Equinix, Inc. (EQIX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 17, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the EQIX SEC filings page.
Equinix, Inc. (EQIX) reported $9.2B in revenue for fiscal year 2025, up 5.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Equinix is expanding a high-margin platform, but rising infrastructure investment is absorbing cash even as reported earnings accelerate.
The business converted more operating activity into cash in FY2025, with operating cash flow reaching$3.9B , yet free cash flow fell to-$400M because capital expenditures climbed to$4.3B . Compared with FY2024, when free cash flow was$183M , this shows that reported profitability currently depends on a heavy reinvestment cycle rather than translating directly into discretionary cash.
Revenue increased from
Total liabilities rose from
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Equinix, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. Equinix, Inc. scores 59/100 on it among other REITs.
FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. Equinix, Inc. scores 61/100 on it among other REITs.
Not available for Equinix, Inc., and counted as zero in the overall score.
Equinix, Inc.'s operating income of $1.8B covered its interest expense of $527.0M 3.51 times over in fiscal year 2025. The interest coverage axis ranks REITs on operating income against interest owed, and Equinix, Inc. scores 81/100 among other REITs.
AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. Equinix, Inc. scores 17/100 on it among other REITs.
Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. Equinix, Inc. scores 69/100 on it among other REITs.
Equinix, Inc. scores 2.88, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($97.3B) relative to total liabilities ($26.0B). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Equinix, Inc. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 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 $3.51 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
Earnings & Revenue
Equinix, Inc. generated $2.6B in revenue in Q2 2026. This represents an increase of 16.4% from the same quarter a year earlier. Against the prior quarter it is up 7.4%.
Equinix, Inc.'s EBITDA was $1.2B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 22.5% from the same quarter a year earlier. Against the prior quarter it is up 8.8%.
Equinix, Inc. reported $479.0M in net income in Q2 2026. This represents an increase of 30.2% from the same quarter a year earlier. Against the prior quarter it is up 15.4%.
Equinix, Inc. earned $4.83 per diluted share (EPS) in Q2 2026. This represents an increase of 28.8% from the same quarter a year earlier. Against the prior quarter it is up 15.0%.
Cash & Balance Sheet
Equinix, Inc. held $979.0M in cash against $19.9B in long-term debt as of Q2 2026.
Equinix, Inc. paid $5.16 per share in dividends in Q2 2026. This represents an increase of 10.0% from the same quarter a year earlier. It is unchanged from the prior quarter.
Not reported for Q2 2026.
Margins & Returns
Equinix, Inc.'s gross margin was 53.1% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.7 percentage points.
Equinix, Inc.'s operating margin was 25.3% in Q2 2026, reflecting core business profitability. This is up 3.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.7 percentage points.
Equinix, Inc.'s net profit margin was 18.3% in Q2 2026, showing the share of revenue converted to profit. This is up 1.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.3 percentage points.
Equinix, Inc.'s ROE was 3.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.4 percentage points.
Capital Allocation
None of these metrics is reported for Q2 2026.
EQIX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.6B+16.4% | $2.4B+9.8% | $2.4B+7.0% | $2.3B+5.2% | $2.3B+4.5% | $2.2B+4.6% | $2.3B+20.1% | $2.2B+6.8% |
| Cost of Revenue | $1.2B+13.5% | $1.2B+9.4% | $1.2B+0.2% | $1.1B+4.0% | $1.1B+0.2% | $1.1B-0.6% | $1.2B+9.5% | $1.1B+2.7% |
| Gross Profit | $1.4B+19.0% | $1.3B+10.3% | $1.2B+14.7% | $1.2B+6.4% | $1.2B+8.8% | $1.1B+10.1% | $1.1B+34.6% | $1.1B+11.2% |
| SG&A Expenses | $462.0M+2.4% | $444.0M+1.4% | $481.0M+6.7% | $470.0M+8.3% | $451.0M+3.2% | $438.0M-1.4% | $451.0M+0.4% | $434.0M+7.4% |
| Operating Income | $665.0M+34.6% | $577.0M+26.0% | $422.0M+309.7% | $474.0M+11.5% | $494.0M+13.3% | $458.0M+25.8% | $103.0M-70.2% | $425.0M+11.5% |
| EBITDA | $1.2B+22.5% | $1.1B+19.3% | $964.0M+60.4% | $1.0B+9.0% | $993.0M+7.4% | $937.0M+5.3% | $601.0M-25.7% | $921.0M+9.1% |
| Interest Expense | $151.0M+11.9% | $148.0M+21.3% | $142.0M+12.7% | $128.0M+9.4% | $135.0M+22.7% | $122.0M+17.3% | $126.0M+21.5% | $117.0M+15.4% |
| Income Tax | $46.0M+21.1% | $56.0M+14.3% | $48.0M+242.9% | $25.0M-53.7% | $38.0M-19.1% | $49.0M+6.5% | $14.0M-67.4% | $54.0M+170.0% |
| Net Income | $479.0M+30.2% | $415.0M+21.0% | $265.0M+1992.9% | $374.0M+25.9% | $368.0M+22.3% | $343.0M+48.5% | -$14.0M-106.2% | $297.0M+7.6% |
| EPS (Basic) | $4.86+29.3% | $4.22+19.9% | $2.69+1515.8% | $3.82+22.8% | $3.76+18.6% | $3.52+44.3% | -$0.19-107.9% | $3.11+5.8% |
| EPS (Diluted) | $4.83+28.8% | $4.20+20.0% | $2.69+1515.8% | $3.81+22.9% | $3.75+18.7% | $3.50+44.0% | -$0.19-107.9% | $3.10+5.8% |
| Diluted Shares (Avg) | 99M+1.1% | 99M+0.9% | N/A | 98M+2.6% | 98M+3.0% | 98M+2.9% | N/A | 96M+1.7% |
Not reported in any period shown, so not listed: R&D Expenses.
