At a glance
Digital Realty Trust Inc is worth $66.57B, about 49 times its fiscal 2025 earnings. Revenue grew 10.0% to $6.11B in fiscal 2025, with 21.4% kept as profit; over 5 years it has grown 9.4% a year. It pays a 2.77% dividend yield, raised every year for at least 3 years, and returned $7.71B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +6.2% over the past year with dividends reinvested and +5.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 24.1% in the 2020 crash (S&P 500: 33.7%) and 47.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 21 months after the lows.
The business in plain English
Digital Realty Trust owns, builds and runs data centers: secure buildings that supply the power, cooling and network links computer servers need. It is a real estate investment trust (REIT), a company that owns property and must pay out most of its taxable income as dividends. Some customers lease whole buildings. Others rent space in shared facilities, an arrangement called colocation, from a single server cabinet up to multi-megawatt deployments. Its buildings also host over 232,000 cross connects, which are direct cable links between customers.
Customers include large cloud service providers, IT service firms, social media and content companies, and financial firms. As of December 31, 2025, it had 310 data centers: 118 in the United States and 113 in Europe, with the rest in Latin America, Asia, Africa, Australia and Canada. Of these, 89 were held through partly owned ventures. The portfolio was 84.7% leased.
Revenue rose 10% to $6.11 billion in 2025. The United States supplied 51.8% and other countries 48.2%. The company expects much of its growth to come from developing land it already holds and from buying properties. At the end of 2025, it had 769 megawatts of new capacity under construction, and 64% of it was leased in advance.
Price history
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DLR +6.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| US | $3.17B | 51.8% |
| Non Us | $2.94B | 48.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.90B, up 20.6% from a year earlier, and net income was $195.3M (+188.1%).
- For fiscal 2025, revenue was $6.11B (+10.0% year over year; +9.4% a year from FY2020 to FY2025) with a 21.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.4% good |
|---|---|
| Operating margin | 10.8% watch |
| Return on equity (FY2025) | 5.7% weak |
| Return on assets (FY2025) | 2.6% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.90B | $356.4M | — |
| FY2021 | $4.43B | $1.71B | — |
| FY2022 | $4.69B | $377.7M | — |
| FY2023 | $5.48B | $948.8M | — |
| FY2024 | $5.55B | $602.5M | — |
| FY2025 | $6.11B | $1.31B | — |
Valuation snapshot
| Market value | $66.57B |
|---|---|
| P/E ratio | 49.1 |
| Dividend yield | 2.77% |
Rank among 1514 US companies
Market value at each year end
Digital Realty Trust’s market value went from $15.62B at the end of 2016 to $66.57B on Nov 2, 2026, about 4.3 times as much; since the end of 2025 it is up 25%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $66.57B | +25.3% |
| 2025 | $53.14B | -9.7% |
| 2024 | $58.82B | +44.3% |
| 2023 | $40.76B | +41.4% |
| 2022 | $28.83B | -42.6% |
| 2021 | $50.19B | +28.4% |
| 2020 | $39.09B | +56.4% |
| 2019 | $24.99B | +13.7% |
| 2018 | $21.98B | -6.1% |
| 2017 | $23.40B | +49.8% |
| 2016 | $15.62B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DLR price data to Nov 2, 2026 | +16.0% | +6.2% | +13.9% | +5.7% | +10.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +16.0% |
| 2025 | -10.1% |
| 2024 | +35.9% |
| 2023 | +39.9% |
| 2022 | -40.9% |
| 2021 | +30.7% |
| 2020 | +20.5% |
| 2019 | +16.5% |
| 2018 | -3.0% |
| 2017 | +19.8% |
| 2016 | +34.9% |
| 2015 | +21.5% |
| 2014 | +42.6% |
| 2013 | -23.5% |
| 2012 | +6.1% |
| 2011 | +35.4% |
| 2010 | +6.1% |
| 2009 | +58.8% |
| 2008 | -11.3% |
| 2007 | +15.5% |
| 2006 | +57.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 29.7% over that stretch · deepest drop along the way 56.8%, back to its old high 11.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 17.8% over that stretch · deepest drop along the way 24.1%, back to its old high 0.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 47.5% over that stretch · deepest drop along the way 47.5%, back to its old high 21.1 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 1 sales ($39K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 27, 2026 | Mark R Patterson Director | sell | $39K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 8.58% | Mar 31, 2026 |
| Vanguard Capital Management | 7.33% | Mar 31, 2026 |
| SCHRODER INVESTMENT MANAGEMENT NORTH AMERICA INC/ DE | 5.9% | Dec 31, 2024 |
| Norges Bank | 5.5676% | Jun 30, 2026 |
| SCHRODER INVESTMENT MANAGEMENT GROUP | 3.1% | Jun 30, 2025 |
ETFs with the most weight in DLR
| SRVR Pacer Data & Infrastructure Real Estate ETF | 15.78% |
| DTCR Global X Data Center And Digital Infrastructure ETF | 10.81% |
| IDGT iShares U.S. Digital Infrastructure and Real Estate ETF | 10.16% |
| RITA ETFB Green SRI REITs ETF | 8.41% |
| PSR Invesco Active U.S. Real Estate Fund | 7.61% |
| DTRE First Trust Alerian Disruptive Technology Real Estate ETF | 5.53% |
| WTRE WisdomTree New Economy Real Estate Fund | 5.47% |
| JPRE JPMorgan Realty Income ETF | 5.41% |
What could go wrong
- Demand shifts, competition and aging facilities. Results depend on continued demand from cloud, artificial intelligence and other technology users. If demand slows, competition intensifies or older facilities fall behind changing technology, occupancy and rents could fall.
