Digital Realty Trust, Inc.

DLR · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002
Valuation
Market cap	$53,143	$58,823	$40,758	$28,830	$50,193	$39,591	$24,992	$21,979	$23,400	$15,617	$11,067	$8,842	$6,284	$7,856	$6,561	$4,344	$3,819	$2,261	$2,322	$1,237	$543	$280	–	$240
Enterprise value	$74,295	$73,362	$58,584	$47,280	$65,483	$54,985	$36,625	$33,953	$32,749	$21,482	$16,945	$13,517	$11,232	$12,112	$9,518	$7,231	$5,607	$3,655	$3,728	$2,476	$1,724	$796	–	$296
P/E (TTM) at period end	41.92×	104.71×	44.88×	85.56×	29.85×	150.34×	50.69×	87.94×	135.14×	47.03×	50.94×	66.63×	23.14×	45.76×	50.13×	74.45×	80.81×	84.71×	122.84×	93.03×	33.71×	61.40×	–	–
P/S (TTM) at period end	8.69×	10.59×	7.44×	6.14×	11.34×	10.14×	7.79×	7.21×	9.52×	7.29×	6.28×	5.47×	4.24×	6.14×	6.17×	5.02×	5.99×	4.29×	5.88×	4.50×	2.60×	2.61×	–	9.41×
P/B at period end	2.32×	2.76×	2.13×	1.64×	2.79×	2.23×	2.53×	2.23×	2.26×	3.06×	2.46×	2.28×	1.74×	2.27×	2.60×	2.21×	2.45×	1.50×	2.22×	1.74×	1.40×	1.62×	–	2.89×
EV / EBITDA (TTM)	29.10×	32.70×	26.40×	21.81×	30.03×	28.58×	20.83×	19.55×	25.31×	17.95×	17.43×	16.96×	13.10×	16.18×	15.48×	14.28×	14.92×	12.15×	16.79×	15.64×	18.47×	22.82×	–	–
EV / Sales (TTM)	12.15×	13.21×	10.70×	10.08×	14.79×	14.09×	11.41×	11.15×	13.32×	10.03×	9.61×	8.36×	7.58×	9.47×	8.96×	8.36×	8.80×	6.93×	9.43×	9.01×	8.26×	7.43×	–	11.61×
Returns
Return on equity	5.5%	2.6%	4.8%	1.9%	9.3%	1.5%	5.0%	2.5%	1.7%	6.5%	4.8%	3.4%	7.5%	4.9%	5.2%	3.0%	3.0%	1.8%	1.8%	1.9%	4.2%	2.6%	11.2%	(0.1%)
Return on invested capital	1.5%	1.2%	1.3%	1.5%	2.0%	1.5%	2.7%	2.5%	2.2%	4.4%	3.8%	2.9%	4.4%	4.7%	5.6%	4.9%	5.3%	4.4%	3.4%	3.8%	3.8%	2.4%	5.9%	3.8%
Dividend yield	3.3%	2.8%	3.7%	5.0%	2.7%	2.9%	3.7%	3.9%	2.8%	3.3%	4.2%	5.0%	6.4%	4.3%	4.0%	3.9%	2.9%	4.0%	3.3%	5.2%	8.9%	24.5%	–	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.40×	1.08×	–	–	–	–	–	–
Debt / equity	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.27×	1.43×	1.14×	0.93×	1.31×	1.58×	2.41×	3.00×	2.01×	0.64×
Effective tax rate	2.4%	8.5%	7.4%	7.7%	4.0%	9.5%	2.0%	0.6%	3.0%	2.3%	2.1%	2.6%	0.4%	1.2%	(0.0%)	1.7%	1.1%	1.6%	3.2%	–	–	–	–	–
Share count
Diluted shares outstanding	348	332	309	298	283	263	209	207	175	151	139	134	128	116	99	86	77	70	63	36	24	21	20	20

