Analyst Consensus ?
ConsensusBuy46 ratings
Bullish3167.4%
Neutral1430.4%
Bearish12.2%
1 unmapped firm rating excluded from the percentages.
Digital Realty Trust, Inc. · DLR · FY2026 Q2 · Calendar Q3 2026
DLR Q2 2026: Record Core FFO $2.13, Revenue Beat 16%, Backlog Hits $1.9B
Digital Realty's Q2 2026 results reinforce a structural growth narrative centered on AI-driven demand for data center capacity. Core FFO per share reached a record $2.13 (14% YoY growth), revenue beat estimates by 16%, and the backlog climbed to an all-time high of $1.9B. The company accelerated its private-capital strategy with approximately $14B in new commitments through the Blackstone JV, Columbia Capital acquisition, and Teraco stake, extending its development runway while keeping leverage disciplined. Management raised FY2026 guidance for the second consecutive quarter, citing robust AI inference and interconnection demand as the primary engine.
Reported After market closeNYSEReal Estate
$71.47B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.21
Consensus $0
EPS surprise
+150.6%
Reported versus consensus
Reported revenue
$1.92B
Consensus $1.66B
Revenue surprise
+16.1%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$192.87Current
$81Low
$183.57Average
$235High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 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 |
|---|---|---|---|---|
| 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 |
| Truist Securities | Buy | Buy | Maintain | Jun 24, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | May 1, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Apr 27, 2026 |
| HSBC | Hold | Buy | Downgrade | 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 |
| RBC Capital | Outperform | Outperform | Maintain | Oct 28, 2024 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Oct 23, 2024 |
| Argus Research | Hold | Buy | Downgrade | Aug 1, 2024 |
| 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 $192.87. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| RBC Capital | Analyst unavailable | $227 | $193.4 | +17.7% | Jul 27, 2026 |
| Deutsche Bank | Analyst unavailable | $229 | $197.07 | +18.7% | Jul 27, 2026 |
| Guggenheim | Joseph Osha | $200 | $173.11 | +3.7% | Jul 15, 2026 |
| BTIG | Analyst unavailable | $215 | $179.33 | +11.5% | Jul 10, 2026 |
| Barclays | Analyst unavailable | $197 | $179.58 | +2.1% | Jul 1, 2026 |
| Truist Financial | Analyst unavailable | $225 | $194.07 | +16.7% | Jun 24, 2026 |
| Truist Financial | Analyst unavailable | $208 | $193.39 | +7.8% | May 14, 2026 |
| Scotiabank | Maher Yaghi | $222 | $195.33 | +15.1% | Apr 27, 2026 |
| HSBC | Analyst unavailable | $210 | $200 | +8.9% | Apr 27, 2026 |
| UBS | Analyst unavailable | $227 | $207.57 | +17.7% | Apr 24, 2026 |
| Stifel Nicolaus | Analyst unavailable | $235 | $206.62 | +21.8% | Apr 24, 2026 |
| Goldman Sachs | Michael Ng | $215 | $200 | +11.5% | Apr 24, 2026 |
| Wells Fargo | Analyst unavailable | $220 | $203.91 | +14.1% | Apr 21, 2026 |
| Barclays | Brendan Lynch | $189 | $195.69 | -2.0% | Apr 16, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $211 | $188.15 | +9.4% | Apr 9, 2026 |
| Raymond James | Frank Louthan | $210 | $180.4 | +8.9% | Mar 12, 2026 |
