Digital Realty Trust Inc
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+ FollowMarket Cap$67.04B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Blowout quarter led by leasing + margin/earnings beat; guidance raised
- Core FFO was $2.10/share, +11% YoY (better than expected per management).
- Management states upside to revenues, adjusted EBITDA and core FFO driven by strong execution and records across leasing categories.
- 2026 core FFO/share guidance raised by ~2% to $8.30–$8.35 (midpoint implies ~13% growth vs. 2025).
- Cash NOI growth guidance reiterated/improved to 5.25%–5.75% (constant currency).
- No dividend/buyback details were mentioned in the provided transcript segment.
Records across platform leasing; strong backlog adds visibility
- Total leasing: $855M bookings ($627M at Digital Realty share), record quarter; stated +20% vs. prior record.
- Total backlog: new record $2.5B ($1.8B at share), with booked-not-billed backlog at ~40% of in-place rental revenue → visibility through next year and into 2028.
- 0–1 MW + interconnection: $165M bookings ($151.8M at share), +40% vs. prior quarter record and +40% QoQ / +80% YoY (per CEO summary).
- >1 MW / hyperscale: $689M bookings ($474M at share)—another record; driven by Northern Virginia leases and record APAC signings (Seoul/Chennai/Sydney cited).
- Renewals: $261M renewals at 11.8% blended cash re-leasing spread; churn hit a record low of 0.7% and stabilized occupancy rose ~90 bps sequentially to 93.4%.
AI is shifting demand from “training” to broader inference + distributed architectures; edge/network value
- CEO emphasizes AI adoption creating demand not only for large training capacity but for inference, connectivity-rich environments, agentic AI and sovereign AI.
- Interconnection category continues to scale: interconnection bookings were $23.9M ($22.2M at share), ~+8% vs. prior record.
- Management claims AI inference-related deployments span 15+ markets and that sold-but-not-yet-delivered backlog in the liquid-cooling / AI-ready category effectively doubles customer/location counts toward ~1 GW of delivered/operational expertise.
- Opportunity framing: Digital Realty positions itself as global, connectivity + capacity + “AI-ready” infrastructure rather than just raw MW supply.
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$-70.45
138.1% downside
Current Fair Value
138.1% downsideOvervalued by 138.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $67.04 Billion |
|---|---|
| Enterprise Value | $65.93 Billion |
| Annual dividend | $4.88 |
| Dividend yield | 2.70% |
| Earnings per Share | $3.73 |
| Beta | 1.01 |
| Outstanding Shares | 372,193,000 |
Return
| Return on Equity | NaN% |
|---|---|
| Return on Assets | 1.82% |
| Return on Invested Capital | 5.46% |
Valuation & Multiples
| P/E Ratio | 72.28 |
|---|---|
| PEG | 38.43 |
| Price to Sales | 16.81 |
| Price to Book Ratio | 4.2 |
| Enterprise Value to Revenue | 15.14 |
| Enterprise Value to EBIT | 72.81 |
| Enterprise Value to Net Income | 218 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | - |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$0.52
Consensus analyst estimateRevenue Estimate
$1.75 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$0.57
Consensus analyst estimateRevenue Estimate
$1.84 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 168.38% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.85%▼ 107.44% |
|---|---|
| Total Invested | $2.29B▼ 96.68% |
| Investors Holding | 457▼ 908.00% |
About Digital Realty Trust Inc
2,878 employees
CEO: A. William Stein
Digital Realty supports leading global enterprises and service providers by offering a full spectrum of data center, colocation, and interconnection solutions. Their proprietary global data center platform, PlatformDIGITAL®, provides cus...