Analyst Consensus ?
ConsensusBuy47 ratings
Bullish3472.4%
Neutral1225.5%
Bearish12.1%
1 unmapped firm rating excluded from the percentages.
Digital Realty Trust, Inc. · DLR · FY2025 Q4 · Calendar Q1 2026
Digital Realty: AI Demand Supports Growth, but Power and Capex Matter
Digital Realty’s latest analysis supports a constructive growth case: AI inference, interconnection demand and a record backlog provide visibility, while 2026 guidance and increased financing capacity support expansion. The main test is whether power availability, rising capex and financing costs can be managed without weakening returns or pricing power.
Reported After market closeNYSEReal Estate
$64.94B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.24
Consensus $0.29
EPS surprise
-16.5%
Reported versus consensus
Reported revenue
$1.63B
Consensus $1.58B
Revenue surprise
+3.7%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+4.2%
Event window
SPY move
+1.9%
Same window
Abnormal move
+2.3%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
+4.7%
Up to 20 sessions
DLRSPY benchmark
Ask FN2 about DLR FY2025 Q4
Transcript, numbers and history already loaded
Why did DLR rise 4.2% after missing EPS estimates in FY2025 Q4?What changed in DLR's guidance and outlook in FY2025 Q4?Give me the bull and bear case for DLR after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The latest analysis adds a $1.4 billion backlog, record $340 million zero-to-one-megawatt interconnection bookings, 2026 core FFO guidance of $7.90-$8.00, a higher $3.25-$3.75 billion capex outlook, and a $3.2 billion LP-equity commitment for a closed-end fund. Management also highlighted a private AI exchange, power-based occupancy reporting and broader APAC expansion.
Guidance delta
Management set 2026 core FFO guidance at $7.90-$8.00, implying about 8% growth, while raising the capex outlook to $3.25-$3.75 billion.
Key takeaways
- Management reported record fourth-quarter and full-year results, with full-year core FFO per share up 10% year over year.
- Zero-to-one-megawatt interconnection bookings reached a record $340 million, while backlog reached $1.4 billion.
- The growth plan pairs AI-ready infrastructure and APAC expansion with higher capex and private-market financing.
Management priorities
- Deploy AI-ready, high-density infrastructure and expand private AI exchange capabilities.
- Grow interconnection and Service Fabric offerings while continuing APAC acquisitions and joint ventures.
- Fund development through higher capex, dispositions or joint-venture capital, and private-market equity.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$176.49Current
$81Low
$188.38Average
$240High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 1, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| BTIG | Buy | Buy | Maintain | Sep 10, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 18, 2026 |
| HSBC | Buy | Hold | Upgrade | Aug 14, 2026 |
| Argus Research | Buy | Hold | Upgrade | Aug 5, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 30, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jul 29, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 27, 2026 |
| TD Cowen | Buy | Hold | Upgrade | Jul 24, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 24, 2026 |
| Guggenheim | Buy | Neutral | Upgrade | Jul 15, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 1, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Apr 27, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Apr 27, 2026 |
| UBS | Buy | Buy | Maintain | Apr 24, 2026 |
| Stifel | Buy | Buy | Maintain | Apr 24, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Apr 21, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Apr 13, 2026 |
| Citigroup | Buy | Buy | Maintain | Feb 6, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jan 12, 2026 |
| B of A Securities | Neutral | Buy | Downgrade | Jan 8, 2026 |
| Freedom Broker | Buy | Buy | Maintain | Oct 27, 2025 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Oct 20, 2025 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Jul 25, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Apr 28, 2025 |
