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EQIX

Equinix, Inc.

EQIX

Equinix, Inc. • NASDAQ
$753.31 ▲ 0.39% (+2.90)
Market Cap $73.48 B
52w High $989.84
52w Low $701.41
Dividend Yield 18.76%
P/E 69.43
Volume 231.80K
Outstanding Shares 97.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.316B ▲ $700M ▲ $374M ▲ 16.149% ▼ $3.82 ▲ $1.064B ▲
Q2-2025 $2.256B ▲ $678M ▼ $368M ▲ 16.312% ▲ $3.76 ▲ $1.039B ▲
Q1-2025 $2.225B ▼ $683M ▼ $343M ▲ 15.416% ▲ $3.52 ▲ $993M ▲
Q4-2024 $2.261B ▲ $962M ▲ $-14M ▼ -0.619% ▼ $-0.14 ▼ $624M ▼
Q3-2024 $2.201B $678M $297M 13.494% $3.11 $963M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.931B ▼ $38.06B ▼ $23.88B ▼ $14.157B ▲
Q2-2025 $4.532B ▲ $38.849B ▲ $24.742B ▲ $14.084B ▲
Q1-2025 $3.673B ▲ $36.079B ▲ $22.166B ▲ $13.889B ▲
Q4-2024 $3.608B ▲ $35.085B ▼ $21.533B ▼ $13.528B ▼
Q3-2024 $3.227B $35.438B $21.826B $13.588B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $374M ▲ $1.014B ▲ $-1.37B ▲ $-1.159B ▼ $-1.525B ▼ $1.764B ▲
Q2-2025 $367M ▲ $944M ▲ $-1.44B ▼ $1.191B ▲ $728M ▲ $-45M ▼
Q1-2025 $343M ▲ $809M ▼ $-964M ▲ $15M ▼ $-120M ▼ $59M ▲
Q4-2024 $-14M ▼ $981M ▲ $-1.111B ▲ $478M ▼ $306M ▼ $-6M ▼
Q3-2024 $296M $758M $-1.365B $1.348B $780M $34M

Revenue by Products

Product Q1-2024Q3-2024Q2-2025Q3-2025
NonRecurring Revenues
NonRecurring Revenues
 $120.00M ▲$140.00M ▲$110.00M ▼$100.00M ▼
Recurring Revenues
Recurring Revenues
 $0 ▲$2.06Bn ▲$2.14Bn ▲$2.21Bn ▲
CoLocation
CoLocation
 $1.49Bn ▲$0 ▼$0 ▲$0 ▲
Interconnection
Interconnection
 $370.00M ▲$0 ▼$0 ▲$0 ▲
Managed Infrastructure
Managed Infrastructure
 $120.00M ▲$0 ▼$0 ▲$0 ▲
Other
Other
 $30.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Equinix’s income statement shows a business that has grown steadily over several years, with revenue and operating profit both trending upward. Its core profitability (before interest and non‑cash items) looks solid and fairly stable, suggesting a durable underlying business. However, bottom‑line earnings have not risen as smoothly as revenue; profits improved strongly through 2023 but eased back somewhat in 2024. That pattern is typical for a capital‑intensive REIT facing higher interest costs and heavy depreciation. Overall, the picture is of a mature, growing operator with consistent margins, but with reported earnings that can bounce around as financing costs and non‑cash charges move.

Balance Sheet

Balance Sheet The balance sheet reflects a large, asset‑heavy infrastructure owner that has kept expanding. Total assets, debt, and equity have all climbed over time, which fits with continuous investment in new data centers and capacity. Debt levels are significant relative to equity, as is common for REITs, but equity has also grown steadily, indicating that the company is adding value over time and not just levering up. Cash on hand has increased, giving some cushion for operations and investment. The main risk is that this model depends on managing a sizable debt load in a world where interest rates and credit conditions can change.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations is strong and has grown at a healthy pace, which is a key positive for a REIT that must fund constant build‑outs and upgrades. At the same time, Equinix spends heavily on capital projects each year, so free cash flow after these investments is positive but relatively modest and occasionally dips near breakeven. This signals an aggressive reinvestment strategy: the company is plowing much of its cash back into expansion rather than letting it accumulate. It works as long as demand remains strong and financing remains accessible, but it leaves less room for error if conditions tighten.

Competitive Edge

Competitive Edge Equinix occupies a leading position in digital infrastructure, built around its global network of highly interconnected data centers. Its ecosystem of thousands of customers—including major cloud, network, financial, and content players—creates powerful network effects: being where everyone else already is becomes a key advantage. High switching costs make it difficult and risky for customers to move elsewhere once they are deeply integrated. The company’s neutrality (it does not compete with its cloud and network customers) further strengthens trust and makes it a natural meeting point. Together with scarce, strategically located sites in major hubs, these factors give Equinix a deep and defensible moat relative to other colocation and data center providers.

Innovation and R&D

Innovation and R&D Equinix channels much of its innovation into services and infrastructure rather than traditional lab R&D. It has developed a software‑driven interconnection fabric, on‑demand bare‑metal computing (Equinix Metal), and virtual network edge offerings that make its data centers function more like a global digital platform than simple real estate. The company is actively preparing for AI workloads with higher‑density, liquid‑cooled facilities, and it is experimenting with emerging areas like quantum computing access. Its co‑innovation facilities and sustainability initiatives—especially around renewable energy and efficient cooling—suggest a forward‑looking approach that aims to keep its platform relevant as technology and customer needs shift.

Summary

Equinix combines the stability of a large, established REIT with the growth profile of a digital infrastructure platform. Financially, it shows steady revenue and operating profit growth, supported by strong operating cash flows, but moderated by heavy capital spending and a meaningful debt load. Strategically, its competitive moat is reinforced by network effects, high switching costs, and a uniquely dense interconnection ecosystem that is difficult for rivals to replicate. Innovation is focused on making its platform indispensable for cloud, AI, and network‑intensive workloads, while also pushing into sustainability and next‑generation technologies. Key strengths include durable demand drivers and a powerful ecosystem; key risks center on capital intensity, leverage, and the need to continually invest to stay ahead of both traditional data center competitors and hyperscale cloud providers building their own infrastructure.

NEWS

November 20, 2025 · 7:42 AM UTC

High-Performance Supercomputer Launched to Advance AI Innovation and Scientific Discovery

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November 13, 2025 · 8:00 AM UTC

Equinix Appoints Yang Song as SVP, Chief Data Science and AI Officer

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November 6, 2025 · 8:01 AM UTC

Equinix Appoints Douglas Merrill as Chief Information Security Officer

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November 4, 2025 · 8:01 AM UTC

Rebecca Kujawa Appointed to Equinix Board of Directors

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October 29, 2025 · 4:10 PM UTC

Equinix Declares Quarterly Dividend on Its Common Stock

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