DIGITAL REALTY TRUST, INC. DLR
Digital Realty Trust, Inc., through its controlling interest in Digital Realty Trust, L.P. and the subsidiaries of the Operating Partnership, is a leading global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals. The Parent operates as a REIT for U.S. federal income tax purposes. The Operating Partnership is the entity through which the Parent conducts its business of owning, acquiring, developing and operating data centers. The Parent was incorporated in the state of Maryland on March 9, 2004. The Operating Partnership was organized as a limited partnership in the state of Maryland on July 21, 2004.
As of December 31, 2025, our portfolio included 310 data centers (including 89 data centers held as investments in unconsolidated entities), of which 118 are located in the United States, 113 are located in Europe, 36 are located in Latin America, 16 are located in Africa, 18 are located in Asia, six are located in Australia and three are located in Canada.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.11B | $5.55B | $5.48B | $4.69B | $4.43B | $3.90B | $3.21B | $3.05B | $2.46B | $2.14B |
| SG&A | $565.5M | $480.0M | $449.1M | $422.2M | $400.7M | $351.4M | $211.1M | $163.7M | $161.4M | $152.7M |
| Total operating expenses | $5.45B | $5.08B | $4.95B | $4.10B | $3.73B | $3.35B | $2.62B | $2.50B | $2.01B | $1.64B |
| Operating income | $658.5M | $471.9M | $524.5M | $590.0M | $694.0M | $557.5M | $594.2M | $549.8M | $451.3M | $497.3M |
| Interest expense | $437.9M | $452.8M | $437.7M | $299.1M | $293.8M | $333.0M | $353.1M | $321.5M | $258.6M | $236.5M |
| Pre-tax income | $1.35B | $643.1M | $1.03B | $411.9M | $1.82B | $394.4M | $591.8M | $333.3M | $256.2M | $436.6M |
| Income tax | $32.0M | $54.8M | $75.6M | $31.6M | $72.8M | $38.0M | $12.0M | $2.1M | $7.9M | $10.4M |
| Net income | $1.31B | $588.3M | $950.3M | $380.3M | $1.75B | $356.4M | $579.8M | $331.2M | $248.3M | $426.2M |
| EPS, basic | 3.73 | 1.74 | 3.04 | 1.18 | 5.95 | 1.01 | 2.37 | 1.21 | 0.99 | 2.21 |
| EPS, diluted | 3.58 | 1.61 | 2.88 | 1.11 | 5.94 | 1.00 | 2.35 | 1.21 | 0.99 | 2.20 |
| Shares, diluted (wtd. avg.) | $347.8M | $331.5M | $309.1M | $297.9M | $283.2M | $262.5K | $209.5M | $206.7M | $174.9M | $150.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.45B | $3.87B | $1.63B | $150.7M | $151.5M | $123.7M | $97.3M | $135.2M | $13.2M | $22.0M |
| Goodwill | $9.71B | $8.93B | $9.24B | $9.21B | $7.94B | $8.33B | $3.36B | $4.35B | $3.39B | $753.0M |
| Other intangibles | $1.81B | $1.94B | — | — | — | — | — | — | — | — |
| Total assets | $49.41B | $45.28B | $44.11B | $41.48B | $36.37B | $36.08B | $23.07B | $23.77B | $21.40B | $12.19B |
| Total liabilities | $24.56B | $22.11B | $23.12B | $21.86B | $17.85B | $17.59B | $12.42B | $12.89B | $10.30B | $7.06B |
| Retained earnings | -$6.69B | -$6.29B | -$5.26B | -$4.70B | -$3.63B | -$4.00B | -$3.05B | -$2.63B | -$2.06B | — |
| Total equity | $22.93B | $21.34B | $19.60B | $18.11B | $18.48B | $18.45B | $10.61B | $10.86B | $11.05B | $5.13B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.41B | $2.26B | $1.63B | $1.66B | $1.70B | $1.71B | $1.51B | $1.39B | $1.02B | $911.2M |
| Investing cash flow | -$2.23B | -$1.91B | -$1.12B | -$4.70B | -$1.06B | -$2.60B | -$275.0M | -$3.04B | -$1.36B | -$1.30B |
| Financing cash flow | -$486.7M | $2.06B | $963.5M | $2.97B | -$590.6M | $935.7M | -$1.27B | $1.76B | $321.2M | $350.6M |
| Dividends paid | $1.73B | $1.63B | $1.52B | $1.45B | $1.38B | $1.24B | $996.8M | $849.5M | $646.4M | $521.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308179-26-000296.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |
| VTR | Ventas, Inc. | $46.30B | 167.2x | 18.5% |