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Digital Realty (DLR)
NYSE:DLR
Earnings Data
Report Date
Apr 23, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.46Last Year’s EPS
0.27Same Quarter Last Year
Moderate Buy
Based on 18 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple clear operational and financial positives: record bookings and backlog, strong growth in core FFO (10% year-over-year), accelerating interconnection and zero-to-one MW product momentum (35% and 22% YoY upticks), robust development pipeline (> $10B at ~11.9% expected yield), healthy liquidity and private-fund commitments (~$3.225B LP commitments plus ~$15B dry powder), and constructive 2026 guidance (≈8% FFO per-share growth and >10% revenue/EBITDA growth expected). Offsetting items include a modest near-term interest expense headwind from debt repricing, rising capital intensity and recurring CapEx, tighter labor/supply-chain pressures, power/grid constraints and local regulatory/nimby risks, and limited immediate availability in top markets. Overall, the positives materially outweigh the challenges, with management articulating healthy visibility into commencements and strong demand across hyperscale and enterprise segments.Company Guidance
Record and Growing Earnings
Core FFO per share of $1.86 in Q4 and $7.39 for full-year 2025, representing 10% growth versus 2024; Q4 core FFO up 8% year-over-year. 2026 guidance set at $7.90–$8.00 (midpoint ≈ 8% YoY per-share growth).
Sustained, Large Bookings and Backlog
Second consecutive year with >$1 billion of total bookings (2025 bookings $1.2 billion at 100% share); record backlog of nearly $1.4 billion at 100% share ($817 million at Digital Realty's share), with $634 million of leases scheduled to commence in 2026 and $152 million in 2027+.
Zero-to-One Megawatt + Interconnection Momentum
Full-year zero-to-one MW+ interconnection bookings nearly $340 million (a record, ~35% above 2024); Q4 quarterly leasing record of $96 million (7% above prior record). Interconnection bookings rose ~22% year-over-year.
Hyperscale Demand Strength
Hyperscale leasing exceeded $800 million on a 100% basis in 2025; $78 million signed in >1 MW category at company share in Q4, with pricing averaging >$180 per kW in the quarter and strong activity across Northern Virginia, The Americas, Tokyo, Osaka and Paris.
Operational Delivery and Development Pipeline
Delivered ≈289 MW of new capacity in 2025; Q4 delivery ~90 MW with ~75% pre-leased. Started ~135 MW in Q4, totaling 769 MW under construction. Gross development pipeline >$10 billion with an expected stabilized yield of ~11.9%.
Improved Utilization Metrics (Power-Based)
Transitioning to power-based disclosures: same-capital occupancy ~91% on an IT-load basis (vs 83.7% by sq ft) and total portfolio ~89% IT-load — both improved >50 bps YoY; company expects another 50–100 bps improvement in 2026.
Strong Financial Position and New Funding Channels
Leverage at 4.9x (below long-term target of 5.5x); liquidity near $7 billion; approximately $15 billion of dry powder across private capital initiatives. Closed $3.225 billion of LP commitments to inaugural closed-end fund (anticipating final $25 million close). Fee income more than doubled in 2025.
Robust Same-Capital Cash NOI and Renewal Spreads
Same-capital cash NOI grew 8.6% YoY in Q4 and 4.5% on a constant-currency basis for the year. Signed $269 million of renewals in Q4 at a blended 6.1% cash uplift; full-year cash releasing spreads of 6.7% (above guidance).
Affirmative 2026 Operational Guidance
2026 expectations: core FFO $7.90–$8.00, normalized constant-currency revenue and adjusted EBITDA growth >10%, same-capital cash NOI +4–5% (constant currency), recurring CapEx net of partner contributions $3.25–$3.75 billion, and $500 million–$1 billion of dispositions/JV capital recycling planned.
DLR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
DLR Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 05, 2026 | $164.65 | ― | ― |
Oct 23, 2025 | $174.00 | $177.86 | +2.22% |
Jul 24, 2025 | $177.33 | $175.26 | -1.17% |
Apr 24, 2025 | $150.41 | $156.41 | +3.99% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Digital Realty (DLR) report earnings?
Digital Realty (DLR) is schdueled to report earning on Apr 23, 2026, After Close (Confirmed).
What is Digital Realty (DLR) earnings time?
Digital Realty (DLR) earnings time is at Apr 23, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is DLR EPS forecast?
DLR EPS forecast for the fiscal quarter 2026 (Q1) is 0.46.