Equinix, Inc. (EQIX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$4.8	$5.1	+6.2%	—	$2.6B	—
Q1 26	$4.33	$4.17	-3.7%	—	$2.4B	—
Q4 25	$3.88	$3.37	-13.1%	—	$2.4B	—
Q3 25	$3.43	$3.89	+13.4%	—	$2.3B	—
Q2 25	$3.44	$3.79	+10.2%	—	$2.3B	—
Q1 25	$2.97	$3.59	+20.9%	—	$2.2B	—
Q4 24	$2.74	$2.97	+8.4%	—	$2.3B	—
Q3 24	$2.96	$3.1	+4.7%	—	$2.2B	—
Q2 24	$2.7	$3.16	+17.0%	—	$2.2B	—
Q1 24	$2.64	$2.43	-8.0%	—	$2.1B	—
Q4 23	$2.17	$2.4	+10.6%	—	$2.1B	—
Q3 23	$2.15	$2.93	+36.3%	—	$2.1B	—
Q2 23	$2.06	$2.21	+7.3%	—	$2B	—
Q1 23	$2.19	$2.77	+26.5%	—	$2B	—
Q4 22	$1.74	$1.39	-20.1%	—	$1.9B	—
Q3 22	$1.78	$2.3	+29.2%	—	$1.8B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$13.8	—	—	$9.2B	—
FY24	—	$8.54	—	—	$8.7B	—
FY23	—	$10.3	—	—	$8.2B	—
FY22	—	$7.69	—	—	$7.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.6B	$4.4B	$5.1B	$5.6B	$6B	$6.6B	$7.3B	$8.2B	$8.7B	$9.2B
YoY change	+32.5%	+20.9%	+16.1%	+9.67%	+7.85%	+10.6%	+9.46%	+12.7%	+6.84%	+5.36%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.6B	4.4B	5.1B	5.6B	6B	6.6B	7.3B	8.2B	8.7B	9.2B
Cost of revenue	1.8B	2.2B	2.6B	2.8B	3.1B	3.5B	3.8B	4.2B	4.5B	4.5B
Gross profit	1.8B	2.2B	2.5B	2.8B	2.9B	3.2B	3.5B	4B	4.3B	4.7B
Gross margin	49.6%	49.8%	48.6%	49.5%	48.7%	47.7%	48.3%	48.4%	48.9%	51.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.1B	1.3B	1.5B	1.6B	1.8B	2B	2.3B	2.5B	2.7B	2.7B
Operating expenses	1.1B	1.3B	1.5B	1.6B	1.8B	2B	2.3B	2.5B	2.7B	2.7B
Operating income	657.8M	847.6M	1B	1.2B	1.1B	1.1B	1.2B	1.5B	1.6B	2B
Operating margin	18.2%	19.4%	19.8%	21%	18.6%	16.9%	16.9%	17.7%	18.6%	21.3%
Non-operating income, net	-109.3M	-95.2M	-65.7M	-21.3M	-200.8M	-177.7M	-76.9M	-18.6M	-329M	-124M
Pretax income	159.9M	286.8M	433M	692.6M	516.2M	609M	829.4M	1.1B	975M	1.5B
Income tax	45.5M	53.9M	67.7M	185.4M	146.2M	109.2M	124.8M	155.3M	161M	160M
Net income	126.8M	233M	365.4M	507.2M	370.1M	499.7M	704.6M	969M	814M	1.3B
Net margin	3.51%	5.33%	7.2%	9.12%	6.17%	7.53%	9.7%	11.8%	9.3%	14.6%
EBITDA	1.4B	1.9B	2.3B	2.5B	2.6B	2.7B	2.9B	3.4B	3.8B	4.2B
EPS	1.81	3.03	4.58	6.03	4.22	5.57	7.69	10.3	8.54	13.8
Diluted EPS	1.79	3	4.56	5.99	4.18	5.53	7.67	10.3	8.5	13.8

