Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Operating profit more than doubled as costs lagged revenue
Revenue rose 20.6% while operating expenses rose 11.8%, widening the operating margin as new buildings filled.
For investorsWhat changes when the pipeline starts paying rent
For foundersSelling capacity before it exists
Depreciation took 28.4% of revenue, so operating income understates the cash the buildings produce each year.
With 63% of projects underway already pre-leased, much of the next wave of rent is signed before construction ends.
The filing attributes the 17.9% drop to interest capitalized into construction, a cost that reaches the income statement later.
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Business Lens describes Digital Realty from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
