Financials

Equinix Inc. financials

EQIX Specialized REITs

Equinix Inc. is a US-based REIT specializing in global data center and colocation services since 1998. The company’s revenue model centers on leasing its flagship IBX facilities and advanced interconnection solutions, including the ECX Fabric, to major enterprise and cloud customers. Led by CEO Charles Meyers, Equinix leverages a network of over 240 data centers in 28 countries to maintain a competitive market edge. With strategic expansion plans and ongoing investments in hybrid cloud and edge computing, the company is well-positioned for future growth.

Snapshot

Equinix Inc. reported $9.22B in revenue in fiscal 2025, up 5.4% year over year, with an operating margin of 20.0%.

Revenue (FY2025): $9.22B
YoY growth: +5.4%
Operating margin: 20.0%
Direction: Expanding

Financial statements

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	9,217,000	8,748,000	8,188,000	7,263,000
Total Property Expenses	4,508,000	4,467,000	4,228,000	3,751,000
Gross Profit	4,709,000	4,281,000	3,960,000	3,512,000
Selling, General & Administrative Expenses	2,743,000	2,657,000	2,509,000	2,286,000
Other Operating Expenses	118,000	296,000	8,000	26,000
Operating Profit	1,848,000	1,328,000	1,443,000	1,200,000
Interest and Investment Income	193,000	137,000	94,000	36,000
Interest Expense	(527,000)	(457,000)	(402,000)	(356,000)
Non-Operating Income	(6,000)	(33,000)	(11,000)	(51,000)
Total Non-Operating Income	(340,000)	(353,000)	(319,000)	(371,000)
Income Before Provision for Income Taxes	1,508,000	975,000	1,124,000	829,000
Provision for Income Taxes	160,000	161,000	155,000	124,000
Consolidated Net Income	1,348,000	814,000	969,000	705,000
Net Income Attributable to Minority Interests and Other	(2,000)	(1,000)	—	—
Net Income Attributable to Common Shareholders	1,350,000	815,000	969,000	705,000
Basic EPS	13.79	8.54	10.35	7.69
Diluted EPS	13.76	8.50	10.31	7.67
Basic Weighted Average Shares Outstanding	97,883	95,457	93,615	91,569
Diluted Weighted Average Shares Outstanding	98,123	95,827	94,009	91,828
Shares Outstanding	98,226	97,287	94,479	92,621

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	1,727,000	3,081,000	2,096,000	1,906,420
Short-Term Investments	1,500,000	527,000	—	—
Total Cash and Cash Equivalents	3,227,000	3,608,000	2,096,000	1,906,420
Accounts Receivable	1,001,000	949,000	1,004,000	855,380
Total Trade Receivables	1,001,000	949,000	1,004,000	855,380
Other Current Assets	897,000	890,000	468,000	543,454
Total Current Assets	5,125,000	5,447,000	3,568,000	3,305,260
Net Property, Plant & Equipment	24,976,000	20,668,000	20,050,000	18,077,500
Net Intangible Assets	1,316,000	1,417,000	1,705,000	1,897,650
Goodwill	5,984,000	5,504,000	5,737,000	5,654,220
Other Long-Term Assets	2,740,000	2,049,000	1,591,000	1,376,140
Total Assets	40,141,000	35,085,000	32,651,000	30,310,700
Accounts Payable	1,350,000	1,193,000	1,187,000	1,004,800
Accrued Expenses	564,000	387,000	398,000	281,347
Current Portion of Long-Term Debt	1,316,000	1,204,000	1,006,000	9,847
Current Portion of Leases	323,000	333,000	269,000	290,958
Other Current Liabilities	340,000	232,000	302,000	251,346
Total Current Liabilities	3,893,000	3,349,000	3,162,000	1,838,300
Long-Term Debt	17,596,000	14,007,000	12,725,000	12,752,200
Leases	3,491,000	3,417,000	3,454,000	3,416,500
Other Long-Term Liabilities	983,000	760,000	796,000	797,863
Total Long-Term Liabilities	22,070,000	18,184,000	16,975,000	16,966,600
Total Liabilities	25,963,000	21,533,000	20,137,000	18,804,900
Common Stock	—	—	—	93
Treasury Stock	(24,000)	(39,000)	(56,000)	(71,966)
Additional Paid-in Capital	21,642,000	20,895,000	18,596,000	17,320,000
Accumulated Other Comprehensive Income	(1,359,000)	(1,735,000)	(1,290,000)	(1,389,450)
Retained Earnings	(6,103,000)	(5,593,000)	(4,761,000)	(4,352,730)
Total Common Shareholders' Equity	14,156,000	13,528,000	12,489,000	11,506,000
Minority Interests and Other	22,000	24,000	25,000	(134)
Total Shareholders' Equity	14,153,000	13,527,000	12,489,000	11,505,800
Total Liabilities and Shareholders' Equity	40,141,000	35,085,000	32,651,000	30,310,700

