Digital Realty Trust (DLR) Q3 2026 earnings summary

Executive summary

• Record Q3 bookings reached $855M at 100% share and $627M attributable share; backlog hit $2.5B at 100% share and $1.8B attributable share.

• Core FFO per share excluding net promote rose 11% YoY to $2.10, supporting an increase in FY26 guidance to $8.30–$8.35.

• Revenue rose 20.6% YoY to $1.902B; net income was $194M and diluted EPS was $0.48.

Financial highlights

• Q3 rental and other services revenue was $1.827B, up 18.9% YoY; fee income and other was $75.3M, up 83.0%.

• Adjusted EBITDA was $977.7M, up 13% YoY; Core FFO excluding net promote was $2.10/share versus $1.89 a year earlier.

• Same-capital cash NOI increased ~6% YoY in Q3; YTD constant-currency growth was ~5%.

• Recurring revenue grew nearly 16% YTD, or over 14% on a constant-currency basis, with double-digit reported growth in all three regions.

• Nine-month operating cash flow was $1.977B versus $1.693B; cash used in investing was $6.602B, largely reflecting acquisitions and development spending.

Outlook and guidance

• FY26 Core FFO/share excluding net promote guidance rose $0.15 to $8.30–$8.35; constant-currency guidance is $8.25–$8.30.

• FY26 revenue excluding promote income guidance increased to $7.050B–$7.125B and Adjusted EBITDA guidance to $3.800B–$3.850B.

• Cash renewal spread guidance increased 100 bps to 10%–12%; same-capital cash NOI growth guidance is 5.25%–5.75% constant currency.

• Year-end occupancy growth guidance remains +75–125 bps; FY26 development CapEx net of partner contributions is $4.25B–$4.75B.

• Capital recycling guidance increased $500M to $1.5B–$2B; management cited backlog and the development pipeline as support for continued double-digit Core FFO/share growth.