Equinix

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

                    Revenue
                    FY2025
                
$9.2B
                    3y CAGR +8.3%
                    
                    P59
                    
                    +5.4%
                    
                    Net income
                    FY2025
                
$1.4B
                    Net margin +14.6%
                    
                    P38
                    
                    +65.6%
                    
                    Total assets
                    FY2025
                
$40.1B
                    ROA +3.4%
                    
                    P48
                    
                    +14.4%
                    
                    Operating cash flow
                    FY2025
                
$3.9B
                    FCF margin -7.1%
                    
                    P31
                    
                    +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 revenue.

Balance Sheet

Assets, liabilities, and equity

21 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	35.0%	41.2%	25.6%	26.2%	23.2%	26.8%	33.8%	12.0%	33.0%	20.8%
Other Current Assets	20.6%	21.0%	18.0%	19.3%	21.4%	16.7%	17.8%	17.8%	18.5%	19.8%
Total Current Assets	55.6%	62.3%	43.6%	45.5%	44.6%	43.5%	51.6%	29.9%	51.5%	40.6%
Other Noncurrent Assets	379.9%	338.8%	355.2%	371.8%	376.2%	406.7%	379.2%	369.3%	376.4%	308.4%
Total Assets	435.5%	401.1%	398.8%	417.3%	420.7%	450.2%	430.9%	399.2%	427.9%	349.1%
Liabilities
Current Portion of Long Term Debt	14.3%	13.8%	12.3%	0.1%	0.5%	3.9%	13.0%	7.4%	1.5%	1.9%
Other Current Liabilities	28.0%	24.5%	26.3%	25.2%	23.7%	29.9%	25.8%	26.7%	27.0%	26.6%
Total Current Liabilities	42.2%	38.3%	38.6%	25.3%	24.2%	33.8%	38.8%	29.9%	28.4%	28.5%
Long Term Debt	190.9%	160.1%	155.4%	175.6%	174.4%	171.8%	172.6%	186.1%	190.4%	143.4%
Other Noncurrent Liabilities	48.5%	47.7%	51.9%	58.0%	58.2%	67.4%	60.6%	89.7%	52.2%	56.3%
Total Liabilities	281.7%	246.1%	245.9%	258.9%	256.8%	272.9%	271.9%	256.8%	271.1%	228.2%
Equity
Total Stockholders Equity	153.6%	154.6%	152.5%	158.4%	164.0%	177.3%	158.9%	142.3%	156.8%	120.9%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	234.8%	238.9%	227.1%	238.5%	240.9%	250.5%	228.3%	212.0%	231.7%	205.2%
Retained Earnings	66.2%	54.3%	48.0%	40.8%	34.1%	29.3%	25.0%	17.5%	5.8%	0.5%
Treasury Stock	0.3%	0.4%	0.7%	1.0%	1.7%	2.0%	2.6%	2.9%	3.3%	4.1%
Accumulated Other Comprehensive Income	-14.7%	-19.8%	-15.8%	-19.1%	-16.4%	-15.2%	-16.8%	-18.6%	-18.0%	-26.3%
Other Equity	-132.4%	-118.2%	-106.2%	-100.8%	-92.9%	-85.3%	-74.9%	-65.7%	-59.4%	-54.5%
Noncontrolling Interest	-0.0%	-0.0%	0.0%	-0.0%	-0.0%	0.0%	-0.0%	0.0%	—	—
Temporary Equity and Other	0.3%	0.3%	0.3%	0.0%	—	—	—	—	—	—
Total Liabilitiesand Equity	435.5%	401.1%	398.8%	417.3%	420.7%	450.2%	430.9%	399.2%	427.9%	349.1%