| Stifel Nicolaus | Analyst unavailable | $200 | $164.65 | +3.7% | Feb 6, 2026 |
| HSBC | Phani Kanumuri | $193 | $159.26 | +0.1% | Jan 15, 2026 |
| UBS | Analyst unavailable | $189 | $158.1 | -2.0% | Jan 14, 2026 |
| Barclays | Analyst unavailable | $164 | $157.87 | -15.0% | Jan 13, 2026 |
| Mizuho Securities | Analyst unavailable | $180 | $156.85 | -6.7% | Jan 12, 2026 |
| Deutsche Bank | Analyst unavailable | $180 | $155.77 | -6.7% | Jan 5, 2026 |
| Goldman Sachs | Analyst unavailable | $188 | $148.39 | -2.5% | Dec 18, 2025 |
| Loop Capital Markets | Viacheslav Obodnikov | $205 | $178.14 | +6.3% | Oct 27, 2025 |
| Barclays | Brendan Lynch | $161 | $177.86 | -16.5% | Oct 27, 2025 |
| Stifel Nicolaus | Analyst unavailable | $210 | $175.39 | +8.9% | Oct 24, 2025 |
| Daiwa | Analyst unavailable | $210 | $171.63 | +8.9% | Oct 22, 2025 |
| Wolfe Research | Andrew Rosivach | $174 | $172.73 | -9.8% | Oct 20, 2025 |
| Wolfe Research | Andrew Rosivach | $194 | $172.73 | +0.6% | Oct 20, 2025 |
| Truist Financial | Analyst unavailable | $199 | $177.3 | +3.2% | Jul 30, 2025 |
| JMP Securities | Greg Miller | $220 | $180.5 | +14.1% | Jan 27, 2025 |
| Citigroup | Michael Rollins | $212 | $182.17 | +9.9% | Oct 30, 2024 |
| Deutsche Bank | Matthew Niknam | $159 | $183.31 | -17.6% | Oct 29, 2024 |
| Mizuho Securities | Omotayo Okusanya | $170 | $183.44 | -11.9% | Oct 28, 2024 |
| HSBC | Phani Kanumuri | $160 | $157 | -17.0% | Oct 4, 2024 |
| Barclays | Brendan Lynch | $130 | $155.09 | -32.6% | Jul 24, 2024 |
| Wells Fargo | Eric Luebchow | $170 | $155.56 | -11.9% | Jul 23, 2024 |
| Goldman Sachs | James Schneider | $175 | $152.05 | -9.3% | Jul 1, 2024 |
| BMO Capital | Ari Klein | $170 | $146.44 | -11.9% | Jun 26, 2024 |
| RBC Capital | Jonathan Atkin | $160 | $145.34 | -17.0% | Jun 3, 2024 |
| Deutsche Bank | Matthew Niknam | $145 | $143.58 | -24.8% | May 30, 2024 |
| Barclays | Brendan Lynch | $123 | $141.43 | -36.2% | May 30, 2024 |
| Evercore ISI | Irvin Liu | $160 | $142.72 | -17.0% | May 20, 2024 |
| UBS | John Hodulik | $147 | $140.15 | -23.8% | May 3, 2024 |
| Wells Fargo | Nitin Kumar | $155 | $143.34 | -19.6% | Apr 9, 2024 |
| Morgan Stanley | Simon Flannery | $108 | $141.91 | -44.0% | Apr 2, 2024 |
| Scotiabank | Maher Yaghi | $157 | $140.58 | -18.6% | Jan 22, 2024 |
| Credit Suisse | Analyst unavailable | $81 | $102.83 | -58.0% | Jan 4, 2023 |
| Barclays | Analyst unavailable | $81 | $101.54 | -58.0% | Dec 19, 2022 |
| BNP Paribas | Analyst unavailable | $128 | $107.84 | -33.6% | Dec 14, 2022 |
| Wells Fargo | Analyst unavailable | $115 | $111.09 | -40.4% | Dec 14, 2022 |
| Credit Suisse | Sami Badri | $98 | $94.59 | -49.2% | Oct 6, 2022 |
| Wells Fargo | Analyst unavailable | $145 | $123.19 | -24.8% | Sep 13, 2022 |
| Barclays | Analyst unavailable | $126 | $132.21 | -34.7% | Aug 18, 2022 |
| Deutsche Bank | Analyst unavailable | $150 | $131.08 | -22.2% | Aug 2, 2022 |
| Morgan Stanley | Analyst unavailable | $141 | $127.12 | -26.9% | Jul 26, 2022 |
| Wells Fargo | Analyst unavailable | $155 | $127.13 | -19.6% | Jul 25, 2022 |
| Deutsche Bank | Matthew Niknam | $144 | $124.57 | -25.3% | Jun 15, 2022 |
| Citigroup | Analyst unavailable | $160 | $130.96 | -17.0% | Jun 10, 2022 |
