EQIX · Equinix Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $9.22B | $8.75B | $8.19B | $7.26B | $6.00B | $6.00B |
| Cost of Revenue | $4.51B | $4.47B | $4.23B | $3.75B | $3.47B | $3.07B |
| Gross Profit | $4.71B | $4.28B | $3.96B | $3.51B | $2.53B | $2.92B |
| R&D | - | - | - | - | - | - |
| SG&A | $1.84B | $1.77B | $1.65B | $1.50B | $1.30B | $1.09B |
| Total Operating Expenses | $7.37B | $7.42B | $6.74B | $6.06B | $5.53B | $4.95B |
| D&A | $2.05B | $2.01B | $1.85B | $1.74B | $1.66B | $1.42B |
| Operating Income | $1.85B | $1.33B | $1.44B | $1.20B | $1.11B | $1.05B |
| Interest Expense | $527.00M | $457.00M | $402.02M | $356.34M | $336.08M | $406.47M |
| Income Tax | $160.00M | $161.00M | $155.25M | $124.79M | $109.22M | $146.15M |
| Net Income | $1.35B | $815.00M | $969.18M | $704.35M | $500.19M | $369.78M |
| EPS - Basic | $13.79 | $8.54 | $10.35 | $7.69 | $5.57 | $4.22 |
| EPS - Diluted | $13.76 | $8.50 | $10.31 | $7.67 | $5.53 | $4.18 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.73B | $3.08B | $2.10B | $1.91B | $1.54B | $1.60B |
| Accounts Receivable | $1.00B | $949.00M | $1.00B | $855.38M | $681.81M | $676.74M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $127.00M | $133.00M | $162.36M | $115.95M | $84.08M | $77.70M |
| Current Assets | $5.13B | $5.45B | $3.57B | $3.31B | $2.96B | $2.61B |
| Total Assets | $40.14B | $35.09B | $32.65B | $30.31B | $27.92B | $27.01B |
| Current Liabilities | $3.89B | $3.35B | $3.16B | $1.84B | $1.61B | $2.02B |
| Long-term Debt | - | $15.33B | $13.84B | $12.88B | $11.72B | $10.63B |
| Total Liabilities | $25.96B | $21.53B | $20.14B | $18.80B | $17.04B | $16.37B |
| Stockholders' Equity | $14.16B | $13.53B | $12.49B | $11.51B | $10.88B | $10.63B |
| Retained Earnings | $6.10B | $4.75B | $3.93B | $2.96B | $2.26B | $1.76B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.91B | $3.25B | $3.22B | $2.96B | $2.55B | $2.31B |
| Investing Cash Flow | ($6.48B) | ($3.94B) | ($3.22B) | ($3.36B) | ($3.01B) | ($3.43B) |
| Financing Cash Flow | $1.27B | $1.72B | $211.45M | $856.77M | $413.76M | $815.53M |
| CapEx | $4.31B | $3.07B | $2.78B | $2.28B | $2.28B | - |
| Free Cash Flow | ($400.00M) | $183.00M | $435.58M | $685.18M | $264.70M | - |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 51.1% | 48.9% | 48.4% | 48.3% | 42.1% | 48.7% |
| Operating margin | 20.0% | 15.2% | 17.6% | 16.5% | 18.5% | 17.6% |
| EBITDA margin | 42.3% | 38.1% | 40.2% | 40.4% | 46.1% | 41.3% |
| Net margin | 14.6% | 9.3% | 11.8% | 9.7% | 8.3% | 6.2% |
| Free cash flow margin | -4.3% | 2.1% | 5.3% | 9.4% | 4.4% | - |
| FCF / Net income | -0.30 | 0.22 | 0.45 | 0.97 | 0.53 | - |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 20.0% | 20.2% | 20.2% | 20.6% | 21.7% | 18.2% |
| Effective tax rate | 10.6% | 16.5% | 13.8% | 15.1% | 17.9% | 28.3% |
| Return on assets | 3.4% | 2.3% | 3.0% | 2.3% | 1.8% | 1.4% |
| Return on equity | 9.5% | 6.0% | 7.8% | 6.1% | 4.6% | 3.5% |
| Return on invested capital | - | 3.8% | 4.7% | 4.2% | 4.0% | 3.5% |
| Liquidity | ||||||
| Current ratio | 1.32 | 1.63 | 1.13 | 1.80 | 1.84 | 1.29 |
| Quick ratio | 1.32 | 1.63 | 1.13 | 1.80 | 1.84 | 1.29 |
