DLRMEDIUM SIGNALFINANCIAL10-K

Digital Realty Trust reported solid revenue growth of 10% to $6.1 billion while operating income expanded substantially, reflecting improved operational efficiency in the data center REIT's portfolio.

The meaningful expansion in operating income relative to revenue growth suggests DLR achieved better cost management and operational leverage across its data center properties. The company's market capitalization increased from approximately $50 billion to $59 billion, indicating positive investor sentiment, though this occurred alongside a modest decline in cash reserves.

Comparing 2026-02-13 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

DLR delivered balanced growth with revenue advancing 10% to $6.1 billion while operating income expanded substantially to $658.5 million, demonstrating strong operational efficiency gains. The balance sheet shows increased total liabilities of $24.6 billion (+11.1%) and a modest reduction in cash to $3.5 billion, suggesting continued investment activity typical of a growing REIT. Overall, the financial profile reflects a data center operator successfully scaling operations while maintaining disciplined cost management.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+39.6%
$471.9M$658.5M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Total Liabilities
Balance Sheet
+11.1%
$22.1B$24.6B

Liabilities increased 11.1% — monitor debt-to-equity ratio and interest coverage.

Cash & Equivalents
Balance Sheet
-10.8%
$3.9B$3.5B

Cash decreased 10.8% — monitor burn rate and upcoming capital needs.

Revenue
P&L
+10%
$5.6B$6.1B

Revenue growing 10% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-25
ADDED
as of June 30, 2025, the last business day of the registrant s most recently completed second quarter, totaled approximately $ 59 billion based on the closing price for Digital Realty Trust, Inc.
Such value excludes common stock held by executive officers, directors and 10% or greater stockholders as of June 30, 2025.
The identification of 10% or greater stockholders as of June 30, 2025 is based on Schedule 13G and amended Schedule 13G reports publicly filed before June 30, 2025.
In statements regarding qualification as a real estate investment trust, or REIT, for U.S.
federal income tax purposes, such terms refer solely to Digital Realty Trust, Inc.
In this report, Global Revolving Credit Facility refers to our Operating Partnership s $4.2 billion equivalent senior unsecured revolving credit facility and global senior credit agreement; Yen Revolving Credit Facility refers to our Operating Partnership s 42,511,000,000 (approximately $271 million based on exchange rates at December 31, 2025) senior unsecured revolving credit facility and Yen credit agreement; and Global Revolving Credit Facilities refer to our Global Revolving Credit Facility and our Yen Revolving Credit Facility, collectively.
In this report, the Euro Term Loan Agreement refers to a term loan agreement which governs a 375,000,000 five-year senior unsecured term loan facility (the Euro Term Loan Facility ), comprised of 125,000,000 of initial term loans, the entire amount of which was funded on such date, and 250,000,000 of delayed draw term loan commitments that were funded on September 9, 2023.
As of December 31, 2025, our portfolio included 310 data centers (including 89 data centers held as investments in unconsolidated entities), of which 118 are located in the United States, 113 are located in Europe, 36 are located in Latin America, 16 are located in Africa, 18 are located in Asia, six are located in Australia and three are located in Canada.
We believe cloud and hybrid cloud solutions and artificial intelligence technologies, along with other digital transformation initiatives, will remain significant drivers of demand for data center infrastructure.
These diverse and secular industry dynamics are driving greater demand for data center capacity not only from global cloud service providers, but also from businesses across other industries, including IT service firms, social media, content providers and the financial services sector.
REMOVED
as of June 28, 2024, the last business day of the registrant s most recently completed second quarter, totaled approximately $ 50 billion based on the closing price for Digital Realty Trust, Inc.
Such value excludes common stock held by executive officers, directors and 10% or greater stockholders as of June 28, 2024.
The identification of 10% or greater stockholders as of June 28, 2024 is based on Schedule 13G and amended Schedule 13G reports publicly filed before June 28, 2024.
In statements regarding qualification as a REIT, such terms refer solely to Digital Realty Trust, Inc.
The Parent is a real estate investment trust, or REIT, for U.S.
In this report, properties and buildings refer to all or any of the buildings in our portfolio, including data centers and non-data centers, and data centers refers only to the properties or buildings in our portfolio that contain data center space.
In this report, the USD Term Loan Agreement refers to a term loan agreement for a $740 million senior unsecured term loan facility (the USD Term Loan Facility ).
As of December 31, 2024, our portfolio consisted of 308 data centers (including 78 data centers held as investments in unconsolidated entities), of which 121 are located in the United States, 112 are located in Europe, 36 are located in Latin America, 16 are located in Africa, 16 are located in Asia, six are located in Australia and three are located in Canada.
We believe cloud solutions and hybrid cloud solutions will remain significant drivers of demand for data center infrastructure.
Data center providers that can solve global coverage, capacity and connectivity needs, and coordinate and aggregate diverse customer and application demand, are poised to benefit from these cloud-specific industry drivers.
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