Digital Realty Trust (DLR) 10-K Summary — Year Ended Dec 31, 2025
The company is a data center real estate investment trust that reported higher revenue and positive net income. Its liquidity is supported by long-term leases and ongoing development investments.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
The company is a data center real estate investment trust that reported higher revenue and positive net income. Its liquidity is supported by long-term leases and ongoing development investments.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$6.1B
Revenue reported for the fiscal year.
Operating income
$658.5M
Income from operations reported for the year.
Net income
$1.3B
Net income reported for the year.
Operating cash flow
$2.4B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $4.7B | +6.0% |
| Dec 31, 2023 | $5.5B | +16.7% |
| Dec 31, 2024 | $5.6B | +1.4% |
| Dec 31, 2025 | $6.1B | +10.0% |
Business overview
The company is a real estate investment trust that develops and operates data centers. It leases data center space to customers under long-term agreements.
Financial performance
Revenue increased compared to the prior year, and the company reported positive net income and operating income. Operating cash flow was strong.
Material risks
The company's results depend on its ability to re-lease expiring space at favorable rental rates. The capital-intensive nature of data center development also poses a risk.
Liquidity and capital
The company invests in development projects and relies on long-term leases to support its capital needs.
What to watch
Monitor the rental rate changes on lease renewals, particularly for larger data center leases.