" cash NOI growth (3) 4.0% - 5.0% 4.0% - 5.0% 4.25% - 5.25% 5.25% - 5.75%” source
  • Dispositions / Asset Contributions - Dollar volume 2026 $1,500m to $2,000m Maintained vs 1,500m to 2,000m
    “Dollar volume $500 - $1,000 million $500 - $1,000 million $1,000 - $1,500 million $1,500 - $2,000 million” source
  • Dispositions / Asset Contributions - Cap rate 2026 0% to 10%
    “Cap rate 0.0% - 10.0% 0.0% - 10.0% 0.0% - 10.0% 0.0% - 10.0%” source
  • Development CapEx (Net of Partner Contributions) 2026 $4,250m to $4,750m Raised vs 400m to 425m
    “CapEx (Net of Partner Contributions) (4) $3,250 - $3,750 million $3,500 - $4,000 million $4,250 - $4,750 million $4,250 - $4,750 million” source
  • Average stabilized yields 2026 about 10%
    “Average stabilized yields 10.0%+ 10.0%+ 10.0%+ 10.0%+” source
  • Enhancements and other non-recurring CapEx 2026 $30m to $35m Lowered vs 400m to 425m
    “Enhancements and other non-recurring CapEx (5) $30 - $35 million $30 - $35 million $30 - $35 million $30 - $35 million” source
  • Recurring CapEx + capitalized leasing costs 2026 $400m to $425m Maintained vs 400m to 425m
    “Recurring CapEx + capitalized leasing costs (6) $400 - $425 million $400 - $425 million $400 - $425 million $400 - $425 million” source
  • Long-term debt issuance - Dollar amount 2026 about $1,750m Maintained vs 1,500m to 2,000m
    “Dollar amount $1,000 - $1,500 million $1,500 - $2,000 million $1,500 - $2,000 million ~$1,750 million” source
  • Long-term debt issuance - Pricing 2026 about 4%
    “Pricing 4.0% - 4.5% 4.0% - 4.5% 4.5% - 5.5% ~4.0%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

34 analysts, Oct 2026
Buy2985%
Hold515%
Sell00%

Monthly trend

  1. Oct 2026524534
  2. Sep 2026524534
  3. Aug 2026523533
  4. Jul 2026521733

Counts of recommendations published by analysts covering Digital Realty, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.0%
of tradable shares
Days to cover
0.01
at average volume
Short interest, 1 month
−100%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.0%
of shares
Employees
4,282
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +6.2%

$165.67 on October 31, 2025 to $175.95

ThenNowEffect
Revenue (last 12 months) $5.8bn $6.8bn +17.4%
Net margin 24.0% 11.8% −50.8%
P/E multiple 41.0x 77.9x +90.2%
Share count 342m 354m −3.4%

Biggest factor: net margin.

Last 3 years +44.9%

$121.43 on November 3, 2023 to $175.95

ThenNowEffect
Revenue (last 12 months) $5.1bn $6.8bn +32.0%
Net margin 8.3% 11.8% +41.5%
P/E multiple 84.5x 77.9x −7.8%
Share count 298m 354m −15.8%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DLR+31%−41%+40%+36%−10%+16%
Industry peers (median)——————
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DLR67%42%67%67%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DLR−16%−48%−27%−11%−25%−15%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 49% from December 31, 2021 to May 24, 2023. Getting back needed a 94% gain, reached on July 16, 2024, 419 days after the low.

