Digital Realty
ConvictionModerate
Owns/develops/operates 300+ data centers across 55+ metros in 30+ countries on six continents; leases wholesale capacity (space, power, cooling) to hyperscalers and large enterprises plus interconnection/colocation via PlatformDIGITAL. Revenue is recurring rent-plus-power under multi-year leases; growth funded by development capex, JV capital-recycling, and the balance sheet.
Revenue
~$6.05B FY2025Q1 2026 $1.635B (+16% YoY); FY2026 guide $6.65-6.75BRev growth
~9% FY2025 total revenue~16% YoY in Q1 2026; guide implies >10% normalized/constant-currencyGross margin
Rental NOI margin ~60%+property-level); not a classic COGS gross marginOp margin
GAAP operating margin ~mid-teensheavy D&A); Adj. EBITDA margin ~54-55%Capex intensity
High - ~$3B development capex FY2025~50% of revenue); ~$10B/769MW pipeline under constructionMarket cap
~$62-67BNYSE: DLR; ~$69B/~$200 at the Q1 2026 print, de-rated since a discounted secondaryThe read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence