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Equinix, Inc.

EQIX Real Estate Reit Specialty

Equinix, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.2 billion, up 5.36% from fiscal 2024.

Revenue
+16.4%
EPS
+29.3%
Free cash flow
−311.0%
Total debt
+13.4%

Quarter to June 2026, against a year earlier

1,013.70 22.97 −2.22%
Market cap
$102.6B
P/E
65.0×
Fwd P/E
56.0×
Dividend yield
2.50%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • Americas
  • EMEA
  • Asia-Pacific

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 57.15
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 5 8 11 14 1 3 5 — 3 2 — —
Insider Ownership 0.27%

Capital & Financial Ratios $m

Size
Market Cap 102,620.00
Revenue ttm 9,805.00
Net income ttm 1,530.00
Free cash flow ttm (2,235.00)
Net debt Q 18,419.00
Valuation
P/E 65.00 (above 35: high)
Forward P/E 56.00 (above 35: high)
Price / sales 10.20 (above 10: high)
Forward P/S Powerpack
Price / FCF 0.00
Price / book 6.96
Financial health
Current ratio Q 1.13
Debt / equity Q 1.44
Interest coverage Q 4.40
Growth
Revenue growth Q +16.36% (above 0%: growing)
Operating income growth Q +34.62% (above 0%: growing)
EPS, this year +30.60% (at or above 15%: strong)
EPS, next year A +9.43%
Revenue, next year A +12.25% (at or above 10%: strong)
EPS, past 5 yrs +26.91% (at or above 15%: strong)
EPS, next 5 yrs A +16.00% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 12.1×, against a ten-year median of 10.6×; over the ten years it ranged from 7.6× in 2018 to 13.8× in 2021.
P/E against its own 10 years 1.95%
10-year low 10-year high
P/S against its own 10 years 78.74%
10-year low 10-year high
P/B against its own 10 years 93.28%
10-year low 10-year high
EV/Sales against its own 10 years 82.08%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.50%
Annual rate
25.33
Payout ratio
163.1%
Growth, 2017–26
+11.1%/yr
  1. 8.00 ’17
  2. 9.12 ’18 +14%
  3. 9.84 ’19 +8%
  4. 10.64 ’20 +8%
  5. 11.48 ’21 +8%
  6. 12.40 ’22 +8%
  7. 14.49 ’23 +17%
  8. 17.04 ’24 +18%
  9. 18.76 ’25 +10%
  10. 20.64 ’26 +10%
paid Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,096 3,608 3,227 2,224
Receivables 1,004 949 1,001 1,256
Inventory — — — —
Other 468 890 897 842
3,568 5,447 5,125 4,322
2023 2024 2025 Q'26
Payables 1,187 1,193 1,350 1,263
ST’ Debt 8 5 17 9
Other 302 232 340 323
3,162 3,349 3,893 3,820

Compound Annual Growth %

10y 5y 3y
Sales 12.96% 8.97% 8.27%
Cash Flow 15.89% 11.11% 9.69%
Earnings 21.81% 29.56% 24.18%
Book Value 17.82% 5.88% 7.15%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 10.51 Actual 11.64