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.1B	2.1B	2.1B	2.2B	2.2B	2.3B	2.2B	2.3B	2.3B	2.4B	2.4B	2.6B
Cost of revenue	1.1B	1.1B	1.1B	1.1B	1.1B	1.2B	1.1B	1.1B	1.1B	1.2B	1.2B	1.2B
Gross profit	992M	1B	1B	1.1B	1.1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.3B	1.4B
Gross margin	48.1%	48.3%	48.7%	49.9%	50.1%	47.1%	51.3%	52%	50.7%	50.5%	51.5%	53.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	616M	666.5M	670M	656M	671M	660M	667M	672M	689M	715M	685M	701M
Operating expenses	616M	666.5M	670M	656M	671M	660M	667M	672M	689M	715M	685M	701M
Operating income	376M	352.3M	366M	421M	432M	405M	474M	500M	485M	507M	573M	694M
Operating margin	18.2%	16.7%	17.2%	19.5%	19.6%	17.9%	21.3%	22.2%	20.9%	21%	23.4%	26.4%
Non-operating income, net	-1M	-7M	-9M	8M	—	-328M	-7M	-12M	-11M	-94M	5M	-56M
Pretax income	296M	270.3M	277M	348M	350M	0	392M	405M	399M	312M	471M	523M
Income tax	20M	42.8M	46M	47M	54M	14M	49M	38M	25M	48M	56M	46M
Net income	276M	227.5M	231M	301M	296M	-14M	343M	367M	374M	264M	415M	477M
Net margin	13.4%	10.8%	10.9%	13.9%	13.4%	-0.62%	15.4%	16.3%	16.1%	10.9%	17%	18.2%
EBITDA	856M	842.7M	910M	932M	970M	941M	1B	1B	1.1B	1.1B	1.2B	1.3B
EPS	2.94	2.41	2.44	3.17	3.11	-0.14	3.52	3.76	3.82	2.7	4.22	4.86
Diluted EPS	2.93	2.4	2.43	3.16	3.1	-0.14	3.5	3.75	3.81	2.69	4.2	4.83

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	34.8B	28.1B	49.1B	62.6B	75.9B	60B	75.4B	90B	75B	99.8B
Enterprise value	—	43.5B	38.8B	60.5B	74.9B	89.4B	74.5B	90.8B	105.4B	94.5B	121.9B
Shares outstanding	70.1M	76.9M	79.8M	84.1M	87.7M	89.8M	91.6M	93.6M	95.5M	97.9M	97.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	149.5	77	96.8	169.2	151.9	85.1	77.8	110.6	55.6	64.9
P/S	—	7.97	5.55	8.83	10.4	11.4	8.26	9.21	10.3	8.14	10
P/B	—	5.09	3.9	5.56	5.89	6.98	5.21	6.03	6.64	5.29	6.91
EV/EBITDA	—	22.7	17.2	24.1	29.3	32.8	25.3	26.9	28.1	22.4	26.8
EV/Sales	—	9.95	7.66	10.9	12.5	13.5	10.3	11.1	12	10.3	12.3
Earnings yield	—	0.67%	1.3%	1.03%	0.59%	0.66%	1.17%	1.29%	0.9%	1.8%	1.54%
FCF yield	—	0.17%	-1%	-0.18%	0.04%	-0.27%	1.14%	0.58%	0.2%	-0.53%	3.79%
PEG	—	—	—	—	—	—	—	—	—	—	2.22

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	49.6%	49.8%	48.6%	49.5%	48.7%	47.7%	48.3%	48.4%	48.9%	51.1%	53.1%
Operating margin	18.2%	19.4%	19.8%	21%	18.6%	16.9%	16.9%	17.7%	18.6%	21.3%	27%
Net margin	3.51%	5.33%	7.2%	9.12%	6.17%	7.53%	9.7%	11.8%	9.3%	14.6%	15.5%
ROE	2.9%	3.4%	5.06%	5.74%	3.48%	4.59%	6.12%	7.74%	6.01%	9.51%	10.7%
ROA	1.01%	1.25%	1.8%	2.12%	1.37%	1.79%	2.32%	2.97%	2.32%	3.36%	3.68%
ROIC	4.54%	4.45%	4.73%	4.22%	3.48%	3.78%	4%	4.49%	4.69%	5.22%	5.71%
Return on tangible assets	2.44%	4.57%	6.19%	4.97%	3.16%	3.76%	4.63%	5.45%	3.83%	5.28%	5.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.43	1.81	1	1.33	1.29	1.84	1.8	1.13	1.63	1.32	1.13
Quick ratio	1.43	1.81	1	1.33	1.29	1.84	1.8	1.13	1.63	1.32	1.13
Debt / equity	1.55	1.47	1.57	1.5	1.31	1.38	1.43	1.39	1.4	1.6	1.62
Debt / assets	0.54	0.54	0.56	0.55	0.52	0.54	0.54	0.53	0.54	0.57	0.57
Net debt / EBITDA	4.17	4.52	4.74	4.55	4.82	4.93	4.94	4.55	4.09	4.62	4.61
Interest coverage	1.41	1.6	1.83	2.44	2.27	2.81	3.33	3.8	3.13	3.86	4
Effective tax rate	28.4%	18.8%	15.6%	26.8%	28.3%	17.9%	15%	13.8%	16.5%	10.6%	10.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	51.5	56.8	63.6	66.1	68.4	73.9	79.3	87.5	91.6	94.2	100.7
EPS (basic)	1.81	3.03	4.58	6.03	4.22	5.57	7.69	10.3	8.54	13.8	13.8
EPS (diluted)	1.79	3	4.56	5.99	4.18	5.53	7.67	10.3	8.5	13.8	15.5
Book value per share	62.3	89.1	90.5	105.1	121.3	121.2	125.7	133.7	142	144.8	145.8
FCF per share	-1.34	0.79	-3.52	-1.03	0.31	-2.28	7.48	4.65	1.92	-4.09	-14.8
Cash per share	10.7	18.7	7.65	22.3	18.4	17.1	20.8	22.4	37.8	33	9.92
Capex per share	15.9	17.9	26.3	24.7	26	30.7	24.9	29.7	32.1	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	30.8%	31.6%	41.3%	37.4%	38.1%	41.5%	31.4%	34%	35%	—	—
Capex / operating cash flow	108.7%	100.8%	118.9%	106.1%	107.3%	116.2%	80.3%	91.3%	105.7%	—	—
Payout ratio	393.9%	266.8%	202.2%	164.8%	256.1%	208.7%	163.4%	141.8%	201.8%	137.7%	126.8%
Dividend yield	—	1.78%	2.63%	1.7%	1.51%	1.37%	1.92%	1.82%	1.83%	2.47%	2.04%

