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Equinix (EQIX) Financials

Equinix logo
$786.35 -4.21 (-0.53%)
Closing price 04:00 PM Eastern
Extended Trading
$787.84 +1.49 (+0.19%)
As of 05:55 PM Eastern
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Annual Income Statements for Equinix

Annual Income Statements for Equinix

This table shows Equinix's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -260 188 127 233 365 507 370 500 705 969 815
Consolidated Net Income / (Loss)		 -261 188 127 233 365 507 370 500 705 969 814
Net Income / (Loss) Continuing Operations		 -261 188 114 233 365 507 370 500 705 969 814
Total Pre-Tax Income 		85 211 160 287 433 693 516 609 829 1,124 975
Total Operating Income		 509 567 619 809 977 1,170 1,053 1,108 1,200 1,443 1,328
Total Gross Profit		 1,246 1,434 1,791 2,175 2,466 2,752 2,924 3,163 3,512 3,960 4,281
Total Revenue		 2,444 2,726 3,612 4,368 5,072 5,562 5,999 6,636 7,263 8,188 8,748
Operating Revenue		 2,444 2,726 3,612 4,368 5,072 5,562 5,999 6,636 7,263 8,188 8,748
Total Cost of Revenue		 1,198 1,292 1,821 2,193 2,605 2,810 3,074 3,472 3,751 4,228 4,467
Operating Cost of Revenue		 1,198 1,292 1,821 2,193 2,605 2,810 3,074 3,472 3,751 4,228 4,467
Total Operating Expenses		 737 867 1,172 1,366 1,489 1,582 1,871 2,055 2,312 2,517 2,953
Selling, General & Admin Expense		 438 493 695 746 827 935 1,091 1,302 1,499 1,654 1,766
Marketing Expense		 296 332 439 582 634 651 718 741 787 855 891
Impairment Charge		 0.00 0.00 7.70 0.00 0.00 16 7.31 - 0.00 0.00 233
Restructuring Charge		 2.51 42 64 39 34 25 56 23 22 13 81
Other Special Charges / (Income)		 0.00 0.00 -33 0.00 -6.01 -44 -1.30 -11 4.00 -5.00 -18
Total Other Income / (Expense), net		 -425 -356 -459 -522 -544 -477 -537 -499 -371 -319 -353
Interest Expense		 428 299 404 544 573 480 552 451 356 402 473
Interest & Investment Income		 2.89 3.58 3.48 13 14 -25 8.65 2.64 36 94 137
Other Income / (Expense), net		 0.12 -61 -58 9.21 14 28 6.91 -51 -51 -11 -17
Income Tax Expense		 345 23 45 54 68 185 146 109 124 155 161
Net Income / (Loss) Attributable to Noncontrolling Interest		 -1.18 - - 0.00 0.00 -0.21 0.30 -0.46 0.00 0.00 -1.00
Basic Earnings per Share		 ($4.96) $3.25 $1.81 $3.03 $4.58 $6.03 $4.22 $5.57 $7.69 $10.35 $8.54
Weighted Average Basic Shares Outstanding		 52.36M 57.79M 70.12M 76.85M 79.78M 84.14M 87.70M 89.77M 91.57M 93.62M 95.46M
Diluted Earnings per Share		 ($4.96) $3.21 $1.79 $3.00 $4.56 $5.99 $4.18 $5.53 $7.67 $10.31 $8.50
Weighted Average Diluted Shares Outstanding		 52.36M 58.48M 70.82M 77.54M 80.20M 84.68M 88.41M 90.41M 91.83M 94.01M 95.83M
Weighted Average Basic & Diluted Shares Outstanding		 52.30M 57.80M 70.10M 76.90M 87.20M 85.44M 89.29M 90.72M 92.74M 94.62M 97.33M
Cash Dividends to Common per Share		 - $17.71 $7.00 $8.00 $9.12 $9.84 $10.64 $11.48 $12.40 $14.49 $17.04

Quarterly Income Statements for Equinix

This table shows Equinix's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 129 0.00 207 276 227 231 301 297 -14 343 368
Consolidated Net Income / (Loss)		 129 0.00 207 276 227 231 301 296 -14 343 367
Net Income / (Loss) Continuing Operations		 129 50 207 276 227 231 301 296 -14 343 367
Total Pre-Tax Income 		177 392 244 296 270 277 348 350 - 392 405
Total Operating Income		 282 0.00 332 381 346 364 436 425 103 458 494
Total Gross Profit		 901 0.00 958 992 1,018 1,036 1,077 1,103 1,065 1,141 1,172
Total Revenue		 1,871 0.00 2,019 2,061 2,110 2,127 2,159 2,201 2,261 2,225 2,256
Operating Revenue		 1,871 - 2,019 2,061 2,110 2,127 2,159 2,201 2,261 2,225 2,256
Total Cost of Revenue		 970 0.00 1,061 1,069 1,092 1,091 1,082 1,098 1,196 1,084 1,084
Operating Cost of Revenue		 970 0.00 1,061 1,069 1,092 1,091 1,082 1,098 1,196 1,084 1,084
Total Operating Expenses		 619 6.00 626 611 672 672 641 678 962 683 678
Selling, General & Admin Expense		 400 0.00 406 404 449 444 437 434 451 438 451
Marketing Expense		 208 0.00 216 212 217 226 219 237 209 229 221
Impairment Charge		 - - - - - - 0.00 - - - 1.00
Restructuring Charge		 11 6.00 6.00 -1.00 6.00 2.00 3.00 7.00 69 16 5.00
Other Special Charges / (Income)		 0.02 - -2.00 -4.00 - - -18 0.00 - - 0.00
Total Other Income / (Expense), net		 -104 56 -88 -85 -76 -87 -88 -75 -103 -66 -89
Interest Expense		 94 - 100 102 103 105 110 117 141 122 134
Interest & Investment Income		 18 47 24 23 28 24 29 35 49 47 52
Other Income / (Expense), net		 -28 9.00 -12 -6.00 -1.00 -6.00 -7.00 7.00 -11 9.00 -7.00
Income Tax Expense		 48 0.00 37 20 43 46 47 54 14 49 38
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.09 0.00 - 0.00 - 0.00 0.00 -1.00 - 0.00 -1.00
Basic Earnings per Share		 $1.39 $0.00 $2.21 $2.94 $2.42 $2.44 $3.17 $3.11 ($0.18) $3.52 $3.76
Weighted Average Basic Shares Outstanding		 91.57M 0.00 93.54M 93.68M 93.62M 94.67M 94.92M 95.39M 95.46M 97.51M 97.84M
Diluted Earnings per Share		 $1.38 $0.00 $2.21 $2.93 $2.40 $2.43 $3.16 $3.10 ($0.19) $3.50 $3.75
Weighted Average Diluted Shares Outstanding		 91.83M 0.00 93.86M 94.17M 94.01M 95.16M 95.17M 95.73M 95.83M 97.89M 98.05M
Weighted Average Basic & Diluted Shares Outstanding		 92.74M 93.52M 93.56M 93.88M 94.62M 94.91M 94.94M 96.49M 97.33M 97.82M 97.86M
Cash Dividends to Common per Share		 - $3.41 $3.41 $3.41 - $4.26 $4.26 $4.26 - $4.69 $4.69

Annual Cash Flow Statements for Equinix

This table details how cash moves in and out of Equinix's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 349 2,090 -1,945 646 -823 1,259 -261 -76 359 188 986
Net Cash From Operating Activities		 689 895 1,019 1,439 1,815 1,993 2,310 2,547 2,963 3,217 3,249
Net Cash From Continuing Operating Activities		 689 895 1,019 1,439 1,815 1,993 2,310 2,547 2,963 3,217 3,249
Net Income / (Loss) Continuing Operations		 -261 188 127 233 365 507 370 500 705 969 814
Consolidated Net Income / (Loss)		 -261 188 127 233 365 507 370 500 705 969 814
Depreciation Expense		 454 498 714 865 1,024 1,089 1,224 1,451 1,532 1,637 1,801
Amortization Expense		 46 43 142 201 217 209 215 223 223 227 228
Non-Cash Adjustments To Reconcile Net Income		 282 154 169 236 253 281 622 647 478 600 896
Changes in Operating Assets and Liabilities, net		 167 11 -133 -96 -44 -93 -121 -273 25 -216 -490
Net Cash From Investing Activities		 -436 -638 -2,046 -5,401 -3,076 -1,945 -3,427 -3,007 -3,363 -3,224 -3,937
Net Cash From Continuing Investing Activities		 -436 -638 -2,046 -5,401 -3,076 -1,945 -3,427 -3,007 -3,363 -3,224 -3,941
Purchase of Property, Plant & Equipment		 -677 -906 -1,141 -1,474 -2,096 -2,249 -2,483 -2,953 -2,526 -3,165 -3,403
Acquisitions		 0.00 -246 -1,767 -3,963 -830 -34 -1,180 -158 -1,109 -136 -98
Purchase of Investments		 -546 -359 -42 -58 -248 -61 -128 -108 0.00 0.00 -437
Sale of Property, Plant & Equipment		 0.00 0.00 852 48 12 359 334 209 250 77 247
Sale and/or Maturity of Investments		 786 873 53 46 86 40 29 4.06 22 0.00 11
Other Investing Activities, net		 1.60 0.00 0.00 - - - 0.00 0.00 0.00 0.00 -261
Net Cash From Financing Activities		 107 1,873 -897 4,608 471 1,202 816 414 857 211 1,723
Net Cash From Continuing Financing Activities		 107 1,873 -897 4,608 471 1,202 816 414 857 211 1,723
Repayment of Debt		 -1,093 -762 -1,600 -2,979 -584 -2,346 -5,462 -2,832 -606 -13 -1,030
Payment of Dividends		 -83 -521 -499 -621 -739 -836 -948 -1,043 -1,152 -1,375 -1,643
Issuance of Debt		 1,759 2,297 1,168 5,686 1,355 2,798 5,182 3,879 1,871 902 2,768
Issuance of Common Equity		 29 860 34 2,523 438 1,713 2,043 575 878 846 1,768
Other Financing Activities, net		 20 - - - 0.00 -126 - -166 -134 -149 -140
Effect of Exchange Rate Changes		 -12 -40 -22 - -34 - 41 -30 -98 -16 -49
Cash Interest Paid		 262 237 350 445 497 554 498 426 412 445 486
Cash Income Taxes Paid		 117 132 39 73 93 137 144 134 140 153 185

Quarterly Cash Flow Statements for Equinix

This table details how cash moves in and out of Equinix's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 -599 736 -302 16 -262 -566 466 780 306 -120 728
Net Cash From Operating Activities		 760 692 741 785 999 598 912 758 981 809 944
Net Cash From Continuing Operating Activities		 760 692 741 785 999 598 912 758 981 809 944
Net Income / (Loss) Continuing Operations		 129 259 207 276 227 231 301 296 -14 343 367
Consolidated Net Income / (Loss)		 129 259 207 276 227 231 301 296 -14 343 367
Depreciation Expense		 387 405 410 411 411 474 438 444 445 431 449
Amortization Expense		 56 57 57 57 56 57 56 57 58 53 45
Non-Cash Adjustments To Reconcile Net Income		 40 107 198 34 261 113 171 82 498 150 197
Changes in Operating Assets and Liabilities, net		 147 -136 -131 7.00 44 -277 -54 -121 -6.00 -168 -114
Net Cash From Investing Activities		 -1,072 -522 -669 -752 -1,281 -727 -734 -1,365 -1,111 -964 -1,440
Net Cash From Continuing Investing Activities		 -1,072 -522 -669 -752 -1,281 -727 -738 -1,365 -1,111 -964 -1,440
Purchase of Property, Plant & Equipment		 -1,036 -570 -638 -730 -1,227 -724 -756 -886 -1,037 -767 -1,071
Acquisitions		 -145 - - -27 -54 -3.00 - -29 -33 -43 -187
Purchase of Investments		 109 -24 - - - 0.00 - - 13 -158 -637
Sale and/or Maturity of Investments		 -0.07 - - - - 0.00 - - - 4.00 500
Net Cash From Financing Activities		 -325 542 -327 18 -22 -397 294 1,348 478 15 1,191
Net Cash From Continuing Financing Activities		 -325 542 -327 18 -22 -397 294 1,348 478 15 1,191
Repayment of Debt		 -2.04 -7.00 - -5.00 -1.00 -2.00 -10 -8.00 -1,010 -4.00 -5.00
Payment of Dividends		 -288 -326 -321 -325 -403 -412 -405 -413 -413 -468 -460
Issuance of Debt		 0.46 565 -1.00 338 - 0.00 744 780 1,244 370 1,696
Other Financing Activities, net		 -36 -36 -30 -32 -51 -31 -35 -35 -39 -32 -40
Effect of Exchange Rate Changes		 38 24 -47 -35 42 - -6.00 - - 20 33

Annual Balance Sheets for Equinix

This table presents Equinix's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 7,782 10,357 12,608 18,691 20,245 23,966 27,007 27,919 30,311 32,651 35,085
Total Current Assets		 1,491 3,259 1,468 2,249 1,516 2,873 2,609 2,957 3,305 3,568 5,447
Cash & Equivalents		 611 2,229 748 1,413 606 1,870 1,605 1,536 1,906 2,096 3,081
Short-Term Investments		 529 13 3.41 28 4.54 10 4.53 - - 0.00 527
Accounts Receivable		 263 292 396 576 630 689 677 682 855 1,004 949
Other Current Assets		 85 213 319 232 275 304 323 463 459 468 890
Plant, Property, & Equipment, net		 4,998 5,606 7,199 9,395 11,026 12,153 0.00 15,446 16,650 18,601 19,249
Total Noncurrent Assets		 1,293 1,491 3,942 7,048 7,703 8,940 24,398 9,516 10,356 10,482 10,389
Goodwill		 1,002 1,063 2,986 4,412 4,836 4,782 5,473 5,372 5,654 5,737 5,504
Intangible Assets		 148 225 719 2,385 2,333 2,102 2,171 1,935 1,898 1,705 1,417
Other Noncurrent Operating Assets		 129 199 226 242 533 2,056 16,754 2,208 2,804 3,040 3,468
Total Liabilities & Shareholders' Equity		 7,782 10,357 12,608 18,691 20,245 23,966 27,007 27,919 30,311 32,651 35,085
Total Liabilities		 5,512 7,611 8,243 11,842 13,025 15,125 16,373 17,037 18,805 20,137 21,533
Total Current Liabilities		 644 1,656 1,029 1,243 1,515 2,158 2,025 1,606 1,838 3,162 3,349
Short-Term Debt		 81 956 169 143 452 721 232 33 9.85 1,006 1,204
Accounts Payable		 286 401 582 719 757 761 845 879 1,005 1,187 1,193
Accrued Expenses		 114 103 145 220 179 302 301 187 281 398 387
Other Current Liabilities		 163 192 133 160 127 375 646 506 542 571 565
Total Noncurrent Liabilities		 4,868 5,955 7,214 10,599 11,510 12,967 14,348 15,431 16,967 16,975 18,184
Long-Term Debt		 3,395 4,277 5,180 8,317 9,439 9,599 10,306 11,571 12,752 12,725 14,007
Capital Lease Obligations		 1,168 1,287 1,411 1,620 1,441 0.00 3,093 3,097 3,417 3,454 3,417
Other Noncurrent Operating Liabilities		 305 390 623 662 630 3,368 949 763 798 796 760
Commitments & Contingencies		 0.00 0.00 0.00 - 0.00 - - - 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - - - 0.00 25 25
Total Equity & Noncontrolling Interests		 2,270 2,745 4,366 6,850 7,219 8,840 10,634 10,882 11,506 12,489 13,527
Total Preferred & Common Equity		 2,270 2,745 4,366 6,850 7,219 8,841 10,634 10,882 11,506 12,489 13,528
Total Common Equity		 2,270 2,745 4,366 6,850 7,219 8,841 10,634 10,882 11,506 12,489 13,528
Common Stock		 3,334 4,839 7,414 10,121 10,751 12,697 15,028 15,985 17,320 18,596 20,895
Retained Earnings		 -720 -1,577 -1,951 -2,340 -2,441 -2,777 -3,359 -3,905 -4,353 -4,761 -5,593
Treasury Stock		 -11 -7.37 -148 -146 -145 -144 -122 -112 -72 -56 -39
Accumulated Other Comprehensive Income / (Loss)		 -332 -509 -949 -785 -946 -935 -913 -1,086 -1,389 -1,290 -1,735
Noncontrolling Interest		 - - - - 0.00 -0.22 0.13 -0.32 -0.13 0.00 -1.00