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 9.07 8.91 Miss by 0.16
Q1 FY26 10.89 10.79 Miss by 0.10
Q2 FY26 11.25 11.78 Beat by 0.53
Q3 FY26 10.51 11.64 Beat by 1.13
Q4 FY26 10.06 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 4.20 4.83 — — —
’25 3.50 3.75 3.81 2.69 13.76
’24 2.43 3.16 3.10 (0.14) 8.50
’23 2.77 2.21 2.93 2.40 10.31
’22 1.62 2.37 2.30 1.39 7.67
’21 1.74 0.76 1.68 1.36 5.53
’20 1.38 1.52 0.74 0.57 4.18
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,444 2,625 — — —
’25 2,225 2,256 2,316 2,420 9,217
’24 2,127 2,159 2,201 2,261 8,748
’23 1,998 2,019 2,061 2,110 8,188
’22 1,734 1,817 1,841 1,871 7,263
’21 1,596 1,658 1,675 1,706 6,636
’20 1,445 1,470 1,520 1,564 5,999
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 717 1,067 — — —
’25 809 944 1,014 1,144 3,911
’24 598 912 758 981 3,249
’23 692 741 785 999 3,217
’22 581 802 820 760 2,963
’21 391 599 665 892 2,547
’20 517 575 532 686 2,310
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (404) (522) — — —
’25 42 (127) (414) (895) (1,394)
’24 (109) 386 (128) (56) 93
’23 234 63 60 (228) 129
’22 364 339 259 (276) 687
’21 (226) (127) 54 102 (198)
’20 80 47 (75) 110 162
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 3,612 4,368 5,072 5,562 5,999 6,636 7,263 8,188 8,748 9,217 9,805 +11.0% 10,346 11,524 12,905 +11.9%
Gross margin, % 49.59 49.80 48.63 49.48 48.75 47.67 48.35 48.36 48.94 51.09 51.49 +1.5 pt
EBT 160 287 433 693 516 609 829 1,124 975 1,508 1,705 +28.3%
EBT margin, % 4.43 6.57 8.54 12.45 8.61 9.18 11.41 13.73 11.15 16.36 17.39 +11.9 pt
Net income 127 233 365 507 370 500 705 969 814 1,348 1,530 +30.0%
Per share, $
Per share, $ Revenue 51.51 56.84 63.57 66.11 68.40 73.92 79.32 87.46 91.64 94.16 99.40 +6.9%
Earnings 1.81 3.03 4.58 6.03 4.22 5.57 7.69 10.35 8.54 13.79 15.60 +25.3%
Cash flow 14.54 18.73 22.76 23.68 26.34 28.37 32.36 34.36 34.04 39.96 39.96 +11.9%
Capex (4.13) (18.56) (28.41) (22.46) (24.50) (30.57) (24.86) (32.99) (33.06) (54.20) (62.62) +33.1%
Free cash flow 10.40 0.17 (5.65) 1.22 1.84 (2.20) 7.50 1.38 0.97 (14.24) (22.66) n/m
Book value 62.26 89.13 90.49 105.07 121.26 121.22 125.65 133.41 141.71 144.59 145.71 +9.8%
Shares, m 70 77 80 84 88 90 92 94 95 98 98 +3.8%
Valuation, ×
Valuation, × P/E 202.67 147.99 77.15 96.80 168.44 151.86 86.15 78.38 109.89 55.52 65.00 117.5
P/S 6.96 7.86 5.55 8.83 10.44 11.44 8.35 9.27 10.29 8.14 10.20 8.7
P/B 5.76 5.01 3.90 5.56 5.89 6.98 5.27 6.08 6.65 5.30 6.96 5.6
EV/Sales 8.60 9.82 7.56 10.49 12.20 13.26 10.14 10.82 11.72 9.93 12.08 10.5
EV/FCF 42.58 3,252.62 (84.98) 567.36 453.13 (445.39) 107.23 687.08 1,102.10 (65.69) (52.99) 561.6
Cash, $m
Cash, $m Operating cash flow 1,019 1,439 1,815 1,993 2,310 2,547 2,963 3,217 3,249 3,911 3,942 +16.1%
Capex (290) (1,426) (2,266) (1,890) (2,148) (2,745) (2,276) (3,088) (3,156) (5,305) (6,177) +38.1%
Free cash flow 729 13 (451) 103 162 (198) 687 129 93 (1,394) (2,235) n/m
Balance, $m
Balance, $m Working capital 439 1,006 1 715 584 1,351 1,467 406 2,098 1,232 502 +12.2%
Net debt 5,907 8,561 10,199 9,228 10,563 12,057 12,999 12,760 12,490 16,573 18,419 +12.1%
Shareholders’ equity 4,366 6,850 7,219 8,840 10,634 10,882 11,506 12,489 13,527 14,153 14,373 +14.0%
Returns, %
Returns, % ROA 1.10 1.49 1.88 2.30 1.45 1.82 2.42 3.08 2.41 3.59 3.84 +2.5 pt
ROIC 3.76 3.28 3.51 4.05 3.10 3.02 3.06 3.57 3.19 3.76 4.07 0.0 pt
ROE 3.57 4.15 5.19 6.32 3.80 4.65 6.30 8.08 6.27 9.75 10.77 +6.2 pt
People
People Employees 5,993 7,273 7,903 8,378 10,013 10,944 12,097 13,151 13,606 13,716 — +9.6%
Revenue/emp, $m 0.60 0.60 0.64 0.66 0.60 0.61 0.60 0.62 0.64 0.67 — +1.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Equinix operates data centers where businesses can house their computing equipment and connect it to networks, cloud providers and other companies. It operates as a real estate investment trust, or REIT, for federal income tax purposes. Founded in 1998, Equinix is headquartered in Redwood City. Adaire Fox-Martin is its chief executive officer and president.

