Digital Realty Trust (DLR) Financials

$171.15 +1.66 (+0.98%)

Closing price 08/7/2025 03:59 PM Eastern

Extended Trading

$171.36 +0.21 (+0.12%)

As of 08/7/2025 07:58 PM Eastern

Annual Income Statements for Digital Realty Trust

This table shows Digital Realty Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	133	217	332	173	250	493	263	1,681	337	908	562
Consolidated Net Income / (Loss)	203	302	432	256	341	599	363	1,747	380	950	588
Net Income / (Loss) Continuing Operations	203	302	432	256	341	599	363	1,747	380	943	561
Total Pre-Tax Income	209	308	442	264	343	611	401	1,820	412	1,048	736
Total Operating Income	259	402	497	451	550	594	558	694	590	524	472
Total Gross Profit	1,616	1,763	2,142	2,458	3,046	3,209	3,904	4,428	4,692	5,477	5,555
Total Revenue	1,616	1,763	2,142	2,458	3,046	3,209	3,904	4,428	4,692	5,477	5,555
Operating Revenue	1,614	1,762	2,103	2,458	3,046	3,209	-	4,428	4,692	5,477	5,555
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	1,358	1,361	1,645	2,007	2,497	2,615	3,346	3,734	4,102	4,060	4,514
Selling, General & Admin Expense	93	166	153	165	1,124	225	351	401	435	457	507
Depreciation Expense	539	571	699	842	1,187	1,164	1,366	1,487	1,578	1,695	1,772
Other Operating Expenses / (Income)	606	651	772	895	141	1,193	1,515	1,778	2,018	2,606	2,546
Impairment Charge	126	0.00	0.00	29	0.00	5.35	6.48	-	-	118	191
Restructuring Charge	1.30	17	20	76	45	28	107	47	69	85	94
Other Special Charges / (Income)	-8.09	-44	-	-	-	-	-	-	-	-901	-596
Total Other Income / (Expense), net	-50	-94	-55	-187	-207	17	-157	1,126	-178	-369	-304
Interest Expense	192	202	237	259	323	392	436	313	299	438	459
Other Income / (Expense), net	111	0.00	170	46	84	334	337	-4.36	135	68	154
Income Tax Expense	5.24	6.45	10	7.90	2.08	12	38	73	32	76	55
Other Gains / (Losses), net	-	-	-	-	-	-	-	-	-	-30	-120
Preferred Stock Dividends Declared	67	79	94	75	81	75	93	28	41	41	41
Net Income / (Loss) Attributable to Noncontrolling Interest	3.23	4.90	5.67	8.01	9.87	19	6.33	38	2.64	1.47	-14
Basic Earnings per Share	$1.00	$1.57	$2.21	$0.99	$1.21	$2.37	$1.01	$5.95	$1.18	$3.04	$1.74
Weighted Average Basic Shares Outstanding	133.37M	138.25M	149.95M	174.06M	206.04M	208.33M	260.10M	282.48M	286.33M	298.60M	323.34M
Diluted Earnings per Share	$0.99	$1.56	$2.20	$0.99	$1.21	$2.35	$1.00	$5.94	$1.11	$2.88	$1.61
Weighted Average Diluted Shares Outstanding	133.64M	138.87M	150.68M	174.90M	206.67M	209.46M	262.52M	283.22M	297.92M	309.07M	331.55M
Weighted Average Basic & Diluted Shares Outstanding	135.68M	146.48M	159.27M	205.74M	207.82M	209.04M	281.12M	284.47M	291.16M	312.29M	336.64M

This table shows Digital Realty Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-6.28	59	108	723	18	271	70	41	179	100	1,022
Consolidated Net Income / (Loss)	0.76	69	116	746	20	288	75	40	186	106	1,047
Net Income / (Loss) Continuing Operations	0.76	69	116	746	12	288	75	41	158	106	1,047
Total Pre-Tax Income	-17	90	132	783	43	310	131	80	215	124	1,060
Total Operating Income	121	177	155	58	134	149	9.89	168	144	196	212
Total Gross Profit	1,233	1,339	1,366	1,402	1,370	1,331	1,357	1,431	1,436	1,408	1,493
Total Revenue	1,233	1,339	1,366	1,402	1,370	1,331	1,357	1,431	1,436	1,408	1,493
Operating Revenue	-	1,339	1,366	1,402	1,370	1,331	1,357	1,431	1,436	1,408	1,493
Total Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	1,112	1,161	1,211	534	1,153	1,182	1,173	1,263	896	1,212	1,281
Selling, General & Admin Expense	133	112	110	111	124	115	120	118	143	124	136
Depreciation Expense	430	421	433	421	420	431	425	460	455	443	461
Other Operating Expenses / (Income)	530	616	651	685	653	604	607	661	686	605	662
Restructuring Charge	17	12	18	14	40	32	26	24	12	40	23
Total Other Income / (Expense), net	-138	-87	-23	-86	-173	161	-52	-89	-324	-72	848
Interest Expense	87	102	111	111	114	110	115	126	108	98	109
Interest & Investment Income	-28	15	95	-	-	-16	-	-	-	-6.53	-12
Other Income / (Expense), net	-23	0.28	-6.93	25	50	286	62	38	-232	33	970
Income Tax Expense	-18	21	16	17	21	22	15	12	4.93	17	13
Preferred Stock Dividends Declared	10	10	10	10	10	10	10	10	10	10	10
Net Income / (Loss) Attributable to Noncontrolling Interest	-3.14	0.11	-2.54	12	-8.42	6.33	-5.55	-11	-3.88	-3.58	15
Basic Earnings per Share	($0.02)	$0.20	$0.37	$2.40	$0.07	$0.87	$0.22	$0.13	$0.52	$0.30	$3.03
Weighted Average Basic Shares Outstanding	286.33M	291.22M	295.39M	301.83M	298.60M	312.29M	319.54M	327.98M	323.34M	336.68M	337.59M
Diluted Earnings per Share	($0.05)	$0.20	$0.34	$2.31	$0.03	$0.82	$0.20	$0.09	$0.50	$0.27	$2.94
Weighted Average Diluted Shares Outstanding	297.92M	303.07M	306.82M	311.34M	309.07M	320.80M	327.95M	336.25M	331.55M	344.72M	345.73M
Weighted Average Basic & Diluted Shares Outstanding	291.16M	291.35M	302.71M	302.85M	312.29M	312.43M	327.41M	331.71M	336.64M	336.79M	341.05M