Quarterly Balance Sheets for Equinix

This table presents Equinix's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets		 30,311 31,274 31,567 31,685 32,651 31,937 32,854 35,438 35,085 36,079 38,849
Total Current Assets		 3,305 3,993 3,744 3,885 3,568 3,167 3,729 5,055 5,447 5,505 6,550
Cash & Equivalents		 1,906 2,643 2,342 2,357 2,096 1,527 1,993 2,776 3,081 2,950 3,660
Short-Term Investments		 - - - - 0.00 - - 451 527 723 872
Accounts Receivable		 855 913 1,006 1,031 1,004 1,079 1,124 1,123 949 1,089 1,137
Other Current Assets		 459 437 396 497 468 561 612 705 890 743 881
Plant, Property, & Equipment, net		 16,650 16,914 17,267 17,371 18,601 18,511 18,614 19,665 19,249 20,017 21,207
Total Noncurrent Assets		 10,356 10,367 10,556 10,429 10,482 10,259 10,511 10,718 10,389 10,557 11,092
Goodwill		 5,654 5,712 5,732 5,589 5,737 5,621 5,622 5,768 5,504 5,633 5,982
Intangible Assets		 1,898 1,860 1,807 1,731 1,705 1,624 1,573 1,544 1,417 1,388 1,389
Other Noncurrent Operating Assets		 2,804 2,796 3,016 1,593 3,040 3,014 3,316 3,406 3,468 3,536 3,721
Total Liabilities & Shareholders' Equity		 30,311 31,274 31,567 31,685 32,651 31,937 32,854 35,438 35,085 36,079 38,849
Total Liabilities		 18,805 19,245 19,518 19,773 20,137 19,613 20,551 21,826 21,533 22,166 24,742
Total Current Liabilities		 1,838 1,754 1,854 1,894 3,162 2,891 3,068 4,370 3,349 3,327 4,241
Short-Term Debt		 9.85 151 148 8.21 1,006 1,006 1,146 2,203 1,204 1,204 1,913
Accounts Payable		 1,005 933 1,023 1,058 1,187 1,077 1,139 1,125 1,193 1,105 1,213
Accrued Expenses		 281 288 316 364 398 321 420 394 387 422 378
Other Current Liabilities		 542 382 367 464 571 487 363 648 565 596 737
Total Noncurrent Liabilities		 16,967 17,491 17,664 17,879 16,975 16,722 17,483 17,456 18,184 18,839 20,501
Long-Term Debt		 12,752 13,361 13,339 13,583 12,725 12,632 13,336 13,075 14,007 14,560 16,022
Capital Lease Obligations		 3,417 3,345 3,539 3,521 3,454 3,338 3,360 3,559 3,417 3,535 3,547
Other Noncurrent Operating Liabilities		 798 785 786 775 796 752 787 822 760 744 932
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 0.00 - 25 25 25 25 25 25 25 25 25
Total Equity & Noncontrolling Interests		 11,506 12,029 12,024 11,887 12,489 12,299 12,278 13,587 13,527 13,888 14,082
Total Preferred & Common Equity		 11,506 12,029 12,024 11,887 12,489 12,299 12,278 13,588 13,528 13,889 14,084
Total Common Equity		 11,506 12,029 12,024 11,887 12,489 12,299 12,278 13,588 13,528 13,889 14,084
Common Stock		 17,320 17,796 17,909 18,051 18,596 18,779 18,915 20,069 20,895 21,186 21,324
Retained Earnings		 -4,353 -4,416 -4,533 -4,581 -4,761 -4,932 -5,048 -5,158 -5,593 -5,706 -5,811
Treasury Stock		 -72 -66 -64 -57 -56 -50 -48 -40 -39 -32 -30
Accumulated Other Comprehensive Income / (Loss)		 -1,389 -1,285 -1,288 -1,526 -1,290 -1,498 -1,541 -1,283 -1,735 -1,559 -1,399
Noncontrolling Interest		 -0.13 -0.19 -0.11 -0.33 0.00 - - -1.00 -1.00 -1.00 -2.00

