Digital Realty Trust (DLR) Q4 2025 earnings summary

Executive summary

• Core FFO per share reached $1.86 in Q4 and $7.39 for 2025, up 10% year-over-year, with 2026 guidance implying 8% growth at the midpoint.

• Record total bookings exceeded $1 billion for the second consecutive year, with a record backlog of nearly $1.4 billion and $7 billion liquidity at year-end.

• The company expanded its funding strategy, raising over $3.2 billion in LP equity for its inaugural closed-end fund, supporting hyperscale data center growth.

• Added 155 new logos in 4Q25 and 569 for the full year, with a 35%+ year-over-year increase in bookings from 0-1MW + Interconnection segments.

• Achieved strong execution in 2025, positioning for long-term sustainable growth with over 5,500 platform customers and 232,500 cross connects across 300+ data centers in 55+ metros.

Financial highlights

• Double-digit growth in revenue and Adjusted EBITDA in Q4, driven by interconnection business and strong releasing spreads.

• Core FFO per share grew 8% year-over-year in Q4 and 10% for the full year.

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

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

• Delivered 289 MW of new capacity in 2025, with 75% of Q4 deliveries pre-leased.

Outlook and guidance

• 2026 Core FFO per share guidance is $7.90–$8.00, representing 8% growth at the midpoint, with constant-currency Core FFO per share also in that range.

• 2026 revenue guidance is $6.6–$6.7 billion, with Adjusted EBITDA expected at $3.6–$3.7 billion.

• CapEx net of partner contributions projected at $3.25–$3.75 billion, with $500 million–$1 billion in capital recycling.

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

• Year-end portfolio occupancy is expected to increase by 50–100 basis points from 89% at year-end 2025.