Digital Realty Trust (DLR) Financials

$193.06 -2.21 (-1.13%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$193.00 -0.06 (-0.03%)

As of 07:47 AM Eastern

Annual Income Statements for Digital Realty Trust

This table shows Digital Realty Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	217	332	173	250	493	263	1,681	337	908	562	1,268
Consolidated Net Income / (Loss)	302	432	256	341	599	363	1,747	380	950	588	1,313
Net Income / (Loss) Continuing Operations	302	432	256	341	599	363	1,747	380	943	561	1,309
Total Pre-Tax Income	308	442	264	343	611	401	1,820	412	1,048	736	1,373
Total Operating Income	402	497	451	550	594	558	694	590	524	472	658
Total Gross Profit	1,763	2,142	2,458	3,046	3,209	3,904	4,428	4,692	5,477	5,555	6,113
Total Revenue	1,763	2,142	2,458	3,046	3,209	3,904	4,428	4,692	5,477	5,555	6,113
Operating Revenue	1,762	2,103	2,458	3,046	3,209	-	4,428	4,692	5,477	5,555	6,113
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	1,361	1,645	2,007	2,497	2,615	3,346	3,734	4,102	4,060	4,514	4,462
Selling, General & Admin Expense	166	153	165	1,124	225	351	401	435	457	507	569
Depreciation Expense	571	699	842	1,187	1,164	1,366	1,487	1,578	1,695	1,772	1,895
Other Operating Expenses / (Income)	651	772	895	141	1,193	1,515	1,778	2,018	2,606	2,546	2,730
Impairment Charge	0.00	0.00	29	0.00	5.35	6.48	-	-	118	191	79
Restructuring Charge	17	20	76	45	28	107	47	69	85	94	185
Other Special Charges / (Income)	-44	-	-	-	-	-	-	-	-901	-596	-996
Total Other Income / (Expense), net	-94	-55	-187	-207	17	-157	1,126	-178	-369	-304	-277
Interest Expense	202	237	259	323	392	436	313	299	438	459	438
Other Income / (Expense), net	0.00	170	46	84	334	337	-4.36	135	68	154	161
Income Tax Expense	6.45	10	7.90	2.08	12	38	73	32	76	55	32
Other Gains / (Losses), net	-	-	-	-	-	-	-	-	-30	-120	-32
Preferred Stock Dividends Declared	79	94	75	81	75	93	28	41	41	41	41
Net Income / (Loss) Attributable to Noncontrolling Interest	4.90	5.67	8.01	9.87	19	6.33	38	2.64	1.47	-14	4.58
Basic Earnings per Share	$1.57	$2.21	$0.99	$1.21	$2.37	$1.01	$5.95	$1.18	$3.04	$1.74	$3.73
Weighted Average Basic Shares Outstanding	138.25M	149.95M	174.06M	206.04M	208.33M	260.10M	282.48M	286.33M	298.60M	323.34M	339.81M
Diluted Earnings per Share	$1.56	$2.20	$0.99	$1.21	$2.35	$1.00	$5.94	$1.11	$2.88	$1.61	$3.58
Weighted Average Diluted Shares Outstanding	138.87M	150.68M	174.90M	206.67M	209.46M	262.52M	283.22M	297.92M	309.07M	331.55M	347.81M
Weighted Average Basic & Diluted Shares Outstanding	146.48M	159.27M	205.74M	207.82M	209.04M	281.12M	284.47M	291.16M	312.29M	336.64M	343.62M

This table shows Digital Realty Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	723	18	271	70	41	179	100	1,022	58	88	169
Consolidated Net Income / (Loss)	746	20	288	75	40	186	106	1,047	64	96	175
Net Income / (Loss) Continuing Operations	746	12	288	75	40	158	106	1,047	64	92	176
Total Pre-Tax Income	783	43	310	131	53	215	131	1,060	75	115	192
Total Operating Income	58	134	149	9.89	168	144	197	212	138	113	268
Total Gross Profit	1,402	1,370	1,331	1,357	1,431	1,436	1,408	1,493	1,577	1,635	1,635
Total Revenue	1,402	1,370	1,331	1,357	1,431	1,436	1,408	1,493	1,577	1,635	1,635
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	534	1,153	1,182	1,173	1,263	896	1,211	1,281	1,439	530	1,368
Selling, General & Admin Expense	111	124	115	120	118	143	124	136	142	168	155
Depreciation Expense	421	420	431	425	460	455	443	461	497	493	500
Other Operating Expenses / (Income)	685	653	604	607	661	686	605	662	714	750	698
Restructuring Charge	14	40	32	26	24	12	40	23	87	36	16
Total Other Income / (Expense), net	-86	-173	161	-52	-116	-324	-66	848	-63	-990	-76
Interest Expense	111	114	110	115	124	108	98	109	114	117	121
Interest & Investment Income	-	-	-16	-	-26	-	-	-12	-17	-	-0.96
Other Income / (Expense), net	25	50	286	62	35	-232	33	970	68	-909	45
Income Tax Expense	17	21	22	15	12	4.93	17	13	12	-9.67	16
Preferred Stock Dividends Declared	10	10	10	10	10	10	10	10	10	10	10
Net Income / (Loss) Attributable to Noncontrolling Interest	12	-8.42	6.33	-5.55	-11	-3.88	-3.58	15	-4.10	-2.54	-4.47
Basic Earnings per Share	$2.40	$0.07	$0.87	$0.22	$0.13	$0.52	$0.30	$3.03	$0.17	$0.23	$0.49
Weighted Average Basic Shares Outstanding	301.83M	298.60M	312.29M	319.54M	327.98M	323.34M	336.68M	337.59M	341.37M	339.81M	345.01M
Diluted Earnings per Share	$2.31	$0.03	$0.82	$0.20	$0.09	$0.50	$0.27	$2.94	$0.15	$0.22	$0.46
Weighted Average Diluted Shares Outstanding	311.34M	309.07M	320.80M	327.95M	336.25M	331.55M	344.72M	345.73M	349.23M	347.81M	353.25M
Weighted Average Basic & Diluted Shares Outstanding	302.85M	312.29M	312.43M	327.41M	331.71M	336.64M	336.79M	341.05M	343.50M	343.62M	351.41M

