Revenue growth has exhibited extreme volatility, swinging from a 71.3% contraction in 2025Q2 to a 157.4% expansion by 2026Q1 as the firm pivots toward fee-based income.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Revenue | 486.19M | 470.13M | 607.03M | 821.38M | 694.77M | 366.06M | 416.43M | 61.03M | 2.37B | 2.8B | 938.23M | 841.98M | 300.65M | 180.24M | 107.16M | 65.47M | 27.43M |
| Revenue Growth % | -13.73% | -22.55% | -26.1% | 18.22% | 89.8% | -12.1% | 582.3% | -97.42% | -15.37% | 198.09% | 11.43% | 180.05% | 66.81% | 68.2% | 63.67% | 138.72% | - |
| Property Operating Expenses | 55.1M | 58.91M | 144.65M | 36.65M | 44.27M | 73.06M | 135.29M | 13.38M | 1.22B | 1.18B | 142.13M | 141.08M | 11.37M | 3.42M | 2.98M | 0 | 0 |
| Net Operating Income (NOI) | 431.09M | 411.23M | 462.38M | 784.73M | 650.5M | 293M | 281.14M | 47.65M | 1.15B | 1.62B | 796.11M | 700.89M | 289.27M | 176.81M | 104.18M | 65.47M | 27.43M |
| NOI Margin % | 88.67% | 87.47% | 76.17% | 95.54% | 93.63% | 80.04% | 67.51% | 78.07% | 48.55% | 57.77% | 84.85% | 83.24% | 96.22% | 98.1% | 97.22% | 100% | 100% |
| Operating Expenses | 96.05M | 88.15M | 330.51M | 479.86M | 474.38M | 260.12M | 495.94M | 168.88M | 807.75M | 1.1B | 370.22M | 316.26M | 63.72M | 34.12M | 25.33M | 17.05M | 9.33M |
| G&A Expenses | 134.2M | 0 | 296.81M | 476.7M | 570.73M | 237.54M | 254.92M | 150.63M | 313.8M | 460.34M | 162.64M | 137.81M | 54.54M | 33.81M | 25.33M | 17.05M | 9.33M |
| EBITDA | 362.59M | 352.53M | 165.57M | 343.19M | 220.6M | 674.48M | 357.04M | 475.03M | 2.43B | 2.58B | 887.77M | 342.44M | 165.27M | 122.36M | 78.62M | 48.42M | 18.1M |
| EBITDA Margin % | 74.58% | 74.98% | 27.28% | 41.78% | 31.75% | 184.25% | 85.74% | 778.32% | 102.83% | 92.28% | 94.62% | 40.67% | 54.97% | 67.89% | 73.37% | 73.96% | 65.99% |
| Depreciation & Amortization | 27.55M | 29.45M | 33.71M | 38.31M | 44.48M | 641.6M | 571.84M | 596.26M | 2.02B | 2.87B | 684.29M | 140.98M | 9.18M | 310K | 8.02M | 0 | 555K |
| D&A / Revenue % | 5.67% | 6.27% | 5.55% | 4.66% | 6.4% | 175.27% | 137.32% | 976.95% | 85.31% | 102.58% | 72.93% | 16.74% | 3.05% | 0.17% | 7.48% | 0% | 2.02% |
| Operating Income | 335.04M | 323.07M | 131.87M | 304.87M | 176.12M | 32.88M | -214.8M | -121.23M | 414.54M | -288.12M | 203.48M | 201.46M | 156.1M | 122.05M | 70.6M | 48.42M | 17.54M |
| Operating Margin % | 68.91% | 68.72% | 21.72% | 37.12% | 25.35% | 8.98% | -51.58% | -198.63% | 17.51% | -10.3% | 21.69% | 23.93% | 51.92% | 67.71% | 65.89% | 73.96% | 63.97% |
| Interest Expense | 4M | 137.09M | 16.44M | 24.54M | 42.93M | 63.24M | 120.83M | 535.54M | 552.84M | 574.82M | 170.08M | 133.09M | 48.37M | 18.84M | 8.25M | 3.01M | 555K |
| Interest Coverage | - | 0.00x | 11.27x | 12.42x | 4.10x | 0.11x | -4.28x | -0.97x | -0.24x | 0.55x | 2.74x | 2.85x | 4.25x | 7.72x | 9.53x | 15.80x | 33.43x |
| Non-Operating Income | 206.71M | 322.49M | -53.39M | 0 | 0 | 25.63M | 302.52M | 397.68M | 299.62M | 390.99M | -98.61M | 4.8M | 19.88M | 833K | 1.04M | 853K | -1.01M |
