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How Digital Realty (DLR) makes money: Q2 2026 revenue breakdown
The quarter in brief
Revenue grew 28.9% y/y to $1.92B, operating margin 24.3% vs 76.6%, net income $443M (−56.6% y/y).
Key growth driver: Fee income — the fastest-growing revenue line: $249, +623% y/y. · by the Q2 2026 report
Net income available to common stockholders
$443M
down 56.6% y/y
Total operating revenues
$1,924M
up 28.9% y/y
Operating income
$467M
down 59.1% y/y
Next report
not announced yet
How does Digital Realty make money?
Digital Realty brought in $1.92 billion of revenue in Q2 2026, up 28.9% year over year. The largest source was Rental revenues: $1.15 billion, or 60% of the total, followed by Tenant reimbursements (calculated) ($398M, 21%) and Fee income ($249M, 13%); other lines add the remaining 7%. Net income for the quarter was $443 million, down 56.6% year over year.
Revenue by source, Q2 2026
- Rental revenues$1.15B · 60% · +14.2%
- Tenant reimbursements (calculated)$398M · 21% · +20.0%
- Fee income$249M · 13% · +623%
- Interconnection and other (calculated)$131M · 7% · +6.1%
Shares of $1.92B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Rental revenues | $1,146 · +14.2% |
| Tenant reimbursements (calculated) | $398 · +20.0% |
| Interconnection and other (calculated) | $131 · +6.1% |
| Fee income | $249 · +623% |
| Total operating revenues | $1,924 · +28.9% |
| Depreciation and amortization | $507 · +10.0% |
| Utilities | $396 · +16.8% |
| Rental property operating, taxes and insurance (calculated) | $351 · +9.0% |
| General and administration | $153 · +14.6% |
| Transaction, severance and other expenses (calculated) | $56.6 · +126% |
| Gain on disposition of properties, net | $8 · −99.1% |
| Operating income | $467 · −59.1% · 24.3% margin |
| Interest and other income and equity in earnings (calculated) | $138 · +437% |
| Interest expense | $114 · +4.2% |
| Pre-tax income (calculated) | $491 · −53.6% |
| Income tax expense | $33.7 · +161% · 6.9% effective rate |
| Net income attributable to noncontrolling interests | $4.3 · −70.8% |
| Preferred stock dividends | $10.2 · +0.0% |
| Net income available to common stockholders | $443 · −56.6% · $1.21/sh · 23.0% margin |
Verdict: revenue grew 28.9% y/y to $1.92B, operating margin 24.3% vs 76.6%, net income $443M (−56.6% y/y).
Diluted EPS $1.21 vs $2.94 a year earlier; Core FFO per share $2.65 vs $1.87, and $2.13 excluding net promote (non-GAAP, company definitions); rental rate increases on renewal leases of 25.4% on a cash basis.
Source and notation
Source: Digital Realty Trust earnings release and its exhibits, 8-K EX-99 of 07/23/2026 (SEC EDGAR). REIT layout: total revenues as reported; property expenses, depreciation, interest and other items lead to net income (a REIT pays little or no income tax). FFO is a non-GAAP measure: it appears only in the text, as defined by the company, never in the chart. The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match the company's 10-Q.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
- Net income fell from a year earlier because the second quarter of 2025 included a $931.8M gain on disposition of properties, versus $8.0M now.
- Fee income jumped to $248.9M from $34.4M; Core FFO per share was $2.65 including net promote and $2.13 excluding it.
- Signed bookings expected to generate $307 million of annualized GAAP base rent at 100% share, and in July two hyperscale leases worth $410 million of annualized GAAP base rent.
- Operating income was $467M, a 24.3% margin vs 76.6% a year earlier.
- The effective tax rate was 6.9% vs 1.2% a year earlier.
- Diluted EPS was $1.21 vs $2.94 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
Who runs the company now
As of 10/20/2026, per the company’s SEC filings: signatures on the latest report and leadership-change filings.
Positions: the company’s SEC filings. Spotted an error, or is this you and you’d like it corrected or removed? Contact us
How this is compiled
Who runs the company now comes from primary sources only: for US companies, the CEO and CFO signatures on the latest SEC report, and a separate board chair from the proxy statement (DEF 14A); for Russian and Kazakh issuers, the company website and its disclosures. We recheck weekly; if a name can’t be confirmed, or a leadership-change filing came out after the report, we don’t show it until it’s reviewed. History comes from proxy statements, disclosures, Wikipedia and Wikidata; years show when a term started and ended, “since” means the person is in office now. An outcome for a previous employer is shown only when the linked document states it.
