Free Trial
→ Elon Musk’s $1 Quadrillion AI IPO (From Brownstone Research) (Ad)tc pixel Free EQIX Stock Alerts

Equinix (EQIX) Financials

Equinix logo
$1,071.33 -16.63 (-1.53%)
As of 03:35 PM Eastern
This is a fair market value price provided by Massive. Learn more.
Compare
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 188 127 233 365 507 370 500 705 969 815 1,350
Consolidated Net Income / (Loss)		 188 127 233 365 507 370 500 705 969 814 1,348
Net Income / (Loss) Continuing Operations		 188 114 233 365 507 370 500 705 969 814 1,348
Total Pre-Tax Income 		211 160 287 433 693 516 609 829 1,124 975 1,508
Total Operating Income		 567 619 809 977 1,170 1,053 1,108 1,200 1,443 1,328 1,848
Total Gross Profit		 1,434 1,791 2,175 2,466 2,752 2,924 3,163 3,512 3,960 4,281 4,709
Total Revenue		 2,726 3,612 4,368 5,072 5,562 5,999 6,636 7,263 8,188 8,748 9,217
Operating Revenue		 2,726 3,612 4,368 5,072 5,562 5,999 6,636 7,263 8,188 8,748 9,217
Total Cost of Revenue		 1,292 1,821 2,193 2,605 2,810 3,074 3,472 3,751 4,228 4,467 4,508
Operating Cost of Revenue		 1,292 1,821 2,193 2,605 2,810 3,074 3,472 3,751 4,228 4,467 4,508
Total Operating Expenses		 867 1,172 1,366 1,489 1,582 1,871 2,055 2,312 2,517 2,953 2,861
Selling, General & Admin Expense		 493 695 746 827 935 1,091 1,302 1,499 1,654 1,766 1,840
Marketing Expense		 332 439 582 634 651 718 741 787 855 891 903
Impairment Charge		 0.00 7.70 0.00 0.00 16 7.31 - 0.00 0.00 233 68
Restructuring Charge		 42 64 39 34 25 56 23 22 13 81 51
Other Special Charges / (Income)		 0.00 -33 0.00 -6.01 -44 -1.30 -11 4.00 -5.00 -18 -1.00
Total Other Income / (Expense), net		 -356 -459 -522 -544 -477 -537 -499 -371 -319 -353 -340
Interest Expense		 299 404 544 573 480 552 451 356 402 473 526
Interest & Investment Income		 3.58 3.48 13 14 -25 8.65 2.64 36 94 137 193
Other Income / (Expense), net		 -61 -58 9.21 14 28 6.91 -51 -51 -11 -17 -7.00
Income Tax Expense		 23 45 54 68 185 146 109 124 155 161 160
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - 0.00 0.00 -0.21 0.30 -0.46 0.00 0.00 -1.00 -2.00
Basic Earnings per Share		 $3.25 $1.81 $3.03 $4.58 $6.03 $4.22 $5.57 $7.69 $10.35 $8.54 $13.79
Weighted Average Basic Shares Outstanding		 57.79M 70.12M 76.85M 79.78M 84.14M 87.70M 89.77M 91.57M 93.62M 95.46M 97.88M
Diluted Earnings per Share		 $3.21 $1.79 $3.00 $4.56 $5.99 $4.18 $5.53 $7.67 $10.31 $8.50 $13.76
Weighted Average Diluted Shares Outstanding		 58.48M 70.82M 77.54M 80.20M 84.68M 88.41M 90.41M 91.83M 94.01M 95.83M 98.12M
Weighted Average Basic & Diluted Shares Outstanding		 57.80M 70.10M 76.90M 87.20M 85.44M 89.29M 90.72M 92.74M 94.62M 97.33M 98.25M
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 $18.76

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 276 227 231 301 297 -14 343 368 374 265 415
Consolidated Net Income / (Loss)		 276 227 231 301 296 -14 343 367 374 264 415
Net Income / (Loss) Continuing Operations		 276 227 231 301 296 -14 343 367 374 264 415
Total Pre-Tax Income 		296 270 277 348 350 - 392 405 399 312 471
Total Operating Income		 381 346 364 436 425 103 458 494 474 422 577
Total Gross Profit		 992 1,018 1,036 1,077 1,103 1,065 1,141 1,172 1,174 1,222 1,258
Total Revenue		 2,061 2,110 2,127 2,159 2,201 2,261 2,225 2,256 2,316 2,420 2,444
Operating Revenue		 2,061 2,110 2,127 2,159 2,201 2,261 2,225 2,256 2,316 2,420 2,444
Total Cost of Revenue		 1,069 1,092 1,091 1,082 1,098 1,196 1,084 1,084 1,142 1,198 1,186
Operating Cost of Revenue		 1,069 1,092 1,091 1,082 1,098 1,196 1,084 1,084 1,142 1,198 1,186
Total Operating Expenses		 611 672 672 641 678 962 683 678 700 800 681
Selling, General & Admin Expense		 404 449 444 437 434 451 438 451 470 481 444
Marketing Expense		 212 217 226 219 237 209 229 221 219 234 241
Impairment Charge		 - - - 0.00 0.00 - 0.00 1.00 4.00 - 2.00
Restructuring Charge		 -1.00 6.00 2.00 3.00 7.00 69 16 5.00 8.00 22 14
Other Special Charges / (Income)		 -4.00 - - -18 0.00 - 0.00 0.00 -1.00 - -20
Total Other Income / (Expense), net		 -85 -76 -87 -88 -75 -103 -66 -89 -75 -110 -106
Interest Expense		 102 103 105 110 117 141 122 134 128 142 148
Interest & Investment Income		 23 28 24 29 35 49 47 52 53 41 41
Other Income / (Expense), net		 -6.00 -1.00 -6.00 -7.00 7.00 -11 9.00 -7.00 0.00 -9.00 1.00
Income Tax Expense		 20 43 46 47 54 14 49 38 25 48 56
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 - 0.00 0.00 -1.00 - 0.00 -1.00 0.00 -1.00 0.00
Basic Earnings per Share		 $2.94 $2.42 $2.44 $3.17 $3.11 ($0.18) $3.52 $3.76 $3.82 $2.69 $4.22
Weighted Average Basic Shares Outstanding		 93.68M 93.62M 94.67M 94.92M 95.39M 95.46M 97.51M 97.84M 97.98M 97.88M 98.39M
Diluted Earnings per Share		 $2.93 $2.40 $2.43 $3.16 $3.10 ($0.19) $3.50 $3.75 $3.81 $2.70 $4.20
Weighted Average Diluted Shares Outstanding		 94.17M 94.01M 95.16M 95.17M 95.73M 95.83M 97.89M 98.05M 98.17M 98.12M 98.73M
