Despite a 16.2% revenue growth rate in 2026Q1, the company's NOI margin collapsed to -3.8%, indicating significant pressure on core property-level profitability.
| 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 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Revenue | 6.42B | 6.11B | 5.55B | 5.48B | 4.69B | 4.43B | 3.9B | 3.21B | 3.05B | 2.46B | 2.14B | 1.76B | 1.62B | 1.48B | 1.27B | 1.06B | 865.4M | 637.14M | 527.45M | 384.83M | 274.66M | 208.81M | 107.12M | 63.09M |
| Revenue Growth % | 13.97% | 10.04% | 1.42% | 16.74% | 5.96% | 13.43% | 21.64% | 5.34% | 23.95% | 14.74% | 21.49% | 9.01% | 9.13% | 16.3% | 19.93% | 22.8% | 35.83% | 20.8% | 37.06% | 40.11% | 31.54% | 94.93% | 69.8% | - |
| Property Operating Expenses | 4.81B | 2.73B | 2.52B | 2.6B | 2.02B | 1.78B | 1.51B | 1.19B | 1.1B | 894.61M | 762.67M | 642.47M | 594.68M | 546.92M | 452.3M | 380.58M | 296.2M | 212.24M | 182.25M | 136.41M | 86.14M | 0 | 0 | 8.62M |
| Net Operating Income (NOI) | 1.61B | 3.39B | 3.04B | 2.88B | 2.67B | 2.65B | 2.39B | 2.02B | 1.95B | 1.56B | 1.38B | 1.12B | 1.02B | 935.34M | 822.22M | 682.13M | 569.2M | 424.9M | 345.2M | 248.43M | 188.51M | 208.81M | 107.12M | 54.46M |
| NOI Margin % | 25.12% | 55.39% | 54.65% | 52.56% | 57% | 59.84% | 61.21% | 62.83% | 63.96% | 63.6% | 64.4% | 63.56% | 63.24% | 63.1% | 64.51% | 64.19% | 65.77% | 66.69% | 65.45% | 64.55% | 68.64% | 100% | 100% | 86.33% |
| Operating Expenses | 674.62M | 2.73B | 2.56B | 2.35B | 2.08B | 1.96B | 1.83B | 1.42B | 1.4B | 1.11B | 882.25M | 718.95M | 763.09M | 553.53M | 460.69M | 377.82M | 326.9M | 247.11M | 216.84M | 171.16M | 111.36M | 132.03M | 74.27M | 25.18M |
| G&A Expenses | 277.72M | 560.54M | 480.02M | 449.06M | 422.17M | 400.65M | 351.37M | 211.1M | 163.67M | 161.44M | 162.22M | 114.36M | 101.83M | 74.4M | 66.81M | 61.65M | 55.33M | 48.28M | 43.38M | 36.31M | 24.12M | 12.62M | 21.02M | 329K |
| EBITDA | 2.89B | 2.55B | 2.24B | 2.22B | 2.17B | 2.18B | 1.92B | 1.76B | 1.74B | 1.29B | 1.2B | 972.44M | 797.18M | 857.28M | 748.63M | 606.8M | 497.89M | 375.84M | 300.63M | 212.06M | 157.26M | 121.82M | 48.01M | 35.78M |
| EBITDA Margin % | 45.01% | 41.77% | 40.39% | 40.52% | 46.21% | 49.25% | 49.29% | 54.78% | 57.01% | 52.64% | 55.86% | 55.15% | 49.28% | 57.84% | 58.74% | 57.1% | 57.53% | 58.99% | 57% | 55.11% | 57.26% | 58.34% | 44.82% | 56.72% |
| Depreciation & Amortization | 1.95B | 1.89B | 1.77B | 1.69B | 1.58B | 1.49B | 1.37B | 1.16B | 1.19B | 842.46M | 699.32M | 570.53M | 538.51M | 475.46M | 382.55M | 302.49M | 255.59M | 198.05M | 172.28M | 124.39M | 82.69M | 62.23M | 31.4M | 9.48M |
| D&A / Revenue % | 30.4% | 31% | 31.9% | 30.94% | 33.63% | 33.57% | 35% | 36.26% | 38.96% | 34.28% | 32.64% | 32.35% | 33.29% | 32.08% | 30.02% | 28.46% | 29.53% | 31.08% | 32.66% | 32.32% | 30.11% | 29.8% | 29.31% | 15.03% |
| Operating Income | 937.72M | 658.49M | 471.86M | 524.46M | 589.97M | 694.01M | 557.53M | 594.22M | 549.79M | 451.3M | 497.29M | 401.91M | 258.67M | 381.81M | 366.08M | 304.31M | 242.31M | 177.79M | 128.35M | 87.68M | 74.57M | 59.59M | 16.61M | 26.3M |
| Operating Margin % | 14.61% | 10.77% | 8.49% | 9.58% | 12.57% | 15.67% | 14.28% | 18.52% | 18.05% | 18.36% | 23.21% | 22.79% | 15.99% | 25.76% | 28.72% | 28.64% | 28% | 27.9% | 24.34% | 22.78% | 27.15% | 28.54% | 15.51% | 41.7% |
| Interest Expense | 4M | 437.95M | 452.84M | 437.74M | 299.13M | 293.85M | 333.02M | 353.06M | 321.53M | 258.64M | 241.04M | 203.82M | 191.09M | 189.4M | 157.11M | 149.35M | 137.38M | 88.44M | 63.62M | 67.05M | 49.59M | 0 | 0 | 0 |
| Interest Coverage | - | 3.87x | 2.42x | 3.34x | 2.38x | 7.19x | 2.20x | 2.73x | 2.07x | 2.02x | 2.83x | 2.51x | 2.09x | 2.70x | 2.39x | 2.09x | 1.78x | 2.04x | 2.08x | 1.35x | 1.52x | - | - | - |
