NASDAQ: EQIX · Data Center REITs
Equinix
Equinix is a data center REIT that calls itself the world's digital infrastructure company. At the end of 2025 it operated 255 International Business Exchange (IBX) data centers in 75 markets, plus xScale data centers for hyperscale customers, offering colocation, interconnection and digital services. 2025 revenue was $9.2 billion, 94% of it recurring, and net income $1.35 billion. Its largest customer was about 3% of recurring revenue and its 50 largest about 36%. In November 2025 the SEC closed its investigation linked to a short-seller report without recommending enforcement action. In Q2 2026 revenue rose 16% to $2.63 billion, net interconnections hit a record, and Equinix raised its 2026 guidance.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 18, 2026 05:45 (SEC EDGAR) · Source 10-K filed: February 11, 2026
Built on10-K FY2025 · filed 2026-02-1110-Q (quarter ended 2026-09-30) · filed 2026-10-28
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 9.0%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 20.0%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -2.3 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 4.0x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.90x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 60.9x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.70
Higher than 56% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 55% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 17% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 82% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 89% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$1,022.02close on 2026-11-04
Market cap$100.39B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 60.9x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 7.1x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 29.8x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- -0.4%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.8%
At FY2025 year-end: 55.7x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 5.3x
Book value at FY2025 year-end
At FY2025 year-end: 23.7x
EBITDA for FY2025
At FY2025 year-end: -0.5%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$2.32B → $2.57B (vs. a year earlier)↑ +11.0%$2.32B → $2.57B (vs. a year earlier)
- Operating margin20.5% → 23.3% (vs. a year earlier)↑ +2.9 pts20.5% → 23.3% (vs. a year earlier)
- Net income$374M → $489M (vs. a year earlier)↑ +30.7%$374M → $489M (vs. a year earlier)
- Diluted EPS$3.81 → $4.93 (vs. a year earlier)↑ +29.4%$3.81 → $4.93 (vs. a year earlier)
- Cash$979M → $2.36B (vs. previous quarter-end)↑ +141.3%$979M → $2.36B (vs. previous quarter-end)
- Long-term debt$19.87B → $22.84B (vs. previous quarter-end)↑ +14.9%$19.87B → $22.84B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 28, 2026.
Management outlook ↑ Raised
Raised full-year 2026 guidance for the third consecutive quarter. Source sentence
Raised full-year 2026 guidance for the third consecutive quarter based on strong operating and financial performance
Key changes
Record gross bookings of $533M, up 35%. Source sentence
Delivered record annualized gross bookings of $533 million, up 35% year over year, on robust demand and strengthening pricing
Q3 revenue $2.571B, up 11%. Source sentence
◦ $2.571 billion, an 11% increase over the same quarter of the previous year on an as-reported basis and a 12% increase on a normalized and constant currency basis driven by strong underlying performance
Net income $489M, up 31%. Source sentence
◦ $489 million, a 31% increase over the same quarter of the previous year, primarily from higher operating income and a non-recurring fee earned in connection with our investment in the atNorth joint venture
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- EQUINIX INC
- Headquarters
- REDWOOD CITY, CA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: EQIX
- Industry
- Data Center REITs
- CIK
- 1101239
- Website
- https://www.equinix.com/ ↗
Workforce (as of FY2025 year-end)
Employees
13,716
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 42–45 days after quarter end (Feb 11, 2026; Feb 12, 2025; Feb 14, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 28–45 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 28, 2026 (+28 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Jul 29, 2026 10-Q (+29 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 29, 2026 (+29 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 11, 2026 (+42 days) | Feb 11, 2026 10-K (+42 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 29, 2025 (+29 days) | Oct 29, 2025 10-Q (+29 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Jul 30, 2025 10-Q (+30 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | Apr 30, 2025 10-Q (+30 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 12, 2025 (+43 days) | Feb 12, 2025 10-K (+43 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 7, 2024 (+38 days) | Aug 7, 2024 10-Q (+38 days) |
| Q1 FY2024 | Mar 31, 2024 | May 8, 2024 (+38 days) | May 8, 2024 10-Q (+38 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 14, 2024 (+45 days) | Feb 16, 2024 10-K (+47 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Data centers
IBX data centers
Examples: 255 IBX data centers in 75 markets
Data centers
xScale
Data centers for hyperscale customers, partly through joint ventures.
Services
Interconnection and digital services
From the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Interconnection and cloud on-ramps
Data center interconnection
U.S. share
—
Not disclosedWorldwide share
Leading share
Company-disclosedThe 10-K cites "a leading market share of cloud on-ramps" and over 10,500 customers; no percentage is given.