| Jefferies | Buy | Buy | Maintain | Apr 25, 2025 |
| Deutsche Bank | Buy | Hold | Upgrade | Jan 15, 2025 |
| BMO Capital | Outperform | Market Perform | Upgrade | Jun 26, 2024 |
| Exane BNP Paribas | Outperform | Neutral | Upgrade | Jul 28, 2023 |
| Credit Suisse | Underperform | Underperform | Maintain | May 1, 2023 |
| TD Securities | Buy | Hold | Upgrade | Dec 18, 2020 |
| Keybanc | Overweight | Downgrade | Dec 14, 2020 | |
| Berenberg | Buy | Hold | Upgrade | Aug 25, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | May 8, 2020 |
| Baird | Neutral | Outperform | Downgrade | Apr 13, 2020 |
| William Blair | Outperform | Market Perform | Upgrade | Oct 30, 2019 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Jul 23, 2019 |
| Argus | Buy | Buy | Maintain | Jul 3, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jul 27, 2018 |
| Moffett Nathanson | Neutral | Neutral | Maintain | Apr 9, 2018 |
| Macquarie | Neutral | Neutral | Maintain | Apr 7, 2017 |
| Bank of America | Buy | Buy | Maintain | Sep 28, 2016 |
| Canaccord Genuity | Buy | Hold | Upgrade | Jun 12, 2015 |
| Goldman Sachs | Neutral | Neutral | Maintain | Mar 27, 2015 |
| MLV & Co. | Hold | Buy | Downgrade | May 21, 2014 |
| Evercore Partners | Equal Weight | Overweight | Downgrade | Oct 30, 2013 |
| McNicoll Lewis Vlak | Buy | Buy | Maintain | Jul 29, 2013 |
| ISI Group | Neutral | Buy | Downgrade | Apr 29, 2013 |
| Collins Stewart | Neutral | Neutral | Maintain | Feb 21, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $176.49. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Redburn Partners | Analyst unavailable | $227 | $182.12 | +28.6% | Sep 21, 2026 |
| BTIG | Analyst unavailable | $220 | $189.08 | +24.7% | Sep 10, 2026 |
| Evercore ISI | Analyst unavailable | $240 | $198.08 | +36.0% | Aug 18, 2026 |
| HSBC | Analyst unavailable | $240 | $197.58 | +36.0% | Aug 13, 2026 |
| Mizuho Securities | Analyst unavailable | $223 | $193.8 | +26.4% | Aug 10, 2026 |
| Argus Research | Analyst unavailable | $212 | $193.89 | +20.1% | Aug 5, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $221 | $188.92 | +25.2% | Jul 29, 2026 |
| RBC Capital | Analyst unavailable | $227 | $193.4 | +28.6% | Jul 27, 2026 |
| Deutsche Bank | Analyst unavailable | $229 | $197.07 | +29.8% | Jul 27, 2026 |
| Guggenheim | Joseph Osha | $200 | $173.11 | +13.3% | Jul 15, 2026 |
| BTIG | Analyst unavailable | $215 | $179.33 | +21.8% | Jul 10, 2026 |
| Barclays | Analyst unavailable | $197 | $179.58 | +11.6% | Jul 1, 2026 |
| Truist Financial | Analyst unavailable | $225 | $194.07 | +27.5% | Jun 24, 2026 |
| Truist Financial | Analyst unavailable | $208 | $193.39 | +17.9% | May 14, 2026 |
| Scotiabank | Maher Yaghi | $222 | $195.33 | +25.8% | Apr 27, 2026 |
| HSBC | Analyst unavailable | $210 | $200 | +19.0% | Apr 27, 2026 |
| UBS | Analyst unavailable | $227 | $207.57 | +28.6% | Apr 24, 2026 |
| Stifel Nicolaus | Analyst unavailable | $235 | $206.62 | +33.2% | Apr 24, 2026 |
| Goldman Sachs | Michael Ng | $215 | $200 | +21.8% | Apr 24, 2026 |
| Wells Fargo | Analyst unavailable | $220 | $203.91 | +24.7% | Apr 21, 2026 |
| Barclays | Brendan Lynch | $189 | $195.69 | +7.1% | Apr 16, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $211 | $188.15 | +19.6% | Apr 9, 2026 |
| Raymond James | Frank Louthan | $210 | $180.4 | +19.0% | Mar 12, 2026 |
| Stifel Nicolaus | Analyst unavailable | $200 | $164.65 | +13.3% | Feb 6, 2026 |
| HSBC | Phani Kanumuri | $193 | $159.26 | +9.4% | Jan 15, 2026 |
| UBS | Analyst unavailable | $189 | $158.1 | +7.1% | Jan 14, 2026 |
| Barclays | Analyst unavailable | $164 | $157.87 | -7.1% | Jan 13, 2026 |
| Mizuho Securities | Analyst unavailable | $180 | $156.85 | +2.0% | Jan 12, 2026 |
| Deutsche Bank | Analyst unavailable | $180 | $155.77 | +2.0% | Jan 5, 2026 |
| Goldman Sachs | Analyst unavailable | $188 | $148.39 | +6.5% | Dec 18, 2025 |