Sources · 2
- SEC EDGAR: 10-Q 2026-07-31 · SEC EDGAR · 10/20/2026
- SEC EDGAR: 10-Q 2026-07-31 · SEC EDGAR · 10/20/2026
Digital Realty is an American real estate investment trust that owns, operates, and invests in carrier-neutral data centers across the world. · Text: Wikipedia, CC BY-SA 4.0, abridged
The company offers data center, colocation, and interconnection services. It was formed in 2004 by GI Partners. As of June 2023, Digital Realty has over 300 facilities in more than 25 countries.
Heads-up
- net income fell 57% y/y in Q2 2026
Most likely because net income fell from a year earlier because the second quarter of 2025 included a $931.8M gain on disposition of properties; operating income was $467M, a 24.3% margin vs 76.6% a year earlier; the effective tax rate was 6.9% vs 1.2% a year earlier. Based on the Q2 2026 report.
The company's report ↗Company guidance
Same quarter a year ago (ended September 30, 2025): revenue $1.577B, EPS (GAAP) $0.15
How we calculate
Year-ago figures are GAAP, from the company's SEC filings (XBRL); EPS is diluted.
DLR earnings history: past report dates
| Jul 23, 2026 Thu | 4:18 pmafter market close | Jun 30, 2026 | $1.9B+29% y/y | $1.21−59% y/y |
| Apr 23, 2026 Thu | 4:11 pmafter market close | Mar 31, 2026 | $1.6B+16% y/y | $0.46+70% y/y |
| Feb 5, 2026 Thu | 4:08 pmafter market close | Dec 31, 2025 | ≈$1.6B+14% y/y | ≈$0.22−56% y/y |
| Oct 23, 2025 Thu | 4:10 pmafter market close | Sep 30, 2025 | $1.6B+10% y/y | $0.15+67% y/y |
| Jul 24, 2025 Thu | 4:22 pmafter market close | Jun 30, 2025 | $1.5B+10% y/y | $2.94 |
| Apr 24, 2025 Thu | 4:38 pmafter market close | Mar 31, 2025 | $1.4B+6% y/y | $0.27−67% y/y |
| Feb 13, 2025 Thu | 4:08 pmafter market close | Dec 31, 2024 | ≈$1.4B+5% y/y | ≈$0.50+233% y/y |
| Oct 24, 2024 Thu | 4:12 pmafter market close | Sep 30, 2024 | $1.4B+2% y/y | $0.09−96% y/y |
| Jul 25, 2024 Thu | 4:09 pmafter market close | Jun 30, 2024 | $1.4B−1% y/y | $0.20−41% y/y |
| May 2, 2024 Thu | 4:30 pmafter market close | Mar 31, 2024 | $1.3B−1% y/y | $0.82+310% y/y |
| Feb 15, 2024 Thu | 4:12 pmafter market close | Dec 31, 2023 | ≈$1.4B+11% y/y | ≈$0.15 |
| Oct 26, 2023 Thu | 4:20 pmafter market close | Sep 30, 2023 | $1.4B+18% y/y | $2.31+208% y/y |
| Jul 27, 2023 Thu | 4:01 pmafter market close | Jun 30, 2023 | $1.4B+20% y/y | $0.34+79% y/y |
| Apr 27, 2023 Thu | 4:15 pmafter market close | Mar 31, 2023 | $1.3B+19% y/y | $0.20−9% y/y |
| Feb 16, 2023 Thu | 4:08 pmafter market close | Dec 31, 2022 | ≈$1.2B+11% y/y | ≈−$0.04 |
| Oct 26, 2022 Wed | 4:25 pmafter market close | Sep 30, 2022 | $1.2B+5% y/y | $0.75+70% y/y |
| Jul 28, 2022 Thu | 4:43 pmafter market close | Jun 30, 2022 | $1.1B+4% y/y | $0.19−58% y/y |
| Apr 28, 2022 Thu | 4:24 pmafter market close | Mar 31, 2022 | $1.1B+3% y/y | $0.22−83% y/y |
| Feb 17, 2022 Thu | 4:14 pmafter market close | Dec 31, 2021 | ≈$1.1B+5% y/y | ≈$3.73 |
| Oct 26, 2021 Tue | 4:18 pmafter market close | Sep 30, 2021 | $1.1B+11% y/y | $0.44 |
| Jul 29, 2021 Thu | 4:13 pmafter market close | Jun 30, 2021 | $1.1B+10% y/y | $0.45+125% y/y |
