Equinix Inc Financials
This page shows Equinix Inc (EQIX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Equinix Inc has an operating margin of 20.1%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 15.2% the prior year.
Equinix Inc's revenue grew 5.4% year-over-year to $9.2B, a solid pace of expansion. This earns a growth score of 44/100.
Equinix Inc has a moderate D/E ratio of 1.83. This balance of debt and equity financing earns a leverage score of 43/100.
Equinix Inc's current ratio of 1.32 indicates adequate short-term liquidity, earning a score of 33/100. The company can meet its near-term obligations, though with limited headroom.
While Equinix Inc generated $3.9B in operating cash flow, capex of $4.3B consumed most of it, leaving -$400.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Equinix Inc's ROE of 9.5% shows moderate profitability relative to equity, earning a score of 38/100. This is up from 6.0% the prior year.
Equinix Inc scores 2.72, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($90.2B) relative to total liabilities ($26.0B). This signals moderate financial risk that warrants monitoring.
Equinix Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Equinix Inc generates $2.90 in operating cash flow ($3.9B OCF vs $1.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Equinix Inc earns $3.5 in operating income for every $1 of interest expense ($1.8B vs $527.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Equinix Inc generated $9.2B in revenue in fiscal year 2025. This represents an increase of 5.4% from the prior year.
Equinix Inc's EBITDA was $3.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.8% from the prior year.
Equinix Inc generated -$400.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 318.6% from the prior year.
Equinix Inc reported $1.4B in net income in fiscal year 2025. This represents an increase of 65.6% from the prior year.
Equinix Inc earned $13.76 per diluted share (EPS) in fiscal year 2025. This represents an increase of 61.9% from the prior year.
Equinix Inc held $1.7B in cash against $686 in long-term debt as of fiscal year 2025.
Equinix Inc paid $18.76 per share in dividends in fiscal year 2025. This represents an increase of 10.1% from the prior year.
Equinix Inc had 98M shares outstanding in fiscal year 2025. This represents an increase of 0.9% from the prior year.
Equinix Inc's gross margin was 51.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.2 percentage points from the prior year.
Equinix Inc's operating margin was 20.1% in fiscal year 2025, reflecting core business profitability. This is up 4.9 percentage points from the prior year.
Equinix Inc's net profit margin was 14.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5.3 percentage points from the prior year.
Equinix Inc's ROE was 9.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.5 percentage points from the prior year.
Equinix Inc invested $4.3B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 40.6% from the prior year.
EQIX Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4B+4.5% | $2.3B+2.7% | $2.3B+1.4% | $2.2B-1.6% | $2.3B+20.1% | $1.9B-8.6% | $2.1B+2.1% | $2.0B |
| Cost of Revenue | $1.2B+4.9% | $1.1B+5.4% | $1.1B0.0% | $1.1B-9.4% | $1.2B+9.5% | $1.1B+2.2% | $1.1B+0.8% | $1.1B |
| Gross Profit | $1.2B+4.1% | $1.2B+0.2% | $1.2B+2.7% | $1.1B+7.1% | $1.1B+34.6% | $791.0M-20.3% | $992.0M+3.5% | $958.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $481.0M+2.3% | $470.0M+4.2% | $451.0M+3.0% | $438.0M-2.9% | $451.0M+0.4% | $449.0M+11.1% | $404.0M-0.5% | $406.0M |
