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DLR-PJ

Digital Realty Trust, Inc.

DLR-PJ

Digital Realty Trust, Inc. • NYSE
$21.93 ▲ 0.14% (+0.03)
Market Cap $57.94 B
52w High $23.70
52w Low $20.02
Dividend Yield 1.31%
P/E 4.54
Volume 3.26K
Outstanding Shares 2.63B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.577B ▲ $733.071M ▲ $67.812M ▼ 4.299% ▼ $0.17 ▼ $580.41M ▼
Q2-2025 $1.493B ▲ $619.925M ▲ $1.032B ▲ 69.126% ▲ $3.03 ▲ $1.63B ▲
Q1-2025 $1.408B ▼ $606.563M ▼ $109.974M ▼ 7.813% ▼ $0.3 ▼ $665.003M ▼
Q4-2024 $1.436B ▲ $628.851M ▲ $189.569M ▲ 13.202% ▲ $0.54 ▲ $750.713M ▲
Q3-2024 $1.431B $606.567M $51.193M 3.577% $0.13 $636.361M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.3B ▼ $48.729B ▲ $23.739B ▼ $23.025B ▲
Q2-2025 $3.554B ▲ $48.715B ▲ $23.853B ▲ $22.915B ▲
Q1-2025 $2.322B ▼ $45.081B ▼ $21.902B ▼ $21.296B ▼
Q4-2024 $3.871B ▲ $45.284B ▼ $22.108B ▼ $21.34B ▲
Q3-2024 $2.176B $45.295B $22.119B $21.246B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $63.713M ▼ $652.861M ▲ $-729.558M ▼ $-176.504M ▼ $-255.682M ▼ $652.861M ▲
Q2-2025 $1.047B ▲ $641.237M ▲ $161.34M ▲ $555.831M ▲ $1.234B ▲ $641.237M ▲
Q1-2025 $106.395M ▼ $399.085M ▼ $-903.18M ▼ $-1.018B ▼ $-1.549B ▼ $399.085M ▼
Q4-2024 $185.688M ▲ $769.475M ▲ $-511.99M ▲ $1.541B ▲ $1.695B ▲ $769.475M ▲
Q3-2024 $40.134M $566.515M $-1.119B $474.351M $-105.126M $566.515M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q2-2025
Fee Income And Other
Fee Income And Other
 $20.00M ▲$20.00M ▲$40.00M ▲$40.00M ▲
Rental And Other Services
Rental And Other Services
 $1.34Bn ▲$1.41Bn ▲$2.73Bn ▲$1.46Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has trended steadily higher over the last five years, showing that demand for Digital Realty’s data centers continues to grow. Profitability at the gross margin level has improved, suggesting decent pricing power and operating efficiency in running facilities. However, operating income has not grown as smoothly and has even softened more recently, indicating higher costs, integration expenses, or pricing pressure in some areas. Net income and earnings per share have been quite volatile, with one standout year followed by more moderate results, which is typical for a capital‑intensive REIT that books one‑off gains, asset sales, and revaluation effects. Overall, the business is clearly growing, but earnings quality is somewhat lumpy and should be viewed over a multi‑year span rather than year by year.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully, reflecting ongoing investment in new data centers and infrastructure. Total assets have grown steadily, and shareholders’ equity has also risen over time, which points to value being built into the asset base. Debt levels are high, as is common for REITs, but they have not exploded relative to the growth in assets, suggesting some discipline in leverage. A notable positive is the marked increase in cash on hand in the most recent year, which gives the company more flexibility for funding projects, refinancing, or cushioning against shocks. The structure still relies heavily on borrowing, so interest rates and capital market access remain key risks to monitor.

Cash Flow

Cash Flow Cash flow from operations has been consistently solid and has improved lately, showing that the core business generates dependable cash once facilities are up and running. Historically, free cash flow was negative because the company was spending aggressively on new capacity and expansions, which is typical for a growing data‑center REIT. In the last two years, free cash flow has turned clearly positive as reported capital spending dropped, indicating a period of reaping returns from past investments rather than heavy new builds. This shift improves financial flexibility but could also mean a temporary pause in large growth projects, so it’s important to watch whether investment picks back up in a disciplined way. Overall, the cash profile looks healthier now, but long‑term growth still depends on continued, well‑targeted capital deployment.

Competitive Edge

Competitive Edge Digital Realty sits in a structurally attractive niche as a global data‑center and interconnection landlord, benefiting from long‑term trends in cloud computing, AI, and overall data growth. Its PlatformDIGITAL approach, broad geographic footprint, and rich ecosystems of cloud and network partners create meaningful network effects and high switching costs for customers once they are embedded. Scale is a key advantage: large, standardized facilities and global reach make it easier to serve multinational clients and negotiate better terms with suppliers. Sustainability leadership, green financing, and advanced cooling technologies further differentiate the platform, especially for customers under pressure to reduce carbon footprints. At the same time, the company faces intense competition from other large colocation providers and from hyperscale cloud operators that sometimes build their own infrastructure, so maintaining occupancy, pricing power, and service quality is crucial.

Innovation and R&D

Innovation and R&D Innovation at Digital Realty is focused on infrastructure, not lab‑style R&D, and it is tightly linked to customer workloads like AI and high‑performance computing. The firm has invested heavily in high‑density colocation and advanced cooling methods, including air‑assisted and direct liquid cooling, to handle very power‑intensive servers. Its PlatformDIGITAL, ServiceFabric interconnection software, and Data Gravity Index are more software and data‑driven innovations, designed to make it easier for customers to place and connect their data globally. The company is also out in front on sustainability, using creative cooling methods and large green bond programs, and is even exploring longer‑term options like nuclear‑linked power solutions. The main risk is that technology and AI infrastructure needs are evolving quickly, so Digital Realty must keep refreshing its platform and power strategy to stay ahead of customer expectations and competing offerings.

Summary

Digital Realty has grown its revenue and asset base steadily and now operates as a global, system‑critical provider of data‑center capacity, interconnection, and related services. The business throws off solid operating cash flow, but earnings can be uneven from year to year due to the capital‑heavy, deal‑driven nature of the REIT model. The balance sheet is large and leveraged but supported by growing equity and a stronger cash position, which helps offset some of the funding and interest‑rate risk. Strategically, the company benefits from strong network effects, sticky customer relationships, and leadership in sustainable, high‑density data centers, positioning it well for ongoing growth in cloud and AI workloads. Key things to watch include how management balances new investment versus free cash flow, how it navigates competition from other data‑center operators and hyperscalers, and whether its technology roadmap keeps pace with rapidly changing customer requirements.