| Credit Suisse | Analyst unavailable | $148 | $151.32 | -23.3% | Apr 29, 2022 |
| Wells Fargo | Analyst unavailable | $165 | $149.75 | -14.5% | Apr 25, 2022 |
| Jefferies | Jonathan Petersen | $172 | $157.81 | -10.8% | Jan 10, 2022 |
| Bank of America Securities | David Barden | $190 | $173.52 | -1.5% | Jan 3, 2022 |
| Robert W. Baird | Dave Rodgers | $167 | $153.71 | -13.4% | Nov 4, 2021 |
| TD Securities | Jonathan Kelcher | $185 | $154.43 | -4.1% | Oct 27, 2021 |
| Raymond James | Frank Louthan | $185 | $154.43 | -4.1% | Oct 27, 2021 |
| Citigroup | Michael Rollins | $179 | $159.14 | -7.2% | Aug 19, 2021 |
Track every rating change on DLR the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
+11.0%
Event window
SPY move
+0.1%
Same window
Abnormal move
+10.9%
Stock minus SPY
Volume
2.8×
Versus trailing sessions
Subsequent drift
-3.0%
Up to 20 sessions
DLRSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Q2 2026 delivered a step-up from Q1 on nearly every operating metric. Core FFO rose from $2.04 to $2.13 per share. 0-1 MW interconnection bookings jumped from $98M to a new record of $108M. Backlog grew from $1.8B to $1.9B. Capex guidance increased to $4.25-$4.75B to fund 1.4 GW of pre-leased capacity. Three strategic transactions -- Blackstone's 64% stake in 288 MW of Northern Virginia hyperscale assets, Columbia Capital (~$485M), and a 16% Teraco stake (~$650M) -- collectively added ~$14B in private-capital commitments. Renewal spreads exceeded 25%, reflecting tight supply conditions.
Guidance delta
FY2026 core FFO guidance was raised for the second consecutive quarter, now implying 10% constant-currency growth (up from the 9% growth implied by the prior $8.10/share guidance). Capex outlook increased to $4.25-$4.75B. Management reiterated confidence in double-digit FFO growth through 2027 and beyond.
Key takeaways
- Core FFO per share hit a record $2.13, up 14% YoY; revenue reached $1.92B, beating estimates by 16%.
- Backlog climbed to an all-time high of $1.9B, supporting multi-year visibility into 2027-2028.
- 0-1 MW interconnection bookings set a new record at $108M, more than double historic levels.
- Three strategic transactions (Blackstone JV, Columbia Capital, Teraco) added approximately $14B in private-capital commitments.
- Renewal spreads exceeded 25%, reflecting tight supply and strong AI-driven demand.
- Capex guidance raised to $4.25-$4.75B to fund 1.4 GW of pre-leased development capacity.
Management priorities
- Deploy $4.25-$4.75B of capex to deliver 1.4 GW of pre-leased capacity in 2026.
- Close Columbia Capital acquisition and 16% Teraco stake in H2 2026.
- Build private-capital funds toward more than $12B of dry powder for hyperscale projects.
- Begin Kansas City power delivery in 2028, developing up to 2 GW of long-term capacity.
- Maintain focus on AI-driven interconnection and service-fabric offerings.
Sources
- Earnings call transcript and parsed analysis · 2026-07-24T16:07:31.564464+00:00
- FN2 earnings calendar · 2026-07-29T01:23:15.868211+00:00
- Polygon adjusted daily market bars · 2026-07-29T12:52:46.595032+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T12:52:46.592154+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 . For educational purposes only; not investment advice.