The major publicly-listed data center colocation providers have posted their latest quarterly results, concluding record 2025 revenues.

Digital Realty, Equinix, Iron Mountain, and American Tower all posted quarterly and year revenue growth, with promises of a healthy 2026 ahead.

Digital Realty: Another record year for DRT

Digital Realty finished the year with “record financial performance.”

Digital Realty reported revenues of $1.6 billion in the fourth quarter of 2025, a four percent increase from the previous quarter and a 14 percent increase from the same quarter last year. The company delivered net income of $96 million and Adjusted EBITDA of $857m.

Total revenue for 2025 was $6.112bn, and Adjusted EBITDA for the year was $3.34bn. The company is forecasting 2026 revenues of $6.6-6.7bn and Adjusted EBITDA of $3.6-3.7bn.

“Digital Realty delivered strong financial results in 2025, with robust top‑line growth, record leasing across our 0‑1MW plus interconnection offering, and a substantial backlog that provides clear revenue visibility into 2026 and beyond,” said Digital Realty president and CEO Andy Power.

“The evolution of our private capital strategy is enabling us to efficiently scale development while maintaining a flexible balance sheet positioned for growth. At the same time, we’re expanding the PlatformDIGITAL footprint to meet rising global demand. Together, these initiatives strengthen our ability to support our customers’ cloud and AI roadmaps while driving long-term value for shareholders.”

For the quarter, Digital signed total bookings expected to generate $400m in revenue, totaling 159.1MW; the majority was from the US, in the above 1MW category. The company signed renewal leases representing $269m during the quarter.

During the earnings call, the company said its Manassas, Virginia, location was the top contributor to its above-1MW signings this quarter, while hyperscalers also signed leases in Tokyo and Osaka in Japan, and Paris, France.

Digital Realty sold a non-core data center in the Dallas metro area for gross proceeds of approximately $33m. The site was located on Alpha Road, where Digital operated its DFW14 facility.

Q4 saw Digital acquire two land parcels around the Hillsboro area of Portland, Oregon, for a combined $23.6m. The two sites are expected to support 85MW of IT capacity. The company also acquired a site in Lisbon, Portugal.

Digital Realty Mivne – the company’s joint venture with Israeli real estate firm Mivne – established a new joint venture with MedOne Ltd., a data center operator in Israel. The joint venture acquired approximately 2.5 acres of land in Petah Tikvah, with plans to develop an 18MW campus. The site was bought for $29m, with Digital Realty’s share of the land totaling $7.1m.

Digital also contributed an incremental 40 percent interest in five operating data centers to its Digital Realty DC Partners NA Fund, increasing the fund’s stake to 80 percent. Digital Realty received approximately $427m of additional proceeds as a result of the contribution.

The quarter saw Digital delivering around 90MW of new capacity, 75 percent of which was pre-leased. 289MW was delivered in total last year. Around 135MW worth of new data center projects were started, increasing total development to 769MW under construction.

Equinix: Another good year

Equinix had a good quarter, reporting “record bookings” in its small, medium, and large deal categories.

Q4 2025 revenues were $2.42bn, up from $2.32bn the previous quarter and $2.26bn in Q4 2024. Net income for the quarter was $264 million. Adjusted EBITDA was $1.186 billion.

For the year, Equinix posted 2025 revenues of $9.217bn, a five percent increase on 2024. Operating Income for the year was $1.848bn, a 39 percent increase from the previous year. Adjusted EBITDA for 2025 was $4.53bn.

2025 saw Equinix deliver “record capacity,” including 23,250 racks and more than 90MW of xScale capacity.

For the full year 2026, total revenues are expected to range between $10.123-$10.223 billion, representing a 10-11 percent increase.

“Our team executed exceptionally well in Q4, marking a very strong close to a pivotal year for Equinix. Demand for our solutions has never been higher, as demonstrated by accelerated growth in both bookings and recurring revenue, and we are confident in our plan to deliver robust revenue and AFFO per share growth in 2026,” said Adaire Fox-Martin, CEO and president, Equinix.

“Equinix plays an essential role [in] helping businesses connect and manage increasingly distributed AI, cloud, and networking infrastructure. This is a source of long-term competitive advantage that positions us well to meet our customers’ greatest needs and create shareholder value.”

The company secured more than 4,500 deals with 3,400 customers during Q4. Customer wins during the quarter include Salesforce, which will work with Equinix to build a private network for the former’s Data 360 product. Using Equinix Fabric Cloud Router across 14 countries, Salesforce will privately connect its systems across clouds, including AWS and Azure. AI marketing platform Alembic will be deploying an Nvidia DGX superPOD with Equinix.

During the quarter, SV17 in Silicon Valley closed. Five IBX facilities – CH5, DC22, SP6, LS2, and MB3 – opened. Two xScale sites – FR16x and MD4x – opened. And the company added DB9 from its BT Ireland acquisition.

