EarningsQ2 2026 Earnings Report
MX:DLR Q2 2026 EPS Results
Actual EPS$20.44
Consensus EPS$8.16
Beat/MissBeat by +$12.28
One Year Ago EPS$49.67
MX:DLR Q2 2026 Revenue Results
Actual Revenue$32.51B
Expected Revenue$28.00B
Beat/MissBeat by +$4.50B
YoY Revenue Growth+28.86%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeAfter Close
Conference CallThursday, July 23, 2026
MX:DLR Upcoming Earnings
Digital Realty's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:DLR Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive on execution, growth and momentum: record core FFO (excluding promote), raised guidance, record bookings (particularly 0-1 MW and interconnection), record backlog, rapid expansion of the development pipeline, meaningful hyperscale signings after quarter end, and expanding private capital capabilities. Offsetting items are primarily one-time gains (insurance recovery and promote income), rising capital intensity and the episodic/lumpy nature of hyperscale leasing, plus local regulatory/market risks and near-term seasonality that may moderate Q3 results. Overall the positives around durable demand, pricing power, backlog and balance sheet flexibility materially outweigh the transitory and execution risks cited.Company Guidance
Core FFO Growth and Record Quarter
Core FFO excluding net promote income was $2.13 per share in Q2 2026, up 14% year-over-year; reported core FFO was $2.65 per share including $0.52/share of net promote income.
Raised 2026 Guidance
Company raised full-year 2026 core FFO per share guidance (excluding net promote) to $8.15 - $8.20, with the midpoint implying double-digit (≈10%) growth over 2025.
Record 0-1 MW+ Interconnection Bookings
0-1 megawatt plus interconnection bookings reached a record $108 million in the quarter (third consecutive quarterly record) — roughly 2x the average from two years prior and an 11% increase over the prior record set last quarter.
Interconnection and Small-Band Growth
Interconnection bookings were a record $20.5 million in Q2, up 18% year-over-year; sub-300 kW activity and the 0-1 MW band were strong drivers of near-term, recurring revenue.
Exceptional Renewal Spreads
Signed over $261 million of renewals with cash re-leasing spreads in excess of 25% (record levels). 0-1 MW renewals accounted for 55% of total renewals (5.2% cash mark-to-market) and greater-than-1 MW renewals (44%) delivered ~66.7% mark-to-market.
Record Backlog and Strong Commencements
Total backlog reached a record $1.9 billion at 100% share ($1.4 billion at Digital Realty share), representing ~30% of in-place data center revenue. The company commenced $208 million of annualized rent in Q2; $635 million of annualized rent is scheduled to commence in H2 2026.
Hyperscale Leasing Momentum
Subsequent to quarter end, signed 2 hyperscale leases representing ~$410 million of annualized GAAP base rent at 100% share (~$205 million at Digital Realty share), reinforcing hyperscale pipeline and demand.
Development Pipeline Expansion
Invested $1.1 billion in development CapEx in the quarter (YTD $2.0 billion). Development pipeline expanded to 1.4 GW under construction at a total cost of ~$20 billion (100% increase in H1 2026), now ~63% pre-leased with an average expected stabilized yield of 11.5%.
Strategic Transactions to Scale Private Capital
Closed acquisition of Blackstone's interest in 3 fully leased hyperscale data centers (288 MW) and announced plans to acquire Columbia Capital (~$485 million) and a 16% interest in Teraco (~$650 million), expanding private capital and fund management capabilities.
Fee Income and Private Capital Traction
Fee income ramping as private capital scales; Q2 fee income (normalized excluding promote) around ~$45 million, with a $3.25 billion U.S. hyperscale fund closed earlier in the year to accelerate development capacity and fee streams.
Operating Performance and NOI
Same capital cash NOI increased 8.9% year-over-year (driven by +8.2% revenue growth); constant-currency same capital cash NOI up 7.2%.
Balance Sheet and Liquidity
Debt-to-adjusted EBITDA was 4.7x at quarter end (below long-term threshold), liquidity of approximately $6 billion, and estimated >$12 billion of remaining capacity to support hyperscale development when including private capital.
Sustainability Progress
2025 highlights include 93% renewable energy coverage globally, 205 sites matched with 100% renewable energy, ~1.7 GW of contracted renewables, and capacity expanded >24% from 2023–2025 while water consumption grew only ~3%.
MX:DLR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed