Equinix Provides Robust 2026 Outlook Driven by Strong Fourth-Quarter Results and Accelerating Business Momentum

Rhea-AI Summary

Equinix (Nasdaq: EQIX) reported strong Q4 and full‑year 2025 results and issued robust 2026 guidance driven by demand for AI, cloud and network connectivity.

Key metrics: Q4 MRR +10% YoY, FY 2025 revenue $9.217B (+5%), record Q4 annualized gross bookings $474M and FY bookings $1.6B, adjusted EBITDA margin 49%, and a 10% dividend increase to $5.16 per share. FY 2026 revenue guidance: $10.123–10.223B; AFFO per share guidance: $41.93–42.74.

Positive

• Q4 MRR growth of +10% YoY
• Record Q4 annualized gross bookings of $474 million
• Full-year bookings of $1.6 billion in 2025
• FY 2025 revenue of $9.217 billion (+5% YoY)
• Adjusted EBITDA margin at 49% with FY 2026 guidance ~51%

Negative

• High non-recurring capex guidance of $3.385–3.865 billion
• Total FY 2026 capex expected at $3.655–4.155 billion
• Q4 results modestly impacted by delayed xScale Hampton lease closing

Key Figures

2025 Revenues: $9.217 billion 2025 Operating Income: $1.848 billion 2025 Net Income: $1.350 billion +5 more

8 metrics

2025 Revenues $9.217 billion Full-year 2025, up 5% as-reported and 6% normalized and constant currency

2025 Operating Income $1.848 billion Full-year 2025, 39% increase from previous year

2025 Net Income $1.350 billion Net income attributable to common stockholders, up 66% year over year

2025 Adjusted EBITDA $4.530 billion (49% margin) Full-year 2025, 11% increase as-reported; 10% normalized and constant currency

2025 AFFO $3.761 billion Full-year 2025, 12% increase year over year

2025 AFFO per share $38.33 Full-year 2025, 9% increase year over year

2026 Revenue Guidance $10.123 - 10.223 billion Full-year 2026 guidance, 10 - 11% as-reported growth over prior year

Quarterly Dividend $5.16 per share Q4 dividend, 10% increase; 11th consecutive year of growth

Market Reality Check

Price: $867.52 Vol: Volume at 509,559 shares ...

normal vol

$867.52 Last Close

Volume Volume at 509,559 shares is slightly below the 20-day average 531,951, suggesting no outsized trading response to the report. normal

Technical Shares at $856.74 are trading above the 200-day MA $805.49 and about 10.14% below the 52-week high $953.41.

Peers on Argus

EQIX slipped 0.12% while key peers like DLR, AMT, CCI, IRM and SBAC all showed g...

EQIX slipped 0.12% while key peers like DLR, AMT, CCI, IRM and SBAC all showed gains between roughly 0.53% and 2.39%, pointing to a stock-specific reaction rather than a sector-wide move.

Historical Context

5 past events · Latest: Jan 20 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 20	Distribution tax update	Neutral	-2.2%	Outlined federal tax treatment of <b>2025</b> common stock distributions.
Jan 14	Branding news (peer)	Positive	-0.3%	Refreshed brand identity and new reusable bottle SKUs for bubba.
Dec 09	Sustainability recognition	Positive	+0.1%	Named Leader in IDC MarketScape for datacenter sustainability with strong ESG metrics.
Dec 03	CFO succession	Negative	-0.8%	Announced long-tenured CFO’s planned 2026 retirement and succession process.
Nov 20	AI HPC deployment	Positive	-1.6%	Merck high-performance AI computer launched in an Equinix AI-ready data center.

Pattern Detected

Recent EQIX news often sees mild price moves, with occasional divergences where positive operational or AI-related updates did not translate into upside.

Recent Company History

Over the past few months, Equinix news has focused on distributions, sustainability recognition, leadership transition, and AI-related partnerships. A tax treatment update on Jan 20, 2026 and a sustainability leadership designation on Dec 9, 2025 had limited price impact. CFO retirement news on Dec 3, 2025 saw a modest negative reaction. An AI supercomputing collaboration on Nov 20, 2025 also met a slightly negative move. Against this backdrop, the latest strong 2025 results and 2026 outlook mark a fundamentally driven milestone in the same growth and AI connectivity narrative.

Market Pulse Summary

This announcement highlights Equinix’s strong 2025 execution and a confident 2026 outlook. Revenues ...

Analysis

This announcement highlights Equinix’s strong 2025 execution and a confident 2026 outlook. Revenues grew to $9.217 billion, AFFO reached $3.761 billion, and AFFO per share rose to $38.33. Management now targets 2026 revenues of $10.123–10.223 billion and AFFO of $4.158–4.238 billion, alongside a higher $5.16 quarterly dividend. In assessing this trajectory, investors may focus on capital expenditure plans, AI-driven demand, and how execution compares with past sustainability and leadership milestones.

