# Digital Realty Trust, Inc. (DLR)

> Source: Nexqual · https://nexqual.com/DLR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Digital Realty Trust, Inc. (DLR), nexqual.com/DLR" · informational, not investment advice.

**Price:** USD 170.94 (-3.05% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 176.31 · day 168.52–175.21 · 52w 146.23–208.14 · market cap $64.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.77B, net income $799M (11.8% margin) (SEC filings).
- Valuation: P/E 80.8x (avg 60.8x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold DLR (13F, Q2 2026): 1 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $39K; 1 not under a Rule 10b5-1 plan ($39K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (35 analysts), mean target USD 222.97 (range 190–250).
- Total return with dividends: 1Y +0.3% vs S&P 500 +14.9%; 5Y +29.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.58, revenue estimate $1.76B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.43B | $4.69B | $5.48B | $5.55B | $6.11B | $6.77B |
| Operating income | $694M | $590M | $524M | $472M | $658M | $986M |
| Net income | $1.71B | $378M | $949M | $602M | $1.31B | $799M |
| EPS (diluted) | $5.94 | $1.11 | $2.88 | $1.61 | $3.58 | — |
| Operating margin | 15.7% | 12.6% | 9.6% | 8.5% | 10.8% | 14.6% |
| Net margin | 38.6% | 8.0% | 17.3% | 10.8% | 21.4% | 11.8% |
| Revenue growth | +13.4% | +6.0% | +16.7% | +1.4% | +10.0% | — |
| Cash + short-term investments | $143M | $142M | $1.63B | $3.87B | $3.45B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 80.8x · P/S 9.5x · P/B 2.4x · Earnings yield 1.24% · Dividend yield (paid, TTM) 2.75%
P/E at fiscal year-ends: Dec 2025 41.1x, Dec 2024 97.6x, Dec 2023 43.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold DLR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Viking Global | Viking Global Investors | 1.18% | $415M | New position |
| Christopher Davis | Davis Advisors | 0.06% | $13.2M | Reduced -7.1% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-27 | Patterson Mark R | Director | 200 | $39K | 3.1% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 35 analysts; mean target USD 222.97 (low 190, high 250).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | CIBC | Initiated | Outperformer | $213 |
| 2026-09-21 | Rothschild & Co | Initiated | Buy | $227 |
| 2026-09-10 | BTIG | Target raised | Buy | $215 → $220 |
| 2026-08-18 | Evercore ISI Group | Target raised | Outperform | $230 → $240 |
| 2026-08-14 | HSBC | Upgrade | Hold → Buy | $210 → $240 |
| 2026-08-05 | Argus Research | Upgrade | Hold → Buy | $212 |
| 2026-07-30 | Truist Securities | Target lowered | Buy | $225 → $220 |
| 2026-07-29 | Cantor Fitzgerald | Target raised | Overweight | $211 → $221 |
| 2026-07-27 | RBC Capital | Target raised | Outperform | $207 → $227 |
| 2026-07-24 | JP Morgan | Target raised | Overweight | $230 → $235 |
| 2026-07-24 | TD Cowen | Upgrade | Hold → Buy | $192 → $222 |
| 2026-07-15 | Guggenheim | Upgrade | Neutral → Buy | $200 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +0.3% | +29.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +0.3% | +5.2% |
| Volatility (annualized) | 27.5% | 28.6% |
| Max drawdown | -16.8% (Oct 2025→Dec 2025) | -47.1% (Dec 2021→Oct 2022) |

## Peers (REIT - Specialty)
AMT (American Tower Corporation (REI) USD 181.57 +2.21% · EQIX (Equinix, Inc.) USD 952.62 -4.26% · CCI (Crown Castle Inc.) USD 78.83 +0.23% · IRM (Iron Mountain Incorporated (Del) USD 110.66 -3.54% · SBAC (SBA Communications Corporation) USD 178.39 +2.87% · LAMR (Lamar Advertising Company) USD 157.51 +1.57%

## More
Full page: https://nexqual.com/DLR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name DLR in their own reports (relationship from DLR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | SIFY TECHNOLOGIES LTD (SIFY) | 20-F 2026-06-26 | "For instance, our corporate network services compete with well-established companies, including Reliance Jio Infocomm Limited, Bharti Airtel Limited, Tata Communications Limited, Government-owned tele…" |
| competitor | Soluna Holdings, Inc (SLNH) | 10-K 2026-03-30 | "Our emerging HPC Business competes with leading data center firms such as Applied Digital, Digital Realty, NeoCloud companies such as Crusoe, CoreWeave, Lambda, FluidStack and Nebius." |
| competitor | WhiteFiber, Inc. (WYFI) | 10-K 2026-03-26 | "We compete with several prominent data center providers, including Digital Realty," |
| partner | REALTY INCOME CORP (O) | 10-K 2026-02-25 | "We own an 80.0% equity interest in a joint venture that we formed with Digital Realty Trust, Inc. in November 2023." |
| competitor | Cipher Digital Inc. (CIFR) | 10-K 2026-02-24 | "Several companies compete in this industry, including: CoreWeave, Digital Realty, Equinix, Vantage Data Centers and Aligned Data Centers." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Rental & Other Services | $1.67B | 87.0% | +14.9% |
| Fee Income & Other | $249.4M | 13.0% | +596.9% |
| Total revenue | $1.92B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.09B | 56.7% | +39.8% |
| Non Us | $832.3M | 43.3% | +16.8% |
| Total revenue | $1.92B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.57 | $0.59 | -3.4% | $1.76B | 2 |
| Next quarter (ends 2026-12-31) | $0.53 | $0.00 | — | $1.81B | 2 |
| Current fiscal year (ends 2026-12-31) | $3.19 | $2.61 | +21.9% | $7.13B | 6 |
| Next fiscal year (ends 2027-12-31) | $2.76 | $2.86 | -3.6% | $7.90B | 6 |