Digital Realty Trust, Inc.: Mixed — EPS $0.48, Revenue $1.9B
Mixed ResultQ3 2026 · After-market
Did Digital Realty Trust, Inc. (DLR) beat earnings today?
It was a mixed report for Q3 2026 — Digital Realty Trust, Inc. (DLR) beat on EPS but missed on revenue.
Earnings Per Share-15.79% surprise
$0.48Actual
Expected: $0.57
vs. year ago +220.0%
Total Revenue+8.09% surprise
$1.9BActual
Expected: $1.76B
vs. year ago +21.0%
Released Oct 29 · 4:12 PM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $1.90B | $1.58B | +21.0% |
| Revenue detail — reported lines | |||
| └─Rental revenues | $1.22B | $1.05B | +17.1% |
| └─Tenant reimbursements - Utilities | $423.92M | $332.68M | +27.4% |
| └─Tenant reimbursements - Other | $47.03M | $37.30M | +26.1% |
| └─Interconnection and other | $131.36M | $120.40M | +9.1% |
| └─Fee income | $75.30M | $36.40M | +106.9% |
| └─Other | $11.00K | $6.24M | -99.8% |
| Net Income | $193.61M | $63.71M | +203.9% |
| GAAP Basic EPS | $0.50 | $0.17 | +194.1% |
| GAAP Diluted EPS | $0.48 | $0.15 | +220.0% |
| FFO per share | $1.97 | $1.65 | +19.4% |
| Core FFO per share | $2.10 | $1.89 | +11.1% |
Financial Outlook / Guidance
| Metric | Next Quarter Outlook | 2026 Outlook |
|---|---|---|
| Total revenue | — | $7.050-$7.125 billion |
| Net non-cash rent adjustments | — | ($145-$150 million) |
| Adjusted EBITDA | — | $3.800-$3.850 billion |
| G&A | — | $640-$650 million |
| Rental rates - Cash | — | 10.0%-12.0% |
| Rental rates - GAAP | — | 13.0%-15.0% |
| Year-end occupancy | — | +75-125 bps |
| Same-Capital cash NOI | — | 5.25%-5.75% |
| U.S. Dollar / Pound | — | $1.32-$1.37 |
| U.S. Dollar / Euro | — | $1.13-$1.18 |
| Dispositions volume | — | $1,500-$2,000 million |
| Dispositions cap rate | — | 0.0%-10.0% |
| Development CapEx | — | $4,250-$4,750 million |
| Average stabilized yields | — | 10.0%+ |
| Enhancements CapEx | — | $30-$35 million |
| Recurring CapEx | — | $400-$425 million |
| Debt issuance | — | ~$1,750 million |
| Debt pricing | — | ~4.0% |
| Debt timing | — | October |
| Net income per share | — | $2.90-$2.95 |
| Real estate depreciation | — | $5.65-$5.65 |
| FFO / share | — | $8.55-$8.60 |
| Non-core expenses | — | $0.25-$0.25 |
| Net Promote | — | ($0.50)-($0.50) |
| Core FFO / share | — | $8.30-$8.35 (prev. $8.15-$8.20) |
| Foreign currency adjustments | — | ($0.05)-($0.05) |
| Constant-Currency Core FFO | — | $8.25-$8.30 (prev. $8.10-$8.15) |
Business Highlights
- ➤Signed record $855 million of annualized GAAP rental-revenue bookings at 100% share.
- ➤Signed record $627 million of bookings at Digital Realty’s share.
- ➤Achieved record $152 million bookings in the 0-1 megawatt plus interconnection category.
- ➤Acquired land near Indianapolis supporting over one gigawatt of IT capacity.
- ➤Acquired Chicago-area parcels supporting aggregate 360 megawatts of IT capacity.
- ➤Acquired Charlotte-area land supporting development of up to 600 megawatts of IT capacity.
- ➤Formed Türkiye data-center joint venture with Rönesans Infrastructure.
- ➤Joint venture’s first Ankara investment is expected to support more than 22 megawatts.
- ➤Increased Teraco ownership from 61% to approximately 77%.
- ➤Closed $1.4 billion of cornerstone equity commitments for perpetual capital strategy.
- ➤Operates a global footprint of 300+ facilities across 55+ metros and 30+ countries.
Management Commentary
Andy Power, President and Chief Executive Officer
“Digital Realty extended its track record of execution in the third quarter with record leasing, an expanding backlog, and another quarter of double-digit earnings growth. These results underscore the global strength of customer demand for connectivity-rich environments, trusted execution, and a well-capitalized partner with the reach and capabilities to support their evolving requirements across the digital infrastructure landscape.”