Price behaviour

52-week range
$144.96 – $201.18
From 52-week high
−12.5%
vs 50-day average
−2.7%
vs 200-day average
−3.1%
Volatility (1 year)
27%
Beta vs S&P 500
0.84

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±4.2%
After a week
7 up, 4 down
typical move ±3.8%
After a month
7 up, 4 down
typical move ±6.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +0.5% −2.1% — —
July 23, 2026 +11.6% −1.1% +8.3% +6.8%
April 23, 2026 −0.4% +0.4% 0.0% −4.4%
February 5, 2026 +2.9% +0.6% +8.1% +7.7%
October 23, 2025 +4.0% +1.4% −1.0% −8.8%
July 24, 2025 −0.7% +0.5% −1.6% −6.8%
April 24, 2025 +5.5% +2.8% +6.8% +10.9%
February 13, 2025 +0.6% +1.1% +1.3% −6.2%
October 24, 2024 +9.2% +0.2% +7.5% +14.5%
July 25, 2024 −4.0% +0.6% +0.4% +0.3%
May 2, 2024 +6.5% +2.2% +4.0% +3.7%
February 15, 2024 −4.2% +0.2% −3.1% +0.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Digital Realty
$5B $5.5B $6B $6.5B $7B $7.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $5.5B Revenue (TTM), FY24 Q1: $5.5B Revenue (TTM), FY24 Q2: $5.5B Revenue (TTM), FY24 Q3: $5.5B Revenue (TTM), FY24 Q4: $5.6B Revenue (TTM), FY25 Q1: $5.6B Revenue (TTM), FY25 Q2: $5.8B Revenue (TTM), FY25 Q3: $5.9B Revenue (TTM), FY25 Q4: $6.1B Revenue (TTM), FY26 Q1: $6.3B Revenue (TTM), FY26 Q2: $6.8B Revenue (TTM), FY26 Q3: $7.1B $7.1B

