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

Balance Sheet

Assets, liabilities, and equity

34 accounts · 10 years

Total assets $40.1B

Total liabilities $26.0B

Shareholders equity $14.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	$1.7B -43.9%	$3.1B 47.0%	$2.1B 9.9%	$1.9B 24.1%	$1.5B -4.3%	$1.6B -14.2%	$1.9B 208.4%	$606.2M -57.1%	$1.4B 88.7%	$748.5M
Short Term Investments	$1.5B 184.6%	$527.0M	$0	$0	$0 -100.0%	$4.5M -56.3%	$10.4M 128.2%	$4.5M -83.9%	$28.3M 729.3%	$3.4M
Accounts Receivable	$1.0B 5.5%	$949.0M -5.5%	$1.0B 17.4%	$855.4M 25.5%	$681.8M 0.7%	$676.7M -1.8%	$689.1M 9.4%	$630.1M 9.3%	$576.3M 45.4%	$396.2M
Prepaid Expenses	$897.0M 885.7%	$91.0M -8.8%	$99.8M 26.0%	$79.2M 21.4%	$65.2M 6.2%	$61.4M 9.8%	$56.0M -20.6%	$70.4M 8.6%	$64.8M -18.2%	$79.3M
Other Current Assets	$897.0M 0.8%	$890.0M 90.1%	$468.2M 2.0%	$459.1M -0.8%	$462.7M 43.3%	$323.0M 6.4%	$303.5M 10.4%	$274.9M 18.5%	$232.0M -23.8%	$304.3M
Total Current Assets	$5.1B -5.9%	$5.4B 52.7%	$3.6B 7.9%	$3.3B 11.8%	$3.0B 13.3%	$2.6B -9.2%	$2.9B 89.5%	$1.5B -32.6%	$2.2B 53.3%	$1.5B
Property,Plant and Equipment	$23.6B 22.5%	$19.2B 3.5%	$18.6B 11.7%	$16.6B	$0 -100.0%	$14.5B 19.3%	$12.2B 10.2%	$11.0B 17.4%	$9.4B 30.5%	$7.2B
Operating Lease Assets	$1.4B -1.9%	$1.4B -2.1%	$1.4B 1.5%	$1.4B 11.3%	$1.3B -13.1%	$1.5B 0.0%	$1.5B	—	—	—
Goodwill	$6.0B 8.7%	$5.5B -4.1%	$5.7B 1.5%	$5.7B 5.2%	$5.4B -1.8%	$5.5B 14.4%	$4.8B -1.1%	$4.8B 9.6%	$4.4B 47.7%	$3.0B
Intangible Assets	$1.3B -7.1%	$1.4B -16.9%	$1.7B -10.2%	$1.9B -1.9%	$1.9B -10.9%	$2.2B 3.3%	$2.1B -9.9%	$2.3B -2.2%	$2.4B 231.6%	$719.2M
Long Term Investments	$551.0M 6.2%	$519.0M 10.8%	$468.2M 34.5%	$348.1M 42.1%	$245.0M 50.3%	$163.1M	—	—	$9.2M -8.0%	$10.0M
Other Noncurrent Assets	$2.7B 33.7%	$2.0B 28.8%	$1.6B 15.6%	$1.4B 48.6%	$926.1M 19.3%	$776.0M 33.6%	$580.8M 8.9%	$533.3M 120.6%	$241.8M 6.8%	$226.3M
Total Assets	$40.1B 14.4%	$35.1B 7.5%	$32.7B 7.7%	$30.3B 8.6%	$27.9B 3.4%	$27.0B 12.7%	$24.0B 18.4%	$20.2B 8.3%	$18.7B 48.2%	$12.6B
Liabilities
Accounts Payable	$1.4B 915.0%	$133.0M -18.1%	$162.4M 40.0%	$116.0M 37.9%	$84.1M 8.2%	$77.7M 48.8%	$52.2M -46.1%	$97.0M -4.7%	$101.7M 69.0%	$60.2M
Accrued Liabilities	$0 -100.0%	$517.0M -1.9%	$527.1M 5.8%	$498.2M 11.5%	$446.7M 12.6%	$396.6M 15.0%	$344.7M -4.7%	$361.8M 14.9%	$314.9M 17.2%	$268.6M
Deferred Revenue	$133.0M 8.1%	$123.0M -1.6%	$125.0M -5.4%	$132.1M 20.4%	$109.7M 8.4%	$101.3M 32.9%	$76.2M 4.2%	$73.1M	—	$18.7M
