Equinix

Real Estate Data Center REITs Redwood City, California Last filing Feb 11, 2026 · FY2025

                    Revenue
                    FY2025
                
$9.2B
                    3y CAGR +8.3%
                    
                    P57
                    
                    +5.4%
                    
                    Net income
                    FY2025
                
$1.4B
                    Net margin +14.6%
                    
                    P40
                    
                    +65.6%
                    
                    Total assets
                    FY2025
                
$40.1B
                    ROA +3.4%
                    
                    P48
                    
                    +14.4%
                    
                    Operating cash flow
                    FY2025
                
$3.9B
                    
                    +20.4%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

34 accounts · 5 years

Total assets $40.1B

Total liabilities $26.0B

Shareholders equity $14.2B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	4.3%	8.8%	6.4%	6.3%	5.5%
Short Term Investments	3.7%	1.5%	0.0%	0.0%	0.0%
Accounts Receivable	2.5%	2.7%	3.1%	2.8%	2.4%
Prepaid Expenses	2.2%	0.3%	0.3%	0.3%	0.2%
Other Current Assets	2.2%	2.5%	1.4%	1.5%	1.7%
Total Current Assets	12.8%	15.5%	10.9%	10.9%	10.6%
Property,Plant and Equipment	58.8%	54.9%	57.0%	54.9%	0.0%
Operating Lease Assets	3.5%	4.0%	4.4%	4.7%	4.6%
Goodwill	14.9%	15.7%	17.6%	18.7%	19.2%
Intangible Assets	3.3%	4.0%	5.2%	6.3%	6.9%
Long Term Investments	1.4%	1.5%	1.4%	1.1%	0.9%
Other Noncurrent Assets	6.8%	5.8%	4.9%	4.5%	3.3%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	3.4%	0.4%	0.5%	0.4%	0.3%
Accrued Liabilities	0.0%	1.5%	1.6%	1.6%	1.6%
Deferred Revenue	0.3%	0.4%	0.4%	0.4%	0.4%
Operating Lease Liabilities	0.4%	0.4%	0.4%	0.5%	0.5%
Other Current Liabilities	0.8%	0.7%	0.9%	0.8%	0.8%
Total Current Liabilities	9.7%	9.5%	9.7%	6.1%	5.8%
Long Term Debt	0.0%	0.4%	0.0%	0.0%	0.0%
Deferred Revenue Noncurrent	0.4%	0.4%	0.5%	0.5%	0.3%
Operating Lease Liabilities Noncurrent	3.2%	3.8%	4.1%	4.2%	4.0%
Deferred Tax Liabilities	0.0%	1.0%	1.2%	1.3%	1.2%
Other Noncurrent Liabilities	2.4%	2.2%	2.4%	2.6%	2.7%
Total Liabilities	64.7%	61.4%	61.7%	62.0%	61.0%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	53.9%	59.6%	57.0%	57.1%	57.3%
Retained Earnings	15.2%	13.5%	12.0%	9.8%	8.1%
Treasury Stock	0.0%	0.0%	0.0%	0.0%	0.4%
Accumulated Other Comprehensive Income	-3.4%	-4.9%	-4.0%	-4.6%	-3.9%
Noncontrolling Interest	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%
Total Stockholders Equity	35.3%	38.6%	38.2%	38.0%	39.0%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $9.2B