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $5.5B
FY24 Q1 $5.5B
FY24 Q2 $5.5B
FY24 Q3 $5.5B
FY24 Q4 $5.6B
FY25 Q1 $5.6B
FY25 Q2 $5.8B
FY25 Q3 $5.9B
FY25 Q4 $6.1B
FY26 Q1 $6.3B
FY26 Q2 $6.8B
FY26 Q3 $7.1B
Revenue growth, TTM YoY Digital Realty
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 16.7% Revenue growth, TTM YoY, FY24 Q1: 11.5% Revenue growth, TTM YoY, FY24 Q2: 6.4% Revenue growth, TTM YoY, FY24 Q3: 2.8% Revenue growth, TTM YoY, FY24 Q4: 1.4% Revenue growth, TTM YoY, FY25 Q1: 3.0% Revenue growth, TTM YoY, FY25 Q2: 5.6% Revenue growth, TTM YoY, FY25 Q3: 7.7% Revenue growth, TTM YoY, FY25 Q4: 10.0% Revenue growth, TTM YoY, FY26 Q1: 12.6% Revenue growth, TTM YoY, FY26 Q2: 17.4% Revenue growth, TTM YoY, FY26 Q3: 20.0% 20.0%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 16.7%
FY24 Q1 11.5%
FY24 Q2 6.4%
FY24 Q3 2.8%
FY24 Q4 1.4%
FY25 Q1 3.0%
FY25 Q2 5.6%
FY25 Q3 7.7%
FY25 Q4 10.0%
FY26 Q1 12.6%
FY26 Q2 17.4%
FY26 Q3 20.0%
Operating margin (TTM) Digital Realty
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 9.6% Operating margin (TTM), FY24 Q1: 9.1% Operating margin (TTM), FY24 Q2: 6.4% Operating margin (TTM), FY24 Q3: 8.4% Operating margin (TTM), FY24 Q4: 8.5% Operating margin (TTM), FY25 Q1: 9.2% Operating margin (TTM), FY25 Q2: 28.7% Operating margin (TTM), FY25 Q3: 27.8% Operating margin (TTM), FY25 Q4: 10.8% Operating margin (TTM), FY26 Q1: 11.5% Operating margin (TTM), FY26 Q2: 0.8% Operating margin (TTM), FY26 Q3: 2.8% 2.8%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 9.6%
FY24 Q1 9.1%
FY24 Q2 6.4%
FY24 Q3 8.4%
FY24 Q4 8.5%
FY25 Q1 9.2%
FY25 Q2 28.7%
FY25 Q3 27.8%
FY25 Q4 10.8%
FY26 Q1 11.5%
FY26 Q2 0.8%
FY26 Q3 2.8%
FCF margin (TTM) Digital Realty
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -1.1% FCF margin (TTM), FY24 Q1: -1.2% FCF margin (TTM), FY24 Q2: 0.9% FCF margin (TTM), FY24 Q3: 4.0% FCF margin (TTM), FY24 Q4: 8.8% FCF margin (TTM), FY25 Q1: 9.3% FCF margin (TTM), FY25 Q2: 9.7% FCF margin (TTM), FY25 Q3: 10.2% FCF margin (TTM), FY25 Q4: 8.5% FCF margin (TTM), FY26 Q1: 9.4% FCF margin (TTM), FY26 Q2: 14.3% FCF margin (TTM), FY26 Q3: 9.3% 9.3%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -1.1%
FY24 Q1 -1.2%
FY24 Q2 0.9%
FY24 Q3 4.0%
FY24 Q4 8.8%
FY25 Q1 9.3%
FY25 Q2 9.7%
FY25 Q3 10.2%
FY25 Q4 8.5%
FY26 Q1 9.4%
FY26 Q2 14.3%
FY26 Q3 9.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0.6 0.9 1.1 1.3 1.5 1.6 1.8 2.1 2.5 3.0 3.2 3.9 4.4 4.7 5.5 5.6 6.1 7.1
EBITDA 0.4 0.5 0.6 0.7 0.9 0.8 1.0 1.2 1.3 1.7 1.8 1.9 2.2 2.2 2.2 2.2 2.6 2.2
Operating income 0.2 0.2 0.3 0.4 0.4 0.3 0.4 0.5 0.5 0.5 0.6 0.6 0.7 0.6 0.5 0.5 0.7 0.2
Net income 0.1 0.1 0.2 0.2 0.3 0.2 0.3 0.4 0.2 0.3 0.6 0.4 1.7 0.4 0.9 0.6 1.3 0.9
Diluted EPS $0.61 $0.68 $1.32 $1.48 $2.12 $0.99 $1.56 $2.20 $0.99 $1.21 $2.35 $1.00 $5.94 $1.11 $2.88 $1.61 $3.58 $2.56
Growth (year on year)
Revenue — +35.8% +22.8% +20.4% +15.9% +9.1% +9.1% +21.5% +14.7% +23.9% +5.3% +21.6% +13.4% +6.0% +16.7% +1.4% +10.0% +20.0%
EBITDA — +34.7% +21.4% +21.8% +14.5% −7.0% +22.0% +23.1% +8.1% +34.2% +1.2% +9.4% +13.3% −0.6% +2.4% +1.1% +13.8% −36.1%
Operating income — +36.3% +25.6% +20.3% +4.3% −32.3% +55.4% +23.7% −9.2% +21.8% +8.1% −6.2% +24.5% −15.0% −11.1% −10.0% +39.6% −88.0%
Net income — +16.7% +52.8% +34.6% +49.5% −36.3% +48.2% +43.6% −41.7% +33.4% +75.0% −38.5% +379.6% −77.9% +151.2% −36.5% +117.2% −33.8%
Diluted EPS — +11.5% +94.1% +12.1% +43.2% −53.3% +57.6% +41.0% −55.0% +22.2% +94.2% −57.4% +494.0% −81.3% +159.5% −44.1% +122.4% −36.8%
Margins
EBITDA margin 59.0% 58.5% 57.8% 58.5% 57.8% 49.3% 55.1% 55.9% 52.6% 57.0% 54.8% 49.3% 49.2% 46.2% 40.5% 40.4% 41.8% 31.5%
Operating margin 27.9% 28.0% 28.6% 28.6% 25.8% 16.0% 22.8% 23.2% 18.4% 18.0% 18.5% 14.3% 15.7% 12.6% 9.6% 8.5% 10.8% 2.8%
Net margin 13.8% 11.8% 14.7% 16.4% 21.2% 12.4% 16.8% 19.9% 10.1% 10.9% 18.1% 9.1% 38.6% 8.0% 17.3% 10.8% 21.4% 13.1%
Cash flow
Cash from operations 0.3 0.4 0.4 0.5 0.7 0.7 0.8 0.9 1.0 1.4 1.5 1.7 1.7 1.7 1.6 2.3 2.4 2.7
Balance sheet
Cash 0.1 0.0 0.0 0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1 1.6 3.9 3.5 0.8
Total debt 1.8 2.8 2.9 2.5 2.9 3.2 4.0 4.2 6.7 8.3 9.1 0.8 13.6 16.7 17.5 1.1 1.3 2.0
Net debt (negative = net cash) 1.7 2.8 2.9 2.5 2.9 3.1 4.0 4.1 6.7 8.1 9.0 0.7 13.4 16.6 15.9 −2.7 −2.1 1.2
Diluted shares 77m 86m 99m 116m 128m 134m 139m 151m 175m 207m 209m 263m 283m 298m 309m 332m 348m 362m
Returned to shareholders
Dividends 0.1 0.2 0.3 0.3 0.4 0.4 0.5 0.5 0.6 0.8 1.0 1.2 1.4 1.5 1.5 1.6 1.7 1.8
Total returned 0.1 0.2 0.3 0.3 0.4 0.4 0.5 0.5 0.6 0.8 1.0 1.2 1.4 1.5 1.5 1.6 1.7 1.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

