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Digital Realty Trust, Inc.

DLR Real Estate Reit Specialty

Digital Realty Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.1 billion, up 10.0% from fiscal 2024.

Revenue
+20.6%
EPS
+194.1%
Free cash flow
−46.8%
Total debt
+6.96%

Quarter to September 2026, against a year earlier

175.17 0.50 +0.29%
Market cap
$66.1B
P/E
70.2×
Fwd P/E
64.4×
Dividend yield
2.78%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Rental and other services
  • Fee income and other

Every year since 2017 →

Insider Decisions last twelve months

Sold, $m 0.04
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — 1 — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 66,080.00
Revenue ttm 7,096.30
Net income ttm 922.13
Free cash flow ttm 3,336.59
Net debt Q 18,691.72
Valuation
P/E 70.16 (above 35: high)
Forward P/E 64.40 (above 35: high)
Price / sales 9.20
Forward P/S Powerpack
Price / FCF 19.57
Price / book 2.34
Financial health
Current ratio Q 0.72
Debt / equity Q 0.68
Interest coverage Q 3.24
Growth
Revenue growth Q +20.62% (above 0%: growing)
Operating income growth Q +90.98% (above 0%: growing)
EPS, this year −21.81% (below 0%: weak)
EPS, next year A −3.43% (below 0%: weak)
Revenue, next year A +18.62% (at or above 10%: strong)
EPS, past 5 yrs +29.06% (at or above 15%: strong)
EPS, next 5 yrs A −2.74% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 11.8×, against a ten-year median of 11.5×; over the ten years it ranged from 8.4× in 2019 to 16.1× in 2020.
P/E against its own 10 years 50.28%
10-year low 10-year high
P/S against its own 10 years 67.00%
10-year low 10-year high
P/B against its own 10 years 36.96%
10-year low 10-year high
EV/Sales against its own 10 years 59.88%
10-year low 10-year high
EV/FCF against its own 10 years 72.06%
10-year low 10-year high

Dividends

Yield
2.78%
Annual rate
4.88
Payout ratio
204.2%
Growth, 2017–25
+3.45%/yr
  1. 3.72 ’17
  2. 4.04 ’18 +9
  3. 4.32 ’19 +7
  4. 4.48 ’20 +4
  5. 4.64 ’21 +4
  6. 4.88 ’22 +5
  7. 4.88 ’23 +0
  8. 4.88 ’24 +0
  9. 4.88 ’25 +0
  10. 4.88 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,625 3,871 3,452 803
Receivables 1,278 1,257 1,359 1,810
Inventory — — — —
Other — — — —
2,904 5,128 4,811 2,613
2023 2024 2025 Q'26
Payables 2,169 2,056 2,601 3,610
ST’ Debt — — — —
Other — — — —
2,557 2,475 3,029 3,610

Compound Annual Growth %

10y 5y 3y
Sales 13.24% 9.38% 9.22%
Cash Flow 11.71% 7.17% 13.28%
Earnings 19.29% 36.93% 54.31%
Book Value 17.80% 4.82% 8.84%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.97 Actual 2.10

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.83 1.86 Beat by 0.03
Q1 FY26 1.94 2.04 Beat by 0.10
Q2 FY26 1.98 2.13 Beat by 0.15
Q3 FY26 1.97 2.10 Beat by 0.13
Q4 FY26 2.04 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.46 1.21 0.48 — —
’25 0.27 2.94 0.15 0.24 3.58
’24 0.82 0.20 0.09 0.51 1.61
’23 0.19 0.37 2.33 0.08 3.00
’22 0.22 0.19 0.75 (0.02) 1.13
’21 1.32 0.45 0.44 3.71 5.94
’20 0.90 0.20 (0.14) 0.16 1.00
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,635 1,924 1,902 — —
’25 1,408 1,493 1,577 1,635 6,113
’24 1,331 1,357 1,431 1,436 5,555
’23 1,339 1,366 1,402 1,370 5,477
’22 1,127 1,139 1,192 1,233 4,692
’21 1,090 1,093 1,133 1,111 4,428
’20 823 993 1,025 1,063 3,904
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 532 1,063 382 — —
’25 399 641 653 719 2,412
’24 352 573 567 769 2,261
’23 350 464 358 462 1,635
’22 278 506 419 456 1,659
’21 328 523 400 452 1,702
’20 227 486 468 526 1,707
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 538 1,228 391 — —
’25 461 1,657 735 1,179 4,032
’24 1,166 1,000 572 1,288 4,026
’23 350 615 2,678 611 4,255
’22 278 506 623 524 1,931
’21 1,013 541 416 1,423 3,393
’20 753 486 490 543 2,271
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 6.2% a year for ten years. It grew −2.5% a year over the last ten.