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002
Revenue and gross profit
Revenue	$6,771	$6,113	$5,555	$5,477	$4,692	$4,428	$3,904	$3,209	$3,046	$2,458	$2,142	$1,763	$1,616	$1,482	$1,279	$1,063	$865	$637	$527	$395	$275	$209	$107	$63	$26
Cost of revenue	($5,906)	($2,727)	($2,519)	($2,598)	($2,018)	($1,778)	($1,514)	($1,193)	($1,098)	($895)	($763)	($642)	($595)	($547)	($452)	($381)	($296)	($212)	($182)	–	–	–	–	($9)	–
Gross profit	$943	$3,386	$3,036	$2,879	$2,674	$2,650	$2,389	$2,016	$1,948	$1,563	$1,380	$1,121	$1,022	$935	$827	$682	$569	$425	$345	–	–	–	–	$54	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($618)	($565)	($480)	($449)	($422)	($401)	($351)	($211)	($164)	($161)	($153)	($106)	($93)	($66)	($57)	($54)	($47)	($40)	($38)	($31)	($24)	($13)	($21)	($0)	($0)
Total operating expenses	$43	($2,727)	($2,564)	($2,355)	($2,084)	($1,956)	($1,832)	($1,422)	($1,399)	($1,112)	($882)	($719)	($763)	($554)	($461)	($378)	($327)	($247)	($217)	–	–	–	–	($28)	–
Total costs and expenses	($5,785)	($5,454)	($5,083)	($4,953)	($4,102)	($3,734)	($3,346)	($2,615)	($2,497)	($2,007)	($1,645)	($1,361)	($1,358)	($1,100)	($913)	($758)	($623)	($459)	($399)	($308)	($200)	($149)	($91)	($37)	($20)
Operating income	$986	$658	$472	$524	$590	$694	$558	$594	$550	$451	$497	$402	$259	$382	$366	$304	$242	$178	$128	$88	$75	$60	$17	$26	$5
Earnings
EBITDA	$2,983	$2,553	$2,244	$2,219	$2,168	$2,181	$1,924	$1,758	$1,737	$1,294	$1,197	$972	$797	$857	$749	$615	$506	$376	$301	$222	$158	$93	$35	$36	–
Interest income	–	–	–	–	–	–	–	–	$3	$4	–	($2)	$3	$0	$2	$3	$1	$1	$2	$2	$1	–	–	–	–
Interest expense	($460)	($438)	($453)	($438)	($299)	($294)	($333)	($353)	($322)	($259)	($236)	($201)	($191)	($189)	($157)	($149)	($137)	($88)	($64)	($67)	($50)	–	–	–	–
Pre-tax income	$844	$1,345	$643	$1,026	$412	$1,820	$401	$611	$343	$264	$442	$308	$203	$320	$219	$162	$107	$92	$71	$25	$27	$24	($6)	–	–
Income tax expense	($52)	($32)	($55)	($76)	($32)	($73)	($38)	($12)	($2)	($8)	($10)	($6)	($5)	($1)	($3)	$0	($2)	($1)	($1)	($1)	–	–	–	($17)	($5)
Net income	$799	$1,309	$602	$949	$378	$1,709	$356	$580	$331	$248	$426	$297	$200	$314	$210	$156	$102	$88	$65	$38	$13	$16	$5	$17	($0)
Per share
Diluted EPS (GAAP)	$2.07	$3.58	$1.61	$2.88	$1.11	$5.94	$1.00	$2.35	$1.21	$0.99	$2.20	$1.56	$0.99	$2.12	$1.48	$1.32	$0.68	$0.61	$0.41	$0.30	$0.47	$0.25	$0.22	$0.83	($0.0031)
Basic EPS (GAAP)	$2.17	$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	($0.0031)
Basic shares outstanding	346	340	323	299	286	282	260	208	206	174	150	138	133	128	116	98	84	76	69	61	36	24	21	20	20
Margins
Gross margin	13.9%	55.4%	54.7%	52.6%	57.0%	59.8%	61.2%	62.8%	64.0%	63.6%	64.4%	63.6%	63.2%	63.1%	64.6%	64.2%	65.8%	66.7%	65.4%	–	–	–	–	86.3%	–
Operating margin	14.6%	10.8%	8.5%	9.6%	12.6%	15.7%	14.3%	18.5%	18.0%	18.4%	23.2%	22.8%	16.0%	25.8%	28.6%	28.6%	28.0%	27.9%	24.3%	22.2%	27.1%	28.5%	15.5%	41.7%	20.9%
Net margin	11.8%	21.4%	10.8%	17.3%	8.0%	38.6%	9.1%	18.1%	10.9%	10.1%	19.9%	16.8%	12.4%	21.2%	16.4%	14.7%	11.8%	13.8%	12.4%	9.7%	4.8%	7.7%	4.3%	26.4%	(0.2%)

Analyst consensus

Buy49 analysts

Bearish · 1 · Hold · 14 · Bullish · 34

Earnings history

	EPS	Estimate
Q3 2024	$0.12	$0.26	Miss
Q4 2024	$0.51	$0.27	Beat
Q1 2025	$0.27	$1.73	Miss
Q2 2025	$2.94	$0.41	Beat
Q3 2025	$0.17	$0.31	Miss
Q4 2025	$0.24	$0.29	Miss
Q1 2026	$0.46	$0.44	Beat
Q2 2026	$1.21	$0.48	Beat

Peers

Company overview

IPO dateOct 29, 2004

CEOAndrew Power

Employees4,282

SectorReal Estate

IndustryREIT - Specialty

CountryUS

ExchangeNew York Stock Exchange

Websitewww.digitalrealty.com

Digital Realty Trust, Inc. owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of March 31, 2026, the company's 309 data centers, including 89 data centers held as investments in unconsolidated entities, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty's portfolio is comprised of approximately 3.0 gigawatts of IT capacity, as well as approximately 6.3 gigawatts of buildable IT capacity under active development and held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. Digital Realty Trust, Inc. was established and incorporated on March 09, 2004 in Maryland and is based in Austin, Texas.

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