Equinix, Inc.

EQIX · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999
Valuation
Market cap	$75,226	$90,978	$75,613	$60,615	$76,160	$64,306	$52,557	$31,745	$40,808	$25,512	$17,476	$11,871	$8,773	$9,898	$4,761	$3,554	$4,086	$1,974	$3,248	$2,159	$976	$757	$271	$17	$228	$151	$55
Enterprise value	$94,722	$106,330	$90,971	$75,179	$89,616	$76,620	$63,964	$42,467	$49,448	$31,520	$21,755	$15,375	$12,424	$12,575	$7,014	$5,013	$4,976	$2,916	$4,000	$2,307	$1,075	$824	$297	$131	$447	$141	$29
P/E (TTM) at period end	55.72×	111.63×	78.03×	85.98×	152.26×	173.90×	103.57×	86.89×	175.16×	201.20×	93.07×	–	92.65×	74.02×	57.69×	96.38×	58.84×	18.29×	–	–	–	–	–	–	–	–	–
P/S (TTM) at period end	8.16×	10.40×	9.23×	8.35×	11.48×	10.72×	9.45×	6.26×	9.34×	7.06×	6.41×	4.86×	4.08×	5.24×	3.04×	2.97×	4.63×	2.80×	7.74×	7.52×	4.42×	4.63×	2.30×	0.22×	3.60×	11.60×	1478.65×
P/B at period end	5.31×	6.73×	6.05×	5.27×	7.00×	6.05×	5.94×	4.40×	5.96×	5.84×	6.37×	5.23×	3.57×	4.28×	2.46×	1.91×	3.46×	2.15×	3.99×	6.08×	3.38×	2.77×	0.85×	0.06×	1.12×	0.40×	0.52×
EV / EBITDA (TTM)	24.20×	33.98×	29.54×	27.52×	35.02×	33.65×	28.33×	21.22×	29.53×	23.64×	20.42×	15.96×	14.34×	16.38×	11.05×	11.39×	14.03×	12.92×	36.30×	30.89×	28.14×	34.24×	28.39×	–	–	–	–
EV / Sales (TTM)	10.28×	12.15×	11.11×	10.35×	13.51×	12.77×	11.50×	8.37×	11.32×	8.73×	7.98×	6.29×	5.77×	6.66×	4.48×	4.19×	5.64×	4.14×	9.54×	8.04×	4.86×	5.04×	2.51×	1.69×	7.05×	10.81×	782.80×
Returns
Return on equity	9.5%	6.0%	7.8%	6.1%	4.6%	3.5%	5.7%	5.1%	3.4%	2.9%	6.8%	(11.4%)	3.9%	5.8%	4.3%	2.0%	5.9%	11.8%	(0.6%)	(1.8%)	(14.8%)	(25.1%)	(26.3%)	(7.6%)	(92.6%)	(31.9%)	(19.7%)
Return on invested capital	4.7%	3.8%	4.5%	3.9%	3.7%	3.3%	4.2%	4.6%	4.2%	4.3%	7.2%	–	6.2%	5.4%	4.6%	4.1%	5.0%	3.9%	0.6%	0.3%	(8.4%)	(10.4%)	(16.3%)	(25.5%)	(34.4%)	(27.0%)	(19.8%)
Dividend yield	2.5%	1.8%	1.8%	1.9%	1.4%	1.5%	1.6%	2.3%	1.5%	2.0%	3.0%	0.7%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.32×	1.63×	1.13×	1.80×	1.84×	1.29×	1.33×	1.00×	1.81×	1.43×	1.97×	2.32×	1.63×	1.17×	1.70×	2.45×	2.31×	1.31×	2.23×	2.12×	2.10×	3.32×	2.24×	1.38×	1.63×	2.14×	12.08×
Debt / equity	1.33×	1.22×	1.19×	1.12×	1.08×	1.02×	1.26×	1.42×	1.25×	1.23×	2.24×	1.57×	1.35×	1.08×	1.57×	0.96×	1.12×	1.16×	1.24×	0.53×	0.61×	0.45×	0.31×	0.55×	1.51×	0.52×	1.87×
Effective tax rate	10.6%	16.5%	13.8%	15.0%	17.9%	28.3%	26.8%	15.6%	18.8%	28.4%	11.0%	407.7%	14.4%	29.8%	28.9%	25.8%	36.3%	(431.5%)	(10.0%)	(6.9%)	(1.3%)	(0.2%)	–	–	–	–	–
Share count
Diluted shares outstanding	98	96	94	92	90	88	85	80	78	71	58	52	50	52	48	45	40	42	32	29	24	18	10	3	2	1	0