This table details how cash moves in and out of Digital Realty Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	20	-42	-307	107	-33	43	50	907	1,483	2,419	-305
Net Cash From Operating Activities	797	911	438	1,385	1,514	1,707	1,702	1,659	1,635	2,261	2,412
Net Cash From Continuing Operating Activities	797	911	438	1,385	1,514	1,707	1,721	1,662	1,635	2,261	2,412
Net Income / (Loss) Continuing Operations	302	432	256	341	599	363	1,747	380	950	588	1,313
Consolidated Net Income / (Loss)	302	432	256	341	599	363	1,747	380	950	588	1,313
Depreciation Expense	465	519	-	770	1,164	1,366	1,487	1,578	1,695	1,772	1,895
Amortization Expense	113	202	252	487	68	76	72	46	56	48	6.23
Non-Cash Adjustments To Reconcile Net Income	-79	-172	105	-149	-286	-110	-1,259	-112	-687	-171	-839
Changes in Operating Assets and Liabilities, net	-3.99	-70	59	-63	-31	11	-327	-230	-380	25	37
Net Cash From Investing Activities	-2,528	-1,304	-1,454	-3,036	-275	-2,599	-1,062	-4,699	-1,115	-1,906	-2,230
Net Cash From Continuing Investing Activities	-2,528	-1,304	-1,454	-3,036	-275	-2,599	-1,062	-4,699	-1,115	-1,906	-2,230
Acquisitions	-1,861	0.00	0.00	-1,975	-76	-1,053	-251	-1,930	-389	-824	-840
Sale of Property, Plant & Equipment	186	359	641	286	-	-	-	272	2,620	1,765	1,620
Sale and/or Maturity of Investments	0.00	0.00	64	0.00	-	-	62	3.33	242	100	153
Other Investing Activities, net	-753	-790	1,151	-22	-1,496	-2,111	-2,563	-3,044	-3,588	-2,947	-3,163
Net Cash From Financing Activities	1,751	351	710	1,757	-1,272	936	-591	2,969	963	2,063	-487
Net Cash From Continuing Financing Activities	1,751	351	710	1,757	-1,272	936	-591	3,947	963	2,063	-487
Repayment of Debt	-2,489	-3,798	0.00	381	-1,966	-3,042	-3,652	-4,805	-3,468	-3,804	-5,160
Payment of Dividends	-562	-629	707	-865	-934	-1,137	-1,255	-1,406	-1,516	-1,655	-1,725
Issuance of Debt	3,881	3,975	7,895	2,237	1,457	3,735	4,346	8,301	3,740	3,871	5,292
Issuance of Common Equity	919	1,085	405	-3.86	536	1,880	172	928	2,207	3,651	1,106
Other Financing Activities, net	0.90	4.73	5.87	7.43	0.00	0.00	0.00	928	0.00	0.00	0.00

This table details how cash moves in and out of Digital Realty Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	946	518	-353	1,051	-78	1,799	-1,522	1,358	-253	112	-1,018
Net Cash From Operating Activities	358	462	352	573	567	769	399	641	653	719	532
Net Cash From Continuing Operating Activities	358	462	352	573	563	773	399	641	653	719	532
Net Income / (Loss) Continuing Operations	746	20	288	75	40	186	106	1,047	64	96	175
Consolidated Net Income / (Loss)	746	20	288	75	40	186	106	1,047	64	96	175
Depreciation Expense	421	420	431	425	460	455	443	461	497	493	500
Amortization Expense	13	0.54	28	27	10	-17	12	3.16	0.00	-8.84	16
Non-Cash Adjustments To Reconcile Net Income	-684	70	-214	49	35	-40	76	-907	-1.81	-5.91	52
Changes in Operating Assets and Liabilities, net	-138	-49	-181	-2.19	18	190	-238	37	94	144	-210
Net Cash From Investing Activities	1,180	-1,016	6.62	-282	-1,119	-512	-903	161	-730	-759	-1,333
Net Cash From Continuing Investing Activities	1,180	-1,016	6.62	-282	-1,119	-512	-903	161	-730	-759	-1,333
Acquisitions	12	-6.44	-202	11	-247	-191	-205	-228	-181	-226	-460
Sale of Property, Plant & Equipment	2,320	149	814	426	5.77	518	62	1,015	82	460	6.07
Sale and/or Maturity of Investments	-	242	86	12	2.44	-	75	73	5.10	0.18	0.65
Other Investing Activities, net	-1,152	-1,401	-691	-731	-880	-840	-835	-699	-636	-993	-880
Net Cash From Financing Activities	-593	1,072	-810	857	474	1,541	-1,018	556	-177	152	-218
Net Cash From Continuing Financing Activities	-593	1,072	-712	759	474	1,541	-1,018	555	-177	152	-218
Repayment of Debt	-1,309	-703	-550	-865	-1,338	-1,050	-1,508	-970	-755	-1,927	-550
Payment of Dividends	-389	-10	-810	-414	-421	-10	-849	-431	-443	-1.61	-872
Issuance of Debt	770	655	453	310	1,427	1,682	1,337	1,353	598	2,003	333
Issuance of Common Equity	335	1,130	98	1,826	806	921	0.98	604	424	77	871
Other Financing Activities, net	-	-	98	-98	-	-	0.00	-0.98	-	-	0.00

This table presents Digital Realty Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	11,416	12,193	21,404	23,767	23,068	36,076	36,370	41,485	44,113	45,284	49,410
Total Current Assets	234	214	276	426	395	712	814	1,111	2,904	5,128	4,811
Cash & Equivalents	57	11	0.05	127	90	109	143	142	1,625	3,871	3,452
Accounts Receivable	177	204	276	300	306	603	672	969	1,278	1,257	1,359
Plant, Property, & Equipment, net	8,770	8,996	13,841	13,109	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	2,393	2,982	7,274	10,221	22,673	35,365	35,555	40,374	40,731	40,155	44,250
Long-Term Investments	-	-	-	175	15,518	1,148	22,570	25,766	26,532	26,761	29,862
Goodwill	331	753	3,390	4,348	3,363	8,331	7,937	9,208	9,240	8,929	9,712
Intangible Assets	1,392	1,522	2,999	3,264	2,195	3,123	2,735	3,093	2,500	2,178	2,135
Other Noncurrent Operating Assets	638	628	561	2,433	1,597	22,763	2,312	2,307	2,459	2,287	2,542
Total Liabilities & Shareholders' Equity	11,416	12,193	21,404	23,767	23,068	36,076	36,370	41,485	44,113	45,284	49,410
Total Liabilities	6,880	7,060	10,301	12,893	12,419	17,588	17,846	21,863	23,117	22,108	24,564
Total Current Liabilities	614	2,653	3,156	1,382	1,481	2,276	1,882	2,233	2,596	2,475	3,029
Accounts Payable	608	825	980	1,165	1,009	1,420	1,544	1,869	2,169	2,056	2,601
Dividends Payable	-	144	200	217	235	324	339	364	388	419	428
Total Noncurrent Liabilities	6,265	4,407	7,145	11,511	10,938	15,311	15,963	19,630	20,521	19,633	21,535
Long-Term Debt	5,899	4,157	6,677	11,101	9,888	12,773	13,448	16,597	17,426	16,714	18,402
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	147	698	666	1,193	1,151	1,085	1,125
Other Noncurrent Operating Liabilities	265	168	218	209	902	1,840	1,849	1,841	1,944	1,834	2,008
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	0.00	54	16	41	42	47	1,515	1,395	1,433	1,499
Total Equity & Noncontrolling Interests	4,537	5,132	11,049	10,858	10,608	18,446	18,477	18,107	19,602	21,743	23,347
Total Preferred & Common Equity	4,500	5,096	10,349	9,859	9,877	17,718	18,005	17,583	19,118	21,340	22,926
Preferred Stock	1,290	1,013	1,250	1,250	1,434	951	732	732	732	732	732
Total Common Equity	4,560	4,083	11,155	8,609	8,443	16,767	17,270	16,849	18,383	20,605	22,191
Common Stock	4,657	5,766	11,264	11,358	11,577	20,630	21,076	22,143	24,397	28,080	29,350
Retained Earnings	-	-1,547	-	-2,633	-3,047	-3,998	-3,632	-4,698	-5,263	-6,292	-6,691
Accumulated Other Comprehensive Income / (Loss)	-97	-136	-108	-116	-88	135	-174	-596	-751	-1,182	-469
Noncontrolling Interest	36	36	700	1,000	729	729	472	524	484	402	421

