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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. In the quarter to June 2026, revenue grew 16.4%, EPS grew 29.3%, free cash flow fell 311.0% and total debt rose 13.4%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for ten, operating cash flow growth for ten.

1,032.70 6.64 +0.65%
Market cap
$101.2B
P/E
65.8×
Fwd P/E
62.5×
Dividend yield
1.97%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 61.23
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 3 5 8 11 14 1 3 5 — 3 2 —
Insider Ownership 0.27%

Capital & Financial Ratios $m

Market Cap 101,240.00
Revenue 9,805.00
Net Income 1,530.00
Free Cash Flow (2,235.00)
Net Debt 18,419.00
Current Ratio 1.13
Debt/Equity 1.44
P/E ratio 65.77 (above 35: high)
Fwd P/E 62.50 (above 35: high)
P/S ratio 10.32 (above 10: high)
P/B ratio 7.04
Past 5Y EPS Growth 26.91% (at or above 15%: strong)
This Y EPS Growth 25.04% (at or above 15%: strong)
Next Y EPS Growth 10.39%
Next Y revenue growth 11.61% (at or above 10%: strong)
Next 5Y EPS Growth 14.96%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 12.2×, 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 2.10%
10-year low 10-year high
P/S against its own 10 years 81.54%
10-year low 10-year high
P/B against its own 10 years 95.24%
10-year low 10-year high
EV/Sales against its own 10 years 84.38%
10-year low 10-year high

Dividends

Payout Ratio 1.30
Annual Dividend Rate 20.17
Annual Dividend Yield 1.97%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 20.67
5.16
5.16
5.16
2025 18.76
4.69
4.69
4.69
4.69
2024 17.04
4.26
4.26
4.26
4.26
2023 14.49
3.41
3.41
3.41
4.26
2022 12.40
3.10
3.10
3.10
3.10
2021 11.48
2.87
2.87
2.87
2.87
2020 10.64
2.66
2.66
2.66
2.66
2019 9.84
2.46
2.46
2.46
2.46
2018 9.12
2.28
2.28
2.28
2.28
2017 8.00
2.00
2.00
2.00
2.00
2016 7.00
1.75
1.75
1.75
1.75
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 255.45 355.18 335.29 343.58 477.87 586.73 494.89 650.61 684.14 701.41

