NYSE: DLR
Digital Realty
Real Estate · Real Estate Investment Trusts
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$63.3B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $15.6B |
| FY2017, ended Dec 31, 2017 | $23.4B |
| FY2018, ended Dec 31, 2018 | $22.1B |
| FY2019, ended Dec 31, 2019 | $25.0B |
| FY2020, ended Dec 31, 2020 | $39.2B |
| FY2021, ended Dec 31, 2021 | $50.3B |
| FY2022, ended Dec 31, 2022 | $29.2B |
| FY2023, ended Dec 31, 2023 | $42.0B |
| FY2024, ended Dec 31, 2024 | $59.7B |
| FY2025, ended Dec 31, 2025 | $53.2B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $63.3B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$6.34B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.14B |
| FY2017, ended Dec 31, 2017 | $2.46B |
| FY2018, ended Dec 31, 2018 | $3.05B |
| FY2019, ended Dec 31, 2019 | $3.21B |
| FY2020, ended Dec 31, 2020 | $3.90B |
| FY2021, ended Dec 31, 2021 | $4.43B |
| FY2022, ended Dec 31, 2022 | $4.69B |
| FY2023, ended Dec 31, 2023 | $5.48B |
| FY2024, ended Dec 31, 2024 | $5.55B |
| FY2025, ended Dec 31, 2025 | $6.11B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $6.34B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $426M | $153M |
| FY2017, ended Dec 31, 2017 | $248M | −$127M |
| FY2018, ended Dec 31, 2018 | $331M | $60.2M |
| FY2019, ended Dec 31, 2019 | $580M | $76.9M |
| FY2020, ended Dec 31, 2020 | $356M | −$358M |
| FY2021, ended Dec 31, 2021 | $1.71B | −$819M |
| FY2022, ended Dec 31, 2022 | $378M | −$984M |
| FY2023, ended Dec 31, 2023 | $949M | −$1.89B |
| FY2024, ended Dec 31, 2024 | $602M | −$570M |
| FY2025, ended Dec 31, 2025 | $1.31B | −$769M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $1.38B | −$718M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$2.43B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $10.5M |
| FY2017, ended Dec 31, 2017 | $51.0K |
| FY2018, ended Dec 31, 2018 | $127M |
| FY2019, ended Dec 31, 2019 | $89.8M |
| FY2020, ended Dec 31, 2020 | $109M |
| FY2021, ended Dec 31, 2021 | $143M |
| FY2022, ended Dec 31, 2022 | $142M |
| FY2023, ended Dec 31, 2023 | $1.63B |
| FY2024, ended Dec 31, 2024 | $3.87B |
| FY2025, ended Dec 31, 2025 | $3.45B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $2.43B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.No figures for this period in the company’s filings.
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 121% since 2016.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.351M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 159M |
| FY2017, ended Dec 31, 2017 | 206M |
| FY2018, ended Dec 31, 2018 | 208M |
| FY2019, ended Dec 31, 2019 | 209M |
| FY2020, ended Dec 31, 2020 | 281M |
| FY2021, ended Dec 31, 2021 | 284M |
| FY2022, ended Dec 31, 2022 | 291M |
| FY2023, ended Dec 31, 2023 | 312M |
| FY2024, ended Dec 31, 2024 | 337M |
| FY2025, ended Dec 31, 2025 | 344M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | 351M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Net: —
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| Period | Sold for cash | Used in acquisitions |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.09B | — |
| FY2017, ended Dec 31, 2017 | $405M | $5.92B |
| FY2018, ended Dec 31, 2018 | — | — |
| FY2019, ended Dec 31, 2019 | — | — |
| FY2020, ended Dec 31, 2020 | — | — |
| FY2021, ended Dec 31, 2021 | — | $18.3M |
| FY2022, ended Dec 31, 2022 | — | — |
| FY2023, ended Dec 31, 2023 | — | — |
| FY2024, ended Dec 31, 2024 | — | — |
| FY2025, ended Dec 31, 2025 | — | — |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | — | — |
Revenue (TTM)
$6.34B
+12.6% YoY
Net income (TTM)
$1.38B
+220% YoY
Cash
$2.43B
+4.5% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $63.5B
- P/E
- 46.1×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 10.0×
- Price / Book
- 2.7×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $6.34B
- Revenue Growth YoY
- 12.6%
- Revenue CAGR 3Y
- 9.2%
- Revenue CAGR 5Y
- 9.4%
- EPS Growth YoY
- 256%
- Net Income Growth YoY
- 220%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 11.5%
- Net Margin
- 21.7%
- FCF Margin
- −11.3%
- Return on Equity
- 6.2%
Earnings
Trailing 12 months- Net Income
- $1.38B
- EPS (diluted)
- $3.77
- EBITDA
- $2.68B
- Operating Income
- $729M
Balance Sheet
As of Mar 31, 2026- Cash and cash equivalents
- $2.43B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $48.9B
- Total Liabilities
- $23.5B
- Shareholders' Equity
- $23.4B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.55B
- Capital Expenditure
- $3.26B
- Free Cash Flow
- −$718M
Dividends and risk
Last 12 months- Dividend Yield
- 2.7%
- Dividend / Share
- $4.88
- Beta (5Y)
- 0.99
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 12.6% year over year, at $6.34B.