Operating Lease Liabilities	$155.0M 7.6%	$144.0M 10.1%	$130.7M -6.3%	$139.5M -3.1%	$144.0M -6.6%	$154.2M 5.9%	$145.6M	—	—	—
Other Current Liabilities	$340.0M 46.6%	$232.0M -23.1%	$301.7M 20.0%	$251.3M 17.2%	$214.5M -39.5%	$354.4M 130.2%	$153.9M 21.2%	$127.0M -20.6%	$159.9M 20.1%	$133.1M
Total Current Liabilities	$3.9B 16.2%	$3.3B 5.9%	$3.2B 72.0%	$1.8B 14.5%	$1.6B -20.7%	$2.0B -6.2%	$2.2B 42.4%	$1.5B 21.9%	$1.2B 20.8%	$1.0B
Long Term Debt	$0 -100.0%	$123.0M	$0	$0	$0	$0	$0	$0	$0 -100.0%	$5.3B
Deferred Revenue Noncurrent	$170.0M 13.3%	$150.0M -2.6%	$154.0M -0.9%	$155.3M 77.5%	$87.5M 22.8%	$71.2M 53.0%	$46.6M -0.2%	$46.6M	—	$2.7M
Operating Lease Liabilities Noncurrent	$1.3B -2.0%	$1.3B 0.0%	$1.3B 4.6%	$1.3B 15.0%	$1.1B -15.4%	$1.3B -0.5%	$1.3B	—	—	—
Deferred Tax Liabilities	$0 -100.0%	$339.0M -14.0%	$394.1M 2.8%	$383.4M 12.7%	$340.3M 17.2%	$290.4M 17.5%	$247.2M -0.3%	$247.8M 4.2%	$237.9M 1.9%	$233.5M
Other Noncurrent Liabilities	$983.0M 29.3%	$760.0M -4.5%	$795.5M -0.3%	$797.9M 4.5%	$763.4M -19.6%	$949.0M 52.6%	$621.7M -1.3%	$629.8M -4.8%	$661.7M 6.2%	$623.2M
Total Liabilities	$26.0B 20.6%	$21.5B 6.9%	$20.1B 7.1%	$18.8B 10.4%	$17.0B 4.1%	$16.4B 8.2%	$15.1B 16.1%	$13.0B 10.0%	$11.8B 43.7%	$8.2B
Equity
Preferred Stock	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Common Stock	$0	$0 -100.0%	$95.0K 2.2%	$93.0K 2.2%	$91.0K 2.2%	$89.0K 3.5%	$86.0K 6.2%	$81.0K 2.5%	$79.0K 9.7%	$72.0K
Additional Paid In Capital	$21.6B 3.6%	$20.9B 12.4%	$18.6B 7.4%	$17.3B 8.4%	$16.0B 6.4%	$15.0B 18.4%	$12.7B 18.1%	$10.8B 6.2%	$10.1B 36.5%	$7.4B
Retained Earnings	$6.1B 28.4%	$4.7B 20.7%	$3.9B 32.7%	$3.0B 31.2%	$2.3B 28.4%	$1.8B 26.5%	$1.4B 56.3%	$889.9M 252.2%	$252.7M 1259.7%	$18.6M
Treasury Stock	$62.0K -39.8%	$103.0K -31.6%	$150.7K -22.0%	$193.3K -99.8%	$112.2M -8.1%	$122.1M -15.3%	$144.3M -0.6%	$145.2M -0.8%	$146.3M -0.8%	$147.6M
Accumulated Other Comprehensive Income	$-1.4B 21.7%	$-1.7B -34.5%	$-1.3B 7.1%	$-1.4B -28.0%	$-1.1B -18.9%	$-913.4M 2.3%	$-934.6M 1.2%	$-945.7M -20.4%	$-785.2M 17.3%	$-949.1M
Noncontrolling Interest	$-3.0M -200.0%	$-1.0M -153.2%	$-395.0K -194.8%	$-134.0K 57.9%	$-318.0K -344.6%	$130.0K 158.0%	$-224.0K	—	—	—
Total Stockholders Equity	$14.2B 4.6%	$13.5B 8.3%	$12.5B 8.5%	$11.5B 5.7%	$10.9B 2.3%	$10.6B 20.3%	$8.8B 22.5%	$7.2B 5.4%	$6.8B 56.9%	$4.4B
Total Liabilitiesand Equity	$40.1B 14.4%	$35.1B 7.5%	$32.7B 7.7%	$30.3B 8.6%	$27.9B 3.4%	$27.0B 12.7%	$24.0B 18.4%	$20.2B 8.3%	$18.7B 48.2%	$12.6B