Annual Metrics And Ratios for Equinix

This table displays calculated financial ratios and metrics derived from Equinix's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 13.52% 11.54% 32.51% 20.94% 16.10% 9.67% 7.85% 10.62% 9.46% 12.74% 6.84%
EBITDA Growth		 9.45% 3.83% 35.17% 33.02% 18.43% 11.77% 0.15% 9.28% 6.34% 13.50% 1.34%
EBIT Growth		 9.27% -0.52% 10.67% 45.90% 21.17% 20.78% -11.49% -0.22% 8.65% 24.63% -8.45%
NOPAT Growth		 -497.11% 132.22% -12.29% 48.40% 25.49% 3.88% -11.88% 20.48% 12.22% 21.90% -10.88%
Net Income Growth		 -385.61% 172.02% -32.47% 83.74% 56.82% 38.83% -27.04% 35.03% 41.08% 37.45% -16.00%
EPS Growth		 -362.43% 164.72% -44.24% 67.60% 52.00% 31.36% -30.22% 32.30% 38.70% 34.42% -17.56%
Operating Cash Flow Growth		 14.03% 29.79% 13.92% 41.19% 26.14% 9.77% 15.91% 10.28% 16.32% 8.57% 0.99%
Free Cash Flow Firm Growth		 -254.16% 84.50% -1,264.66% -30.79% 63.31% 192.73% -404.55% 95.58% -342.15% 26.35% 121.00%
Invested Capital Growth		 0.78% 13.11% 59.17% 49.37% 15.90% -3.68% 31.11% 4.92% 8.09% 7.43% 3.51%
Revenue Q/Q Growth		 3.10% 3.51% 6.24% 6.27% 2.21% 1.96% 2.51% 2.19% 2.32% 3.01% 1.75%
EBITDA Q/Q Growth		 2.12% -2.30% 12.91% 7.91% 3.04% 3.93% -2.01% 2.49% 0.75% 3.67% -6.10%
EBIT Q/Q Growth		 -0.42% -6.89% 20.52% 7.46% 5.62% 6.21% -8.57% 1.73% 0.81% 6.84% -16.18%
NOPAT Q/Q Growth		 -507.07% 176.32% 7.87% 2.90% 7.15% 2.80% -12.33% 4.91% 2.11% 6.85% -16.71%
Net Income Q/Q Growth		 -293.25% 205.46% 67.32% 1.51% 13.98% 3.01% -16.64% 16.89% 0.89% 11.26% -22.84%
EPS Q/Q Growth		 -280.36% 186.76% 73.79% -1.96% 13.43% 1.35% -17.88% 17.16% 0.39% 10.98% -23.35%
Operating Cash Flow Q/Q Growth		 10.91% 3.81% 6.86% 15.60% 3.64% -1.43% 7.27% 8.80% -4.27% 8.02% -0.54%
Free Cash Flow Firm Q/Q Growth		 -470.29% 50.33% 16.96% -15.81% 15.30% -19.79% -564.76% 87.15% 66.99% 43.75% 111.41%
Invested Capital Q/Q Growth		 -5.33% 9.95% -0.71% 3.70% 1.77% 4.28% 24.99% 15.48% 5.65% 3.51% -2.22%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 50.98% 52.62% 49.59% 49.80% 48.63% 49.48% 48.75% 47.67% 48.35% 48.36% 48.94%
EBITDA Margin		 41.32% 38.46% 39.23% 43.15% 44.02% 44.86% 41.66% 41.16% 39.98% 40.25% 38.18%
Operating Margin		 20.84% 20.81% 17.13% 18.52% 19.27% 21.03% 17.55% 16.70% 16.52% 17.62% 15.18%
EBIT Margin		 20.84% 18.59% 15.53% 18.73% 19.55% 21.53% 17.67% 15.94% 15.82% 17.49% 14.99%
Profit (Net Income) Margin		 -10.67% 6.89% 3.51% 5.33% 7.20% 9.12% 6.17% 7.53% 9.71% 11.83% 9.31%
Tax Burden Percent		 -307.70% 88.99% 79.32% 81.23% 84.37% 73.24% 71.69% 82.06% 85.04% 86.21% 83.49%
Interest Burden Percent		 16.63% 41.64% 28.50% 35.06% 43.68% 57.84% 48.71% 57.58% 72.15% 78.49% 74.37%
Effective Tax Rate		 407.70% 11.01% 28.43% 18.77% 15.63% 26.76% 28.31% 17.94% 14.96% 13.79% 16.51%
Return on Invested Capital (ROIC)		 -27.33% 8.23% 5.25% 5.09% 4.93% 4.86% 3.78% 3.92% 4.13% 4.67% 3.95%
ROIC Less NNEP Spread (ROIC-NNEP)		 12.17% -0.51% -1.23% -0.71% 0.19% 1.22% 0.02% 0.63% 1.80% 2.79% 1.99%
Return on Net Nonoperating Assets (RNNOA)		 16.58% -0.74% -1.68% -0.93% 0.26% 1.45% 0.02% 0.73% 2.17% 3.40% 2.30%
Return on Equity (ROE)		 -10.74% 7.49% 3.57% 4.15% 5.19% 6.32% 3.80% 4.65% 6.30% 8.07% 6.25%
Cash Return on Invested Capital (CROIC)		 -28.11% -4.07% -40.41% -34.51% -9.79% 8.62% -23.14% -0.88% -3.65% -2.50% 0.50%
Operating Return on Assets (OROA)		 6.67% 5.59% 4.88% 5.23% 5.09% 5.42% 4.16% 3.85% 3.95% 4.55% 3.87%
Return on Assets (ROA)		 -3.41% 2.07% 1.10% 1.49% 1.88% 2.29% 1.45% 1.82% 2.42% 3.08% 2.40%
Return on Common Equity (ROCE)		 -10.47% 7.49% 3.57% 4.15% 5.19% 6.32% 3.80% 4.65% 6.30% 8.06% 6.23%
Return on Equity Simple (ROE_SIMPLE)		 -11.49% 6.84% 2.90% 3.40% 5.06% 5.74% 3.48% 4.59% 6.13% 7.76% 6.02%
Net Operating Profit after Tax (NOPAT)		 -1,567 505 443 657 825 857 755 909 1,021 1,244 1,109
NOPAT Margin		 -64.12% 18.52% 12.26% 15.04% 16.26% 15.40% 12.58% 13.71% 14.05% 15.19% 12.67%
Net Nonoperating Expense Percent (NNEP)		 -39.50% 8.75% 6.47% 5.80% 4.75% 3.65% 3.76% 3.29% 2.33% 1.88% 1.96%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 3.69% 4.19% 3.45%
Cost of Revenue to Revenue		 49.02% 47.38% 50.41% 50.20% 51.37% 50.52% 51.25% 52.33% 51.65% 51.64% 51.06%
SG&A Expenses to Revenue		 17.92% 18.10% 19.23% 17.07% 16.30% 16.81% 18.19% 19.62% 20.64% 20.20% 20.19%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 30.14% 31.81% 32.46% 31.28% 29.36% 28.45% 31.20% 30.97% 31.83% 30.74% 33.76%
Earnings before Interest and Taxes (EBIT)		 509 507 561 818 991 1,197 1,060 1,058 1,149 1,432 1,311
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,010 1,048 1,417 1,885 2,233 2,495 2,499 2,731 2,904 3,296 3,340
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.23 5.34 5.05 4.56 3.54 5.18 5.59 6.63 5.06 5.93 6.73
Price to Tangible Book Value (P/TBV)		 8.56 10.06 33.40 588.84 515.16 23.39 19.86 20.20 14.73 14.68 13.77
Price to Revenue (P/Rev)		 3.93 5.38 6.11 7.15 5.04 8.23 9.90 10.88 8.02 9.05 10.40
Price to Earnings (P/E)		 0.00 78.13 173.99 134.09 69.93 90.19 160.64 144.34 82.62 76.48 111.63
Dividend Yield		 0.00% 6.92% 2.81% 2.00% 2.87% 1.83% 1.60% 1.43% 1.97% 1.84% 1.81%
Earnings Yield		 0.00% 1.28% 0.57% 0.75% 1.43% 1.11% 0.62% 0.69% 1.21% 1.31% 0.90%
Enterprise Value to Invested Capital (EV/IC)		 2.28 2.84 2.71 2.58 2.02 3.14 3.15 3.59 2.82 3.23 3.71
Enterprise Value to Revenue (EV/Rev)		 5.36 6.77 7.77 9.13 7.15 9.75 11.91 12.86 9.98 10.90 12.12
Enterprise Value to EBITDA (EV/EBITDA)		 12.97 17.61 19.80 21.15 16.25 21.72 28.58 31.26 24.97 27.07 31.74
Enterprise Value to EBIT (EV/EBIT)		 25.71 36.44 50.03 48.73 36.58 45.27 67.39 80.72 63.12 62.31 80.87
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 36.57 63.37 60.68 43.98 63.28 94.62 93.87 71.06 71.72 95.63
Enterprise Value to Operating Cash Flow (EV/OCF)		 19.00 20.64 27.53 27.70 19.98 27.20 30.92 33.51 24.48 27.73 32.63
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 35.73 0.00 0.00 0.00 0.00 758.87
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.05 2.38 1.55 1.47 1.57 1.17 1.28 1.35 1.41 1.37 1.37
Long-Term Debt to Equity		 2.01 2.03 1.51 1.45 1.51 1.09 1.26 1.35 1.41 1.29 1.29
Financial Leverage		 1.36 1.45 1.37 1.30 1.38 1.19 1.05 1.16 1.21 1.22 1.16
Leverage Ratio		 3.15 3.62 3.23 2.79 2.77 2.75 2.62 2.55 2.60 2.62 2.60
Compound Leverage Factor		 0.52 1.51 0.92 0.98 1.21 1.59 1.27 1.47 1.88 2.06 1.93