EQIX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $41.1B+5.7% | $40.9B+13.4% | $40.1B+14.4% | $38.1B+7.4% | $38.8B+18.2% | $36.1B+13.0% | $35.1B+7.5% | $35.4B+11.8% |
| Current Assets | $4.3B-34.0% | $5.3B-2.9% | $5.1B-5.9% | $5.0B-1.8% | $6.5B+75.7% | $5.5B+73.8% | $5.4B+52.7% | $5.1B+30.1% |
| Cash & Equivalents | $979.0M-73.3% | $1.4B-53.8% | $1.7B-43.9% | $2.1B-25.2% | $3.7B+83.6% | $3.0B+93.2% | $3.1B+47.0% | $2.8B+17.8% |
| Short-Term Investments | $1.2B+42.8% | $1.7B+134.0% | $1.5B+184.6% | $854.0M+89.4% | $872.0M | $723.0M | $527.0M | $451.0M |
| Accounts Receivable | $1.3B+10.5% | $1.1B+1.7% | $1.0B+5.5% | $1.1B+1.9% | $1.1B+1.2% | $1.1B+0.9% | $949.0M-5.5% | $1.1B+9.0% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $5.9B-1.2% | $5.9B+5.3% | $6.0B+8.7% | $5.9B+3.1% | $6.0B+6.4% | $5.6B+0.2% | $5.5B-4.1% | $5.8B+3.2% |
| Total Liabilities | $26.7B+7.8% | $26.6B+19.9% | $26.0B+20.6% | $23.9B+9.4% | $24.7B+20.4% | $22.2B+13.0% | $21.5B+6.9% | $21.8B+10.4% |
| Current Liabilities | $3.8B-9.9% | $4.5B+36.4% | $3.9B+16.2% | $3.1B-29.8% | $4.2B+38.2% | $3.3B+15.1% | $3.3B+5.9% | $4.4B+130.8% |
| Non-Current Liabilities | $22.9B+11.5% | $22.0B+17.0% | $22.1B+21.4% | $20.8B+19.2% | $20.5B+17.3% | $18.8B+12.7% | $18.2B+7.1% | $17.5B-2.4% |
| Long-Term Debt | $19.9B+10.0% | $19.8B+24.5% | N/A | $17.3B+12.6% | $18.1B+25.0% | $15.9B+15.6% | $15.3B+10.8% | $15.4B+12.3% |
| Total Equity | $14.4B+2.1% | $14.3B+2.9% | $14.2B+4.6% | $14.2B+4.2% | $14.1B+14.7% | $13.9B+12.9% | $13.5B+8.3% | $13.6B+14.3% |
| Retained Earnings | $7.0B+28.1% | $6.5B+27.9% | $6.1B+28.4% | $5.8B+22.5% | $5.5B+22.3% | $5.1B+22.3% | $4.7B+20.7% | $4.8B+28.5% |
Not reported in any period shown, so not listed: Inventory.