This table details how cash moves in and out of Digital Realty Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-15	20	-42	-307	107	-33	43	50	907	1,483	2,419
Net Cash From Operating Activities	656	797	911	438	1,385	1,514	1,707	1,702	1,659	1,635	2,261
Net Cash From Continuing Operating Activities	656	797	911	438	1,385	1,514	1,707	1,721	1,662	1,635	2,261
Net Income / (Loss) Continuing Operations	203	302	432	256	341	599	363	1,747	380	950	588
Consolidated Net Income / (Loss)	203	302	432	256	341	599	363	1,747	380	950	588
Depreciation Expense	456	465	519	-	770	1,164	1,366	1,487	1,578	1,695	1,772
Amortization Expense	101	113	202	252	487	68	76	72	46	56	48
Non-Cash Adjustments To Reconcile Net Income	-80	-79	-172	105	-149	-286	-110	-1,259	-112	-687	-171
Changes in Operating Assets and Liabilities, net	-25	-3.99	-70	59	-63	-31	11	-327	-230	-380	25
Net Cash From Investing Activities	-644	-2,528	-1,304	-1,454	-3,036	-275	-2,599	-1,062	-4,699	-1,115	-1,906
Net Cash From Continuing Investing Activities	-644	-2,528	-1,304	-1,454	-3,036	-275	-2,599	-1,062	-4,699	-1,115	-1,906
Acquisitions	-21	-1,861	0.00	0.00	-1,975	-76	-1,053	-251	-1,930	-52	-508
Sale of Property, Plant & Equipment	38	186	359	641	286	-	-	-	272	2,620	1,765
Sale and/or Maturity of Investments	32	0.00	0.00	64	0.00	-	-	62	3.33	242	100
Other Investing Activities, net	-669	-753	-790	1,151	-22	-1,496	-2,111	-2,563	-3,044	-3,925	-3,263
Net Cash From Financing Activities	-27	1,751	351	710	1,757	-1,272	936	-591	2,969	963	2,063
Net Cash From Continuing Financing Activities	-27	1,751	351	710	1,757	-1,272	936	-591	3,947	963	2,063
Repayment of Debt	-1,481	-2,489	-3,798	0.00	381	-1,966	-3,042	-3,652	-4,805	-3,468	-3,804
Payment of Dividends	-521	-562	-629	707	-865	-934	-1,137	-1,255	-1,406	-1,516	-1,655
Issuance of Debt	1,621	3,881	3,975	7,895	2,237	1,457	3,735	4,346	8,301	3,740	3,871
Issuance of Common Equity	0.00	919	1,085	405	-3.86	536	1,880	172	928	2,207	3,651
Other Financing Activities, net	0.71	0.90	4.73	5.87	7.43	0.00	0.00	0.00	928	0.00	0.00

This table details how cash moves in and out of Digital Realty Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	865	-8.37	28	946	518	-353	1,051	-78	1,799	-1,522	1,358
Net Cash From Operating Activities	456	350	464	358	462	352	573	567	769	399	641
Net Cash From Continuing Operating Activities	459	350	464	358	462	352	573	563	773	399	641
Net Income / (Loss) Continuing Operations	0.76	69	116	746	20	288	75	40	186	106	1,047
Consolidated Net Income / (Loss)	0.76	69	116	746	20	288	75	40	186	106	1,047
Depreciation Expense	430	421	433	421	420	431	425	460	455	443	461
Amortization Expense	8.53	3.94	39	13	0.54	28	27	10	-17	12	3.16
Non-Cash Adjustments To Reconcile Net Income	-21	10	-84	-684	70	-214	49	35	-40	76	-907
Changes in Operating Assets and Liabilities, net	41	-154	-39	-138	-49	-181	-2.19	18	190	-238	37
Net Cash From Investing Activities	-971	-749	-530	1,180	-1,016	6.62	-282	-1,119	-512	-903	161
Net Cash From Continuing Investing Activities	-971	-749	-530	1,180	-1,016	6.62	-282	-1,119	-512	-903	161
Acquisitions	187	-57	-1.19	12	-6.44	-202	11	-247	-191	-205	-228
Sale of Property, Plant & Equipment	-	0.00	151	2,320	149	814	426	5.77	518	62	1,015
Sale and/or Maturity of Investments	-	0.00	-	-	242	86	12	2.44	-	75	73
Other Investing Activities, net	-1,230	-692	-680	-1,152	-1,401	-691	-731	-880	-840	-835	-699
Net Cash From Financing Activities	402	391	93	-593	1,072	-810	857	474	1,541	-1,018	556
Net Cash From Continuing Financing Activities	1,380	391	93	-593	1,072	-712	759	474	1,541	-1,017	555
Repayment of Debt	-5,967	-652	-803	-1,309	-703	-550	-865	-1,338	-1,050	-1,508	-970
Payment of Dividends	16	-733	-384	-389	-10	-810	-414	-421	-10	-849	-431
Issuance of Debt	5,874	1,776	538	770	655	453	310	1,427	1,682	1,337	1,353
Issuance of Common Equity	528	0.00	742	335	1,130	98	1,826	806	921	0.98	604
Other Financing Activities, net	928	0.00	-	-	-	98	-98	-	-	0.98	-0.98

This table presents Digital Realty Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	9,527	11,416	12,193	21,404	23,767	23,068	36,076	36,370	41,485	44,113	45,284
Total Current Assets	171	234	214	276	426	395	712	814	1,111	2,904	5,128
Cash & Equivalents	35	57	11	0.05	127	90	109	143	142	1,625	3,871
Accounts Receivable	136	177	204	276	300	306	603	672	969	1,278	1,257
Plant, Property, & Equipment, net	8,109	8,770	8,996	13,841	13,109	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	1,247	2,393	2,982	7,274	10,221	22,673	35,365	35,555	40,374	40,731	40,155
Long-Term Investments	95	-	-	-	175	15,518	1,148	22,570	25,766	26,532	26,761
Goodwill	0.00	331	753	3,390	4,348	3,363	8,331	7,937	9,208	9,240	8,929
Intangible Assets	496	1,392	1,522	2,999	3,264	2,195	3,123	2,735	3,093	2,500	2,178
Other Noncurrent Operating Assets	657	638	628	561	2,433	1,597	22,763	2,312	2,307	2,459	2,287
Total Liabilities & Shareholders' Equity	9,527	11,416	12,193	21,404	23,767	23,068	36,076	36,370	41,485	44,113	45,284
Total Liabilities	5,613	6,880	7,060	10,301	12,893	12,419	17,588	17,846	21,863	23,117	22,108
Total Current Liabilities	727	614	2,653	3,156	1,382	1,481	2,276	1,882	2,233	2,596	2,475
Accounts Payable	606	608	825	980	1,165	1,009	1,420	1,544	1,869	2,169	2,056
Dividends Payable	115	-	144	200	217	235	324	339	364	388	419
Total Noncurrent Liabilities	4,886	6,265	4,407	7,145	11,511	10,938	15,311	15,963	19,630	20,521	19,633
Long-Term Debt	4,673	5,899	4,157	6,677	11,101	9,888	12,773	13,448	16,597	17,426	16,714
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	147	698	666	1,193	1,151	1,085
Other Noncurrent Operating Liabilities	108	265	168	218	209	902	1,840	1,849	1,841	1,944	1,834
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	0.00	54	16	41	42	47	1,515	1,395	1,433
Total Equity & Noncontrolling Interests	3,914	4,537	5,132	11,049	10,858	10,608	18,446	18,477	18,107	19,602	21,743
Total Preferred & Common Equity	3,878	4,500	5,096	10,349	9,859	9,877	17,718	18,005	17,583	19,118	21,340
Preferred Stock	1,048	1,290	1,013	1,250	1,250	1,434	951	732	732	732	732
Total Common Equity	2,830	4,560	4,083	11,155	8,609	8,443	16,767	17,270	16,849	18,383	20,605
Common Stock	3,972	4,657	5,766	11,264	11,358	11,577	20,630	21,076	22,143	24,397	28,080
Retained Earnings	-1,097	-	-1,547	-	-2,633	-3,047	-3,998	-3,632	-4,698	-5,263	-6,292
Accumulated Other Comprehensive Income / (Loss)	-45	-97	-136	-108	-116	-88	135	-174	-596	-751	-1,182
Noncontrolling Interest	36	36	36	700	1,000	729	729	472	524	484	402

