A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Digital Realty Trust reported 2026-Q2 total operating revenues of $1.92B, up 28.9% year-over-year, supported by strong non-stabilized portfolio growth, $201M in promote income, and aggressive expansion via land and joint venture acquisitions.
Digital Realty generated $1.92B in 2026-Q2 revenue (up 28.9% YoY) driven by expanding capacity, strong leasing renewals, and $201M in promote income.
Last 4 quarters: 2 beats, 2 misses
Reported EPS of $0.71 versus the $0.50 analyst consensus — a +41.4% beat for Jun 2026.
Total operating revenues grew 28.9% YoY to $1.92B in 2026-Q2 from $1.49B in 2025-Q2. This was driven by an 8.2% increase in stabilized rental revenue to $1.27B, a 43.1% increase in non-stabilized rental revenue to $403M, and $201M of promote income earned from performance hurdles related to the June 2026 JV acquisition.
Source: 10-Q Item 2 MD&A, p.51
In June 2026, Digital Realty acquired the remaining 64% partnership interests in two joint ventures (Digital Carver Dulles 9 JV and Digital Carver Brickyard JV) for approximately $3.5B ($1.2B cash and 12.3M common shares). Additionally, the company acquired 1,440 acres of development land near Kansas City for $482M and data center assets in Malaysia, France, and Atlanta.
Source: 10-Q Item 2 MD&A, p.46
Total property level operating expenses rose 13.0% YoY to $747.8M in 2026-Q2. The increase was heavily impacted by a 16.8% increase in utility costs to $396.5M, driven by higher power pricing in EMEA/APAC and higher consumption across newly completed development sites.
Source: 10-Q Item 2 MD&A, p.52
During the six months ended June 30, 2026, Digital Realty generated $2.5B in net proceeds under its ATM Equity Offering program through the issuance of 13.5M common shares at an average price of $184.94 per share. As of June 30, 2026, $6.3B remained available under the ATM program.
Source: 10-Q Item 2 MD&A, p.47
Electric power costs represent a significant component of operating expenses. Additional taxation, environmental regulations, or power pricing spikes across North America, EMEA, or APAC could significantly increase costs if Digital Realty cannot pass them on to customers.
Source: 10-Q Item 2 MD&A, p.52
The Northern Virginia metropolitan area generates 21.9% of Digital Realty's total annualized rent as of June 30, 2026. Any localized economic downturn, oversupply of data center capacity, or infrastructure failure in Northern Virginia could materially affect overall financial performance.
Source: 10-Q Item 2 MD&A, p.49
Digital Realty relies on debt and equity capital markets to fund acquisitions and development programs. Unfavorable capital market conditions, rising interest rates, or credit rating downgrades could increase borrowing costs and constrain growth opportunities.
Source: 10-Q Item 2 MD&A, p.46
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
Digital Realty Trust (DLR) is next expected to report on , when the following quarter's results and any updated outlook will be available.
See the DLR earnings preview — expected date, analyst estimates and what to watch →
Digital Realty reported $1.92B in total operating revenues for 2026-Q2, representing a 28.9% YoY increase. The growth was driven by leasing momentum in new development sites, higher utility cost reimbursements, and $201M in promote income earned from a major JV acquisition.
Revenue increased by $430.9M YoY to $1.92B in 2026-Q2. Stabilized portfolio revenues grew 8.2% to $1.27B, non-stabilized property revenues surged 43.1% to $403M, and fee income grew significantly due to $201M in promote income.
Digital Realty highlighted operational risks regarding utility price spikes and energy regulations, significant revenue concentration in Northern Virginia (21.9% of total annualized rent), and dependence on debt and equity capital markets to fund its multi-billion dollar development pipeline.
Digital Realty Trust (DLR) is next expected to report earnings on Oct 21, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.
Expected release date, analyst estimates & what to watch
DLR (Digital Realty) delivered strong Q1 FY2026 results with revenue up 16.2% YoY to $1.64B and net income surging 63.0% YoY to $179.3M, reflecting robust demand for data center capacity.
DLR (Digital Realty Trust) delivered strong FY2025 results with revenue growing 10.0% to $6.11B and net income surging 122.4% to $1.31B, driven by robust data center demand and improved operating leverage.
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