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DLR logoDigital Realty Trust, Inc.(DLR)Earnings, Financials & Key Ratios

DLR•NYSE•REIT / Real Estate
$196.69
$67.59B mkt cap·54.9× P/E·Price updated May 6, 2026
SectorReal EstateIndustryOffice REITsSub-IndustrySpecialized Office and Lab REITs
AboutDigital Realty supports the world's leading enterprises and service providers by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITALR, the company's global data center platform, provides customers a trusted foundation and proven Pervasive Datacenter Architecture PDxTM solution methodology for scaling digital business and efficiently managing data gravity challenges. Digital Realty's global data center footprint gives customers access to the connected communities that matter to them with more than 284 facilities in 48 metros across 23 countries on six continents.Show more
  • Revenue$6.11B+10.0%
  • FFO$3.2B+34.9%
  • FFO/Share9.11+27.2%
  • FFO Payout53.96%-21.6%
  • FFO per Share9.11+27.2%
  • NOI Margin55.39%+1.4%
  • FFO Margin52.4%+22.6%
  • ROE5.45%+99.8%
  • ROA2.76%+105.0%
  • Debt/Assets48.94%+23.1%
  • Net Debt/EBITDA8.12+28.9%
  • Book Value/Share70.67+1.1%
Analysis→Technical→

DLR Key Insights

Digital Realty Trust, Inc. (DLR) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 29.7%
  • ✓Strong Piotroski F-Score: 7/9
  • ✓FFO growing 34.9% TTM
  • ✓Sustainable FFO payout ratio of 54.0%
  • ✓Healthy dividend yield of 2.5%

✗Weaknesses

  • ✗Weak 3Y average ROE of 4.3%
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

DLR Price & Volume

Digital Realty Trust, Inc. (DLR) stock price & volume — 10-year historical chart

Loading chart...

DLR Growth Metrics

Digital Realty Trust, Inc. (DLR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years13.24%
5 Years9.38%
3 Years9.22%
TTM11.44%

Profit CAGR

10 Years20.41%
5 Years29.71%
3 Years51.32%
TTM117.2%

EPS CAGR

10 Years8.66%
5 Years29.06%
3 Years47.75%
TTM122.5%

Return on Capital

10 Years2.3%
5 Years1.55%
3 Years1.35%
Last Year1.48%

DLR Recent Earnings

Digital Realty Trust, Inc. (DLR) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
Apr 23, 2026
EPS
$0.46
Est $0.44
+4.2%
Revenue
$1.6B
Est $1.6B
+2.1%
Q1 2026
Feb 5, 2026
EPS
$0.24
Est $0.29
-16.5%
Revenue
$1.6B
Est $1.6B
+3.7%
Q4 2025
Oct 23, 2025
EPS
$1.89
Est $1.78
+6.2%
Revenue
$1.6B
Est $1.6B
+0.1%
Q3 2025
Jul 24, 2025
EPS
$1.87
Est $1.74
+7.5%
Revenue
$1.5B
Est $1.5B
-2.6%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 23, 2026
$0.46vs $0.44+4.2%
$1.6Bvs $1.6B+2.1%
Q1 2026Feb 5, 2026
$0.24vs $0.29-16.5%
$1.6Bvs $1.6B+3.7%
Q4 2025Oct 23, 2025
$1.89vs $1.78+6.2%
$1.6Bvs $1.6B+0.1%
Q3 2025Jul 24, 2025
$1.87vs $1.74+7.5%
$1.5Bvs $1.5B-2.6%
Based on last 12 quarters of dataView full earnings history →

