EQUINIX INC EQIX
Equinix (Nasdaq: EQIX) is the world's digital infrastructure company, shortening the path to boundless connectivity anywhere in the world to enable the innovations that enrich our work, life and planet. Equinix combines a global footprint of International Business ExchangeTM (IBX®) and xScaleTM data centers in the Americas, Asia-Pacific, and Europe, the Middle East and Africa ("EMEA") regions, infrastructure and interconnection offerings, and digital ecosystems required to serve a large and diverse set of customers around the world.
Equinix was incorporated on June 22, 1998 as a Delaware corporation and operates as a REIT for federal income tax purposes. Since our inception, Equinix has been a network-neutral, multi-tenant data center ("MTDC") provider, where competing networks could connect and share data traffic to help scale the rapid growth of the early internet. The company's name, Equinix (composed from the words "equality," "neutrality" and "internet exchange"), reflects that vision. The founders believed they not only had the opportunity, but also the responsibility, to create a company that would be the steward of some of the most important digital infrastructure assets in the world. Twenty-seven years later, we have expanded upon that vision by connecting economies, countries, enterprises and communities with seamless digital experiences, including cutting-edge artificial intelligence ("AI").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.22B | $8.75B | $8.19B | $7.26B | $6.64B | $6.00B | $5.56B | $5.07B | $4.37B | $3.61B |
| Cost of revenue | $4.51B | $4.47B | $4.23B | $3.75B | $3.47B | $3.07B | $2.81B | $2.61B | $2.19B | $1.82B |
| Gross profit | $4.71B | $4.28B | $3.96B | $3.51B | $3.16B | $2.92B | $2.75B | $2.47B | $2.18B | $1.79B |
| SG&A | $1.84B | $1.77B | $1.65B | $1.50B | $1.30B | $1.09B | $935.0M | $826.7M | $745.9M | $694.6M |
| Total operating expenses | $7.37B | $7.42B | $6.75B | $6.06B | $5.53B | $4.95B | $4.39B | $4.09B | $3.56B | $2.99B |
| Operating income | $1.85B | $1.33B | $1.44B | $1.20B | $1.11B | $1.05B | $1.17B | $977.4M | $809.0M | $618.7M |
| Interest expense | $527.0M | $457.0M | $402.0M | $356.0M | $336.1M | $406.5M | $479.7M | $521.5M | $478.7M | $392.2M |
| Pre-tax income | $1.51B | $975.0M | $1.12B | $829.0M | $609.0M | $516.2M | $692.6M | $433.0M | $286.8M | $159.9M |
| Income tax | $160.0M | $161.0M | $155.0M | $124.0M | $109.2M | $146.2M | $185.4M | $67.7M | $53.9M | $45.5M |
| Net income | $1.35B | $815.0M | $969.0M | $705.0M | $500.2M | $369.8M | $507.4M | $365.4M | $233.0M | $126.8M |
| EPS, basic | 13.79 | 8.54 | 10.35 | 7.69 | 5.57 | 4.22 | 6.03 | 4.58 | 3.03 | 1.81 |
| EPS, diluted | 13.76 | 8.50 | 10.31 | 7.67 | 5.53 | 4.18 | 5.99 | 4.56 | 3.00 | 1.79 |
| Shares, diluted (wtd. avg.) | $98.1M | $95.8M | $94.0M | $91.8M | $90.4M | $88.4M | $84.7M | $80.2M | $77.5M | $70.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.73B | $3.08B | $2.10B | $1.91B | $1.55B | $1.63B | $1.89B | $627.6M | $1.45B | $773.2M |
| Short-term investments | $1.50B | $527.0M | $0 | — | $0 | $4.5M | $10.4M | $4.5M | $28.3M | $3.4M |
| Receivables | $1.00B | $949.0M | $1.00B | $855.0M | $681.8M | $676.7M | $689.1M | $630.1M | $576.3M | $396.2M |
| Total current assets | $5.12B | $5.45B | $3.57B | $3.31B | $2.96B | $2.61B | $2.87B | $1.52B | $2.25B | $1.47B |
| Property, plant and equipment | $23.58B | $19.25B | $18.60B | $16.65B | $15.45B | $14.50B | $12.15B | $11.03B | $9.39B | $7.20B |
| Goodwill | $5.98B | $5.50B | $5.74B | $5.65B | $5.37B | $5.47B | $4.78B | $4.84B | $4.41B | $2.99B |
| Other intangibles | $1.32B | $1.42B | $1.71B | $1.90B | $1.94B | $2.17B | $2.10B | $2.33B | $2.38B | $719.2M |
| Total assets | $40.14B | $35.09B | $32.65B | $30.31B | $27.92B | $27.01B | $23.97B | $20.24B | $18.69B | $12.61B |
| Accounts payable | $127.0M | $133.0M | $162.0M | $116.0M | $84.1M | $77.7M | $52.2M | $97.0M | $101.7M | $60.2M |
| Short-term debt | $1.30B | $1.20B | $998.0M | — | — | — | — | — | — | — |
| Total current liabilities | $3.89B | $3.35B | $3.16B | $1.84B | $1.61B | $2.02B | $2.16B | $1.52B | $1.24B | $1.03B |
| Long-term debt | — | $15.33B | $13.84B | $12.88B | $11.72B | $10.63B | $10.40B | $9.89B | $8.47B | $5.31B |
| Total liabilities | $25.96B | $21.53B | $20.14B | $18.80B | $17.04B | $16.37B | $15.13B | $13.03B | $11.84B | $8.24B |
| Retained earnings | $6.10B | $4.75B | $3.93B | $2.96B | $2.26B | $1.76B | $1.39B | $889.9M | $252.7M | $18.6M |
| Total equity | $14.16B | $13.53B | $12.49B | $11.51B | $10.88B | $10.63B | $8.84B | $7.22B | $6.85B | $4.37B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.91B | $3.25B | $3.22B | $2.96B | $2.55B | $2.31B | $1.99B | $1.82B | $1.44B | $1.02B |
| Depreciation and amortisation | $2.05B | $2.01B | $1.84B | $1.74B | $1.66B | $1.42B | $1.28B | $1.23B | $1.04B | $837.2M |
| Stock-based compensation | $498.0M | $462.0M | $407.0M | $404.0M | $363.8M | $295.0M | $236.5M | $180.7M | $175.5M | $155.6M |
| Capital expenditure | $4.31B | $3.07B | $2.78B | $2.28B | $2.75B | $2.28B | $2.08B | $2.10B | $1.38B | $1.11B |
| Investing cash flow | -$6.48B | -$3.94B | -$3.22B | -$3.36B | -$3.01B | -$3.43B | -$1.94B | -$3.08B | -$5.40B | -$2.05B |
| Financing cash flow | $1.27B | $1.72B | $211.0M | $857.0M | $413.8M | $815.5M | $1.20B | $470.9M | $4.61B | -$897.1M |
| Dividends paid | $1.86B | $1.64B | $1.38B | $1.15B | $1.04B | $947.9M | $836.2M | $738.6M | $621.5M | $499.5M |
| Buybacks | — | — | — | — | — | — | — | — | — | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001101239-26-000032.
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