Digital Realty Trust (DLR) Q4 2025 earnings summary

Executive summary

• Achieved record financial performance in 2025, exceeding guidance for revenue, EBITDA, and Core FFO per share, with robust demand across all product lines and geographies.

• Signed over $1 billion in new leases for the second consecutive year, with a record backlog of nearly $1.4 billion at year-end and $7 billion in liquidity.

• Added 569 new logos in 2025, with a 35%+ year-over-year increase in bookings from 0-1MW and Interconnection segments.

• Expanded global footprint, particularly in APAC, with strategic acquisitions in Indonesia and Malaysia, and continued investment in connectivity-rich assets.

• Successfully raised over $3.2 billion in LP equity for the inaugural closed-end fund, supporting hyperscale data center growth.

Financial highlights

• Core FFO per share was $1.86 in Q4 and $7.39 for 2025, up 10% year-over-year.

• Total revenue for 2025 was $6.1 billion, with adjusted EBITDA of $3.34 billion.

• Same capital cash NOI grew 8.6% year-over-year in Q4 and 4.5% for the year.

• Leasing activity included $400 million of annualized rent signed in Q4 and $1.2 billion in bookings for 2025.

• Cash renewal spreads averaged 6.7% for 2025, above guidance.

Outlook and guidance

• 2026 Core FFO per share guidance is $7.90–$8.00, with total revenue guidance of $6.6–$6.7 billion and Adjusted EBITDA expected at $3.6–$3.7 billion.

• Expecting over 10% growth in total revenue and Adjusted EBITDA in 2026 on a normalized, constant currency basis.

• Same capital cash NOI growth projected at 4%–5% for 2026.

• Rental rates on renewals projected to increase 6.0%–8.0% (cash basis).

• CapEx net of partner contributions expected to rise to $3.25–$3.75 billion, with development yields remaining in double digits.