EQIX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.1B+13.0% | $717.0M-11.4% | $1.1B+16.6% | $1.0B+33.8% | $944.0M+3.5% | $809.0M+35.3% | $981.0M-1.8% | $758.0M-3.4% |
| Depreciation & Amortization | $551.0M+10.4% | $541.0M+12.9% | $542.0M+8.8% | $530.0M+6.9% | $499.0M+2.0% | $479.0M-8.9% | $498.0M+7.6% | $496.0M+7.1% |
| Stock-Based Compensation | $145.0M+14.2% | $128.0M+13.3% | N/A | $130.0M+6.6% | $127.0M+1.6% | $113.0M+11.9% | N/A | $122.0M+24.5% |
| Capital Expenditures | N/A | $1.3B+67.5% | $1.4B+45.5% | $1.1B+56.9% | $989.0M+52.6% | $750.0M+6.1% | $987.0M-0.9% | $724.0M+17.3% |
| Free Cash Flow | N/A | -$539.0M-1013.6% | -$292.0M-4766.7% | -$122.0M-458.8% | -$45.0M-117.0% | $59.0M+154.1% | -$6.0M-300.0% | $34.0M-79.8% |
| Investing Cash Flow | -$1.1B+22.5% | -$1.5B-51.3% | -$2.7B-143.9% | -$1.4B-0.4% | -$1.4B-96.2% | -$964.0M-32.6% | -$1.1B+13.3% | -$1.4B-81.5% |
| Financing Cash Flow | -$355.0M-129.8% | $349.0M+2226.7% | $1.2B+156.3% | -$1.2B-186.0% | $1.2B+305.1% | $15.0M+103.8% | $478.0M+2272.7% | $1.3B+7388.9% |
| Dividends Paid | $510.0M+10.9% | $519.0M+10.9% | $461.0M+11.6% | $467.0M+13.1% | $460.0M+13.6% | $468.0M+13.6% | $413.0M+2.5% | $413.0M+27.1% |
Not reported in any period shown, so not listed: Share Buybacks.
EQIX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.1%+1.2pp | 51.5%+0.2pp | 50.5%+3.4pp | 50.7%+0.6pp | 51.9%+2.1pp | 51.3%+2.6pp | 47.1%+5.1pp | 50.1%+2.0pp |
| Operating Margin | 25.3%+3.4pp | 23.6%+3.0pp | 17.4%+12.9pp | 20.5%+1.2pp | 21.9%+1.7pp | 20.6%+3.5pp | 4.6%-13.8pp | 19.3%+0.8pp |
| Net Margin | 18.3%+1.9pp | 17.0%+1.6pp | 10.9%+11.6pp | 16.2%+2.7pp | 16.3%+2.4pp | 15.4%+4.6pp | -0.6%-12.7pp | 13.5%+0.1pp |
| Return on Equity | 3.3%+0.7pp | 2.9%+0.4pp | 1.9%+2.0pp | 2.6%+0.5pp | 2.6%+0.2pp | 2.5%+0.6pp | -0.1%-1.9pp | 2.2%-0.1pp |
| Return on Assets | 1.2%+0.2pp | 1.0%+0.1pp | 0.7%+0.7pp | 1.0%+0.1pp | 0.9%0.0pp | 0.9%+0.2pp | 0.0%-0.7pp | 0.8%0.0pp |
| Current Ratio | 1.13-0.4x | 1.18-0.5x | 1.32-0.3x | 1.62+0.5x | 1.54+0.3x | 1.65+0.6x | 1.63+0.5x | 1.16-0.9x |
| Debt-to-Equity | 1.38+0.1x | 1.38+0.2x | 1.83+0.7x | 1.22+0.1x | 1.28+0.1x | 1.140.0x | 1.130.0x | 1.130.0x |
| Asset Turnover | 0.060.0x | 0.060.0x | 0.060.0x | 0.060.0x | 0.060.0x | 0.060.0x | 0.060.0x | 0.060.0x |
| FCF Margin | N/A | -22.1%-24.7pp | -12.1%-11.8pp | -5.3%-6.8pp | -2.0%-14.2pp | 2.6%+7.8pp | -0.3%-0.4pp | 1.5%-6.6pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Equinix, Inc. EQIX | FY2025 | $9.2B | $1.4B | 14.6% | $97.3B | 48/100 |
| Digital Realty Trust, Inc. DLR | FY2025 | $6.1B | $1.3B | 21.5% | $65.3B | 58/100 |
| American Tower Corporation AMT | FY2025 | $10.6B | $2.6B | 24.7% | $86.3B | 63/100 |
| Crown Castle Inc. CCI | FY2025 | $4.3B | $444.0M | 10.4% | $35.0B | 26/100 |
| Iron Mountain Inc. IRM | FY2025 | $6.9B | $152.3M | 2.2% | $33.5B | 39/100 |
| SBA Communications Corp SBAC | FY2025 | $2.8B | $1.1B | 37.4% | $19.8B | 53/100 |
Where Equinix, Inc. Ranks
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 EBITDA?
Equinix, Inc. (EQIX) had EBITDA of $3.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
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) recorded an outflow of $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.
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 P/E ratio?
Equinix, Inc. (EQIX) trades at 63.5x earnings, its market capitalization divided by net income of $1.5B net income, trailing 12 months to June 30, 2026. The market capitalization is $97.3B as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Equinix, Inc.'s price-to-sales ratio?
Equinix, Inc. (EQIX) trades at 9.9x sales, its market capitalization divided by revenue of $9.8B revenue, trailing 12 months to June 30, 2026. The market capitalization is $97.3B as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Equinix, Inc.'s Altman Z-Score?
Equinix, Inc. (EQIX) has an Altman Z-Score of 2.88, 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 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 3.51x, 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 48 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.