Digital Realty Trust, Inc. (DLR) Cash Flow Statement
Where DLR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.41B +6.7% vs 2024
- Capital expenditures
- $3.18B 52.0% of revenue
- Free cash flow
- $2.41B 39.5% margin
- Returned to shareholders
- $1.73B 72% of free cash flow
- Change in cash
- −$419.2M cash at year-end $3.45B
Cash from operations
$2.41B
Capital expenditures
−$3.18B
Acquisitions & other
+$950.7M
Dividends
−$1.73B
Share buybacks (net)
+$1.11B
Net borrowing (repayment)
+$190.6M
Shares issued
+$1.11B
Other financing
−$1.16B
Currency & other
−$114.2M
Change in cash
−$419.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
DLR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
DLR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $912.3M2016 | $2.41B2025 | +11.4%/yr | |
| Capital expenditures | $774.3M2016 | $3.18B2025 | +17.0%/yr | |
| Free cash flow | $137.9M2016 | $2.41B2025 | +37.4%/yr | |
| Free cash flow margin | 6.4%2016 | 39.5%2025 | +33.0 pts | |
| Operating cash flow / net income | 2.112016 | 1.842025 | −0.27 | |
| Stock-based compensation | $17.4M2016 | $70.2M2025 | +16.7%/yr | |
| Dividends paid | $605.4M2016 | $1.73B2025 | +12.4%/yr | |
| Share buybacks (net) | $287.5M2016 | $02025 | −100.0% | |
| Capex / revenue | 36.1%2016 | 52.0%2025 | +15.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DLR cash flow by activity
OperatingInvestingFinancingChange in cash
DLR net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DLR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.31B | $602.5M | $950.3M | $380.3M | $1.75B | $362.7M | $599.2M | $341.1M | $256.3M | $431.9M |
| Depreciation & amortization | $1.89B | $1.77B | $1.69B | $1.58B | $1.49B | $1.37B | $809.5M | $1.19B | $842.5M | $699.3M |
| Stock-based compensation | $70.2M | $75.6M | $80.5M | $92.5M | $84.1M | $74.6M | $34.9M | $27.2M | $20.5M | $17.4M |
| Change in working capital | $37.3M | $24.7M | −$379.8M | −$230.3M | −$309.8M | −$8.4M | −$30.5M | −$130.5M | −$107.7M | −$43.9M |
| Other non-cash items | −$898.6M | −$213.1M | −$711.2M | −$161.0M | −$1.31B | −$88.7M | $100.7M | −$39.3M | $11.8M | −$192.5M |
| Cash from operating activities | $2.41B | $2.26B | $1.63B | $1.66B | $1.70B | $1.71B | $1.51B | $1.39B | $1.02B | $912.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$3.18B | −$2.83B | −$3.53B | −$2.64B | −$2.52B | −$2.06B | −$1.53B | −$1.37B | −$1.20B | −$774.3M |
| Investments (net) | — | −$1.91B | −$1.07B | −$4.70B | $1.69B | −$188.9M | $2.03B | −$49.2M | −$80.3M | −$16.2M |
| Acquisitions & other investing | $950.7M | $2.83B | $3.48B | $2.64B | −$234.7M | −$346.4M | −$773.8M | −$1.61B | −$75.4M | −$508.9M |
| Cash from investing activities | −$2.23B | −$1.91B | −$1.12B | −$4.70B | −$1.06B | −$2.60B | −$275.0M | −$3.04B | −$1.36B | −$1.30B |
| Financing activities | ||||||||||
| Dividends paid | −$1.73B | −$1.63B | −$1.52B | −$1.45B | −$1.38B | −$1.24B | −$996.8M | −$930.8M | −$715.2M | −$605.4M |
