Digital Realty stock heads into Q3 results with record backlog

Published on 10/05/2026 at 21:16 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Digital Realty stock was trading at USD 179.32 on October 5, while its Q2 backlog reached USD 1.4 billion at the company share. Q3 results are scheduled for October 29.

Fotorealistisches Rechenzentrum-Außengelände bei Dusk mit blauer Akzentbeleuchtung — Digital Realty Trust zeigt seinen Rechenzentrum Campus bei Abenddaemmerung mit blauer Beleuchtung US2538681030, Illustration mit AI erstellt.

Digital Realty stock was trading at USD 179.32 on the NYSE on October 5, 2026, up 0.43 percent during the session. The data-center operator enters its October 29 results date with a record backlog and higher full-year Core FFO guidance.

Backlog reaches USD 1.4 billion

Digital Realty's second-quarter operating picture centers on contracted demand. In the Q2 2026 earnings call, Yahoo Finance reported that backlog at Digital Realty's share reached USD 1.4 billion at the end of June, up 75 percent from the beginning of 2026. The total backlog stood at USD 1.9 billion at full ownership.

The backlog represented 30 percent of in-place data-center rent at the end of Q2 2026, according to the transcript. Digital Realty also signed two hyperscale leases after quarter-end representing USD 205 million of annualized rent at its share, adding visibility but also increasing the capital required for delivery.

Guidance rises as costs expand

Digital Realty generated Core FFO excluding net promote income of USD 2.13 per share in Q2 2026, a 14 percent year-over-year increase, according to Yahoo Finance. Management raised its 2026 Core FFO guidance excluding net promote income to USD 8.15-8.20 per share.

The company also expects 2026 net development capital expenditures of USD 4.25 billion-4.75 billion, according to the same Q2 transcript. That spending plan is the key counterweight to the backlog: demand is expanding, but Digital Realty must fund power, construction and newly signed capacity while preserving returns.

Analysts see upside to USD 219.69

The analyst backdrop remains favorable but not uniform. MarketBeat reported on September 24, 2026, that HSBC cut its target from USD 240 to USD 235 while maintaining a Buy rating. The target lies 31.1 percent above the October 5 trading price.

MarketBeat lists a Moderate Buy consensus from 33 analysts, including one Strong Buy, 26 Buys and six Holds, with an average target of USD 219.69. That average target lies 22.5 percent above the October 5 trading price.

Stock trades below yearly high

Digital Realty was trading at USD 179.32 on the NYSE at 3:15 p.m. ET on October 5, 2026. The session range was USD 176.47 to USD 179.44, while the 52-week range was USD 146.23 to USD 208.14 and market capitalization was USD 66.3 billion.