This table presents Digital Realty Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	42,389	41,933	44,113	42,633	43,607	45,295	45,284	45,081	48,715	48,729	48,860
Total Current Assets	1,283	2,388	2,904	2,411	3,504	3,450	5,128	3,695	5,140	4,796	3,857
Cash & Equivalents	125	1,062	1,625	1,194	2,282	2,176	3,871	2,322	3,554	3,300	2,427
Accounts Receivable	1,158	1,326	1,278	1,217	1,222	1,274	1,257	1,374	1,586	1,496	1,430
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	40,497	39,545	40,731	39,935	40,102	41,845	40,155	40,432	43,435	43,816	44,562
Long-Term Investments	26,219	25,779	26,532	26,124	26,270	27,687	26,761	26,837	29,272	29,709	30,396
Goodwill	9,149	8,998	9,240	9,105	9,129	9,395	8,929	9,174	9,637	9,648	9,591
Intangible Assets	2,826	2,506	2,500	2,359	2,315	2,367	2,178	2,125	2,171	2,081	2,053
Other Noncurrent Operating Assets	2,304	2,262	2,459	2,347	2,388	2,396	2,287	2,296	2,355	2,378	2,521
Total Liabilities & Shareholders' Equity	42,389	41,933	44,113	42,633	43,607	45,295	45,284	45,081	48,715	48,729	48,860
Total Liabilities	22,916	21,896	23,117	21,793	21,199	22,119	22,108	21,902	23,853	23,739	23,463
Total Current Liabilities	2,215	2,147	2,596	1,880	1,974	2,141	2,475	1,928	2,311	2,378	2,420
Accounts Payable	2,215	2,147	2,169	1,870	1,974	2,141	2,056	1,928	2,311	2,378	2,420
Dividends Payable	0.00	0.00	388	0.00	0.00	0.00	419	0.00	0.00	0.00	0.00
Total Noncurrent Liabilities	20,696	19,749	20,521	19,913	19,225	19,978	19,633	19,967	21,541	21,361	21,043
Long-Term Debt	17,729	16,870	17,426	17,020	16,340	16,987	16,714	17,016	18,452	18,225	17,997
Noncurrent Deferred & Payable Income Tax Liabilities	1,129	1,089	1,151	1,121	1,132	1,224	1,085	1,109	1,137	1,151	1,094
Other Noncurrent Operating Liabilities	1,838	1,790	1,944	1,771	1,754	1,768	1,834	1,841	1,952	1,985	1,952
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	1,367	1,360	1,395	1,351	1,400	1,466	1,433	1,459	1,506	1,536	1,595
Total Equity & Noncontrolling Interests	18,105	18,677	19,602	19,489	21,008	21,711	21,743	21,719	23,356	23,453	23,802
Total Preferred & Common Equity	17,621	18,190	19,118	19,020	20,538	21,246	21,340	21,296	22,915	23,025	23,369
Preferred Stock	732	732	732	732	732	732	732	732	732	732	732
Total Common Equity	16,887	17,455	18,383	18,285	19,803	20,511	20,605	20,561	22,179	22,290	22,634
Common Stock	22,882	23,239	24,397	24,509	26,388	27,229	28,080	28,092	28,721	29,182	30,093
Retained Earnings	-5,254	-4,901	-5,263	-5,374	-5,701	-6,061	-6,292	-6,604	-5,998	-6,359	-6,947
Accumulated Other Comprehensive Income / (Loss)	-741	-883	-751	-850	-885	-657	-1,182	-927	-544	-534	-513
Noncontrolling Interest	484	487	484	470	470	465	402	423	441	428	434