Debt to Total Capital		 67.17% 70.37% 60.76% 59.54% 61.09% 53.86% 56.18% 57.46% 58.44% 57.86% 57.89%
Short-Term Debt to Total Capital		 1.17% 10.32% 1.52% 0.85% 2.44% 3.76% 0.96% 0.13% 0.04% 3.39% 3.74%
Long-Term Debt to Total Capital		 66.00% 60.05% 59.24% 58.70% 58.65% 50.10% 55.22% 57.33% 58.40% 54.48% 54.15%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.08% 0.07%
Common Equity to Total Capital		 32.83% 29.63% 39.24% 40.46% 38.91% 46.14% 43.82% 42.54% 41.56% 42.05% 42.04%
Debt to EBITDA		 4.60 6.22 4.77 5.35 5.08 4.14 5.45 5.38 5.57 5.21 5.58
Net Debt to EBITDA		 3.47 3.62 4.23 4.58 4.80 3.38 4.81 4.82 4.91 4.58 4.50
Long-Term Debt to EBITDA		 4.52 5.31 4.65 5.27 4.87 3.85 5.36 5.37 5.57 4.91 5.22
Debt to NOPAT		 -2.96 12.92 15.26 15.34 13.74 12.05 18.06 16.17 15.85 13.81 16.80
Net Debt to NOPAT		 -2.23 7.52 13.54 13.13 13.00 9.85 15.93 14.48 13.99 12.13 13.55
Long-Term Debt to NOPAT		 -2.91 11.02 14.88 15.12 13.19 11.21 17.75 16.13 15.84 13.01 15.72
Altman Z-Score		 1.58 1.55 1.86 1.85 1.42 2.09 2.38 2.77 2.08 2.41 2.76
Noncontrolling Interest Sharing Ratio		 2.55% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.10% 0.19%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.32 1.97 1.43 1.81 1.00 1.33 1.29 1.84 1.80 1.13 1.63
Quick Ratio		 2.18 1.53 1.12 1.62 0.82 1.19 1.13 1.38 1.50 0.98 1.36
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,612 -250 -3,410 -4,460 -1,636 1,517 -4,621 -204 -903 -665 140
Operating Cash Flow to CapEx		 101.84% 98.72% 351.62% 100.93% 87.11% 105.44% 107.52% 92.80% 130.18% 104.18% 102.95%
Free Cash Flow to Firm to Interest Expense		 -3.77 -0.83 -8.43 -8.19 -2.86 3.16 -8.37 -0.45 -2.54 -1.66 0.30
Operating Cash Flow to Interest Expense		 1.61 2.99 2.52 2.64 3.17 4.15 4.18 5.65 8.32 8.00 6.87
Operating Cash Flow Less CapEx to Interest Expense		 0.03 -0.04 1.80 0.02 -0.47 0.21 0.29 -0.44 1.93 0.32 0.20
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.32 0.30 0.31 0.28 0.26 0.25 0.24 0.24 0.25 0.26 0.26
Accounts Receivable Turnover		 10.92 9.83 10.50 8.98 8.41 8.43 8.78 9.77 9.45 8.81 8.96
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.51 0.51 0.56 0.53 0.50 0.48 0.00 0.00 0.45 0.46 0.46
Accounts Payable Turnover		 4.36 3.76 3.71 3.37 3.53 3.70 3.83 4.03 3.98 3.86 3.75
Days Sales Outstanding (DSO)		 33.41 37.13 34.77 40.63 43.41 43.29 41.56 37.36 38.63 41.44 40.74
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 83.64 97.04 98.49 108.26 103.38 98.54 95.31 90.61 91.66 94.61 97.24
Cash Conversion Cycle (CCC)		 -50.23 -59.92 -63.72 -67.63 -59.97 -55.26 -53.76 -53.24 -53.04 -53.17 -56.49
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,756 6,511 10,363 15,480 17,941 17,280 22,656 23,770 25,694 27,603 28,572
Invested Capital Turnover		 0.43 0.44 0.43 0.34 0.30 0.32 0.30 0.29 0.29 0.31 0.31
Increase / (Decrease) in Invested Capital		 45 755 3,853 5,117 2,461 -661 5,376 1,114 1,924 1,909 969
Enterprise Value (EV)		 13,096 18,466 28,060 39,872 36,271 54,206 71,422 85,361 72,519 89,221 106,022
Market Capitalization		 9,596 14,671 22,062 31,241 25,549 45,766 59,399 72,197 58,247 74,107 90,978
Book Value per Share		 $42.57 $47.92 $61.16 $87.56 $89.80 $103.67 $119.35 $120.86 $124.34 $133.03 $140.20
Tangible Book Value per Share		 $21.01 $25.44 $9.25 $0.68 $0.62 $22.94 $33.56 $39.70 $42.73 $53.76 $68.47
Total Capital		 6,914 9,266 11,125 16,930 18,552 19,160 24,266 25,582 27,684 29,699 32,180
Total Debt		 4,644 6,521 6,760 10,080 11,332 10,320 13,631 14,701 16,179 17,185 18,628
Total Long-Term Debt		 4,563 5,565 6,591 9,937 10,881 9,599 13,399 14,668 16,169 16,179 17,424
Net Debt		 3,500 3,795 5,998 8,630 10,722 8,440 12,022 13,164 14,272 15,089 15,020
Capital Expenditures (CapEx)		 677 906 290 1,426 2,084 1,890 2,148 2,745 2,276 3,088 3,156
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -215 -162 -144 -291 -158 -444 -793 -152 -430 -684 -306
Debt-free Net Working Capital (DFNWC)		 928 2,559 608 1,150 453 1,436 817 1,384 1,477 1,412 3,302
Net Working Capital (NWC)		 847 1,603 439 1,006 0.61 715 584 1,351 1,467 406 2,098
Net Nonoperating Expense (NNE)		 -1,306 317 316 424 459 349 385 410 316 275 295
Net Nonoperating Obligations (NNO)		 3,486 3,766 5,998 8,630 10,722 8,440 12,022 12,888 14,188 15,089 15,020
Total Depreciation and Amortization (D&A)		 500 542 856 1,067 1,241 1,298 1,439 1,673 1,755 1,864 2,029
Debt-free, Cash-free Net Working Capital to Revenue		 -8.81% -5.93% -3.99% -6.67% -3.12% -7.99% -13.21% -2.29% -5.92% -8.35% -3.50%
Debt-free Net Working Capital to Revenue		 37.97% 93.89% 16.83% 26.32% 8.92% 25.81% 13.62% 20.86% 20.33% 17.24% 37.75%
Net Working Capital to Revenue		 34.67% 58.80% 12.15% 23.04% 0.01% 12.85% 9.74% 20.36% 20.20% 4.96% 23.98%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($4.96) $3.25 $1.81 $3.03 $4.58 $6.03 $4.22 $5.57 $7.69 $10.35 $8.54
Adjusted Weighted Average Basic Shares Outstanding		 52.36M 57.79M 70.12M 76.85M 79.78M 84.14M 87.70M 89.77M 91.57M 93.62M 95.46M
Adjusted Diluted Earnings per Share		 ($4.96) $3.21 $1.79 $3.00 $4.56 $5.99 $4.18 $5.53 $7.67 $10.31 $8.50
Adjusted Weighted Average Diluted Shares Outstanding		 52.36M 58.48M 70.82M 77.54M 80.20M 84.68M 88.41M 90.41M 91.83M 94.01M 95.83M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 56.47M 69.03M 71.64M 79.23M 80.87M 85.44M 89.29M 90.72M 92.74M 94.62M 97.33M
Normalized Net Operating Profit after Tax (NOPAT)		 358 542 471 689 849 854 799 919 1,043 1,251 1,356
Normalized NOPAT Margin		 14.66% 19.88% 13.03% 15.76% 16.73% 15.35% 13.32% 13.85% 14.36% 15.28% 15.50%
Pre Tax Income Margin		 3.47% 7.74% 4.43% 6.57% 8.54% 12.45% 8.61% 9.18% 11.41% 13.73% 11.15%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.19 1.69 1.39 1.50 1.73 2.50 1.92 2.34 3.23 3.56 2.77
NOPAT to Interest Expense		 -3.67 1.69 1.09 1.21 1.44 1.79 1.37 2.02 2.87 3.09 2.34
EBIT Less CapEx to Interest Expense		 -0.39 -1.34 0.67 -1.12 -1.91 -1.44 -1.97 -3.74 -3.17 -4.12 -3.90
NOPAT Less CapEx to Interest Expense		 -5.25 -1.34 0.38 -1.41 -2.20 -2.15 -2.52 -4.07 -3.53 -4.59 -4.33
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -31.94% 277.71% 393.90% 266.76% 202.16% 164.84% 256.15% 208.70% 163.40% 141.90% 201.84%
Augmented Payout Ratio		 -146.22% 277.71% 393.90% 266.76% 202.16% 164.84% 256.15% 208.70% 163.40% 141.90% 201.84%

