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Equinix

EQIX Nasdaq Data Center REITs Financials FY2016–FY2025

Equinix's revenue rose 5.4% to $9.2 billion in fiscal 2025. Its operating margin was 20.1%, up from 15.2% a year earlier. Free cash flow was −$400 million, against $183 million a year earlier. It paid out $1.9 billion in dividends and buybacks. The diluted share count rose 2.4%.

Last close · Oct 23, 2026

$955.03

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$9.2B
5.4% vs prior year
Operating margin Operating income as a share of revenue.
20.1%
4.9 pts
Net income Profit after all expenses, interest and tax.
$1.4B
65.6%
Free cash flow Cash from operations minus capital spending.
−$400M
318.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.6%
1.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$94.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
61.5x
On $15.53 EPS (TTM)

What Equinix does

No business description yet.

Legal name
EQUINIX, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001101239-26-000032
0001101239

Revenue and margins

Equinix had $9.2B of revenue in fiscal 2025, up 5.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 25.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$400M in fiscal 2025, −4.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Equinix returned $1.9B to shareholders in fiscal 2025. The diluted share count rose 2.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Equinix yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$17.3B and divides by 98.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 61.5x · peers 35.6x · sector 27.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Equinix can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.5B$1.9B$2.1B$3.6B$3.2B
Debt incl. finance leases $13.9B$15.2B$16.1B$17.6B$20.6B
Net debt / EBITDA 4.5x4.5x4.3x4.2x4.5x
Debt / equity 1.3x1.3x1.3x1.3x1.5x
Interest coverage 3.3x3.4x3.6x2.9x3.5x
Current ratio 1.8x1.8x1.1x1.6x1.3x
Quick ratio 1.8x1.8x1.1x1.6x1.3x
Total assets $27.9B$30.3B$32.7B$35.1B$40.1B
Total liabilities $17.0B$18.8B$20.1B$21.5B$26.0B
Shareholders' equity $10.9B$11.5B$12.5B$13.5B$14.2B
Net debt (− = net cash) $12.3B$13.3B$14.0B$14.0B$17.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$14.8M

7 insiders

Of sales under plans

55%

$8.1M

DateInsiderTradeSharesPriceValueFiling
Sep 4, 2026 Michael Shane PaladinChief Customer & Rev Officer Sold 307 $1,035.01 $0.3M Form 4
Sep 2, 2026 Michael Shane PaladinChief Customer & Rev Officer Sold plan 203 $1,015.71 $0.2M Form 4
Aug 20, 2026 Kurt PletcherChief Legal Officer Sold plan 135 $1,075.50 $0.1M Form 4
Aug 18, 2026 Christopher B PaisleyDirector Sold plan 125 $1,103.58 $0.1M Form 4
Aug 3, 2026 Christopher B PaisleyDirector Sold 4,000 $1,019.28 $4.1M Form 4
Jun 8, 2026 Brandi Galvin MorandiChief People Officer Sold plan 3,726 $1,076.36 $4.0M Form 4
Jun 2, 2026 Adaire Fox-MartinCEO and President, Director Sold plan 2,935 $1,057.11 $3.1M Form 4
Jun 2, 2026 Jonathan LinChief Business Officer Sold plan 150 $1,060.41 $0.2M Form 4
Jun 2, 2026 Kurt PletcherChief Legal Officer Sold plan 79 $1,060.25 $0.1M Form 4
Jun 2, 2026 Raouf AbdelEVP, Global Operations Sold plan 158 $1,060.38 $0.2M Form 4
May 22, 2026 Raouf AbdelEVP, Global Operations Sold 2,040 $1,083.47 $2.2M Form 4
May 18, 2026 Christopher B PaisleyDirector Sold plan 125 $1,060.29 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✕
F-score 7 / 95 / 95 / 9
Accruals ratio −7.1%−7.2%−6.8%
Altman Z'' 1.421.751.58