Weighted Average Basic & Diluted Shares Outstanding		 93.88M 94.62M 94.91M 94.94M 96.49M 97.33M 97.82M 97.86M 98.19M 98.25M 98.62M
Cash Dividends to Common per Share		 $3.41 - $4.26 $4.26 - - $4.69 $4.69 - - $5.16

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 2,090 -1,945 646 -823 1,259 -261 -76 359 188 986 -1,258
Net Cash From Operating Activities		 895 1,019 1,439 1,815 1,993 2,310 2,547 2,963 3,217 3,249 3,911
Net Cash From Continuing Operating Activities		 895 1,019 1,439 1,815 1,993 2,310 2,547 2,963 3,217 3,249 3,911
Net Income / (Loss) Continuing Operations		 188 127 233 365 507 370 500 705 969 814 1,348
Consolidated Net Income / (Loss)		 188 127 233 365 507 370 500 705 969 814 1,348
Depreciation Expense		 498 714 865 1,024 1,089 1,224 1,451 1,532 1,844 2,011 2,066
Non-Cash Adjustments To Reconcile Net Income		 154 169 236 253 281 622 647 478 620 914 759
Changes in Operating Assets and Liabilities, net		 11 -133 -96 -44 -93 -121 -273 25 -216 -490 -262
Net Cash From Investing Activities		 -638 -2,046 -5,401 -3,076 -1,945 -3,427 -3,007 -3,363 -3,224 -3,937 -6,484
Net Cash From Continuing Investing Activities		 -638 -2,046 -5,401 -3,076 -1,945 -3,427 -3,007 -3,363 -3,224 -3,937 -6,484
Purchase of Property, Plant & Equipment		 -906 -1,141 -1,474 -2,096 -2,249 -2,483 -2,953 -2,526 -3,165 -3,403 -5,305
Acquisitions		 -246 -1,767 -3,963 -830 -34 -1,180 -158 -1,109 -136 -98 -311
Purchase of Investments		 -359 -42 -58 -248 -61 -128 -108 0.00 0.00 -520 -1,967
Sale of Property, Plant & Equipment		 0.00 852 48 12 359 334 209 250 77 247 0.00
Sale and/or Maturity of Investments		 873 53 46 86 40 29 4.06 22 0.00 94 1,168
Other Investing Activities, net		 0.00 0.00 - - - 0.00 0.00 0.00 0.00 -257 -69
Net Cash From Financing Activities		 1,873 -897 4,608 471 1,202 816 414 857 211 1,723 1,272
Net Cash From Continuing Financing Activities		 1,873 -897 4,608 471 1,202 816 414 857 211 1,723 1,272
Repayment of Debt		 -762 -1,600 -2,979 -584 -2,346 -5,462 -2,832 -606 -13 -1,030 -1,226
Payment of Dividends		 -521 -499 -621 -739 -836 -948 -1,043 -1,152 -1,375 -1,643 -1,856
Issuance of Debt		 2,297 1,168 5,686 1,355 2,798 5,182 3,879 1,871 902 2,768 4,311
Issuance of Common Equity		 860 34 2,523 438 1,713 2,043 575 878 846 1,768 198
Other Financing Activities, net		 - - - 0.00 -126 - -166 -134 -149 -140 -155
Effect of Exchange Rate Changes		 -40 -22 - -34 - 41 -30 -98 -16 -49 43
Cash Interest Paid		 237 350 445 497 554 498 426 412 445 486 448
Cash Income Taxes Paid		 132 39 73 93 137 144 134 140 153 185 207

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 16 -262 -566 466 780 306 -120 728 -1,525 -341 -399
Net Cash From Operating Activities		 785 999 598 912 758 981 809 944 1,014 1,144 717
Net Cash From Continuing Operating Activities		 785 999 598 912 758 981 809 944 1,014 1,144 717
Net Income / (Loss) Continuing Operations		 276 227 231 301 296 -14 343 367 374 264 415
Consolidated Net Income / (Loss)		 276 227 231 301 296 -14 343 367 374 264 415
Depreciation Expense		 411 411 474 438 444 445 480 449 635 551 544
Non-Cash Adjustments To Reconcile Net Income		 34 261 113 171 82 498 154 197 170 242 148
Changes in Operating Assets and Liabilities, net		 7.00 44 -277 -54 -121 -6.00 -168 -114 -67 87 -390
Net Cash From Investing Activities		 -752 -1,281 -727 -734 -1,365 -1,111 -964 -1,440 -1,370 -2,710 -1,459
Net Cash From Continuing Investing Activities		 -752 -1,281 -727 -738 -1,365 -1,111 -964 -1,440 -1,370 -2,710 -1,459
Purchase of Property, Plant & Equipment		 -730 -1,227 -724 -756 -886 -1,037 -767 -1,071 -1,428 -2,039 -1,379
Acquisitions		 -27 -54 -3.00 - -29 -33 -43 -187 -6.00 -75 -146
Purchase of Investments		 - - 0.00 - - 13 -190 -637 -297 -875 -784
Sale of Property, Plant & Equipment		 5.00 - - 247 - - 0.00 - - - 258
Sale and/or Maturity of Investments		 - - 0.00 - - - 36 500 378 286 592
Other Investing Activities, net		 - - - - - -65 0.00 - -17 -7.00 0.00
Net Cash From Financing Activities		 18 -22 -397 294 1,348 478 15 1,191 -1,159 1,225 349
Net Cash From Continuing Financing Activities		 18 -22 -397 294 1,348 478 15 1,191 -1,159 1,225 349
Repayment of Debt		 -5.00 -1.00 -2.00 -10 -8.00 -1,010 -4.00 -5.00 -1,201 -16 -632
Payment of Dividends		 -325 -403 -412 -405 -413 -413 -468 -460 -467 -461 -519
Issuance of Debt		 338 - 0.00 744 780 1,244 370 1,696 500 1,745 1,492
Issuance of Common Equity		 42 433 48 - 1,024 696 149 - 48 1.00 49
Other Financing Activities, net		 -32 -51 -31 -35 -35 -39 -32 -40 -39 -44 -41
Effect of Exchange Rate Changes		 -35 42 - -6.00 - - 20 33 -10 - -6.00

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 10,357 12,608 18,691 20,245 23,966 27,007 27,919 30,311 32,651 35,085 40,141
Total Current Assets		 3,259 1,468 2,249 1,516 2,873 2,609 2,957 3,305 3,568 5,447 5,125