Strength
Operating margin widened 2.3 pts in a year, to 11.5%.
Watch
Free cash flow was negative (−$718M) over the last year.
Watch
Share count is up 4.3% in a year, diluting holders.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 30, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K74Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 13, 2026 · Read the filing on EDGAR
- Revenue rose 10% to $6.11 billion and net income for common shareholders more than doubled to $1.27 billion, helped by about $996 million of gains from selling or contributing properties.
- The company launched a private fund for North American data centers that has raised over $3 billion in commitments, contributing assets for about $1.4 billion in cash.
- The SEC closed its investigation into the company's cybersecurity disclosures without recommending any enforcement action.
- Debt rose to $18.6 billion after several new euro bond issues. Planned 2026 construction spending goes up to $3.25–3.75 billion.
Business momentum
Strong improvement
“Total operating revenues increased by approximately $557.7 million for the year ended December 31, 2025 compared to the same period in 2024.”
Outlook
Positive
“We continue to see strong demand in most of our key metropolitan areas for data center space”
Financial stress
Low
“As of December 31, 2025, we had $3,451.6 million of cash and cash equivalents, excluding $6.6 million of restricted cash.”
Tone against the previous report
More positive
Red flags
- Minor
Large write-down
“During the year ended December 31, 2025, we recorded a provision for impairment on real estate investments of $78.6 million.”
Positives
Strong revenue growth from new data centers
“an increase of $447.1 million due to the completion of our global development pipeline and related lease up operating activities”
Big rent increases on renewed large leases
“> 1 MW 1,008 $ 146 $ 186 27.0 %”
SEC investigation closed with no action
“it had concluded the investigation and did not intend to recommend an enforcement action by the SEC against the Company.”
Concerns
Profit growth depends heavily on one-time property sale gains
“Gain on disposition of properties, net increased approximately $399.8 million as compared to the same period in 2024.”
Rising debt and heavy construction spending
“During the year ending December 31, 2026, we expect to incur approximately $3.25 billion to $3.75 billion of capital expenditures”
Overhead and deal costs rising faster than revenue
“Transactions and integration expenses increased $91.2 million compared to the same period in 2024 driven primarily by placement fees associated with securing capital commitments to the Fund”
New risks since the previous report
AI could make existing data center fit-outs outdated
“including the recent acceleration in AI adoption and rapid advancements in compute, cooling and power technologies, which continue to drive evolving customer requirements”
Big share of leases expiring soon
“customer agreements representing 23.3% of the square footage of the properties in our portfolio, excluding month-to-month leases and space held for development, were scheduled to expire through 2027”
Growing reliance on the private fund and joint ventures it does not fully control
“Over the past few years, we have completed a number of new joint ventures, including development joint ventures, as well as our hyperscale fund and such investments may increase the risks described herein.”
Biggest risks named
- Reliance on outside capital (shares, bonds, joint ventures) to fund $3.25–3.75 billion of construction
- $18.6 billion of debt and refinancing risk
- Power supply, cost and capacity limits, made worse by AI-driven power demand
- Customer concentration (top 20 make up about 51% of revenue, top three about 26%)
- Competition, new data center supply and lease renewal risk
Artificial intelligence in this business: Material to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −1.5 | |
| New risks | −1.5 | |
| Score | 74 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 30, 2026 | Pro | |||
| 10-K | Feb 13, 2026 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 25, 2025 | 45 | Sharp deterioration | 1 medium | |
| 10-K | Feb 23, 2024 | 56 | Mixed | 2 minor | |
| 10-K | Feb 27, 2023 | 47 | Sharp deterioration | None | |
| 10-K | Feb 25, 2022 | 75 | Strong improvement | None | |
| 10-K | Mar 1, 2021 | 47 | Sharp deterioration | None | |
| 10-K | Mar 2, 2020 | 60 | Improving | None | |
| 10-K | Feb 25, 2019 | 75 | Strong improvement | None | |
| 10-K | Mar 1, 2018 | 45 | Sharp deterioration | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q1 FY2026 (period ended Mar 31, 2026), filed May 1, 2026. View filings on SEC EDGAR