This table presents Digital Realty Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	41,485	41,953	42,389	41,933	44,113	42,633	43,607	45,295	45,284	45,081	48,715
Total Current Assets	1,111	1,201	1,283	2,388	2,904	2,411	3,504	3,450	5,128	3,695	5,140
Cash & Equivalents	142	131	125	1,062	1,625	1,194	2,282	2,176	3,871	2,322	3,554
Accounts Receivable	969	1,070	1,158	1,326	1,278	1,217	1,222	1,274	1,257	1,374	1,586
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	40,374	40,752	40,497	39,545	40,731	39,935	40,102	41,845	40,155	40,432	43,435
Long-Term Investments	25,766	26,205	26,219	25,779	26,532	26,124	26,270	27,687	26,761	26,837	29,272
Goodwill	9,208	9,200	9,149	8,998	9,240	9,105	9,129	9,395	8,929	9,174	9,637
Intangible Assets	3,093	3,015	2,826	2,506	2,500	2,359	2,315	2,367	2,178	2,125	2,171
Other Noncurrent Operating Assets	2,307	2,331	2,304	2,262	2,459	2,347	2,388	2,396	2,287	2,296	2,355
Total Liabilities & Shareholders' Equity	41,485	41,953	42,389	41,933	44,113	42,633	43,607	45,295	45,284	45,081	48,715
Total Liabilities	21,863	22,800	22,916	21,896	23,117	21,793	21,199	22,119	22,108	21,902	23,853
Total Current Liabilities	2,233	1,924	2,215	2,147	2,596	1,880	1,974	2,141	2,475	1,928	2,311
Accounts Payable	1,869	1,924	2,215	2,147	2,169	1,870	1,974	2,141	2,056	1,928	2,311
Dividends Payable	364	0.00	0.00	0.00	388	0.00	0.00	0.00	419	0.00	0.00
Total Noncurrent Liabilities	19,630	20,876	20,696	19,749	20,521	19,913	19,225	19,978	19,633	19,967	21,541
Long-Term Debt	16,597	17,876	17,729	16,870	17,426	17,020	16,340	16,987	16,714	17,016	18,452
Noncurrent Deferred & Payable Income Tax Liabilities	1,193	1,164	1,129	1,089	1,151	1,121	1,132	1,224	1,085	1,109	1,137
Other Noncurrent Operating Liabilities	1,841	1,836	1,838	1,790	1,944	1,771	1,754	1,768	1,834	1,841	1,952
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	1,515	1,449	1,367	1,360	1,395	1,351	1,400	1,466	1,433	1,459	1,506
Total Equity & Noncontrolling Interests	18,107	17,705	18,105	18,677	19,602	19,489	21,008	21,711	21,743	21,719	23,356
Total Preferred & Common Equity	17,583	17,212	17,621	18,190	19,118	19,020	20,538	21,246	21,340	21,296	22,915
Preferred Stock	732	732	732	732	732	732	732	732	732	732	732
Total Common Equity	16,849	16,478	16,887	17,455	18,383	18,285	19,803	20,511	20,605	20,561	22,179
Common Stock	22,143	22,126	22,882	23,239	24,397	24,509	26,388	27,229	28,080	28,092	28,721
Retained Earnings	-4,698	-4,996	-5,254	-4,901	-5,263	-5,374	-5,701	-6,061	-6,292	-6,604	-5,998
Accumulated Other Comprehensive Income / (Loss)	-596	-652	-741	-883	-751	-850	-885	-657	-1,182	-927	-544
Noncontrolling Interest	524	492	484	487	484	470	470	465	402	423	441

