Digital Realty

DLR · NYSE · Real Estate · Financials, fiscal 2016 to 2025

DLR · Last close · October 26, 2026

$174.53

Digital Realty's revenue rose 10.0% to $6.1 billion in fiscal 2025. Its operating margin was 10.8%, up from 8.5% a year earlier. Free cash flow was −$769 million. It paid out $1.7 billion in dividends and buybacks. The diluted share count rose 4.9%.

DIGITAL REALTY TRUST, INC. Latest fiscal year ended December 31, 2025 10-K filed February 13, 2026 · 0001104659-26-015365 Updated October 9, 2026

Revenue

$6.1B

10.0%

Operating margin

10.8%

2.3 pts

Net income

$1.3B

117.2%

Free cash flow

−$769M

Return on equity

5.9%

2.9 pts

Market cap

$61.7B

Oct 26 close

P/E

46.2x

On $3.78 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Digital Realty's filings don't tag a total for its debt in the SEC's structured data, only some of its parts, so debt and the ratios built on it are left blank. Capital spending is Digital Realty's improvements to its data centers; acquisitions aren't included.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 5.6% a year and net income 13.3% a year, as new shares raised the share count by 131% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Digital Realty yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Digital Realty's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Digital Realty's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Digital Realty's own revenue growth, as above. Cautious: growth of 4.5% then 3% a year, 2% after year 10, a 10% discount rate. Base: growth of 9% then 6% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 14% then 8.5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $174.53
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Digital Realty's earnings per share of $3.78 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 39.6×, the middle of Digital Realty's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to March 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Equinix, Host Hotels & Resorts, Simon Property Group, Ventas.

Earnings growth in the years ahead (% a year) Starts at Digital Realty's revenue growth over the last 3 years, 9.2% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $174.53
Value at this multiple, against the last close: —
Digital Realty's P/E at the last close: 46.2×

Company	Last close	Earnings per share	P/E today
VentasVTR	$87.42	$0.53	164.9×
EquinixEQIX	$967.65	$15.53	62.3×
Digital RealtyDLR	$174.53	$3.78	46.2×
Host Hotels & ResortsHST	$25.06	$1.49	16.8×
Simon Property GroupSPG	$212.69	$14.18	15.0×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	143	142	1,626	3,871	3,452
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	2.4x	2.0x	1.2x	1.0x	1.5x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Digital Realty shares on the open market, and 2 insiders sold $694,604.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 27, 2026	Mark R PattersonDirector	Sold	200	$193.96	$38,792	Form 4
Dec 1, 2025	Mary Hogan PreusseDirector	Sold	4,166	$157.42	$655,812	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Pass
F-score	—	—	—
Accruals ratio	−1.6%	−3.7%	−2.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Digital Realty side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Digital Realty	FY25	10.0%	10.8%	−12.6%	—	—	—
Equinix	FY25	5.4%	20.1%	−4.3%	5.6%	4.5x	5	Compare
Host Hotels & Resorts	FY25	7.6%	14.0%	—	7.4%	2.6x	—	Compare
Simon Property Group	FY25	6.7%	49.9%	50.3%	10.5%	6.0x	—	Compare
Ventas	FY25	18.5%	—	—	3.4%	5.6x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,142	2,458	3,046	3,209	3,904	4,428	4,692	5,477	5,555	6,113
Revenue growth	21.5%	14.7%	23.9%	5.3%	21.6%	13.4%	6.0%	16.7%	1.4%	10.0%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	497	451	550	594	558	694	590	524	472	658
Net income	426	248	331	580	356	1,709	378	949	602	1,309
Diluted EPS (US$)	2.20	0.99	1.21	2.35	1.00	5.94	1.11	2.88	1.61	3.58
Diluted shares (millions)	151	175	207	210	262	283	298	309	332	348
Cash flow
Cash from operations	911	1,023	1,385	1,514	1,706	1,702	1,659	1,635	2,262	2,412
Capital expenditure	758	1,151	1,325	1,437	2,064	2,521	2,643	3,526	2,832	3,181
Free cash flow	153	−127	60	77	−358	−819	−984	−1,891	−570	−769
Dividends paid	522	646	850	922	1,163	1,379	1,451	1,521	1,633	1,728
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	2,090	76	1,030	0	0	0	0	309
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Balance sheet at fiscal year end
Cash and short-term investments	10	0	127	90	108	143	142	1,626	3,871	3,452
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	12,193	21,404	23,767	23,068	36,076	36,370	41,485	44,113	45,284	49,410
Total liabilities	7,060	10,301	12,893	12,419	17,588	17,846	21,863	23,117	22,108	24,564
Shareholders' equity	5,096	10,349	9,859	9,879	17,718	18,005	17,583	19,118	21,340	22,926
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	23.2%	18.4%	18.1%	18.5%	14.3%	15.7%	12.6%	9.6%	8.5%	10.8%
Net margin	19.9%	10.1%	10.9%	18.1%	9.1%	38.6%	8.1%	17.3%	10.8%	21.4%
Free cash flow margin	7.2%	−5.2%	2.0%	2.4%	−9.2%	−18.5%	−21.0%	−34.5%	−10.3%	−12.6%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	8.9%	3.2%	3.3%	5.9%	2.6%	9.6%	2.1%	5.2%	3.0%	5.9%
Return on assets	3.6%	1.5%	1.5%	2.5%	1.2%	4.7%	1.0%	2.2%	1.4%	2.8%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Digital Realty's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Digital Realty.