Key Terms

adjusted EBITDA, AFFO, Funds from Operations, non-GAAP, +3 more

7 terms

adjusted EBITDA financial

"Adjusted EBITDA$4.530 billion, an adjusted EBITDA margin of 49%"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

AFFO financial

"AFFO and AFFO per Share$3.761 billion, a 12% increase over the previous year"

AFFO (Adjusted Funds from Operations) is a measure of how much cash a real estate company or investment trust generates from its core operations after subtracting routine upkeep, leasing costs and other recurring expenses. Investors use it as a rough proxy for the cash available to pay dividends or reinvest, like checking how much money remains in your household budget after paying regular bills to see what you can spend or save.

Funds from Operations financial

"AFFO is derived from Funds from Operations ("FFO") calculated in accordance"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

non-GAAP financial

"Equinix uses certain non-GAAP financial measures, which are described further below"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

restricted stock units financial

"received an equity award of 2,495 restricted stock units on February 6, 2026."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Rule 10b5-1 trading plan regulatory

"sales of Equinix common stock under a Rule 10b5-1 trading plan to raise funds"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

PUE technical

"2024 global average PUE 1.39 (a 6% YoY improvement) and target PUE 1.33"

Power Usage Effectiveness (PUE) measures how efficiently a data center uses energy by comparing total facility power to the power used by the computing equipment; a PUE of 1.0 means all power goes to servers, while higher numbers indicate more energy spent on cooling and infrastructure. Investors care because lower PUE usually means lower operating costs and better environmental performance, similar to choosing a fuel‑efficient car to save money and reduce waste.

AI-generated analysis. Not financial advice.

• Increased Q4 monthly recurring revenue (MRR) 10% year over year on both an as-reported and a normalized and constant currency basis; increased full-year MRR 7% on an as-reported basis and 8% on a normalized and constant currency basis
• Delivered record annualized gross bookings of $474 million in Q4, up 42% over the previous year; delivered $1.6 billion of annualized gross bookings in 2025, up 27% for the full year
• Surpassed 500,000 interconnections globally, the most in the industry, as enterprises depend on Equinix to connect their AI, cloud and network ecosystems
• Increased quarterly cash dividend by 10% to $5.16 per share, marking the 11^th consecutive year of dividend growth

REDWOOD CITY, Calif., Feb. 11, 2026 /PRNewswire/ -- Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure company^®, today reported results for the quarter and full year ended December 31, 2025.

"Our team executed exceptionally well in Q4, marking a very strong close to a pivotal year for Equinix. Demand for our solutions has never been higher, as demonstrated by accelerated growth in both bookings and recurring revenue, and we are confident in our plan to deliver robust revenue and AFFO per share growth in 2026," said Adaire Fox-Martin, CEO and President, Equinix. "Equinix plays an essential role helping businesses connect and manage increasingly distributed AI, cloud and networking infrastructure. This is a source of long-term competitive advantage that positions us well to meet our customers' greatest needs and create shareholder value."

2025 Results Summary

• Revenues
  • $9.217 billion, a 5% increase over the previous year on an as-reported basis, or a 6% increase on a normalized and constant currency basis
• Operating Income
  • $1.848 billion, a 39% increase from the previous year, primarily from strong underlying operating performance and lower impairment charges and transaction costs
• Net Income Attributable to Common Stockholders and Net Income per Share Attributable to Common Stockholders
  • $1.350 billion, a 66% increase from the previous year, primarily from higher income from operations
  • $13.76 per share, a 62% increase from the previous year
• Adjusted EBITDA
  • $4.530 billion, an adjusted EBITDA margin of 49%, an 11% increase over the previous year on an as-reported basis, or a 10% increase on a normalized and constant currency basis
• AFFO and AFFO per Share
  • $3.761 billion, a 12% increase over the previous year on both an as-reported and a normalized and constant currency basis driven by strong operating performance and lower net interest expense from disciplined balance sheet management
  • $38.33 per share, a 9% increase over the previous year on both an as-reported and a normalized and constant currency basis

Q4 results were modestly impacted by the timing of the xScale^® Hampton lease transaction, which is now expected to close in early 2026.

Equinix uses certain non-GAAP financial measures, which are described further below and reconciled to the most comparable GAAP financial measures after the presentation of our GAAP financial statements.

All per-share results are presented on a fully diluted basis.

2026 Annual Guidance Summary

(in millions, except per share data)
		FY 2026 Guidance		Q1 2026 Guidance
Revenues		$10,123 - 10,223		$2,496 - 2,536
Adjusted EBITDA Adjusted EBITDA Margin %		$5,141 - 5,221 ~51%		$1,283 - 1,323 51 - 52%
Recurring Capital Expenditures % of Revenues		$270 - 290 ~3%		$28 - 48 1 - 2%
Non-recurring Capital Expenditures (Excludes xScale)		$3,385 - 3,865
AFFO		$4,158 - 4,238
AFFO per Share (Diluted)		$41.93 - 42.74
Expected Cash Dividends		~$2,036

Equinix does not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation and other components of net income or loss from operations, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant. Equinix intends to calculate the various non-GAAP financial measures in future periods consistent with how they were calculated for the periods presented within this press release.