DLR Peer Comparison

Digital Realty Trust, Inc. (DLR) competitors in Specialized Office and Lab REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
EQIX logoEQIXEquinix, Inc.Direct Competitor106.36B1078.4678.385.85%15.03%10.02%1.60
IRM logoIRMIron Mountain IncorporatedDirect Competitor39.18B131.70268.7812.22%3.76%
AMT logoAMTAmerican Tower CorporationProduct Competitor82.98B178.1233.055.11%26.6%27.44%4.56%4.34
CCI logoCCICrown Castle Inc.Product Competitor38.88B89.1087.35-35.06%25.13%7.39%
SBAC logoSBACSBA Communications CorporationProduct Competitor23.06B217.3822.185.06%35.66%4.63%
UNIT logoUNITUniti Group Inc.Product Competitor2.73B11.502.3691.49%56.8%342.98%26.35
NVDA logoNVDANVIDIA CorporationSupply Chain4.78T196.5040.1065.47%55.6%76.33%2.02%0.07
CSCO logoCSCOCisco Systems, Inc.Supply Chain373.43B94.3036.985.3%18.76%23.21%3.56%0.63

Compare DLR vs Peers

Digital Realty Trust, Inc. (DLR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs EQIX

Most directly comparable listed peer for DLR.

Scale Benchmark

vs NVDA

Larger-name benchmark to compare DLR against a more recognizable public peer.

Peer Set

Compare Top 5

vs EQIX, IRM, AMT, CCI

DLR Income Statement

Digital Realty Trust, Inc. (DLR) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue2.46B3.05B3.21B3.9B4.43B4.69B5.48B5.55B6.11B
Revenue Growth %14.74%23.95%5.34%21.64%13.43%5.96%16.74%1.42%10.04%
Property Operating Expenses894.61M1.1B1.19B1.51B1.78B2.02B2.6B2.52B2.73B
Net Operating Income (NOI)
1.56B▲ 0%
1.95B▲ 24.6%
2.02B▲ 3.5%
2.39B▲ 18.5%
2.65B▲ 10.9%
2.67B▲ 0.9%
2.88B▲ 7.7%
3.04B▲ 5.4%
3.39B▲ 11.5%
NOI Margin %63.6%63.96%62.83%61.21%59.84%57%52.56%54.65%55.39%
Operating Expenses1.11B1.4B1.42B1.83B1.96B2.08B2.35B2.56B2.73B
G&A Expenses161.44M163.67M211.1M351.37M400.65M422.17M449.06M480.02M560.54M
EBITDA1.29B1.74B1.76B1.92B2.18B2.17B2.22B2.24B2.55B
EBITDA Margin %52.64%57.01%54.78%49.29%49.25%46.21%40.52%40.39%41.77%
Depreciation & Amortization842.46M1.19B1.16B1.37B1.49B1.58B1.69B1.77B1.89B
D&A / Revenue %34.28%38.96%36.26%35%33.57%33.63%30.94%31.9%31%
Operating Income
451.3M▲ 0%
549.79M▲ 21.8%
594.22M▲ 8.1%
557.53M▼ 6.2%
694.01M▲ 24.5%
589.97M▼ 15.0%
524.46M▼ 11.1%
471.86M▼ 10.0%
658.49M▲ 39.6%
Operating Margin %18.36%18.05%18.52%14.28%15.67%12.57%9.58%8.49%10.77%
Interest Expense258.64M321.53M353.06M333.02M293.85M299.13M437.74M452.84M437.95M
Interest Coverage2.02x2.07x2.73x2.20x7.19x2.38x3.34x2.42x3.87x
Non-Operating Income-71.52M-114.94M-370.06M-176.27M-1.42B-121.04M-939.17M-624.06M-1.03B
Pretax Income
264.17M▲ 0%
343.2M▲ 29.9%
611.22M▲ 78.1%
400.78M▼ 34.4%
1.82B▲ 354.2%
411.88M▼ 77.4%
1.03B▲ 149.1%
643.09M▼ 37.3%
1.35B▲ 109.2%
Pretax Margin %10.75%11.27%19.05%10.27%41.11%8.78%18.73%11.58%22.01%
Income Tax7.9M2.08M11.99M38.05M72.8M31.55M75.58M54.76M32.04M
Effective Tax Rate %2.99%0.61%1.96%9.49%4%7.66%7.37%8.52%2.38%
Net Income
248.26M▲ 0%
331.25M▲ 33.4%
579.76M▲ 75.0%
356.4M▼ 38.5%
1.71B▲ 379.6%
377.68M▼ 77.9%
948.84M▲ 151.2%
602.49M▼ 36.5%
1.31B▲ 117.2%
Net Margin %10.1%10.87%18.07%9.13%38.6%8.05%17.32%10.85%21.41%
Net Income Growth %-41.75%33.43%75.02%-38.53%379.59%-77.9%151.23%-36.5%117.2%
Funds From Operations (FFO)
1.09B▲ 0%
1.52B▲ 39.2%
1.74B▲ 14.8%
1.72B▼ 1.2%
3.2B▲ 85.5%
1.96B▼ 38.8%
2.64B▲ 35.2%
2.37B▼ 10.2%
3.2B▲ 34.9%
FFO Margin %44.38%49.83%54.33%44.13%72.18%41.68%48.27%42.74%52.4%
FFO Growth %-3.09%39.19%14.85%-1.19%85.51%-38.81%35.18%-10.19%34.91%
FFO per Share6.247.358.326.5611.286.568.557.169.11
FFO Payout Ratio %59.26%55.95%52.87%67.49%43.16%74.18%57.52%68.79%53.96%
EPS (Diluted)
0.99▲ 0%
1.21▲ 22.2%
2.35▲ 94.2%
1.00▼ 57.4%
5.94▲ 494.0%
1.11▼ 81.3%
3.00▲ 170.3%
1.61▼ 46.3%
3.58▲ 122.4%
EPS Growth %-55%22.22%94.21%-57.45%494%-81.31%170.27%-46.33%122.36%
EPS (Basic)0.991.212.371.015.951.183.041.743.73
Diluted Shares Outstanding174.9M206.67M209.46M262.52M283.22M297.92M309.06M331.55M351.57M