Its International Business Exchange, or IBX, facilities are shared data centers that provide space, power and connections for multiple customers. Customers can place equipment in private cages or secure cabinets and connect directly to other occupants. Equinix describes these facilities as carrier-neutral: customers can choose among network providers rather than relying on a single carrier.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Americas 4,111 44.60%
EMEA 3,130 33.96%
Asia-Pacific 1,976 21.44%
Gross margin 51.09%
Operating margin 20.05%
Pre-tax margin 16.36%

Revenue by segment since 2009

Equinix, Inc. vs peers in Reit Specialty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EQIX Equinix, Inc. $102.6B 65.0× 56.0× +16.36% (above 0%: growing) +29.26% (above 0%: growing) −311.02% (below 0%: shrinking) 53.14% 25.33%
AMT American Tower Corporation $86.2B 25.9× 27.0× +4.65% (above 0%: growing) +138.46% (above 0%: growing) +19.35% (above 0%: growing) 73.03% 46.15% Compare
DLR Digital Realty Trust, Inc. $67.9B 82.9× 64.4× +28.86% (above 0%: growing) −58.75% (below 0%: shrinking) −25.86% (below 0%: shrinking) 61.14% 24.28% Compare
CCI Crown Castle Inc. $37.8B 44.9× 46.0× −4.91% (below 0%: shrinking) −67.16% (below 0%: shrinking) −40.40% (below 0%: shrinking) 73.41% 46.63% Compare
IRM Iron Mountain Incorporated $35.2B 83.2× 63.1× +18.52% (above 0%: growing) n/m +58.56% (above 0%: growing) 52.76% 18.41% Compare
SBAC SBA Communications Corporation $19.6B 20.1× 24.3× +2.33% (above 0%: growing) −10.95% (below 0%: shrinking) +11.32% (above 0%: growing) 75.39% 49.19% Compare
LAMR Lamar Advertising Company $16.2B 28.7× 26.7× +6.46% (above 0%: growing) +3.95% (above 0%: growing) +8.91% (above 0%: growing) 68.51% 33.72% Compare
WY Weyerhaeuser Company $14.2B 30.9× 43.9× −0.90% (below 0%: shrinking) +91.67% (above 0%: growing) +29.41% (above 0%: growing) 16.66% 11.94% Compare
GLPI Gaming and Leisure Properties, Inc. $11.5B 11.4× 12.0× +9.03% (above 0%: growing) +45.45% (above 0%: growing) −42.77% (below 0%: shrinking) 100.00% 77.21% Compare
Median of peers $27.4B 29.8× 35.5× +5.56% +3.95% +10.11% 70.77% 39.94%

All 19 Reit Specialty stocks →

From the latest earnings call

Updated

  • CEO Adaire Fox-Martin said AI workloads drove the vast majority of Equinix’s largest Q2 deals and that customers were seeking more capacity.
  • CFO Olivier Leonetti said Equinix planned to fund growth through retained cash flow and debt while maintaining investment-grade credit ratings.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 96.70%
Held by the ten largest 46.35%
Holder Shares Stake Change
Vanguard 13.64m 13.82% +176.93k
BlackRock 11.44m 11.60% +313.36k
State Street 6.03m 6.11% −52.29k
Fidelity (FMR) 2.87m 2.91% +55.78k
Geode Capital Management 2.55m 2.58% +68.35k
COHEN & STEERS, INC. 2.19m 2.22% −640.21k
Principal Financial 1.90m 1.93% −78.52k
UBS 1.81m 1.83% +1.38m
JPMorgan Chase 1.76m 1.78% −202.01k
Northern Trust 1.55m 1.57% +45.88k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 2 April 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 12.44%
BlackRock Fund Advisors Park Avenue Plaza, 9.87%
State Street Corporation State Street Financial Center, 6.30%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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EQIX metrics, ten years each

stockrow.com/EQIX · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com