| Loop Capital Markets | Viacheslav Obodnikov | $205 | $178.14 | +16.2% | Oct 27, 2025 |
| Barclays | Brendan Lynch | $161 | $177.86 | -8.8% | Oct 27, 2025 |
| Stifel Nicolaus | Analyst unavailable | $210 | $175.39 | +19.0% | Oct 24, 2025 |
| Daiwa | Analyst unavailable | $210 | $171.63 | +19.0% | Oct 22, 2025 |
| Wolfe Research | Andrew Rosivach | $174 | $172.73 | -1.4% | Oct 20, 2025 |
| Wolfe Research | Andrew Rosivach | $194 | $172.73 | +9.9% | Oct 20, 2025 |
| Truist Financial | Analyst unavailable | $199 | $177.3 | +12.8% | Jul 30, 2025 |
| JMP Securities | Greg Miller | $220 | $180.5 | +24.7% | Jan 27, 2025 |
| Citigroup | Michael Rollins | $212 | $182.17 | +20.1% | Oct 30, 2024 |
| Deutsche Bank | Matthew Niknam | $159 | $183.31 | -9.9% | Oct 29, 2024 |
| Mizuho Securities | Omotayo Okusanya | $170 | $183.44 | -3.7% | Oct 28, 2024 |
| HSBC | Phani Kanumuri | $160 | $157 | -9.3% | Oct 4, 2024 |
| Barclays | Brendan Lynch | $130 | $155.09 | -26.3% | Jul 24, 2024 |
| Wells Fargo | Eric Luebchow | $170 | $155.56 | -3.7% | Jul 23, 2024 |
| Goldman Sachs | James Schneider | $175 | $152.05 | -0.8% | Jul 1, 2024 |
| BMO Capital | Ari Klein | $170 | $146.44 | -3.7% | Jun 26, 2024 |
| RBC Capital | Jonathan Atkin | $160 | $145.34 | -9.3% | Jun 3, 2024 |
| Deutsche Bank | Matthew Niknam | $145 | $143.58 | -17.8% | May 30, 2024 |
| Barclays | Brendan Lynch | $123 | $141.43 | -30.3% | May 30, 2024 |
| Evercore ISI | Irvin Liu | $160 | $142.72 | -9.3% | May 20, 2024 |
| UBS | John Hodulik | $147 | $140.15 | -16.7% | May 3, 2024 |
| Wells Fargo | Nitin Kumar | $155 | $143.34 | -12.2% | Apr 9, 2024 |
| Morgan Stanley | Simon Flannery | $108 | $141.91 | -38.8% | Apr 2, 2024 |
| Scotiabank | Maher Yaghi | $157 | $140.58 | -11.0% | Jan 22, 2024 |
| Credit Suisse | Analyst unavailable | $81 | $102.83 | -54.1% | Jan 4, 2023 |
| Barclays | Analyst unavailable | $81 | $101.54 | -54.1% | Dec 19, 2022 |
| BNP Paribas | Analyst unavailable | $128 | $107.84 | -27.5% | Dec 14, 2022 |
| Wells Fargo | Analyst unavailable | $115 | $111.09 | -34.8% | Dec 14, 2022 |
| Credit Suisse | Sami Badri | $98 | $94.59 | -44.5% | Oct 6, 2022 |
| Wells Fargo | Analyst unavailable | $145 | $123.19 | -17.8% | Sep 13, 2022 |
| Barclays | Analyst unavailable | $126 | $132.21 | -28.6% | Aug 18, 2022 |
| Deutsche Bank | Analyst unavailable | $150 | $131.08 | -15.0% | Aug 2, 2022 |
| Morgan Stanley | Analyst unavailable | $141 | $127.12 | -20.1% | Jul 26, 2022 |
| Wells Fargo | Analyst unavailable | $155 | $127.13 | -12.2% | Jul 25, 2022 |
| Deutsche Bank | Matthew Niknam | $144 | $124.57 | -18.4% | Jun 15, 2022 |
| Citigroup | Analyst unavailable | $160 | $130.96 | -9.3% | Jun 10, 2022 |
| Credit Suisse | Analyst unavailable | $148 | $151.32 | -16.1% | Apr 29, 2022 |
| Wells Fargo | Analyst unavailable | $165 | $149.75 | -6.5% | Apr 25, 2022 |
| Jefferies | Jonathan Petersen | $172 | $157.81 | -2.5% | Jan 10, 2022 |
| Bank of America Securities | David Barden | $190 | $173.52 | +7.7% | Jan 3, 2022 |
| Robert W. Baird | Dave Rodgers | $167 | $153.71 | -5.4% | Nov 4, 2021 |
| TD Securities | Jonathan Kelcher | $185 | $154.43 | +4.8% | Oct 27, 2021 |
| Raymond James | Frank Louthan | $185 | $154.43 | +4.8% | Oct 27, 2021 |
| Citigroup | Michael Rollins | $179 | $159.14 | +1.4% | Aug 19, 2021 |
Track every rating change on DLR the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationDigital Realty Trust, Inc. owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products.…
Historical context
All DLR earningsLatest beats and misses
Who reports nextBeat on EPS
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- MUFY2026 Q4 · September 30, 2026+5.4% EPS+0.0% move
- CCLFY2026 Q3 · September 29, 2026+5.9% EPS+13.4% move
- COSTFY2026 Q4 · September 24, 2026+3.2% EPS+2.9% move
Get the DLR recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-01T21:56:08.849464+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-01T21:56:08.846258+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-01. For educational purposes only; not investment advice.