DLR Balance Sheet

Digital Realty Trust, Inc. (DLR) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets21.4B23.77B23.07B36.08B36.37B41.48B44.11B45.28B49.41B
Asset Growth %75.55%11.04%-2.94%56.39%0.81%14.07%6.34%2.65%9.11%
Real Estate & Other Assets14.24B15.55B14.89B21.38B21.67B24.73B25.28B25.23B2.54B
PP&E (Net)00628.68M1.39B1.41B1.35B1.41B1.18B26.43B
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets429.07M426.32M625.25M711.61M814.42M1.11B3.38B5.13B5.16B
Cash & Equivalents51K126.7M89.82M108.5M142.7M141.77M1.63B3.87B3.45B
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets152.67M0229.93M0-547.38M-601.59M-145.92M-642.46M349.83M
Intangible Assets3.18B3.26B2.27B3.12B2.74B3.09B2.5B2.18B2.13B
Total Liabilities10.3B12.89B12.42B17.59B17.85B21.86B23.12B22.11B24.56B
Total Debt8.65B11.1B10.99B14.77B14.96B18.07B18.97B18.01B24.18B
Net Debt8.65B10.97B10.9B14.66B14.82B17.93B17.34B14.14B20.73B
Long-Term Debt8.1B9.45B9.89B12.77B13.05B14.45B15.61B15.1B20B
Short-Term Borrowings550.95M1.65B234.1M531.9M398.17M2.15B1.81B1.61B1.15B
Capital Lease Obligations00871.63M1.47B1.51B1.47B1.54B1.29B3.03B
Total Current Liabilities1.74B3.03B1.3B2.28B2.62B4.75B4.81B4.63B1.15B
Accounts Payable980.22M1.16B831.07M1.42B1.54B1.87B2.17B2.06B2.6B
Deferred Revenue199.76M209.31M208.72M371.66M336.58M369.65M401.87M539.8M0
Other Liabilities467.36M409.42M208.72M371.66M0000-742.46M
Total Equity
11.1B▲ 0%
10.87B▼ 2.1%
10.65B▼ 2.1%
18.49B▲ 73.6%
18.52B▲ 0.2%
19.62B▲ 5.9%
21B▲ 7.0%
23.18B▲ 10.4%
24.85B▲ 7.2%
Equity Growth %116.34%-2.07%-2.06%73.61%0.19%5.93%7%10.38%7.21%
Shareholders Equity10.35B9.86B9.88B17.72B18B17.58B19.12B21.34B22.93B
Minority Interest754.27M1.02B770.25M770.65M519.21M2.04B1.88B1.84B1.92B
Common Stock2.04M2.05M2.07M2.79M2.82M2.89M3.09M3.34M3.41M
Additional Paid-in Capital11.26B11.36B11.58B20.63B21.08B22.14B24.4B28.08B29.35B
Retained Earnings-2.06B-2.63B-3.05B-4B-3.63B-4.7B-5.26B0-6.69B
Preferred Stock1.25B1.25B1.43B950.94M731.69M731.69M731.69M731.69M731.69M
Return on Assets (ROA)1.48%1.47%2.48%1.21%4.72%0.97%2.22%1.35%2.76%
Return on Equity (ROE)3.06%3.01%5.39%2.45%9.24%1.98%4.67%2.73%5.45%
Debt / Assets40.41%46.71%47.66%40.95%41.13%43.55%43%39.77%48.94%
Debt / Equity0.78x1.02x1.03x0.80x0.81x0.92x0.90x0.78x0.97x