This table displays calculated financial ratios and metrics derived from Digital Realty Trust's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.09%	21.49%	14.74%	23.95%	5.34%	21.64%	13.43%	5.96%	16.74%	1.42%	10.04%
EBITDA Growth	5.67%	41.65%	-46.00%	152.17%	14.24%	8.23%	-3.80%	4.47%	-0.20%	4.33%	11.23%
EBIT Growth	8.62%	66.00%	-25.46%	27.35%	46.51%	-3.58%	-22.91%	5.05%	-18.17%	5.60%	30.90%
NOPAT Growth	56.04%	23.41%	-9.85%	24.82%	6.61%	-13.38%	32.04%	-18.23%	-10.67%	-10.25%	47.25%
Net Income Growth	48.26%	43.19%	-40.66%	33.11%	75.67%	-39.47%	381.74%	-78.24%	149.87%	-38.09%	123.20%
EPS Growth	57.58%	41.03%	-55.00%	22.22%	94.21%	-57.45%	494.00%	-81.31%	159.46%	-44.10%	122.36%
Operating Cash Flow Growth	21.49%	14.36%	-51.98%	216.61%	9.28%	12.73%	-0.25%	-2.52%	-1.48%	38.34%	6.66%
Free Cash Flow Firm Growth	-493.28%	87.06%	-4,613.24%	82.55%	1,265.88%	-244.57%	187.88%	-102.43%	278.26%	2.58%	-68.45%
Invested Capital Growth	20.55%	6.36%	80.13%	10.11%	-75.54%	471.30%	-68.90%	11.22%	-4.32%	-5.25%	3.48%
Revenue Q/Q Growth	5.27%	3.70%	6.71%	1.56%	0.29%	7.58%	1.11%	2.67%	2.56%	1.21%	3.36%
EBITDA Q/Q Growth	-1.15%	18.32%	-40.30%	69.20%	14.06%	-7.59%	-13.71%	19.16%	3.01%	-9.45%	-19.64%
EBIT Q/Q Growth	-10.85%	45.02%	-0.13%	-4.13%	45.69%	-22.39%	-34.63%	72.38%	17.02%	-30.30%	-46.47%
NOPAT Q/Q Growth	13.87%	28.63%	-6.58%	2.74%	3.39%	-1.13%	1.46%	-5.99%	-1.12%	8.15%	-3.83%
Net Income Q/Q Growth	6.43%	35.32%	-6.04%	-7.35%	98.09%	-44.41%	143.87%	-74.13%	2.05%	39.24%	-6.39%
EPS Q/Q Growth	3.31%	59.42%	-20.16%	-7.63%	137.37%	-59.35%	164.00%	-77.30%	2.86%	27.78%	-7.25%
Operating Cash Flow Q/Q Growth	10.29%	3.00%	-54.69%	75.39%	3.44%	7.83%	-4.16%	0.27%	0.36%	15.72%	-2.05%
Free Cash Flow Firm Q/Q Growth	-442.39%	90.70%	-5.99%	-2,629.11%	1,161.79%	-159.98%	8.71%	-488.19%	22.65%	475.58%	-65.14%
Invested Capital Q/Q Growth	18.19%	-0.32%	2.10%	9.77%	-72.03%	4.90%	-3.09%	3.17%	1.46%	-6.05%	-0.75%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	55.58%	64.80%	30.49%	62.04%	67.28%	59.87%	50.78%	50.06%	42.80%	44.03%	44.50%
Operating Margin	22.79%	23.21%	18.36%	18.05%	18.52%	14.28%	15.67%	12.57%	9.58%	8.49%	10.77%
EBIT Margin	22.79%	31.14%	20.23%	20.79%	28.91%	22.92%	15.58%	15.44%	10.83%	11.27%	13.41%
Profit (Net Income) Margin	17.10%	20.16%	10.43%	11.20%	18.67%	9.29%	39.46%	8.11%	17.35%	10.59%	21.48%
Tax Burden Percent	97.91%	97.65%	97.01%	99.39%	98.04%	90.51%	96.00%	92.34%	90.67%	79.92%	95.61%
Interest Burden Percent	76.64%	66.28%	53.12%	54.19%	65.87%	44.80%	263.93%	56.85%	176.79%	117.57%	167.59%
Effective Tax Rate	2.09%	2.35%	2.99%	0.61%	1.96%	9.49%	4.00%	7.66%	7.21%	7.44%	2.33%
Return on Invested Capital (ROIC)	4.11%	4.50%	2.81%	2.59%	4.24%	2.78%	3.29%	5.37%	4.66%	4.39%	6.53%
ROIC Less NNEP Spread (ROIC-NNEP)	2.39%	3.60%	0.38%	0.56%	4.80%	-1.20%	66.03%	7.21%	-0.04%	3.14%	1.80%
Return on Net Nonoperating Assets (RNNOA)	3.03%	4.44%	0.35%	0.51%	1.33%	-0.29%	6.15%	-3.38%	0.02%	-1.73%	-1.06%
Return on Equity (ROE)	7.14%	8.93%	3.16%	3.10%	5.57%	2.49%	9.44%	1.99%	4.68%	2.66%	5.47%
Cash Return on Invested Capital (CROIC)	-14.53%	-1.67%	-54.40%	-7.03%	125.62%	-137.63%	108.40%	-5.25%	9.08%	9.78%	3.12%
Operating Return on Assets (OROA)	3.84%	5.65%	2.96%	2.80%	3.96%	3.03%	1.90%	1.86%	1.39%	1.40%	1.73%
Return on Assets (ROA)	2.88%	3.66%	1.53%	1.51%	2.56%	1.23%	4.82%	0.98%	2.22%	1.32%	2.77%
Return on Common Equity (ROCE)	6.24%	7.99%	2.96%	2.79%	4.41%	2.15%	8.68%	1.78%	4.06%	2.35%	4.87%
Return on Equity Simple (ROE_SIMPLE)	6.70%	8.47%	2.48%	3.46%	6.07%	2.05%	9.71%	2.16%	4.97%	2.76%	0.00%
Net Operating Profit after Tax (NOPAT)	393	486	438	546	583	505	666	545	487	437	643
NOPAT Margin	22.32%	22.67%	17.81%	17.94%	18.15%	12.93%	15.05%	11.61%	8.89%	7.86%	10.52%
Net Nonoperating Expense Percent (NNEP)	1.72%	0.90%	2.43%	2.04%	-0.56%	3.98%	-62.73%	-1.84%	4.70%	1.25%	4.73%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	1.57%	1.31%	1.14%	1.54%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	9.44%	7.14%	6.69%	36.88%	7.02%	9.00%	9.05%	9.26%	8.34%	9.13%	9.31%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	77.21%	76.79%	81.64%	81.95%	81.48%	85.72%	84.33%	87.43%	74.12%	81.27%	73.00%
Earnings before Interest and Taxes (EBIT)	402	667	497	633	928	895	690	725	593	626	820
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	980	1,388	750	1,890	2,159	2,337	2,248	2,349	2,344	2,446	2,720
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.79	2.93	1.66	2.10	2.52	2.05	2.63	1.59	2.15	2.85	2.39
Price to Tangible Book Value (P/TBV)	2.88	6.62	3.89	18.10	7.38	6.47	6.90	5.90	5.95	6.19	5.14
Price to Revenue (P/Rev)	4.63	5.59	7.54	5.92	6.63	8.81	10.27	5.71	7.22	10.59	8.69
Price to Earnings (P/E)	37.59	36.03	107.00	72.20	43.15	130.52	27.05	79.56	43.52	104.71	41.92
Dividend Yield	6.09%	4.68%	4.13%	4.62%	4.24%	3.65%	2.89%	5.23%	3.74%	2.75%	3.15%
Earnings Yield	2.66%	2.78%	0.93%	1.39%	2.32%	0.77%	3.70%	1.26%	2.30%	0.96%	2.39%
Enterprise Value to Invested Capital (EV/IC)	1.47	1.70	1.47	1.42	3.33	1.56	3.90	1.90	3.07	4.91	4.08
Enterprise Value to Revenue (EV/Rev)	8.75	8.83	11.97	10.28	5.61	12.33	8.46	4.32	5.73	8.55	6.69
Enterprise Value to EBITDA (EV/EBITDA)	15.75	13.63	39.26	16.56	8.33	20.60	16.67	8.63	13.39	19.41	15.03
Enterprise Value to EBIT (EV/EBIT)	38.41	28.36	59.18	49.44	19.39	53.81	54.34	27.98	52.96	75.82	49.89
Enterprise Value to NOPAT (EV/NOPAT)	39.23	38.97	67.22	57.29	30.89	95.40	56.25	37.21	64.52	108.69	63.57
Enterprise Value to Operating Cash Flow (EV/OCF)	19.37	20.77	67.26	22.60	11.89	28.21	22.02	12.21	19.21	20.99	16.95
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	1.04	0.00	1.71	0.00	33.11	48.81	133.24
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.32	1.15	0.80	1.04	0.95	0.72	0.73	0.85	0.83	0.72	0.74
Long-Term Debt to Equity	1.32	0.83	0.62	1.04	0.93	0.69	0.73	0.85	0.83	0.72	0.74
Financial Leverage	1.27	1.23	0.92	0.92	0.28	0.24	0.09	-0.47	-0.49	-0.55	-0.59
Leverage Ratio	2.48	2.44	2.07	2.06	2.18	2.03	1.96	2.04	2.11	2.02	1.97
Compound Leverage Factor	1.90	1.62	1.10	1.11	1.43	0.91	5.17	1.16	3.73	2.38	3.30
Debt to Total Capital	56.95%	53.57%	44.49%	50.96%	48.73%	41.85%	42.06%	45.82%	45.35%	41.90%	42.55%
Short-Term Debt to Total Capital	0.00%	15.21%	9.86%	0.00%	1.13%	1.67%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	56.95%	38.35%	34.63%	50.96%	47.60%	40.17%	42.06%	45.82%	45.35%	41.90%	42.55%
Preferred Equity to Total Capital	12.24%	9.16%	6.25%	5.63%	6.91%	2.99%	2.29%	2.02%	1.90%	1.83%	1.69%
Noncontrolling Interests to Total Capital	0.35%	0.33%	3.77%	4.58%	3.71%	2.42%	1.62%	5.63%	4.89%	4.60%	4.44%
Common Equity to Total Capital	43.28%	36.94%	55.77%	38.82%	40.65%	52.74%	54.02%	46.52%	47.84%	51.66%	51.31%
Debt to EBITDA	6.12	4.27	11.87	5.98	4.69	5.69	5.98	7.07	7.43	6.83	6.76
Net Debt to EBITDA	6.06	4.26	11.87	5.82	-2.54	5.16	-4.12	-3.96	-4.58	-5.69	-5.48
Long-Term Debt to EBITDA	6.12	3.05	9.24	5.98	4.58	5.47	5.98	7.07	7.43	6.83	6.76
Debt to NOPAT	15.25	12.19	20.32	20.68	17.38	26.37	20.18	30.47	35.81	38.27	28.61
Net Debt to NOPAT	15.10	12.17	20.32	20.13	-9.42	23.88	-13.91	-17.09	-22.05	-31.86	-23.19
Long-Term Debt to NOPAT	15.25	8.73	15.82	20.68	16.97	25.31	20.18	30.47	35.81	38.27	28.61
Altman Z-Score	0.94	0.96	1.11	0.85	1.06	1.16	1.54	0.72	1.04	1.64	1.33
Noncontrolling Interest Sharing Ratio	12.55%	10.61%	6.14%	10.07%	20.78%	13.48%	8.04%	10.56%	13.26%	11.74%	10.88%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.38	0.08	0.09	0.31	0.27	0.31	0.43	0.50	1.12	2.07	1.59
Quick Ratio	0.38	0.08	0.09	0.31	0.27	0.31	0.43	0.50	1.12	2.07	1.59
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,391	-180	-8,483	-1,481	17,261	-24,954	21,929	-532	948	973	307
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	133.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-6.90	-0.76	-32.80	-4.58	44.01	-57.20	70.17	-1.78	2.17	2.12	0.70
Operating Cash Flow to Interest Expense	3.95	3.84	1.69	4.29	3.86	3.91	5.45	5.55	3.73	4.93	5.51
Operating Cash Flow Less CapEx to Interest Expense	4.38	5.35	4.17	1.07	3.86	3.91	5.45	6.46	9.72	8.78	9.21
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.18	0.15	0.13	0.14	0.13	0.12	0.12	0.13	0.12	0.13
Accounts Receivable Turnover	11.26	11.24	10.24	10.58	10.61	8.59	6.95	5.72	4.87	4.38	4.67
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.21	0.24	0.22	0.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	32.43	32.49	35.66	34.50	34.41	42.48	52.54	63.83	74.89	83.30	78.11
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	32.43	32.49	35.66	34.50	34.41	42.48	52.54	63.83	74.89	83.30	78.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,467	11,133	20,054	22,080	5,402	30,861	9,598	10,675	10,213	9,677	10,014
Invested Capital Turnover	0.18	0.20	0.16	0.14	0.23	0.22	0.22	0.46	0.52	0.56	0.62
Increase / (Decrease) in Invested Capital	1,785	666	8,921	2,027	-16,679	25,459	-21,263	1,077	-462	-536	336
Enterprise Value (EV)	15,437	18,923	29,429	31,309	17,992	48,141	37,476	20,269	31,398	47,473	40,884
Market Capitalization	8,167	11,964	18,527	18,044	21,273	34,371	45,489	26,809	39,519	58,823	53,143
Book Value per Share	$31.16	$25.69	$54.30	$41.73	$40.45	$59.85	$60.86	$58.60	$60.70	$62.12	$64.60
Tangible Book Value per Share	$19.39	$11.37	$23.20	$4.83	$13.82	$18.96	$23.25	$15.82	$21.93	$28.63	$30.11
Total Capital	10,537	11,053	20,001	22,176	20,772	31,793	31,972	36,219	38,422	39,890	43,248
Total Debt	6,000	5,921	8,898	11,302	10,122	13,305	13,448	16,597	17,426	16,714	18,402
Total Long-Term Debt	6,000	4,239	6,927	11,302	9,888	12,773	13,448	16,597	17,426	16,714	18,402
Net Debt	5,943	5,910	8,898	11,000	-5,485	12,048	-9,264	-9,311	-10,732	-13,917	-14,911
Capital Expenditures (CapEx)	-86	-359	-641	1,039	0.00	0.00	0.00	-272	-2,620	-1,765	-1,620
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-437	-768	-909	-1,082	-941	-1,141	-1,211	-1,263	-1,318	-1,217	-1,670
Debt-free Net Working Capital (DFNWC)	-380	-757	-909	-955	-851	-1,033	-1,068	-1,122	308	2,653	1,781
Net Working Capital (NWC)	-380	-2,439	-2,880	-955	-1,085	-1,565	-1,068	-1,122	308	2,653	1,781
Net Nonoperating Expense (NNE)	92	54	182	205	-17	142	-1,081	164	-464	-152	-670
Net Nonoperating Obligations (NNO)	5,931	6,001	8,950	11,206	-5,248	12,372	-8,926	-8,947	-10,783	-13,498	-14,832
Total Depreciation and Amortization (D&A)	578	721	252	1,257	1,231	1,442	1,559	1,624	1,751	1,820	1,901
Debt-free, Cash-free Net Working Capital to Revenue	-24.77%	-35.84%	-36.97%	-35.52%	-29.32%	-29.24%	-27.34%	-26.93%	-24.06%	-21.92%	-27.33%
Debt-free Net Working Capital to Revenue	-21.53%	-35.35%	-36.97%	-31.36%	-26.52%	-26.46%	-24.12%	-23.90%	5.62%	47.77%	29.14%
Net Working Capital to Revenue	-21.53%	-113.84%	-117.17%	-31.36%	-33.82%	-40.09%	-24.12%	-23.90%	5.62%	47.77%	29.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$2.21	$0.99	$1.21	$2.37	$1.01	$5.95	$1.18	$3.04	$1.74	$3.73
Adjusted Weighted Average Basic Shares Outstanding	0.00	149.95M	174.06M	206.04M	208.33M	260.10M	282.47M	286.33M	298.60M	323.34M	339.81M
Adjusted Diluted Earnings per Share	$0.00	$2.20	$0.99	$1.21	$2.35	$1.00	$5.94	$1.11	$3.00	$1.61	$3.58
Adjusted Weighted Average Diluted Shares Outstanding	0.00	150.68M	174.90M	206.67M	209.46M	262.52M	283.22M	297.92M	309.07M	331.55M	347.81M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	159.27M	205.74M	207.82M	209.04M	281.12M	284.47M	291.16M	312.29M	336.64M	343.62M
Normalized Net Operating Profit after Tax (NOPAT)	367	506	540	592	615	607	712	608	-161	149	-72
Normalized NOPAT Margin	20.82%	23.60%	21.96%	19.42%	19.17%	15.55%	16.08%	12.96%	-2.93%	2.68%	-1.17%
Pre Tax Income Margin	17.47%	20.64%	10.75%	11.27%	19.05%	10.27%	41.11%	8.78%	19.14%	13.25%	22.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.99	2.81	1.92	1.96	2.37	2.05	2.21	2.42	1.35	1.36	1.87
NOPAT to Interest Expense	1.95	2.04	1.69	1.69	1.49	1.16	2.13	1.82	1.11	0.95	1.47
EBIT Less CapEx to Interest Expense	2.42	4.32	4.40	-1.26	2.37	2.05	2.21	3.33	7.34	5.21	5.57
NOPAT Less CapEx to Interest Expense	2.38	3.56	4.17	-1.52	1.49	1.16	2.13	2.73	7.10	4.80	5.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	186.19%	145.68%	-275.73%	253.48%	155.80%	313.47%	71.82%	369.77%	159.54%	281.25%	131.35%
Augmented Payout Ratio	186.19%	145.68%	-275.73%	253.48%	155.80%	313.47%	71.82%	369.77%	159.54%	281.25%	131.35%

