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DLR-PL

Digital Realty Trust, Inc.

DLR-PL

Digital Realty Trust, Inc. • NYSE
$21.31 ▲ 0.85% (+0.18)
Market Cap $7.33 B
52w High $22.91
52w Low $19.61
Dividend Yield 1.30%
P/E 4.41
Volume 27.84K
Outstanding Shares 343.50M

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 ▲$60.00M ▲$40.00M ▼
Rental And Other Services
Rental And Other Services
 $1.34Bn ▲$1.41Bn ▲$4.07Bn ▲$1.46Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing that demand for Digital Realty’s data center and interconnection services is structurally strong. Profitability, however, has been more uneven. Core operating profit has remained positive but has not risen as smoothly as revenue, suggesting some margin pressure from higher costs, integration of new assets, or pricing competition. Net income has been quite volatile, with one standout year and a couple of weaker years, which likely reflects non‑cash items such as depreciation, asset sales, or valuation adjustments that are common in real estate. Overall, this looks like a business with solid, growing sales but earnings that can swing from year to year as the company invests and restructures its portfolio.

Balance Sheet

Balance Sheet The balance sheet reflects a large, capital‑intensive real estate platform that has been expanding. Total assets have climbed meaningfully, and shareholder equity has grown alongside, indicating that the company is building underlying value rather than relying only on borrowing. Debt is sizable, as is typical for a REIT, but it has not exploded relative to the asset base, suggesting leverage is being managed rather than aggressively increased. A notable improvement is the jump in cash on hand in the most recent years, which strengthens liquidity and gives the company more flexibility to manage cycles, fund projects, or handle refinancing in a higher‑rate environment. The main trade‑off remains the inherently leveraged nature of the model versus the scale of owned infrastructure.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been stable and generally healthy across the period, which is important for a long‑lived asset business. Earlier years show significant cash outflows for capital spending, leading to negative free cash flow—consistent with a heavy investment phase to expand and upgrade the data center portfolio. More recently, free cash flow has turned clearly positive as reported capital spending dropped off in the data, implying a pause or slowdown after that build‑out phase. That shift improves financial flexibility but also raises the question of how much future growth will require another round of elevated investment. Overall, the cash flow profile fits a company that has just come through a major expansion cycle and is now harvesting more cash from those assets.

Competitive Edge

Competitive Edge Digital Realty occupies a strong niche within real estate: it is much closer to critical digital infrastructure than to traditional office space. Its global footprint of data centers, presence in many key metros, and carrier‑neutral model create a powerful ecosystem where customers, networks, and cloud providers all want to be near each other. This network effect can make the platform increasingly sticky and difficult to displace. Long track records of high uptime and operational reliability further reinforce trust. Barriers to entry are high because building comparable capacity, power access, network connectivity, and customer relationships across so many regions is expensive and slow. The main strategic pressures come from other large data center and cloud providers, rising power constraints, and the need to keep up with very demanding AI and high‑density workloads.

Innovation and R&D

Innovation and R&D Innovation at Digital Realty is expressed more through platform design, engineering, and partnerships than through traditional lab R&D. PlatformDIGITAL and the ServiceFabric layer are central: they turn a collection of buildings into a programmable, interconnected environment for hybrid and multi‑cloud workloads. The company is pushing advanced cooling and power designs to support very dense AI and high‑performance computing racks, including liquid‑assisted cooling approaches that many enterprises cannot easily deploy on their own. It is also leaning into sustainability—renewable power, efficiency initiatives, and even heat‑reuse projects—which matters both for regulators and for customers with climate goals. Future‑oriented efforts such as edge computing expansion, AI‑specific interconnection concepts like a “Private AI Exchange,” and using AI internally for smarter infrastructure management all point to a business trying to stay ahead of where digital demand is going, not just reacting to it.

Summary

Put together, Digital Realty looks like a scaled infrastructure REIT with steady top‑line growth, lumpy bottom‑line results, and a balance sheet shaped by years of heavy investment. The company has transitioned from an intense build‑out phase, where capital spending weighed on free cash flow, to a period where existing assets are throwing off more cash and liquidity is stronger. Its competitive position is underpinned by global scale, deep connectivity ecosystems, and high reliability, which together create meaningful switching costs for customers. At the same time, the model depends on large amounts of capital and debt, making it sensitive to interest rates, construction costs, and power availability. The most important themes to watch are how effectively Digital Realty monetizes surging AI and cloud demand, how disciplined it remains with new capital projects, and how well it balances sustainability, energy constraints, and technological innovation while preserving financial resilience.