DIGITAL REALTY TRUST, INC. Earnings Summary — Q1 2026

• Revenue grew 16.1% YoY to $1.635 billion, though remained flat sequentially from Q4 2025.
• Operating income saw a significant jump to $266.9M, recovering from a depressed $112.6M in the previous quarter.
• Net Gains on Disposal of Properties were minimal this quarter ($0.87M) compared to the massive $931.8M seen in Q2 2025.
• Property expenses decreased sequentially from $694.1M to $638.5M, aiding margin expansion.
• The company continues to transition towards high-margin interconnection and colocation services via PlatformDIGITAL.
• Statutory net income volatility remains high due to large non-cash depreciation charges of $499.5M.
• Service and Other Revenue showed strong YoY growth, jumping from $20.8M to $34.9M.

Management remains focused on scaling global infrastructure for the AI and cloud era, prioritizing per-share metrics such as Core FFO while balancing capital-intensive expansion with equity and debt funding.

Improving

While revenue was flat QoQ, the significant improvement in operating income and margin recovery suggests better cost control and a cooling of the intense expense spike seen in late 2025.

DLR is positioned as a critical backbone for digital infrastructure, with a positive outlook driven by AI demand, although it remains sensitive to interest rate environments and capital market access.