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Digital Realty Trust, L.P. earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 30, 2026
Q3 2026 Revenue up 21% year over year to $1.9B · 10¢ of every $1 of revenue kept as net profit · operating margin 15.9%
Digital Realty Trust, L.P. made $1.9B in Q3 2026 (+21% Y/Y): Rental and other services $1.8B, Fee income and other $75.3M. Operating margin 15.9%, net earnings $195M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.
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What changed this quarter
Revenue was $1.9B in Q3 2026, up 21% year over year and down 1% from the previous quarter. Rental and other services was the largest line at 96% of revenue. Rental and other services added $0.29B year over year (up 19%), 89% of the total change.
Operating profit was $0.30B, a 15.9% margin (up 5.9 points year over year). Of the extra revenue versus Q3 2025, 44% reached operating profit, above the 10% margin then. Total costs grew 13% against revenue growth of 21%. The fastest-growing cost line was General & admin (+22%). Net earnings were $0.20B, up 188% year over year. The effective tax rate was 4.3%.
Operating cash flow was $0.38B (down 41% year over year), 197% of net earnings. Non-cash charges added back $0.54B of depreciation and amortization. Working capital and other items used $0.35B. Capital expenditures of $1.4B exceeded it, leaving free cash flow of −$1.0B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 30, 2026 | $1.9B | +21% | 15.9% | $195M | $382M |
| Q2 2026 | 10-Q | Jul 31, 2026 | $1.9B | +29% | 24.3% | $453M | $1.1B |
| Q1 2026 | 10-Q | May 1, 2026 | $1.6B | +16% | 16.4% | $179M | $532M |
| Q4 2025 | 10-K | Feb 13, 2026 | $1.6B | +14% | 6.9% | $98.6M | $719M |
| Q3 2025 | 10-Q | Oct 31, 2025 | $1.6B | — | 8.8% | $67.8M | $653M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $1.5B | — | 14.2% | $1.0B | — |
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About Digital Realty Trust, L.P.
Digital Realty Trust, Inc., through its controlling interest in Digital Realty Trust, L.P. and the subsidiaries of the Operating Partnership, is a leading global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals. The Parent operates as a REIT for U.S. federal income tax purposes. The Operating Partnership is the entity through which the Parent conducts its business of owning, acquiring, developing and operating data centers. The Parent was incorporated in the state of Maryland on March 9, 2004. The Operating Partnership was organized as a limited partnership in the state of Maryland on July 21, 2004.
In its own words, from its 10-K, filed Feb 13, 2026.
Digital Realty Trust, L.P. against its Real Estate peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +21% against the peers' median +8%. Operating margin: 15.9% against the peers' median 15.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Digital Realty Trust, L.P. | Q3 2026 | $1.9B | +21% | 15.9% |
| CBRE CBRE Group | Q3 2026 | $11.5B | +13% | 4.9% |
| CWK Cushman & Wakefield | Q3 2026 | $2.8B | +8% | 4.6% |
| Prologis, L.P. | Q3 2026 | $2.4B | +8% | 43.8% |
| FOR Forestar Group | Q4 FY26 | $581M | -13% | 13.5% |
| Regency Centers LP | Q3 2026 | $419M | +8% | 72.3% |
| Tiaa Real Estate Account | Q3 2026 | $303M | -0.8% | 298.8% |
| MRP Millrose Properties | Q3 2026 | $211M | +18% | 85.5% |
| HPP Hudson Pacific Properties | Q2 2026 | $188M | -0.9% | -55.4% |
Source: Digital Realty Trust, L.P. 10-Q on SEC EDGAR · CIK 1494877 · Real Estate