NASDAQ : EQIX
Equinix, Inc. — Financial statements
Real Estate · REIT - Specialty · United States
Last price 1036.67 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 102.62B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Other Revenue | 10.15B | 9.26B | 8.74B | 8.20B | 7.12B | 6.26B |
| Total Revenue | 10.15B | 9.26B | 8.74B | 8.20B | 7.12B | 6.26B |
| Property Expenses | 4.87B | 4.51B | 4.47B | 4.23B | 3.75B | 3.47B |
| Selling, General & Administrative | 2.78B | 2.74B | 2.66B | 2.51B | 2.29B | 2.04B |
| Total Operating Expenses | 7.66B | 7.25B | 7.13B | 6.74B | 6.09B | 5.52B |
| Operating Income | 2.49B | 2.01B | 1.61B | 1.46B | 1.03B | 744.33M |
| Interest Expense | -535.00M | -636.00M | -410.00M | -379.00M | -334.00M | -336.08M |
| Interest & Investment Income | 164.00M | 193.00M | 137.00M | 94.00M | 36.00M | 2.64M |
| Income (Loss) on Equity Investments | -29.00M | -17.00M | -24.00M | -12.00M | -9.00M | |
| Currency Exchange Gain (Loss) | -84.00M | -156.00M | 165.00M | -29.00M | 284.00M | 90.20M |
| Other Non-Operating Income | -40.00M | 217.00M | -241.00M | -12.00M | -168.00M | -180.14M |
| EBT Excluding Unusual Items | 1.97B | 1.61B | 1.24B | 1.12B | 840.00M | 320.95M |
| Merger & Restructuring Charges | -19.00M | -7.00M | -22.77M | |||
| Gain (Loss) on Sale of Assets | 17.00M | 1.00M | 18.00M | 5.00M | -4.00M | 10.85M |
| Asset Writedown | -88.00M | -68.00M | -233.00M | |||
| Other Unusual Items | 1.00M | 1.00M | -16.00M | 299.93M | ||
| Pretax Income | 1.84B | 1.51B | 975.00M | 1.12B | 829.00M | 608.95M |
| Income Tax Expense | 198.00M | 160.00M | 161.00M | 155.00M | 124.00M | 109.22M |
| Earnings From Continuing Operations | 1.65B | 1.35B | 814.00M | 969.00M | 705.00M | 499.73M |
| Net Income to Company | 1.65B | 1.35B | 814.00M | 969.00M | 705.00M | 499.73M |
| Minority Interest in Earnings | 3.00M | 2.00M | 1.00M | 463.00K | ||
| Net Income | 1.65B | 1.35B | 815.00M | 969.00M | 705.00M | 500.19M |
| Net Income to Common | 1.65B | 1.35B | 815.00M | 969.00M | 705.00M | 500.19M |
| Basic Shares Outstanding | 98.51M | 97.88M | 95.46M | 93.61M | 91.57M | 89.77M |
| Diluted Shares Outstanding | 98.88M | 98.12M | 95.83M | 94.01M | 91.83M | 90.41M |
| EPS (Basic) | 16.73 | 13.79 | 8.54 | 10.35 | 7.70 | 5.57 |
| EPS (Diluted) | 16.66 | 13.76 | 8.50 | 10.31 | 7.67 | 5.53 |
| Dividend Per Share | 20.17 | 18.76 | 17.04 | 14.49 | 12.40 | 11.48 |
| Operating Margin | 24.54% | 21.66% | 18.43% | 17.77% | 14.49% | 11.89% |
| Profit Margin | 16.24% | 14.58% | 9.33% | 11.82% | 9.91% | 7.99% |
| EBITDA | 4.69B | 4.07B | 3.62B | 3.30B | 2.77B | 2.41B |
| EBITDA Margin | 46.22% | 43.97% | 41.44% | 40.27% | 38.96% | 38.45% |
| D&A For Ebitda | 2.20B | 2.07B | 2.01B | 1.84B | 1.74B | 1.66B |
| EBIT | 2.49B | 2.01B | 1.61B | 1.46B | 1.03B | 744.33M |