For the first quarter of 2026, the company expects revenues to range between $2.496 and $2.536 billion, an increase of 4% at the midpoint over the previous quarter, on both an as-reported and a normalized and constant currency basis. This guidance includes a $20 million foreign currency benefit when compared to the average FX rates in Q4 2025. Adjusted EBITDA is expected to range between $1.283 and $1.323 billion. This guidance includes an $11 million foreign currency benefit when compared to the average FX rates in Q4 2025. Recurring capital expenditures are expected to range between $28 and $48 million.

For the full year of 2026, total revenues are expected to range between $10.123 and $10.223 billion, an as-reported increase of approximately 10 - 11% over the previous year, or 9 - 10% on a normalized and constant currency basis. This guidance includes a $36 million foreign currency benefit when compared to the prior guidance rates. Adjusted EBITDA is expected to range between $5.141 and $5.221 billion, reflecting an adjusted EBITDA margin of 51%, an approximate 200 basis-point expansion over the previous year. This guidance also includes a $17 million foreign currency benefit when compared to prior guidance. AFFO is expected to range between $4.158 and $4.238 billion, an increase of 11 - 13% over the previous year on an as-reported basis, or 9 - 11% on a normalized and constant currency basis. This guidance also includes a $13 million foreign currency benefit when compared to prior guidance rates. AFFO per share is expected to range between $41.93 and $42.74, a 9 - 12% as-reported increase over the previous year, or 8 - 10% on a normalized and constant currency basis. Total capital expenditures are expected to range between $3.655 and $4.155 billion. Non-recurring capital expenditures, excluding on-balance sheet xScale-related spend, are expected to range between $3.385 and $3.865 billion. Recurring capital expenditures are expected to range between $270 and $290 million.

The U.S. dollar exchange rates used for 2026 guidance, taking into consideration the impact of our current foreign currency hedges, have been updated to $1.14 to the Euro, $1.31 to the British Pound, S$1.27 to the U.S. Dollar, ¥157 to the U.S. Dollar, A$1.43 to the U.S. Dollar, HK$7.81 to the U.S. Dollar, R$5.22 to the U.S. Dollar and C$1.37 to the U.S. Dollar. The Q4 2025 global revenue breakdown by currency for the Euro, British Pound, Singapore Dollar, Japanese Yen, Australian Dollar, Hong Kong Dollar, Brazilian Real and Canadian Dollar is 21%, 10%, 8%, 5%, 3%, 3%, 3% and 2%, respectively.

Business Highlights

• Capitalized on strong customer demand to close more than 4,500 deals in Q4, with approximately 60% of the largest deals driven by AI workloads.
• Salesforce has deepened its partnership with Equinix to build a private network for Data 360 – the activation engine inside Salesforce's data and AI foundation. By using Equinix Fabric Cloud Router across 14 countries, Salesforce can privately connect its systems across AWS, Azure, and other clouds – enabling real‑time data analysis and stronger, lower‑latency AI performance.
• More than 60% of existing customers added new services in 2025, reflecting the importance of the company's neutral global footprint as an essential layer of connectivity across increasingly complex and distributed technology workloads.
• Delivered record capacity in 2025, with 23,250 retail cabinets and 90+ MW of xScale capacity, while continuing to expand capacity to meet growing demand across the business. Opened 16 projects in 14 metros globally and added 10 new expansion projects since October, bringing the company's current number of major expansion projects underway to 52. Also closed on a number of strategic land acquisitions in 2025, adding approximately 1 GW to Equinix's powered land-under-control balance.
• In January, Equinix contributed the Hampton, Georgia asset to its xScale joint venture in the United States, an important first step to deploying $15 billion of capital with its JV partners in major metros, and enabling the JV to enter a lease arrangement with a customer.

FY 2025 Results Conference Call and Replay Information

Equinix will discuss its quarterly results for the period ended December 31, 2025, along with its future outlook, in its quarterly conference call on Wednesday, February 11, 2026, at 5:30 p.m. ET (2:30 p.m. PT). A simultaneous live webcast of the call will be available on the company's Investor Relations website at www.equinix.com/investors. To hear the conference call live, please dial 1-517-308-9482 (domestic and international) and reference the passcode EQIX.

A replay of the call will be available one hour after the call through Tuesday, March 31, 2026, by dialing 1-866-360-7719 and referencing the passcode 2026. In addition, the webcast will be available at www.equinix.com/investors (no password required).

Investor Presentation and Supplemental Financial Information

Equinix has made available on its website a presentation designed to accompany the discussion of Equinix's results and future outlook, along with certain supplemental financial information and other data. Interested parties may access this information through the Equinix Investor Relations website at www.equinix.com/investors.

Additional Resources

• Equinix Investor Relations Resources

About Equinix

Equinix, Inc. (Nasdaq: EQIX) 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.

Non-GAAP Financial Measures

Equinix provides all information required in accordance with generally accepted accounting principles ("GAAP"), but it believes that evaluating its ongoing results of operations may be difficult if limited to reviewing only GAAP financial measures. Accordingly, Equinix also uses non-GAAP financial measures to evaluate its operations.

