FirmAtlas
Company handbook · EQIX · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
EQIX · CIK 1101239 · LATEST FILING: 10-Q JUN '26 · FILED JUL 29, 2026
EQUINIX, INC.
$985.98
−10.28 (−1.03%)
Close, Oct 16, 2026 · 52-week $721–1,129
Last fiscal year
EQUINIX, INC. reported revenue of $9.2B for the year ended Dec 31, 2025 (FY25), up 5.4% from FY24. Net income was $1.4B, operating cash flow $3.9B and free cash flow −$400M. Source: 10-K filed Feb 11, 2026.
Market cap
$96.8B
P/E
63.2
EV/EBITDA
28.7x
P/B
6.7
Div yield
2.05%
ROIC
5.9%
Revenue 1Y
5.4%/yr
EPS 1Y
61.9%/yr
Shares 1Y
+1.0%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOAdaire Fox-Martin
HQRedwood City, CA
AuditorPricewaterhouseCoopers LLP
Employees13,716
Year endsDecember
Revenue by segment · FY25
Americas45%
EMEA34%
Asia Pacific21%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
10.5%
4.8%
9.5%
21.3%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$11.1B deployed
Capex
$7.4B
66.3%
Acquisitions
$251M
2.3%
Dividends
$3.5B
31.4%
Operating cash flow over the period: $7.2B. Total debt changed by +$1.7B.
Capex was more than operating cash flow in FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
8,748
9,217+5.4%
9,805
YoY
+5.4%
Gross profit
4,281
4,709+10.0%
5,049
Gross margin
48.9%
51.1%+2.2 pp
—
Operating income
1,328
1,848+39.2%
2,138
Operating margin
15.2%
20.0%+4.9 pp
—
EBITDA
3,337
3,898+16.8%
—
EBITDA margin
38.1%
42.3%+4.1 pp
—
Interest expense
457
527+15.3%
—
Interest coverage
7.30x
7.40x+0.09x
—
Net income
815
1,350+65.6%
1,533
YoY
+65.6%
Net margin
9.3%
14.6%+5.3 pp
—
EPS (diluted, $)
8.50
13.76+61.9%
15.54
YoY
+61.9%
Balance sheet
Total assets
35,085
40,141+14.4%
41,076
Cash & short-term investments
3,608
3,227−10.6%
—
Accounts receivable
949
1,001+5.5%
—
Net PP&E
19,249
23,584+22.5%
—
Other assets
11,279
12,329+9.3%
—
Total liabilities
21,557
25,985+20.5%
26,694
Accounts payable
133
127−4.5%
—
Total debt
16,533
18,209+10.1%
20,049
Other liabilities
4,891
7,649+56.4%
—
Shareholders’ equity
13,528
14,156+4.6%
14,382
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
3,249
3,911+20.4%
3,942
Net income
814
1,348+65.6%
—
Depreciation & amortization
2,009
2,050+2.0%
—
Stock-based compensation
462
498+7.8%
—
Working capital & other
(36)
15n/m
—
Cash from investing
(3,937)
(6,484)n/m
—
Capex
(3,066)
(4,311)n/m
—
PP&E sold
247
0−100.0%
—
Acquisitions
0
(251)n/m
—
Investments bought
(520)
(1,967)n/m
—
Investments sold / matured
0
1,005n/m
—
Other investing
(598)
(960)n/m
—
Cash from financing
1,723
1,272−26.2%
—
Debt raised
2,768
4,311+55.7%
—
Debt repaid
(1,000)
(1,200)n/m
—
Dividends
(1,643)
(1,856)n/m
—
Shares issued
1,673
99−94.1%
—
Other financing
(75)
(82)n/m
—
Net change in cash
986
(1,258)−227.6%
—
Free cash flow (OCF − capex)
183
(400)−318.6%
—
Where the cash went
Operating cash flow
3,249
3,911+20.4%
3,942
Reinvested in the business
3,066
4,562+48.8%
—
% of operating cash flow
94.4%
116.6%
Capex
3,066
4,311+40.6%
—
Acquisitions
0
251n/m
—
Free cash flow
183
(400)−318.6%
—
YoY
−318.6%
Returned to shareholders
1,643
1,856+13.0%
—
% of free cash flow
897.8%
—
Dividends
1,643
1,856+13.0%
—
Change in total debt
—
1,676
—
Cash left over
—
(831)
—
FCF conversion (FCF ÷ net income)
22.5%
−29.6%−52.1 pp
—
Owner earnings
—
(969)
—
Owner earnings margin
—
−10.5%
—
Returns & ratios
ROIC (all capital)
4.2%
5.9%+1.8 pp
—
ROIC (operating)
5.5%
7.4%+1.9 pp
—
Net debt / EBITDA
3.87x
3.84x−0.03x
—
Debt / equity
1.22x
1.29x+0.06x
—
ROE
6.0%
9.5%+3.5 pp
—
ROA
2.3%
3.4%+1.0 pp
—
ROCE
4.2%
5.1%+0.9 pp
—
NOPAT
1,109
1,652+49.0%
—
Invested capital (operating)
20,065
24,458+21.9%
—
Invested capital (all)
26,453
29,138+10.2%
—
Reinvestment rate
—
265.9%
—
Net debt is 3.8x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
2,316
2,420
2,444
2,625
vs year-ago quarter
Gross profit
1,174
1,222
1,258
1,395
Gross margin
50.7%
50.5%
51.5%
53.1%
Operating income
474
422
577
665
Net income
374
265
415
479
vs year-ago quarter
Net margin
16.1%
11.0%
17.0%
18.2%
EPS (diluted, $)
3.81
2.70
4.20
4.83
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
38,060
40,141
40,898
41,076
Cash & equivalents
2,165
3,227
1,425
1,016
Total debt
17,485
18,209
19,958
20,049
Shareholders’ equity
14,157
14,156
14,298
14,382
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,014
1,144
717
1,067
Capex
1,136
1,436
1,256
—
Free cash flow
(122)
(292)
(539)
—
vs year-ago quarter