Quarterly Metrics And Ratios for Equinix

This table displays calculated financial ratios and metrics derived from Equinix's official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 9.63% 15.20% 11.11% 11.97% 12.79% 6.46% 6.93% 6.79% 7.16% 4.61% 4.49%
EBITDA Growth		 3.22% 22.47% 5.01% 10.75% 16.65% 4.10% 17.28% 10.68% -26.72% 6.97% 7.45%
EBIT Growth		 3.80% 52.08% 2.69% 14.88% 36.26% -8.67% 34.06% 15.20% -73.33% 30.45% 13.52%
NOPAT Growth		 10.24% 44.76% -7.85% 24.06% 41.62% -4.16% 33.89% 1.17% -75.21% 32.02% 18.70%
Net Income Growth		 5.02% 75.36% -4.27% 30.35% 75.53% -10.81% 45.41% 7.25% -106.17% 48.48% 21.93%
EPS Growth		 2.22% 70.99% -6.75% 27.39% 73.91% -12.27% 42.99% 5.80% -107.92% 44.03% 18.67%
Operating Cash Flow Growth		 -14.81% 19.08% -7.56% -4.30% 31.45% -13.58% 23.08% -3.44% -1.80% 35.28% 3.51%
Free Cash Flow Firm Growth		 -85.30% 51.20% 62.31% 42.27% 5.82% 34.96% 34.88% -10.27% 44.58% -11.41% -135.87%
Invested Capital Growth		 8.09% 9.15% 7.57% 9.65% 7.43% 5.83% 5.31% 9.58% 3.51% 6.36% 10.32%
Revenue Q/Q Growth		 1.63% 6.80% 1.05% 2.08% 2.38% 0.80% 1.50% 1.95% 2.73% -1.59% 1.39%
EBITDA Q/Q Growth		 -8.54% 22.83% -7.85% 7.12% -3.68% 9.22% 3.82% 1.08% -36.23% 59.83% 3.15%
EBIT Q/Q Growth		 -22.43% 54.75% -18.37% 17.19% -8.00% 3.56% 19.83% 0.70% -78.70% 407.61% 4.28%
NOPAT Q/Q Growth		 -28.27% 54.74% -11.08% 26.13% -18.12% 4.16% 24.23% -4.69% -79.94% 455.83% 11.70%
Net Income Q/Q Growth		 -38.92% 100.93% -20.08% 33.33% -17.75% 1.66% 30.30% -1.66% -104.73% 2,550.00% 7.00%
EPS Q/Q Growth		 -40.00% 100.72% -20.22% 32.58% -18.09% 1.25% 30.04% -1.90% -106.13% 1,942.11% 7.14%
Operating Cash Flow Q/Q Growth		 -7.35% -8.97% 7.08% 5.94% 27.26% -40.12% 52.51% -16.89% 29.42% -17.53% 16.69%
Free Cash Flow Firm Q/Q Growth		 50.19% -9.59% 15.08% -24.49% 18.74% 24.26% 14.99% -110.81% 59.16% -52.22% -79.99%
Invested Capital Q/Q Growth		 5.65% 2.14% 1.86% -0.25% 3.51% 0.62% 1.36% 3.80% -2.22% 3.38% 5.14%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 48.14% 49.65% 47.45% 48.13% 48.25% 48.71% 49.88% 50.11% 47.10% 51.28% 51.95%
EBITDA Margin		 37.21% 42.74% 38.98% 40.90% 38.48% 41.80% 42.75% 42.39% 26.32% 42.74% 43.48%
Operating Margin		 15.06% 19.22% 16.44% 18.49% 16.40% 17.11% 20.19% 19.31% 4.56% 20.58% 21.90%
EBIT Margin		 13.53% 19.62% 15.85% 18.20% 16.35% 16.83% 19.87% 19.63% 4.07% 20.99% 21.59%
Profit (Net Income) Margin		 6.91% 12.96% 10.25% 13.39% 10.76% 10.86% 13.94% 13.45% -0.62% 15.42% 16.27%
Tax Burden Percent		 72.93% 82.48% 84.84% 93.24% 84.07% 83.39% 86.49% 84.57% 0.00% 87.50% 90.62%
Interest Burden Percent		 70.04% 80.10% 76.25% 78.93% 78.26% 77.37% 81.12% 81.02% 0.00% 83.94% 83.16%
Effective Tax Rate		 27.08% 17.52% 15.16% 6.76% 15.93% 16.61% 13.51% 15.43% 0.00% 12.50% 9.38%
Return on Invested Capital (ROIC)		 3.22% 4.75% 4.18% 5.37% 4.24% 4.39% 5.38% 5.02% 0.99% 5.56% 5.99%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.66% 4.32% 3.66% 4.81% 3.80% 3.91% 4.88% 4.61% 0.42% 5.19% 5.50%
Return on Net Nonoperating Assets (RNNOA)		 3.22% 5.14% 4.67% 5.82% 4.63% 4.76% 6.12% 5.48% 0.49% 6.15% 6.83%
Return on Equity (ROE)		 6.44% 9.89% 8.85% 11.19% 8.87% 9.15% 11.51% 10.50% 1.48% 11.71% 12.83%
Cash Return on Invested Capital (CROIC)		 -3.65% -4.31% -3.06% -4.64% -2.50% -1.10% -0.34% -4.38% 0.50% -1.95% -5.49%
Operating Return on Assets (OROA)		 3.38% 4.98% 4.04% 4.74% 4.25% 4.43% 5.22% 5.03% 1.05% 5.46% 5.38%
Return on Assets (ROA)		 1.72% 3.29% 2.61% 3.49% 2.80% 2.86% 3.66% 3.45% -0.16% 4.01% 4.06%
Return on Common Equity (ROCE)		 6.44% 9.89% 8.84% 11.18% 8.86% 9.14% 11.48% 10.48% 1.48% 11.68% 12.80%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 6.78% 6.71% 7.33% 0.00% 7.65% 8.43% 7.76% 0.00% 6.67% 0.00%
Net Operating Profit after Tax (NOPAT)		 205 317 282 355 291 304 377 359 72 401 448
NOPAT Margin		 10.98% 15.85% 13.95% 17.24% 13.79% 14.27% 17.47% 16.33% 3.19% 18.01% 19.84%
Net Nonoperating Expense Percent (NNEP)		 0.56% 0.42% 0.52% 0.57% 0.44% 0.49% 0.50% 0.42% 0.57% 0.37% 0.49%
Return On Investment Capital (ROIC_SIMPLE)		 0.74% - - - 0.98% - - - 0.22% 1.21% 1.26%
Cost of Revenue to Revenue		 51.86% 50.35% 52.55% 51.87% 51.75% 51.29% 50.12% 49.89% 52.90% 48.72% 48.05%
SG&A Expenses to Revenue		 21.41% 19.77% 20.11% 19.60% 21.28% 20.87% 20.24% 19.72% 19.95% 19.69% 19.99%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 33.08% 30.43% 31.01% 29.65% 31.85% 31.59% 29.69% 30.80% 42.55% 30.70% 30.05%
Earnings before Interest and Taxes (EBIT)		 253 392 320 375 345 358 429 432 92 467 487
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 696 854 787 843 812 889 923 933 595 951 981
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.06 5.39 5.94 5.60 5.93 6.23 5.82 6.20 6.73 5.71 5.52
Price to Tangible Book Value (P/TBV)		 14.73 14.56 15.94 14.57 14.68 15.17 14.05 13.43 13.77 11.56 11.59
Price to Revenue (P/Rev)		 8.02 8.62 9.25 8.37 9.05 9.22 8.45 9.80 10.40 8.97 8.70
Price to Earnings (P/E)		 82.62 79.52 88.60 76.42 76.48 81.47 69.01 79.79 111.63 85.61 78.28
Dividend Yield		 1.97% 1.82% 1.70% 1.87% 1.84% 1.88% 2.15% 1.92% 1.81% 2.14% 2.25%
Earnings Yield		 1.21% 1.26% 1.13% 1.31% 1.31% 1.23% 1.45% 1.25% 0.90% 1.17% 1.28%
Enterprise Value to Invested Capital (EV/IC)		 2.82 3.01 3.22 3.05 3.23 3.32 3.10 3.42 3.71 3.22 3.05
Enterprise Value to Revenue (EV/Rev)		 9.98 10.51 11.15 10.23 10.90 11.08 10.32 11.62 12.12 10.74 10.60
Enterprise Value to EBITDA (EV/EBITDA)		 24.97 25.85 27.82 25.58 27.07 27.66 25.18 28.09 31.74 27.93 27.32
Enterprise Value to EBIT (EV/EBIT)		 63.12 61.63 66.71 60.67 62.31 65.91 57.93 63.88 80.87 66.91 64.13
Enterprise Value to NOPAT (EV/NOPAT)		 71.06 70.87 78.80 69.85 71.72 74.81 65.80 75.05 95.63 78.65 74.05
Enterprise Value to Operating Cash Flow (EV/OCF)		 24.48 25.73 28.60 27.31 27.73 29.51 26.51 30.59 32.63 27.46 27.14
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 758.87 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.41 1.40 1.41 1.44 1.37 1.38 1.45 1.38 1.37 1.39 1.52
Long-Term Debt to Equity		 1.41 1.39 1.40 1.44 1.29 1.30 1.36 1.22 1.29 1.30 1.39
Financial Leverage		 1.21 1.19 1.27 1.21 1.22 1.22 1.25 1.19 1.16 1.18 1.24
Leverage Ratio		 2.60 2.58 2.67 2.65 2.62 2.60 2.65 2.63 2.60 2.59 2.72
Compound Leverage Factor		 1.82 2.07 2.04 2.09 2.05 2.01 2.15 2.13 0.00 2.18 2.26