This table displays calculated financial ratios and metrics derived from Digital Realty Trust's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.05%	9.09%	21.49%	14.74%	23.95%	5.34%	21.64%	13.43%	5.96%	16.74%	1.42%
EBITDA Growth	6.08%	5.67%	41.65%	-46.00%	152.17%	14.24%	8.23%	-3.80%	4.47%	-0.20%	4.33%
EBIT Growth	-4.49%	8.62%	66.00%	-25.46%	27.35%	46.51%	-3.58%	-22.91%	5.05%	-18.17%	5.60%
NOPAT Growth	-33.69%	56.04%	23.41%	-9.85%	24.82%	6.61%	-13.38%	32.04%	-18.23%	-10.67%	-10.25%
Net Income Growth	-36.52%	48.26%	43.19%	-40.66%	33.11%	75.67%	-39.47%	381.74%	-78.24%	149.87%	-38.09%
EPS Growth	-53.30%	57.58%	41.03%	-55.00%	22.22%	94.21%	-57.45%	494.00%	-81.31%	159.46%	-44.10%
Operating Cash Flow Growth	-0.08%	21.49%	14.36%	-51.98%	216.61%	9.28%	12.73%	-0.25%	-2.52%	-1.48%	38.34%
Free Cash Flow Firm Growth	144.13%	-493.28%	87.06%	-4,613.24%	82.55%	1,265.88%	-244.57%	187.88%	-102.43%	278.26%	2.58%
Invested Capital Growth	-1.16%	20.55%	6.36%	80.13%	10.11%	-75.54%	471.30%	-68.90%	11.22%	-4.32%	-5.25%
Revenue Q/Q Growth	1.97%	5.27%	3.70%	6.71%	1.56%	0.29%	7.58%	1.11%	2.67%	2.56%	1.21%
EBITDA Q/Q Growth	-9.34%	-1.15%	18.32%	-40.30%	69.20%	14.06%	-7.59%	-13.71%	19.16%	3.01%	-9.45%
EBIT Q/Q Growth	-21.70%	-10.85%	45.02%	-0.13%	-4.13%	45.69%	-22.39%	-34.63%	72.38%	17.02%	-30.30%
NOPAT Q/Q Growth	-29.90%	13.87%	28.63%	-6.58%	2.74%	3.39%	-1.13%	1.46%	-5.99%	-1.12%	8.15%
Net Income Q/Q Growth	-30.78%	6.43%	35.32%	-6.04%	-7.35%	98.09%	-44.41%	143.87%	-74.13%	2.05%	39.24%
EPS Q/Q Growth	-42.44%	3.31%	59.42%	-20.16%	-7.63%	137.37%	-59.35%	164.00%	-77.30%	2.86%	27.78%
Operating Cash Flow Q/Q Growth	-2.81%	10.29%	3.00%	-54.69%	75.39%	3.44%	7.83%	-4.16%	0.27%	0.36%	15.72%
Free Cash Flow Firm Q/Q Growth	2,037.17%	-442.39%	90.70%	-5.99%	-2,629.11%	1,161.79%	-159.98%	8.71%	-488.19%	22.65%	475.58%
Invested Capital Q/Q Growth	-2.63%	18.19%	-0.32%	2.10%	9.77%	-72.03%	4.90%	-3.09%	3.17%	1.46%	-6.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	57.37%	55.58%	64.80%	30.49%	62.04%	67.28%	59.87%	50.78%	50.06%	42.80%	44.03%
Operating Margin	16.00%	22.79%	23.21%	18.36%	18.05%	18.52%	14.28%	15.67%	12.57%	9.58%	8.49%
EBIT Margin	22.89%	22.79%	31.14%	20.23%	20.79%	28.91%	22.92%	15.58%	15.44%	10.83%	11.27%
Profit (Net Income) Margin	12.58%	17.10%	20.16%	10.43%	11.20%	18.67%	9.29%	39.46%	8.11%	17.35%	10.59%
Tax Burden Percent	97.49%	97.91%	97.65%	97.01%	99.39%	98.04%	90.51%	96.00%	92.34%	90.67%	79.92%
Interest Burden Percent	56.39%	76.64%	66.28%	53.12%	54.19%	65.87%	44.80%	263.93%	56.85%	176.79%	117.57%
Effective Tax Rate	2.51%	2.09%	2.35%	2.99%	0.61%	1.96%	9.49%	4.00%	7.66%	7.21%	7.44%
Return on Invested Capital (ROIC)	2.89%	4.11%	4.50%	2.81%	2.59%	4.24%	2.78%	3.29%	5.37%	4.66%	4.39%
ROIC Less NNEP Spread (ROIC-NNEP)	1.90%	2.39%	3.60%	0.38%	0.56%	4.80%	-1.20%	66.03%	7.21%	-0.04%	3.14%
Return on Net Nonoperating Assets (RNNOA)	2.49%	3.03%	4.44%	0.35%	0.51%	1.33%	-0.29%	6.15%	-3.38%	0.02%	-1.73%
Return on Equity (ROE)	5.38%	7.14%	8.93%	3.16%	3.10%	5.57%	2.49%	9.44%	1.99%	4.68%	2.66%
Cash Return on Invested Capital (CROIC)	4.05%	-14.53%	-1.67%	-54.40%	-7.03%	125.62%	-137.63%	108.40%	-5.25%	9.08%	9.78%
Operating Return on Assets (OROA)	3.86%	3.84%	5.65%	2.96%	2.80%	3.96%	3.03%	1.90%	1.86%	1.39%	1.40%
Return on Assets (ROA)	2.12%	2.88%	3.66%	1.53%	1.51%	2.56%	1.23%	4.82%	0.98%	2.22%	1.32%
Return on Common Equity (ROCE)	4.09%	6.24%	7.99%	2.96%	2.79%	4.41%	2.15%	8.68%	1.78%	4.06%	2.35%
Return on Equity Simple (ROE_SIMPLE)	5.25%	6.70%	8.47%	2.48%	3.46%	6.07%	2.05%	9.71%	2.16%	4.97%	2.76%
Net Operating Profit after Tax (NOPAT)	252	393	486	438	546	583	505	666	545	487	437
NOPAT Margin	15.60%	22.32%	22.67%	17.81%	17.94%	18.15%	12.93%	15.05%	11.61%	8.89%	7.86%
Net Nonoperating Expense Percent (NNEP)	0.98%	1.72%	0.90%	2.43%	2.04%	-0.56%	3.98%	-62.73%	-1.84%	4.70%	1.25%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	1.57%	1.31%	1.14%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	5.77%	9.44%	7.14%	6.69%	36.88%	7.02%	9.00%	9.05%	9.26%	8.34%	9.13%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	84.00%	77.21%	76.79%	81.64%	81.95%	81.48%	85.72%	84.33%	87.43%	74.12%	81.27%
Earnings before Interest and Taxes (EBIT)	370	402	667	497	633	928	895	690	725	593	626
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	927	980	1,388	750	1,890	2,159	2,337	2,248	2,349	2,344	2,446
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.22	1.79	2.93	1.66	2.10	2.52	2.05	2.63	1.59	2.15	2.85
Price to Tangible Book Value (P/TBV)	2.70	2.88	6.62	3.89	18.10	7.38	6.47	6.90	5.90	5.95	6.19
Price to Revenue (P/Rev)	3.89	4.63	5.59	7.54	5.92	6.63	8.81	10.27	5.71	7.22	10.59
Price to Earnings (P/E)	47.41	37.59	36.03	107.00	72.20	43.15	130.52	27.05	79.56	43.52	104.71
Dividend Yield	7.15%	6.09%	4.68%	4.13%	4.62%	4.24%	3.65%	2.89%	5.23%	3.74%	2.75%
Earnings Yield	2.11%	2.66%	2.78%	0.93%	1.39%	2.32%	0.77%	3.70%	1.26%	2.30%	0.96%
Enterprise Value to Invested Capital (EV/IC)	1.38	1.47	1.70	1.47	1.42	3.33	1.56	3.90	1.90	3.07	4.91
Enterprise Value to Revenue (EV/Rev)	7.44	8.75	8.83	11.97	10.28	5.61	12.33	8.46	4.32	5.73	8.55
Enterprise Value to EBITDA (EV/EBITDA)	12.97	15.75	13.63	39.26	16.56	8.33	20.60	16.67	8.63	13.39	19.41
Enterprise Value to EBIT (EV/EBIT)	32.50	38.41	28.36	59.18	49.44	19.39	53.81	54.34	27.98	52.96	75.82
Enterprise Value to NOPAT (EV/NOPAT)	47.68	39.23	38.97	67.22	57.29	30.89	95.40	56.25	37.21	64.52	108.69
Enterprise Value to Operating Cash Flow (EV/OCF)	18.33	19.37	20.77	67.26	22.60	11.89	28.21	22.02	12.21	19.21	20.99
Enterprise Value to Free Cash Flow (EV/FCFF)	33.99	0.00	0.00	0.00	0.00	1.04	0.00	1.71	0.00	33.11	48.81
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.22	1.32	1.15	0.80	1.04	0.95	0.72	0.73	0.85	0.83	0.72
Long-Term Debt to Equity	1.22	1.32	0.83	0.62	1.04	0.93	0.69	0.73	0.85	0.83	0.72
Financial Leverage	1.31	1.27	1.23	0.92	0.92	0.28	0.24	0.09	-0.47	-0.49	-0.55
Leverage Ratio	2.53	2.48	2.44	2.07	2.06	2.18	2.03	1.96	2.04	2.11	2.02
Compound Leverage Factor	1.43	1.90	1.62	1.10	1.11	1.43	0.91	5.17	1.16	3.73	2.38
Debt to Total Capital	54.97%	56.95%	53.57%	44.49%	50.96%	48.73%	41.85%	42.06%	45.82%	45.35%	41.90%