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	1,348,000	814,000	969,000	705,000
Depreciation & Amortization	2,066,000	2,011,000	1,844,000	1,737,000
Share-Based Compensation Expense	498,000	462,000	407,000	404,000
Other Adjustments	100,000	302,000	74,000	92,000
Changes in Trade Receivables	(40,000)	27,000	(150,000)	(154,000)
Changes in Accounts Payable	25,000	95,000	161,000	114,000
Changes in Income Taxes Payable	(78,000)	(9,000)	4,000	(8,000)
Changes in Other Operating Activities	(8,000)	(453,000)	(92,000)	73,000
Cash from Operating Activities	3,911,000	3,249,000	3,217,000	2,963,000
Capital Expenditure	(5,305,000)	(3,403,000)	(3,165,000)	(2,526,000)
Proceeds from Sale of Property, Plant & Equipment	—	247,000	77,000	250,000
Purchases of Investments	(2,027,000)	(618,000)	(136,000)	(145,000)
Proceeds from Sale of Investments	1,005,000	—	—	22,000
Payments for Business Acquisitions	(251,000)	—	—	(964,000)
Other Investing Activities	98,000	(163,000)	—	—
Cash from Investing Activities	(6,484,000)	(3,937,000)	(3,224,000)	(3,363,000)
Issuance of Long-Term Debt	4,311,000	2,768,000	902,000	1,871,000
Repayments of Long-Term Debt	(1,355,000)	(1,140,000)	(149,000)	(722,000)
Net Issuance / (Repayments) of Long-Term Debt	2,956,000	1,628,000	753,000	1,149,000
Issuance of Common Shares	194,000	1,764,000	821,000	878,000
Net Issuance / (Repurchases) of Common Shares	194,000	1,764,000	821,000	878,000
Common Share Dividends Paid	(1,856,000)	(1,643,000)	(1,375,000)	(1,152,000)
Other Financing Activities	(22,000)	(26,000)	12,000	(18,000)
Cash from Financing Activities	1,272,000	1,723,000	211,000	857,000
Effect of Exchange Rate Changes on Cash and Cash Equivalents	43,000	(49,000)	(16,000)	(98,000)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	(1,258,000)	986,000	188,000	359,000

Key metrics

$75.26B

Market Cap

55.68x

P/E

8.16x

P/S

24.22x

EV/EBITDA

9.7%

Return on Equity

4.8%

Return on Invested Capital

1.32x

Current Ratio

2.5%

Dividend Yield

-15.1%

Free Cash Flow Margin

Quarterly trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$2.44B	+9.8%	23.6%	$577M
Q4 2025	$2.42B	+7.0%	17.4%	$422M
Q3 2025	$2.32B	+5.2%	20.5%	$474M
Q2 2025	$2.26B	+4.5%	21.9%	$494M
Q1 2025	$2.23B	—	20.6%	$458M
Q4 2024	$2.26B	—	4.6%	$103M
Q3 2024	$2.20B	—	19.3%	$425M
Q2 2024	$2.16B	—	20.2%	$436M

Margins

51.1%

Gross margin

20.0%

Operating margin

14.6%

Net margin

SourceCompany financial filings (income statement, balance sheet, cash flow) Last updated2026-06-19

Snapshot

Financial statements

Key metrics

Quarterly trend

Margins

More on Equinix Inc.

See how VectorShift works for your firm