Yield

2.04%

trailing twelve months

Frequency

Quarterly

Last dividend

$5.16

ex-dividend Aug 19, 2026

Payout ratio

127%

of earnings

Dividend growth

9 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 19, 2026	$5.16
May 20, 2026	$5.16
Feb 25, 2026	$5.16
Nov 19, 2025	$4.69
Aug 20, 2025	$4.69
May 21, 2025

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.1B	$2.1B	$2.1B	$2.2B	$2.2B	$2.3B	$2.2B	$2.3B	$2.3B	$2.4B	$2.4B	$2.6B
YoY change	+12%	+12.8%	+6.46%	+6.93%	+6.79%	+7.13%	+4.61%	+4.49%	+5.22%	+7.03%	+9.84%	+16.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	751.9M	1.4B	610.7M	1.9B	1.6B	1.5B	1.9B	2.1B	3.6B	3.2B
Receivables	396.2M	576.3M	630.1M	689.1M	676.7M	681.8M	855.4M	1B	949M	1B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	1.5B	2.2B	1.5B	2.9B	2.6B	3B	3.3B	3.6B	5.4B	5.1B
Property, plant & equipment	4.4B	5.5B	6.2B	8.2B	9.4B	9.3B	10.1B	11.1B	11.2B	13.8B
Goodwill & intangibles	7.4B	13.6B	14.3B	13.8B	15.3B	14.6B	15.1B	14.9B	13.8B	14.6B
Total assets	12.6B	18.7B	20.2B	24B	27B	27.9B	30.3B	32.7B	35.1B	40.1B
Accounts payable	60.2M	101.7M	97M	52.2M	77.7M	84.1M	116M	162.4M	133M	127M
Short-term debt	169M	143.2M	452M	941.7M	524.4M	325M	300.8M	1.3B	1.5B	1.6B
Total current liabilities	1B	1.2B	1.5B	2.2B	2B	1.6B	1.8B	3.2B	3.3B	3.9B
Long-term debt	6.6B	9.9B	10.9B	12.3B	13.4B	14.7B	16.2B	16.2B	17.4B	21.1B
Total liabilities	8.2B	11.8B	13B	15.1B	16.4B	17B	18.8B	20.1B	21.5B	26B
Shareholders' equity	4.4B	6.8B	7.2B	8.8B	10.6B	10.9B	11.5B	12.5B	13.6B	14.2B
Total debt	6.8B	10.1B	11.3B	13.3B	13.9B	15B	16.5B	17.5B	19B	22.7B
Net debt	6B	8.7B	10.7B	11.4B	12.3B	13.5B	14.6B	15.4B	15.9B	21B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.4B	2.1B	1.5B	2B	3.2B	3.6B	3.7B	4.5B	2.9B	3.2B	3.1B	2.2B
Receivables	1B	1B	1.1B	1.1B	1.1B	949M	1.1B	1.1B	1.1B	1B	1.1B	1.3B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	3.9B	3.6B	3.2B	3.7B	5.1B	5.4B	5.5B	6.5B	5B	5.1B	5.3B	4.3B
Property, plant & equipment	18.9B	11.1B	19.9B	20B	21.2B	11.2B	21.5B	22.7B	23.3B	13.8B	25.5B	26.5B
Goodwill & intangibles	14.6B	14.9B	14.5B	14.4B	14.6B	13.8B	14B	14.7B	14.6B	14.6B	14.4B	14.2B
Total assets	31.7B	32.7B	31.9B	32.9B	35.4B	35.1B	36.1B	38.8B	38.1B	40.1B	40.9B	41.1B
Accounts payable	1.1B	162.4M	1.1B	1.1B	1.1B	133M	1.1B	1.2B	1.3B	127M	1.3B	1.3B
Short-term debt	277.2M	1.3B	1.3B	1.3B	2.6B	1.5B	1.6B	2.3B	1B	1.6B	2.2B	1.5B
Total current liabilities	1.9B	3.2B	2.9B	3.1B	4.4B	3.3B	3.3B	4.2B	3.1B	3.9B	4.5B	3.8B
