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Dec 31, 2025
Digital Realty Q4 2025 Earnings Report
Digital Realty reported strong financial results in Q4 2025, with robust top-line growth and record leasing activity.
Key Takeaways
Digital Realty reported revenues of $1.6 billion in the fourth quarter of 2025, a 4% increase from the previous quarter and a 14% increase from the same quarter last year. The company delivered net income of $96 million, or $0.24 per share, and generated Adjusted EBITDA of $857 million. Total bookings reached $400 million of annualized GAAP rental revenue, with a significant contribution from interconnection.
Total revenues increased by 14% year-over-year to $1.6 billion in Q4 2025.
Net income available to common stockholders was $88 million, or $0.24 per share.
Adjusted EBITDA for the quarter was $857 million, a 14% increase from the prior year.
Total bookings for the quarter were $400 million of annualized GAAP rental revenue, including $96 million from the 0-1 megawatt plus interconnection category.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Digital Realty introduced its 2026 Core FFO per share outlook of $7.90 - $8.00 on a reported and Constant-Currency basis, reflecting continued growth and operational efficiency.
Positive Outlook
- Projected total revenue between $6.600 billion and $6.700 billion.
- Anticipated Adjusted EBITDA between $3.600 billion and $3.700 billion.
- Expected rental rates on renewal leases (cash basis) to increase by 6.0% - 8.0%.
- Year-end portfolio occupancy expected to increase by 50 - 100 basis points.
- Development CapEx (Net of Partner Contributions) projected between $3.250 billion and $3.750 billion with average stabilized yields of 10.0%+.
Challenges Ahead
- Net non-cash rent adjustments are projected to be between ($90 million) and ($95 million).
- G&A expenses are expected to be between $610 million and $620 million.
- Dispositions / Joint Venture Capital dollar volume is projected between $500 million and $1,000 million with a cap rate of 0.0% - 10.0%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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