Short-Term Debt to Total Capital	0.00%	0.00%	15.21%	9.86%	0.00%	1.13%	1.67%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	54.97%	56.95%	38.35%	34.63%	50.96%	47.60%	40.17%	42.06%	45.82%	45.35%	41.90%
Preferred Equity to Total Capital	12.06%	12.24%	9.16%	6.25%	5.63%	6.91%	2.99%	2.29%	2.02%	1.90%	1.83%
Noncontrolling Interests to Total Capital	0.41%	0.35%	0.33%	3.77%	4.58%	3.71%	2.42%	1.62%	5.63%	4.89%	4.60%
Common Equity to Total Capital	32.56%	43.28%	36.94%	55.77%	38.82%	40.65%	52.74%	54.02%	46.52%	47.84%	51.66%
Debt to EBITDA	5.15	6.12	4.27	11.87	5.98	4.69	5.69	5.98	7.07	7.43	6.83
Net Debt to EBITDA	5.01	6.06	4.26	11.87	5.82	-2.54	5.16	-4.12	-3.96	-4.58	-5.69
Long-Term Debt to EBITDA	5.15	6.12	3.05	9.24	5.98	4.58	5.47	5.98	7.07	7.43	6.83
Debt to NOPAT	18.94	15.25	12.19	20.32	20.68	17.38	26.37	20.18	30.47	35.81	38.27
Net Debt to NOPAT	18.43	15.10	12.17	20.32	20.13	-9.42	23.88	-13.91	-17.09	-22.05	-31.86
Long-Term Debt to NOPAT	18.94	15.25	8.73	15.82	20.68	16.97	25.31	20.18	30.47	35.81	38.27
Altman Z-Score	0.74	0.94	0.96	1.11	0.85	1.06	1.16	1.54	0.72	1.04	1.64
Noncontrolling Interest Sharing Ratio	24.00%	12.55%	10.61%	6.14%	10.07%	20.78%	13.48%	8.04%	10.56%	13.26%	11.74%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.24	0.38	0.08	0.09	0.31	0.27	0.31	0.43	0.50	1.12	2.07
Quick Ratio	0.24	0.38	0.08	0.09	0.31	0.27	0.31	0.43	0.50	1.12	2.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	354	-1,391	-180	-8,483	-1,481	17,261	-24,954	21,929	-532	948	973
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	133.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	1.84	-6.90	-0.76	-32.80	-4.58	44.01	-57.20	70.17	-1.78	2.17	2.12
Operating Cash Flow to Interest Expense	3.42	3.95	3.84	1.69	4.29	3.86	3.91	5.45	5.55	3.73	4.93
Operating Cash Flow Less CapEx to Interest Expense	3.49	4.38	5.35	4.17	1.07	3.86	3.91	5.45	6.46	9.72	8.78
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.17	0.18	0.15	0.13	0.14	0.13	0.12	0.12	0.13	0.12
Accounts Receivable Turnover	12.52	11.26	11.24	10.24	10.58	10.61	8.59	6.95	5.72	4.87	4.38
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.20	0.21	0.24	0.22	0.23	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	29.15	32.43	32.49	35.66	34.50	34.41	42.48	52.54	63.83	74.89	83.30
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	29.15	32.43	32.49	35.66	34.50	34.41	42.48	52.54	63.83	74.89	83.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,683	10,467	11,133	20,054	22,080	5,402	30,861	9,598	10,675	10,213	9,677
Invested Capital Turnover	0.19	0.18	0.20	0.16	0.14	0.23	0.22	0.22	0.46	0.52	0.56
Increase / (Decrease) in Invested Capital	-102	1,785	666	8,921	2,027	-16,679	25,459	-21,263	1,077	-462	-536
Enterprise Value (EV)	12,024	15,437	18,923	29,429	31,309	17,992	48,141	37,476	20,269	31,398	47,473
Market Capitalization	6,292	8,167	11,964	18,527	18,044	21,273	34,371	45,489	26,809	39,519	58,823
Book Value per Share	$20.88	$31.16	$25.69	$54.30	$41.73	$40.45	$59.85	$60.86	$58.60	$60.70	$62.12
Tangible Book Value per Share	$17.23	$19.39	$11.37	$23.20	$4.83	$13.82	$18.96	$23.25	$15.82	$21.93	$28.63
Total Capital	8,692	10,537	11,053	20,001	22,176	20,772	31,793	31,972	36,219	38,422	39,890
Total Debt	4,777	6,000	5,921	8,898	11,302	10,122	13,305	13,448	16,597	17,426	16,714
Total Long-Term Debt	4,777	6,000	4,239	6,927	11,302	9,888	12,773	13,448	16,597	17,426	16,714
Net Debt	4,648	5,943	5,910	8,898	11,000	-5,485	12,048	-9,264	-9,311	-10,732	-13,917
Capital Expenditures (CapEx)	-14	-86	-359	-641	1,039	0.00	0.00	0.00	-272	-2,620	-1,765
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-591	-437	-768	-909	-1,082	-941	-1,141	-1,211	-1,263	-1,318	-1,217
Debt-free Net Working Capital (DFNWC)	-556	-380	-757	-909	-955	-851	-1,033	-1,068	-1,122	308	2,653
Net Working Capital (NWC)	-556	-380	-2,439	-2,880	-955	-1,085	-1,565	-1,068	-1,122	308	2,653
Net Nonoperating Expense (NNE)	49	92	54	182	205	-17	142	-1,081	164	-464	-152
Net Nonoperating Obligations (NNO)	4,769	5,931	6,001	8,950	11,206	-5,248	12,372	-8,926	-8,947	-10,783	-13,498
Total Depreciation and Amortization (D&A)	557	578	721	252	1,257	1,231	1,442	1,559	1,624	1,751	1,820
Debt-free, Cash-free Net Working Capital to Revenue	-36.55%	-24.77%	-35.84%	-36.97%	-35.52%	-29.32%	-29.24%	-27.34%	-26.93%	-24.06%	-21.92%
Debt-free Net Working Capital to Revenue	-34.39%	-21.53%	-35.35%	-36.97%	-31.36%	-26.52%	-26.46%	-24.12%	-23.90%	5.62%	47.77%
Net Working Capital to Revenue	-34.39%	-21.53%	-113.84%	-117.17%	-31.36%	-33.82%	-40.09%	-24.12%	-23.90%	5.62%	47.77%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.00	$0.00	$2.21	$0.99	$1.21	$2.37	$1.01	$5.95	$1.18	$3.04	$1.74
Adjusted Weighted Average Basic Shares Outstanding	133.37M	0.00	149.95M	174.06M	206.04M	208.33M	260.10M	282.47M	286.33M	298.60M	323.34M
Adjusted Diluted Earnings per Share	$0.99	$0.00	$2.20	$0.99	$1.21	$2.35	$1.00	$5.94	$1.11	$3.00	$1.61
Adjusted Weighted Average Diluted Shares Outstanding	133.64M	0.00	150.68M	174.90M	206.67M	209.46M	262.52M	283.22M	297.92M	309.07M	331.55M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	135.68M	0.00	159.27M	205.74M	207.82M	209.04M	281.12M	284.47M	291.16M	312.29M	336.64M
Normalized Net Operating Profit after Tax (NOPAT)	369	367	506	540	592	615	607	712	608	-161	149
Normalized NOPAT Margin	22.82%	20.82%	23.60%	21.96%	19.42%	19.17%	15.55%	16.08%	12.96%	-2.93%	2.68%
Pre Tax Income Margin	12.91%	17.47%	20.64%	10.75%	11.27%	19.05%	10.27%	41.11%	8.78%	19.14%	13.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.93	1.99	2.81	1.92	1.96	2.37	2.05	2.21	2.42	1.35	1.36
NOPAT to Interest Expense	1.31	1.95	2.04	1.69	1.69	1.49	1.16	2.13	1.82	1.11	0.95
EBIT Less CapEx to Interest Expense	2.00	2.42	4.32	4.40	-1.26	2.37	2.05	2.21	3.33	7.34	5.21
NOPAT Less CapEx to Interest Expense	1.39	2.38	3.56	4.17	-1.52	1.49	1.16	2.13	2.73	7.10	4.80
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	256.03%	186.19%	145.68%	-275.73%	253.48%	155.80%	313.47%	71.82%	369.77%	159.54%	281.25%
Augmented Payout Ratio	262.10%	186.19%	145.68%	-275.73%	253.48%	155.80%	313.47%	71.82%	369.77%	159.54%	281.25%