Cash & Equivalents		 2,229 748 1,413 606 1,870 1,605 1,536 1,906 2,096 3,081 1,727
Short-Term Investments		 13 3.41 28 4.54 10 4.53 - - 0.00 527 1,500
Accounts Receivable		 292 396 576 630 689 677 682 855 1,004 949 1,001
Other Current Assets		 213 319 232 275 304 323 463 459 468 890 897
Plant, Property, & Equipment, net		 5,606 7,199 9,395 11,026 12,153 0.00 15,446 16,650 18,601 19,249 23,584
Total Noncurrent Assets		 1,491 3,942 7,048 7,703 8,940 24,398 9,516 10,356 10,482 10,389 11,432
Goodwill		 1,063 2,986 4,412 4,836 4,782 5,473 5,372 5,654 5,737 5,504 5,984
Intangible Assets		 225 719 2,385 2,333 2,102 2,171 1,935 1,898 1,705 1,417 1,316
Other Noncurrent Operating Assets		 199 226 242 533 2,056 16,754 2,208 2,804 3,040 3,468 4,132
Total Liabilities & Shareholders' Equity		 10,357 12,608 18,691 20,245 23,966 27,007 27,919 30,311 32,651 35,085 40,141
Total Liabilities		 7,611 8,243 11,842 13,025 15,125 16,373 17,037 18,805 20,137 21,533 25,963
Total Current Liabilities		 1,656 1,029 1,243 1,515 2,158 2,025 1,606 1,838 3,162 3,349 3,893
Short-Term Debt		 956 169 143 452 721 232 33 9.85 1,006 1,204 1,316
Accounts Payable		 401 582 719 757 761 845 879 1,005 1,187 1,193 1,350
Accrued Expenses		 103 145 220 179 302 301 187 281 398 387 564
Other Current Liabilities		 192 133 160 127 375 646 506 542 571 565 663
Total Noncurrent Liabilities		 5,955 7,214 10,599 11,510 12,967 14,348 15,431 16,967 16,975 18,184 22,070
Long-Term Debt		 4,277 5,180 8,317 9,439 9,599 10,306 11,571 12,752 12,725 14,007 17,596
Capital Lease Obligations		 1,287 1,411 1,620 1,441 0.00 3,093 3,097 3,417 3,454 3,417 3,491
Other Noncurrent Operating Liabilities		 390 623 662 630 3,368 949 763 798 796 760 983
Commitments & Contingencies		 0.00 0.00 - 0.00 - - - 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - - 0.00 25 25 25
Total Equity & Noncontrolling Interests		 2,745 4,366 6,850 7,219 8,840 10,634 10,882 11,506 12,489 13,527 14,153
Total Preferred & Common Equity		 2,745 4,366 6,850 7,219 8,841 10,634 10,882 11,506 12,489 13,528 14,156
Total Common Equity		 2,745 4,366 6,850 7,219 8,841 10,634 10,882 11,506 12,489 13,528 14,156
Common Stock		 4,839 7,414 10,121 10,751 12,697 15,028 15,985 17,320 18,596 20,895 21,642
Retained Earnings		 -1,577 -1,951 -2,340 -2,441 -2,777 -3,359 -3,905 -4,353 -4,761 -5,593 -6,103
Treasury Stock		 -7.37 -148 -146 -145 -144 -122 -112 -72 -56 -39 -24
Accumulated Other Comprehensive Income / (Loss)		 -509 -949 -785 -946 -935 -913 -1,086 -1,389 -1,290 -1,735 -1,359
Noncontrolling Interest		 - - - 0.00 -0.22 0.13 -0.32 -0.13 0.00 -1.00 -3.00

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets		 31,567 31,685 32,651 31,937 32,854 35,438 35,085 36,079 38,849 38,060 40,898
Total Current Assets		 3,744 3,885 3,568 3,167 3,729 5,055 5,447 5,505 6,550 4,966 5,346
Cash & Equivalents		 2,342 2,357 2,096 1,527 1,993 2,776 3,081 2,950 3,660 2,077 1,362
Short-Term Investments		 - - 0.00 - - 451 527 723 872 854 1,692
Accounts Receivable		 1,006 1,031 1,004 1,079 1,124 1,123 949 1,089 1,137 1,144 1,108
Other Current Assets		 396 497 468 561 612 705 890 743 881 891 1,184
Plant, Property, & Equipment, net		 17,267 17,371 18,601 18,511 18,614 19,665 19,249 20,017 21,207 21,897 24,169
Total Noncurrent Assets		 10,556 10,429 10,482 10,259 10,511 10,718 10,389 10,557 11,092 11,197 11,383
Goodwill		 5,732 5,589 5,737 5,621 5,622 5,768 5,504 5,633 5,982 5,945 5,931
Intangible Assets		 1,807 1,731 1,705 1,624 1,573 1,544 1,417 1,388 1,389 1,331 1,258
Other Noncurrent Operating Assets		 3,016 1,593 3,040 3,014 3,316 3,406 3,468 3,536 3,721 3,921 4,194
Total Liabilities & Shareholders' Equity		 31,567 31,685 32,651 31,937 32,854 35,438 35,085 36,079 38,849 38,060 40,898
Total Liabilities		 19,518 19,773 20,137 19,613 20,551 21,826 21,533 22,166 24,742 23,880 26,578
Total Current Liabilities		 1,854 1,894 3,162 2,891 3,068 4,370 3,349 3,327 4,241 3,069 4,538
Short-Term Debt		 148 8.21 1,006 1,006 1,146 2,203 1,204 1,204 1,913 716 1,892
Accounts Payable		 1,023 1,058 1,187 1,077 1,139 1,125 1,193 1,105 1,213 1,275 1,321
Accrued Expenses		 316 364 398 321 420 394 387 422 378 482 703
Other Current Liabilities		 367 464 571 487 363 648 565 596 737 596 622
Total Noncurrent Liabilities		 17,664 17,879 16,975 16,722 17,483 17,456 18,184 18,839 20,501 20,811 22,040
Long-Term Debt		 13,339 13,583 12,725 12,632 13,336 13,075 14,007 14,560 16,022 16,476 17,728
Capital Lease Obligations		 3,539 3,521 3,454 3,338 3,360 3,559 3,417 3,535 3,547 3,474 3,382
Other Noncurrent Operating Liabilities		 786 775 796 752 787 822 760 744 932 861 930
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		 25 25 25 25 25 25 25 25 25 25 25
Total Equity & Noncontrolling Interests		 12,024 11,887 12,489 12,299 12,278 13,587 13,527 13,888 14,082 14,155 14,295
