Digital Realty Trust, Inc. (DLR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.73	$0.62	-15.1%	—	—	—
Q1 26	$0.45	$0.46	+2.2%	—	$1.6B	—
Q4 25	$0.39	$0.4	+2.6%	—	$1.6B	—
Q3 25	$0.23	$0.34	+47.8%	—	$1.6B	—
Q2 25	$0.31	$0.39	+25.8%	—	$1.5B	—
Q1 25	$0.24	$0.38	+58.3%	—	$1.4B	—
Q4 24	$0.26	$0.29	+11.5%	—	$1.4B	—
Q3 24	$0.26	$0.21	-19.2%	—	$1.4B	—
Q2 24	$0.36	$0.27	-25.0%	—	$1.4B	—
Q1 24	$0.3	$0.82	+173.3%	—	$1.3B	—
Q4 23	$0.2	$0.08	-60.0%	—	$1.4B	—
Q3 23	$0.25	$0.08	-68.0%	—	$1.4B	—
Q2 23	$0.27	$0.37	+37.0%	—	$1.4B	—
Q1 23	$0.22	$0.19	-13.6%	—	$1.3B	—
Q4 22	$0.27	-$0.02	-107.4%	—	$1.2B	—
Q3 22	$0.32	$0.75	+134.4%	—	$1.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.93	—	—	$6.1B	—
FY24	—	$1.74	—	—	$5.6B	—
FY23	—	$3.04	—	—	$5.5B	—
FY22	—	$1.18	—	—	$4.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.1B	$2.5B	$3B	$3.2B	$3.9B	$4.4B	$4.7B	$5.5B	$5.6B	$6.1B
YoY change	+21.5%	+14.7%	+23.9%	+5.34%	+21.6%	+13.4%	+5.96%	+16.7%	+1.42%	+10%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.1B	2.5B	3B	3.2B	3.9B	4.4B	4.7B	5.5B	5.6B	6.1B
Cost of revenue	762.7M	894.6M	1.1B	1.2B	1.5B	1.8B	2B	2.6B	2.5B	2.7B
Gross profit	1.4B	1.6B	1.9B	2B	2.4B	2.6B	2.7B	2.9B	3B	3.4B
Gross margin	64.4%	63.6%	64%	62.8%	61.2%	59.8%	57%	52.6%	54.7%	55.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	162.2M	161.4M	163.7M	211.1M	351.4M	400.7M	422.2M	449.1M	480M	565.5M
Operating expenses	162.4M	164.5M	166.5M	225.2M	352.4M	403.2M	434.6M	456.6M	507.1M	569.2M
Operating income	517.8M	556.3M	595.1M	627.5M	670.7M	759.7M	661.7M	727.5M	757M	922.1M
Operating margin	24.2%	22.6%	19.5%	19.6%	17.2%	17.2%	14.1%	13.3%	13.6%	15.1%
Non-operating income, net	165.5M	-37.2M	66.1M	336.8M	63.1M	1.4B	49.3M	736.1M	339M	861M
Pretax income	442.2M	264.2M	343.2M	611.2M	400.8M	1.8B	411.9M	1B	643.1M	1.3B
Income tax	10.4M	7.9M	2.1M	12M	38M	72.8M	31.6M	75.6M	54.8M	32M
Net income	431.9M	256.3M	341.1M	599.2M	362.7M	1.7B	380.3M	950.3M	588.3M	1.3B
Net margin	20.2%	10.4%	11.2%	18.7%	9.29%	39.5%	8.11%	17.4%	10.6%	21.5%
EBITDA	1.2B	1.4B	1.8B	1.9B	2B	2.3B	2.2B	2.5B	2.6B	2.9B
EPS	2.21	0.99	1.21	2.37	1.01	5.95	1.18	3.04	1.74	0.93
Diluted EPS	2.2	0.99	1.21	2.35	1	5.94	1.13	3	1.61	0.9