This table displays calculated financial ratios and metrics derived from Digital Realty Trust's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.97%	18.75%	19.92%	17.65%	11.07%	-0.57%	-0.70%	2.05%	4.84%	5.75%	10.05%
EBITDA Growth	237.46%	20.42%	8.42%	-30.20%	12.78%	48.53%	-15.38%	30.85%	-42.15%	-23.66%	213.96%
EBIT Growth	147.58%	85.17%	-19.33%	-76.08%	87.92%	145.36%	-51.23%	148.13%	-147.68%	-47.56%	1,537.25%
NOPAT Growth	-35.36%	12.21%	0.23%	-60.85%	-17.85%	2.50%	-93.55%	149.39%	102.71%	21.66%	2,287.76%
Net Income Growth	-99.93%	-10.50%	81.08%	212.38%	2,513.80%	318.14%	-35.43%	-94.62%	833.53%	-63.04%	1,302.13%
EPS Growth	-101.34%	-9.09%	78.95%	208.00%	160.00%	310.00%	-41.18%	-96.10%	1,566.67%	-67.07%	1,370.00%
Operating Cash Flow Growth	0.99%	25.94%	-8.20%	-14.55%	1.29%	0.73%	23.43%	58.09%	66.44%	13.29%	11.87%
Free Cash Flow Firm Growth	-104.64%	-105.00%	-104.55%	213.76%	153.54%	153.67%	106.89%	-127.48%	27.45%	-39.08%	-19.95%
Invested Capital Growth	11.22%	12.50%	12.40%	-2.72%	-4.32%	-3.99%	-0.58%	2.33%	-5.25%	-1.71%	1.51%
Revenue Q/Q Growth	3.44%	8.57%	2.06%	2.65%	-2.34%	-2.81%	1.92%	5.49%	0.32%	-1.97%	6.07%
EBITDA Q/Q Growth	-27.49%	12.30%	2.76%	-16.58%	17.15%	47.90%	-41.45%	29.00%	-48.21%	95.16%	140.78%
EBIT Q/Q Growth	-71.74%	81.09%	-16.71%	-43.87%	121.96%	136.45%	-83.44%	185.57%	-142.65%	360.05%	416.92%
NOPAT Q/Q Growth	-41.78%	59.65%	0.49%	-58.09%	22.16%	93.96%	-93.68%	1,521.51%	-0.70%	19.56%	24.04%
Net Income Q/Q Growth	-99.68%	8,945.60%	68.00%	545.02%	-97.33%	1,347.07%	-74.06%	-46.25%	362.67%	-42.70%	884.02%
EPS Q/Q Growth	-106.67%	500.00%	70.00%	579.41%	-98.70%	530.77%	-75.61%	-55.00%	455.56%	-46.00%	988.89%
Operating Cash Flow Q/Q Growth	8.83%	-23.38%	32.79%	-22.83%	29.01%	-23.80%	62.72%	-1.17%	35.83%	-48.14%	60.68%
Free Cash Flow Firm Q/Q Growth	-233.98%	-6.10%	5.40%	133.94%	57.19%	5.97%	-87.86%	-235.42%	829.11%	-49.16%	-84.05%
Invested Capital Q/Q Growth	3.17%	0.16%	-4.09%	-1.84%	1.46%	0.52%	-0.69%	1.04%	-6.05%	4.27%	2.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	43.53%	45.02%	45.34%	36.84%	44.20%	67.26%	38.63%	47.24%	24.39%	48.55%	110.21%
Operating Margin	9.81%	13.25%	11.33%	4.15%	9.79%	11.22%	0.73%	11.76%	10.05%	13.91%	14.18%
EBIT Margin	7.95%	13.27%	10.83%	5.92%	13.46%	32.74%	5.32%	14.40%	-6.12%	16.23%	79.11%
Profit (Net Income) Margin	0.06%	5.14%	8.46%	53.19%	1.45%	21.62%	5.50%	2.80%	12.93%	7.56%	70.12%
Tax Burden Percent	-4.50%	76.24%	87.73%	95.27%	46.17%	92.78%	56.95%	50.42%	86.29%	86.13%	98.78%
Interest Burden Percent	-17.25%	50.84%	89.11%	942.89%	23.38%	71.19%	181.71%	38.63%	-244.87%	54.06%	89.72%
Effective Tax Rate	0.00%	23.76%	12.27%	2.20%	48.10%	7.22%	11.44%	15.61%	2.29%	13.87%	1.22%
Return on Invested Capital (ROIC)	3.18%	4.90%	5.27%	2.12%	2.66%	5.43%	0.34%	5.35%	5.49%	6.63%	7.86%
ROIC Less NNEP Spread (ROIC-NNEP)	4.12%	5.67%	5.49%	-5.28%	3.17%	3.87%	-0.27%	6.24%	5.12%	7.15%	1.59%
Return on Net Nonoperating Assets (RNNOA)	-1.93%	-2.61%	-2.63%	2.52%	-1.54%	-1.84%	0.14%	-3.30%	-2.81%	-3.84%	-0.90%
Return on Equity (ROE)	1.25%	2.29%	2.64%	4.64%	1.13%	3.59%	0.48%	2.05%	2.67%	2.78%	6.96%
Cash Return on Invested Capital (CROIC)	-5.25%	-6.16%	-5.91%	7.57%	9.08%	8.52%	3.82%	1.66%	9.78%	6.36%	5.28%
Operating Return on Assets (OROA)	0.96%	1.65%	1.42%	0.78%	1.72%	4.23%	0.68%	1.81%	-0.76%	2.08%	9.89%
Return on Assets (ROA)	0.01%	0.64%	1.11%	7.00%	0.19%	2.80%	0.70%	0.35%	1.61%	0.97%	8.76%
Return on Common Equity (ROCE)	1.12%	2.05%	2.36%	4.02%	0.98%	3.12%	0.42%	1.80%	2.36%	2.46%	6.18%
Return on Equity Simple (ROE_SIMPLE)	0.00%	2.16%	2.41%	5.12%	0.00%	6.15%	5.49%	1.99%	0.00%	1.91%	0.00%
Net Operating Profit after Tax (NOPAT)	85	135	136	57	70	139	8.76	142	141	169	209
NOPAT Margin	6.87%	10.10%	9.94%	4.06%	5.08%	10.41%	0.65%	9.92%	9.82%	11.98%	14.01%
Net Nonoperating Expense Percent (NNEP)	-0.94%	-0.77%	-0.23%	7.41%	-0.50%	1.57%	0.62%	-0.89%	0.37%	-0.53%	6.27%
Return On Investment Capital (ROIC_SIMPLE)	0.24%	-	-	-	0.19%	-	-	-	0.37%	0.44%	0.50%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	10.77%	8.36%	8.02%	7.89%	9.08%	9.47%	8.87%	8.22%	9.96%	8.78%	9.11%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	90.19%	86.75%	88.67%	38.04%	84.20%	88.78%	86.47%	88.28%	62.40%	86.09%	85.82%
Earnings before Interest and Taxes (EBIT)	98	178	148	83	184	436	72	206	-88	229	1,181
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	537	603	619	517	605	895	524	676	350	683	1,646
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.59	1.66	1.90	2.03	2.15	2.37	2.40	2.58	2.85	2.35	2.65
Price to Tangible Book Value (P/TBV)	5.90	6.41	6.52	5.95	5.95	6.34	5.68	6.06	6.19	5.21	5.66
Price to Revenue (P/Rev)	5.71	5.57	6.24	6.64	7.22	7.91	8.70	9.65	10.59	8.57	10.18
Price to Earnings (P/E)	79.56	82.16	82.72	40.10	43.52	38.60	43.87	132.29	104.71	123.61	43.74
Dividend Yield	5.23%	5.20%	4.44%	4.17%	3.74%	3.42%	3.21%	3.02%	2.75%	3.41%	2.80%
Earnings Yield	1.26%	1.22%	1.21%	2.49%	2.30%	2.59%	2.28%	0.76%	0.96%	0.81%	2.29%
Enterprise Value to Invested Capital (EV/IC)	1.90	2.01	2.54	2.79	3.07	3.46	3.72	4.15	4.91	3.84	4.54
Enterprise Value to Revenue (EV/Rev)	4.32	4.39	5.07	5.25	5.73	6.49	6.94	7.79	8.55	6.87	8.15
Enterprise Value to EBITDA (EV/EBITDA)	8.63	8.78	10.40	12.32	13.39	13.47	14.91	15.84	19.41	17.33	14.01
Enterprise Value to EBIT (EV/EBIT)	27.98	26.70	33.73	55.35	52.96	41.74	48.88	47.61	75.82	92.42	30.77
Enterprise Value to NOPAT (EV/NOPAT)	37.21	38.05	46.55	56.98	64.52	76.14	114.61	105.91	108.69	82.09	67.46
Enterprise Value to Operating Cash Flow (EV/OCF)	12.21	12.43	15.38	17.22	19.21	21.70	21.70	21.89	20.99	16.77	19.79
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	36.27	33.11	39.79	97.06	253.10	48.81	59.82	86.63
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.85	0.93	0.91	0.84	0.83	0.82	0.73	0.73	0.72	0.73	0.74
Long-Term Debt to Equity	0.85	0.93	0.91	0.84	0.83	0.82	0.73	0.73	0.72	0.73	0.74
Financial Leverage	-0.47	-0.46	-0.48	-0.48	-0.49	-0.48	-0.51	-0.53	-0.55	-0.54	-0.57
Leverage Ratio	2.04	2.10	2.11	2.08	2.11	2.12	2.05	2.02	2.02	1.99	1.95