| Cash ratio | 0.44 | 0.92 | 0.66 | 1.04 | 0.96 | 0.79 |
| Leverage | ||||||
| Debt / Equity | - | 1.13 | 1.11 | 1.12 | 1.08 | 1.00 |
| Debt / Assets | - | 0.44 | 0.42 | 0.42 | 0.42 | 0.39 |
| Debt / EBITDA | - | 4.60 | 4.21 | 4.39 | 4.24 | 4.29 |
| Interest coverage | 3.5x | 2.9x | 3.6x | 3.4x | 3.3x | 2.6x |
| Equity multiplier | 2.84 | 2.59 | 2.61 | 2.63 | 2.57 | 2.54 |
| Liabilities / Assets | 0.65 | 0.61 | 0.62 | 0.62 | 0.61 | 0.61 |
| Efficiency | ||||||
| Asset turnover | 0.23 | 0.25 | 0.25 | 0.24 | 0.21 | 0.22 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 40d | 40d | 45d | 43d | 41d | 41d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 10d | 11d | 14d | 11d | 9d | 9d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 55.7x | 110.9x | 78.1x | 85.4x | 153.0x | 170.9x |
| P / B | 5.3x | 6.7x | 6.1x | 5.2x | 7.0x | 5.9x |
| P / S | 8.2x | 10.3x | 9.2x | 8.3x | 12.7x | 10.5x |
| EV / EBITDA | 18.8x | 30.7x | 26.6x | 24.2x | 31.3x | 29.1x |
| Growth | ||||||
| Revenue growth (YoY) | 5.4% | 6.8% | 12.7% | 21.1% | 0.0% | 7.8% |
| Revenue CAGR (3y) | 8.3% | 13.4% | 10.9% | 9.3% | 5.8% | 11.1% |
| Revenue CAGR (5y) | 9.0% | 9.5% | 10.1% | 10.7% | 10.7% | 17.1% |
| Gross profit growth (YoY) | 10.0% | 8.1% | 12.8% | 39.0% | -13.6% | 6.3% |
| Operating income growth (YoY) | 39.2% | -8.0% | 20.2% | 8.3% | 5.2% | -10.0% |
| Net income growth (YoY) | 65.6% | -15.9% | 37.6% | 40.8% | 35.3% | -27.1% |
| EPS growth (YoY) | 61.9% | -17.6% | 34.4% | 38.7% | 32.3% | -30.2% |
| EPS CAGR (3y) | 21.5% | 15.4% | 35.1% | 8.6% | 6.6% | 11.7% |
| EPS CAGR (5y) | 26.9% | 7.3% | 17.7% | 20.7% | 25.3% | 5.4% |
| FCF growth (YoY) | - | -58.0% | -36.4% | 158.8% | - | - |
| FCF CAGR (5y) | - | - | - | 62.5% | - | - |
| Book value growth (YoY) | 4.6% | 8.3% | 8.5% | 5.7% | 2.3% | 20.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$9.22B totalAmericas Segment$4.11B · 44.6%
EMEASegment$3.13B · 34.0%
Asia Pacific Segment$1.98B · 21.4%
Product / service
$8.00B totalRecurring Revenues$3.89B · 48.6%
Colocation$2.68B · 33.5%
Interconnection$944.00M · 11.8%
Managed Infrastructure$245.00M · 3.1%
Non Recurring Revenues$222.00M · 2.8%
Other$17.00M · 0.2%
Geographic
$3.60B totalUS$3.60B · 100.0%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.75
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Real Estate Investment Trusts
Comparing EQUINIX INC against the 5 most active filers in the same SIC group.
Dividends
$19.70/share trailing 12 months · +10.1% YoY
| Ex-date | Per share |
|---|---|
| May 20, 2026 | $5.1600 |
| Feb 25, 2026 | $5.1600 |
| Nov 19, 2025 | $4.6900 |
| Aug 20, 2025 | $4.6900 |
| May 21, 2025 | $4.6900 |
| Feb 26, 2025 | $4.6900 |
| Nov 13, 2024 | $4.2600 |
| Aug 21, 2024 | $4.2600 |
| May 21, 2024 | $4.2600 |
| Feb 27, 2024 | $4.2600 |
| Nov 14, 2023 | $4.2600 |
| Aug 22, 2023 | $3.4100 |
| May 23, 2023 | $3.4100 |
| Mar 6, 2023 | $3.4100 |
| Nov 15, 2022 | $3.1000 |
| Aug 16, 2022 | $3.1000 |
| May 17, 2022 | $3.1000 |
| Mar 4, 2022 | $3.1000 |
| Nov 16, 2021 | $2.8700 |
| Aug 17, 2021 | $2.8700 |
| May 18, 2021 | $2.8700 |
| Feb 23, 2021 | $2.8700 |
| Nov 17, 2020 | $2.6600 |
| Aug 18, 2020 | $2.6600 |