| Pretax Income | 846K | -17.03M | 168.81M | 365.63M | -46.68M | -56M | -638.15M | -560.1M | -594.73M | -176.57M | 295.51M | 246.74M | 157.31M | 126.58M | 70.37M | 44.55M | 18M |
| Pretax Margin % | 0.17% | -3.62% | 27.81% | 44.51% | -6.72% | -15.3% | -153.24% | -917.71% | -25.13% | -6.31% | 31.5% | 29.3% | 52.32% | 70.23% | 65.67% | 68.06% | 65.62% |
| Income Tax | 5.4M | 5.71M | 2.94M | 6K | 13.13M | -21.46M | -47.06M | -10.62M | -59.97M | -98.4M | 4.78M | -9.3M | -2.4M | 659K | 2.17M | 1.19M | 243K |
| Effective Tax Rate % | 638.18% | -33.51% | 1.74% | 0% | -28.13% | 38.33% | 7.37% | 1.9% | 10.08% | 55.73% | 1.62% | -3.77% | -1.52% | 0.52% | 3.08% | 2.67% | 1.35% |
| Net Income | 148.06M | 141.87M | 70.52M | 185.28M | -321.8M | -310.1M | -2.68B | -1.05B | -519.61M | -197.89M | 115.32M | 149.98M | 123.15M | 101.77M | 62.01M | 42.26M | 17.73M |
| Net Margin % | 30.45% | 30.18% | 11.62% | 22.56% | -46.32% | -84.71% | -642.55% | -1718.43% | -21.95% | -7.08% | 12.29% | 17.81% | 40.96% | 56.46% | 57.87% | 64.55% | 64.65% |
| Net Income Growth % | 29.95% | 101.18% | -61.94% | 157.58% | -3.77% | 88.41% | -155.12% | -101.85% | -162.57% | -271.6% | -23.11% | 21.79% | 21.01% | 64.11% | 46.74% | 138.34% | - |
| Funds From Operations (FFO) | 175.6M | 171.33M | 104.23M | 223.59M | -277.32M | 331.5M | -2.1B | -452.55M | 1.5B | 2.67B | 799.61M | 290.96M | 132.33M | 102.08M | 70.03M | 42.26M | 18.29M |
| FFO Margin % | 36.12% | 36.44% | 17.17% | 27.22% | -39.91% | 90.56% | -505.23% | -741.48% | 63.36% | 95.5% | 85.22% | 34.56% | 44.01% | 56.63% | 65.35% | 64.55% | 66.68% |
| FFO Growth % | 2197.9% | 64.38% | -53.39% | 180.63% | -183.66% | 115.76% | -364.91% | -130.18% | -43.85% | 234.04% | 174.82% | 119.88% | 29.64% | 45.77% | - | - | - |
| FFO per Share | 0.97 | 0.97 | 0.62 | 1.32 | -1.79 | 2.70 | -17.77 | -3.77 | 12.07 | 20.06 | 19.44 | 7.16 | 0.93 | 3.59 | 5.31 | 3.98 | 3.32 |
| FFO Payout Ratio % | 3.08% | 34.23% | 6.5% | 2.9% | -0.59% | 22.14% | -5.06% | -47.32% | 20.71% | 18.05% | 22.66% | 56.9% | 99.61% | 88.09% | 69.07% | 77.84% | 55.21% |
| EPS (Diluted) | 0.82 | 0.46 | 0.07 | 0.77 | -2.47 | -3.14 | -23.25 | -13.77 | -4.18 | -1.49 | 1.58 | 2.60 | 0.69 | 3.58 | 3.60 | 3.98 | 3.22 |
| EPS Growth % | 46.27% | 565.7% | -91.03% | 131.17% | 21.34% | 86.49% | -68.85% | -229.43% | -180.54% | -194.3% | -39.23% | 276.81% | -80.73% | -0.56% | -9.55% | 23.6% | - |
| EPS (Basic) | - | 0.46 | 0.07 | 0.82 | -2.47 | -3.14 | -23.25 | -13.77 | -4.18 | -1.49 | 1.63 | 2.60 | 0.69 | 4.02 | 3.63 | 4.01 | 3.27 |
| Diluted Shares Outstanding | 180.24M | 175.73M | 168.82M | 169.72M | 154.5M | 122.86M | 118.39M | 119.9M | 124.25M | 133.15M | 41.14M | 40.66M | 141.79M | 28.44M | 13.18M | 10.63M | 5.5M |
Capital deployment execution risk
As reported in recent financial statements, DigitalBridge's revenue growth has exhibited significant volatility, swinging from a 71.3% contraction in 2025Q2 to a 157.4% expansion by 2026Q1, reflecting the firm's intentional transition away from legacy balance sheet assets toward a fee-based digital infrastructure management model.