Compound Leverage Factor	-0.35	1.07	1.88	19.61	0.49	1.51	3.73	0.78	-4.96	1.08	1.75
Debt to Total Capital	45.82%	48.27%	47.66%	45.71%	45.35%	44.96%	42.17%	42.29%	41.90%	42.33%	42.60%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	45.82%	48.27%	47.66%	45.71%	45.35%	44.96%	42.17%	42.29%	41.90%	42.33%	42.60%
Preferred Equity to Total Capital	2.02%	1.98%	1.97%	1.98%	1.90%	1.93%	1.89%	1.82%	1.83%	1.82%	1.69%
Noncontrolling Interests to Total Capital	5.63%	5.24%	4.98%	5.00%	4.89%	4.81%	4.83%	4.81%	4.60%	4.68%	4.50%
Common Equity to Total Capital	46.52%	44.50%	45.39%	47.30%	47.84%	48.30%	51.11%	51.07%	51.66%	51.15%	51.21%
Debt to EBITDA	7.07	7.29	7.09	7.41	7.43	6.46	6.43	6.29	6.83	7.62	5.50
Net Debt to EBITDA	-3.96	-3.45	-3.45	-4.38	-4.58	-3.91	-4.81	-4.77	-5.69	-5.44	-4.28
Long-Term Debt to EBITDA	7.07	7.29	7.09	7.41	7.43	6.46	6.43	6.29	6.83	7.62	5.50
Debt to NOPAT	30.47	31.60	31.75	34.28	35.81	36.48	49.42	42.06	38.27	36.08	26.47
Net Debt to NOPAT	-17.09	-14.96	-15.42	-20.26	-22.05	-22.07	-36.94	-31.88	-31.86	-25.75	-20.62
Long-Term Debt to NOPAT	30.47	31.60	31.75	34.28	35.81	36.48	49.42	42.06	38.27	36.08	26.47
Altman Z-Score	0.67	0.66	0.77	0.95	1.01	1.19	1.33	1.42	1.59	1.31	1.57
Noncontrolling Interest Sharing Ratio	10.56%	10.60%	10.37%	13.42%	13.26%	13.08%	12.39%	12.14%	11.74%	11.75%	11.19%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.50	0.62	0.58	1.11	1.12	1.28	1.78	1.61	2.07	1.92	2.22
Quick Ratio	0.50	0.62	0.58	1.11	1.12	1.28	1.78	1.61	2.07	1.92	2.22
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-992	-1,053	-996	338	531	565	69	-93	677	344	55
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-11.42	-10.30	-8.96	3.05	4.67	5.16	0.60	-0.73	6.27	3.49	0.50
Operating Cash Flow to Interest Expense	5.25	3.42	4.18	3.24	4.07	3.22	5.00	4.48	7.13	4.05	5.86
Operating Cash Flow Less CapEx to Interest Expense	5.25	3.42	5.54	24.18	5.38	10.65	8.71	4.53	11.93	4.68	15.14
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.12	0.13	0.13	0.13	0.13	0.13	0.13	0.12	0.13	0.13
Accounts Receivable Turnover	5.72	5.32	5.25	4.88	4.87	4.78	4.59	4.22	4.38	4.35	4.11
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	63.83	68.66	69.57	74.73	74.89	76.32	79.58	86.46	83.30	83.96	88.86
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	63.83	68.66	69.57	74.73	74.89	76.32	79.58	86.46	83.30	83.96	88.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,675	10,692	10,255	10,066	10,213	10,266	10,195	10,301	9,677	10,091	10,349
Invested Capital Turnover	0.46	0.49	0.53	0.52	0.52	0.52	0.53	0.54	0.56	0.55	0.56
Increase / (Decrease) in Invested Capital	1,077	1,188	1,132	-281	-462	-426	-60	235	-536	-176	154
Enterprise Value (EV)	20,269	21,524	25,997	28,042	31,398	35,522	37,894	42,771	47,473	38,710	47,018
Market Capitalization	26,809	27,312	32,028	35,434	39,519	43,267	47,504	52,985	58,823	48,238	58,713
Book Value per Share	$58.60	$56.59	$57.96	$57.66	$60.70	$58.55	$63.38	$62.65	$62.12	$61.08	$65.86
Tangible Book Value per Share	$15.82	$14.64	$16.86	$19.66	$21.93	$21.84	$26.75	$26.72	$28.63	$27.51	$30.80
Total Capital	36,219	37,029	37,202	36,907	38,422	37,861	38,747	40,163	39,890	40,194	43,314
Total Debt	16,597	17,876	17,729	16,870	17,426	17,020	16,340	16,987	16,714	17,016	18,452
Total Long-Term Debt	16,597	17,876	17,729	16,870	17,426	17,020	16,340	16,987	16,714	17,016	18,452
Net Debt	-9,311	-8,461	-8,614	-9,971	-10,732	-10,297	-12,213	-12,876	-13,917	-12,142	-14,374
Capital Expenditures (CapEx)	0.00	0.00	-151	-2,320	-149	-814	-426	-5.77	-518	-62	-1,015
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,263	-854	-1,056	-821	-1,318	-663	-751	-866	-1,217	-554	-725
Debt-free Net Working Capital (DFNWC)	-1,122	-722	-932	241	308	531	1,531	1,309	2,653	1,768	2,829
Net Working Capital (NWC)	-1,122	-722	-932	241	308	531	1,531	1,309	2,653	1,768	2,829
Net Nonoperating Expense (NNE)	84	66	20	-689	50	-149	-66	102	-45	62	-838
Net Nonoperating Obligations (NNO)	-8,947	-8,461	-9,218	-9,971	-10,783	-10,574	-12,213	-12,876	-13,498	-13,088	-14,512
Total Depreciation and Amortization (D&A)	439	425	471	434	421	459	452	470	438	455	464
Debt-free, Cash-free Net Working Capital to Revenue	-26.93%	-17.41%	-20.59%	-15.38%	-24.06%	-12.12%	-13.76%	-15.78%	-21.92%	-9.84%	-12.57%
Debt-free Net Working Capital to Revenue	-23.90%	-14.73%	-18.17%	4.51%	5.62%	9.70%	28.03%	23.85%	47.77%	31.39%	49.05%
Net Working Capital to Revenue	-23.90%	-14.73%	-18.17%	4.51%	5.62%	9.70%	28.03%	23.85%	47.77%	31.39%	49.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.02)	$0.20	$0.37	$2.40	$0.07	$0.87	$0.22	$0.13	$0.52	$0.30	$3.03
Adjusted Weighted Average Basic Shares Outstanding	286.33M	291.22M	295.39M	301.83M	298.60M	312.29M	319.54M	327.98M	323.34M	336.68M	337.59M
Adjusted Diluted Earnings per Share	($0.05)	$0.20	$0.37	$2.33	$0.03	$0.82	$0.20	$0.09	$0.50	$0.27	$2.94
Adjusted Weighted Average Diluted Shares Outstanding	297.92M	303.07M	306.82M	311.34M	309.07M	320.80M	327.95M	336.25M	331.55M	344.72M	345.73M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	291.16M	291.35M	302.71M	302.85M	312.29M	312.43M	327.41M	331.71M	336.64M	336.79M	341.05M
Normalized Net Operating Profit after Tax (NOPAT)	97	145	151	-611	90	168	27	163	153	203	231
Normalized NOPAT Margin	7.85%	10.80%	11.08%	-43.58%	6.60%	12.63%	1.99%	11.38%	10.62%	14.42%	15.50%
Pre Tax Income Margin	-1.37%	6.74%	9.65%	55.83%	3.15%	23.31%	9.66%	5.56%	14.99%	8.78%	70.98%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.13	1.74	1.33	0.75	1.62	3.98	0.63	1.63	-0.81	2.32	10.80
NOPAT to Interest Expense	0.97	1.32	1.22	0.51	0.61	1.27	0.08	1.12	1.31	1.71	1.91
EBIT Less CapEx to Interest Expense	1.13	1.74	2.69	21.69	2.93	11.41	4.35	1.68	3.99	2.95	20.08
NOPAT Less CapEx to Interest Expense	0.97	1.32	2.58	21.46	1.92	8.70	3.79	1.17	6.11	2.34	11.19
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	369.77%	390.50%	346.73%	159.98%	159.54%	136.22%	143.78%	391.60%	281.25%	416.20%	124.08%
Augmented Payout Ratio	369.77%	390.50%	346.73%	159.98%	159.54%	136.22%	143.78%	391.60%	281.25%	416.20%	124.08%