| Operating Income | $422.0M-11.0% | $474.0M-4.0% | $494.0M+7.9% | $458.0M+344.7% | $103.0M-70.2% | $346.0M-9.2% | $381.0M+14.8% | $332.0M |
| Interest Expense | $142.0M+10.9% | $128.0M-5.2% | $135.0M+10.7% | $122.0M-3.2% | $126.0M+21.5% | $103.7M+2.2% | $101.4M+1.4% | $100.0M |
| Income Tax | $48.0M+92.0% | $25.0M-34.2% | $38.0M-22.4% | $49.0M+250.0% | $14.0M-67.4% | $43.0M+115.0% | $20.0M-45.9% | $37.0M |
| Net Income | $265.0M-29.1% | $374.0M+1.6% | $368.0M+7.3% | $343.0M+2550.0% | -$14.0M-106.2% | $227.0M-17.8% | $276.0M+33.3% | $207.0M |
| EPS (Diluted) | $2.70-29.1% | $3.81+1.6% | $3.75+7.1% | $3.50+1942.1% | $-0.19-107.9% | $2.40-18.1% | $2.93+32.6% | $2.21 |
EQIX Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $40.1B+5.5% | $38.1B-2.0% | $38.8B+7.7% | $36.1B+2.8% | $35.1B+7.5% | $32.7B+3.1% | $31.7B+0.4% | $31.6B |
| Current Assets | $5.1B+3.2% | $5.0B-24.2% | $6.5B+19.0% | $5.5B+1.1% | $5.4B+52.7% | $3.6B-8.2% | $3.9B+3.8% | $3.7B |
| Cash & Equivalents | $1.7B-16.9% | $2.1B-43.3% | $3.7B+24.1% | $3.0B-4.3% | $3.1B+47.0% | $2.1B-11.1% | $2.4B+0.6% | $2.3B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.0B-12.5% | $1.1B+0.6% | $1.1B+4.4% | $1.1B+14.8% | $949.0M-5.5% | $1.0B-2.6% | $1.0B+2.4% | $1.0B |
| Goodwill | $6.0B+0.7% | $5.9B-0.6% | $6.0B+6.2% | $5.6B+2.3% | $5.5B-4.1% | $5.7B+2.6% | $5.6B-2.5% | $5.7B |
| Total Liabilities | $26.0B+8.7% | $23.9B-3.5% | $24.7B+11.6% | $22.2B+2.9% | $21.5B+6.9% | $20.1B+1.8% | $19.8B+1.3% | $19.5B |
| Current Liabilities | $3.9B+26.8% | $3.1B-27.6% | $4.2B+27.5% | $3.3B-0.7% | $3.3B+5.9% | $3.2B+67.0% | $1.9B+2.1% | $1.9B |
| Long-Term Debt | N/A | $17.3B-4.1% | $18.1B+13.8% | $15.9B+3.6% | $15.3B+10.8% | $13.8B+1.0% | $13.7B+1.8% | $13.5B |
| Total Equity | $14.2B0.0% | $14.2B+0.5% | $14.1B+1.4% | $13.9B+2.7% | $13.5B+8.3% | $12.5B+5.1% | $11.9B-1.1% | $12.0B |
| Retained Earnings | $6.1B+4.5% | $5.8B+6.8% | $5.5B+7.2% | $5.1B+7.2% | $4.7B+20.7% | $3.9B+6.1% | $3.7B+8.0% | $3.4B |
EQIX Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.1B+12.8% | $1.0B+7.4% | $944.0M+16.7% | $809.0M-17.5% | $981.0M-1.8% | $999.0M+27.3% | $785.0M+5.9% | $741.0M |
| Capital Expenditures | $1.4B+26.4% | $1.1B+14.9% | $989.0M+31.9% | $750.0M-24.0% | $987.0M-0.9% | $996.0M+61.4% | $617.0M-3.3% | $638.0M |
| Free Cash Flow | -$292.0M-139.3% | -$122.0M-171.1% | -$45.0M-176.3% | $59.0M+1083.3% | -$6.0M-300.0% | $3.0M-98.2% | $168.0M+63.1% | $103.0M |
| Investing Cash Flow | -$2.7B-97.8% | -$1.4B+4.9% | -$1.4B-49.4% | -$964.0M+13.2% | -$1.1B+13.3% | -$1.3B-70.3% | -$752.0M-12.4% | -$669.0M |
| Financing Cash Flow | $1.2B+205.7% | -$1.2B-197.3% | $1.2B+7840.0% | $15.0M-96.9% | $478.0M+2272.7% | -$22.0M-222.2% | $18.0M+105.5% | -$327.0M |
| Dividends Paid | $461.0M-1.3% | $467.0M+1.5% | $460.0M-1.7% | $468.0M+13.3% | $413.0M+2.5% | $403.0M+24.0% | $325.0M+1.2% | $321.0M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
EQIX Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.5%-0.2pp | 50.7%-1.3pp | 51.9%+0.7pp | 51.3%+4.2pp | 47.1%+5.1pp | 42.0%-6.1pp | 48.1%+0.7pp | 47.4% |
| Operating Margin | 17.4%-3.0pp | 20.5%-1.4pp | 21.9%+1.3pp | 20.6%+16.0pp | 4.6%-13.8pp | 18.4%-0.1pp | 18.5%+2.1pp | 16.4% |
| Net Margin | 10.9%-5.2pp | 16.2%-0.2pp | 16.3%+0.9pp | 15.4%+16.0pp | -0.6%-12.7pp | 12.1%-1.3pp | 13.4%+3.1pp | 10.3% |
| Return on Equity | 1.9%-0.8pp | 2.6%+0.0pp | 2.6%+0.1pp | 2.5% | N/A | 1.8%-0.5pp | 2.3%+0.6pp | 1.7% |
| Return on Assets | 0.7%-0.3pp | 1.0%+0.0pp | 0.9%0.0pp | 0.9%+1.0pp | -0.0%-0.7pp | 0.7%-0.2pp | 0.9%+0.2pp | 0.7% |