Dividends (TTM)
$1.8B
Returned to shareholders
276%
of free cash flow
Diluted share count
+4.7%
year over year
Total shareholder yield
2.8%
dividends 2.8% + buybacks 0.0% of market value
Dividend payout ratio
196%
of net income paid out

Competitors: side by side with peers

Closest by revenue in data center reits
Last 12 months unless stated DLR WY SPG VTR IRM HST Median
Revenue, last 12 months $7.1bn $7.0bn $6.9bn $6.8bn $7.6bn $6.2bn $713m
Revenue growth, last 12 months 20.0% −1.1% 15.0% 22.1% 17.4% 4.9% 5.2%
Revenue growth, 3-year average 9.9% −3.2% 8.5% 15.7% 13.0% 6.0% 4.2%
Revenue growth, latest quarter 20.6% 8.4% 19.5% 23.0% 18.5% 3.4% 5.5%
Operating margin 2.8% 11.7% 47.4% — 18.8% 14.6% 19.2%
Operating margin, 3-year average 13.0% 10.6% 49.8% — 17.1% 15.2% 18.4%
Net margin 13.1% 6.5% 66.5% 3.9% 5.5% 16.5% 7.8%
Cash from operations / revenue 38.0% 7.6% 59.4% 28.2% 21.9% 25.8% 29.0%
Free-cash-flow margin 9.3% 6.8% 46.4% 4.8% −7.9% 21.4% 9.7%
Free-cash-flow margin, 3-year average 7.8% 11.0% 50.2% 1.9% −10.1% 21.2% 8.9%
Stock pay / revenue — 0.6% — 0.6% 1.8% 0.4% 1.7%
Change in share count 4.7% −0.5% −0.3% 10.5% 0.9% −1.3% 0.6%

Median of all 168 companies we cover in data center reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

168 real estate companies
Measure Company Peer median Rank
Revenue growth Growth 20.0% 5.3% 24 of 168
Change in growth rate Growth +2.6pp +0.1pp 29 of 168
Operating margin Profitability 2.8% 14.8% 74 of 103
Net margin Profitability 13.1% 7.8% 67 of 167
Change in share count Balance sheet 4.7% 0.6% 111 of 152

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Rental and Other Services $6B 97.6% ▲ 8.9%
Fee Income and Other $144M 2.4% ▲ 98.3%
Geography
Region Revenue Share YoY
United States $3.2B 51.8% ▲ 8.8%
Outside the US $2.9B 48.2% ▲ 11.4%