Sources:
07
Recent strategic focusSite analysis
Recent developments.
SEC investigation closed
On November 19, 2025 the SEC said it had concluded its investigation tied to a short-seller report and does not intend to recommend enforcement; Equinix does not expect further action from the U.S. Attorney's Office (NDCA).
Source: 8-K filed 2025-11-20
Q3 2026
Revenue $2.571B (+11%); operating income $600M (+27%); net income $489M (+31%). Interconnection revenue rose 10% and Fabric revenue 24%; Equinix plans nearly 40% more cabinet deliveries in 2026 than first planned and raised full-year guidance for the third straight quarter.
Source: Q3 2026 earnings release
New CFO
Olivier Leonetti was appointed CFO, effective around March 16, 2026, succeeding Keith Taylor.
Source: 8-K filed 2026-03-10
Financing
New credit agreement (July 2026); $1.25B notes due 2030 and C$700M notes due 2032 (November 2025).
Source: 8-Ks filed 2026-07-29 and 2025-11
Capex ÷ D&A (FY2025)
2.10x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$4,311M ÷ $2,050M = 2.10x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$2.55B
Latest year: $251M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $2.28B in FY2020 to $4.31B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$9.22B
As reported in the 10-K
Revenue CAGR (5 years)
+9.0%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($9,217M ÷ $5,999M) ^ (1÷5) − 1 = 9.0%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
20.0%▲favorable
+2.5pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,848M ÷ $9,217M × 100 = 20.0%
ROE (FY2025)
9.8%▲favorable
6-year average: 6.4%
As reported in the 10-K
P/B (FY2025 end)
5.32x
formulafiscal year-end closing price ÷ book value per share
e.g.$766.16 ÷ $144.12 = 5.32x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
23.7x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($75,257M + $18,912M − $1,727M) ÷ ($1,848M + $2,050M) = 23.7x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +9.0% a year over 5 years (strong growth)
From $6B in FY2020 to $9.22B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 17.6% → 20.0%
How much operating profit is left per $100 of revenue. It moved +2.5 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 35.3% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 4 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ―
ROE averaged 6.4% over 6 years (latest: 9.8%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Colocation, interconnection, managed and digital services; xScale for hyperscalers
06 · what it draws on
Key resources
- Owned and leased data centers
- Capital spending ($4.3B in 2025)
02 · why customers buy
Value propositions
- Network-neutral, multi-tenant data centers where customers interconnect with networks, clouds and partners.
04 · how it keeps them
Customer relationships
- Monthly recurring revenue from colocation and interconnection, plus subscription digital services.
03 · how it reaches them
Channels
- Direct sales and channel partners and resellers.
01 · who it serves
Customer segments
- Enterprises, networks, cloud and IT service providers
09 · where money goes
Cost structure
FY2025, share of revenue ($9.22B)
- Cost of revenue48.9%
- Selling, general & administrative20.0%
- Other operating costs11.1%
Operating profit left: 20.0% of revenue. Depreciation & amortization (inside the costs above): $2.05B. Capital spending: $4.31B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Recurring revenue $8.74B (94%)
- Non-recurring revenue (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Leases space and power in network-neutral, multi-tenant data centers and charges for interconnections between customers, networks and clouds.
01 what it draws on
Inputs & resources
- Owned and leased data centers
- Capital spending ($4.3B in 2025)
02 what it does
Activities
- Colocation, interconnection, managed and digital services; xScale for hyperscalers
03 who it serves
Customers
- Enterprises, networks, cloud and IT service providers
04 how money comes in
How it earns
- Recurring revenue $8.74B (94%)
- Non-recurring revenue (2025)
How the business makes money
- More than 90% of monthly recurring revenue bookings over the past three years came from existing customers.
- A record 9,700 net interconnections were added in Q2 2026, and 6,900 in Q3 2026.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Equinix is a REIT exposed to carbon pricing and appropriation-dependent government contracts.
Government funding & tax credits
REIT tax status
To keep REIT status (no corporate income tax on distributed income) it must distribute at least 90% of REIT taxable income each year.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Environmental rules
Carbon rules and power
GHG rules, carbon pricing and removal of renewable incentives could raise energy costs.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Government as customer
Government contracts
Some federal contracts depend on congressional appropriations.