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999
Revenue and gross profit
Revenue	$9,805	$9,217	$8,748	$8,188	$7,263	$6,636	$5,999	$5,562	$5,072	$4,368	$3,612	$2,726	$2,444	$2,153	$1,887	$1,566	$1,196	$883	$705	$419	$287	$221	$164	$118	$77	$63	$13	$0
Cost of revenue	($4,756)	($4,508)	($4,467)	($4,228)	($3,751)	($3,472)	($3,074)	($2,810)	($2,605)	($2,193)	($1,821)	($1,292)	($1,198)	($1,064)	($945)	($829)	($652)	($483)	($415)	($264)	($188)	($158)	($137)	($128)	($104)	($95)	–	–
Gross profit	$5,049	$4,709	$4,281	$3,960	$3,512	$3,163	$2,924	$2,752	$2,466	$2,175	$1,791	$1,434	$1,246	$1,088	$943	$737	$544	$399	$290	$156	$99	$63	$27	($10)	($27)	($31)	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,857)	($1,840)	($1,766)	($1,654)	($1,499)	($1,302)	($1,091)	($935)	($827)	($746)	($695)	($493)	($438)	($375)	($328)	($266)	($221)	($155)	($147)	($147)	($105)	($66)	($51)	($54)	($46)	($75)	($77)	($17)
Total operating expenses	($2,911)	($2,861)	($2,953)	($2,517)	($2,312)	($2,055)	($1,871)	($1,582)	($1,489)	($1,366)	($1,172)	($867)	($737)	($627)	($550)	($431)	($350)	($218)	($217)	($146)	($97)	($99)	($69)	($54)	($75)	($124)	–	–
Total costs and expenses	($7,667)	($7,369)	($7,420)	($6,745)	($6,063)	($5,527)	($4,946)	($4,393)	($4,094)	($3,559)	($2,993)	($2,159)	($1,935)	($1,692)	($1,494)	($1,260)	($1,003)	($701)	($631)	($409)	($285)	($258)	($206)	($182)	($179)	($219)	($120)	($20)
Operating income	$2,138	$1,848	$1,328	$1,443	$1,200	$1,108	$1,053	$1,170	$977	$809	$619	$567	$509	$461	$393	$306	$194	$181	$73	$10	$2	($37)	($42)	($64)	($102)	($155)	($107)	($20)
Earnings
EBITDA	$4,323	$3,914	$3,129	$3,080	$2,732	$2,559	$2,277	$2,258	$2,001	$1,674	$1,333	$1,065	$963	$866	$768	$635	$440	$355	$226	$110	$75	$38	$24	$10	($35)	($79)	($54)	($12)
Interest income	$171	$193	$137	$94	$36	$3	$9	$28	$14	$13	$3	$4	$3	$3	$3	$2	$2	$2	$9	$15	–	–	–	–	–	–	–	–
Interest expense	($569)	($527)	($457)	($402)	($356)	($336)	($406)	($480)	($521)	($479)	($392)	($299)	($271)	($249)	($200)	($181)	($140)	($74)	($62)	($27)	–	–	–	–	–	–	–	–
Pre-tax income	$1,705	$1,508	$975	$1,124	$829	$609	$516	$693	$433	$287	$160	$211	$85	$112	$196	$129	$49	$109	$20	($5)	($6)	($42)	($68)	($84)	($22)	–	–	–