Income Statement

Revenue, expense, and profitability

19 accounts · 10 years

Revenue $9.2B

Operating income $1.8B

Net income $1.4B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	$9.2B 5.4%	$8.7B 6.8%	$8.2B 12.7%	$7.3B 9.5%	$6.6B 10.6%	$6.0B 7.8%	$5.6B 9.7%	$5.1B 16.1%	$4.4B 20.9%	$3.6B
Expenses Cost of Revenue	$4.5B 0.9%	$4.5B 5.7%	$4.2B 12.7%	$3.8B 8.0%	$3.5B 12.9%	$3.1B 9.4%	$2.8B 7.9%	$2.6B 18.8%	$2.2B 20.4%	$1.8B
Expenses Selling,General and Administrative	$1.8B 4.2%	$1.8B 6.8%	$1.7B 10.3%	$1.5B 15.1%	$1.3B 19.3%	$1.1B 16.7%	$935.0M 13.1%	$826.7M 10.8%	$745.9M 7.4%	$694.6M
Expenses Depreciation and Amortization	$2.0B 2.0%	$2.0B 8.9%	$1.8B 6.2%	$1.7B 4.9%	$1.7B 16.4%	$1.4B 10.8%	$1.3B 4.7%	$1.2B 17.7%	$1.0B 24.5%	$837.2M
Expenses Share Based Compensation	$498.0M 7.8%	$462.0M 13.5%	$407.0M 0.7%	$404.0M 11.1%	$363.8M 23.3%	$295.0M 24.7%	$236.5M 30.9%	$180.7M 3.0%	$175.5M 12.8%	$155.6M
Expenses Restructuring and Asset Impairment	$33.0M 6.5%	$31.0M	$0	$0	—	—	—	—	—	—
Expenses Operating Expenses	$7.4B -0.7%	$7.4B 10.0%	$6.7B 11.2%	$6.1B 9.7%	$5.5B 11.8%	$4.9B 12.6%	$4.4B 7.3%	$4.1B 15.0%	$3.6B 18.9%	$3.0B
Other Income Expense Operating Income	$1.8B 39.2%	$1.3B -8.0%	$1.4B 20.3%	$1.2B 8.3%	$1.1B 5.2%	$1.1B -10.0%	$1.2B 19.7%	$977.4M 20.8%	$809.0M 30.8%	$618.7M
Other Income Expense Interest Income	$193.0M 40.9%	$137.0M 45.7%	$94.0M 161.1%	$36.0M 1261.6%	$2.6M -69.4%	$8.7M -68.8%	$27.7M 91.3%	$14.5M 10.8%	$13.1M 276.2%	$3.5M
Other Income Expense Interest Expense	$121.0M 7.1%	$113.0M -71.9%	$402.0M 12.8%	$356.3M 6.0%	$336.1M -17.3%	$406.5M -15.3%	$479.7M -8.0%	$521.5M 8.9%	$478.7M 22.1%	$392.2M
Other Income Expense Other Income/expense	$-7.0M 58.8%	$-17.0M -54.5%	$-11.0M 78.4%	$-51.0M -0.7%	$-50.6M -832.6%	$6.9M -75.1%	$27.8M 97.8%	$14.0M 52.4%	$9.2M 115.9%	$-57.9M
Other Income Expense Income Before Tax	$1.5B 54.7%	$975.0M -13.3%	$1.1B 35.6%	$829.0M 36.1%	$609.0M 18.0%	$516.2M -25.5%	$692.6M 59.9%	$433.0M 51.0%	$286.8M 79.4%	$159.9M
Income Tax Income Tax Expense	$160.0M -0.6%	$161.0M 3.9%	$155.0M 25.0%	$124.0M 13.5%	$109.2M -25.3%	$146.2M -21.1%	$185.4M 173.9%	$67.7M 25.7%	$53.9M 18.5%	$45.5M
net Income net Income	$1.4B 65.6%	$815.0M -15.9%	$969.0M 37.4%	$705.0M 40.9%	$500.2M 35.3%	$369.8M -27.1%	$507.4M 38.9%	$365.4M 56.8%	$233.0M 83.7%	$126.8M
net Income Comprehensive Income	$1.7B 366.5%	$370.0M -65.4%	$1.1B 166.3%	$401.0M 22.3%	$327.8M -16.2%	$391.0M -24.6%	$518.5M 150.5%	$207.0M -47.9%	$396.9M 226.7%	$-313.3M
Earnings Per Share Basic Eps	$14 61.5%	$9 -17.5%	$10 34.6%	$8 38.1%	$6 32.0%	$4 -30.0%	$6 31.7%	$5 51.2%	$3 67.4%	$2
Earnings Per Share Diluted Eps	$14 61.9%	$8 -17.6%	$10 34.4%	$8 38.7%	$6 32.3%	$4 -30.2%	$6 31.4%	$5 52.0%	$3 67.6%	$2
Earnings Per Share Weighted Average Shares Basic	$97.9M 2.5%	$95.5M 2.0%	$93.6M 2.2%	$91.6M 2.0%	$89.8M 2.4%	$87.7M 4.2%	$84.1M 5.5%	$79.8M 3.8%	$76.9M 9.6%	$70.1M
Earnings Per Share Weighted Average Shares Diluted	$98.1M 2.4%	$95.8M 1.9%	$94.0M 2.4%	$91.8M 1.6%	$90.4M 2.3%	$88.4M 4.4%	$84.7M 5.6%	$80.2M 3.4%	$77.5M 9.5%	$70.8M

