DIGITAL REALTY TRUST, INC.(DLR)Stock Analysis
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Rank #322 of 2,879 stocksTOP 25%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
DLR Stock Analysis & AI Quality Score
AI stock analysis and institutional research for DIGITAL REALTY TRUST, INC. (DLR), a Real Estate sector company. 13F Pro's AI-powered ranking engine scores DLR at 70.2/100 on a 32-signal composite quality model, placing it at rank #322 of 2,879 stocks — the top 25% of the AI-ranked universe. DLR scores in the top quartile across free cash flow (88.7), profitability (87.0), revenue scale (81.1). Areas of concern include institutional flow (13.1), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), DIGITAL REALTY TRUST, INC. reports quarterly revenue of $1.6B, net income of $179.3M, an operating margin of 16.4%. DLR trades on the NYSE exchange and files with the SEC under CIK 1297996. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate DLR daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for DIGITAL REALTY TRUST, INC. directly from SEC EDGAR. DIGITAL REALTY TRUST, INC.'s 13F Pro composite quality score has ranged between 70 and 71 since 2026, currently 70.2 — a stable long-term trajectory across 8 quarterly and live scoring snapshots.
What's Driving DLR's Business? Latest 10-Q Breakdown
AI-extracted from DIGITAL REALTY TRUST, INC.'s 10-Q filed 2026-05-01 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Digital Realty's total operating revenues grew 16.2% YoY to $1.64B, driven by stabilized portfolio rent growth and $100M increase from completed development projects now leasing up.
Biggest Revenue Drivers
Total revenue: $1,635M+16.2% YoY
Stabilized portfolio increased $113M due to new leasing, renewals, higher utility reimbursements, and strengthening foreign exchange; non-stabilized portfolio added $100M from completed development projects in Northern Virginia, Paris, Frankfurt.
Increased primarily from management fees earned on Digital Core REIT and other unconsolidated entities.
Largest Expense Items
Utilities increased $59M due to higher power pricing in EMEA and APAC; non-utilities maintenance expenses up $28M from increased labor and building operations.
Increase driven by capital deployed in development and acquisitions.
Increase due to higher head count and increased information technology costs.
Margins: Operating margin compressed slightly as property-level operating expenses rose 15.4% YoY while rental revenues grew 15.4%, driven by inflationary utility costs and labor expenses in international markets. Filing notes higher power pricing in EMEA and APAC partially offset by rebates, and increased data center labor costs.
Watch Items from the Filing
- Northern Virginia represents 20.0% of total annualized rent, creating significant geographic concentration risk; Frankfurt (6.4%), Chicago (6.4%), Singapore (5.3%), London (5.3%) each exceed 5%.
- Development pipeline of 1,169 MW (52% increase from prior quarter) requires capital spending of $2.8–3.3B for full-year 2026; only 61% pre-leased, creating lease-up and execution risk.
- Largest customer represents approximately 11% of total revenue; no other customer exceeds 10%, indicating moderate customer concentration.
- Company raised $875M in equity capital in Q1 2026 under ATM program and $435M post-quarter-end; $570M remains available as of April 29, 2026, supporting acquisition and development funding without incremental debt.
- Teraco put/call agreement: Rollover Shareholders can exercise put right during two-year period beginning February 1, 2026; valuation adjustment of $134M in Q1 2026 reflects market value volatility and potential cash/equity settlement obligations.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$1.6B
Net Income
Q1 2026
$179.3M
Free Cash Flow
Q1 2026
$532.4M
Operating Margin
Q1 2026
16.4%
ROIC
Q1 2026
1.1%
AI Insight: DLR Financial Trends
Digital Realty delivered 20% revenue growth from Q2 2024 to Q1 2026 but operating income volatility and Q1 2026 cash flow decline signal execution challenges.
• Revenue grew steadily from $1,357M in Q2 2024 to $1,635M in Q1 2026, representing 20% growth over seven quarters.
• Operating income swung dramatically, from $10M in Q2 2024 to $268M in Q1 2026 with significant quarterly volatility throughout.
• Equity base expanded from $20,538M in Q2 2024 to $23,369M in Q1 2026, strengthening balance sheet position.
⚠ Operating cash flow dropped from $719M in Q4 2025 to $532M in Q1 2026, breaking recent upward trend.
⚠ Revenue growth stalled at $1,635M in both Q4 2025 and Q1 2026 after consistent quarterly increases.
AI Insight: DLR Ratio Trends
Digital Realty shows volatile profitability with operating margin swinging from 6.9% in Q4 2025 to 16.4% in Q1 2026.
• Operating margin recovered to 16.4% in Q1 2026 from 6.9% in Q4 2025, highest level since Q2 2025.
• ROIC improved to 4.6% in Q1 2026, up from 2.0% in Q4 2025 but below Q2 2025 peak of 3.7%.
• Net profit margin spiked to 69.1% in Q2 2025 before normalizing to 4.3%-11.0% range in subsequent quarters.
⚠ Quarterly operating margins remain highly volatile, ranging from 6.9% to 16.4% over the last four quarters.
⚠ ROE and ROA show similar quarterly volatility patterns, indicating inconsistent operational performance across periods.
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Popular Research
Is DLR a good stock to buy?
13F Pro's AI-powered analysis of DIGITAL REALTY TRUST, INC. (DLR) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Real Estate sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for DLR are available on the DLR stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own DLR?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling DLR. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of DIGITAL REALTY TRUST, INC.'s investment landscape.