Non-GAAP financial measures are not a substitute for financial information prepared in accordance with GAAP. Non-GAAP financial measures should not be considered in isolation, but should be considered together with the most directly comparable GAAP financial measures. As such, Equinix provides a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Investors should note that the non-GAAP financial measures used by Equinix may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as those of other companies. Investors should therefore exercise caution when comparing non-GAAP financial measures used by Equinix to similarly titled non-GAAP financial measures of other companies.

Equinix's primary non-GAAP financial measures include Adjusted EBITDA and Adjusted Funds from Operations ("AFFO") as described below. Equinix presents these measures to provide investors with additional tools to evaluate its results in a manner that focuses on what management believes to be its core, ongoing business operations. These measures exclude items which Equinix believes are generally not relevant to assessing its long-term performance. Both measures eliminate the impacts of depreciation and amortization, which are derived from historical costs and which Equinix believes are not indicative of current or future expenditures, and other items for which the frequency and amount of charges can vary based on the timing and significance of individual transactions. Equinix believes that presenting these non-GAAP financial measures provides consistency and comparability with past reports and that if it did not provide such non-GAAP financial information, investors would not have all the necessary data to analyze the company effectively.

Adjusted EBITDA is used by management to evaluate the operating strength and performance of its core, ongoing business, without regard to its capital or tax structures. It also aids in assessing the performance of, making operating decisions for, and allocating resources to its operating segments. In addition to the uses described above, Equinix believes this measure provides investors with a better understanding of the operating performance of the business and its ability to perform in subsequent periods.

Equinix defines adjusted EBITDA as net income excluding:

• income tax expense
• interest income
• interest expense
• other income or expense
• gain or loss on debt extinguishment
• depreciation, amortization and accretion expense
• stock-based compensation expense
• restructuring and other exit charges, which primarily include employee severance, facility closure costs, lease or other contract termination costs and advisory fees related to the realignment of our management structure, operations or products and other exit activities
• impairment charges
• transaction costs
• gain or loss on asset sales

AFFO is derived from Funds from Operations ("FFO") calculated in accordance with the standards established by the National Association of Real Estate Investment Trusts. Both FFO and AFFO are non-GAAP measures commonly used in the REIT industry. Although these measures may not be directly comparable to similar measures used by other companies, Equinix believes that the presentation of these measures provides investors with an additional tool for comparing its performance with the performance of other companies in the REIT industry. Additionally, AFFO is a performance measure used in certain of the company's employee incentive programs, and Equinix believes it is a useful measure in assessing its dividend-paying capacity, as it isolates the cash impact of certain income and expense items and considers the impact of recurring capital expenditures.

Equinix defines FFO as net income attributable to common stockholders excluding:

• gain or loss from the disposition of real estate assets
• depreciation and amortization expense on real estate assets
• adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items

Equinix defines AFFO as FFO adjusted for:

• depreciation and amortization expense on non-real estate assets
• accretion expense
• stock-based compensation expense
• stock-based charitable contributions
• restructuring and other exit charges, as described above
• impairment charges
• transaction costs
• an adjustment to remove the impacts of straight-lining installation revenue
• an adjustment to remove the impacts of straight-lining rent expense
• an adjustment to remove the impacts of straight-lining contract costs
• amortization of deferred financing costs and debt discounts and premiums
• gain or loss from the disposition of non-real estate assets
• gain or loss on debt extinguishment
• an income tax expense adjustment, which represents the non-cash tax impact due to changes in valuation allowances, uncertain tax positions and deferred taxes
• recurring capital expenditures, which represent expenditures to extend the useful life of data centers or other assets that are required to support current revenues
• net income or loss from discontinued operations, net of tax
• adjustments from FFO to AFFO for unconsolidated joint ventures' and non-controlling interests' share of these items

Equinix provides normalized and constant currency growth rates for revenues, adjusted EBITDA, AFFO and AFFO per share. These growth rates assume foreign currency rates remain consistent across comparative periods. Revenue growth rates exclude the impact of net power pass-through, acquisitions, divestitures and the Equinix Metal^® wind-down. Adjusted EBITDA growth rates exclude the impact of acquisitions, divestitures and integration costs. AFFO growth rates exclude the impact of acquisitions and related financing costs, divestitures, integration costs and balance sheet remeasurements. AFFO per share growth rates exclude the impact of integration costs and balance sheet remeasurements.

Equinix presents cash cost of revenues and cash operating expenses (also known as cash selling, general and administrative expenses or cash SG&A). These measures exclude depreciation, amortization, accretion and stock-based compensation, which are not good indicators of Equinix's current or future operating performance, as described above.

Equinix also presents free cash flow and adjusted free cash flow. Free cash flow is defined as net cash provided by (used in) operating activities plus net cash provided by (used in) investing activities excluding the net purchases of and distributions from equity investments. Adjusted free cash flow is defined as free cash flow excluding any real estate and business acquisitions, net of cash and restricted cash acquired. These measures are presented in order for lenders, investors and the industry analysts who review and report on Equinix to better evaluate Equinix's cash spending levels relative to its industry sector and competitors.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; increased costs to procure power and the general volatility in the global energy market; the challenges of building and operating IBX^® and xScale^® data centers, including those related to sourcing suitable power and land, and any supply chain constraints or increased costs of supplies; the challenges of developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT; risks related to regulatory inquiries or litigation; and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.