| Non-Operating Income | -1.04B | -1.03B | -624.06M | -939.17M | -121.04M | -1.42B | -176.27M | -370.06M | -114.94M | -71.52M | -186M | -109.95M | -141.07M | -129.33M | -9.72M | -7.12M | -2.34M | -2.92M | -4.29M | -2.74M | -920K | -1.02M | 0 | 0 |
| Pretax Income | 1.49B | 1.35B | 643.09M | 1.03B | 411.88M | 1.82B | 400.78M | 611.22M | 343.2M | 264.17M | 442.24M | 215.69M | 208.65M | 321.74M | 218.69M | 162.08M | 107.26M | 92.27M | 70.55M | 25.22M | 26.55M | 24.36M | -5.68M | 0 |
| Pretax Margin % | 23.22% | 22.01% | 11.58% | 18.73% | 8.78% | 41.11% | 10.27% | 19.05% | 11.27% | 10.75% | 20.64% | 12.23% | 12.9% | 21.71% | 17.16% | 15.25% | 12.39% | 14.48% | 13.38% | 6.55% | 9.67% | 11.66% | -5.3% | 0% |
| Income Tax | 30.91M | 32.04M | 54.76M | 75.58M | 31.55M | 72.8M | 38.05M | 11.99M | 2.08M | 7.9M | 10.38M | 6.45M | 5.24M | 1.29M | 2.65M | -42K | 1.85M | 1.04M | 0 | 0 | 0 | 0 | 0 | 17.05M |
| Effective Tax Rate % | 2.07% | 2.38% | 8.52% | 7.37% | 7.66% | 4% | 9.49% | 1.96% | 0.61% | 2.99% | 2.35% | 2.99% | 2.51% | 0.4% | 1.21% | -0.03% | 1.73% | 1.12% | 0% | 0% | 0% | 0% | 0% | - |
| Net Income | 1.38B | 1.31B | 602.49M | 948.84M | 377.68M | 1.71B | 356.4M | 579.76M | 331.25M | 248.26M | 426.19M | 204.33M | 200.18M | 314.49M | 210.33M | 156.26M | 102.29M | 87.66M | 67.66M | 22.54M | 13.3M | 16.1M | 4.56M | 16.64M |
| Net Margin % | 21.47% | 21.41% | 10.85% | 17.32% | 8.05% | 38.6% | 9.13% | 18.07% | 10.87% | 10.1% | 19.89% | 11.59% | 12.38% | 21.22% | 16.5% | 14.7% | 11.82% | 13.76% | 12.83% | 5.86% | 4.84% | 7.71% | 4.25% | 26.38% |
| Net Income Growth % | 219.73% | 117.2% | -36.5% | 151.23% | -77.9% | 379.59% | -38.53% | 75.02% | 33.43% | -41.75% | 108.58% | 2.07% | -36.35% | 49.52% | 34.6% | 52.76% | 16.69% | 29.56% | 200.14% | 69.55% | -17.42% | 253.32% | -72.62% | - |
| Funds From Operations (FFO) | 3.33B | 3.2B | 2.37B | 2.64B | 1.96B | 3.2B | 1.72B | 1.74B | 1.52B | 1.09B | 1.13B | 774.86M | 738.7M | 789.95M | 592.89M | 458.75M | 357.88M | 285.71M | 239.94M | 146.93M | 95.99M | 78.33M | 35.95M | 26.12M |
| FFO Margin % | 51.87% | 52.4% | 42.74% | 48.27% | 41.68% | 72.18% | 44.13% | 54.33% | 49.83% | 44.38% | 52.54% | 43.94% | 45.67% | 53.29% | 46.52% | 43.17% | 41.35% | 44.84% | 45.49% | 38.18% | 34.95% | 37.51% | 33.56% | 41.41% |
| FFO Growth % | 220.43% | 34.91% | -10.19% | 35.18% | -38.81% | 85.51% | -1.19% | 14.85% | 39.19% | -3.09% | 45.25% | 4.9% | -6.49% | 33.24% | 29.24% | 28.19% | 25.26% | 19.08% | 63.3% | 53.07% | 22.54% | 117.86% | 37.64% | - |
| FFO per Share | 9.42 | 9.11 | 7.16 | 8.55 | 6.56 | 11.28 | 6.56 | 8.32 | 7.35 | 6.24 | 7.47 | 5.58 | 5.53 | 6.17 | 5.11 | 4.63 | 4.16 | 3.71 | 3.41 | 2.35 | 2.66 | 3.23 | 1.73 | 1.31 |
| FFO Payout Ratio % | 52.6% | 53.96% | 68.79% | 57.52% | 74.18% | 43.16% | 67.49% | 52.87% | 55.95% | 59.26% | 46.35% | 60.48% | 59.79% | 50.76% | 56.41% | 56.96% | 47.93% | 38.42% | 38.12% | 52.92% | 67.3% | 61.82% | 190.78% | 0% |
| EPS (Diluted) | 3.90 | 3.58 | 1.61 | 3.00 | 1.11 | 5.94 | 1.00 | 2.35 | 1.21 | 0.99 | 2.20 | 1.56 | 1.00 | 2.12 | 1.48 | 1.32 | 0.68 | 0.61 | 0.41 | 0.30 | 0.47 | 0.25 | 0.22 | 0.83 |
| EPS Growth % | 254.31% | 122.36% | -46.33% | 170.27% | -81.31% | 494% | -57.45% | 94.21% | 22.22% | -55% | 41.03% | 56% | -52.83% | 43.24% | 12.12% | 94.12% | 11.48% | 48.78% | 36.67% | -36.17% | 88% | 13.64% | -73.49% | - |
| EPS (Basic) | - | 3.73 | 1.74 | 3.04 | 1.18 | 5.95 | 1.01 | 2.37 | 1.21 | 0.99 | 2.21 | 1.57 | 1.00 | 2.12 | 1.48 | 1.33 | 0.69 | 0.62 | 0.42 | 0.31 | 0.49 | 0.25 | 0.22 | 0.83 |
| Diluted Shares Outstanding | 353.25M | 351.57M | 331.55M | 309.06M | 297.92M | 283.22M | 262.52M | 209.46M | 206.67M | 174.9M | 150.68M | 138.87M | 133.64M | 128.13M | 116.01M | 99.17M | 86.01M | 77.02M | 70.44M | 62.57M | 36.13M | 24.22M | 20.77M | 20M |