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.4B	1.4B	1.3B	1.4B	1.4B	1.4B	1.4B	1.5B	1.6B	1.6B	1.6B	—
Cost of revenue	684.1M	647.2M	592.8M	607.3M	656.4M	662.7M	605.3M	661.5M	710.3M	749.6M	698.3M	—
Gross profit	718.3M	722.5M	738.4M	749.5M	774.9M	773.2M	802.3M	831.6M	867M	885M	936.9M	—
Gross margin	51.2%	52.7%	55.5%	55.2%	54.1%	53.8%	57%	55.7%	55%	54.1%	57.3%	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	110.7M	116.8M	115.2M	120.4M	117.6M	126.8M	123.5M	136M	141.7M	164.2M	154.8M	—
Operating expenses	112M	122.4M	126M	119.9M	122.4M	138.8M	123.7M	136.2M	145M	164.3M	154.8M	—
Operating income	185.7M	179.6M	181.2M	204.3M	192.5M	179M	235.7M	234.2M	225M	227.3M	282.6M	—
Operating margin	13.2%	13.1%	13.6%	15.1%	13.4%	12.5%	16.7%	15.7%	14.3%	13.9%	17.3%	—
Non-operating income, net	688.2M	-25.4M	238.6M	152K	-16.1M	116.4M	-13.7M	935M	-36M	-24.3M	24.6M	—
Pretax income	763.2M	40.6M	310.3M	89.7M	52.6M	190.6M	123.5M	1.1B	75.4M	86.4M	190.8M	—
Income tax	17.2M	20.7M	22.4M	15M	12.4M	4.9M	17.1M	12.9M	11.7M	-9.7M	16M	—
Net income	745.9M	19.9M	287.8M	74.7M	40.1M	185.7M	106.4M	1B	63.7M	96.1M	174.8M	—
Net margin	53.2%	1.45%	21.6%	5.5%	2.8%	12.9%	7.56%	70.1%	4.04%	5.88%	10.7%	—
EBITDA	611.3M	620.4M	606M	650.4M	663.7M	642.7M	703.8M	721.1M	752.8M	768.2M	825.6M	—
EPS	2.4	0.06	0.87	0.22	0.13	0.54	0.3	3.03	0.04	0.26	0.12	1.25
Diluted EPS	2.33	0.06	0.82	0.2	0.09	0.51	0.27	2.94	0.04	0.24	0.12	1.21

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	14.7B	—	—	24.9B	—	50B	28.7B	40.2B	57.3B	—	72.5B
Enterprise value	20.6B	—	—	35.8B	—	64.8B	46.6B	57.5B	71.5B	—	92.8B
Shares outstanding	150M	174.1M	206M	208.3M	260.1M	282.5M	286.3M	298.6M	323.3M	1.4B	1.4B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	34.1	—	—	41.6	—	28.6	75.5	42.3	97.5	—	245.4
P/S	6.88	—	—	7.77	—	11.3	6.12	7.34	10.3	—	10.8
P/B	2.87	—	—	2.34	—	2.7	1.46	1.91	2.47	—	2.69
EV/EBITDA	16.7	—	—	19.2	—	28.1	20.9	23.4	27.9	—	28.9
EV/Sales	9.6	—	—	11.2	—	14.6	9.94	10.5	12.9	—	13.7
Earnings yield	2.93%	—	—	2.4%	—	3.5%	1.32%	2.36%	1.03%	—	0.41%
FCF yield	6.18%	—	—	6.07%	—	3.41%	5.78%	4.07%	3.94%	—	5.2%
PEG	—	—	—	—	—	—	—	—	—	—	-2.74

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	64.4%	63.6%	64%	62.8%	61.2%	59.8%	57%	52.6%	54.7%	55.4%	55.5%
Operating margin	24.2%	22.6%	19.5%	19.6%	17.2%	17.2%	14.1%	13.3%	13.6%	15.1%	25.9%
Net margin	20.2%	10.4%	11.2%	18.7%	9.29%	39.5%	8.11%	17.4%	10.6%	21.5%	11.8%
ROE	8.41%	2.31%	3.14%	5.63%	1.96%	9.43%	1.94%	4.53%	2.54%	5.29%	2.91%
ROA	3.54%	1.2%	1.44%	2.6%	1.01%	4.8%	0.92%	2.15%	1.3%	2.66%	1.48%
ROIC	4.61%	2.73%	2.71%	2.85%	1.83%	2.19%	1.63%	1.76%	1.86%	2.19%	2.25%
Return on tangible assets	5.68%	3.1%	3.99%	5.08%	2.75%	11.6%	2.25%	4.61%	2.55%	5.11%	5.33%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.21	0.22	0.13	0.41	0.27	0.31	0.23	0.7	1.11	1.1	0.89
Quick ratio	0.21	0.22	0.13	0.41	0.27	0.31	0.23	0.7	1.11	1.1	1.11
Debt / equity	1.14	0.78	1.02	1.03	0.8	0.81	0.92	0.9	0.78	0.79	0.68
Debt / assets	0.48	0.4	0.47	0.48	0.41	0.41	0.44	0.43	0.4	0.4	0.4
Net debt / EBITDA	4.72	6.06	6.04	5.85	7.33	6.43	8.02	7.05	5.52	5.5	5.47
Interest coverage	2.83	2.02	2.07	2.73	2.2	7.19	2.38	3.34	2.42	4.07	4.1
Effective tax rate	2.35%	2.99%	0.61%	1.96%	9.49%	4%	7.66%	7.37%	8.52%	2.38%	2.19%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	14.3	14.1	14.8	15.4	15	15.7	16.4	18.3	17.2	4.5	19.5
EPS (basic)	2.21	0.99	1.21	2.37	1.01	5.95	1.18	3.04	1.74	0.93	0.93
EPS (diluted)	2.2	0.99	1.21	2.35	1	5.94	1.13	3	1.61	0.9	0.79
Book value per share	34.2	63.8	52.8	51.1	71.1	65.6	68.5	70.3	71.7	18.3	72.2
FCF per share	6.08	5.88	6.72	7.27	6.56	6.03	5.8	5.47	6.99	1.77	7.21
Cash per share	0.07	0	0.61	0.43	0.42	0.51	0.5	5.44	12	2.54	5.16