EQUINIX, INC.
Condensed Consolidated Statements of Operations
(in millions, except share and per share data)
(unaudited)
	Three Months Ended						Twelve Months Ended
	December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Recurring revenues	$       2,294		$       2,215		$       2,091		$       8,739		$       8,184
Non-recurring revenues	126		101		170		478		564
Revenues	2,420		2,316		2,261		9,217		8,748
Cost of revenues	1,198		1,142		1,196		4,508		4,467
Gross profit	1,222		1,174		1,065		4,709		4,281
Operating expenses:
Sales and marketing	234		219		209		903		891
General and administrative	481		470		451		1,840		1,766
Restructuring and other exit charges	16		5		31		33		31
Transaction costs	6		3		38		18		50
Impairment charges	63		4		233		68		233
(Gain) loss on asset sales	—		(1)		—		(1)		(18)
Total operating expenses	800		700		962		2,861		2,953
Income from operations	422		474		103		1,848		1,328
Interest and other income (expense):
Interest income	41		53		49		193		137
Interest expense	(142)		(128)		(126)		(527)		(457)
Other income (expense)	(9)		—		(11)		(7)		(17)
Gain (loss) on debt extinguishment	—		—		(15)		1		(16)
Total interest and other, net	(110)		(75)		(103)		(340)		(353)
Income before income taxes	312		399		—		1,508		975
Income tax expense	(48)		(25)		(14)		(160)		(161)
Net income from continuing operations	264		374		(14)		1,348		814
Net (income) loss attributable to non-controlling interests	1		—		—		2		1
Net income (loss) attributable to common stockholders	$           265		$          374		$           (14)		$       1,350		$           815
Earnings (loss) per share ("EPS") attributable to common stockholders:
Basic EPS	$         2.70		$         3.82		$        (0.14)		$       13.79		$         8.54
Diluted EPS	$         2.69		$         3.81		$        (0.14)		$       13.76		$         8.50
Weighted-average shares for basic EPS (in thousands)	98,200		97,982		96,849		97,883		95,457
Weighted-average shares for diluted EPS (in thousands)	98,378		98,174		96,849		98,123		95,827

 

EQUINIX, INC.
Condensed Consolidated Balance Sheets
(in millions, except headcount)
(unaudited)
	December 31, 2025		December 31, 2024
Assets
Cash and cash equivalents	$       1,727		$       3,081
Short-term investments	1,500		527
Accounts receivable, net	1,001		949
Other current assets	897		890
Total current assets	5,125		5,447
Property, plant and equipment, net	23,584		19,249
Operating lease right-of-use assets	1,392		1,419
Goodwill	5,984		5,504
Intangible assets, net	1,316		1,417
Other assets	2,740		2,049
Total assets	$     40,141		$     35,085
Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity
Accounts payable and accrued expenses	$       1,350		$       1,193
Accrued property, plant and equipment	564		387
Current portion of operating lease liabilities	155		144
Current portion of finance lease liabilities	168		189
Current portion of mortgage and loans payable	17		5
Current portion of senior notes	1,299		1,199
Other current liabilities	340		232
Total current liabilities	3,893		3,349
Operating lease liabilities, less current portion	1,304		1,331
Finance lease liabilities, less current portion	2,187		2,086
Mortgage and loans payable, less current portion	686		644
Senior notes, less current portion	16,910		13,363
Other liabilities	983		760
Total liabilities	25,963		21,533
Redeemable non-controlling interest	25		25
Common stockholders' equity:
Common stock	—		—
Additional paid-in capital	21,642		20,895
Treasury stock	(24)		(39)
Accumulated dividends	(12,202)		(10,342)
Accumulated other comprehensive loss	(1,359)		(1,735)
Retained earnings	6,099		4,749
Total common stockholders' equity	14,156		13,528
Non-controlling interests	(3)		(1)
Total stockholders' equity	14,153		13,527
Total liabilities, redeemable non-controlling interest and stockholders' equity	$     40,141		$     35,085
Ending headcount by geographic region is as follows:
Americas headcount	5,917		5,952
EMEA headcount	4,706		4,653
Asia-Pacific headcount	3,093		3,001
Total headcount	13,716		13,606

 

EQUINIX, INC.
Summary of Debt Principal Outstanding
(in millions)
(unaudited)
	December 31, 2025		December 31, 2024
Finance lease liabilities	$       2,355		$       2,275
Term loans	673		628
Mortgage payable and other loans payable	30		21
Total mortgage and loans payable principal	703		649
Senior notes	18,209		14,562
Plus: debt issuance costs and debt discounts	150		123
Total senior notes principal	18,359		14,685
Total debt principal outstanding	$     21,417		$     17,609

 

