Company file · DLR
Digital Realty
Digital Realty's revenue rose 10.0% in FY2025, to $6.1B, and net income rose 117.2% to $1.3B
Revenue rose 10.0% to $6.1B in FY2025, from $5.6B in FY2024. Net income rose 117.2% to $1.3B. Rental and Other Services was the largest product or service, at 98% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Digital Realty (NYSE: DLR) took in $6.1B of revenue (up 10.0% on fiscal 2024); net income was $1.3B (up 117.2%). The most recent quarter, ended Sep 30, 2026, brought revenue of $1.9B, up 20.6% year over year, with net income of $195M. Rental and Other Services was the biggest single line by product or service: 98% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 13, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 30, 2026).
Source: 10-K FY2025, filed Feb 13, 2026
How it makes money
By product or service, FY2025
Source: 10-K FY2025, XBRL breakdown
By product or service in FY2025: Rental and Other Services (98%) and Fee Income and Other (2%), as shares of total revenue. Total revenue was $6.1B.
Source: 10-K FY2025
By region, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Digital Realty 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026
By product or service
Source: Digital Realty 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026
The bull case and the bear case
The bull case
- Revenue rose 10.0% in FY2025 to $6.1B, from $5.6B a year earlier. 10-K, FY2025
- Net income rose 117.2% in FY2025 to $1.3B, from $602M. 10-K, FY2025
- Operating cash flow rose 6.7% in FY2025 to $2.4B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $1.9B, up 20.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Diluted shares rose 4.9% in FY2025, which spreads profit across more shares. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include interest rates; occupancy and rents; property markets. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Digital Realty is in the data center REITs industry, part of the real estate sector. The SEC files it under Real Estate Investment Trusts.
The full description of Digital Realty's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the data center REITs industry. They are not a summary of Digital Realty’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Interest ratesHigher rates raise borrowing costs and can lower property values.
- Occupancy and rentsVacancies, tenant defaults and weaker rents reduce income.
- Property marketsLocal supply, demand and values vary by market and property type.
- Capital and developmentAcquisitions and developments need financing and may not earn what was planned.
- Regulation and taxesProperty, zoning and tax rules, including the rules for REIT status, affect results.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $5.5B | $5.6B | $6.1B |
| Net income | $949M | $602M | $1.3B |
| Operating cash flow | $1.6B | $2.3B | $2.4B |
| Cash & equivalents (year end) | $1.6B | $3.9B | $3.5B |
| Diluted shares | 309M | 332M | 348M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- The cash flow statement
- Risk factors (Item 1A)
- Debt-to-equity ratio
- Merger and acquisition filings
- Market cap and enterprise value
- Form 3 and Form 5
- Spin-offs
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
What we left out
- Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 30, 2026 | Sep 30, 2026 |
| 10-Q | Jul 31, 2026 | Jun 30, 2026 |
| 10-Q | May 1, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 17, 2026 | May 29, 2026 |
| 10-K | Feb 13, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Digital Realty
How does Digital Realty make money?
In fiscal 2025, revenue totaled $6.1B. By product or service in FY2025: Rental and Other Services (98%) and Fee Income and Other (2%), as shares of total revenue. Total revenue was $6.1B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
What was Digital Realty's revenue in fiscal 2025?
Revenue came to $6.1B in the year ended Dec 31, 2025. Going back two years, it was $5.5B in fiscal 2023 and $5.6B in fiscal 2024, so the latest year was up 10.0%. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
Is Digital Realty profitable?
Yes, by US accounting rules (GAAP): net income was $1.3B in fiscal 2025, up 117.2% from $602M a year earlier. For the quarter ended Sep 30, 2026, net income was $195M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
What did Digital Realty report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $1.9B, against $1.6B in the same quarter a year before (up 20.6%), and net income of $195M, against $68M (up 188.1%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026.
What are the main risks Digital Realty faces?
Digital Realty's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 13, 2026. Risks that are common among companies in the data center REITs industry include Interest rates; occupancy and rents; property markets; capital and development; regulation and taxes. The first: Higher rates raise borrowing costs and can lower property values. Source: 10-K, Item 1A Risk Factors.
Where do these Digital Realty numbers come from?
Two filings Digital Realty made with the SEC: its fiscal 2025 10-K, filed Feb 13, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Digital Realty
- Viking Global Investors: 2,310,475 shares, reported value $414.9M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Millennium Management: 567,991 shares, reported value $102.0M at Jun 30, 2026 (+6.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Soros Fund Management: 539,618 shares, reported value $96.9M at Jun 30, 2026 (+839.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 177,311 shares, reported value $31.8M at Jun 30, 2026 (+82.8% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Two Sigma Investments: 38,290 shares, reported value $6.9M at Jun 30, 2026 (−58.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Baillie Gifford: 25,646 shares, reported value $4.5M at Sep 30, 2026 (−22.5% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 9, 2026.
- Renaissance Technologies: 4,400 shares, reported value $0.8M at Jun 30, 2026 (−86.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Bridgewater Associates: 1,267 shares, reported value $0.2M at Jun 30, 2026 (−91.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in DLR
- The editor holds no position in Digital Realty (DLR). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell DLR from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 2, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold DLR, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Digital RealtyDLR | FY2025 | $6.1B | +10.0% | $1.3B |
| EquinixEQIX | FY2025 | $9.2B | +5.4% | $1.4B |
| WelltowerWELL | FY2025 | $10.8B | +35.6% | $962M |
| PrologisPLD | FY2025 | $8.8B | +7.2% | $3.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.