Cash Flow Statement

Operating, investing, and financing flows

18 accounts · 10 years

Operating cash flow $3.9B

Investing cash flow $-6.5B

Financing cash flow $1.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	$1.4B 65.6%	$815.0M -15.9%	$969.0M 37.4%	$705.0M 40.9%	$500.2M 35.3%	$369.8M -27.1%	$507.4M 38.9%	$365.4M 56.8%	$233.0M 83.7%	$126.8M
Operating Activities Depreciation and Amortization	$2.0B 2.0%	$2.0B 8.9%	$1.8B 6.2%	$1.7B 4.9%	$1.7B 16.4%	$1.4B 10.8%	$1.3B 4.7%	$1.2B 17.7%	$1.0B 24.5%	$837.2M
Operating Activities Stock Based Compensation	$498.0M 7.8%	$462.0M 13.5%	$407.0M 0.7%	$404.0M 11.1%	$363.8M 23.3%	$295.0M 24.7%	$236.5M 30.9%	$180.7M 3.0%	$175.5M 12.8%	$155.6M
Operating Activities Deferred Income Taxes	$-56.0M -86.7%	$-30.0M -700.0%	$5.0M -88.1%	$42.0M 4.0%	$40.4M 314.8%	$-18.8M -168.4%	$27.5M 159.6%	$-46.1M 1.3%	$-46.7M -32.1%	$-35.3M
Operating Activities Changes In Operating Assets and Liabilities	$-116.0M 35.6%	$-180.0M -918.2%	$22.0M 4.8%	$21.0M 112.0%	$-175.7M -4.4%	$-168.3M -34.4%	$-125.2M -336.5%	$52.9M -67.3%	$161.8M 61.4%	$100.2M
Operating Activities net Cash From Operating Activities	$3.9B 20.4%	$3.2B 1.0%	$3.2B 8.6%	$3.0B 16.3%	$2.5B 10.3%	$2.3B 15.9%	$2.0B 9.8%	$1.8B 26.1%	$1.4B 41.2%	$1.0B
Investing Activities Business Acquisitions	$251.0M	$0	$0 -100.0%	$964.0M 508.2%	$158.5M -86.6%	$1.2B 3356.8%	$34.1M -95.9%	$829.7M -79.1%	$4.0B 124.3%	$1.8B
Investing Activities net Cash From Investing Activities	$-6.5B -64.7%	$-3.9B -22.1%	$-3.2B 4.1%	$-3.4B -11.8%	$-3.0B 12.3%	$-3.4B -76.2%	$-1.9B 36.8%	$-3.1B 43.1%	$-5.4B -164.0%	$-2.0B
Financing Activities Proceeds From Debt	$4.3B 55.7%	$2.8B 206.9%	$902.0M -24.5%	$1.2B -69.2%	$3.9B -12.5%	$4.4B 58.4%	$2.8B 558.9%	$424.6M -79.4%	$2.1B 76.1%	$1.2B
Financing Activities Repayment of Debt	$1.2B 20.0%	$1.0B	$0	$0 -100.0%	$2.0B -54.4%	$4.4B 5859.2%	$73.2M -83.6%	$447.5M -80.4%	$2.3B 55.7%	$1.5B
Financing Activities Dividends Paid	$1.9B 13.0%	$1.6B 19.5%	$1.4B 19.4%	$1.2B 10.5%	$1.0B 10.0%	$947.9M 13.4%	$836.2M 13.2%	$738.6M 18.8%	$621.5M 24.4%	$499.5M
Financing Activities Proceeds From Stock Issuance	$95.0M 4.4%	$91.0M 4.6%	$87.0M 6.1%	$82.0M 5.6%	$77.6M 25.0%	$62.1M 19.4%	$52.0M 3.8%	$50.1M 20.2%	$41.7M 22.0%	$34.2M