EQUINIX, INC.
Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)
			Twelve Months Ended
			December 31, 2025		December 31, 2024
Cash flows from operating activities:
	Net income		$       1,348		$           814
	Adjustments to reconcile net income to net cash provided by operating activities:
	Depreciation, amortization and accretion		2,066		2,011
	Stock-based compensation		498		462
	Impairment charges		68		233
	(Gain) loss on asset sales		(1)		(18)
	Other operating activities		33		87
	Changes in operating assets and liabilities:
	Accounts receivable		(40)		27
	Income taxes, net		(78)		(9)
	Operating lease right-of-use assets		161		150
	Operating lease liabilities		(156)		(153)
	Accounts payable and accrued expenses		25		95
	Other assets and liabilities		(13)		(450)
Net cash provided by operating activities			3,911		3,249
Cash flows from investing activities:
	Purchases of equity investments		(60)		(98)
	Distributions from equity investments		59		11
	Purchases of short-term investments		(1,967)		(520)
	Maturity of short-term investments		1,005		—
	Business acquisitions, net of cash acquired		(251)		—
	Real estate acquisitions		(994)		(337)
	Purchases of other property, plant and equipment		(4,311)		(3,066)
	Proceeds from sale of assets, net of cash transferred		—		247
	Settlement of foreign currency hedges		104		83
	Investment in loan receivable		(69)		(261)
	Loan receivable upfront fee		—		4
Net cash used in investing activities			(6,484)		(3,937)
Cash flows from financing activities:
	Proceeds from employee equity programs		95		91
	Payment of dividends		(1,856)		(1,643)
	Proceeds from public offering of common stock, net of issuance costs		99		1,673
	Proceeds from senior notes, net of debt discounts		4,311		2,768
	Repayment of finance lease liabilities		(155)		(140)
	Contribution from non-controlling interest		4		4
	Repayment of senior notes		(1,200)		(1,000)
	Other financing activities		(26)		(30)
Net cash provided by financing activities			1,272		1,723
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash			43		(49)
Net increase (decrease) in cash, cash equivalents and restricted cash			(1,258)		986
Cash, cash equivalents and restricted cash at beginning of period			3,082		2,096
Cash, cash equivalents and restricted cash at end of period			$       1,824		$       3,082
Free cash flow (1)			$     (2,572)		$         (601)
Adjusted free cash flow (2)			$     (1,327)		$         (264)
(1)	We define free cash flow as net cash provided by operating activities plus net cash used in investing activities (excluding the net purchases of and distributions from equity investments) as presented below:
	Net cash provided by operating activities as presented above		$       3,911		$       3,249
	Net cash used in investing activities as presented above		(6,484)		(3,937)
	Less purchases of equity investments, net of distributions		1		87
	Free cash flow		$     (2,572)		$         (601)
(2)	We define adjusted free cash flow as free cash flow as defined above, excluding any real estate and business acquisitions, net of cash and restricted cash acquired as presented below:
	Free cash flow (as defined above)		$     (2,572)		$         (601)
	Less business acquisitions, net of cash and restricted cash acquired		251		—
	Less real estate acquisitions		994		337
	Adjusted free cash flow		$     (1,327)		$         (264)

 

