Digital Realty Trust, Inc. Revenue & Financials

$52 billion market capitalization. That ratio — $32.5 million in market value per employee — makes Digital Realty Trust one of the most capital-efficient businesses in the S&P 500 measured purely by headcount. Revenue grew from $5.16 billion in 2023 to $5.55 billion in 2024. Net income of $1.2 billion on $5.55 billion in revenue implies a margin that understates the cash generation of the REIT structure — depreciation on real property assets is substantial, and funds from operations exceeds net income meaningfully. Revenue of $5.55 billion in 2024, up from $5.16 billion in 2023, reflects both organic growth from existing facilities as tenants expand their footprint and incremental revenue from new capacity coming online. Net income of $1.2 billion understates cash generation because the REIT structure allows for substantial depreciation of the real estate assets, and funds from operations — the metric REIT investors use — is meaningfully higher. The $52 billion market capitalization against $5.55 billion in revenue implies a premium multiple reflecting the durability and growth trajectory of data center demand. The Interxion acquisition at approximately $8.4 billion in 2020 was the largest in company history and the clearest signal of where management saw the growth vector: not in adding more North American facilities to an already-concentrated market, but in bringing European enterprise and hyperscaler customers into the same platform that Digital Realty offered globally. The 2020 acquisition of Interxion for approximately $8.4 billion was the European expansion that transformed Digital Realty into a genuinely global operator.