Operating income $1.8B

Net income $1.4B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	23.0%	24.9%	25.1%	24.0%	23.8%
Expenses Cost of Revenue	11.2%	12.7%	12.9%	12.4%	12.4%
Expenses Selling,General and Administrative	4.6%	5.0%	5.1%	4.9%	4.7%
Expenses Depreciation and Amortization	5.1%	5.7%	5.7%	5.7%	5.9%
Expenses Share Based Compensation	1.2%	1.3%	1.2%	1.3%	1.3%
Expenses Restructuring and Asset Impairment	0.1%	0.1%	0.0%	0.0%	—
Expenses Operating Expenses	18.4%	21.1%	20.7%	20.0%	19.8%
Other Income Expense Operating Income	4.6%	3.8%	4.4%	4.0%	4.0%
Other Income Expense Interest Income	0.5%	0.4%	0.3%	0.1%	0.0%
Other Income Expense Interest Expense	0.3%	0.3%	1.2%	1.2%	1.2%
Other Income Expense Other Income/expense	-0.0%	-0.0%	-0.0%	-0.2%	-0.2%
Other Income Expense Income Before Tax	3.8%	2.8%	3.4%	2.7%	2.2%
Income Tax Income Tax Expense	0.4%	0.5%	0.5%	0.4%	0.4%
net Income net Income	3.4%	2.3%	3.0%	2.3%	1.8%
net Income Comprehensive Income	4.3%	1.1%	3.3%	1.3%	1.2%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.2%	0.3%	0.3%	0.3%	0.3%
Earnings Per Share Weighted Average Shares Diluted	0.2%	0.3%	0.3%	0.3%	0.3%

Cash Flow Statement

Operating, investing, and financing flows

18 accounts · 5 years

Operating cash flow $3.9B

Investing cash flow $-6.5B

Financing cash flow $1.3B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	3.4%	2.3%	3.0%	2.3%	1.8%
Operating Activities Depreciation and Amortization	5.1%	5.7%	5.7%	5.7%	5.9%
Operating Activities Stock Based Compensation	1.2%	1.3%	1.2%	1.3%	1.3%
Operating Activities Deferred Income Taxes	-0.1%	-0.1%	0.0%	0.1%	0.1%
Operating Activities Changes In Operating Assets and Liabilities	-0.3%	-0.5%	0.1%	0.1%	-0.6%
Operating Activities net Cash From Operating Activities	9.7%	9.3%	9.9%	9.8%	9.1%
Investing Activities Business Acquisitions	0.6%	0.0%	0.0%	3.2%	0.6%
Investing Activities net Cash From Investing Activities	-16.2%	-11.2%	-9.9%	-11.1%	-10.8%
Financing Activities Proceeds From Debt	10.7%	7.9%	2.8%	3.9%	13.9%
Financing Activities Repayment of Debt	3.0%	2.9%	0.0%	0.0%	7.1%
Financing Activities Dividends Paid	4.6%	4.7%	4.2%	3.8%	3.7%
Financing Activities Proceeds From Stock Issuance	0.2%	0.3%	0.3%	0.3%	0.3%
Financing Activities Other Financing Activities	-0.1%	-0.1%	-0.0%	—	—
Financing Activities net Cash From Financing Activities	3.2%	4.9%	0.6%	2.8%	1.5%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	-0.1%	-0.0%	-0.3%	-0.1%
Cash Reconciliation net Change In Cash	-3.1%	2.8%	0.6%	1.2%	-0.3%
Cash Reconciliation Cash At Beginning of Period	4.5%	8.8%	6.4%	6.3%	5.5%
Cash Reconciliation Cash At End of Period	4.5%	8.8%	6.4%	6.3%	5.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+51.1%	+48.9%	+48.4%	+48.4%	+47.7%
Operating margin	+20.0%	+15.2%	+17.6%	+16.5%	+16.7%
Net margin	+14.6%	+9.3%	+11.8%	+9.7%	+7.5%
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	+8.3%	+9.7%	+10.9%	+9.3%	+9.4%
Returns
ROE	+9.5%	+6.0%	+7.8%	+6.1%	+4.6%
ROA	+3.4%	+2.3%	+3.0%	+2.3%	+1.8%
ROIC	+13.3%	+9.4%	+12.0%	+10.6%	+9.7%
Liquidity
Current ratio	1.32x	1.63x	1.13x	1.80x	1.84x
Quick ratio	0.70x	1.20x	0.98x	1.50x	1.38x
Leverage
D/E	1.83x	1.59x	1.61x	1.63x	1.57x
Interest coverage	15.27x	11.75x	3.59x	3.37x	3.30x
Efficiency
Asset turnover	0.23x	0.25x	0.25x	0.24x	0.24x
Cash conversion cycle	—	—	—	—	—

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FY2025 fundamentals · no price

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