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Digital Realty Trust (DLR) FY2025 results: revenue $6.1 billion, up 10.0% on the year

Digital Realty Trust, Inc. (DLR) reported revenue of $6.1 billion for fiscal 2025, the year ended 31 December 2025, up 10.0% on the year before. Net income was $1.3 billion, up 117.2%, and diluted earnings per share $3.58. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue
$6.1 billion
+10.0% on the year
FY2018FY2025
Operating margin
10.8%
8.5% a year earlier
FY2018FY2025
Net income
$1.3 billion
+117.2% on the year
FY2018FY2025
Diluted EPS
$3.58
+122.4% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 22 new.

  • Revenue and Adjusted EBITDA grew year on year: Total operating revenues were $1.63 billion, up 14% year on year and 4% sequentially. Adjusted EBITDA was $857 million, up 14% from a year earlier and down 1% from the third quarter.
  • Core FFO per share slipped from third quarter: Core FFO per diluted share was $1.86, against $1.89 in the third quarter and $1.73 a year earlier. Constant-currency Core FFO per diluted share was $1.81.
  • 0-1 MW and interconnection led bookings: The 0-1 MW plus interconnection category made up $96 million of the $175 million of bookings at Digital Realty's share, including $77 million from 0-1 MW.
  • Same-capital cash NOI up 8.6%: Same-capital cash NOI rose 8.6% year on year in the fourth quarter and 6.6% for the full year. Sequentially the quarterly change was 1.5%.
  • Backlog of signed leases at $817 million: Signed-but-not-commenced leases totalled $817 million of annualized GAAP base rent at Digital Realty's share, against $852 million at the end of the third quarter.
Read the Q4 FY2025 earnings call summary

From this 10-K

Digital Realty owns, acquires, develops and operates data centres, the buildings that hold other companies' computing equipment and connect it to networks. It delivers space, power and interconnection solutions that let its customers connect with each other and service their own customers. It was incorporated in Maryland in 2004, operates as a REIT for US federal income tax purposes, and has its head office in Dallas.

Digital Realty Trust, Inc., the 10-K for 2025

Digital Realty owns, acquires, develops and operates data centres, the buildings that hold other companies' computing equipment and connect it to networks. It delivers space, power and interconnection solutions that let its customers connect with each other and service their own customers. It was incorporated in Maryland in 2004, operates as a REIT for US federal income tax purposes, and has its head office in Dallas.

The portfolio

310 data centres at the end of 2025, including 89 held as investments in unconsolidated entities. By location: 118 in the United States, 113 in Europe, 36 in Latin America, 18 in Asia, 16 in Africa, six in Australia and three in Canada. The company describes a footprint of over 300 facilities with over 232,000 cross connects, in over 55 metropolitan areas across more than 30 countries on six continents.

What a customer actually buys

Two shapes of deal, and they differ in contract length and in how fast the space can be delivered. Deployments of up to one megawatt run from a single cabinet to around 75 cabinets, can be turned up in days, use a consistent design and operating environment, and carry contracts generally of two to five years. Deployments above one megawatt scale from medium to very large, take weeks to execute, are built to the customer's own specification, and carry contracts generally of five to ten years or longer. For customers who want the shell rather than the finished room, a Powered Base Building solution supplies the location, the power and the network access needed to build a data centre inside.

Interconnection, the second product

Alongside space and power, Digital Realty sells the physical and virtual links between customers. A cross connect is a physical connection between two customer-defined end points in the same facility, so the two can exchange data directly. Metro Connect links facilities within the same metropolitan area. ServiceFabric is an orchestration platform for provisioning connectivity across the company's own footprint and third-party locations. Internet Services sells private internet connections to diverse providers over a multi-service port. Precabling supplies predetermined fibre into a central meet-me room, and Pathway supplies conduit-based bulk fibre connections between two parties inside or between facilities.

The company states that interconnection is a line of business that would be difficult to build organically and that it enhances the value of the data centre offering. It also links the value of individual sites to their network density: the filing says connectivity-centric customers in certain of its data centres have led to densely connected data communities that competitors find difficult to replicate.

Why customers outsource this

The filing puts the demand case in terms of a concept it calls Data Gravity, the idea that as enterprises analyse and process data they create more of it, and that the accumulating mass becomes increasingly difficult to replicate or relocate. Around that it cites cloud adoption, hybrid cloud architectures combining public and private, artificial intelligence workloads, and the general growth in data traffic. It also makes the practical argument: in markets where construction and operating costs are high and time to market is long, customers who would rather not spend their own capital on a building use a provider instead, and a multinational dealing with one global provider avoids negotiating with a series of local ones.

Customers

Named in the filing across its customer categories are AT&T, Comcast, IBM, LinkedIn, Oracle and Zayo Group, alongside unnamed cloud providers and large software and investment-grade companies. The groupings are cloud and IT services, digital content providers and financial companies, and network and mobile services.

The cost that runs through everything

The filing states that the cost of electric power is a significant component of its operating expenses, and flags that additional taxation or regulation of energy use, whether from US federal legislation, environmental regulation, state law, or rules in the regions abroad where it operates, could raise those costs materially, and that the company may not be able to pass all of it on to customers.

From Digital Realty's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue6,1135,5555,477+10.0%
Operating income658472524+39.6%
Operating margin10.8%8.5%9.6%
Interest expense438453438-3.3%
Pre-tax income1,345n/an/a
Income tax32.054.875.6-41.5%
Effective tax rate2.4%n/an/a
Net income1,309602949+117.2%
Net margin21.4%10.8%17.3%
Diluted EPS$3.58$1.61$3.00+122.4%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow2,4122,2611,635+6.7%
Capital expenditure3,1812,8323,526+12.3%
Free cash flow-769-570-1,891
Free cash flow margin-12.6%-10.3%-34.5%
Cash from investing-2,230-1,906-1,115
Cash from financing-4872,063963
Depreciation and amortisation1,8951,7721,695+6.9%
Dividends paid1,7281,6331,521+5.8%
Diluted shares, weighted348m332m309m+4.9%
Shares outstanding at period end344m337m312m+2.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity22,92621,34019,118+7.4%
Non-controlling interest421402484+4.8%
Redeemable equity1,4991,4331,395+4.6%
Debt18,40216,71417,538+10.1%
Other liabilities6,1625,3935,579+14.3%
Total liabilities and equity49,41045,28444,113+9.1%
Goodwill9,7128,9299,240+8.8%
Intangible assets1,8071,935n/a-6.6%
Cash and equivalents3,4523,8711,625-10.8%
Other assets34,43930,54833,248+12.7%
Total assets49,41045,28444,113+9.1%

10-K for the year ended 31 December 2025, filed 13 February 2026: the filing.