# Digital Realty Trust Inc. (DLR) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/DLR/thesis · /stocks/DLR/memo

## Financial Snapshot

---
ticker: DLR
step: 04
generated: 2026-05-12
source: quick-research
---

### Digital Realty Trust Inc. (DLR) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $5.48B | $5.55B | $6.11B | +10.1% |
| Gross Margin | ~48% | ~48% | ~50% | +2pp |
| Operating Margin | ~13% | ~12% | ~13% | flat |
| Net Income | ~$0.67B | ~$0.36B | ~$1.31B* | NM |
| FFO per Share | ~$5.70 | ~$6.00 | $6.27 | +4.5% |

*FY2024 net income boosted by a large one-time gain. Core operating performance measured by FFO (Funds from Operations) is the appropriate REIT metric. FFO FY2025 guidance raised to $7.32–$7.38/share; AFFO/share Q3 2025 up 16% YoY. Stock up ~27% in 2026 YTD.*

#### Cash Flow & Balance Sheet (FY2024/2025)

| Metric | Value |
|--------|-------|
| FFO (FY2024) | ~$2.03B ($6.27/share) |
| FFO (FY2025E) | ~$7.32–7.38/share (~$2.3B) |
| Capital Expenditures | $3.25–3.75B guided FY2026 (net of partner contributions) |
| Signed Lease Backlog | $1.4B+ (Q1 2026); was $919M at Q1 2025 |
| Total Debt | ~$18–20B |
| Debt Maturities | ~$4.9B maturing 2027–2028 |
| Dividend | ~$1.22/quarter ($4.88 annualized); ~3% yield |

*FCF is negative and expected to remain so through FY2027 due to AI infrastructure capex cycle ($3.25–3.75B annually net); funded through JVs, asset sales, and capital markets.*

#### Key Ratios (approximate, FY2025)
- P/FFO: ~22–25x | P/AFFO: ~27–30x | Trailing P/E: ~52x (inflated by one-off gains)
- EV/EBITDA: ~22–24x | Dividend Yield: ~3.0–3.5%
- Revenue Growth (FY2024): +10.1% | FFO/share Growth (FY2025E): ~17% YoY

#### Growth Profile
Digital Realty is in an accelerating revenue growth phase driven entirely by AI infrastructure demand. FY2023 was a trough year (+1.3% revenue growth) when hyperscaler spending paused after post-pandemic overbuild. FY2024 recovered strongly (+10%), and FY2025-2026 is expected to accelerate further as the signed lease backlog ($1.4B) commences revenue. The long-term growth algorithm: 8–10% revenue growth from lease commencements + 2–3% in-place rent escalators + interconnection revenue growth. FFO/share growth is higher (15–20%) due to JV structure reducing dilution and favorable lease mark-to-market on renewals.

#### Forward Estimates
- **FY2026**: Revenue ~$6.6–6.9B (+8–13%); FFO/share ~$8.00–8.50 (+10–15%); AFFO/share growth ~15–20%
- **3-Year Revenue CAGR**: ~9% (management/analyst consensus)
- **Backlog conversion**: $1.4B signed backlog expected to commence revenue over 12–18 months
- **Capital Return**: Dividend well-covered at 34% payout buffer vs. FFO; no planned dividend cuts

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/DLR/fundamental

## Navigation

- Overview: /stocks/DLR
- Financials (this page): /stocks/DLR/financials
- Thesis: /stocks/DLR/thesis
- Investment Memo: /stocks/DLR/memo
- Coverage universe: /stocks