| EBIT Margin | 24.54% | 21.66% | 18.43% | 17.77% | 14.49% | 11.89% |
| Funds From Operations (FFO) | 3.10B | 2.67B | 2.06B | 2.13B | 1.83B | 1.57B |
| Adjusted Funds From Operations (AFFO) | 4.27B | 3.76B | 3.36B | 3.02B | 2.71B | 2.45B |
| FFO Payout Ratio | 64.88% | 69.57% | 79.72% | 64.55% | 63.05% | 66.30% |
| Effective Tax Rate | 10.74% | 10.61% | 16.51% | 13.79% | 14.96% | 17.94% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 27.60B | 24.98B | 20.67B | 20.05B | 18.08B | 16.73B |
| Cash & Equivalents | 2.36B | 1.73B | 3.08B | 2.10B | 1.91B | 1.54B |
| Accounts Receivable | 1.27B | 1.06B | 1.05B | 1.06B | 882.99M | 747.20M |
| Other Receivables | 366.00M | 329.00M | 247.00M | 232.11M | 187.35M | |
| Investment In Debt and Equity Securities | 1.13B | 255.00M | ||||
| Goodwill | 5.87B | 5.98B | 5.50B | 5.74B | 5.65B | 5.37B |
| Other Intangible Assets | 1.15B | 1.32B | 1.42B | 1.71B | 1.90B | 1.94B |
| Restricted Cash | 1.00M | 60.00M | 1.70M | 12.19M | ||
| Other Current Assets | 996.00M | 1.66B | 986.00M | 169.00M | 282.03M | 474.01M |
| Deferred Long-Term Tax Assets | 100.00M | 48.00M | 62.00M | 44.63M | 59.82M | |
| Deferred Long-Term Charges | 7.00M | 647.00M | 554.00M | 533.00M | 462.36M | 373.64M |
| Other Long-Term Assets | 4.06B | 1.99B | 1.45B | 996.00M | 869.15M | 492.61M |
| Total Assets | 44.45B | 40.14B | 35.09B | 32.65B | 30.31B | 27.92B |
| Current Portion of Long-Term Debt | 1.67B | 1.32B | 1.20B | 1.01B | 9.85M | 33.09M |
| Current Portion of Leases | 337.00M | 323.00M | 333.00M | 269.00M | 290.96M | 291.87M |
| Long-Term Debt | 20.98B | 17.60B | 14.01B | 12.72B | 12.75B | 11.57B |
| Long-Term Leases | 3.43B | 3.49B | 3.42B | 3.45B | 3.42B | 3.10B |
| Accounts Payable | 1.43B | 127.00M | 133.00M | 162.00M | 115.95M | 84.08M |
| Accrued Expenses | 1.11B | 951.00M | 944.00M | 833.65M | 743.76M | |
| Current Income Taxes Payable | 114.00M | 109.00M | 81.00M | 55.20M | 51.30M | |
| Current Unearned Revenue | 133.00M | 123.00M | 125.00M | 132.09M | 109.74M | |
| Other Current Liabilities | 1.02B | 771.00M | 496.00M | 575.00M | 400.60M | 292.12M |
| Long-Term Unearned Revenue | 170.00M | 150.00M | 154.00M | 155.33M | 87.50M | |
| Long-Term Deferred Tax Liabilities | 367.00M | 339.00M | 394.00M | 383.36M | 340.29M | |
| Other Long-Term Liabilities | 1.04B | 446.00M | 271.00M | 248.00M | 259.17M | 335.63M |
| Total Liabilities | 29.89B | 25.96B | 21.53B | 20.14B | 18.80B | 17.04B |
| Common Stock | 93.00K | 91.00K | ||||
| Additional Paid-In Capital | 22.21B | 21.64B | 20.89B | 18.60B | 17.32B | 15.98B |
| Distributions in Excess of Earnings | -6.26B | -6.10B | -5.59B | -4.76B | -4.35B | -3.90B |
| Treasury Stock | -23.00M | -24.00M | -39.00M | -56.00M | -71.97M | -112.21M |
