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Digital Realty

DLR NYSE Data Center REITs Financials FY2016–FY2025

Digital Realty's revenue rose 10.0% to $6.1 billion in fiscal 2025. Its operating margin was 10.8%, up from 8.5% a year earlier. Free cash flow was −$769 million. It paid out $1.7 billion in dividends and buybacks. The diluted share count rose 4.9%.

Last close · Oct 23, 2026

$172.37

0.8%
Value it Compare
Revenue Total sales reported in the income statement.
$6.1B
10.0% vs prior year
Operating margin Operating income as a share of revenue.
10.8%
2.3 pts
Net income Profit after all expenses, interest and tax.
$1.3B
117.2%
Free cash flow Cash from operations minus capital spending.
−$769M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$60.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
45.6x
On $3.78 EPS (TTM)

About these figures. Digital Realty's filings don't tag a total for its debt in the SEC's structured data, only some of its parts, so debt and the ratios built on it are left blank. Capital spending is Digital Realty's improvements to its data centers; acquisitions aren't included.

What Digital Realty does

No business description yet.

Legal name
DIGITAL REALTY TRUST, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001104659-26-015365
0001297996

Revenue and margins

Digital Realty had $6.1B of revenue in fiscal 2025, up 10.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 5.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$769M in fiscal 2025, −12.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Digital Realty returned $1.7B to shareholders in fiscal 2025. The diluted share count rose 4.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Digital Realty yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 347.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 45.6x · peers 39.0x · sector 27.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Digital Realty can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $143M$142M$1.6B$3.9B$3.5B
Interest coverage 2.4x2.0x1.2x1.0x1.5x
Total assets $36.4B$41.5B$44.1B$45.3B$49.4B
Total liabilities $17.8B$21.9B$23.1B$22.1B$24.6B
Shareholders' equity $18.0B$17.6B$19.1B$21.3B$22.9B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.7M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 27, 2026 Mark R PattersonDirector Sold 200 $193.96 $0.0M Form 4
Dec 1, 2025 Mary Hogan PreusseDirector Sold 4,166 $157.42 $0.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✓
F-score — / 9— / 9— / 9
Accruals ratio −1.6%−3.7%−2.3%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Digital Realty DLR $60.9B 10.0% 10.8% −12.6% — 45.6x —
Equinix EQIX $94.6B 5.4% 20.1% −4.3% 5.6% 61.5x 5 Compare →
Host Hotels & Resorts HST $17.0B 7.6% 14.0% — 7.4% 16.6x — Compare →
Simon Property Group SPG $68.6B 6.7% 49.9% 50.3% 10.5% 14.9x — Compare →
Ventas VTR $43.2B 18.5% — — 3.4% 163.8x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.1B $2.5B $3.0B $3.2B $3.9B $4.4B $4.7B $5.5B $5.6B $6.1B
Operating income $497M $451M $550M $594M $558M $694M $590M $525M $472M $659M
Interest expense $237M $259M $322M $353M $333M $294M $299M $438M $453M $438M
Pretax income $437M $256M $333M $592M $394M $1.8B $409M $1.0B $657M $1.3B
Income tax $10.4M $7.9M $2.1M $12.0M $38.0M $72.8M $31.5M $75.6M $54.8M $32.0M
Net income $426M $248M $331M $580M $356M $1.7B $378M $949M $603M $1.3B
Diluted EPS $2.20 $0.99 $1.21 $2.35 $1.00 $5.94 $1.11 $2.88 $1.61 $3.58
Diluted shares 0.15B 0.17B 0.21B 0.21B 0.26B 0.28B 0.30B 0.31B 0.33B 0.35B
Cash flow
Cash from operations $911M $1.0B $1.4B $1.5B $1.7B $1.7B $1.7B $1.6B $2.3B $2.4B
Capital expenditure $758M $1.2B $1.3B $1.4B $2.1B $2.5B $2.6B $3.5B $2.8B $3.2B
Free cash flow $153M −$127M $60.2M $76.9M −$358M −$819M −$984M −$1.9B −$570M −$769M
Depreciation and amortization $699M $843M $1.2B $1.2B $1.4B $1.5B $1.6B $1.7B $1.8B $1.9B
Acquisitions $0.0M $0.0M $2.1B $75.7M $1.0B $0.0M $0.0M $0.0M $0.0M $309M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $522M $646M $850M $922M $1.2B $1.4B $1.5B $1.5B $1.6B $1.7B
Dividends and buybacks $522M $646M $849M $922M $1.2B $1.4B $1.5B $1.5B $1.6B $1.7B
Balance sheet
Cash and short-term investments $10.5M $0.1M $127M $89.8M $109M $143M $142M $1.6B $3.9B $3.5B
Finance lease liabilities $0.0M $0.0M $0.0M $178M $233M $219M $325M $315M $319M $341M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $12.2B $21.4B $23.8B $23.1B $36.1B $36.4B $41.5B $44.1B $45.3B $49.4B
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 $10.3B $9.9B $9.9B $17.7B $18.0B $17.6B $19.1B $21.3B $22.9B
Margins
Operating margin 23.2% 18.4% 18.1% 18.5% 14.3% 15.7% 12.6% 9.6% 8.5% 10.8%
EBITDA margin 55.9% 52.6% 57.0% 54.8% 49.3% 49.3% 46.2% 40.5% 40.4% 41.8%
Net margin 19.9% 10.1% 10.9% 18.1% 9.1% 38.6% 8.1% 17.3% 10.9% 21.4%
FCF margin 7.2% −5.2% 2.0% 2.4% −9.2% −18.5% −21.0% −34.5% −10.3% −12.6%
Returns
Return on equity 8.9% 3.2% 3.3% 5.9% 2.6% 9.6% 2.1% 5.2% 3.0% 5.9%
Return on assets 3.6% 1.5% 1.5% 2.5% 1.2% 4.7% 1.0% 2.2% 1.4% 2.8%
Growth
Revenue growth 21.5% 14.7% 23.9% 5.3% 21.6% 13.4% 6.0% 16.7% 1.4% 10.0%
Net income growth 43.7% −41.8% 33.4% 75.0% −38.5% 379.6% −77.9% 151.2% −36.5% 117.2%
EPS growth 41.0% −55.0% 22.2% 94.2% −57.5% 494.0% −81.3% 159.5% −44.1% 122.4%
FCF growth 156.7% −183.1% — 27.9% −564.8% — — — — —
Share count change 8.5% 16.1% 18.2% 1.4% 25.3% 7.9% 5.2% 3.7% 7.3% 4.9%
Financial health
Interest coverage 2.1x 1.7x 1.7x 1.7x 1.7x 2.4x 2.0x 1.2x 1.0x 1.5x
Capital allocation
Capex / revenue 35.4% 46.8% 43.5% 44.8% 52.9% 56.9% 56.3% 64.4% 51.0% 52.0%
Payouts / FCF 340.6% — 1,412.0% 1,198.4% — — — — — —
Quality scores
Accruals ratio −4.1% −4.6% −4.7% −4.0% −4.6% 0.0% −3.3% −1.6% −3.7% −2.3%

Source: SEC EDGAR XBRL filings (CIK 0001297996). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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