Income Statement

Revenue, expense, and profitability

14 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	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Property Operating Expenses	48.9%	51.1%	51.6%	51.6%	52.3%	51.3%	50.5%	51.4%	50.2%	50.4%
Expenses Selling,General and Administrative	29.8%	30.4%	30.6%	31.5%	30.8%	30.2%	28.5%	28.8%	30.4%	31.4%
Expenses Other Operating Expenses	0.6%	0.9%	0.2%	—	—	0.1%	0.7%	0.7%	0.9%	2.0%
Other Income Expense Operating Income	20.0%	15.2%	17.6%	16.5%	16.7%	17.6%	21.0%	19.3%	18.5%	17.1%
Other Income Expense Interest Expense	5.7%	5.2%	4.9%	4.9%	5.1%	6.8%	8.6%	10.3%	11.0%	10.9%
Other Income Expense Other Income/expense	1.3%	-1.3%	1.1%	-0.6%	-2.6%	-3.1%	0.8%	-0.3%	-1.0%	-0.9%
Other Income Expense Income Before Tax	16.4%	11.1%	13.7%	11.4%	9.2%	8.6%	12.5%	8.5%	6.6%	4.4%
Income Tax Income Tax Expense	1.7%	1.8%	1.9%	1.7%	1.6%	2.4%	3.3%	1.3%	1.2%	1.3%
net Income Other Items Below Tax	0.0%	0.0%	0.0%	0.0%	0.0%	-0.0%	0.0%	0.0%	0.0%	0.3%
net Income net Income	14.6%	9.3%	11.8%	9.7%	7.5%	6.2%	9.1%	7.2%	5.3%	3.5%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	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%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	1.1%	1.1%	1.1%	1.3%	1.4%	1.5%	1.5%	1.6%	1.8%	2.0%

Cash Flow Statement

Operating, investing, and financing flows

15 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 Cash From Operating Activities	42.4%	37.1%	39.3%	40.8%	38.4%	38.5%	35.8%	35.8%	32.9%	28.1%
Operating Activities net Income	14.6%	9.3%	11.8%	9.7%	7.5%	6.2%	9.1%	7.2%	5.3%	3.5%
Operating Activities Depreciation and Amortization	22.4%	23.0%	22.5%	23.9%	25.0%	23.7%	23.1%	24.2%	23.9%	23.2%
Operating Activities Stock Based Compensation	5.4%	5.3%	5.0%	5.6%	5.5%	4.9%	4.3%	3.6%	4.0%	4.2%
Operating Activities Other Non Cash Items	-0.0%	-0.4%	-0.0%	1.6%	0.4%	3.7%	-0.6%	0.8%	-0.3%	-2.8%
Investing Activities Capital Expenditures	-49.5%	-35.0%	-34.0%	-44.6%	-43.9%	-57.7%	-38.0%	-57.7%	-122.3%	-79.7%
Investing Activities Other Investing Activities	-10.1%	-6.1%	-0.7%	1.7%	1.6%	3.9%	6.1%	0.6%	0.8%	36.4%
Investing Activities net Cash From Investing Activities	-70.3%	-45.0%	-39.4%	-46.3%	-45.3%	-57.1%	-35.0%	-60.6%	-123.6%	-44.1%
Financing Activities Proceeds From Debt	46.8%	31.6%	11.0%	25.8%	58.5%	86.4%	50.3%	26.7%	130.2%	32.3%
Financing Activities Repayment of Debt	-14.7%	-13.1%	-1.9%	-9.9%	-43.3%	-88.5%	-43.3%	-10.9%	-65.7%	-43.7%
Financing Activities Dividends Paid	-20.1%	-18.8%	-16.8%	-15.9%	-15.7%	-15.8%	-15.0%	-14.6%	-14.2%	-13.8%
Financing Activities Other Financing Activities	1.9%	19.9%	10.2%	11.8%	6.8%	31.5%	29.6%	8.0%	55.3%	0.4%
Financing Activities net Cash From Financing Activities	13.8%	19.7%	2.6%	11.8%	6.2%	13.6%	21.6%	9.3%	105.5%	-24.8%
Cash Reconciliation Effect of Exchange Rate On Cash	0.5%	-0.6%	-0.2%	-1.3%	-0.5%	0.7%	0.2%	-0.7%	0.7%	-0.3%
Cash Reconciliation net Change In Cash	-13.6%	11.3%	2.3%	4.9%	-1.1%	-4.3%	22.6%	-16.2%	15.5%	-41.0%

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	—	—	—	—	—	—	—	—	—	—
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	-7.1%	+2.1%	+5.3%	-3.8%	-5.5%	-19.2%	-2.2%	-21.9%	-89.3%	-51.6%
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	+5.5%	+4.4%	+5.2%	+4.6%	+4.3%	+3.9%	+5.0%	+5.0%	+4.8%	+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	—	—	—	—	—	—	—	—	—	—
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	3.51x	2.91x	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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