Supports and constrainsTouches: CustomersSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Americas
4,111 (45%)EMEA
3,130 (34%)Asia-Pacific
1,976 (21%)
Source: Form 10-K (FY2025) — revenues by region Revenues by geographic region (recurring plus non-recurring).
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Enterprises, network providers, cloud and IT service providers.
Named by the company
No customer is named; the largest is about 3% of recurring revenue.
Suppliers
Power utilities, landlords and equipment vendors.
Named by the company
The 10-K doesn't name suppliers.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K discusses competition without naming competitors.
Competitors named in the 10-K
The 10-K names no competitor.
Peer group the company chose
2025 compensation peer group (21), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Technology companies plus data center/tower REITs of similar size; Block and Cloudflare were added, and Splunk and VMware were removed.
- Adobesite ↗
- Akamai Technologiessite ↗
- Arista Networkssite ↗
- Autodesksite ↗
- Blocksite ↗
- Cadence Design Systemssite ↗
- American Towersite ↗
- Cloudflaresite ↗
- Crown Castlesite ↗
- eBaysite ↗
- Digital Realtysite ↗
- Electronic Artssite ↗
- Prologissite ↗
- Fortinetsite ↗
- Intuitsite ↗
- Palo Alto Networkssite ↗
- PayPalsite ↗
- Salesforcesite ↗
- ServiceNowsite ↗
- Synopsyssite ↗
- Workdaysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 5,999 | 6,636 | 7,263 | 8,188 | 8,748 | 9,217 |
| Operating income | 1,053 | 1,108 | 1,200 | 1,443 | 1,328 | 1,848 |
| Pretax income | 516 | 609 | 829 | 1,124 | 975 | 1,508 |
| Net income (attributable) | 370 | 500 | 705 | 969 | 815 | 1,350 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 10.6% | 9.5% | 12.7% | 6.8% | 5.4% |
| Operating margincalcoperating income ÷ revenue × 100 | 17.6% | 16.7% | 16.5% | 17.6% | 15.2% | 20.0% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 6.2% | 7.5% | 9.7% | 11.8% | 9.3% | 14.6% |
| Balance sheet ($M) | ||||||
| Total assets | 27,007 | 27,919 | 30,311 | 32,651 | 35,085 | 40,141 |
| Total equity | 10,634 | 10,883 | 11,506 | 12,489 | 13,528 | 14,156 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 10,634 | 11,722 | 12,881 | 13,841 | 15,334 | 18,912 |
| Equity ratio | 39.4% | 39.0% | 38.0% | 38.2% | 38.6% | 35.3% |
| ROE | 3.5% | 4.6% | 6.3% | 8.1% | 6.3% | 9.8% |
| Cash flow ($M) | ||||||
| Operating CF | 2,310 | 2,547 | 2,963 | 3,217 | 3,249 | 3,911 |
| Investing CF | -3,427 | -3,007 | -3,363 | -3,224 | -3,937 | -6,484 |
| Financing CF | 816 | 414 | 857 | 211 | 1,723 | 1,272 |
| Free cash flowcalccash flow from operations − capital expenditures | 27 | -204 | 685 | 436 | 183 | -400 |
| Cash and equivalents | 1,605 | 1,536 | 1,906 | 2,096 | 3,081 | 1,727 |
| Per share & other | ||||||
| EPS ($) | 4.18 | 5.53 | 7.67 | 10.31 | 8.50 | 13.76 |
| BVPS ($) | 119.30 | 120.15 | 124.23 | 132.19 | 139.05 | 144.12 |
| Dividend per share ($) | 10.64 | 11.48 | 12.40 | 14.49 | 17.04 | 18.76 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 254.5% | 207.6% | 161.7% | 140.5% | 200.5% | 136.3% |
| P/E (x) | 170.9 | 153.0 | 85.4 | 78.1 | 110.9 | 55.7 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 29.4 | 31.4 | 24.4 | 26.7 | 31.2 | 23.7 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 5.99 | 7.04 | 5.27 | 6.09 | 6.78 | 5.32 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $2.57B+11.0% | $600M+26.6% | $489M+30.7% | $4.93 |
| 2026-06-30 | $2.63B+16.4% | $665M+34.6% | $479M+30.2% | $4.83 |
| 2026-03-31 | $2.44B+9.8% | $577M+26.0% | $415M+21.0% | $4.20 |
| 2025-12-31 † | $2.42B+7.0% | $422M+309.7% | $265M | — |
| 2025-09-30 | $2.32B | $474M | $374M | $3.81 |
| 2025-06-30 | $2.26B | $494M | $368M | $3.75 |
| 2025-03-31 | $2.23B | $458M | $343M | $3.50 |
| 2024-12-31 † | $2.26B | $103M | −$14M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
5.2%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,848M × (1 − 13%) ÷ $30,965M × 100 = 5.2%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
7.52%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $75.26B ÷ ($75.26B + $18.91B) = 79.9%
e.g.Debt weight: $18.91B ÷ ($75.26B + $18.91B) = 20.1%
e.g.WACC: 8.8% × 79.9% + 2.8% × (1 − 13%) × 20.1% = 7.52%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 6.2%–9.1% and ROIC − WACC runs −3.9 to −1.0 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 7.52% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.70 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 8.80%
- Cost of debt
- 2.79%
- Tax rate
- 13% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 80% : 20%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 7.52%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.70 (price-derived adjusted beta. Raw β 0.56, R² 0.11, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.556 + 0.33 = 0.702
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.7 × 5.5% = 8.8%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not enough data for this calculation (FY2025): it needs positive free cash flow, a fiscal year-end P/E, and a positive enterprise value.