Long-term debt	17.1B	16.2B	16B	16.7B	16.6B	17.4B	18.1B	19.6B	19.9B	21.1B	21.1B	21.8B
Total liabilities	19.8B	20.1B	19.6B	20.6B	21.8B	21.5B	22.2B	24.7B	23.9B	26B	26.6B	26.7B
Shareholders' equity	11.9B	12.5B	12.3B	12.3B	13.6B	13.6B	13.9B	14.1B	14.2B	14.2B	14.3B	14.4B
Total debt	17.4B	17.5B	17.3B	18B	19.2B	19B	19.6B	21.9B	21B	22.7B	23.3B	23.4B
Net debt	15B	15.4B	15.8B	16B	16.4B	15.9B	16.7B	18.2B	18.9B	21B	22B	22.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	126.8M	233M	365.4M	507.2M	370.1M	499.7M	704.6M	969M	814M	1.3B
Depreciation & amortization	837.2M	1B	1.2B	1.3B	1.4B	1.7B	1.7B	1.8B	2B	2.1B
Stock-based compensation	155.6M	175.5M	180.7M	236.5M	295M	363.8M	404M	407.5M	462M	498M
Change in working capital	-133M	-96.3M	-44M	-93.3M	6.4M	-197.3M	-88.1M	-236.6M	-435M	-101M
Operating cash flow	1B	1.4B	1.8B	2B	2.1B	2.4B	2.8B	3B	2.9B	3.9B
Capital expenditure	-1.1B	-1.4B	-2.1B	-2.1B	-2.3B	-2.8B	-2.3B	-2.8B	-3.1B	—
Investing cash flow	-2B	-5.3B	-2.9B	-1.8B	-3.2B	-2.8B	-3.1B	-2.8B	-3.6B	-1.2B
Dividends paid	-499.5M	-621.5M	-738.6M	-836.2M	-947.9M	-1B	-1.2B	-1.4B	-1.6B	-1.9B
Share repurchases	0	—	—	—	—	—	—	—	—	—
Financing cash flow	-931.2M	4.6B	420.8M	1.2B	753.4M	336.1M	775.2M	124.6M	1.6B	1.2B
Net change in cash	-1.9B	628.3M	-709.5M	1.3B	-346.2M	-100.5M	498.1M	330.1M	923M	3.9B
Free cash flow	-94M	60.5M	-280.7M	-86.8M	27.3M	-204.3M	685.2M	435.6M	183M	-400M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	276M	227.5M	231M	301M	296M	-14M	343M	367M	374M	264M	415M	477M
Depreciation & amortization	463M	463.5M	526M	489M	496M	498M	479M	498M	533M	551M	544M	557M
Stock-based compensation	98M	105.8M	101M	125M	122M	114M	113M	127M	130M	128M	128M	145M
Change in working capital	-70M	106.2M	-271M	-16M	-182M	-64M	-126M	-77M	-24M	126M	-349M	-166M
Operating cash flow	784M	922.5M	596M	926M	729M	547M	806M	944M	1B	1.1B	717M	1.1B
Capital expenditure	-617M	-995.7M	-707M	-648M	-724M	-987M	-750M	—	—	—	—	—
Investing cash flow	-639M	-1.1B	-710M	-684M	-1.2B	-974M	-951M	-369M	45M	-713M	-80M	530M
Dividends paid	-325M	-403.2M	-412M	-405M	-413M	-413M	-468M	-460M	-467M	-461M	-519M	-510M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-24M	-21.4M	-445M	302M	1.3B	479M	-35M	1.2B	-1.2B	1.2B	300M	-355M
Net change in cash	121M	-149.1M	-559M	544M	794M	52M	-180M	1.8B	-145M	1.7B	937M	1.2B
Free cash flow	168M	3M	-109M	264M	34M	-6M	59M	-45M	-122M	-292M	-539M	-511M

Equinix, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history