Digital Realty (DLR) Q3 2025 10-Q Quarterly Report

Filed: Oct 31, 2025Period ending Sep 30, 2025

Financials

Real Estate Investment TrustsSEC EDGAR

Digital Realty (DLR) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 31, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.

Digital Realty Q3 2025 10-Q Analysis

Management Discussion & Analysis

• Revenue $1.577B in Q3 2025, up 10.2% YoY vs $1.431B in Q3 2024; nine months $4.478B, up 8.7% YoY
• Operating expenses Q3 2025 $1.439B, up 13.9% YoY vs $1.263B; total property level expenses +8.2% YoY
• Funds from Operations (FFO) Q3 2025 $570M ($1.64/share) vs $520M ($1.56/share) in Q3 2024
• Best segment: Non-stabilized revenue up 12.6% Q3 YoY due to development completions; worst: stabilized portfolio slower 7.2% growth
• Cash $3.30B with operating cash flow up $201M YoY; capital expenditures $1.98B YTD, up 2.8% YoY, focused on development projects
• Management launched $3B+ Hyperscale Data Center Fund in 2025; expects $1.2B-$1.7B capex for full year; sees ongoing demand but notes competitive, inflation, and regulatory risks

Risk Factors

• No new or materially changed risk factors from 2024 10-K for fiscal 2025
• Continued exposure to market risks including data center demand fluctuations
• Ongoing regulatory compliance with real estate and cybersecurity laws remains critical
• Operational risk from potential disruption in data center operations or tenant defaults persists
• Financial risk tied to debt maturities and liquidity management unchanged from prior year

Digital Realty Q3 2025 Quarterly Financials
XBRL

Revenue

$1.6B

▲ +10.2% YoY▲ +5.6% QoQ

Net Income

$68M

▲ +32.5% YoY▼ -93.4% QoQ

Net Margin

4.3%

▲ +72bp YoY▼ -6483bp QoQ

Source: XBRL data from Digital Realty Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.

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