Digital Realty Trust, Inc.
Latest report: Q3 FY2026, the quarter ended 30 September 2026, released 30 October 2026. Snapshot FY2026Q3_8caf8f91.
Overview
Revenue, quarter
+20.6% year on yearOperating income, quarter
+91.0% year on yearNet income, quarter
+188% year on yearDiluted EPS, quarter
+220% year on yearOperating margin, last 4 quarters
−11.6pp year on yearReturn on equity, last 4 quarters
−2.7pp year on yearSelect a figure to see the document it came from.
Key Findings
Findings for the latest quarter, with their history over earlier quarters.
Revenue for the quarter ended 30 September 2026 was US$1.9 billion, 20.6% higher than in the same quarter a year earlier.
Weakenedin Q3 FY2026 · stated since Q3 FY202420.6% from 28.9% in Q2 FY2026Rule: Revenue against a year earlier · Sources 10-Q 2026-09History of this finding, 9 records
- Q3 FY2026 WeakenedRevenue for the quarter ended 30 September 2026 was US$1.9 billion, 20.6% higher than in the same quarter a year earlier.Recorded from FY2026Q3_8caf8f91 · data update
- Q2 FY2026 StrengthenedRevenue for the quarter ended 30 June 2026 was US$1.9 billion, 28.9% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2026 StrengthenedRevenue for the quarter ended 31 March 2026 was US$1.6 billion, 16.2% higher than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2025 StrengthenedRevenue for the quarter ended 31 December 2025 was US$1.6 billion, 13.8% higher than in the same quarter a year earlier.Reconstructed · data update
- Q3 FY2025 ConfirmedRevenue for the quarter ended 30 September 2025 was US$1.6 billion, 10.2% higher than in the same quarter a year earlier.Reconstructed · data update
- Q2 FY2025 StrengthenedRevenue for the quarter ended 30 June 2025 was US$1.5 billion, 10.1% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2025 ConfirmedRevenue for the quarter ended 31 March 2025 was US$1.4 billion, 5.7% higher than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2024 StrengthenedRevenue for the quarter ended 31 December 2024 was US$1.4 billion, 4.8% higher than in the same quarter a year earlier.Reconstructed · data update
- Q3 FY2024 NewRevenue for the quarter ended 30 September 2024 was US$1.4 billion, 2.1% higher than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$195 million, 188.1% higher than in the same quarter a year earlier.
Newin Q3 FY2026 · first statedRule: Net income against a year earlier · Sources 10-Q 2026-09History of this finding, 16 records
- Q3 FY2026 NewNet income attributable to the company was US$195 million, 188.1% higher than in the same quarter a year earlier.Recorded from FY2026Q3_8caf8f91 · data update
- Q3 FY2026 RetiredThe finding changed to higher than a year earlier.Recorded from FY2026Q3_8caf8f91 · data update
- Q2 FY2026 NewNet income attributable to the company was US$453 million, 56.1% lower than in the same quarter a year earlier.Reconstructed · data update
- Q2 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- Q1 FY2026 NewNet income attributable to the company was US$179 million, 63.0% higher than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q4 FY2025 NewNet income attributable to the company was US$99 million, 48.0% lower than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- Q3 FY2025 WeakenedNet income attributable to the company was US$68 million, 32.5% higher than in the same quarter a year earlier.Reconstructed · data update
- Q2 FY2025 NewNet income attributable to the company was US$1.0 billion, 1,186.7% higher than in the same quarter a year earlier.Reconstructed · data update
- Q2 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q1 FY2025 NewNet income attributable to the company was US$110 million, 60.9% lower than in the same quarter a year earlier.Reconstructed · data update
- Q1 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- Q4 FY2024 NewNet income attributable to the company was US$190 million, 569.6% higher than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q3 FY2024 NewNet income attributable to the company was US$51 million, 93.0% lower than in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was 16.2%, 11.6 percentage points lower than a year earlier.