Income tax expense	($175)	($160)	($161)	($155)	($124)	($109)	($146)	($185)	($68)	($54)	($45)	($23)	($345)	($16)	($59)	($37)	($13)	($40)	$88	($0)	($0)	($1)	($0)	–	–	–	–	–
Net income	$1,533	$1,350	$815	$969	$705	$500	$370	$507	$365	$233	$127	$188	($260)	$95	$140	$95	$37	$69	$108	($5)	($6)	($43)	($69)	($84)	($22)	($188)	($120)	($21)
Per share
Diluted EPS (GAAP)	$15.53	$13.76	$8.50	$10.31	$7.67	$5.53	$4.18	$5.99	$4.56	$3.00	$1.79	$3.21	($4.96)	$1.89	$2.83	$1.74	$0.82	$1.75	$2.79	($0.16)	($0.22)	($1.78)	($3.87)	($8.76)	($7.23)	($76.62)	($91.35)	($159.18)
Basic EPS (GAAP)	$15.60	$13.79	$8.54	$10.35	$7.69	$5.57	$4.22	$6.03	$4.58	$3.03	$1.81	$3.25	($4.96)	$1.92	$2.92	$1.77	$0.84	$1.80	$2.91	($0.16)	($0.22)	($1.78)	($3.87)	($8.76)	($7.23)	($76.62)	($111.06)	($159.18)
Basic shares outstanding	98	98	95	94	92	90	88	84	80	77	70	58	52	49	48	47	44	38	37	32	29	24	18	10	3	2	1	0
Margins
Gross margin	51.5%	51.1%	48.9%	48.4%	48.4%	47.7%	48.7%	49.5%	48.6%	49.8%	49.6%	52.6%	51.0%	50.6%	50.0%	47.0%	45.5%	45.2%	41.1%	37.1%	34.3%	28.4%	16.3%	(8.6%)	(34.8%)	(49.6%)	–	–
Operating margin	21.8%	20.0%	15.2%	17.6%	16.5%	16.7%	17.6%	21.0%	19.3%	18.5%	17.1%	20.8%	20.8%	21.4%	20.8%	19.5%	16.2%	20.5%	10.4%	2.4%	0.7%	(16.6%)	(25.7%)	(54.2%)	(131.7%)	(244.8%)	(822.9%)	(53320.8%)
Net margin	15.6%	14.6%	9.3%	11.8%	9.7%	7.5%	6.2%	9.1%	7.2%	5.3%	3.5%	6.9%	(10.6%)	4.4%	7.4%	6.1%	3.1%	7.9%	15.3%	(1.2%)	(2.2%)	(19.3%)	(41.9%)	(71.4%)	(28.0%)	(297.1%)	(920.3%)	(56039.4%)

Analyst consensus

Buy53 analysts

Bearish · 1 · Hold · 12 · Bullish · 40

Earnings history

	EPS	Estimate
Q3 2024	$3.10	$2.94	Beat
Q4 2024	$-0.14	$2.75	Miss
Q1 2025	$3.52	$3.41	Beat
Q2 2025	$3.76	$3.48	Beat
Q3 2025	$3.82	$3.59	Beat
Q4 2025	$2.69	$3.71	Miss
Q1 2026	$4.20	$4.30	Miss
Q2 2026	$4.83	$4.73	Beat

Peers

Company overview

IPO dateAug 11, 2000

CEOAdaire Rita Fox-Martin

Employees13,716

SectorReal Estate

IndustryREIT - Specialty

CountryUS

ExchangeNASDAQ Global Select

Websitewww.equinix.com

Equinix, Inc. shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI quickly, efficiently and everywhere. Equinix, Inc. was established on June 22, 1998 and is based in Redwood City, United States.

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