| Current Ratio | 1.32-0.3 | 1.62+0.1 | 1.54-0.1 | 1.65+0.0 | 1.63+0.5 | 1.13-0.9 | 2.05+0.0 | 2.02 |
| Debt-to-Equity | 1.83+0.6 | 1.22-0.1 | 1.28+0.1 | 1.14+0.0 | 1.13+0.0 | 1.11-0.0 | 1.15+0.0 | 1.12 |
| FCF Margin | -12.1%-6.8pp | -5.3%-3.3pp | -2.0%-4.6pp | 2.6%+2.9pp | -0.3%-0.4pp | 0.2%-8.0pp | 8.2%+3.1pp | 5.1% |
Similar Companies
Frequently Asked Questions
What is Equinix Inc's annual revenue?
Equinix Inc (EQIX) reported $9.2B in total revenue for fiscal year 2025. This represents a 5.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Equinix Inc's revenue growing?
Equinix Inc (EQIX) revenue grew by 5.4% year-over-year, from $8.7B to $9.2B in fiscal year 2025.
Is Equinix Inc profitable?
Yes, Equinix Inc (EQIX) reported a net income of $1.4B in fiscal year 2025, with a net profit margin of 14.6%.
What is Equinix Inc's earnings per share (EPS)?
Equinix Inc (EQIX) reported diluted earnings per share of $13.76 for fiscal year 2025. This represents a 61.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Equinix Inc's EBITDA?
Equinix Inc (EQIX) had EBITDA of $3.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Equinix Inc have?
As of fiscal year 2025, Equinix Inc (EQIX) had $1.7B in cash and equivalents against $686 in long-term debt.
What is Equinix Inc's gross margin?
Equinix Inc (EQIX) had a gross margin of 51.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Equinix Inc's operating margin?
Equinix Inc (EQIX) had an operating margin of 20.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Equinix Inc's net profit margin?
Equinix Inc (EQIX) had a net profit margin of 14.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Equinix Inc pay dividends?
Yes, Equinix Inc (EQIX) paid $18.76 per share in dividends during fiscal year 2025.
What is Equinix Inc's return on equity (ROE)?
Equinix Inc (EQIX) has a return on equity of 9.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Equinix Inc's free cash flow?
Equinix Inc (EQIX) generated -$400.0M in free cash flow during fiscal year 2025. This represents a -318.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Equinix Inc's operating cash flow?
Equinix Inc (EQIX) generated $3.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Equinix Inc's total assets?
Equinix Inc (EQIX) had $40.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Equinix Inc's capital expenditures?
Equinix Inc (EQIX) invested $4.3B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How many shares does Equinix Inc have outstanding?
Equinix Inc (EQIX) had 98M shares outstanding as of fiscal year 2025.
What is Equinix Inc's current ratio?
Equinix Inc (EQIX) had a current ratio of 1.32 as of fiscal year 2025, which is considered adequate.
What is Equinix Inc's debt-to-equity ratio?
Equinix Inc (EQIX) had a debt-to-equity ratio of 1.83 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Equinix Inc's return on assets (ROA)?
Equinix Inc (EQIX) had a return on assets of 3.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Equinix Inc's Altman Z-Score?
Equinix Inc (EQIX) has an Altman Z-Score of 2.72, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Equinix Inc's Piotroski F-Score?
Equinix Inc (EQIX) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Equinix Inc's earnings high quality?
Equinix Inc (EQIX) has an earnings quality ratio of 2.90x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Equinix Inc cover its interest payments?
Equinix Inc (EQIX) has an interest coverage ratio of 3.5x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Equinix Inc?
Equinix Inc (EQIX) scores 43 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.