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	140.2%	279.1%	272.9%	166.3%	341.7%	78.9%	381.4%	160%	277.6%	131.6%	617.7%
Dividend yield	4.11%	—	—	4%	—	2.76%	5.05%	3.78%	2.85%	—	2.53%

Yield

2.53%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.22

ex-dividend Sep 15, 2026

Payout ratio

618%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$1.22
Jun 15, 2026	$1.22
Mar 13, 2026	$1.22

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.4B	$1.4B	$1.3B	$1.4B	$1.4B	$1.4B	$1.4B	$1.5B	$1.6B	$1.6B	$1.6B	—
YoY change	+17.6%	+11.1%	-0.57%	-0.7%	+2.05%	+4.84%	+5.75%	+10.1%	+10.2%	+13.8%	+16.2%	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	10.5M	51K	126.7M	89.8M	108.5M	142.7M	141.8M	1.6B	3.9B	3.5B
Receivables	203.9M	276.3M	299.6M	305.5M	494.2M	539.7M	749M	951.8M	906.3M	1.1B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	282.1M	429.1M	426.3M	625.3M	711.6M	814.4M	1.1B	3.4B	5.1B	5.2B
Property, plant & equipment	—	—	—	628.7M	1.2B	1.4B	1.4B	1.4B	1.2B	1.1B
Goodwill & intangibles	4.6B	13.1B	15.2B	11.3B	22.9B	21.3B	24.6B	23.5B	22.2B	23.7B
Total assets	12.2B	21.4B	23.8B	23.1B	36.1B	36.4B	41.5B	44.1B	45.3B	49.4B
Accounts payable	824.9M	980.2M	1.2B	831.1M	1.4B	1.5B	1.9B	2.2B	2.1B	2.6B
Short-term debt	199.2M	550.9M	1.6B	234.1M	531.9M	398.2M	2.2B	1.8B	1.6B	899.1M
Total current liabilities	1.3B	2B	3.2B	1.5B	2.6B	2.6B	4.8B	4.8B	4.6B	4.7B
Long-term debt	5.6B	8.1B	9.5B	10.8B	14.2B	14.6B	15.9B	17.2B	16.4B	18.8B
Total liabilities	7.1B	10.3B	12.9B	12.4B	17.6B	17.8B	21.9B	23.1B	22.1B	24.6B
Shareholders' equity	5.1B	11.1B	10.9B	10.6B	18.5B	18.5B	19.6B	21B	23.2B	24.8B
Total debt	5.8B	8.6B	11.1B	11B	14.8B	15B	18.1B	19B	18B	19.7B
Net debt	5.8B	8.6B	11B	10.9B	14.7B	14.8B	17.9B	17.3B	14.1B	16.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Cash & short-term investments	124.5M	1.1B	1.6B	1.2B	2.3B	2.2B	3.9B	2.3B	3.6B	3.3B	3.5B	2.4B
Receivables	914.4M	954.4M	951.8M	904M	958.8M	961.1M	906.3M	962.7M	1.2B	1.1B	1.1B	1.1B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.9B	2.4B	3.4B	2.7B	3.5B	3.5B	5.1B	4.6B	5.3B	4.9B	5.2B	4.3B
Property, plant & equipment	1.3B	1.3B	1.4B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.1B	1.1B
Goodwill & intangibles	23.9B	23B	23.5B	22.9B	22.9B	23.5B	22.2B	22.6B	23.6B	23B	23.7B	22.6B
Total assets	42.4B	41.9B	44.1B	42.6B	43.6B	45.3B	45.3B	45.1B	48.7B	48.5B	49.4B	48.5B
Accounts payable	2.2B	2.1B	2.2B	1.9B	2B	2.1B	2.1B	1.9B	2.3B	2.4B	2.6B	2.4B
Short-term debt	2.2B	1.7B	1.8B	1.9B	1.8B	1.8B	1.6B	1.1B	567.7M	1.2B	899.1M	708M
Total current liabilities	4.9B	4.2B	4.8B	4.2B	3.8B	4.4B	4.6B	3.6B	3.5B	4.2B	4.7B	3.9B
Long-term debt	16.9B	16.6B	17.2B	16.5B	15.8B	16.5B	16.4B	17.2B	19.2B	18.4B	18.8B	18.5B