The extreme fluctuations in top-line figures suggest that the company is still in the late stages of its portfolio simplification program. Investors should monitor whether the recent revenue acceleration represents a sustainable shift toward recurring management fees or if it remains sensitive to the timing of transactional asset sales.
Based on the provided quarterly data, NOI margins have stabilized near 90% in early 2026, a marked improvement from the 54.3% margin observed in 2024Q2, suggesting that the firm's shift toward an asset-light management structure is successfully reducing the drag from legacy operating expenses.
The high NOI margins currently observed appear to validate the transition to a fee-centric business model which requires less direct capital expenditure than traditional infrastructure ownership. However, the historical volatility in these margins warrants further investigation into how much of this profitability is driven by core fee income versus non-recurring items.
According to the company's reported figures, FFO per share has recovered from a negative $0.13 in 2024Q1 to $0.14 in 2026Q1, indicating that the underlying earnings power of the digital infrastructure platform is beginning to stabilize after a period of significant structural transition and balance sheet restructuring.
The improvement in FFO suggests that the firm is successfully scaling its fee-earning equity under management without the dilutive effects that previously plagued the legacy business model. Analysts should remain cautious, as the reliance on performance-based carried interest may introduce future lumpiness into these earnings metrics.
As evidenced by the sharp divergence between Net Income and FFO in various periods, the company's earnings quality appears sensitive to non-cash adjustments and transactional gains, which may obscure the true recurring cash-generating capacity of the asset management platform for institutional investors.
The significant variance between GAAP net income and FFO suggests that investors should prioritize Distributable Earnings as the primary gauge of dividend safety and operational health. The potential for future volatility in carried interest remains a key risk that could lead to temporary disconnects between reported earnings and actual cash flow.
Quick answers to the most common questions about buying DBRG stock.
For fiscal year 2025, DigitalBridge Group, Inc. (DBRG) reported total revenue of $470.1M. This represents a 1614.2% increase compared to $27.4M in 2010.
DigitalBridge Group, Inc. (DBRG) is profitable, generating $141.9M in net income for the fiscal year ending 2025 with a net profit margin of 30.2%.
DigitalBridge Group, Inc. (DBRG) reported an operating income of $323.1M, resulting in an operating profit margin of 68.7%. This margin reflects the operational efficiency of the business before interest and taxes.
DigitalBridge Group, Inc. (DBRG) generated $411.2M in gross profit for the year, representing a gross profit margin of 87.5%. This demonstrates the company's core pricing power and production efficiency.