Key Financial Trends

Digital Realty Trust, Inc. (NYSE: DLR) Financial Summary and Trends (2022 - Q2 2025)

Over the past several years, Digital Realty Trust has demonstrated steady revenue growth and strong net income performance, with key financial metrics showing resilience and strategic capital management.

Revenue growth is consistent, reaching approximately $1.49 billion in Q2 2025 compared to $1.23 billion in Q4 2022, indicating a healthy demand for Digital Realty's services.
Net income improved significantly, with Q2 2025 recording over $1.04 billion compared to a net loss in Q4 2022, reflecting effective operational execution and cost management.
Operating income improved from $120.98 million in Q4 2022 to $211.70 million in Q2 2025, showing better profitability on core operations.
Digital Realty’s cash and equivalents grew substantially to $3.55 billion in Q2 2025 from $142 million in Q4 2022, strengthening liquidity and financial flexibility.
The company continues investing strategically, with significant proceeds from sale of property, plant, & equipment in Q2 2025 ($1.02 billion), enhancing capital deployment efficiency.
Depreciation expense remains high at $461 million in Q2 2025, consistent with asset-heavy operations characteristic of data center REITs.
Total liabilities increased to $23.85 billion in Q2 2025 from $21.86 billion in Q4 2022, reflecting growing scale but also higher leverage.
Long-term debt rose from about $16.6 billion in Q4 2022 to $18.45 billion in Q2 2025, indicating ongoing financing to support expansion or refinancing of existing debt.
Restructuring and other special charges have fluctuated, with $22.55 million in restructuring in Q2 2025, which could impact short-term earnings and highlights restructuring activities.
Interest expense remains elevated at over $109 million in Q2 2025, which, combined with elevated debt levels, might pressure net margins if interest rates rise.

Additional Insights:

Net cash from operating activities surged to $641 million in Q2 2025, up from $464 million in Q2 2024, underscoring improving cash flow generation capacity.
Issuance of common equity and debt during Q2 2025 ($604 million and $1.35 billion respectively) suggests ongoing capital market access to fund growth or refinance.
Sizeable acquisitions and other investing activities outflows, e.g., negative $228 million on acquisitions in Q2 2025 and other investing net outflows, indicating aggressive expansion but increased capital spending needs.
Weighted average diluted shares outstanding increased slightly over years, around 345 million in Q2 2025, reflecting modest dilution but stable shareholder base.
Other operating expenses remain substantial (e.g., $662 million in Q2 2025), which requires close monitoring to manage operating leverage effectively.

Summary:

Digital Realty Trust has shown solid operational growth and improved profitability from 2022 through Q2 2025, with increased revenues and net income reflecting robust demand in the data center industry. The company is maintaining strong liquidity and actively managing its capital structure through debt and equity issuance. However, elevated debt levels and interest expenses, along with restructuring charges and high operating expenses, could present near-term earnings volatility risks. Investors should consider the company's growth strategy balanced against financial leverage and operational cost trends.

08/08/25 03:19 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Digital Realty Trust's Financials

When does Digital Realty Trust's financial year end?

According to the most recent income statement we have on file, Digital Realty Trust's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Digital Realty Trust's net income changed over the last 10 years?

Digital Realty Trust's net income appears to be on an upward trend, with a most recent value of $588.33 million in 2024, rising from $203.42 million in 2014. The previous period was $950.31 million in 2023. Check out Digital Realty Trust's forecast to explore projected trends and price targets.

What is Digital Realty Trust's operating income?

Digital Realty Trust's total operating income in 2024 was $471.86 million, based on the following breakdown:

Total Gross Profit: $5.55 billion
Total Operating Expenses: $4.51 billion

How has Digital Realty Trust's revenue changed over the last 10 years?

Over the last 10 years, Digital Realty Trust's total revenue changed from $1.62 billion in 2014 to $5.55 billion in 2024, a change of 243.7%.

How much debt does Digital Realty Trust have?

Digital Realty Trust's total liabilities were at $22.11 billion at the end of 2024, a 4.4% decrease from 2023, and a 293.9% increase since 2014.

How much cash does Digital Realty Trust have?

In the past 10 years, Digital Realty Trust's cash and equivalents has ranged from $51 thousand in 2017 to $3.87 billion in 2024, and is currently $3.87 billion as of their latest financial filing in 2024.

How has Digital Realty Trust's book value per share changed over the last 10 years?

Over the last 10 years, Digital Realty Trust's book value per share changed from 20.88 in 2014 to 62.12 in 2024, a change of 197.4%.

Related Companies

This page (NYSE:DLR) was last updated on 8/8/2025 by MarketBeat.com Staff

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Digital Realty Trust (DLR) Financials

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