| Apr 29, 2021 Thu | 4:17 pmafter market close | Mar 31, 2021 | $1.1B+32% y/y | $1.32+47% y/y |
| Feb 11, 2021 Thu | 4:56 pmafter market close | Dec 31, 2020 | $1.1B+35% y/y | $0.16−89% y/y |
| Oct 29, 2020 Thu | 5:19 pmafter market close | Sep 30, 2020 | $1.0B+27% y/y | −$0.14 |
| Jul 30, 2020 Thu | 8:18 pmafter market close | Jun 30, 2020 | $993M+24% y/y | $0.20+33% y/y |
| May 7, 2020 Thu | 4:29 pmafter market close | Mar 31, 2020 | $823M+1% y/y | $0.90+96% y/y |
| Feb 13, 2020 Thu | 4:54 pmafter market close | Dec 31, 2019 | $787M+1% y/y | $1.50+900% y/y |
| Oct 29, 2019 Tue | 5:09 pmafter market close | Sep 30, 2019 | $806M+5% y/y | $0.24−27% y/y |
| Jul 30, 2019 Tue | 4:23 pmafter market close | Jun 30, 2019 | $801M+6% y/y | $0.15−53% y/y |
| Apr 25, 2019 Thu | 4:35 pmafter market close | Mar 31, 2019 | $815M+9% y/y | $0.46+10% y/y |
| Feb 5, 2019 Tue | 4:54 pmafter market close | Dec 31, 2018 | $778M+6% y/y | $0.15−42% y/y |
| Oct 25, 2018 Thu | 4:07 pmafter market close | Sep 30, 2018 | $769M+26% y/y | $0.33 |
| Jul 26, 2018 Thu | 4:43 pmafter market close | Jun 30, 2018 | $755M+33% y/y | $0.32−11% y/y |
| Apr 26, 2018 Thu | 4:28 pmafter market close | Mar 31, 2018 | $744M+35% y/y | $0.42+2% y/y |
| Feb 15, 2018 Thu | 4:16 pmafter market close | Dec 31, 2017 | $731M+27% y/y | $0.26−47% y/y |
| Oct 25, 2017 Wed | 4:05 pmafter market close | Sep 30, 2017 | $610M+12% y/y | −$0.02 |
| Jul 27, 2017 Thu | 4:04 pmafter market close | Jun 30, 2017 | $566M+10% y/y | $0.36+89% y/y |
| Apr 27, 2017 Thu | 4:03 pmafter market close | Mar 31, 2017 | $551M+9% y/y | $0.41+52% y/y |
| Feb 16, 2017 Thu | 4:03 pmafter market close | Dec 31, 2016 | $577M+15% y/y | $0.49 |
| Oct 27, 2016 Thu | 4:03 pmafter market close | Sep 30, 2016 | $546M+25% y/y | $1.25+346% y/y |
| Jul 28, 2016 Thu | 4:37 pmafter market close | Jun 30, 2016 | $515M+23% y/y | $0.19−78% y/y |
| Apr 28, 2016 Thu | 4:08 pmafter market close | Mar 31, 2016 | $504M+24% y/y | $0.27−64% y/y |
| Feb 25, 2016 Thu | 4:33 pmafter market close | Dec 31, 2015 | $500M+21% y/y | −$0.28+28% y/y |
| Oct 29, 2015 Thu | 4:09 pmafter market close | Sep 30, 2015 | $436M+6% y/y | $0.28−65% y/y |
| Jul 30, 2015 Thu | 4:08 pmafter market close | Jun 30, 2015 | $420M+5% y/y | $0.86+177% y/y |
| May 5, 2015 Tue | 4:09 pmafter market close | Mar 31, 2015 | $407M+4% y/y | $0.75+188% y/y |
| Feb 12, 2015 Thu | 4:15 pmafter market close | Dec 31, 2014 | $412M+8% y/y | −$0.39 |
| Oct 28, 2014 Tue | 4:25 pmafter market close | Sep 30, 2014 | $412M+9% y/y | $0.80−25% y/y |
| Jul 29, 2014 Tue | 4:19 pmafter market close | Jun 30, 2014 | $401M+10% y/y | $0.31−16% y/y |
| May 6, 2014 Tue | 4:30 pmafter market close | Mar 31, 2014 | $391M+9% y/y | $0.26−24% y/y |
| Feb 25, 2014 Tue | 6:07 ambefore market open | Dec 31, 2013 | $381M+9% y/y | $0.33−8% y/y |
| Oct 29, 2013 Tue | 5:14 pmafter market close | Sep 30, 2013 | $379M+11% y/y | $1.06+186% y/y |
| Jul 26, 2013 Fri | 7:18 ambefore market open | Jun 30, 2013 | $364M+20% y/y | $0.37−3% y/y |