| Share repurchases & issuance (net) | $1.11B | $3.65B | $3.74B | $928.4M | −$201.2M | −$500.0M | −$365.1M | −$3.9M | −$182.5M | −$287.5M |
| Net borrowing (repayment) | $190.6M | $37.3M | $334.4M | $3.44B | $816.9M | $686.3M | −$514.5M | $2.62B | $816.2M | $178.4M |
| Shares issued | $1.11B | $3.65B | $1.61B | $928.4M | $172.1M | $1.88B | $535.6M | $1.2M | $0 | $0 |
| Other financing | −$1.16B | −$3.64B | −$3.20B | −$881.7M | $783,000 | $108.8M | $68.6M | $72.4M | $402.7M | $1.07B |
| Cash from financing activities | −$486.7M | $2.06B | $963.5M | $2.97B | −$590.6M | $935.7M | −$1.27B | $1.76B | $321.2M | $351.9M |
| Summary | ||||||||||
| Net change in cash | −$419.2M | $2.24B | $1.49B | −$789,000 | $27.8M | $26.4M | −$38.0M | $122.0M | −$8.9M | −$46.5M |
| Cash at end of period | $3.45B | $3.88B | $1.64B | $150.7M | $151.5M | $123.7M | $97.3M | $135.2M | $13.2M | $10.5M |
| Free cash flow | $2.41B | −$570.3M | −$1.89B | $1.66B | $1.70B | $1.71B | $1.51B | $11.7M | −$178.2M | $137.9M |
| Free cash flow margin | 39.5% | −10.3% | −34.5% | 35.4% | 38.4% | 43.7% | 47.2% | 0.4% | −7.2% | 6.4% |
| Capex / revenue | 52.0% | 51.0% | 64.4% | 56.3% | 56.9% | 52.9% | 47.8% | 45.1% | 48.9% | 36.1% |
| Operating cash flow / net income | 1.84 | 3.75 | 1.72 | 4.36 | 0.97 | 4.70 | 2.53 | 4.06 | 3.99 | 2.11 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $457.6M | $179.3M | $98.6M | $63.7M | $1.05B | $106.4M | $185.7M | $40.1M | $74.7M | $287.8M | $19.9M | $745.9M |
| Depreciation & amortization | $507.1M | $499.5M | $493.5M | $497.0M | $461.2M | $443.0M | $455.4M | $460.0M | $425.3M | $431.1M | $420.5M | $420.6M |
| Stock-based compensation | $29.0M | $25.3M | $17.3M | $23.9M | $25.0M | $20.9M | $14.9M | $22.6M | $21.3M | $16.7M | $25.7M | $19.2M |
| Change in working capital | $103.8M | −$209.6M | $144.1M | $200.8M | $37.2M | −$238.0M | $189.5M | $17.9M | −$2.2M | −$180.6M | −$48.6M | −$137.7M |
| Other non-cash items | −$34.7M | $38.0M | −$34.6M | −$132.5M | −$929.1M | $66.8M | −$76.0M | $25.8M | $54.1M | −$202.8M | $44.8M | −$689.7M |
| Cash from operating activities | $1.06B | $532.4M | $719.0M | $652.9M | $641.2M | $399.1M | $769.5M | $566.5M | $573.2M | $352.3M | $462.3M | $358.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$914.2M | $0 | −$3.18B | −$687.4M | −$704.3M | −$787.3M | −$735.4M | −$781.5M | −$655.5M | −$659.3M | −$1.06B | −$1.10B |
| Investments (net) | — | — | — | −$729.6M | $161.3M | −$903.2M | −$512.0M | −$1.12B | −$281.8M | $6.6M | −$1.02B | −$16.2M |
| Acquisitions & other investing | −$2.00B | −$1.33B | $2.42B | $687.4M | $704.3M | $787.3M | $735.4M | $781.5M | $655.5M | $659.3M | $1.06B | $2.29B |
| Cash from investing activities | −$2.91B | −$1.33B | −$759.1M | −$729.6M | $161.3M | −$903.2M | −$512.0M | −$1.12B | −$281.8M | $6.6M | −$1.02B | $1.18B |
| Financing activities | ||||||||||||