Financing Activities Other Financing Activities	$-26.0M 13.3%	$-30.0M -130.8%	$-13.0M	—	—	$0	$0 -100.0%	$725.0K 180.6%	$-900.0K -1664.7%	$-51.0K
Financing Activities net Cash From Financing Activities	$1.3B -26.2%	$1.7B 716.6%	$211.0M -75.4%	$857.0M 107.1%	$413.8M -49.3%	$815.5M -32.2%	$1.2B 155.3%	$470.9M -89.8%	$4.6B 613.7%	$-897.1M
Cash Reconciliation Effect of Exchange Rate On Cash	$43.0M 187.8%	$-49.0M -206.3%	$-16.0M 83.7%	$-98.0M -221.6%	$-30.5M -174.9%	$40.7M 364.3%	$8.8M 125.9%	$-33.9M -208.7%	$31.2M 243.1%	$-21.8M
Cash Reconciliation net Change In Cash	$-1.3B -227.6%	$986.0M 424.5%	$188.0M -47.6%	$359.0M 570.9%	$-76.2M 70.8%	$-260.9M -120.7%	$1.3B 253.0%	$-823.1M -221.5%	$677.5M 134.8%	$-1.9B
Cash Reconciliation Cash At Beginning of Period	$1.8B -40.8%	$3.1B 47.0%	$2.1B 9.9%	$1.9B 23.1%	$1.5B -4.7%	$1.6B -13.8%	$1.9B 200.6%	$627.6M -56.7%	$1.5B 87.6%	$773.2M
Cash Reconciliation Cash At End of Period	$1.8B -40.8%	$3.1B 47.0%	$2.1B 9.9%	$1.9B 23.1%	$1.5B -4.7%	$1.6B -13.8%	$1.9B 200.6%	$627.6M -56.7%	$1.5B 87.6%	$773.2M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+51.1%	+48.9%	+48.4%	+48.4%	+47.7%	+48.7%	+49.5%	+48.6%	+49.8%	+49.6%
Operating margin	+20.0%	+15.2%	+17.6%	+16.5%	+16.7%	+17.6%	+21.0%	+19.3%	+18.5%	+17.1%
Net margin	+14.6%	+9.3%	+11.8%	+9.7%	+7.5%	+6.2%	+9.1%	+7.2%	+5.3%	+3.5%
FCF margin	—	—	—	—	—	—	—	—	—	—
Growth
Revenue CAGR (3y)	+8.3%	+9.7%	+10.9%	+9.3%	+9.4%	+11.1%	+15.5%	+23.0%	+21.4%	+18.8%
Returns
ROE	+9.5%	+6.0%	+7.8%	+6.1%	+4.6%	+3.5%	+5.7%	+5.1%	+3.4%	+2.9%
ROA	+3.4%	+2.3%	+3.0%	+2.3%	+1.8%	+1.4%	+2.1%	+1.8%	+1.2%	+1.0%
ROIC	+13.3%	+9.4%	+12.0%	+10.6%	+9.7%	+8.4%	+12.3%	+12.5%	+12.1%	+5.0%
Liquidity
Current ratio	1.32x	1.63x	1.13x	1.80x	1.84x	1.29x	1.33x	1.00x	1.81x	1.43x
Quick ratio	0.70x	1.20x	0.98x	1.50x	1.38x	1.13x	1.19x	0.82x	1.60x	1.11x
Leverage
D/E	1.83x	1.59x	1.61x	1.63x	1.57x	1.54x	1.71x	1.80x	1.73x	1.89x
Interest coverage	15.27x	11.75x	3.59x	3.37x	3.30x	2.59x	2.44x	1.87x	1.69x	1.58x
Efficiency
Asset turnover	0.23x	0.25x	0.25x	0.24x	0.24x	0.22x	0.23x	0.25x	0.23x	0.29x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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