Total Preferred & Common Equity		 12,024 11,887 12,489 12,299 12,278 13,588 13,528 13,889 14,084 14,157 14,298
Total Common Equity		 12,024 11,887 12,489 12,299 12,278 13,588 13,528 13,889 14,084 14,157 14,298
Common Stock		 17,909 18,051 18,596 18,779 18,915 20,069 20,895 21,186 21,324 21,503 21,858
Retained Earnings		 -4,533 -4,581 -4,761 -4,932 -5,048 -5,158 -5,593 -5,706 -5,811 -5,903 -6,193
Treasury Stock		 -64 -57 -56 -50 -48 -40 -39 -32 -30 -24 -24
Accumulated Other Comprehensive Income / (Loss)		 -1,288 -1,526 -1,290 -1,498 -1,541 -1,283 -1,735 -1,559 -1,399 -1,419 -1,343
Noncontrolling Interest		 -0.11 -0.33 0.00 - - -1.00 -1.00 -1.00 -2.00 -2.00 -3.00

Annual Metrics And Ratios for Equinix

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 11.54% 32.51% 20.94% 16.10% 9.67% 7.85% 10.62% 9.46% 12.74% 6.84% 5.36%
EBITDA Growth		 3.83% 35.17% 33.02% 18.43% 11.77% 0.15% 9.28% 6.34% 13.50% 1.34% 17.61%
EBIT Growth		 -0.52% 10.67% 45.90% 21.17% 20.78% -11.49% -0.22% 8.65% 24.63% -8.45% 40.43%
NOPAT Growth		 132.22% -12.29% 48.40% 25.49% 3.88% -11.88% 20.48% 12.22% 21.90% -10.88% 49.00%
Net Income Growth		 172.02% -32.47% 83.74% 56.82% 38.83% -27.04% 35.03% 41.08% 37.45% -16.00% 65.60%
EPS Growth		 164.72% -44.24% 67.60% 52.00% 31.36% -30.22% 32.30% 38.70% 34.42% -17.56% 61.88%
Operating Cash Flow Growth		 29.79% 13.92% 41.19% 26.14% 9.77% 15.91% 10.28% 16.32% 8.57% 0.99% 20.38%
Free Cash Flow Firm Growth		 84.50% -1,264.66% -30.79% 63.31% 192.73% -404.55% 95.58% -342.15% 26.35% 121.00% -2,340.41%
Invested Capital Growth		 13.11% 59.17% 49.37% 15.90% -3.68% 31.11% 4.92% 8.09% 7.43% 3.51% 16.74%
Revenue Q/Q Growth		 3.51% 6.24% 6.27% 2.21% 1.96% 2.51% 2.19% 2.32% 3.01% 1.75% 1.76%
EBITDA Q/Q Growth		 -2.30% 12.91% 7.91% 3.04% 3.93% -2.01% 2.49% 0.75% 3.67% -6.10% 17.43%
EBIT Q/Q Growth		 -6.89% 20.52% 7.46% 5.62% 6.21% -8.57% 1.73% 0.81% 6.84% -16.18% 21.12%
NOPAT Q/Q Growth		 176.32% 7.87% 2.90% 7.15% 2.80% -12.33% 4.91% 2.11% 6.85% -16.71% 20.76%
Net Income Q/Q Growth		 205.46% 67.32% 1.51% 13.98% 3.01% -16.64% 16.89% 0.89% 11.26% -22.84% 25.98%
EPS Q/Q Growth		 186.76% 73.79% -1.96% 13.43% 1.35% -17.88% 17.16% 0.39% 10.98% -23.35% 26.59%
Operating Cash Flow Q/Q Growth		 3.81% 6.86% 15.60% 3.64% -1.43% 7.27% 8.80% -4.27% 8.02% -0.54% 4.35%
Free Cash Flow Firm Q/Q Growth		 50.33% 16.96% -15.81% 15.30% -19.79% -564.76% 87.15% 66.99% 43.75% 111.41% -136.22%
Invested Capital Q/Q Growth		 9.95% -0.71% 3.70% 1.77% 4.28% 24.99% 15.48% 5.65% 3.51% -2.22% 4.51%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 52.62% 49.59% 49.80% 48.63% 49.48% 48.75% 47.67% 48.35% 48.36% 48.94% 51.09%
EBITDA Margin		 38.46% 39.23% 43.15% 44.02% 44.86% 41.66% 41.16% 39.98% 40.25% 38.18% 42.39%
Operating Margin		 20.81% 17.13% 18.52% 19.27% 21.03% 17.55% 16.70% 16.52% 17.62% 15.18% 20.05%
EBIT Margin		 18.59% 15.53% 18.73% 19.55% 21.53% 17.67% 15.94% 15.82% 17.49% 14.99% 19.97%
Profit (Net Income) Margin		 6.89% 3.51% 5.33% 7.20% 9.12% 6.17% 7.53% 9.71% 11.83% 9.31% 14.63%
Tax Burden Percent		 88.99% 79.32% 81.23% 84.37% 73.24% 71.69% 82.06% 85.04% 86.21% 83.49% 89.39%
Interest Burden Percent		 41.64% 28.50% 35.06% 43.68% 57.84% 48.71% 57.58% 72.15% 78.49% 74.37% 81.91%
Effective Tax Rate		 11.01% 28.43% 18.77% 15.63% 26.76% 28.31% 17.94% 14.96% 13.79% 16.51% 10.61%
Return on Invested Capital (ROIC)		 8.23% 5.25% 5.09% 4.93% 4.86% 3.78% 3.92% 4.13% 4.67% 3.95% 5.34%
ROIC Less NNEP Spread (ROIC-NNEP)		 -0.51% -1.23% -0.71% 0.19% 1.22% 0.02% 0.63% 1.80% 2.79% 1.99% 3.56%
Return on Net Nonoperating Assets (RNNOA)		 -0.74% -1.68% -0.93% 0.26% 1.45% 0.02% 0.73% 2.17% 3.40% 2.30% 4.39%
Return on Equity (ROE)		 7.49% 3.57% 4.15% 5.19% 6.32% 3.80% 4.65% 6.30% 8.07% 6.25% 9.72%
Cash Return on Invested Capital (CROIC)		 -4.07% -40.41% -34.51% -9.79% 8.62% -23.14% -0.88% -3.65% -2.50% 0.50% -10.11%
Operating Return on Assets (OROA)		 5.59% 4.88% 5.23% 5.09% 5.42% 4.16% 3.85% 3.95% 4.55% 3.87% 4.89%
Return on Assets (ROA)		 2.07% 1.10% 1.49% 1.88% 2.29% 1.45% 1.82% 2.42% 3.08% 2.40% 3.58%
Return on Common Equity (ROCE)		 7.49% 3.57% 4.15% 5.19% 6.32% 3.80% 4.65% 6.30% 8.06% 6.23% 9.71%
Return on Equity Simple (ROE_SIMPLE)		 6.84% 2.90% 3.40% 5.06% 5.74% 3.48% 4.59% 6.13% 7.76% 6.02% 0.00%
Net Operating Profit after Tax (NOPAT)		 505 443 657 825 857 755 909 1,021 1,244 1,109 1,652
NOPAT Margin		 18.52% 12.26% 15.04% 16.26% 15.40% 12.58% 13.71% 14.05% 15.19% 12.67% 17.92%
Net Nonoperating Expense Percent (NNEP)		 8.75% 6.47% 5.80% 4.75% 3.65% 3.76% 3.29% 2.33% 1.88% 1.96% 1.78%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 3.69% 4.19% 3.45% 4.52%
Cost of Revenue to Revenue		 47.38% 50.41% 50.20% 51.37% 50.52% 51.25% 52.33% 51.65% 51.64% 51.06% 48.91%
SG&A Expenses to Revenue		 18.10% 19.23% 17.07% 16.30% 16.81% 18.19% 19.62% 20.64% 20.20% 20.19% 19.96%