This table displays calculated financial ratios and metrics derived from Digital Realty Trust's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	343,615,444.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	343,615,444.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.49
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.65%	11.07%	-0.57%	-0.70%	2.05%	4.84%	5.75%	10.05%	10.20%	13.85%	16.16%
EBITDA Growth	-30.20%	12.78%	48.53%	-15.38%	30.85%	-42.15%	-23.66%	213.96%	4.46%	-188.17%	21.04%
EBIT Growth	-76.08%	87.92%	145.36%	-51.23%	148.13%	-147.68%	-47.56%	1,537.25%	1.52%	-840.17%	36.37%
NOPAT Growth	-60.85%	-17.85%	2.50%	-93.55%	149.39%	102.71%	21.66%	2,287.76%	-8.98%	-13.63%	43.41%
Net Income Growth	212.38%	2,513.80%	318.14%	-35.43%	-94.62%	833.53%	-63.04%	1,302.13%	58.75%	-48.24%	64.30%
EPS Growth	208.00%	160.00%	310.00%	-41.18%	-96.10%	1,566.67%	-67.07%	1,370.00%	66.67%	-56.00%	70.37%
Operating Cash Flow Growth	-14.55%	1.29%	0.73%	23.43%	58.09%	66.44%	13.29%	11.87%	15.24%	-6.57%	33.41%
Free Cash Flow Firm Growth	213.76%	153.54%	153.67%	106.89%	-127.48%	27.45%	-39.08%	-19.95%	408.86%	-131.62%	-40.50%
Invested Capital Growth	-2.72%	-4.32%	-3.99%	-0.58%	2.33%	-5.25%	-1.71%	1.51%	-2.05%	3.48%	0.39%
Revenue Q/Q Growth	2.65%	-2.34%	-2.81%	1.92%	5.49%	0.32%	-1.97%	6.07%	5.63%	3.64%	0.03%
EBITDA Q/Q Growth	-16.58%	17.15%	47.90%	-41.45%	29.00%	-48.21%	95.16%	140.78%	-57.28%	-144.32%	365.94%
EBIT Q/Q Growth	-43.87%	121.96%	136.45%	-83.44%	185.57%	-142.65%	360.05%	416.92%	-82.57%	-486.62%	139.33%
NOPAT Q/Q Growth	-58.09%	22.16%	93.96%	-93.68%	1,521.51%	-0.70%	19.56%	24.04%	-44.07%	4.42%	100.98%
Net Income Q/Q Growth	545.02%	-97.33%	1,347.07%	-74.06%	-46.25%	362.67%	-42.70%	884.02%	-93.91%	50.85%	81.88%
EPS Q/Q Growth	579.41%	-98.70%	530.77%	-75.61%	-55.00%	455.56%	-46.00%	988.89%	-94.90%	46.67%	109.09%
Operating Cash Flow Q/Q Growth	-22.83%	29.01%	-23.80%	62.72%	-1.17%	35.83%	-48.14%	60.68%	1.81%	10.12%	-25.95%
Free Cash Flow Firm Q/Q Growth	133.94%	57.19%	5.97%	-87.86%	-235.42%	829.11%	-49.16%	-84.05%	498.59%	-165.20%	196.32%
Invested Capital Q/Q Growth	-1.84%	1.46%	0.52%	-0.69%	1.04%	-6.05%	4.27%	2.57%	-2.51%	-0.75%	1.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	36.84%	44.20%	67.26%	38.63%	47.24%	24.39%	48.55%	110.21%	44.57%	-19.06%	50.67%
Operating Margin	4.15%	9.79%	11.22%	0.73%	11.76%	10.05%	13.91%	14.18%	8.78%	6.89%	16.38%
EBIT Margin	5.92%	13.46%	32.74%	5.32%	14.40%	-6.12%	16.23%	79.11%	13.06%	-48.71%	19.15%
Profit (Net Income) Margin	53.19%	1.45%	21.62%	5.50%	2.80%	12.93%	7.56%	70.12%	4.04%	5.88%	10.69%
Tax Burden Percent	95.27%	46.17%	92.78%	56.95%	50.42%	86.29%	86.13%	98.78%	84.49%	83.78%	91.19%
Interest Burden Percent	942.89%	23.38%	71.19%	181.71%	38.63%	-244.87%	54.06%	89.72%	36.62%	-14.41%	61.21%
Effective Tax Rate	2.20%	48.10%	7.22%	11.44%	15.61%	2.29%	13.87%	1.22%	15.51%	-8.43%	8.35%
Return on Invested Capital (ROIC)	2.12%	2.66%	5.43%	0.34%	5.35%	5.49%	6.63%	7.86%	4.30%	4.64%	9.41%
ROIC Less NNEP Spread (ROIC-NNEP)	-5.28%	3.17%	3.87%	-0.27%	6.24%	5.12%	7.15%	1.59%	4.68%	4.82%	9.91%
Return on Net Nonoperating Assets (RNNOA)	2.52%	-1.54%	-1.84%	0.14%	-3.30%	-2.81%	-3.84%	-0.90%	-2.70%	-2.84%	-5.79%
Return on Equity (ROE)	4.64%	1.13%	3.59%	0.48%	2.05%	2.67%	2.78%	6.96%	1.60%	1.79%	3.63%
Cash Return on Invested Capital (CROIC)	7.57%	9.08%	8.52%	3.82%	1.66%	9.78%	6.36%	5.28%	8.63%	3.12%	6.67%
Operating Return on Assets (OROA)	0.78%	1.72%	4.23%	0.68%	1.81%	-0.76%	2.08%	9.89%	1.64%	-6.29%	2.59%
Return on Assets (ROA)	7.00%	0.19%	2.80%	0.70%	0.35%	1.61%	0.97%	8.76%	0.51%	0.76%	1.44%
Return on Common Equity (ROCE)	4.02%	0.98%	3.12%	0.42%	1.80%	2.36%	2.46%	6.18%	1.42%	1.60%	3.23%
Return on Equity Simple (ROE_SIMPLE)	5.12%	0.00%	6.15%	5.49%	1.99%	0.00%	1.91%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	57	70	139	8.76	142	141	169	209	117	122	245
NOPAT Margin	4.06%	5.08%	10.41%	0.65%	9.92%	9.82%	11.98%	14.01%	7.42%	7.47%	15.01%
Net Nonoperating Expense Percent (NNEP)	7.41%	-0.50%	1.57%	0.62%	-0.89%	0.37%	-0.53%	6.27%	-0.38%	-0.18%	-0.50%
Return On Investment Capital (ROIC_SIMPLE)	-	0.19%	-	-	-	0.37%	0.44%	0.50%	0.28%	0.29%	0.59%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	7.89%	9.08%	9.47%	8.87%	8.22%	9.96%	8.78%	9.11%	8.98%	10.27%	9.46%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	38.04%	84.20%	88.78%	86.47%	88.28%	62.40%	86.09%	85.82%	91.22%	32.43%	83.68%
Earnings before Interest and Taxes (EBIT)	83	184	436	72	206	-88	229	1,181	206	-796	313
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	517	605	895	524	676	350	683	1,646	703	-312	829
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.03	2.15	2.37	2.40	2.58	2.85	2.35	2.65	2.65	2.39	2.74
Price to Tangible Book Value (P/TBV)	5.95	5.95	6.34	5.68	6.06	6.19	5.21	5.66	5.58	5.14	5.64
Price to Revenue (P/Rev)	6.64	7.22	7.91	8.70	9.65	10.59	8.57	10.18	9.97	8.69	9.77
Price to Earnings (P/E)	40.10	43.52	38.60	43.87	132.29	104.71	123.61	43.74	43.39	41.92	46.31
Dividend Yield	4.17%	3.74%	3.42%	3.21%	3.02%	2.75%	3.41%	2.80%	2.82%	3.15%	2.71%
Earnings Yield	2.49%	2.30%	2.59%	2.28%	0.76%	0.96%	0.81%	2.29%	2.30%	2.39%	2.16%
Enterprise Value to Invested Capital (EV/IC)	2.79	3.07	3.46	3.72	4.15	4.91	3.84	4.54	4.65	4.08	4.92
Enterprise Value to Revenue (EV/Rev)	5.25	5.73	6.49	6.94	7.79	8.55	6.87	8.15	7.93	6.69	7.86
Enterprise Value to EBITDA (EV/EBITDA)	12.32	13.39	13.47	14.91	15.84	19.41	17.33	14.01	13.85	15.03	17.41
Enterprise Value to EBIT (EV/EBIT)	55.35	52.96	41.74	48.88	47.61	75.82	92.42	30.77	30.62	49.89	55.21
Enterprise Value to NOPAT (EV/NOPAT)	56.98	64.52	76.14	114.61	105.91	108.69	82.09	67.46	70.09	63.57	69.86
Enterprise Value to Operating Cash Flow (EV/OCF)	17.22	19.21	21.70	21.70	21.89	20.99	16.77	19.79	19.03	16.95	19.59
Enterprise Value to Free Cash Flow (EV/FCFF)	36.27	33.11	39.79	97.06	253.10	48.81	59.82	86.63	53.25	133.24	73.91
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.84	0.83	0.82	0.73	0.73	0.72	0.73	0.74	0.73	0.74	0.71
Long-Term Debt to Equity	0.84	0.83	0.82	0.73	0.73	0.72	0.73	0.74	0.73	0.74	0.71
Financial Leverage	-0.48	-0.49	-0.48	-0.51	-0.53	-0.55	-0.54	-0.57	-0.58	-0.59	-0.58
Leverage Ratio	2.08	2.11	2.12	2.05	2.02	2.02	1.99	1.95	1.95	1.97	1.93
Compound Leverage Factor	19.61	0.49	1.51	3.73	0.78	-4.96	1.08	1.75	0.71	-0.28	1.18