Weakenedin Q3 FY2026 · stated since Q2 FY2026Rule: Operating margin against a year earlier · Sources 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03 and 2 moreHistory of this finding, 11 records
- Q3 FY2026 WeakenedThe operating margin over the last 4 quarters was 16.2%, 11.6 percentage points lower than a year earlier.Recorded from FY2026Q3_8caf8f91 · data update
- Q2 FY2026 NewThe operating margin over the last 4 quarters was 14.9%, 13.8 percentage points lower than a year earlier.Reconstructed · data update
- Q2 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- Q1 FY2026 WeakenedThe operating margin over the last 4 quarters was 26.5%, 17.3 percentage points higher than a year earlier.Reconstructed · data update
- Q4 FY2025 WeakenedThe operating margin over the last 4 quarters was 26.4%, 17.9 percentage points higher than a year earlier.Reconstructed · data update
- Q3 FY2025 WeakenedThe operating margin over the last 4 quarters was 27.8%, 19.4 percentage points higher than a year earlier.Reconstructed · data update
- Q2 FY2025 StrengthenedThe operating margin over the last 4 quarters was 28.7%, 22.2 percentage points higher than a year earlier.Reconstructed · data update
- Q1 FY2025 NewThe operating margin over the last 4 quarters was 9.2%, 0.1 percentage points higher than a year earlier.Reconstructed · data update
- Q1 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q4 FY2024 ConfirmedThe operating margin over the last 4 quarters was 8.5%, 1.1 percentage points lower than a year earlier.Reconstructed · data update
- Q3 FY2024 NewThe operating margin over the last 4 quarters was 8.4%, 1.2 percentage points lower than a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 3.6%, against 6.3% a year earlier.
Confirmedin Q3 FY2026 · stated since Q2 FY2026Rule: Return on equity against a year earlier · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 3 moreHistory of this finding, 11 records
- Q3 FY2026 ConfirmedReturn on equity over the last 4 quarters was 3.6%, against 6.3% a year earlier.Recorded from FY2026Q3_8caf8f91 · data update
- Q2 FY2026 NewReturn on equity over the last 4 quarters was 3.2%, against 6.4% a year earlier.Reconstructed · data update
- Q2 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- Q1 FY2026 StrengthenedReturn on equity over the last 4 quarters was 6.2%, against 2.1% a year earlier.Reconstructed · data update
- Q4 FY2025 WeakenedReturn on equity over the last 4 quarters was 5.9%, against 3.0% a year earlier.Reconstructed · data update
- Q3 FY2025 StrengthenedReturn on equity over the last 4 quarters was 6.3%, against 2.2% a year earlier.Reconstructed · data update
- Q2 FY2025 NewReturn on equity over the last 4 quarters was 6.4%, against 5.9% a year earlier.Reconstructed · data update
- Q2 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q1 FY2025 StrengthenedReturn on equity over the last 4 quarters was 2.1%, against 6.4% a year earlier.Reconstructed · data update
- Q4 FY2024 WeakenedReturn on equity over the last 4 quarters was 3.0%, against 5.2% a year earlier.Reconstructed · data update
- Q3 FY2024 NewReturn on equity over the last 4 quarters was 2.2%, against 5.2% a year earlier.Reconstructed · initial
Records before Q3 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.
Credit, liquidity, earnings quality and score findings: Analysis.
Data
DownloadsExcel workbook · JSON
Snapshot
FY2026Q3_8caf8f91Corporate Events
- Acquisition13 March 2020
Completed an acquisition.
Source 8-K 2020-03
Earnings, Returns and Balance Sheet
Revenue
By quarter, US dollars
Operating Income
By quarter, US dollars
Net Income Attributable to the Company
By quarter, US dollars
Margins
Last 4 quarters at each quarter end, per cent
Returns
Last 4 quarters, per cent
Free Cash Flow
Operating cash flow less capital expenditure, by quarter, US dollars
Diluted Earnings per Share
By quarter, as reported
Financial Statements
Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.
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Ratios
Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.
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Analysis
Credit update
Q3 FY2026
Form 10-Q, period ended 30 September 2026, filed 30 October 2026. Changes are against the previous report, and each figure shows its period.
4changes0thresholds crossed
Changes in This Report 4
- WeakenedRevenue Against a Year Earlier10-Q 2026-09
Revenue for the quarter ended 30 September 2026 was US$1.9 billion, 20.6% higher than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Revenue for the quarter ended 30 June 2026 was US$1.9 billion, 28.9% higher than in the same quarter a year earlier.
- NewNet Income Against a Year Earlier10-Q 2026-09
Net income attributable to the company was US$195 million, 188.1% higher than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Net income attributable to the company was US$453 million, 56.1% lower than in the same quarter a year earlier.
- WeakenedOperating Margin Against a Year Earlier10-Q 2026-09
The operating margin over the last 4 quarters was 16.2%, 11.6 percentage points lower than a year earlier.
Earlier record, Q2 FY2026
The operating margin over the last 4 quarters was 14.9%, 13.8 percentage points lower than a year earlier.
- WeakenedCash Backing of Earnings10-Q 2026-09
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.4% of average total assets.
Earlier record, Q2 FY2026
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.2% of average total assets.
Thresholds Crossed 0
No published finding crosses a threshold.
Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.
Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.
Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.
These ratios are not computed for this company; the method below gives the reason.
