← Who reports today · Real Estate
DLR · Q2 2026
Archived report (Q2 2026). Latest deep dive →
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).
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
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 as an image: DLR, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Cite / embed this chart
Free to use in articles, research and social posts with credit to Who Reports Today and a link — licensed under CC BY 4.0 (terms).
Chart: “DLR Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/dlr/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/dlr/q2-2026"><img src="https://whoreportstoday.com/t/dlr/q2-2026/sankey.png" alt="DLR Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/dlr/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/dlr/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/dlr/q2-2026">DLR Q2 2026 earnings chart (Who Reports Today)</a>
This is an archived report: the image at this link won’t change. If you change the chart (crop, translate), say so in the credit. Company logos and trademarks are not covered by the license.
- 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.
DLR — Digital Realty Trust is a real estate investment trust (REIT) that owns, develops and operates data centers and provides colocation and interconnection services to cloud, technology and enterprise customers worldwide.
Headquarters: Austin, Texas.
Heads-up
- net income fell 57% y/y in Q2 2026
Net income for Q2 2026: $443M, −57% y/y. In the report's figures: costs grew faster than revenue: transaction, severance and other expenses (calculated) +126% y/y, income tax expense +161% y/y. Based on the Q2 2026 report.
The company's report ↗More reports: DOC · Q2 2026 · EQIX · Q3 2026 · ESS · Q3 2026 · EXR · Q3 2026 · FRT · Q2 2026 · HST · Q2 2026 · INVH · Q2 2026 · IRM · Q2 2026 · KIM · Q3 2026 · MAA · Q2 2026 · all reports