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Digital Realty Trust, Inc.

Q2 FY26Specialized REITs

Digital Realty Trust, Inc. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹194

Market cap₹69.3K Cr

P/E51.2

Updated29 May 2026

Read5 min read

What the Q2 FY26 call signalled

3 of 5 strong

RevenueModerate growth

MarginMargins steady

CapexCapex planned

FundraiseFundraise planned

Order bookOrder book rising

The short version

- Digital Realty has a strong growth runway with approximately 3 GW operating and an additional 6 GW owned, including 1.2 GW under construction, representing a near-term 40% expansion. - Digital Realty raised its 2026 Core FFO per share guidance range to $8.00-$8.10, implying approximately 9% growth over 2025.

From Digital Realty Trust, Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Moderate growth

Digital Realty has a strong growth runway with approximately 3 GW operating and an additional 6 GW owned, including 1.2 GW under construction, representing a near-term 40% expansion.
Development pipeline increased to $16.5 billion, up over 60% from year-end, with 60% pre-leased, indicating robust future revenue visibility.
Record leasing activity with backlog reaching an all-time high, boosting long-term growth visibility.
Core FFO per share guidance for 2026 raised by $0.10 to a range of $8 to $8.10, representing 9% growth over 2025.
Continued strong demand for hyperscale AI-oriented workloads in Americas drives expansion in key markets like Charlotte, Atlanta, Dallas, and Northern Virginia.

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Profitability & Margins

Digital Realty raised its 2026 Core FFO per share guidance range to $8.00-$8.10, implying approximately 9% growth over 2025.
The company expects accelerated same-store cash NOI growth of 4%-5% for the full year on a constant currency basis.
Operating expense growth is expected to ramp in Q2 and Q3 due to increased development spending and capital recycling activities.
Long-term growth is supported by a record backlog of $1.8 billion in leases and a development pipeline of $16.5 billion with 61% pre-leased capacity.
Renewals are anticipated with cash spreads between 6.5% and 8.5%, slightly up from prior forecasts.

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Capital Expenditure Plans

Capex planned

Spent $910 million on development CapEx in the quarter (net of partner share).
Delivered 63 megawatts of new capacity; started about 464 megawatts of new data center capacity (~50% pre-leased).
Total development under construction valued at $16.5 billion, up over 60% from year-end.
Nearly 80% of development volume situated in Americas, driven by AI workloads demand.
Acquired 873-acre land parcel in greater Atlanta to support 1-gigawatt data center campus.
Acquired 30-acre land parcel in Hillsboro, Portland to support 160 megawatts of IT capacity.
Made three strategic market entries: Milan, Italy; Sofia, Bulgaria; and Cyberjaya, Malaysia, enhancing global connectivity footprint.
Increased overall growth capacity up to 6 gigawatts.

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Fundraising & Capital Structure

The company emphasized maintaining a strong balance sheet with leverage at multiyear lows (debt-to-adjusted EBITDA at 4.7x).
They highlighted having substantial "dry powder" within an $8+ billion hyperscale development joint venture.
A $3.25 billion U.S. hyperscale data center fund was completed recently, leaving approximately $10 billion to support hyperscale development and investment.

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Order Book & Pipeline

Order book rising

Total backlog at the end of Q1 reached a new record of $1.8 billion.
Digital Realty's share of the backlog stood at $1 billion.
New bookings in Q1 were $423 million, exceeding commencements of $204 million.
Leases scheduled to commence:
$544 million ratably throughout 2026,
$247 million in 2027,
$242 million in 2028 and beyond.

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Frequently Asked Questions

What were Digital Realty Trust, Inc. Q2 FY26 results?

- Digital Realty has a strong growth runway with approximately 3 GW operating and an additional 6 GW owned, including 1.2 GW under construction, representing a near-term 40% expansion. - Digital Realty raised its 2026 Core FFO per share guidance range to $8.00-$8.10, implying approximately 9% growth over 2025.

What is Digital Realty Trust, Inc. share price analysis?

Digital Realty Trust, Inc. currently shows a below-average growth signal. The stock trades at a P/E of 51.2 with a market cap of $69,276. Investors should review the full earnings analysis for detailed insights.

Is Digital Realty Trust, Inc. planning capital expenditure?

- Spent $910 million on development CapEx in the quarter (net of partner share). - Delivered 63 megawatts of new capacity; started about 464 megawatts of new data center capacity (~50% pre-leased). - Total development under construction valued at $16.5 billion, up over 60% from year-end. - Nearly 80% of development volume situated in Americas, driven by AI workloads demand. - Acquired 873-acre land parcel in greater Atlanta to support 1-gigawatt data center campus. - Acquired 30-acre land parcel in Hillsboro, Portland to support 160 megawatts of IT capacity. - Made three strategic market entries: Milan, Italy; Sofia, Bulgaria; and Cyberjaya, Malaysia, enhancing global connectivity footprint. - Increased overall growth capacity up to 6 gigawatts. - Completed $3.25 billion U.S.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.