DIGITAL REALTY TRUST, INC. Segments Disclosure
20. Segment and Geographic Information
A majority of the Company’s largest customers are global entities that transact with the Company across multiple geographies worldwide. In order to better address the needs of these global customers, the Company manages critical decisions around development, operations, and leasing globally based on customer demand considerations. In this regard, the Company manages customer relationships globally in order to achieve consistent sales and delivery experience of our products for our customers throughout the global portfolio. The Company has reiterated its commitment to and implemented strategies to align itself as one global team to help power customers’ digital ambitions.
In order to best accommodate the needs of global customers (and customers that might one day become global), the Company manages its operations as a single global business – with one operating segment and therefore one reporting segment.
The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer, who uses net income as a primary measure of operating results on a consolidated basis in making decisions. Net income is computed in accordance with U.S. GAAP. Significant expense categories, including Rental property operating and maintenance, Property taxes and insurance, General and administrative and Interest expense, are regularly provided to the Company’s CODM as components of net income, which are reflected on the consolidated income statements.
The financial information disclosed herein represents all of the financial information related to our one reportable segment, and the segmental presentation is consistent with the information provided to our CODM. These metrics are collectively used to evaluate the performance of the Company’s investments in real estate assets, its operating results and to allocate resources.
Operating Revenues | |||||||||||
Year Ended December 31, | |||||||||||
(Amounts in millions) | 2025 | 2024 | 2023 | ||||||||
Inside the United States | $ | 3,167.7 | $ | 2,910.5 | $ | 2,836.0 | |||||
Outside the United States | 2,945.0 | 2,644.5 | 2,641.1 | ||||||||
Revenue Outside of U.S. % | 48.2 | % | 47.6 | % | 48.2 | % | |||||
Investments in Properties, net | Operating lease right-of-use assets, net | ||||||||||||||
As of December 31, | As of December 31, | As of December 31, | As of December 31, | ||||||||||||
(Amounts in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||
Inside the United States | $ | 10,221.1 | $ | 10,592.3 | $ | 489.2 | $ | 552.3 | |||||||
Outside the United States | 16,212.5 | 13,528.5 | 646.4 | 626.6 | |||||||||||
Net Assets in Foreign Operations | $ | 9,274.4 | $ | 7,744.8 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 25, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.