Power grid capacity constraints
According to the provided quarterly data, Digital Realty achieved a 16.2% revenue growth rate in 2026Q1, signaling a strong acceleration from the 10.2% observed in 2025Q3, though this top-line momentum appears to be decoupled from the company's recent erratic property-level operating income performance.
The acceleration in revenue suggests that the company is successfully capturing demand from hyperscale cloud providers, likely driven by the ongoing AI-related infrastructure build-out. However, the disconnect between revenue growth and the negative NOI reported in recent periods warrants further investigation into whether rising utility costs or operational inefficiencies are eroding the profitability of these new lease additions.
As reported in the financial statements, the company's NOI margin plummeted to -3.8% in 2026Q1, a stark reversal from the 55.0% margin recorded in 2025Q3, suggesting that the firm is currently struggling to maintain property-level profitability despite its significant scale and market presence.
The sudden shift to negative NOI margins implies that the cost structure of the portfolio may be experiencing significant inflationary pressure, potentially from unrecovered utility expenses or maintenance requirements. Investors should monitor whether this margin compression is a temporary accounting anomaly related to asset recycling or a structural deterioration in the company's ability to pass through operating costs to tenants.
Based on reported figures, FFO per share reached $1.92 in 2026Q1, reflecting a 22.7% growth rate, yet the extreme variance in FFO metrics across the last ten quarters suggests that headline earnings may be heavily influenced by non-recurring items or significant capital recycling activities.
The erratic nature of FFO growth, ranging from a 195.4% surge in 2025Q2 to a 22.4% decline in 2025Q1, indicates that core operational performance is difficult to isolate from the company's aggressive joint venture and capital recycling strategy. This volatility makes it challenging to assess the true sustainability of the dividend and the underlying cash-generating capacity of the data center portfolio.
Data from the provided income statement reveals that AFFO has remained consistently negative for most of the last ten quarters, with the exception of 2025Q2 and 2024Q1, which suggests that the company's recurring cash flow may be insufficient to cover its capital-intensive maintenance and development requirements.
The persistent negative AFFO figures imply that the company is relying heavily on external financing or asset sales to fund its operations and dividend distributions. This reliance on capital markets appears to be a significant risk factor, as any tightening in credit conditions could force a re-evaluation of the company's current capital allocation and distribution policies.
Quick answers to the most common questions about buying DLR stock.
For fiscal year 2025, Digital Realty Trust, Inc. (DLR) reported total revenue of $6.11B. This represents a 9589.2% increase compared to $63.1M in 2003.
Digital Realty Trust, Inc. (DLR) is profitable, generating $1.31B in net income for the fiscal year ending 2025 with a net profit margin of 21.4%.
Digital Realty Trust, Inc. (DLR) reported an operating income of $658.5M, resulting in an operating profit margin of 10.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Digital Realty Trust, Inc. (DLR) generated $3.39B in gross profit for the year, representing a gross profit margin of 55.4%. This demonstrates the company's core pricing power and production efficiency.