01—Abstract
Summary
Summary of the 10-K filed February 13, 2026. Cited figures are marked; the original filing is the authoritative source.
Digital Realty Trust, Inc. (DLR) reported strong performance for the fiscal year ending December 31, 2025.
Total operating revenues increased by 10.0% year-over-year to $6.11 billiona, driven by robust growth in both stabilized and non-stabilized rental and other services revenue. The company successfully expanded its global data center footprint and continued its development pipeline, with 64% of underway data center activity pre-leased as of December 31, 2025. DLR also demonstrated effective capital management, raising significant capital through debt and equity issuances while maintaining a conservative capital structure.
The company's focus on PlatformDIGITAL®, its global data center platform, continues to resonate with customers, attracting a diversified base of over 5,000 clients across various industry verticals. Digital Realty's commitment to sustainability is also evident, with a significant portion of its portfolio powered by renewable energy and adherence to energy-efficient building standards. Despite ongoing market dynamics and potential risks such as inflation and supply chain disruptions, Digital Realty appears well-positioned for continued growth in the expanding digital economy.
02—Key points
Key Highlights
- Total operating revenues increased by 10.0% to $6.11 billion in 2025.
- Secured significant capital through various debt and equity issuances, including €850 million in notes due 2035 and €850 million in notes due 2034.
- Expanded global portfolio to 310 data centers across six continents, with an overall occupancy rate of 84.7% (excluding space under development).
- Launched the Digital Realty DC Partners NA Fund, successfully raising over $3 billion in equity commitments.
- Continued focus on sustainability, with 73% of energy consumption from renewable sources and 39 data centers achieving ENERGY STAR recognition.
- The company's top 20 customers accounted for approximately 50.9% of total annualized recurring revenue as of December 31, 2025, indicating a strong but concentrated customer base.
- Demonstrated effective capital deployment with $3.25 billion to $3.75 billion in expected capital expenditures for 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 13, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $6.11B$5.55B | +10.0% |
| Operating Expenses | $5.45B$5.08B | +7.3% |
| Operating Income | $658.49M$471.86M | +39.6% |
| Interest Expense | $437.95M$452.84M | −3.3% |
| Net Income | $1.31B$588.33M | +123.2% |
| EPS (Basic) | $3.73$1.74 | +114.4% |
| EPS (Diluted) | $3.58$1.61 | +122.4% |
| Shares Outstanding (Basic) | 339.81M323.34M | +5.1% |
| Shares Outstanding (Diluted) | 347.81M331.55M | +4.9% |
05—Questions
Frequently Asked Questions
What was Digital Realty's revenue growth in 2025?
Digital Realty's total operating revenues grew by 10.0% year-over-year, reaching $6.11 billion for the fiscal year ended December 31, 2025. This growth was driven by increases in both stabilized and non-stabilized rental and other services revenue.
How is Digital Realty managing its global portfolio and development pipeline?
As of December 31, 2025, Digital Realty operated a portfolio of 310 data centers across six continents. The company reported that 64% of its underway data center activity was pre-leased, and it continues to invest in its development pipeline, with $3.25 billion to $3.75 billion in expected capital expenditures for 2026.
What is the company's approach to capital and debt management?
Digital Realty maintains a conservative capital structure and actively manages its debt. In 2025, the company successfully raised significant capital through multiple note issuances, including €850 million in notes due 2035 and €850 million in notes due 2034. Additionally, it has an effective ATM program with $1.9 billion available for future sales as of December 31, 2025, aiming to support its growth strategies and maintain financial flexibility.
How diversified is Digital Realty's customer base?
Digital Realty serves a diverse customer base of over 5,000 clients across various industries. However, the top 20 customers accounted for approximately 50.9% of the total annualized recurring revenue as of December 31, 2025. The largest single customer represented about 11.7% of annualized recurring revenue, indicating a degree of customer concentration.
06—Continue