Debt to Total Capital		 58.44% 58.36% 58.56% 58.96% 57.86% 57.94% 59.19% 58.05% 57.89% 58.11% 60.36%
Short-Term Debt to Total Capital		 0.04% 0.52% 0.51% 0.03% 3.39% 3.43% 3.80% 6.79% 3.74% 3.63% 5.38%
Long-Term Debt to Total Capital		 58.40% 57.83% 58.05% 58.93% 54.48% 54.51% 55.39% 51.26% 54.15% 54.48% 54.99%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.09% 0.09% 0.08% 0.09% 0.08% 0.07% 0.07% 0.07% 0.06%
Common Equity to Total Capital		 41.56% 41.64% 41.36% 40.96% 42.05% 41.98% 40.73% 41.87% 42.04% 41.82% 39.57%
Debt to EBITDA		 5.57 5.51 5.50 5.38 5.21 5.10 5.15 5.30 5.58 5.67 6.19
Net Debt to EBITDA		 4.91 4.65 4.74 4.64 4.58 4.64 4.57 4.39 4.50 4.59 4.88
Long-Term Debt to EBITDA		 5.57 5.46 5.45 5.38 4.91 4.79 4.82 4.68 5.22 5.32 5.64
Debt to NOPAT		 15.85 15.10 15.57 14.70 13.81 13.78 13.45 14.15 16.80 15.98 16.78
Net Debt to NOPAT		 13.99 12.74 13.43 12.67 12.13 12.54 11.94 11.73 13.55 12.93 13.24
Long-Term Debt to NOPAT		 15.84 14.97 15.43 14.69 13.01 12.96 12.58 12.50 15.72 14.98 15.29
Altman Z-Score		 1.98 2.19 2.35 2.18 2.30 2.44 2.20 2.42 2.64 2.29 2.02
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.11% 0.11% 0.10% 0.10% 0.20% 0.19% 0.19% 0.19% 0.18%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.80 2.28 2.02 2.05 1.13 1.10 1.22 1.16 1.63 1.65 1.54
Quick Ratio		 1.50 2.03 1.81 1.79 0.98 0.90 1.02 1.00 1.36 1.43 1.34
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,718 -1,884 -1,600 -1,992 -1,618 -1,225 -1,042 -2,196 -897 -1,365 -2,457
Operating Cash Flow to CapEx		 73.36% 138.96% 116.14% 108.28% 81.42% 82.60% 179.17% 85.55% 94.60% 105.48% 88.14%
Free Cash Flow to Firm to Interest Expense		 -18.27 -19.42 -16.00 -19.53 -15.71 -11.67 -9.47 -18.77 -6.36 -11.19 -18.34
Operating Cash Flow to Interest Expense		 8.08 7.13 7.41 7.70 9.70 5.70 8.29 6.48 6.96 6.63 7.04
Operating Cash Flow Less CapEx to Interest Expense		 -2.93 2.00 1.03 0.59 -2.21 -1.20 3.66 -1.09 -0.40 0.34 -0.95
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.25 0.25 0.26 0.26 0.26 0.26 0.26 0.26 0.26 0.26 0.25
Accounts Receivable Turnover		 9.45 8.89 8.50 8.79 8.81 8.35 7.94 7.98 8.96 8.16 7.91
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.45 0.46 0.47 0.49 0.46 0.47 0.47 0.46 0.46 0.46 0.45
Accounts Payable Turnover		 3.98 4.40 4.26 4.15 3.86 4.29 4.01 4.00 3.75 4.09 3.79
Days Sales Outstanding (DSO)		 38.63 41.07 42.95 41.55 41.44 43.72 45.97 45.72 40.74 44.73 46.14
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 91.66 82.87 85.66 88.03 94.61 85.07 91.05 91.33 97.24 89.29 96.20
Cash Conversion Cycle (CCC)		 -53.04 -41.80 -42.71 -46.48 -53.17 -41.35 -45.08 -45.61 -56.49 -44.56 -50.06
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 25,694 26,244 26,733 26,666 27,603 27,773 28,152 29,222 28,572 29,539 31,057
Invested Capital Turnover		 0.29 0.30 0.30 0.31 0.31 0.31 0.31 0.31 0.31 0.31 0.30
Increase / (Decrease) in Invested Capital		 1,924 2,201 1,882 2,347 1,909 1,529 1,419 2,556 969 1,766 2,905
Enterprise Value (EV)		 72,519 79,094 86,175 81,321 89,221 92,148 87,311 99,910 106,022 95,010 94,785
Market Capitalization		 58,247 64,879 71,466 66,541 74,107 76,674 71,437 84,276 90,978 79,360 77,812
Book Value per Share		 $124.34 $129.38 $128.57 $127.04 $133.03 $129.92 $129.37 $143.11 $140.20 $142.70 $143.98
Tangible Book Value per Share		 $42.73 $47.94 $47.95 $48.81 $53.76 $53.39 $53.56 $66.10 $68.47 $70.56 $68.63
Total Capital		 27,684 28,887 29,075 29,024 29,699 29,300 30,145 32,449 32,180 33,212 35,589
Total Debt		 16,179 16,858 17,026 17,112 17,185 16,976 17,842 18,837 18,628 19,299 21,482
Total Long-Term Debt		 16,169 16,706 16,878 17,104 16,179 15,970 16,696 16,634 17,424 18,095 19,569
Net Debt		 14,272 14,215 14,684 14,755 15,089 15,449 15,849 15,610 15,020 15,626 16,950
Capital Expenditures (CapEx)		 1,036 498 638 725 1,227 724 509 886 1,037 767 1,071
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -430 -252 -304 -358 -684 -245 -186 -339 -306 -291 -310
Debt-free Net Working Capital (DFNWC)		 1,477 2,390 2,038 2,000 1,412 1,282 1,807 2,888 3,302 3,382 4,222
Net Working Capital (NWC)		 1,467 2,239 1,890 1,992 406 276 661 685 2,098 2,178 2,309
Net Nonoperating Expense (NNE)		 76 58 75 79 64 73 76 63 86 58 81
Net Nonoperating Obligations (NNO)		 14,188 14,215 14,684 14,755 15,089 15,449 15,849 15,610 15,020 15,626 16,950
Total Depreciation and Amortization (D&A)		 443 462 467 468 467 531 494 501 503 484 494
Debt-free, Cash-free Net Working Capital to Revenue		 -5.92% -3.35% -3.94% -4.50% -8.35% -2.95% -2.20% -3.94% -3.50% -3.29% -3.47%
Debt-free Net Working Capital to Revenue		 20.33% 31.76% 26.37% 25.16% 17.24% 15.41% 21.37% 33.59% 37.75% 38.23% 47.21%
Net Working Capital to Revenue		 20.20% 29.75% 24.45% 25.06% 4.96% 3.32% 7.82% 7.97% 23.98% 24.62% 25.82%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.39 $2.78 $2.21 $2.94 $2.42 $2.44 $3.17 $3.11 ($0.18) $3.52 $3.76
Adjusted Weighted Average Basic Shares Outstanding		 91.57M 92.97M 93.54M 93.68M 93.62M 94.67M 94.92M 95.39M 95.46M 97.51M 97.84M
Adjusted Diluted Earnings per Share		 $1.38 $2.77 $2.21 $2.93 $2.40 $2.43 $3.16 $3.10 ($0.19) $3.50 $3.75
Adjusted Weighted Average Diluted Shares Outstanding		 91.83M 93.34M 93.86M 94.17M 94.01M 95.16M 95.17M 95.73M 95.83M 97.89M 98.05M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 92.74M 93.52M 93.56M 93.88M 94.62M 94.91M 94.94M 96.49M 97.33M 97.82M 97.86M
Normalized Net Operating Profit after Tax (NOPAT)		 213 319 285 351 296 305 364 365 120 415 453
Normalized NOPAT Margin		 11.40% 15.98% 14.12% 17.01% 14.03% 14.35% 16.87% 16.60% 5.33% 18.64% 20.08%
Pre Tax Income Margin		 9.48% 15.72% 12.09% 14.36% 12.80% 13.02% 16.12% 15.90% 0.00% 17.62% 17.95%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.69 4.04 3.20 3.68 3.35 3.41 3.90 3.69 0.65 3.83 3.63
NOPAT to Interest Expense		 2.18 3.27 2.82 3.48 2.82 2.89 3.43 3.07 0.51 3.28 3.34
EBIT Less CapEx to Interest Expense		 -8.32 -1.09 -3.18 -3.43 -8.56 -3.49 -0.73 -3.88 -6.70 -2.46 -4.36
NOPAT Less CapEx to Interest Expense		 -8.83 -1.87 -3.56 -3.62 -9.09 -4.00 -1.20 -4.50 -6.84 -3.00 -4.65
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 163.40% 145.58% 151.96% 144.63% 141.90% 155.18% 149.20% 154.71% 201.84% 183.48% 176.81%
Augmented Payout Ratio		 163.40% 145.58% 151.96% 144.63% 141.90% 155.18% 149.20% 154.71% 201.84% 183.48% 176.81%

