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Digital Realty Trust

DLR Q1 2026 Earnings

Reported Apr 23, 2026 at 4:11 PM ET · SEC Source

Q1 26 EPS

$0.46

BEAT +2.93%

Est. $0.45

Q1 26 Revenue

$1.64B

BEAT +2.13%

Est. $1.60B

vs S&P Since Q1 26

-4.9%

TRAILING MARKET

DLR -4.0% vs S&P +0.9%

Market Reaction

Did DLR Beat Earnings? Q1 2026 Results

Digital Realty Trust delivered a strong first quarter for 2026, with earnings and revenue both clearing Wall Street expectations as surging AI-driven data center demand translated into record leasing volumes. The data center REIT posted revenue of $1… Read more Digital Realty Trust delivered a strong first quarter for 2026, with earnings and revenue both clearing Wall Street expectations as surging AI-driven data center demand translated into record leasing volumes. The data center REIT posted revenue of $1.64 billion, a 16.2% year-over-year increase that came in 2.13% ahead of the $1.60 billion consensus, while earnings per diluted share of $0.46 edged past the $0.45 estimate by 2.93%. The quarter's defining moment was a 200-megawatt AI inference lease, the company's largest hyperscale deal to date, which anchored total bookings of $707 million in annualized GAAP base rent at 100% share. Core FFO grew 15% year-over-year to $2.04 per share, and Adjusted EBITDA rose 16% to $920.31 million. Analysts at multiple firms raised their price targets following the report, reflecting confidence in the company's expanding development pipeline. Management responded to the momentum by lifting full-year 2026 Core FFO guidance to $8.00 to $8.10 per share and raising total revenue guidance to $6.65 to $6.75 billion.

Key Takeaways

  • • 16% year-over-year revenue growth driven by strong leasing activity
  • • Record 0-1 MW plus interconnection bookings of $98 million at DLR share, up 42% Y/Y
  • • Largest hyperscale lease in company history
  • • 15% year-over-year growth in Core FFO per share
  • • 8% year-over-year growth in Same-Capital Cash NOI
  • • Rental rate increases on renewals of 5.0% on a cash basis
  • • Foreign currency translation tailwinds in the quarter

DLR Forward Guidance & Outlook

Digital Realty raised its full-year 2026 outlook. Core FFO per share guidance was increased to $8.00–$8.10 (from $7.90–$8.00), and Constant-Currency Core FFO per share was raised to $7.95–$8.05. Total revenue guidance was raised to $6.650–$6.750 billion (from $6.600–$6.700 billion). Adjusted EBITDA guidance was increased to $3.650–$3.750 billion. Cash rental rate renewal spread guidance was raised to 6.5%–8.5% (from 6.0%–8.0%), while GAAP renewal spreads were increased to 9.5%–11.5%. Year-end portfolio occupancy is expected to increase 50–100 basis points. Same-Capital cash NOI growth guidance was maintained at 4.0%–5.0% on a constant currency basis. Development CapEx (net of partner contributions) guidance was raised to $3.500–$4.000 billion. Long-term debt issuance guidance was increased to $1.500–$2.000 billion. Net income per diluted share guidance was raised to $2.65–$2.75.

24/7 Wall St

DLR YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

DLR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q4 19 Q1 26

“Digital Realty saw a further acceleration in data center demand and our growth trajectory in the first quarter, with record 0–1 megawatt plus interconnection leasing and the largest hyperscale lease in company history, which contributed to double-digit growth in Core FFO per share. We are swiftly advancing hyperscale AI-oriented capacity in the U.S., growing our connectivity-rich portfolio across key global markets, and broadening our capital base to prudently extend Digital Realty's runway for growth.”

— Andy Power, Q1 2026 Earnings Press Release

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