Digital Realty Trust, Inc. Q2 2026 Earnings Recap

Digital Realty shares jumped 11.6% following a quarter that delivered upside across bookings, revenue, and profitability metrics, fueled by record interconnection signings and a robust backlog supporting multiple years of growth.

Key Takeaways

• Core FFO excluding net promote income reached $2.13 per share, marking 14% year-over-year growth and prompting a raised 2026 guidance range implying 10% constant currency growth at the midpoint.
• Bookings hit a record in the 0-1 megawatt plus interconnection segment with $108 million, doubling levels from two years ago and highlighting strong demand for connected digital infrastructure.
• Renewal spreads surged to a new peak above 25%, indicating pricing power and customer retention strength.
• Total backlog expanded to $1.9 billion (100% share), amounting to roughly 30% of in-place data center revenue, which underpins multiple years of double-digit growth visibility.
• Strategic initiatives included four transactions across key growth pillars and an acquisition increasing ownership of hyperscale facilities, positioning the company well for continued expansion into hyperscale and connectivity markets.