| Dividends paid | −$454.4M | −$871.4M | −$10.2M | −$436.4M | −$433.3M | −$848.6M | −$10.2M | −$418.8M | −$415.8M | −$788.5M | −$10.2M | −$388.5M |
| Share repurchases & issuance (net) | — | — | $1.11B | $1.03B | $605.2M | $984,000 | $3.65B | $2.73B | — | — | −$278.3M | −$45.5M |
| Net borrowing (repayment) | — | −$201.2M | $110.7M | −$156.2M | $402.1M | −$166.1M | $656.6M | $111.6M | — | — | — | −$488.8M |
| Shares issued | $0 | $870.6M | $76.8M | $424.0M | $604.2M | $984,000 | $920.6M | $806.2M | $1.83B | $98.0M | $1.13B | $335.3M |
| Other financing | $1.65B | −$16.0M | −$1.13B | −$1.04B | −$622.3M | −$5.3M | −$3.68B | −$2.75B | −$555.0M | −$119.2M | $230.5M | −$5.2M |
| Cash from financing activities | $1.20B | −$217.9M | $151.9M | −$176.5M | $555.8M | −$1.02B | $1.54B | $474.4M | $855.1M | −$809.7M | $1.07B | −$592.6M |
| Summary | ||||||||||||
| Net change in cash | −$570.8M | −$1.02B | $151.9M | −$255.7M | $1.23B | −$1.55B | $1.69B | −$105.1M | $1.09B | −$437.4M | $564.0M | $937.8M |
| Cash at end of period | $1.87B | $2.44B | $3.45B | $3.31B | $3.56B | $2.33B | $3.88B | $2.18B | $2.28B | $1.19B | $1.64B | $1.07B |
| Free cash flow | $148.6M | $532.4M | $719.0M | −$34.5M | −$63.1M | −$388.2M | $34.1M | −$215.0M | −$82.3M | −$307.0M | −$596.8M | −$739.4M |
| Free cash flow margin | 7.7% | 32.6% | 42.0% | −2.2% | −4.2% | −27.6% | 2.4% | −15.0% | −6.1% | −23.1% | −43.6% | −52.7% |
| Capex / revenue | 47.5% | 0.0% | 185.8% | 43.6% | 47.2% | 55.9% | 51.2% | 54.6% | 48.3% | 49.5% | 77.3% | 78.3% |
| Operating cash flow / net income | 2.32 | 2.97 | 7.29 | 10.25 | 0.61 | 3.75 | 4.14 | 14.12 | 7.68 | 1.22 | 23.24 | 0.48 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DLR cash generation
In fiscal 2025 (ended December 31, 2025), Digital Realty generated $2.4 billion of cash from operations (up 6.7%) and spent $3.2 billion on capital expenditures, leaving free cash flow of $2.4 billion, 39.5% of revenue. It returned $1.7 billion to shareholders through dividends ($1.7 billion) and net share buybacks ($0). Cash and equivalents fell by $419.2 million over the year.
Related: DLR income statement, DLR balance sheet, DLR dividend history. See the DLR stock overview for the latest quote and news.
DLR cash flow FAQ
What is Digital Realty's free cash flow?
Digital Realty's free cash flow was $2.4 billion in fiscal 2025: $2.4 billion of operating cash flow minus $3.2 billion of capital expenditures It was -$570.3 million a year earlier..
How much cash does Digital Realty generate from operations?
Digital Realty generated $2.4 billion of cash from operating activities in fiscal 2025, 1.84 times its net income of $1.3 billion.
How much does Digital Realty spend on capital expenditures?
Digital Realty spent $3.2 billion on capital expenditures in fiscal 2025, 52.0% of revenue, compared with $2.8 billion the year before.
How much does Digital Realty pay in dividends?
Digital Realty paid $1.7 billion in dividends in fiscal 2025, 71.7% of free cash flow.