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DIGITAL REALTY TRUST, INC. 8-K Report, Financial Results (Feb 5, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 5, 2026
Period End
February 5, 2026
In the record · 2016–202610-K1310-Q328-K240

DLR filed 13 annual reports (10-K), 32 quarterly reports (10-Q) and 240 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jul ’18Jul ’18
  2. Material agreement8-K · Sep ’20Sep ’20
  3. Leadership change8-K · Jan ’23Jan ’23
  4. Material agreement8-K · Jan ’25Jan ’25

01—Abstract

Summary

Summary of the 8-K filed February 5, 2026. Cited figures are marked; the original filing is the authoritative source.

Digital Realty (DLR) reported fourth-quarter 2025 results on February 5, 2026, showing continued top-line and operating momentum alongside a sharply lower quarterly AFFO figure.

Total operating revenues rose 14% year over year to $1.63 billiona, and Core FFO per diluted share was $1.86 versus $1.73 a year earlier, while FFO per share reached $1.89. Full-year 2025 Core FFO per share was $7.39 (constant-currency $7.29). GAAP net income available to common stockholders was $0.24 per diluted share, down from $0.51 a year earlier, and the 4Q25 figure was flattered by a $1.0 billion-scale gain on investments earlier in the year, which is not part of the quarter's own results.

Leasing demand remained strong. Bookings at DLR share were $175 millionb for the quarter, and total bookings at 100% share were about $400 million, including a record $96 million from the 0-1 MW plus interconnection category. The company reported a backlog of $817 million of annualized GAAP base rent at DLR share, and it guided 2026 Core FFO per share to $7.90-$8.00, implying meaningful growth.

Same-capital cash NOI growth is guided at 4.0%c-5.0% for 2026, with renewal rent growth of 6.0%-8.0% on a cash basis. Balance sheet metrics were stable but leverage remains elevated. Net debt to Adjusted EBITDA was 4.9x, debt-plus-preferred to total enterprise value was 26.1%, and fixed charge coverage was 4.5x.

Management issued roughly $1.6 billiond of euro-denominated notes in November and repaid early the €1.075 billion 2.5% notes due 2026 in December. Year-end occupancy was 84.7%, with development capacity of about 769 MW under construction at 100% share. The main investor debate is whether the strong bookings and backlog can convert into the 2026 earnings guidance while the company funds a heavy development program and a private capital fund.

02—Key points

Key Highlights

  1. Core FFO per diluted share of $1.86 in 4Q25, up from $1.73 in 4Q24; full-year 2025 Core FFO of $7.39 per share, and 2026 guidance of $7.90-$8.00 per share.
  2. Total operating revenues of $1.63 billion in 4Q25, up 14% year over year and 4% sequentially; full-year 2025 revenue of $6.11 billion, up about 10%.
  3. Bookings of $175 million at DLR share ($400 million at 100% share) in 4Q25, including a record $96 million from 0-1 MW plus interconnection; backlog of $817 million of annualized GAAP base rent at DLR share.
  4. Renewal rental rates rose 6.1% on a cash basis and 12.0% on a GAAP basis in 4Q25; 2026 guidance calls for 6.0%-8.0% cash renewal growth.
  5. Net debt to Adjusted EBITDA of 4.9x, debt-plus-preferred to enterprise value of 26.1%, and fixed charge coverage of 4.5x at year-end 2025.
  6. AFFO per diluted share fell to $1.34 in 4Q25 from $1.36 a year earlier and from $1.76 in 3Q25, driven by higher recurring capital expenditures of $169 million; the diluted AFFO payout ratio reached 90.9%.
  7. Reported GAAP net income available to common stockholders was $0.24 per diluted share, down from $0.51 a year earlier, while full-year GAAP EPS was $3.58 and included large real estate gains.

03—Questions

Frequently Asked Questions

  1. How did Digital Realty perform in the fourth quarter of 2025?

    Revenue rose 14% year over year to $1.63 billion, and Core FFO per diluted share was $1.86 compared with $1.73 a year earlier. Adjusted EBITDA was $857 million, and FFO per share was $1.89. GAAP net income available to common stockholders was $0.24 per diluted share, below the prior year's $0.51.

  2. What is the 2026 guidance?

    Management guided 2026 Core FFO per share to $7.90-$8.00 on both reported and constant-currency bases, with total revenue of $6.6-$6.7 billion, Adjusted EBITDA of $3.6-$3.7 billion, and same-capital cash NOI growth of 4.0%-5.0%. The company also expects $1.0-$1.5 billion of long-term debt issuance at 4.0%-4.5% pricing, mid-year.

  3. Why did AFFO fall so sharply in the fourth quarter?

    AFFO per diluted share dropped to $1.34 from $1.76 in 3Q25 mainly because recurring capital expenditures rose to $169 million from $78 million, and deferred tax benefits moved the other way. Investors should review the timing of these recurring capex items, since they drive the diluted AFFO payout ratio, which reached 90.9%.

  4. How strong is the leasing pipeline and backlog?

    Bookings of $175 million at DLR share were signed in the quarter, with the 0-1 MW plus interconnection category contributing a record $96 million. The backlog of signed but not yet commenced leases stood at $817 million of annualized GAAP base rent at DLR share, with a weighted-average lag of eight months from signing to commencement, which gives visibility into 2026 revenue.

  5. What are the main balance sheet and financing developments?

    Total debt was about $18.4 billion at year-end, mostly unsecured. In November the company issued €1.4 billion of notes in two tranches, and in December it repaid early €1.075 billion of 2.5% notes due 2026. Net debt to Adjusted EBITDA was 4.9x, and the company had roughly $7 billion of liquidity including investments in unconsolidated entities.

04—Continue

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