16
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 4.29x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -6.8%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 123%
Most profit comes from core operations.
- ✓
Days sales outstanding: 41 → 39 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$3,911M ÷ $1,350M = 2.90x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,848M ÷ $1,508M × 100 = 123%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($949M + $1,001M) ÷ 2 ÷ $9,217M × 365 = 39 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 98.0%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 2.0%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 88 of 416
- Beta (adjusted)
- 0.70
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 21% of covered companies have more
above 1 = swings more than the market
- 96.7M shares reported by 1,358 13F filers ÷ 98.7M shares outstanding on 2026-07-28. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-02 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-28)
18
Strengths & weaknessesSite analysis
Strengths
1. Recurring revenue
94% of 2025 revenue was recurring.
Evidence: Form 10-K (FY2025)
2. Diversified customers
Largest customer about 3% of recurring revenue.
Evidence: Form 10-K (FY2025)
3. Accelerating demand
Annualized gross bookings rose 23% in Q2 2026 and reached a record $533M (+35%) in Q3 2026.
Evidence: Q2 and Q3 2026 earnings releases
Weaknesses
1. Capital intensity
Capex rose to $4.3B in 2025 from $2.3B in 2020.
Evidence: SEC EDGAR XBRL
2. Rising debt
Senior notes and loans grew to about $18.9B at the end of 2025.
Evidence: Form 10-K (FY2025)
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
55.7x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.45%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
136%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
-0.5%
(Operating CF − capex) ÷ market cap
1. Dividend growth
Dividend per share rose from $10.64 (2020) to $18.76 (2025).
- What has to hold
- AFFO keeps growing.
- The other side
- Heavy capex and debt.
Evidence: SEC EDGAR XBRL
2. AI and cloud demand
Record bookings in Q2 and Q3 2026 and double-digit monthly recurring revenue growth for four straight quarters.
- What has to hold
- Demand stays broad-based.
- The other side
- P/E of about 56 (REIT; FFO is more meaningful).
Evidence: Q2 and Q3 2026 earnings releases
As a REIT, GAAP EPS and P/E are less meaningful than AFFO. 2025 interest-bearing debt is senior notes plus mortgage and loans payable from the balance sheet (finance leases excluded).
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
2.5x
$3.23B vs. $1.3B
Interest coverage (operating income ÷ interest expense)
3.5x
$1.85B vs. $527M
Free cash flow ÷ dividends paid
-0.2x
−$400M vs. $1.86B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -8.0% in FY2024 ($1.44B → $1.33B) | Yes, by FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Recurring revenue
94% recurring revenue in 2025.
Source: Form 10-K (FY2025)
Cash flow
2025 operating cash flow of $3.9B vs. dividends of $1.9B and capex of $4.3B.
Source: SEC EDGAR XBRL
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Equinix's 2024 government investigations ended without action, with the SEC closing its probe in November 2025. The related securities class action settled in 2025, fully covered by insurance, and a Delaware derivative suit was dismissed in May 2026.
0 open matters · 2 settled or closed
SEC and U.S. Attorney investigations
Closed, no actionGovernment investigationU.S. SEC; U.S. Attorney's Office, N.D. Cal.
Subpoenas in March and April 2024 concerned matters raised about Equinix's business, results, internal controls and accounting practices. On November 19, 2025 the SEC said it would not recommend an enforcement action, and Equinix expects no further action from the U.S. Attorney.