Debt to Total Capital	45.71%	45.35%	44.96%	42.17%	42.29%	41.90%	42.33%	42.60%	42.17%	42.55%	41.47%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	45.71%	45.35%	44.96%	42.17%	42.29%	41.90%	42.33%	42.60%	42.17%	42.55%	41.47%
Preferred Equity to Total Capital	1.98%	1.90%	1.93%	1.89%	1.82%	1.83%	1.82%	1.69%	1.69%	1.69%	1.69%
Noncontrolling Interests to Total Capital	5.00%	4.89%	4.81%	4.83%	4.81%	4.60%	4.68%	4.50%	4.55%	4.44%	4.67%
Common Equity to Total Capital	47.30%	47.84%	48.30%	51.11%	51.07%	51.66%	51.15%	51.21%	51.58%	51.31%	52.16%
Debt to EBITDA	7.41	7.43	6.46	6.43	6.29	6.83	7.62	5.50	5.38	6.76	6.28
Net Debt to EBITDA	-4.38	-4.58	-3.91	-4.81	-4.77	-5.69	-5.44	-4.28	-4.37	-5.48	-5.18
Long-Term Debt to EBITDA	7.41	7.43	6.46	6.43	6.29	6.83	7.62	5.50	5.38	6.76	6.28
Debt to NOPAT	34.28	35.81	36.48	49.42	42.06	38.27	36.08	26.47	27.25	28.61	25.22
Net Debt to NOPAT	-20.26	-22.05	-22.07	-36.94	-31.88	-31.86	-25.75	-20.62	-22.11	-23.19	-20.77
Long-Term Debt to NOPAT	34.28	35.81	36.48	49.42	42.06	38.27	36.08	26.47	27.25	28.61	25.22
Altman Z-Score	0.95	1.01	1.19	1.33	1.42	1.59	1.31	1.57	1.50	1.22	1.57
Noncontrolling Interest Sharing Ratio	13.42%	13.26%	13.08%	12.39%	12.14%	11.74%	11.75%	11.19%	11.14%	10.88%	11.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.11	1.12	1.28	1.78	1.61	2.07	1.92	2.22	2.02	1.59	1.59
Quick Ratio	1.11	1.12	1.28	1.78	1.61	2.07	1.92	2.22	2.02	1.59	1.59
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	338	531	565	69	-93	677	344	55	328	-214	206
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	3.05	4.67	5.16	0.60	-0.73	6.27	3.49	0.50	2.89	-1.84	1.71
Operating Cash Flow to Interest Expense	3.24	4.07	3.22	5.00	4.48	7.13	4.05	5.86	5.75	6.17	4.42
Operating Cash Flow Less CapEx to Interest Expense	24.18	5.38	10.65	8.71	4.53	11.93	4.68	15.14	6.47	10.12	4.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.13	0.13	0.13	0.13	0.12	0.13	0.13	0.13	0.13	0.14
Accounts Receivable Turnover	4.88	4.87	4.78	4.59	4.22	4.38	4.35	4.11	4.27	4.67	4.52
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	74.73	74.89	76.32	79.58	86.46	83.30	83.96	88.86	85.50	78.11	80.70
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	74.73	74.89	76.32	79.58	86.46	83.30	83.96	88.86	85.50	78.11	80.70
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,066	10,213	10,266	10,195	10,301	9,677	10,091	10,349	10,089	10,014	10,130
Invested Capital Turnover	0.52	0.52	0.52	0.53	0.54	0.56	0.55	0.56	0.58	0.62	0.63
Increase / (Decrease) in Invested Capital	-281	-462	-426	-60	235	-536	-176	154	-212	336	39
Enterprise Value (EV)	28,042	31,398	35,522	37,894	42,771	47,473	38,710	47,018	46,873	40,884	49,857
Market Capitalization	35,434	39,519	43,267	47,504	52,985	58,823	48,238	58,713	58,961	53,143	61,923
Book Value per Share	$57.66	$60.70	$58.55	$63.38	$62.65	$62.12	$61.08	$65.86	$65.36	$64.60	$65.87
Tangible Book Value per Share	$19.66	$21.93	$21.84	$26.75	$26.72	$28.63	$27.51	$30.80	$30.97	$30.11	$31.98
Total Capital	36,907	38,422	37,861	38,747	40,163	39,890	40,194	43,314	43,215	43,248	43,394
Total Debt	16,870	17,426	17,020	16,340	16,987	16,714	17,016	18,452	18,225	18,402	17,997
Total Long-Term Debt	16,870	17,426	17,020	16,340	16,987	16,714	17,016	18,452	18,225	18,402	17,997
Net Debt	-9,971	-10,732	-10,297	-12,213	-12,876	-13,917	-12,142	-14,374	-14,784	-14,911	-14,826
Capital Expenditures (CapEx)	-2,320	-149	-814	-426	-5.77	-518	-62	-1,015	-82	-460	-6.07
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-821	-1,318	-663	-751	-866	-1,217	-554	-725	-882	-1,670	-990
Debt-free Net Working Capital (DFNWC)	241	308	531	1,531	1,309	2,653	1,768	2,829	2,418	1,781	1,437
Net Working Capital (NWC)	241	308	531	1,531	1,309	2,653	1,768	2,829	2,418	1,781	1,437
Net Nonoperating Expense (NNE)	-689	50	-149	-66	102	-45	62	-838	53	26	71
Net Nonoperating Obligations (NNO)	-9,971	-10,783	-10,574	-12,213	-12,876	-13,498	-13,088	-14,512	-14,900	-14,832	-15,267
Total Depreciation and Amortization (D&A)	434	421	459	452	470	438	455	464	497	485	515
Debt-free, Cash-free Net Working Capital to Revenue	-15.38%	-24.06%	-12.12%	-13.76%	-15.78%	-21.92%	-9.84%	-12.57%	-14.91%	-27.33%	-15.61%
Debt-free Net Working Capital to Revenue	4.51%	5.62%	9.70%	28.03%	23.85%	47.77%	31.39%	49.05%	40.89%	29.14%	22.66%
Net Working Capital to Revenue	4.51%	5.62%	9.70%	28.03%	23.85%	47.77%	31.39%	49.05%	40.89%	29.14%	22.66%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.40	$0.07	$0.87	$0.22	$0.13	$0.52	$0.30	$3.03	$0.17	$0.23	$0.49
Adjusted Weighted Average Basic Shares Outstanding	301.83M	298.60M	312.29M	319.54M	327.98M	323.34M	336.68M	337.59M	341.37M	339.81M	345.01M
Adjusted Diluted Earnings per Share	$2.33	$0.03	$0.82	$0.20	$0.09	$0.50	$0.27	$2.94	$0.15	$0.22	$0.46
Adjusted Weighted Average Diluted Shares Outstanding	311.34M	309.07M	320.80M	327.95M	336.25M	331.55M	344.72M	345.73M	349.23M	347.81M	353.25M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	302.85M	312.29M	312.43M	327.41M	331.71M	336.64M	336.79M	341.05M	343.50M	343.62M	351.41M
Normalized Net Operating Profit after Tax (NOPAT)	-611	90	168	27	163	153	203	231	190	104	260
Normalized NOPAT Margin	-43.58%	6.60%	12.63%	1.99%	11.38%	10.62%	14.42%	15.50%	12.05%	6.37%	15.89%
Pre Tax Income Margin	55.83%	3.15%	23.31%	9.66%	5.56%	14.99%	8.78%	70.98%	4.78%	7.02%	11.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.75	1.62	3.98	0.63	1.63	-0.81	2.32	10.80	1.81	-6.83	2.60
NOPAT to Interest Expense	0.51	0.61	1.27	0.08	1.12	1.31	1.71	1.91	1.03	1.05	2.04
EBIT Less CapEx to Interest Expense	21.69	2.93	11.41	4.35	1.68	3.99	2.95	20.08	2.54	-2.89	2.65
NOPAT Less CapEx to Interest Expense	21.46	1.92	8.70	3.79	1.17	6.11	2.34	11.19	1.75	5.00	2.09
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	159.98%	159.54%	136.22%	143.78%	391.60%	281.25%	416.20%	124.08%	123.59%	131.35%	126.50%
Augmented Payout Ratio	159.98%	159.54%	136.22%	143.78%	391.60%	281.25%	416.20%	124.08%	123.59%	131.35%	126.50%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, investor-oriented take on Digital Realty Trust (NYSE: DLR) using the last four years of quarterly statements provided. I focus on revenue, cash flow, and balance-sheet trends to highlight where the company has been positioned and how key financial dynamics have evolved.