A new data center in Silicon Valley (SV19) was approved, with 1,050 racks due to go live in Q2 2028. In Dublin, D10 will offer 475 racks from Q1 2028. In Frankfurt, FR12 will offer 1,750 racks and is due to go live in Q1 2028. In Osaka, OS6 will offer 1,850 racks from Q4 2028.

Expansions were approved in São Paulo (SP4, 700 racks due to go live in Q2 2027), Toronto (TR6, 1,075 racks due Q3 2027), New York (NY3, 2,200 racks due Q3 2028), and Munich (MU4, 1,375 racks due Q2 2028).

For xScale, Equinix’s hyperscale unit, the company has now leased 430MW and has 23 operational facilities across 13 metros.

The quarter saw Equinix contribute its site in Hampton, Georgia, to its xScale Americas joint venture. The site will support 240MW across four buildings at full build-out. The first half of this site is set to be leased to a hyperscale customer in Q1, with full leasing expected later this year.

During the earnings call, Fox-Martin said that “nearly half” of its AI-related deals in Q4 were from “ non-cloud and IT companies,” including companies in the retail, e-commerce, manufacturing, financial services, and content sectors. She added that the company saw 11 liquid cool deployments in Q4, five of which were in its New York City facilities, largely driven by financial services firms.

Iron Mountain: Data center revenues up year-on-year

Iron Mountain’s Q4 2025 data center revenues were $236.7m, up from $170m in Q4 2024. Adjusted EBITDA was $121m. Full-year data center revenues were $416.3m, up from $620m in 2024.

Total quarterly revenue was $1.843bn, compared with $1.6 billion in the fourth quarter of 2024. Net income was $93m, with Adjusted EBITDA of $705m. For the year, total revenue was $6.9 billion, with net income of $152m and Adjusted EBITDA of $2.574bn.

The company is forecasting 2026 revenues of $7.625-7.775bn, and Adjusted EBITDA of $2.875-2.925bn. In the data center segment, the company is forecasting $1 billion in revenue.

“We are pleased to report another record performance in the fourth quarter above our expectations, concluding our fifth consecutive year of all-time highs for Revenue, Adjusted EBITDA, and AFFO. Our team’s steadfast commitment to delivering innovative solutions for our customers as part of our growth strategy continues to drive exceptional performance across each of our business segments,” said William L. Meaney, president and CEO of Iron Mountain.

“Our outlook for continued double-digit revenue and profit growth in 2026 remains equally promising, as our growth businesses represent an increasingly larger portion of our revenue and our highly recurring physical records storage business sustains its solid growth trajectory. With strong data center leasing in the fourth quarter, we enter 2026 with momentum underwritten by the 400 megawatts of capacity being energized over the next 24 months. Across all our business areas, we are off to a strong start to the year and expect to deliver another year of record performance.”

2025 saw Iron Mountain sign 63MW of new leases, including 43MW in Q4 across 110 new or expansion agreements. The company signed 176 renewed leases, totaling 3.7MW, over the quarter. Yearly renewals totaled 49.1MW across more than 1,000 agreements.

Iron Mountain’s portfolio currently totals 488MW of capacity across 31 facilities in 21 markets, with a 96.9 percent occupancy rate. The company has some 200MW coming online in the next 18 months, and 400MW in the coming 24 months.

During the earnings call, Meaney said he doesn’t expect the company to be very active in the data center M&A space in the near future.

American Tower: Another year of data center growth

American Tower’s data center revenues, which include CoreSite, reached $281m for the quarter, with an operating profit of $160m. Revenue for Q4 2024 was $326m, with an operating profit of $115m.

For the year 2025, American Tower’s data center revenues were $1.053bn, with a profit of $562m. Full year revenue in 2024 was $925m with profits of $455m.

American Tower’s total revenue for the quarter increased 7.5 percent to $2.738bn. Net income decreased 32 percent to $837m. Adjusted EBITDA increased 7.5 percent to $1.819bn. Full year revenues increased 5.1 percent to $10.645bn; Net income increased 15.3 percent to $2.629bn, and Adjusted EBITDA increased 4.7 percent to $7.130bn.

Steven Vondran, American Tower CEO, said: “We delivered another strong year, achieving high-single-digit growth in AFFO per Share, as adjusted, while continuing to execute our strategy. Looking ahead to 2026, we are focused on durable revenue growth, advancing our new cost efficiency initiatives, and disciplined capital allocation. With our strong balance sheet and clear strategic priorities, we are well-positioned to benefit from strong secular demand and deliver attractive long-term returns for our shareholders.”

American Tower currently operates some 30 facilities across the US.

The company has 55MW of capacity under construction, totaling 604,510 sq ft. Some 279MW and 2.38 million sq ft (221,110 sqm) are currently held for future development.

During the earnings call, Vondran said the company wasn’t ready to announce any new markets, but was selectively looking at opportunities in other key metros that are complementary to its existing portfolio.