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		 31.81% 32.46% 31.28% 29.36% 28.45% 31.20% 30.97% 31.83% 30.74% 33.76% 31.04%
Earnings before Interest and Taxes (EBIT)		 507 561 818 991 1,197 1,060 1,058 1,149 1,432 1,311 1,841
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,048 1,417 1,885 2,233 2,495 2,499 2,731 2,904 3,296 3,340 3,907
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.34 5.05 4.56 3.54 5.18 5.59 6.63 5.06 5.93 6.73 5.31
Price to Tangible Book Value (P/TBV)		 10.06 33.40 588.84 515.16 23.39 19.86 20.20 14.73 14.68 13.77 10.97
Price to Revenue (P/Rev)		 5.38 6.11 7.15 5.04 8.23 9.90 10.88 8.02 9.05 10.40 8.16
Price to Earnings (P/E)		 78.13 173.99 134.09 69.93 90.19 160.64 144.34 82.62 76.48 111.63 55.72
Dividend Yield		 6.92% 2.81% 2.00% 2.87% 1.83% 1.60% 1.43% 1.97% 1.84% 1.81% 2.45%
Earnings Yield		 1.28% 0.57% 0.75% 1.43% 1.11% 0.62% 0.69% 1.21% 1.31% 0.90% 1.79%
Enterprise Value to Invested Capital (EV/IC)		 2.84 2.71 2.58 2.02 3.14 3.15 3.59 2.82 3.23 3.71 2.83
Enterprise Value to Revenue (EV/Rev)		 6.77 7.77 9.13 7.15 9.75 11.91 12.86 9.98 10.90 12.12 10.24
Enterprise Value to EBITDA (EV/EBITDA)		 17.61 19.80 21.15 16.25 21.72 28.58 31.26 24.97 27.07 31.74 24.17
Enterprise Value to EBIT (EV/EBIT)		 36.44 50.03 48.73 36.58 45.27 67.39 80.72 63.12 62.31 80.87 51.29
Enterprise Value to NOPAT (EV/NOPAT)		 36.57 63.37 60.68 43.98 63.28 94.62 93.87 71.06 71.72 95.63 57.16
Enterprise Value to Operating Cash Flow (EV/OCF)		 20.64 27.53 27.70 19.98 27.20 30.92 33.51 24.48 27.73 32.63 24.14
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 35.73 0.00 0.00 0.00 0.00 758.87 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.38 1.55 1.47 1.57 1.17 1.28 1.35 1.41 1.37 1.37 1.58
Long-Term Debt to Equity		 2.03 1.51 1.45 1.51 1.09 1.26 1.35 1.41 1.29 1.29 1.49
Financial Leverage		 1.45 1.37 1.30 1.38 1.19 1.05 1.16 1.21 1.22 1.16 1.23
Leverage Ratio		 3.62 3.23 2.79 2.77 2.75 2.62 2.55 2.60 2.62 2.60 2.71
Compound Leverage Factor		 1.51 0.92 0.98 1.21 1.59 1.27 1.47 1.88 2.06 1.93 2.22
Debt to Total Capital		 70.37% 60.76% 59.54% 61.09% 53.86% 56.18% 57.46% 58.44% 57.86% 57.89% 61.24%
Short-Term Debt to Total Capital		 10.32% 1.52% 0.85% 2.44% 3.76% 0.96% 0.13% 0.04% 3.39% 3.74% 3.60%
Long-Term Debt to Total Capital		 60.05% 59.24% 58.70% 58.65% 50.10% 55.22% 57.33% 58.40% 54.48% 54.15% 57.64%
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% 0.08% 0.07% 0.06%
Common Equity to Total Capital		 29.63% 39.24% 40.46% 38.91% 46.14% 43.82% 42.54% 41.56% 42.05% 42.04% 38.70%
Debt to EBITDA		 6.22 4.77 5.35 5.08 4.14 5.45 5.38 5.57 5.21 5.58 5.73
Net Debt to EBITDA		 3.62 4.23 4.58 4.80 3.38 4.81 4.82 4.91 4.58 4.50 4.91
Long-Term Debt to EBITDA		 5.31 4.65 5.27 4.87 3.85 5.36 5.37 5.57 4.91 5.22 5.40
Debt to NOPAT		 12.92 15.26 15.34 13.74 12.05 18.06 16.17 15.85 13.81 16.80 13.56
Net Debt to NOPAT		 7.52 13.54 13.13 13.00 9.85 15.93 14.48 13.99 12.13 13.55 11.61
Long-Term Debt to NOPAT		 11.02 14.88 15.12 13.19 11.21 17.75 16.13 15.84 13.01 15.72 12.77
Altman Z-Score		 1.55 1.86 1.85 1.42 2.09 2.38 2.77 2.08 2.41 2.76 1.94
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.10% 0.19% 0.17%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.97 1.43 1.81 1.00 1.33 1.29 1.84 1.80 1.13 1.63 1.32
Quick Ratio		 1.53 1.12 1.62 0.82 1.19 1.13 1.38 1.50 0.98 1.36 1.09
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -250 -3,410 -4,460 -1,636 1,517 -4,621 -204 -903 -665 140 -3,130
Operating Cash Flow to CapEx		 98.72% 351.62% 100.93% 87.11% 105.44% 107.52% 92.80% 130.18% 104.18% 102.95% 73.72%
Free Cash Flow to Firm to Interest Expense		 -0.83 -8.43 -8.19 -2.86 3.16 -8.37 -0.45 -2.54 -1.66 0.30 -5.95
Operating Cash Flow to Interest Expense		 2.99 2.52 2.64 3.17 4.15 4.18 5.65 8.32 8.00 6.87 7.44
Operating Cash Flow Less CapEx to Interest Expense		 -0.04 1.80 0.02 -0.47 0.21 0.29 -0.44 1.93 0.32 0.20 -2.65
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.30 0.31 0.28 0.26 0.25 0.24 0.24 0.25 0.26 0.26 0.25
Accounts Receivable Turnover		 9.83 10.50 8.98 8.41 8.43 8.78 9.77 9.45 8.81 8.96 9.45
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 0.56 0.53 0.50 0.48 0.00 0.00 0.45 0.46 0.46 0.43
Accounts Payable Turnover		 3.76 3.71 3.37 3.53 3.70 3.83 4.03 3.98 3.86 3.75 3.55
Days Sales Outstanding (DSO)		 37.13 34.77 40.63 43.41 43.29 41.56 37.36 38.63 41.44 40.74 38.61
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)		 97.04 98.49 108.26 103.38 98.54 95.31 90.61 91.66 94.61 97.24 102.95
Cash Conversion Cycle (CCC)		 -59.92 -63.72 -67.63 -59.97 -55.26 -53.76 -53.24 -53.04 -53.17 -56.49 -64.34
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 6,511 10,363 15,480 17,941 17,280 22,656 23,770 25,694 27,603 28,572 33,354
Invested Capital Turnover		 0.44 0.43 0.34 0.30 0.32 0.30 0.29 0.29 0.31 0.31 0.30