| Apr 26, 2013 Fri | 7:06 ambefore market open | Mar 31, 2013 | $358M+27% y/y | $0.34−6% y/y |
| Jan 31, 2013 Thu | 9:01 ambefore market open | Dec 31, 2012 | $350M+29% y/y | $0.36+6% y/y |
| Oct 26, 2012 Fri | 7:11 ambefore market open | Sep 30, 2012 | $342M+25% y/y | $0.37+19% y/y |
Show all 56 reports since 2012Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Digital Realty: 15-year financials
| 2025 | 6,113 | 659 | 1,309 | 1,729 |
| 2024 | 5,555 | 472 | 603 | 1,633 |
| 2023 | 5,477 | 525 | 949 | 1,521 |
| 2022 | 4,692 | 590 | 378 | 1,451 |
| 2021 | 4,428 | 694 | 1,709 | 1,379 |
| 2020 | 3,904 | 558 | 356 | 1,163 |
| 2019 | 3,209 | 594 | 580 | 922 |
| 2018 | 3,047 | 550 | 331 | 850 |
| 2017 | 2,458 | 451 | 248 | 646 |
| 2016 | 2,142 | 497 | 426 | 522 |
| 2015 | 1,763 | 402 | 297 | 469 |
| 2014 | 1,616 | 259 | 200 | 442 |
| 2013 | 1,482 | 382 | 315 | 401 |
| 2012 | 1,279 | 366 | 210 | 334 |
| 2011 | 1,063 | 304 | 156 | 261 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. The table starts in 2011; where the listed issuer changed (holding reorganization, redomicile), earlier years come from the predecessor’s filings.
Shareholders’ equity at Mar 31, 2026: $23.4B (48% of total assets). Compare with other S&P 500 companies →
Included in screener lists: S&P 500 companies with revenue growth 10 years in a row · S&P 500 companies that paid dividends 10 years without a gap
Digital Realty (DLR) earnings: FAQ
How does Digital Realty make money?
Digital Realty brought in $1.92 billion of revenue in Q2 2026, up 28.9% year over year. The largest source was Rental revenues: $1.15 billion, or 60% of the total, followed by Tenant reimbursements (calculated) ($398M, 21%) and Fee income ($249M, 13%); other lines add the remaining 7%. Net income for the quarter was $443 million, down 56.6% year over year.
When is DLR's next earnings date?
We have not yet seen an announcement of the date from Digital Realty (DLR). Based on last year's report on Oct 23, 2025, the next report is expected around Oct 22, 2026.
What time does DLR report earnings?
Digital Realty usually reports after market close: its latest results release was filed with the SEC at 4:18 pm ET on Jul 23, 2026.
When did DLR last report earnings?
Digital Realty reported Q2 2026 results on Jul 23, 2026.
Where can I find Digital Realty's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to DLR's filings; this page breaks the latest report down in a Sankey chart.
What was DLR's net income in Q2 2026?
Digital Realty reported net income of $443M for Q2 2026 (−56.6% year over year), under US GAAP.
Does Digital Realty pay dividends?
Yes. In 2025, Digital Realty paid $1,729M in dividends on its common stock, per its 10-K. Earlier years are in the 15-year table above.
How has Digital Realty's revenue changed since 2011?
Per its 10-K filings, revenue grew 5.8x: $1,063M in 2011 and $6,113M in 2025. The latest year is the highest in the table. Year-by-year figures are in the table above.
New to earnings reports? Start with how to read an earnings report.
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