Method
- Not computed: the company is a real estate investment trust (SIC 6798), where debt to EBITDA and the related ratios do not measure credit; financial companies need a template of their own.
- Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
- Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
- S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.
Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.
Debt Maturities at 31 December 2023
Principal due by fiscal year, US dollars
| FY2024 | FY2025 | FY2026 | FY2027 | FY2028 | After FY2028 | Total |
|---|---|---|---|---|---|---|
| $981m | $2.8bn | $3.4bn | $1.4bn | $2.4bn | $6.5bn | $17.5bn |
By Fiscal Year
| Ratio | FY202231 Dec 2022 | FY202331 Dec 2023 |
|---|---|---|
| Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings | ||
| Maturity concentrationThe largest amount of debt due in a single year of the next 5, as a share of the debt in the schedule. A high share means the repayments are concentrated in 1 year.Largest single year of debt maturing within 5 years / total debt in the maturity schedule |
Method
- Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
- Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.
Earnings QualityCash-flow accruals −3.4%, Operating cash flow to EBITDA 0.85x · Q3 FY2026
Accruals and the cash backing of reported earnings.
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.4% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Weakenedin Q3 FY2026 · stated since Q3 FY2024−3.4% from −4.2% in Q2 FY2026Rule: Cash backing of earnings · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 2 moreHistory of this finding, 9 records
- Q3 FY2026 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.4% of average total assets.Recorded from FY2026Q3_8caf8f91 · data update
- Q2 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.2% of average total assets.Reconstructed · data update
- Q1 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.5% of average total assets.Reconstructed · data update
- Q4 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.3% of average total assets.Reconstructed · data update
- Q3 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.3% of average total assets.Reconstructed · data update
- Q2 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.2% of average total assets.Reconstructed · data update
- Q1 FY2025 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.3% of average total assets.Reconstructed · data update
- Q4 FY2024 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.7% of average total assets.Reconstructed · data update
- Q3 FY2024 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.5% of average total assets.Reconstructed · initial
Net Income and Operating Cash Flow
Last 4 quarters at each quarter end, US dollars
By Fiscal Year
| Ratio | FY202131 Dec 2021 | FY202231 Dec 2022 | FY202331 Dec 2023 | FY202431 Dec 2024 | FY202531 Dec 2025 | Q3 FY2026latest quarter |
|---|---|---|---|---|---|---|
| Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets | ||||||
| Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation) | ||||||
| Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue |
Method
- Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
- Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.
Forensic and Distress ScoresPublished distress and misstatement models, with their original coefficients and thresholds.
Published distress and misstatement models, with their original coefficients and thresholds.
These ratios have no value for the figures of this company.
Source Documents
Documents of this snapshot, latest first.
Checks
274264 of 274 checks passed, 10 warnings
Fiscal calendar70 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.
Quarters and fiscal year101 of 103 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level; a difference that a later report explains is a warning, which does not stop publication.
Operating income, FY2025: $1,611m against $658m
Increase in accounts payable, FY2020: $94.9m against $84.4m
Withheld values1 value withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.
Proceeds from issuance of long-term debt, Q4 FY2020: withheld, negative where the item cannot be negative
Filer identity1 passedThe documents are those of the company of this page. Checked at error level.
Balance sheet identity27 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.
Balance sheet structure27 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.
Lease liabilities6 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.
Debt maturities0 of 6 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.
31 Mar 2022: $3,844m against $0
30 Jun 2022: $3,625m against $0
30 Sep 2022: $4,098m against $0
31 Dec 2022: $16,724m against $0
31 Mar 2023: $18,005m against $0
31 Dec 2023: $17,538m against $0
Quarters and 9 months21 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.
Earnings per share5 of 6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.
FY2020: 1,012 against 1.01
Primary statements6 passedEach key figure of the latest fiscal year is a line of the income statement, the balance sheet or the cash flow statement of the annual report. Checked at warning level.
Data Quality
How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.
| Values published | 1,095 |
| Confirmed by other figures | 59.5%, 652 values |
| Confirmed by a second document | 0.0%, 0 values |
| Derived from reported figures | 19.6%, 215 values |
| Values withheld | 1 |
| Restated figures tracked | 36 |
| Changes compared on one basis | 5 |
| Company lines mapped | 0 of 0 reviewed |
Citation
Annalist, Digital Realty Trust, Inc., snapshot digital-realty/FY2026Q3_8caf8f91 (as of FY2026 Q3); <item label>, <period>; source <document id> (<document url>)
Snapshot FY2026Q3_8caf8f91 · dataset SHA-256 8caf8f91f4f5e2a19423f31cd745642a846ad40f21f64717f5dc501ba66fb628 · findings rules 0.5
Data: info.json · dataset.json · validation.json · documents.json