Analyst estimates 2026–2028

Powerpack
High 391.07 495.35 461.73 609.97 839.77 885.26 847.71 824.86 994.03 964.73
People
People Employees 5,993 7,273 7,903 8,378 10,013 10,944 12,097 13,151 13,606 13,716
Revenue/emp, $m 0.60 0.60 0.64 0.66 0.60 0.61 0.60 0.62 0.64 0.67
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
Gross margin, % 49.59 49.80 48.63 49.48 48.75 47.67 48.35 48.36 48.94 51.09
EBT 160 287 433 693 516 609 829 1,124 975 1,508
EBT margin, % 4.43 6.57 8.54 12.45 8.61 9.18 11.41 13.73 11.15 16.36
Net income 127 233 365 507 370 500 705 969 814 1,348
Depreciation 856 1,067 1,241 1,298 1,439 1,673 1,755 1,844 2,011 2,066
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
Earnings 1.81 3.03 4.58 6.03 4.22 5.57 7.69 10.35 8.54 13.79
Cash flow 14.54 18.73 22.76 23.68 26.34 28.37 32.36 34.36 34.04 39.96
Capex (4.13) (18.56) (28.41) (22.46) (24.50) (30.57) (24.86) (32.99) (33.06) (54.20)
Free cash flow 10.40 0.17 (5.65) 1.22 1.84 (2.20) 7.50 1.38 0.97 (14.24)
Book value 62.26 89.13 90.49 105.07 121.26 121.22 125.65 133.41 141.71 144.59
Shares, m 70 77 80 84 88 90 92 94 95 98
Valuation, ×
Valuation, × P/E 202.67 147.99 77.15 96.80 168.44 151.86 86.15 78.38 109.89 55.52
P/S 6.96 7.86 5.55 8.83 10.44 11.44 8.35 9.27 10.29 8.14
P/B 5.76 5.01 3.90 5.56 5.89 6.98 5.27 6.08 6.65 5.30
EV/Sales 8.60 9.82 7.56 10.49 12.20 13.26 10.14 10.82 11.72 9.93
EV/FCF 42.58 3,252.62 (84.98) 567.36 453.13 (445.39) 107.23 687.08 1,102.10 (65.69)
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
Capex (290) (1,426) (2,266) (1,890) (2,148) (2,745) (2,276) (3,088) (3,156) (5,305)
Free cash flow 729 13 (451) 103 162 (198) 687 129 93 (1,394)
Balance, $m
Balance, $m Working capital 439 1,006 1 715 584 1,351 1,467 406 2,098 1,232
Total debt 6,659 10,002 10,809 11,108 12,173 13,593 14,906 14,856 16,098 19,800
Net debt 5,907 8,561 10,199 9,228 10,563 12,057 12,999 12,760 12,490 16,573
Shareholders’ equity 4,366 6,850 7,219 8,840 10,634 10,882 11,506 12,489 13,527 14,153
Returns, %
Returns, % ROA 1.10 1.49 1.88 2.30 1.45 1.82 2.42 3.08 2.41 3.59
ROIC 3.76 3.28 3.51 4.05 3.10 3.02 3.06 3.57 3.19 3.76
ROE 3.57 4.15 5.19 6.32 3.80 4.65 6.30 8.08 6.27 9.75
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $99.8B 65.8× 62.5× +16.36% (above 0%: growing) +29.26% (above 0%: growing) −311.02% (below 0%: shrinking) 53.14% 25.33%
AMT American Tower Corporation $77.7B 25.0× 29.7× +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. $65.3B 82.2× 89.2× +28.86% (above 0%: growing) −58.75% (below 0%: shrinking) −25.86% (below 0%: shrinking) 61.14% 24.28% Compare
IRM Iron Mountain Incorporated $33.6B 81.8× 64.9× +18.52% (above 0%: growing) n/m +58.56% (above 0%: growing) 52.76% 18.41% Compare
CCI Crown Castle Inc. $29.3B 40.2× 46.8× −4.91% (below 0%: shrinking) −67.16% (below 0%: shrinking) −40.40% (below 0%: shrinking) 73.41% 46.63% Compare
SBAC SBA Communications Corporation $18.0B 19.6× 27.6× +2.33% (above 0%: growing) −10.95% (below 0%: shrinking) +11.32% (above 0%: growing) 75.39% 49.19% Compare
LAMR Lamar Advertising Company $14.8B 26.7× 25.6× +6.46% (above 0%: growing) +3.95% (above 0%: growing) +8.91% (above 0%: growing) 68.51% 33.72% Compare
WY Weyerhaeuser Company $13.8B 28.9× 56.6× −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. $11.1B 11.2× 14.4× +9.03% (above 0%: growing) +45.45% (above 0%: growing) −42.77% (below 0%: shrinking) 100.00% 77.21% Compare
Median of peers $23.7B 27.8× 38.3× +5.56% +3.95% +10.11% 70.77% 39.94%

All 18 Reit Specialty stocks →

EQIX metrics, ten years each

Equinix, Inc. (EQIX) key facts

  • Strength: Equinix, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.2 billion, up 5.36% from fiscal 2024.
  • Equinix, Inc. (EQIX) is a Reit Specialty company in the Real Estate sector, listed on Nasdaq.
  • As of October 12, 2026, EQIX traded at $1,028.75, a market capitalization of $101.2 billion.
  • Equinix, Inc. pays an annual dividend of $20.17 per share, a yield of 1.97%, with a payout ratio of 129.9%.
  • Return on equity was 9.75% and debt-to-equity 1.44.
  • Its Piotroski F-score is 5 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated

Equinix reported $9.2 billion of revenue in FY2025 and $1.3 billion of net income in FY2025. In Q2 FY2026, revenue was $2.6 billion, operating income was $665.0 million and diluted EPS was $4.83. Trailing-twelve-month revenue to Q2 FY2026 was $9.8 billion.

Capital spending remained material: free cash flow was −$1.4 billion in FY2025 and −$2.2 billion in the TTM to Q2 FY2026. Net debt reached $18.4 billion in Q2 FY2026. As of September 28, 2026, the P/E was 64.7×, while P/S was 10.2×.

Equinix, Inc. (EQIX) Latest News

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