Increase / (Decrease) in Invested Capital		 755 3,853 5,117 2,461 -661 5,376 1,114 1,924 1,909 969 4,782
Enterprise Value (EV)		 18,466 28,060 39,872 36,271 54,206 71,422 85,361 72,519 89,221 106,022 94,424
Market Capitalization		 14,671 22,062 31,241 25,549 45,766 59,399 72,197 58,247 74,107 90,978 75,226
Book Value per Share		 $47.92 $61.16 $87.56 $89.80 $103.67 $119.35 $120.86 $124.34 $133.03 $140.20 $144.18
Tangible Book Value per Share		 $25.44 $9.25 $0.68 $0.62 $22.94 $33.56 $39.70 $42.73 $53.76 $68.47 $69.83
Total Capital		 9,266 11,125 16,930 18,552 19,160 24,266 25,582 27,684 29,699 32,180 36,581
Total Debt		 6,521 6,760 10,080 11,332 10,320 13,631 14,701 16,179 17,185 18,628 22,403
Total Long-Term Debt		 5,565 6,591 9,937 10,881 9,599 13,399 14,668 16,169 16,179 17,424 21,087
Net Debt		 3,795 5,998 8,630 10,722 8,440 12,022 13,164 14,272 15,089 15,020 19,176
Capital Expenditures (CapEx)		 906 290 1,426 2,084 1,890 2,148 2,745 2,276 3,088 3,156 5,305
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -162 -144 -291 -158 -444 -793 -152 -430 -684 -306 -679
Debt-free Net Working Capital (DFNWC)		 2,559 608 1,150 453 1,436 817 1,384 1,477 1,412 3,302 2,548
Net Working Capital (NWC)		 1,603 439 1,006 0.61 715 584 1,351 1,467 406 2,098 1,232
Net Nonoperating Expense (NNE)		 317 316 424 459 349 385 410 316 275 295 304
Net Nonoperating Obligations (NNO)		 3,766 5,998 8,630 10,722 8,440 12,022 12,888 14,188 15,089 15,020 19,176
Total Depreciation and Amortization (D&A)		 542 856 1,067 1,241 1,298 1,439 1,673 1,755 1,864 2,029 2,066
Debt-free, Cash-free Net Working Capital to Revenue		 -5.93% -3.99% -6.67% -3.12% -7.99% -13.21% -2.29% -5.92% -8.35% -3.50% -7.37%
Debt-free Net Working Capital to Revenue		 93.89% 16.83% 26.32% 8.92% 25.81% 13.62% 20.86% 20.33% 17.24% 37.75% 27.64%
Net Working Capital to Revenue		 58.80% 12.15% 23.04% 0.01% 12.85% 9.74% 20.36% 20.20% 4.96% 23.98% 13.37%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.25 $1.81 $3.03 $4.58 $6.03 $4.22 $5.57 $7.69 $10.35 $8.54 $13.79
Adjusted Weighted Average Basic Shares Outstanding		 57.79M 70.12M 76.85M 79.78M 84.14M 87.70M 89.77M 91.57M 93.62M 95.46M 97.88M
Adjusted Diluted Earnings per Share		 $3.21 $1.79 $3.00 $4.56 $5.99 $4.18 $5.53 $7.67 $10.31 $8.50 $13.76
Adjusted Weighted Average Diluted Shares Outstanding		 58.48M 70.82M 77.54M 80.20M 84.68M 88.41M 90.41M 91.83M 94.01M 95.83M 98.12M
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		 69.03M 71.64M 79.23M 80.87M 85.44M 89.29M 90.72M 92.74M 94.62M 97.33M 98.25M
Normalized Net Operating Profit after Tax (NOPAT)		 542 471 689 849 854 799 919 1,043 1,251 1,356 1,757
Normalized NOPAT Margin		 19.88% 13.03% 15.76% 16.73% 15.35% 13.32% 13.85% 14.36% 15.28% 15.50% 19.07%
Pre Tax Income Margin		 7.74% 4.43% 6.57% 8.54% 12.45% 8.61% 9.18% 11.41% 13.73% 11.15% 16.36%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.69 1.39 1.50 1.73 2.50 1.92 2.34 3.23 3.56 2.77 3.50
NOPAT to Interest Expense		 1.69 1.09 1.21 1.44 1.79 1.37 2.02 2.87 3.09 2.34 3.14
EBIT Less CapEx to Interest Expense		 -1.34 0.67 -1.12 -1.91 -1.44 -1.97 -3.74 -3.17 -4.12 -3.90 -6.59
NOPAT Less CapEx to Interest Expense		 -1.34 0.38 -1.41 -2.20 -2.15 -2.52 -4.07 -3.53 -4.59 -4.33 -6.95
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 277.71% 393.90% 266.76% 202.16% 164.84% 256.15% 208.70% 163.40% 141.90% 201.84% 137.69%
Augmented Payout Ratio		 277.71% 393.90% 266.76% 202.16% 164.84% 256.15% 208.70% 163.40% 141.90% 201.84% 137.69%

Quarterly Metrics And Ratios for Equinix

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 98,254,928.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 98,254,928.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 4.22
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 11.97% 12.79% 6.46% 6.93% 6.79% 7.16% 4.61% 4.49% 5.22% 7.03% 9.84%
EBITDA Growth		 10.75% 16.65% 4.10% 17.28% 10.68% -26.72% 6.97% 7.45% 7.77% 62.29% 18.48%
EBIT Growth		 14.88% 36.26% -8.67% 34.06% 15.20% -73.33% 30.45% 13.52% 9.72% 348.91% 23.77%
NOPAT Growth		 24.06% 41.62% -4.16% 33.89% 1.17% -75.21% 32.02% 18.70% 23.61% 395.25% 26.86%
Net Income Growth		 30.35% 75.53% -10.81% 45.41% 7.25% -106.17% 48.48% 21.93% 26.35% 1,985.71% 20.99%
EPS Growth		 27.39% 73.91% -12.27% 42.99% 5.80% -107.92% 44.03% 18.67% 22.90% 1,521.05% 20.00%
Operating Cash Flow Growth		 -4.30% 31.45% -13.58% 23.08% -3.44% -1.80% 35.28% 3.51% 33.77% 16.62% -11.37%
Free Cash Flow Firm Growth		 42.27% 5.82% 34.96% 34.88% -10.27% 44.58% -11.41% -135.87% -2.39% -393.36% -209.15%
Invested Capital Growth		 9.65% 7.43% 5.83% 5.31% 9.58% 3.51% 6.36% 10.32% 9.22% 16.74% 16.01%
Revenue Q/Q Growth		 2.08% 2.38% 0.80% 1.50% 1.95% 2.73% -1.59% 1.39% 2.66% 4.49% 0.99%
EBITDA Q/Q Growth		 7.12% -3.68% 9.22% 3.82% 1.08% -36.23% 59.83% 3.15% 13.05% -13.07% 16.39%