Net Debt / EBITDA6.68x6.32x6.20x7.62x6.80x8.27x7.81x6.30x8.12x
Book Value per Share63.4952.6150.8470.4365.4065.8667.9369.9070.67

DLR Cash Flow Statement

Digital Realty Trust, Inc. (DLR) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations1.02B1.39B1.51B1.71B1.7B1.66B1.63B2.26B2.41B
Operating CF Growth %12.17%35.38%9.28%12.73%-0.25%-2.52%-1.48%38.34%6.66%
Operating CF / Revenue %41.63%45.47%47.17%43.72%38.44%35.37%29.85%40.71%39.46%
Net Income256.27M341.12M599.22M362.73M1.75B380.32M950.31M602.49M1.31B
Depreciation & Amortization595M770.27M809.47M1.37B1.49B1.58B1.69B1.77B1.89B
Stock-Based Compensation20.52M27.16M34.91M74.58M84.08M92.46M80.53M75.61M0
Other Non-Cash Items262.86M458.23M387.02M31.89M52.11M-160.99M-711.17M-213.09M-828.35M
Working Capital Changes-107.73M-130.51M-30.5M-8.42M-309.83M-230.34M-379.75M24.67M37.26M
Cash from Investing-1.36B-3.04B-274.99M-2.6B-1.06B-4.7B-1.12B-1.91B-2.23B
Acquisitions (Net)63.04M115.33M1.3B-23.24M-189.35M-2.23B-146.77M-508M0
Purchase of Investments-93.41M-13.25M-2.6M-144.32M827.03M-296.1M000
Sale of Investments63.96M01.49B70.02M1.69B271.57M000
Other Investing-1.48B-3.14B-1.56B-323.13M-872.37M194.5M-968.34M-1.4B-2.23B
Cash from Financing321.2M1.76B-1.27B935.69M-590.63M2.97B963.47M2.06B-486.74M
Dividends Paid-715.21M-930.78M-996.77M-1.24B-1.38B-1.45B-1.52B-1.63B-1.73B
Common Dividends-646.41M-849.47M-921.78M-1.16B-1.38B-1.45B-1.52B-1.63B-1.73B
Debt Issuance (Net)1000K1000K-1000K1000K1000K1000K1000K1000K1000K
Share Repurchases-182.5M-3.86M0000000
Other Financing-19.55M25.4M47.69M84.87M90.34M96.39M-57.49M8.61M-54.88M
Net Change in Cash
-8.86M▲ 0%
122.04M▲ 1478.2%
-37.97M▼ 131.1%
26.4M▲ 169.5%
27.83M▲ 5.4%
-789K▼ 102.8%
1.49B▲ 188411.0%
2.24B▲ 50.8%
-419.24M▼ 118.7%
Exchange Rate Effect3.79M15.44M-4.77M-16.48M-22.04M70.08M2.63M-178.52M-113.34M
Cash at Beginning22.04M13.18M135.22M97.25M123.65M151.49M150.7M1.64B3.87B
Cash at End13.18M135.22M97.25M123.65M151.49M150.7M1.64B3.88B3.45B
Free Cash Flow
-178.17M▲ 0%
11.66M▲ 106.5%
10.84M▼ 7.1%
-472.14M▼ 4456.7%
-818.54M▼ 73.4%
-983.71M▼ 20.2%
-1.89B▼ 92.2%
-570.26M▲ 69.8%
2.41B▲ 523.0%
FCF Growth %-229.16%106.54%-7.06%-4456.73%-73.37%-20.18%-92.21%69.84%522.99%
FCF / Revenue %-7.25%0.38%0.34%-12.09%-18.49%-20.97%-34.52%-10.27%39.46%