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Equinix EQIX $94.6B 5.4% 20.1% −4.3% 5.6% 61.5x 5
Digital Realty DLR $60.9B 10.0% 10.8% −12.6% — 45.6x — Compare →
Prologis PLD $121.1B 7.2% 49.6% — 4.6% 31.9x — Compare →
Cushman & Wakefield CWK $2.8B 8.9% 4.4% 2.9% 8.8% 39.4x 5 Compare →
American Tower AMT $88.1B 5.1% 45.5% 35.5% 9.3% 26.0x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.6B $4.4B $5.1B $5.6B $6.0B $6.6B $7.3B $8.2B $8.7B $9.2B
Gross profit $1.8B $2.2B $2.5B $2.8B $2.9B $3.2B $3.5B $4.0B $4.3B $4.7B
Operating income $619M $809M $977M $1.2B $1.1B $1.1B $1.2B $1.4B $1.3B $1.8B
Interest expense $392M $479M $522M $480M $407M $336M $356M $402M $457M $527M
Pretax income $160M $287M $433M $693M $516M $609M $829M $1.1B $975M $1.5B
Income tax $45.5M $53.8M $67.7M $185M $146M $109M $124M $155M $161M $160M
Net income $127M $233M $365M $507M $370M $500M $705M $969M $815M $1.4B
Diluted EPS $1.79 $3.00 $4.56 $5.99 $4.18 $5.53 $7.67 $10.31 $8.50 $13.76
Diluted shares 0.07B 0.08B 0.08B 0.08B 0.09B 0.09B 0.09B 0.09B 0.10B 0.10B
Cash flow
Cash from operations $1.0B $1.4B $1.8B $2.0B $2.3B $2.5B $3.0B $3.2B $3.2B $3.9B
Capital expenditure $1.1B $1.4B $2.1B $2.1B $2.3B $2.8B $2.3B $2.8B $3.1B $4.3B
Free cash flow −$94.0M $60.5M −$281M −$86.8M $27.3M −$204M $685M $436M $183M −$400M
Depreciation and amortization $837M $1.0B $1.2B $1.3B $1.4B $1.7B $1.7B $1.8B $2.0B $2.1B
Stock-based compensation $156M $176M $181M $237M $295M $364M $404M $407M $462M $498M
Acquisitions $1.8B $4.0B $830M $34.1M $1.2B $159M $964M $0.0M $0.0M $251M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $500M $622M $739M $836M $948M $1.0B $1.2B $1.4B $1.6B $1.9B
Dividends and buybacks $499M $622M $739M $836M $948M $1.0B $1.2B $1.4B $1.6B $1.9B
Balance sheet
Cash and short-term investments $752M $1.4B $611M $1.9B $1.6B $1.5B $1.9B $2.1B $3.6B $3.2B
Total debt $5.3B $8.5B $9.9B $10.4B $10.6B $11.7B $12.9B $13.8B $15.3B $18.2B
Finance lease liabilities $0.0M $0.0M $0.0M $1.5B $1.9B $2.1B $2.3B $2.3B $2.3B $2.4B
Current assets $1.5B $2.2B $1.5B $2.9B $2.6B $3.0B $3.3B $3.6B $5.4B $5.1B
Current liabilities $1.0B $1.2B $1.5B $2.2B $2.0B $1.6B $1.8B $3.2B $3.3B $3.9B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $7.2B $9.4B $11.0B $12.2B $14.5B $15.4B $16.6B $18.6B $19.2B $23.6B
Total assets $12.6B $18.7B $20.2B $24.0B $27.0B $27.9B $30.3B $32.7B $35.1B $40.1B
Total liabilities $8.2B $11.8B $13.0B $15.1B $16.4B $17.0B $18.8B $20.1B $21.5B $26.0B
Shareholders' equity $4.4B $6.8B $7.2B $8.8B $10.6B $10.9B $11.5B $12.5B $13.5B $14.2B
Margins
Gross margin 49.6% 49.8% 48.6% 49.5% 48.8% 47.7% 48.4% 48.4% 48.9% 51.1%
Operating margin 17.1% 18.5% 19.3% 21.0% 17.6% 16.7% 16.5% 17.6% 15.2% 20.1%
EBITDA margin 40.3% 42.4% 43.5% 44.1% 41.3% 41.7% 40.4% 40.2% 38.2% 42.3%
Net margin 3.5% 5.3% 7.2% 9.1% 6.2% 7.5% 9.7% 11.8% 9.3% 14.7%
FCF margin −2.6% 1.4% −5.5% −1.6% 0.5% −3.1% 9.4% 5.3% 2.1% −4.3%
Returns
Return on capital 6.0% 5.8% 5.4% 4.8% 3.7% 4.1% 4.3% 4.9% 4.1% 5.6%
Return on capital employed 6.1% 5.6% 5.4% 5.8% 4.5% 4.3% 4.4% 5.0% 4.3% 5.4%
Return on equity 3.6% 4.2% 5.2% 6.3% 3.8% 4.7% 6.3% 8.1% 6.3% 9.8%
Return on assets 1.1% 1.5% 1.9% 2.3% 1.5% 1.8% 2.4% 3.1% 2.4% 3.6%
Growth
Revenue growth 32.5% 20.9% 16.1% 9.7% 7.9% 10.6% 9.5% 12.7% 6.8% 5.4%
Net income growth −32.5% 83.7% 56.8% 38.9% −27.1% 35.3% 41.0% 37.5% −15.9% 65.6%
EPS growth −44.2% 67.6% 52.0% 31.4% −30.2% 32.3% 38.7% 34.4% −17.6% 61.9%
FCF growth −452.1% — −564.0% — — −847.8% — −36.4% −58.0% −318.6%
Share count change 21.1% 9.5% 3.4% 5.6% 4.4% 2.3% 1.6% 2.4% 1.9% 2.4%
Financial health
Net debt / EBITDA 3.1x 3.8x 4.2x 4.1x 4.4x 4.5x 4.5x 4.3x 4.2x 4.5x
Debt / equity 1.2x 1.2x 1.4x 1.4x 1.2x 1.3x 1.3x 1.3x 1.3x 1.5x
Interest coverage 1.6x 1.7x 1.9x 2.4x 2.6x 3.3x 3.4x 3.6x 2.9x 3.5x
Current ratio 1.4x 1.8x 1.0x 1.3x 1.3x 1.8x 1.8x 1.1x 1.6x 1.3x
Quick ratio 1.4x 1.8x 1.0x 1.3x 1.3x 1.8x 1.8x 1.1x 1.6x 1.3x
Capital allocation
Capex / revenue 30.8% 31.6% 41.3% 37.4% 38.1% 41.5% 31.4% 34.0% 35.1% 46.8%
Stock comp / revenue 4.3% 4.0% 3.6% 4.3% 4.9% 5.5% 5.6% 5.0% 5.3% 5.4%
Payouts / FCF — 1,027.1% — — 3,469.5% — 168.2% 315.4% 897.8% —
Quality scores
Piotroski F-score 4.0 6.0 5.0 8.0 4.0 5.0 6.0 7.0 5.0 5.0
Altman Z'' 1.1 1.3 1.1 1.3 1.3 1.5 1.5 1.4 1.8 1.6
Accruals ratio −7.8% −7.7% −7.5% −6.7% −7.6% −7.5% −7.8% −7.1% −7.2% −6.8%

Source: SEC EDGAR XBRL filings (CIK 0001101239). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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