From Digital Realty's 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$68B
Institutions reporting
1,320
Shares held vs prior quarter
▲ 18.2%
Positions opened / closed
144 / 67

Top buyers and sellers, Q2 2026: 728 institutions bought and 451 sold ; the biggest buyer was UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC (+4.9M shares) and the biggest seller Capital International Investors (−1.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $7.3B 40.5M 10.7% ▲ 2.6%
Vanguard Portfolio Management LLC $5.4B 30.2M 8.0% ▲ 2.3%
Cohen & Steers, Inc. $5.2B 29.2M 7.7% ▲ 3.7%
Vanguard Capital Management LLC $4B 22.3M 5.9% ▲ 2.8%
State Street Corp $3.7B 20.8M 5.5% ▲ 2.6%
Norges Bank $3.5B 19.3M 5.1% —
Blackstone Inc. $2.2B 12.3M 3.3% —
Geode Capital Management, LLC $1.7B 9.8M 2.6% ▲ 3.4%
Bank Of America Corp $1.6B 8.9M 2.4% ▼ 5.6%
APG Asset Management Us Inc. $1.5B 8.6M 2.2% 0.0%
Canada Pension Plan Investment Board $1.2B 6.6M 1.7% ▼ 13.5%
Morgan Stanley $1.2B 6.5M 1.7% ▲ 25.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Digital Realty's complete shareholder register. Values are as reported by the filers ; 9 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $694,604 2 trades by 2 insiders · 0% under pre-set plans
Net ▼ $694,604 net selling
Insider Date Trade Shares Price Value
Patterson Mark R Director August 27, 2026 Sell 200 $193.96 $38,792
Preusse Mary Hogan Director December 1, 2025 Sell 4,166 $157.42 $655,812

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 18 trades and filings

No trades in Digital Realty disclosed in the last 12 months; 18 earlier trades on record.

  • Marjorie Taylor Greene(R-GA 14):Purchase, $1,001 - $15,000, traded September 11, 2025, filed September 27, 2025
  • Marjorie Taylor Greene(R-GA 14):Purchase, $1,001 - $15,000, traded May 5, 2025, filed May 6, 2025
  • Marjorie Taylor Greene(R-GA 14):Purchase, $1,001 - $15,000, traded March 17, 2025, filed March 19, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 23, 2026
  • April 23, 2026
  • February 5, 2026
  • October 23, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Digital Realty was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Digital Realty in brief

What does Digital Realty do?
Digital Realty is a US-listed company in the data center REITs industry. Its financial year ends in December.
What is Digital Realty's stock ticker?
Digital Realty trades under the ticker DLR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Digital Realty's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Digital Realty reported revenue of $7.1B, 20.0% higher than a year earlier, according to its SEC filings.
What is Digital Realty's free cash flow?
Digital Realty's free-cash-flow margin is 9.3% of revenue over the trailing twelve months.
Who are Digital Realty's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Cohen & Steers, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Digital Realty's market cap?
On November 2, 2026, Digital Realty's market capitalisation was about $63.6B, with a price-to-earnings ratio of 68.7 and net debt of $1.2B. Market figures come from third-party market data and may be delayed.
Does Digital Realty pay a dividend?
Yes: Digital Realty paid $1.8B in dividends over the trailing twelve months, a dividend yield of 2.75% and a payout ratio of 195.6%.
Who are Digital Realty's competitors?
In our Data Center REITs peer group, the companies closest to Digital Realty are Weyerhaeuser, Simon Property Group, Ventas, Iron Mountain and Host Hotels & Resorts. The side-by-side comparison below sets their revenue, margins and growth against Digital Realty's.
Are insiders buying or selling Digital Realty stock?
Over the last 12 months, Digital Realty's directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Digital Realty's next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Digital Realty announces its own schedule.