Digital Realty Trust (DLR) Q2 2026 earnings summary

Executive summary

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

• Achieved record 0-1 MW plus interconnection bookings of $108 million, up 21% year-over-year, and added 142 new logos in Q2 2026.

• Raised 2026 guidance for revenue, adjusted EBITDA, and core FFO per share, expressing confidence in sustaining double-digit earnings growth into 2027 and beyond.

• Announced strategic transactions and acquisitions, including Columbia Capital ($9+ billion AUM) and Blackstone's interest in three hyperscale data centers, strengthening the growth runway.

• Raised $2.5 billion in equity through ATM offerings, enhancing liquidity and funding expansion.

Financial highlights

• Core FFO per share (excluding net promote income) reached $2.13 in Q2 2026, up from $1.87 in Q2 2025; including net promote income, core FFO was $2.65 per share.

• Total operating revenues for Q2 2026 were $1.92 billion, up from $1.49 billion in Q2 2025; six-month revenues reached $3.56 billion.

• Adjusted EBITDA for Q2 2026 was $977.6 million, up from $823.3 million in Q2 2025.

• FFO per share and unit (diluted) was $2.73 for Q2 2026, up from $1.75 in the prior year.

• 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.

• Total revenue guidance for 2026 increased to $6.85–$6.95 billion.

• 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.

• Year-end portfolio occupancy expected to rise by 75–125 bps.