EBIT Q/Q Growth		 17.19% -8.00% 3.56% 19.83% 0.70% -78.70% 407.61% 4.28% -2.67% -12.87% 39.95%
NOPAT Q/Q Growth		 26.13% -18.12% 4.16% 24.23% -4.69% -79.94% 455.83% 11.70% -0.75% -19.63% 42.38%
Net Income Q/Q Growth		 33.33% -17.75% 1.66% 30.30% -1.66% -104.73% 2,550.00% 7.00% 1.91% -29.41% 57.20%
EPS Q/Q Growth		 32.58% -18.09% 1.25% 30.04% -1.90% -106.13% 1,942.11% 7.14% 1.60% -29.13% 55.56%
Operating Cash Flow Q/Q Growth		 5.94% 27.26% -40.12% 52.51% -16.89% 29.42% -17.53% 16.69% 7.42% 12.82% -37.33%
Free Cash Flow Firm Q/Q Growth		 -24.49% 18.74% 24.26% 14.99% -110.81% 59.16% -52.22% -79.99% 8.49% -96.78% 4.62%
Invested Capital Q/Q Growth		 -0.25% 3.51% 0.62% 1.36% 3.80% -2.22% 3.38% 5.14% 2.76% 4.51% 2.74%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 48.13% 48.25% 48.71% 49.88% 50.11% 47.10% 51.28% 51.95% 50.69% 50.50% 51.47%
EBITDA Margin		 40.90% 38.48% 41.80% 42.75% 42.39% 26.32% 42.74% 43.48% 47.88% 39.83% 45.91%
Operating Margin		 18.49% 16.40% 17.11% 20.19% 19.31% 4.56% 20.58% 21.90% 20.47% 17.44% 23.61%
EBIT Margin		 18.20% 16.35% 16.83% 19.87% 19.63% 4.07% 20.99% 21.59% 20.47% 17.07% 23.65%
Profit (Net Income) Margin		 13.39% 10.76% 10.86% 13.94% 13.45% -0.62% 15.42% 16.27% 16.15% 10.91% 16.98%
Tax Burden Percent		 93.24% 84.07% 83.39% 86.49% 84.57% 0.00% 87.50% 90.62% 93.73% 84.62% 88.11%
Interest Burden Percent		 78.93% 78.26% 77.37% 81.12% 81.02% 0.00% 83.94% 83.16% 84.18% 75.54% 81.49%
Effective Tax Rate		 6.76% 15.93% 16.61% 13.51% 15.43% 0.00% 12.50% 9.38% 6.27% 15.38% 11.89%
Return on Invested Capital (ROIC)		 5.37% 4.24% 4.39% 5.38% 5.02% 0.99% 5.56% 5.99% 5.68% 4.39% 6.15%
ROIC Less NNEP Spread (ROIC-NNEP)		 4.81% 3.80% 3.91% 4.88% 4.61% 0.42% 5.19% 5.50% 5.26% 3.85% 5.63%
Return on Net Nonoperating Assets (RNNOA)		 5.82% 4.63% 4.76% 6.12% 5.48% 0.49% 6.15% 6.83% 6.31% 4.75% 7.09%
Return on Equity (ROE)		 11.19% 8.87% 9.15% 11.51% 10.50% 1.48% 11.71% 12.83% 12.00% 9.14% 13.24%
Cash Return on Invested Capital (CROIC)		 -4.64% -2.50% -1.10% -0.34% -4.38% 0.50% -1.95% -5.49% -4.33% -10.11% -9.31%
Operating Return on Assets (OROA)		 4.74% 4.25% 4.43% 5.22% 5.03% 1.05% 5.46% 5.38% 5.04% 4.18% 5.80%
Return on Assets (ROA)		 3.49% 2.80% 2.86% 3.66% 3.45% -0.16% 4.01% 4.06% 3.98% 2.67% 4.16%
Return on Common Equity (ROCE)		 11.18% 8.86% 9.14% 11.48% 10.48% 1.48% 11.68% 12.80% 11.98% 9.12% 13.22%
Return on Equity Simple (ROE_SIMPLE)		 7.33% 0.00% 7.65% 8.43% 7.76% 0.00% 6.67% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 355 291 304 377 359 72 401 448 444 357 508
NOPAT Margin		 17.24% 13.79% 14.27% 17.47% 16.33% 3.19% 18.01% 19.84% 19.18% 14.76% 20.80%
Net Nonoperating Expense Percent (NNEP)		 0.57% 0.44% 0.49% 0.50% 0.42% 0.57% 0.37% 0.49% 0.42% 0.54% 0.53%
Return On Investment Capital (ROIC_SIMPLE)		 - 0.98% - - - 0.22% 1.21% 1.26% 1.28% 0.98% 1.36%
Cost of Revenue to Revenue		 51.87% 51.75% 51.29% 50.12% 49.89% 52.90% 48.72% 48.05% 49.31% 49.50% 48.53%
SG&A Expenses to Revenue		 19.60% 21.28% 20.87% 20.24% 19.72% 19.95% 19.69% 19.99% 20.29% 19.88% 18.17%
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		 29.65% 31.85% 31.59% 29.69% 30.80% 42.55% 30.70% 30.05% 30.22% 33.06% 27.86%
Earnings before Interest and Taxes (EBIT)		 375 345 358 429 432 92 467 487 474 413 578
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 843 812 889 923 933 595 951 981 1,109 964 1,122
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.60 5.93 6.23 5.82 6.20 6.73 5.71 5.52 5.41 5.31 6.74
Price to Tangible Book Value (P/TBV)		 14.57 14.68 15.17 14.05 13.43 13.77 11.56 11.59 11.14 10.97 13.55
Price to Revenue (P/Rev)		 8.37 9.05 9.22 8.45 9.80 10.40 8.97 8.70 8.46 8.16 10.21
Price to Earnings (P/E)		 76.42 76.48 81.47 69.01 79.79 111.63 85.61 78.28 71.57 55.72 67.73
Dividend Yield		 1.87% 1.84% 1.88% 2.15% 1.92% 1.81% 2.14% 2.25% 2.34% 2.45% 1.96%
Earnings Yield		 1.31% 1.31% 1.23% 1.45% 1.25% 0.90% 1.17% 1.28% 1.40% 1.79% 1.48%
Enterprise Value to Invested Capital (EV/IC)		 3.05 3.23 3.32 3.10 3.42 3.71 3.22 3.05 2.96 2.83 3.39
Enterprise Value to Revenue (EV/Rev)		 10.23 10.90 11.08 10.32 11.62 12.12 10.74 10.60 10.42 10.24 12.32
Enterprise Value to EBITDA (EV/EBITDA)		 25.58 27.07 27.66 25.18 28.09 31.74 27.93 27.32 28.38 24.17 28.49
Enterprise Value to EBIT (EV/EBIT)		 60.67 62.31 65.91 57.93 63.88 80.87 66.91 64.13 62.11 51.29 59.57
Enterprise Value to NOPAT (EV/NOPAT)		 69.85 71.72 74.81 65.80 75.05 95.63 78.65 74.05 69.02 57.16 66.07
Enterprise Value to Operating Cash Flow (EV/OCF)		 27.31 27.73 29.51 26.51 30.59 32.63 27.46 27.14 25.19 24.14 30.45
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 758.87 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.44 1.37 1.38 1.45 1.38 1.37 1.39 1.52 1.46 1.58 1.61
Long-Term Debt to Equity		 1.44 1.29 1.30 1.36 1.22 1.29 1.30 1.39 1.41 1.49 1.47