Key Financial Trends

Equinix (NASDAQ: EQIX) Financial Statement Analysis (Q2 2022 - Q2 2025)

Over the last several years, Equinix has demonstrated consistent growth in key financial metrics along with strategic capital allocation. Below are the key insights from the quarterly financial data:

  • Operating revenue grew steadily from $1.87 billion in Q4 2022 to $2.26 billion in Q2 2025, indicating strong top-line growth.
  • Net income improved significantly, from approximately $129 million in Q4 2022 to $367 million in Q2 2025, showing improved profitability.
  • Gross profit increased correspondingly alongside revenue, reflecting maintained or improved margins over time.
  • Depreciation and Amortization expenses have gradually increased consistent with capital expenditure activities, supporting growth and asset base expansion.
  • Operating cash flow showed healthy growth, reaching $944 million in Q2 2025 compared to $741 million in Q2 2024 and about $760 million in Q4 2022, indicating robust cash generation from core operations.
  • Capital expenditures have risen, with Q2 2025 property, plant, and equipment purchases around $1.07 billion compared to about $756 million in Q2 2024, signaling significant investment in infrastructure and expansion.
  • Equity base has expanded from around $11.5 billion in Q4 2022 to $14.08 billion in Q2 2025, reflecting retained earnings growth and possible equity issuances.
  • Debt levels have increased over the years, with long-term debt rising from approximately $12.75 billion in Q4 2022 to around $16 billion in mid-2025, likely supporting capital investments, but also increasing leverage.
  • Dividends per share have increased from ~$3.10 in Q4 2022 to $4.69 in Q2 2025, indicating a shareholder-friendly policy but also a steady cash outflow.
  • Interest expense has increased from about $94 million in Q4 2022 to $134 million in Q2 2025, reflecting higher debt and cost of capital.

Summary:

Equinix exhibits strong revenue and earnings growth supported by significant capital investments. The company has successfully grown cash flows and expanded its asset and equity base, demonstrating operational strength in the data center sector. However, leverage has also increased, leading to higher interest expenses, which investors should monitor going forward. Dividend growth further signals management's confidence and commitment to return capital to shareholders.

Retail investors should note the balance between growth investment and rising debt costs. Equinix’s strong cash generation and revenue momentum are positive, but increasing leverage and interest expenses introduce risk profiles that merit consideration in the stock's valuation.

08/28/25 06:00 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Equinix's Financials

When does Equinix's fiscal year end?

According to the most recent income statement we have on file, Equinix's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Equinix's net income changed over the last 10 years?

Equinix's net income appears to be on an upward trend, with a most recent value of $814 million in 2024, falling from -$260.73 million in 2014. The previous period was $969 million in 2023. View Equinix's forecast to see where analysts expect Equinix to go next.

What is Equinix's operating income?
Equinix's total operating income in 2024 was $1.33 billion, based on the following breakdown:
  • Total Gross Profit: $4.28 billion
  • Total Operating Expenses: $2.95 billion
How has Equinix's revenue changed over the last 10 years?

Over the last 10 years, Equinix's total revenue changed from $2.44 billion in 2014 to $8.75 billion in 2024, a change of 258.0%.

How much debt does Equinix have?

Equinix's total liabilities were at $21.53 billion at the end of 2024, a 6.9% increase from 2023, and a 290.7% increase since 2014.

How much cash does Equinix have?

In the past 10 years, Equinix's cash and equivalents has ranged from $606.17 million in 2018 to $3.08 billion in 2024, and is currently $3.08 billion as of their latest financial filing in 2024.

How has Equinix's book value per share changed over the last 10 years?

Over the last 10 years, Equinix's book value per share changed from 42.57 in 2014 to 140.20 in 2024, a change of 229.3%.


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This page (NASDAQ:EQIX) was last updated on 8/28/2025 by MarketBeat.com Staff
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