Revenue recovery to new highs in 2025: Digital Realty reported roughly $1.6347 billion in operating revenue for Q4 2025, up from about $1.2331 billion in Q4 2024 and higher than the 2023 level of about $1.369 billion. This suggests a rebound after the 2024 dip and continuing scale in 2025.
Strong cash flow from operations in 2025: Net cash from continuing operating activities was about $718.95 million in Q4 2025, rising through the year (Q3 2025: $652.86M; Q2 2025: $641.24M; Q1 2025: $399.09M), signaling solid cash generation from core operations even as capex remains elevated.
Healthy liquidity on the balance sheet: Cash and cash equivalents stayed substantial across 2024–2025 (Q3 2025: ~$3.30B; Q4 2024: ~$3.87B), indicating liquidity that supports ongoing investment and debt service.
Asset base expanding alongside growth initiatives: Total assets grew from roughly $45.30B (Q3 2024) to about $48.73B (Q3 2025), reflecting continued investment in properties and related assets to support scale in data-center capacity.
Equity base rising, supporting a stronger capital base: Total common equity increased from around $20.61B (Q4 2024) to about $22.30B (Q4 2025), indicating retained earnings and potential equity financing contributing to balance-sheet resilience.
Investing cash outflows persistently large (capex-focused): Net cash from continuing investing activities was repeatedly negative in 2025 (Q4 2025: -$0.759B; Q3 2025: -$0.730B; Q2 2025: -$0.759B; Q1 2025: -$0.903B), consistent with ongoing data-center acquisitions, property investments, and asset upgrades.
Noncash and special charges weigh on quarterly pretax income: 2025 quarters feature sizable noncash or non-operating charges (e.g., Other Operating Expenses / (Income) and related items often in the hundreds of millions), which can mute pretax profitability on a quarterly basis despite healthy operating revenue.
Earnings per share show volatility due to mix of restatements and share counts: EPS figures vary meaningfully across quarters (e.g., Q4 2025 basic EPS around $0.23; Q4 2024 around $0.52; other quarters show different levels), reflecting restatements and fluctuating weighted-average shares outstanding.
Free cash flow has been negative in 2025 on a quarterly basis: When you subtract investing cash outflows from operating cash flow, 2025 quarters generally show negative free cash flow (approximate FCF ranges: Q4 2025 around -$40M; Q3 2025 around -$77M; Q2 2025 around -$118M; Q1 2025 around -$504M), highlighting ongoing capital deployment and growth investments that exceed quarterly OCF in those windows.
Significant leverage remains a factor: Long-term debt sits in the high-teens of billions (e.g., around $18.2B in 2025 Q3), with corresponding interest expense modestly weighing on quarterly results. This points to a financing-heavy growth model that may be sensitive to interest-rate shifts and capex cadence.