Total liabilities	22.9B	21.9B	23.1B	21.8B	21.2B	22.1B	22.1B	21.9B	23.9B	23.7B	24.6B	23.5B
Shareholders' equity	19.5B	20B	21B	20.8B	22.4B	23.2B	23.2B	23.2B	24.9B	25B	24.8B	25.4B
Total debt	19.1B	18.3B	19B	18.4B	17.7B	18.3B	18B	18.3B	19.8B	19.5B	19.7B	19.2B
Net debt	19B	17.2B	17.3B	17.2B	15.4B	16.2B	14.1B	16B	16.2B	16.2B	16.2B	16.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	431.9M	256.3M	341.1M	599.2M	362.7M	1.7B	380.3M	950.3M	588.3M	1.3B
Depreciation & amortization	518.7M	595M	1.2B	1.2B	1.4B	1.5B	1.6B	1.7B	1.8B	1.9B
Stock-based compensation	17.4M	20.5M	27.2M	34.9M	74.6M	84.1M	92.5M	80.5M	75.6M	93.8M
Change in working capital	-83.3M	-91.3M	-194M	-120.7M	-71.7M	-326.7M	-230.3M	-379.8M	24.7M	37.3M
Operating cash flow	1B	1B	1.4B	1.7B	1.7B	3.1B	1.7B	2.3B	2.5B	2.4B
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-31.6M	119.9M	93.5M	1.2B	-1B	-232M	-2.3B	-209.3M	925.6M	950.7M
Dividends paid	-605.4M	-715.2M	-930.8M	-996.8M	-1.2B	-1.4B	-1.5B	-1.5B	-1.6B	-1.7B
Share repurchases	-287.5M	-182.5M	-3.9M	-365.1M	-500M	-201.3M	0	0	—	—
Financing cash flow	345.9M	315.3M	1.8B	-1.3B	935.7M	-3.2B	-850.9M	-2.3B	2.1B	-486.7M
Net change in cash	1.4B	1.5B	3.2B	1.6B	1.6B	-373.3M	-1.4B	-225.8M	5.5B	2.9B
Free cash flow	911.2M	1B	1.4B	1.5B	1.7B	1.7B	1.7B	1.6B	2.3B	2.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Net income	115.6M	745.9M	19.9M	287.8M	74.7M	40.1M	185.7M	106.4M	1B	63.7M	96.1M	174.8M
Depreciation & amortization	432.6M	420.6M	420.5M	431.1M	425.3M	460M	455.4M	443M	461.2M	497M	493.5M	499.5M
Stock-based compensation	18.1M	19.2M	25.7M	16.7M	21.3M	22.6M	14.9M	20.9M	25M	23.9M	24M	25.3M
Change in working capital	-39.1M	-137.7M	-48.6M	-180.6M	-2.2M	17.9M	189.5M	-238M	37.2M	94M	144.1M	-209.6M
Operating cash flow	548.5M	1B	404.4M	567.2M	526M	526.5M	842.2M	332.5M	1.5B	652.9M	719M	532.4M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	100M	2.3B	-2.6B	665.9M	373.6M	-337.4M	223.4M	-115.9M	865.7M	-42.2M	243.1M	-462.9M
Dividends paid	-384M	-388.5M	-10.2M	-788.5M	-415.8M	-418.8M	-10.2M	-848.6M	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-184.7M	-592.6M	-1.8B	-809.7M	857.3M	474.4M	1.5B	-1B	989.1M	259.9M	162.1M	653.4M
Net change in cash	463.8M	2.7B	-4B	423.4M	1.8B	663.4M	2.6B	-801.3M	3.4B	870.6M	1.1B	723M
Free cash flow	464.4M	358.4M	462.3M	352.3M	573.2M	566.5M	769.5M	399.1M	641.2M	652.9M	719M	532.4M

Digital Realty Trust, Inc. Financials

EPS

Revenue

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EPS

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Condensed income statement

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P/E

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Condensed cash flow statement