EQUINIX, INC.
Non-GAAP Measures and Other Supplemental Data
($ in millions, except per share data)
(unaudited)
		Three Months Ended						Twelve Months Ended
		December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 2024
	Recurring revenues	$      2,294		$      2,215		$      2,091		$        8,739		$        8,184
	Non-recurring revenues	126		101		170		478		564
	Revenues (1)	2,420		2,316		2,261		9,217		8,748
	Cash cost of revenues (2)	773		752		821		2,959		2,983
	Cash gross profit (3)	1,647		1,564		1,440		6,258		5,765
	Cash operating expenses (4):
	Cash sales and marketing expenses	160		144		136		610		596
	Cash general and administrative expenses	301		272		283		1,118		1,072
	Total cash operating expenses (4)	461		416		419		1,728		1,668
	Adjusted EBITDA (5)	$      1,186		$      1,148		$      1,021		$        4,530		$        4,097
	Cash gross margins (6)	68 %		68 %		64 %		68 %		66 %
	Adjusted EBITDA margins (7)	49 %		50 %		45 %		49 %		47 %
	FFO (8)	$         625		$         707		$         302		$        2,668		$        2,061
	AFFO (9)(10)	$         877		$         965		$         770		$        3,761		$        3,356
	Basic FFO per share (11)	$        6.36		$        7.22		$        3.12		$        27.26		$        21.59
	Diluted FFO per share (11)	$        6.35		$        7.20		$        3.11		$        27.19		$        21.51
	Basic AFFO per share (11)	$        8.93		$        9.85		$        7.95		$        38.42		$        35.16
	Diluted AFFO per share (11)	$        8.91		$        9.83		$        7.92		$        38.33		$        35.02
(1)	The geographic split of our revenues on a services basis is presented below:
	Americas Revenues:
	Colocation	$         711		$         682		$         626		$        2,683		$        2,474
	Interconnection	245		239		227		944		885
	Managed infrastructure	59		61		63		245		261
	Other	5		5		7		17		27
	Recurring revenues	1,020		987		923		3,889		3,647
	Non-recurring revenues	51		48		76		222		215
	Revenues	$      1,071		$      1,035		$         999		$        4,111		$        3,862
	EMEA Revenues:
	Colocation	$         619		$         588		$         577		$        2,346		$        2,235
	Interconnection	102		100		87		385		340
	Managed infrastructure	40		39		34		152		138
	Other	28		29		25		110		99
	Recurring revenues	789		756		723		2,993		2,812
	Non-recurring revenues	47		28		53		137		155
	Revenues	$         836		$         784		$         776		$        3,130		$        2,967
	Asia-Pacific Revenues:
	Colocation	$         378		$         367		$         345		$        1,446		$        1,349
	Interconnection	86		83		79		326		294
	Managed infrastructure	17		18		18		69		68
	Other	4		4		3		16		14
	Recurring revenues	485		472		445		1,857		1,725
	Non-recurring revenues	28		25		41		119		194
	Revenues	$         513		$         497		$         486		$        1,976		$        1,919
	Worldwide Revenues:
	Colocation	$      1,708		$      1,637		$      1,548		$        6,475		$        6,058
	Interconnection	433		422		393		1,655		1,519
	Managed infrastructure	116		118		115		466		467
	Other	37		38		35		143		140
	Recurring revenues	2,294		2,215		2,091		8,739		8,184
	Non-recurring revenues	126		101		170		478		564
	Revenues	$      2,420		$      2,316		$      2,261		$        9,217		$        8,748
(2)	We define cash cost of revenues as cost of revenues less depreciation, amortization, accretion and stock-based compensation as presented below:
	Cost of revenues	$      1,198		$      1,142		$      1,196		$        4,508		$        4,467
	Depreciation, amortization and accretion expense	(409)		(375)		(360)		(1,488)		(1,426)
	Stock-based compensation expense	(16)		(15)		(15)		(61)		(58)
	Cash cost of revenues	$         773		$         752		$         821		$        2,959		$        2,983
(3)	We define cash gross profit as revenues less cash cost of revenues (as defined above).
(4)	We define cash sales and marketing expense as sales and marketing expense less depreciation, amortization and stock-based compensation as presented below. We define cash general and administrative expense as general and administrative expense less depreciation, amortization and stock-based compensation as presented below. We define cash operating expense as selling, general, and administrative expense less depreciation, amortization, and stock-based compensation. We also refer to cash operating expense as cash selling, general and administrative expense or "cash SG&A".
	Sales and marketing expense	$         234		$         219		$         209		$           903		$           891
	Depreciation and amortization expense	(50)		(50)		(50)		(197)		(201)
	Stock-based compensation expense	(24)		(25)		(23)		(96)		(94)
	Cash sales and marketing expense	160		144		136		610		596
	General and administrative expense	481		470		451		1,840		1,766
	Depreciation and amortization expense	(92)		(108)		(92)		(381)		(384)
	Stock-based compensation expense	(88)		(90)		(76)		(341)		(310)
	Cash general and administrative expenses	301		272		283		1,118		1,072
	Cash operating expense	$         461		$         416		$         419		$        1,728		$        1,668
(5)	We define adjusted EBITDA as net income excluding income tax expense or benefit, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring and other exit charges, impairment charges, transaction costs, and gain or loss on asset sales as presented below:
	Net income (loss)	$         264		$         374		$        (14)		$        1,348		$           814
	Income tax expense (benefit)	48		25		14		160		161
	Interest income	(41)		(53)		(49)		(193)		(137)
	Interest expense	142		128		126		527		457
	Other (income) expense	9		—		11		7		17
	(Gain) loss on debt extinguishment	—		—		15		(1)		16
	Depreciation, amortization and accretion expense	551		533		502		2,066		2,011
	Stock-based compensation expense	128		130		114		498		462
	Restructuring and other exit charges	16		5		31		33		31
	Impairment charges	63		4		233		68		233
	Transaction costs	6		3		38		18		50
	(Gain) loss on asset sales	—		(1)		—		(1)		(18)
	Adjusted EBITDA	$      1,186		$      1,148		$      1,021		$        4,530		$        4,097
	Americas	492		489		422		1,890		1,709
	EMEA	413		384		354		1,561		1,378
	Asia-Pacific	281		275		245		1,079		1,010
	Adjusted EBITDA	$      1,186		$      1,148		$      1,021		$        4,530		$        4,097
(6)	We define cash gross margins as cash gross profit divided by revenues.
(7)	We define adjusted EBITDA margins as adjusted EBITDA divided by revenues.
(8)	FFO is defined as net income or loss attributable to common stockholders, excluding gain or loss from the disposition of real estate assets, depreciation and amortization expense on real estate assets and adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items.
	Net income (loss)	$         264		$         374		$        (14)		$        1,348		$           814
	Net (income) loss attributable to non-controlling interests	1		—		—		2		1
	Net income (loss) attributable to common stockholders	265		374		(14)		1,350		815
	Adjustments:
	Real estate depreciation	349		324		309		1,282		1,239
	(Gain) loss on disposition of real estate assets	—		(1)		(1)		—		(20)
	Adjustments for FFO from unconsolidated joint ventures	11		10		8		36		27
	FFO attributable to common stockholders	$         625		$         707		$         302		$        2,668		$        2,061
(9)	AFFO is defined as FFO adjusted for depreciation and amortization expense on non-real estate assets, accretion, stock-based compensation, stock-based charitable contributions, restructuring and other exit charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, gain or loss from the disposition of non-real estate assets, gain or loss on debt extinguishment, an income tax expense adjustment, recurring capital expenditures, net income or loss from discontinued operations, net of tax, and adjustments from FFO to AFFO for unconsolidated joint ventures' and non-controlling interests' share of these items.
	FFO attributable to common stockholders	$         625		$         707		$         302		$        2,668		$        2,061
	Adjustments:
	Installation revenue adjustment	4		6		(1)		20		(4)
	Straight-line rent expense adjustment	(4)		1		(18)		5		(3)
	Contract cost adjustment	(27)		(8)		(11)		(52)		(27)
	Amortization of deferred financing costs and debt discounts	6		6		5		23		20
	Stock-based compensation expense	128		130		114		498		462
	Stock-based charitable contributions	—		—		—		3		3
	Non-real estate depreciation expense	142		155		136		568		562
	(Gain) loss on disposition of non-real estate assets	—		(3)		—		(1)		—
	Amortization expense	51		51		53		200		208
	Accretion expense adjustment	9		3		4		16		2
	Recurring capital expenditures	(139)		(64)		(115)		(284)		(250)
	(Gain) loss on debt extinguishment	—		—		15		(1)		16
	Restructuring and other exit charges	16		5		31		33		31
	Transaction costs	6		3		38		18		50
	Impairment charges	63		4		233		68		233
	Income tax expense adjustment	(5)		(29)		(16)		(24)		(2)
	Adjustments for AFFO from unconsolidated joint ventures	2		(2)		—		3		(6)
	AFFO attributable to common stockholders	$         877		$         965		$         770		$        3,761		$        3,356
(10)	Following is how we reconcile from adjusted EBITDA to AFFO:
	Adjusted EBITDA	$      1,186		$      1,148		$      1,021		$        4,530		$        4,097
	Adjustments:
	Interest expense, net of interest income	(101)		(75)		(77)		(334)		(320)
	Amortization of deferred financing costs and debt discounts	6		6		5		23		20
	Income tax expense	(48)		(25)		(14)		(160)		(161)
	Income tax expense adjustment	(5)		(29)		(16)		(24)		(2)
	Straight-line rent expense adjustment	(4)		1		(18)		5		(3)
	Stock-based charitable contributions	—		—		—		3		3
	Contract cost adjustment	(27)		(8)		(11)		(52)		(27)
	Installation revenue adjustment	4		6		(1)		20		(4)
	Recurring capital expenditures	(139)		(64)		(115)		(284)		(250)
	Other income (expense)	(9)		—		(11)		(7)		(17)
	Adjustments for (gain) loss on asset dispositions	—		(3)		(1)		—		(2)
	Adjustments for unconsolidated JVs and non-controlling interests	14		8		8		41		22
	AFFO attributable to common stockholders	$         877		$         965		$         770		$        3,761		$        3,356
(11)	The shares used in the computation of basic and diluted FFO and AFFO per share attributable to common stockholders is presented below:
	Shares used in computing basic net income per share, FFO per share and AFFO per share (in thousands)	98,200		97,982		96,849		97,883		95,457
	Effect of dilutive securities:
	Employee equity awards (in thousands)	178		192		404		240		370
	Shares used in computing diluted net income per share, FFO per share and AFFO per share (in thousands)	98,378		98,174		97,253		98,123		95,827
	Basic FFO per share	$        6.36		$        7.22		$        3.12		$        27.26		$        21.59
	Diluted FFO per share	$        6.35		$        7.20		$        3.11		$        27.19		$        21.51
	Basic AFFO per share	$        8.93		$        9.85		$        7.95		$        38.42		$        35.16
	Diluted AFFO per share	$        8.91		$        9.83		$        7.92		$        38.33		$        35.02