Source: Form 10-K (FY2025) — Legal Proceedings / contingencies
Securities class action and derivative suits
ResolvedClass actionStockholder class (N.D. Cal.); derivative plaintiffs (N.D. Cal.; D. Del.)
The class action over statements from May 2019 to March 2024 settled, with final approval on December 19, 2025, entirely covered by insurance. The Delaware derivative suit was dismissed May 27, 2026.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings · Form 10-K (FY2025) — Legal Proceedings / contingencies
Company statement: Equinix says no other pending claims are expected to have a material adverse effect. It is also appealing indirect-tax assessments in Brazil.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Competition and offerings
- Company disclosure (summarized from the 10-K)
- Failing to develop offerings that differentiate it from competitors could hurt results.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 2Raw materials & energy
Power availability and cost
- Company disclosure (summarized from the 10-K)
- The 10-K lists risks from the cost of power and prolonged power outages, shortages or capacity constraints.
- Company’s stated mitigation
- While we have aimed to minimize our risk, via hedging, conservation, and other efficiencies, we expect the cost for power to continue to be volatile and unpredictable and subject to inflationary pressures.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Regulation & legal
Government contracts
- Company disclosure (summarized from the 10-K)
- Government contracts carry risks of early termination, audits, investigations, sanctions and penalties.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
- 4Labor & workforce
Leased data centers
- Company disclosure (summarized from the 10-K)
- Failure to renew data center leases on favorable terms could hurt results.
- Company’s stated mitigation
- Owns some IBX data centers.
- This site’s assessment
- Impact Med / Likelihood Low
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (4)
Geopolitical events, including trade tensions between the U.S. Read more
and other countries, the war between Russia and Ukraine, and ongoing conflicts in the Middle East, could negatively affect our global operations, and their future impact remains unpredictable. In addition, uncertainty surrounding the legality, enforceability, and interpretation of U.S. and international laws, executive actions, regulatory frameworks, and enforcement priorities could result in compliance challenges, significant penalties, operational restrictions, reputational harm, or adverse effects on our business and results of operations. Periodic risks of a U.S. government shutdown could further disrupt economic conditions. Moreover, actual or proposed U.S. tariffs and potential counter tariffs may increase costs and disrupt our supply chain, with their scope and duration dependent on evolving negotiations and…
The current uncertain economic environment, including challenges related to power and supply chains, could impact our business and the businesses of our customers.
Further, because of the expected growth and opportunity related to AI, we anticipate significant investments in the data center industry by both current competitors and new investors and companies looking to capture this opportunity. Read more
If Equinix is unable to compete against these new market entrants, or capture a proportionate share of these investments, we could lose market share during this expected period of growth. We also must compete against certain of these competitors to secure the land and power needed for our expansion plans.
also been adopting a restrictive posture toward Chinese technology, data flows, and cross-border digital infrastructure, which could materially impact our business.
No longer in the text (4)
Geopolitical events and political changes, including the recent change in administration in the U.S., contribute to an already complex and evolving regulatory landscape. Read more
If we cannot comply with the evolving laws and regulations in the countries in which we operate, we may be subject to litigation and/or sanctions, adverse revenue impacts and increased costs, and our business and results of operations could be negatively impacted.
Additionally, geopolitical events, such as the trade war between the U.S. Read more
and China, the war between Russia and Ukraine, the ongoing conflict in the Middle East, could have a negative effect on our business domestically and/or internationally. While some time has passed since some of these events first occurred, it remains unpredictable how these events will continue to develop and impact the environment in which we do business.
Violations of any of applicable domestic or international laws and regulations that could result in significant fines, criminal sanctions against us, our officers or our employees, and prohibitions on the conduct of our business. Read more
Any such violations could include prohibitions on our ability to provide our offerings in one or more countries, could delay or prevent potential acquisitions, and could also materially damage our reputation, our brand, our international expansion efforts, our ability to attract and retain employees, our business and results of operations.
Inflation in the global economy, increased interest rates, political dissension and adverse global economic conditions, like the ones we are currently experiencing, could negatively affect our business and financial condition.
11 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 11, 2026 ↗ with the 10-K filed Feb 12, 2025 ↗.
24
What to watch going forwardSite analysis
- Raised 2026 guidance and long-term outlook (July 2026).
- xScale fees and AI-related demand.
- Funding of the expanded build program.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 18, 2026 05:45 (SEC EDGAR) · Source 10-K filed: February 11, 2026
Built on10-K FY2025 · filed 2026-02-11
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Equinix’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.