Digital Realty
Leases global data-center capacity from colocation cabinets to hyperscale campuses.
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Profile
Leases data-center space, power, and interconnection services to cloud providers and enterprises across a global portfolio. Revenue comes mainly from operating leases, while hyperscale development uses both owned capital and joint ventures and depends on access to power and external financing.
Owns, develops, and operates data centers that lease secure space and electrical capacity to cloud platforms, network providers, and enterprises. PlatformDIGITAL covers colocation deployments, larger hyperscale capacity, and interconnection services such as cross-connects and ServiceFabric, connecting customers across facilities and cloud environments. The portfolio extends across North America, Europe, Latin America, Africa, Asia, and Australia.
Scale and network density support deployments ranging from cabinets to multi-megawatt campuses, while joint ventures and private-capital vehicles share some hyperscale development costs. Rental and other service revenue comes primarily from operating leases and connectivity offerings. REIT distribution requirements limit retained earnings, while expansion depends on outside capital, available utility power, construction capacity, permits, and customers’ continued demand for data-center capacity.
Company facts
Key statistics
Year to date +19.6% · Average volume (30d) 2.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Evercore ISI | Reiterate | Outperform | $160 | $240 | |
| Aug 14, 2026 | HSBC | Upgrade | Hold | Buy | ||
| Aug 13, 2026 | HSBC | Upgrade | Hold | Buy | $210 | $240 |
| Aug 10, 2026 | Mizuho Securities | Target | $180 | $223 | ||
| Aug 5, 2026 | Wells Fargo | Upgrade | Overweight | Buy |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $0.48 | $1.21 | +150.6% | $1.66B | $1.92B | +16.1% | +11.01% |
| Apr 23, 2026Q1 FY26 | $0.44 | $0.46 | +4.2% | $1.60B | $1.64B | +2.1% | 0.00% |
| Feb 5, 2026Q4 FY25 | $0.29 | $0.24 | −16.5% | $1.58B | $1.63B | +3.7% | +4.23% |
| Oct 23, 2025Q3 FY25 | $1.78 | $1.89 | +6.2% | $1.58B | $1.58B | +0.1% | +2.22% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.41B | $1.49B | $1.58B | $1.71B | $1.64B | $1.92B | |
| Gross profit | $802.3M | $831.6M | $867.0M | −$24.2M | −$62.1M | $162.1M | |
| Operating income | $195.8M | $211.7M | $138.4M | $305.0M | $282.6M | $498.0M | |
| Net income | $110.0M | $1.03B | $67.8M | $98.6M | $179.3M | $453.3M | |
| Diluted EPS | $0.27 | $2.94 | $0.15 | $0.25 | $0.46 | $1.21 | |
| Gross margin | 57.0% | 55.7% | 55.0% | -1.4% | -3.8% | 8.4% | |
| Operating margin | 13.9% | 14.2% | 8.8% | 17.8% | 17.3% | 25.9% |
Fiscal years (4-quarter sums)FY21 $4.43B · FY22 $4.69B · FY23 $5.48B · FY24 $5.55B · FY25 $6.19B
Revenue by product · Q4 FY25
Revenue by geography · Q4 FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $1.86B · Total debt $18.25B · Total assets $54.52B · Shareholders' equity $27.43B
Dividends
Raised for 20 straight years — most recently to $1.22 from $1.16 in Mar 2022. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 30 | $1.22 | |
| Mar 13, 2026 | Mar 13 | Mar 31 | $1.22 | |
| Dec 15, 2025 | Dec 15 | Jan 16 | $1.22 | |
| Sep 15, 2025 | Sep 15 | Sep 30 | $1.22 | |
| Jun 13, 2025 | Jun 13 | Jun 30 | $1.22 | |
| Mar 14, 2025 | Mar 14 | Mar 31 | $1.22 | |
| Dec 13, 2024 | Dec 13 | Jan 17 | $1.22 | |
| Sep 13, 2024 | Sep 13 | Sep 30 | $1.22 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 369.98M · Float 347.63M · 94.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 40.52M | 10.95% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 30.16M | 8.15% | 13F | Aug 13, 2026 |
| Cohen & Steers, Inc. | 29.23M | 7.90% | 13F | Aug 14, 2026 |
| Vanguard Capital Management LLC | 22.29M | 6.03% | 13F | Aug 13, 2026 |
| State Street Corp | 20.84M | 5.63% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Dec 1, 2025 | Mary Hogan Preusse | director | −4,166 | $157.42 |
| Sep 12, 2025 | Andrew Power | director, officer: PRESIDENT AND CEO | −4,731 | $175.10 |
| Sep 15, 2025 | Andrew Power | director, officer: PRESIDENT AND CEO | −53,269 | $175.16 |
Peers
- Equinix
Global carrier-neutral interconnection leader competing in colocation and cross-connect.
- Iron Mountain
Rapidly growing data center REIT competing for enterprise colocation via existing customer relationships.
- GDS (ADR)
China's largest carrier-neutral data center operator serving the same cloud hyperscalers as DLR.
- Nextpower
Australia's dominant hyperscale and colo operator competing for the same cloud tenants in APAC.
- American Tower
Tower REIT with US colocation business via CoreSite competing for enterprise and cloud colo.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Digital Realty | $182.50 | −1.56% | $68.62B | 89.6 | 81.3 | 10.0 | +28.9% |
| Equinix | $1,031.43 | −1.20% | $103.05B | 67.3 | 59.8 | 10.5 | +16.4% |
| Iron Mountain | $116.63 | −0.62% | $34.93B | 83.9 | 46.1 | 4.6 | +18.5% |
| GDS (ADR) | $33.41 | −0.03% | $6.51B | 16.4 | 70.7 | 3.6 | +12.4% |
| Nextpower | $85.75 | +0.36% | $12.96B | 22.1 | 17.8 | 3.6 | +8.2% |
| American Tower | $176.00 | −0.14% | $82.12B | 24.2 | 26.0 | 7.5 | +4.7% |
| Median | 24.2 | 46.1 | 4.6 | +12.4% |