DLR Key Ratios

Digital Realty Trust, Inc. (DLR) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
FFO per Share7.476.247.358.326.5611.286.568.557.169.11
FFO Payout Ratio46.35%59.26%55.95%52.87%67.49%43.16%74.18%57.52%68.79%53.96%
NOI Margin64.4%63.6%63.96%62.83%61.21%59.84%57%52.56%54.65%55.39%
Net Debt / EBITDA4.87x6.68x6.32x6.20x7.62x6.80x8.27x7.81x6.30x8.12x
Debt / Assets47.89%40.41%46.71%47.66%40.95%41.13%43.55%43%39.77%48.94%
Interest Coverage2.83x2.02x2.07x2.73x2.20x7.19x2.38x3.34x2.42x3.87x
Book Value / Share34.0663.4952.6150.8470.4365.465.8667.9369.970.67
Revenue Growth21.49%14.74%23.95%5.34%21.64%13.43%5.96%16.74%1.42%10.04%

DLR SEC Filings & Documents

Digital Realty Trust, Inc. (DLR) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 23, 2026·SEC

Material company update

Feb 17, 2026·SEC

Material company update

Feb 5, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 13, 2026·SEC

FY 2025

Feb 25, 2025·SEC

FY 2024

Feb 23, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Oct 31, 2025·SEC

FY 2025

Aug 1, 2025·SEC

FY 2025

May 1, 2025·SEC

DLR Frequently Asked Questions

Digital Realty Trust, Inc. (DLR) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Digital Realty Trust, Inc. (DLR) reported $6.19B in revenue for fiscal year 2025. This represents a 9712% increase from $63.1M in 2003.

Digital Realty Trust, Inc. (DLR) grew revenue by 10.0% over the past year. This is steady growth.

Yes, Digital Realty Trust, Inc. (DLR) is profitable, generating $1.31B in net income for fiscal year 2025 (21.4% net margin).

Dividend & Returns

Yes, Digital Realty Trust, Inc. (DLR) pays a dividend with a yield of 2.50%. This makes it attractive for income-focused investors.

Digital Realty Trust, Inc. (DLR) has a return on equity (ROE) of 5.5%. This is below average, suggesting room for improvement.

Industry Metrics

Digital Realty Trust, Inc. (DLR) generated Funds From Operations (FFO) of $3.20B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Explore More DLR

Digital Realty Trust, Inc. (DLR) financial analysis — history, returns, DCA and operating performance tools

Full DLR Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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