Digital Realty Trust (DLR) Q2 2026 earnings summary

Executive summary

• Delivered record results in Q2 2026, with strong execution across all growth vectors and regions, driving meaningful upside in revenue, adjusted EBITDA, and core FFO per share, which grew 14% year-over-year excluding net promote income.

• Achieved record 0-1MW + interconnection bookings of $108M, up 21% year-over-year, and added 142 new logos in 2Q26.

• Raised 2026 core FFO per share guidance, now implying 10% constant currency growth at the midpoint, and expressed confidence in sustaining double-digit earnings growth into 2027 and beyond.

• Record backlog reached $1.9B at 100% share, supporting multi-year double-digit growth visibility.

• Strategic investments and acquisitions in colocation, connectivity, hyperscale, and private capital, including a $9B AUM acquisition of Columbia Capital, enhance the growth runway.

Financial highlights

• Core FFO per share reached $2.13 (excluding net promote income), up from $1.87 in 2Q25 and 14% year-over-year; including net promote income, core FFO was $2.65 per share.

• Adjusted EBITDA for 2Q26 reached $977.6M, up from $823.3M in 2Q25.

• Total backlog hit a record $1.9 billion at 100% share ($1.4 billion at company share), representing 30% of in-place data center revenue.

• Same-capital cash NOI for 2Q26 was $697.5M, up from $640.2M in 2Q25 and grew 8.9% year-over-year (7.2% constant currency).

• Interconnection bookings set a new record at $20.5 million, up 18% year-over-year.

Outlook and guidance

• Raised 2026 core FFO per share guidance (excluding net promote income) to $8.15-$8.20, representing double-digit growth over 2025.

• Expects cash renewal spreads of 9%-11% and same-capital cash NOI growth of 4.25%-5.25% (constant currency).

• CapEx net of partner contributions projected at $4.25-$4.75 billion, up $750 million from last quarter, reflecting strong leasing and demand.

• Total revenue guidance for 2026 raised to $6.85–$6.95B, with adjusted EBITDA guidance increased to $3.75–$3.85B.

• Rental rates on renewal leases expected to increase 9–11% on a cash basis and 12–14% on a GAAP basis.