| Comprehensive Income & Other | -1.39B | -1.36B | -1.74B | -1.29B | -1.39B | -1.09B |
| Total Common Equity | 14.54B | 14.16B | 13.53B | 12.49B | 11.51B | 10.88B |
| Minority Interest | 16.00M | 22.00M | 24.00M | 25.00M | -134.00K | -318.00K |
| Shareholders' Equity | 14.55B | 14.18B | 13.55B | 12.51B | 11.51B | 10.88B |
| Total Liabilities & Equity | 44.45B | 40.14B | 35.09B | 32.65B | 30.31B | 27.92B |
| Total Debt | 26.41B | 22.73B | 18.96B | 17.45B | 16.47B | 14.99B |
| Net Cash (Debt) | -24.05B | -21.00B | -15.88B | -15.36B | -14.56B | -13.46B |
| Net Cash Per Share | -243.21 | -214.01 | -165.72 | -163.37 | -158.59 | -148.84 |
| Filing Date Shares Outstanding | 98.99M | 98.25M | 97.33M | 94.62M | 92.74M | 90.72M |
| Total Common Shares Outstanding | 98.99M | 98.23M | 97.29M | 94.48M | 92.62M | 90.57M |
| Book Value Per Share | 146.86 | 144.12 | 139.05 | 132.19 | 124.23 | 120.15 |
| Tangible Book Value | 7.52B | 6.86B | 6.61B | 5.05B | 3.95B | 3.57B |
| Tangible Book Value Per Share | 75.94 | 69.80 | 67.91 | 53.42 | 42.69 | 39.47 |
| Land | 2.76B | 1.65B | 1.41B | 1.25B | 970.98M | |
| Buildings | 11.17B | 9.47B | 8.97B | 8.01B | 7.38B | |
| Construction In Progress | 2.83B | 2.20B | 1.92B | 1.20B | 967.56M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.65B | 1.35B | 815.00M | 969.00M | 705.00M | 500.19M |
| Depreciation & Amortization | 2.20B | 2.07B | 2.01B | 1.84B | 1.74B | 1.66B |
| Other Amortization | 18.00M | 17.14M | ||||
| Gain (Loss) on Sale of Assets | -17.00M | -1.00M | -18.00M | -5.00M | 4.00M | -10.85M |
| Asset Writedown | 88.00M | 68.00M | 233.00M | |||
| Stock-Based Compensation | 542.00M | 498.00M | 462.00M | 407.00M | 404.00M | 363.77M |
| Change in Accounts Receivable | -70.00M | -40.00M | 27.00M | -150.00M | -154.00M | -1.87M |
| Change in Accounts Payable | 162.00M | 25.00M | 95.00M | 161.00M | 114.00M | 64.60M |
| Change in Other Net Operating Assets | -390.00M | -8.00M | -453.00M | -92.00M | 73.00M | -178.85M |
| Other Operating Activities | 39.00M | 31.00M | 86.00M | 79.00M | 58.00M | 136.86M |
| Operating Cash Flow | 4.17B | 3.91B | 3.25B | 3.22B | 2.96B | 2.55B |
| Acquisition of Real Estate Assets | -6.67B | -5.30B | -3.40B | -3.17B | -2.53B | -2.95B |
| Sale of Real Estate Assets | 415.00M | 247.00M | 77.00M | 250.00M | 208.59M | |
| Net Sale / Acq. of Real Estate Assets | -6.25B | -5.30B | -3.16B | -3.09B | -2.28B | -2.74B |
| Cash Acquisition | -69.00M | -251.00M | -964.00M | -158.50M | ||
| Investment in Marketable & Equity Securities | -1.37B | -963.00M | -607.00M | -136.00M | -123.00M | -103.48M |
| Other Investing Activities | 110.00M | 104.00M | 87.00M | |||
| Investing Cash Flow | -7.59B | -6.48B | -3.94B | -3.22B | -3.36B | -3.01B |
| Long-Term Debt Issued | 4.31B | 2.77B | 902.00M | 1.87B | 3.88B | |