 

 

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FAQ

What revenue guidance did Equinix (EQIX) issue for fiscal 2026?

Equinix expects FY 2026 revenues of $10.123–10.223 billion. According to the company, this implies roughly a 10–11% as‑reported increase over 2025 and includes currency benefits versus prior rates.

How did Equinix's Q4 2025 monthly recurring revenue (MRR) perform for EQIX?

Q4 2025 MRR grew 10% year-over-year. According to the company, growth was the same on both as‑reported and normalized constant currency bases, reflecting stronger recurring demand.

What change did Equinix (EQIX) make to its quarterly dividend in February 2026?

Equinix increased the quarterly cash dividend by 10% to $5.16 per share. According to the company, this marks the 11th consecutive year of dividend growth.

What AFFO and AFFO per share guidance did Equinix (EQIX) provide for 2026?

Equinix guided AFFO of $4.158–4.238 billion and AFFO per share of $41.93–42.74. According to the company, this represents roughly 11–13% AFFO growth as‑reported year over year.

What capital expenditure expectations did Equinix (EQIX) disclose for 2026 and why does it matter?

Total FY 2026 capex is guided to $3.655–4.155 billion, with non‑recurring capex $3.385–3.865 billion. According to the company, the spend supports xScale capacity and major expansion projects to meet growing demand.