Implied
6.2%
10 years, reported
−2.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,142 2,458 3,046 3,209 3,904 4,428 4,692 5,477 5,555 6,113 7,096 +12.4% 7,251 8,071 9,126 +14.3%
Gross margin, % 63.95 63.60 63.96 62.83 61.21 59.84 57.00 52.56 54.65 55.39 57.13 (8.6) pt
EBT 442 264 343 611 401 1,820 412 1,026 643 1,345 971 +13.2%
EBT margin, % 20.64 10.75 11.27 19.05 10.27 41.11 8.78 18.73 11.58 22.01 13.68 +1.4 pt
Net income 432 256 341 599 363 1,747 380 950 588 1,313 922 +13.2%
Per share, $
Per share, $ Revenue 14.29 14.12 14.79 15.40 15.01 15.68 16.06 18.34 17.18 17.99 19.07 +2.6%
Earnings 2.21 0.99 1.21 2.37 1.01 5.95 1.18 3.04 1.74 3.73 2.50 +6.0%
Cash flow 6.08 5.88 6.72 7.27 6.56 6.03 5.68 5.47 6.99 7.10 7.24 +1.7%
Capex (3.43) (1.88) 1.39 (0.45) 2.17 5.99 0.93 8.77 5.46 4.77 1.72 n/m
Free cash flow 2.65 4.00 8.11 6.82 8.73 12.01 6.61 14.25 12.45 11.86 8.96 +18.1%
Book value 34.23 63.48 52.70 50.92 70.92 65.41 61.99 65.64 67.24 68.71 76.96 +8.1%
Shares, m 150 174 206 208 260 282 292 299 323 340 353 +9.5%
Valuation, ×
Valuation, × P/E 44.76 110.45 87.34 50.74 123.46 29.78 87.56 44.63 100.76 41.15 70.16 72.1
P/S 6.96 7.98 7.21 7.77 9.30 11.28 6.40 7.37 10.32 8.60 9.20 8.3
P/B 3.62 2.00 2.28 2.72 2.07 2.82 1.73 2.14 2.73 2.32 2.34 2.4
EV/Sales 9.67 11.49 10.84 10.93 12.70 14.31 9.93 10.28 12.65 11.06 11.85 11.4
EV/FCF 52.15 40.53 19.76 24.71 21.83 18.68 15.97 13.02 17.46 16.77 25.20 24.1
Cash, $m
Cash, $m Operating cash flow 911 1,023 1,385 1,514 1,707 1,702 1,659 1,635 2,261 2,412 2,696 +11.4%
Capex (514) (326) 286 (94) 565 1,691 272 2,620 1,765 1,620 640 n/m
Free cash flow 397 697 1,672 1,420 2,271 3,393 1,931 4,255 4,026 4,032 3,337 +29.4%
Balance, $m
Balance, $m Working capital (743) (997) (955) (848) (1,033) (1,068) (1,122) 347 2,653 1,781 (997) n/m
Net debt 5,878 8,635 10,975 10,033 13,196 13,306 16,455 15,800 12,843 14,950 18,692 +10.9%
Shareholders’ equity 5,132 11,049 10,858 10,608 18,446 18,477 18,107 19,602 21,743 23,347 28,644 +18.3%
Returns, %
Returns, % ROA 2.81 1.03 1.11 2.11 0.89 4.64 0.89 2.12 1.26 2.68 1.68 (0.1) pt
ROIC 2.82 1.43 1.57 1.80 1.10 1.36 1.07 0.93 0.85 1.07 0.26 (1.8) pt
ROE 9.02 2.49 2.58 5.25 1.97 9.54 1.96 5.01 2.82 5.81 3.50 (3.2) pt
People
People Employees 1,345 1,436 1,530 1,550 2,878 3,030 3,412 3,664 3,936 4,282 — +13.7%
Revenue/emp, $m 1.59 1.71 1.99 2.07 1.36 1.46 1.38 1.49 1.41 1.43 — (1.2%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Digital Realty is a real estate investment trust, or REIT, that owns, develops and operates data centers. It sells businesses the space, power, cooling and connections they need to house computing equipment and exchange data. Its customers include cloud and IT providers, communications companies, financial firms and businesses in other industries.