| Long-Term Debt Repaid | -1.35B | -1.14B | -149.00M | -722.00M | -2.87B | |
| Net Debt Issued (Repaid) | 5.59B | 2.96B | 1.63B | 753.00M | 1.15B | 1.01B |
| Issuance of Common Stock | 90.00M | 194.00M | 1.76B | 821.00M | 878.00M | 575.50M |
| Common Dividends Paid | -2.01B | -1.86B | -1.64B | -1.38B | -1.15B | -1.04B |
| Other Financing Activities | -10.00M | -22.00M | -26.00M | 12.00M | -18.00M | -124.29M |
| Foreign Exchange Rate Adjustments | -10.00M | 43.00M | -49.00M | -16.00M | -98.00M | -30.47M |
| Net Cash Flow | 233.00M | -1.26B | 986.00M | 188.00M | 359.00M | -76.24M |
| Levered Free Cash Flow | 3.18B | 3.09B | 2.26B | 3.20B | 2.93B | 1.66B |
| Unlevered Free Cash Flow | 3.51B | 3.49B | 2.51B | 3.44B | 3.12B | 1.86B |
| Cash Interest Paid | 533.00M | 448.00M | 486.00M | 445.00M | 412.00M | 426.44M |
| Cash Income Tax Paid | 207.00M | 207.00M | 185.00M | 153.00M | 140.00M | 134.41M |
| Change in Working Capital | -329.00M | -101.00M | -340.00M | -77.00M | 25.00M | -132.73M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 100.34B | 75.23B | 90.98B | 75.61B | 60.62B | 76.16B |
| Enterprise Value | 124.39B | 94.15B | 107.41B | 90.66B | 74.14B | 89.84B |
| Last Close Price | 1,013.70 | 754.65 | 907.91 | 760.07 | 606.09 | 768.43 |
| PE Ratio | 60.84 | 55.72 | 111.63 | 78.03 | 85.98 | 152.26 |
| PS Ratio | 9.89 | 8.12 | 10.41 | 9.22 | 8.52 | 12.17 |
| PB Ratio | 6.90 | 5.31 | 6.71 | 6.04 | 5.27 | 7.00 |
| P/OCF Ratio | 24.06 | 19.23 | 28.00 | 23.50 | 20.46 | 29.90 |
| EV/Sales Ratio | 12.26 | 10.17 | 12.29 | 11.06 | 10.42 | 14.35 |
| EV/EBITDA Ratio | 26.52 | 23.12 | 29.66 | 27.46 | 26.74 | 37.32 |
| EV/EBIT Ratio | 49.96 | 46.94 | 66.72 | 62.23 | 71.91 | 120.70 |
| Debt / Equity Ratio | 1.81 | 1.60 | 1.40 | 1.40 | 1.43 | 1.38 |
| Debt / EBITDA Ratio | 5.28 | 5.17 | 4.83 | 4.84 | 5.44 | 5.63 |
| Net Debt / Equity Ratio | 1.65 | 1.48 | 1.17 | 1.23 | 1.27 | 1.24 |
| Net Debt / EBITDA Ratio | 5.13 | 5.16 | 4.39 | 4.65 | 5.25 | 5.59 |
| Asset Turnover | 0.25 | 0.25 | 0.26 | 0.26 | 0.24 | 0.23 |
| Quick Ratio | 0.82 | 0.81 | 1.33 | 1.07 | 1.64 | 1.54 |
| Current Ratio | 1.04 | 1.25 | 1.63 | 1.13 | 1.80 | 1.84 |
| Return on Equity (ROE) | 11.45% | 9.72% | 6.25% | 8.07% | 6.30% | 4.64% |
| Return on Assets (ROA) | 3.77% | 3.33% | 2.97% | 2.89% | 2.21% | 1.69% |
| Return on Invested Capital (ROIC) | 5.65% | 5.17% | 4.30% | 4.34% | 3.26% | 2.42% |
| Earnings Yield | 1.64% | 1.80% | 0.90% | 1.28% | 1.16% | 0.66% |
| Dividend Yield | 2.04% | 2.45% | 1.82% | 1.81% | 1.90% | 1.36% |
| Payout Ratio | 123.87% | 137.48% | 201.60% | 141.90% | 163.40% | 208.50% |
| Buyback Yield / Dilution | -1.06% | -2.40% | -1.93% | -2.38% | -1.57% | -2.26% |
| Total Shareholder Return | 0.97% | 0.05% | -0.11% | -0.56% | 0.33% | -0.90% |