Overall, DLR shows a clear 2025 growth impulse driven by higher revenue and strong operating cash flow, supported by a solid liquidity position and a growing equity base. However, the company continues to deploy significant capital into investments and acquisitions, resulting in negative quarterly free cash flow and ongoing leverage. For retail investors, the key questions are whether the revenue growth and cash-flow strength can sustain higher asset deployment and debt, and how this mix will impact cash returns and earnings visibility in 2026 and beyond.

05/14/26 05:43 AM ETAI Generated. May Contain Errors.

Digital Realty Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Digital Realty Trust's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Digital Realty Trust's net income appears to be on an upward trend, with a most recent value of $1.31 billion in 2025, rising from $301.59 million in 2015. The previous period was $588.33 million in 2024. See where experts think Digital Realty Trust is headed by visiting Digital Realty Trust's forecast page.

Digital Realty Trust's total operating income in 2025 was $658.49 million, based on the following breakdown:

Total Gross Profit: $6.11 billion
Total Operating Expenses: $4.46 billion

Over the last 10 years, Digital Realty Trust's total revenue changed from $1.76 billion in 2015 to $6.11 billion in 2025, a change of 246.7%.

Digital Realty Trust's total liabilities were at $24.56 billion at the end of 2025, a 11.1% increase from 2024, and a 257.1% increase since 2015.

In the past 10 years, Digital Realty Trust's cash and equivalents has ranged from $51 thousand in 2017 to $3.87 billion in 2024, and is currently $3.45 billion as of their latest financial filing in 2025.

Over the last 10 years, Digital Realty Trust's book value per share changed from 31.16 in 2015 to 64.60 in 2025, a change of 107.3%.

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Financial statements for NYSE:DLR last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Digital Realty Trust (DLR) Financials

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Digital Realty Trust (DLR) Financials

Annual Income Statements for Digital Realty Trust

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Quarterly Cash Flow Statements for Digital Realty Trust

Annual Balance Sheets for Digital Realty Trust

Quarterly Balance Sheets for Digital Realty Trust

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Quarterly Metrics And Ratios for Digital Realty Trust

Financials Breakdown Chart

Key Financial Trends

Digital Realty Trust Financials - Frequently Asked Questions

When does Digital Realty Trust's fiscal year end?

How has Digital Realty Trust's net income changed over the last 10 years?

What is Digital Realty Trust's operating income?

How has Digital Realty Trust's revenue changed over the last 10 years?

How much debt does Digital Realty Trust have?

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How has Digital Realty Trust's book value per share changed over the last 10 years?

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