- Power supply limits and electricity costs. Data centers use huge amounts of electricity bought from outside suppliers. Outages, price spikes or a shortage of available power could raise costs and limit how much space the company can lease.
- Reliance on big customers and single tenants. The company depends on some large customers, and many of its buildings have a single tenant. If a major customer leaves, the space may need costly renovations before it can be re-leased.
- Construction delays and cost overruns. The company expects much of its growth from new development. With 769 megawatts under construction at the end of 2025, delays, supply chain problems or inflation could push back rental income and raise costs.
- Heavy debt and interest rate exposure. Total debt was about $19.5 billion as of September 30, 2026. Higher interest rates, weaker credit ratings or tighter lending could raise costs and slow growth, which relies on outside capital.
- Risks of operating in many countries. About 48.2% of 2025 revenue came from outside the US. Foreign operations bring different laws, taxes and economic conditions, and joint ventures limit the company's control over some data centers.
Recent events
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Investor presentation or announcement; Other company announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Other company announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Change to shareholder rights; Other company announcement
- Unregistered sale of shares; Investor presentation or announcement; Other company announcement
For income and retirement investors
Digital Realty paid $7.71 billion in dividends from 2021 through 2025, but the dividend grew slowly. Regular dividends per share rose from about $4.87 to $4.97 over that span, roughly 0.5% a year, with three straight annual increases through 2025. Dividends paid in 2025 equaled about 132% of net income. That is common for REITs, because depreciation, a non-cash charge, lowers reported earnings. The company made no buybacks in those five years. Its share count grew 33% between November 2021 and October 2026, so profits were spread across more shares. The yield was 2.77% as of November 2, 2026.
The stock has fallen hard in downturns. It dropped 56.8% in late 2008 and took about a year to recover. It fell 24.1% in the 2020 COVID crash but recovered within weeks. In the 2022 bear market it lost 47.5% and needed about 21 months to regain its high. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Digital Realty make money?
Digital Realty makes money by leasing data center space, power and connectivity. Customers include cloud service providers, social media and content firms, IT service companies and financial firms. They rent anything from a single server cabinet to multi-megawatt deployments, and some lease whole buildings. As of December 31, 2025, it had 310 data centers, 84.7% leased. Revenue was $6.11 billion in 2025, with 51.8% from the United States and 48.2% from other countries.
Does Digital Realty raise its dividend every year?
Not every year. Regular dividends per share rose in each of 2023, 2024 and 2025, a three-year streak, but the 2022 payout was essentially flat. Growth has been small: about 0.5% a year from 2021 to 2025, from roughly $4.87 to $4.97 a share. The dividend yield was 2.77% as of November 2, 2026. As a REIT, the company must pay out most of its taxable income. That supports the dividend but leaves less cash to reinvest.
Why is Digital Realty's payout ratio over 100%?
Mostly because accounting rules reduce REIT earnings by depreciation, a non-cash charge for the wear on buildings and equipment. Dividends paid in 2025 equaled about 132% of net income. Analysts usually judge REIT dividends with cash-based measures such as funds from operations instead. Even so, the company says its growth depends on outside capital, such as borrowing and selling new shares, which it cannot control. Its share count rose 33% between November 2021 and October 2026.
How much debt does Digital Realty have?
Digital Realty had about $19.5 billion of total debt as of September 30, 2026. It also had about $803 million of cash and investments and $56.5 billion of total assets. Borrowing is normal for REITs, which pay out most of their income and fund construction with outside money. Still, the company lists refinancing, interest rates and credit ratings among its risk factors. Higher borrowing costs could cut into the cash left for shareholders.
How has Digital Realty stock performed over the long term?
It has grown over time, with sharp swings. Based on share price, the stock rose about 10.9% a year over the 10 years and 5.7% a year over the five years to November 2, 2026. Calendar years varied widely: it lost 40.9% in 2022, gained 39.9% in 2023 and 35.9% in 2024, then fell 10.1% in 2025. It was up 16% for 2026 through November 2. Its deepest drop in about 21 years of price history was 56.8%, in 2008.