The company was founded in 2004 and is headquartered in Austin. Andrew P. Power is its president and chief executive officer. Digital Realty conducts its property business through an operating partnership controlled by the parent company.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Rental and other services 5,969 97.65%
Fee income and other 144 2.35%
Gross margin 55.39%
Operating margin 10.77%
Pre-tax margin 22.01%

Revenue by segment since 2017

Digital Realty Trust, Inc. vs peers in Reit Specialty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EQIX Equinix, Inc. $98.7B 59.9× 56.0× +11.01% (above 0%: growing) +29.58% (above 0%: growing) +37.68% (above 0%: growing) 51.11% 23.34% Compare
AMT American Tower Corporation $90.0B 27.1× 27.0× +2.50% (above 0%: growing) −7.80% (below 0%: shrinking) +0.09% (above 0%: growing) 72.83% 45.56% Compare
DLR Digital Realty Trust, Inc. $66.1B 70.2× 64.4× +20.62% (above 0%: growing) +194.12% (above 0%: growing) −46.79% (below 0%: shrinking) 55.49% 15.88%
CCI Crown Castle Inc. $38.7B 47.8× 46.0× −7.18% (below 0%: shrinking) −9.46% (below 0%: shrinking) −78.09% (below 0%: shrinking) 73.77% 46.73% Compare
IRM Iron Mountain Incorporated $31.4B 69.3× 63.1× +13.48% (above 0%: growing) +50.00% (above 0%: growing) −13.03% (below 0%: shrinking) 53.45% 20.63% Compare
SBAC SBA Communications Corporation $20.2B 20.8× 24.3× −2.51% (below 0%: shrinking) −0.27% (below 0%: shrinking) +28.59% (above 0%: growing) 75.97% 51.51% Compare
LAMR Lamar Advertising Company $16.0B 27.8× 26.7× +6.65% (above 0%: growing) +13.57% (above 0%: growing) +35.38% (above 0%: growing) 68.55% 33.54% Compare
WY Weyerhaeuser Company $15.6B 34.3× 43.9× +8.44% (above 0%: growing) −27.27% (below 0%: shrinking) +113.91% (above 0%: growing) 13.80% 5.37% Compare
GLPI Gaming and Leisure Properties, Inc. $11.5B 12.1× 12.0× +9.52% (above 0%: growing) −16.47% (below 0%: shrinking) −47.02% (below 0%: shrinking) 100.00% 71.18% Compare
Median of peers $25.8B 31.0× 35.5× +7.55% −4.03% +14.34% 70.69% 39.55%

All 19 Reit Specialty stocks →

From the latest earnings call

Updated

  • CEO Andy Power said demand spanned regions and customer types, with AI adoption extending beyond large training deployments into enterprise use.
  • CFO Matt Mercier said the contracted backlog reached $2.5 billion and raised the company’s 2026 core FFO per-share guidance.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 107.09%
Held by the ten largest 60.50%
Holder Shares Stake Change
Vanguard 56.16m 15.98% +1.41m
BlackRock 40.52m 11.53% +1.02m
COHEN & STEERS, INC. 29.23m 8.32% +1.05m
State Street 20.84m 5.93% +522.28k
Norges Bank 19.29m 5.49% +19.29m
Blackstone Inc. 12.31m 3.50% +12.31m
Geode Capital Management 9.76m 2.78% +321.89k
Bank of America 8.94m 2.54% −529.43k
APG Asset Management US Inc. 8.62m 2.45% 0.00
UBS 6.92m 1.97% +5.09m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 17 April 2026

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 10.90%
Cohen & Steers, Inc. 7.69%
Norges Bank 6.20%
State Street Corporation 5.80%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Digital Realty Trust, Inc. (DLR) Latest News

1 Nov

Impact 3 · · Simply Wall St.

31 Oct

Impact 3 · · The Motley Fool

30 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 4 · · MarketBeat
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · Associated Press
Impact 4 · · GlobeNewswire
Impact 3 · · Trefis
Impact 3 · · Zacks

27 Oct

Impact 3 · · Zacks

26 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · 24/7 Wall St.

21 Oct

Impact 3 · · Trefis

14 Oct

Impact 3 · · Trefis

9 Oct

Impact 3 · · Trefis

8 Oct

Impact 3 · · InvestorPlace

6 Oct

Impact 4 · · GlobeNewswire
Impact 4 · · Simply Wall St.
Impact 3 · · GlobeNewswire
Impact 3 · · GlobeNewswire

5 Oct

Impact 4 · · Barchart

4 Oct

Impact 3 · · Simply Wall St.

2 Oct

Impact 4 · · Zacks

30 Sep

Impact 4 · · MarketBeat
Impact 4 · · GlobeNewswire

24 Sep

Impact 4 · · Simply Wall St.

23 Sep

Impact 4 · · Zacks

DLR metrics, ten years each

stockrow.com/DLR · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com