Financial Leverage		 1.21 1.22 1.22 1.25 1.19 1.16 1.18 1.24 1.20 1.23 1.26
Leverage Ratio		 2.65 2.62 2.60 2.65 2.63 2.60 2.59 2.72 2.64 2.71 2.73
Compound Leverage Factor		 2.09 2.05 2.01 2.15 2.13 0.00 2.18 2.26 2.23 2.05 2.22
Debt to Total Capital		 58.96% 57.86% 57.94% 59.19% 58.05% 57.89% 58.11% 60.36% 59.31% 61.24% 61.63%
Short-Term Debt to Total Capital		 0.03% 3.39% 3.43% 3.80% 6.79% 3.74% 3.63% 5.38% 2.05% 3.60% 5.07%
Long-Term Debt to Total Capital		 58.93% 54.48% 54.51% 55.39% 51.26% 54.15% 54.48% 54.99% 57.25% 57.64% 56.56%
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		 0.09% 0.08% 0.09% 0.08% 0.07% 0.07% 0.07% 0.06% 0.07% 0.06% 0.06%
Common Equity to Total Capital		 40.96% 42.05% 41.98% 40.73% 41.87% 42.04% 41.82% 39.57% 40.63% 38.70% 38.31%
Debt to EBITDA		 5.38 5.21 5.10 5.15 5.30 5.58 5.67 6.19 6.21 5.73 5.64
Net Debt to EBITDA		 4.64 4.58 4.64 4.57 4.39 4.50 4.59 4.88 5.33 4.91 4.89
Long-Term Debt to EBITDA		 5.38 4.91 4.79 4.82 4.68 5.22 5.32 5.64 6.00 5.40 5.17
Debt to NOPAT		 14.70 13.81 13.78 13.45 14.15 16.80 15.98 16.78 15.11 13.56 13.07
Net Debt to NOPAT		 12.67 12.13 12.54 11.94 11.73 13.55 12.93 13.24 12.97 11.61 11.33
Long-Term Debt to NOPAT		 14.69 13.01 12.96 12.58 12.50 15.72 14.98 15.29 14.58 12.77 11.99
Altman Z-Score		 2.18 2.30 2.44 2.20 2.42 2.64 2.29 2.02 2.05 1.83 2.26
Noncontrolling Interest Sharing Ratio		 0.11% 0.10% 0.10% 0.20% 0.19% 0.19% 0.19% 0.18% 0.17% 0.17% 0.16%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.05 1.13 1.10 1.22 1.16 1.63 1.65 1.54 1.62 1.32 1.18
Quick Ratio		 1.79 0.98 0.90 1.02 1.00 1.36 1.43 1.34 1.33 1.09 0.92
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,992 -1,618 -1,225 -1,042 -2,196 -897 -1,365 -2,457 -2,249 -4,425 -4,221
Operating Cash Flow to CapEx		 108.28% 81.42% 82.60% 179.17% 85.55% 94.60% 105.48% 88.14% 71.01% 56.11% 63.96%
Free Cash Flow to Firm to Interest Expense		 -19.53 -15.71 -11.67 -9.47 -18.77 -6.36 -11.19 -18.34 -17.57 -31.16 -28.52
Operating Cash Flow to Interest Expense		 7.70 9.70 5.70 8.29 6.48 6.96 6.63 7.04 7.92 8.06 4.84
Operating Cash Flow Less CapEx to Interest Expense		 0.59 -2.21 -1.20 3.66 -1.09 -0.40 0.34 -0.95 -3.23 -6.30 -2.73
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.26 0.26 0.26 0.26 0.26 0.26 0.26 0.25 0.25 0.25 0.25
Accounts Receivable Turnover		 8.79 8.81 8.35 7.94 7.98 8.96 8.16 7.91 7.99 9.45 8.59
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		 0.49 0.46 0.47 0.47 0.46 0.46 0.46 0.45 0.44 0.43 0.43
Accounts Payable Turnover		 4.15 3.86 4.29 4.01 4.00 3.75 4.09 3.79 3.76 3.55 3.80
Days Sales Outstanding (DSO)		 41.55 41.44 43.72 45.97 45.72 40.74 44.73 46.14 45.68 38.61 42.49
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)		 88.03 94.61 85.07 91.05 91.33 97.24 89.29 96.20 97.20 102.95 96.04
Cash Conversion Cycle (CCC)		 -46.48 -53.17 -41.35 -45.08 -45.61 -56.49 -44.56 -50.06 -51.53 -64.34 -53.55
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 26,666 27,603 27,773 28,152 29,222 28,572 29,539 31,057 31,915 33,354 34,268
Invested Capital Turnover		 0.31 0.31 0.31 0.31 0.31 0.31 0.31 0.30 0.30 0.30 0.30
Increase / (Decrease) in Invested Capital		 2,347 1,909 1,529 1,419 2,556 969 1,766 2,905 2,693 4,782 4,729
Enterprise Value (EV)		 81,321 89,221 92,148 87,311 99,910 106,022 95,010 94,785 94,409 94,424 116,283
Market Capitalization		 66,541 74,107 76,674 71,437 84,276 90,978 79,360 77,812 76,651 75,226 96,313
Book Value per Share		 $127.04 $133.03 $129.92 $129.37 $143.11 $140.20 $142.70 $143.98 $144.66 $144.18 $145.52
Tangible Book Value per Share		 $48.81 $53.76 $53.39 $53.56 $66.10 $68.47 $70.56 $68.63 $70.31 $69.83 $72.35
Total Capital		 29,024 29,699 29,300 30,145 32,449 32,180 33,212 35,589 34,846 36,581 37,322
Total Debt		 17,112 17,185 16,976 17,842 18,837 18,628 19,299 21,482 20,666 22,403 23,002
Total Long-Term Debt		 17,104 16,179 15,970 16,696 16,634 17,424 18,095 19,569 19,950 21,087 21,110
Net Debt		 14,755 15,089 15,449 15,849 15,610 15,020 15,626 16,950 17,735 19,176 19,948
Capital Expenditures (CapEx)		 725 1,227 724 509 886 1,037 767 1,071 1,428 2,039 1,121
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -358 -684 -245 -186 -339 -306 -291 -310 -318 -679 -354
Debt-free Net Working Capital (DFNWC)		 2,000 1,412 1,282 1,807 2,888 3,302 3,382 4,222 2,613 2,548 2,700
Net Working Capital (NWC)		 1,992 406 276 661 685 2,098 2,178 2,309 1,897 1,232 808
Net Nonoperating Expense (NNE)		 79 64 73 76 63 86 58 81 70 93 93
Net Nonoperating Obligations (NNO)		 14,755 15,089 15,449 15,849 15,610 15,020 15,626 16,950 17,735 19,176 19,948
Total Depreciation and Amortization (D&A)		 468 467 531 494 501 503 484 494 635 551 544
Debt-free, Cash-free Net Working Capital to Revenue		 -4.50% -8.35% -2.95% -2.20% -3.94% -3.50% -3.29% -3.47% -3.51% -7.37% -3.75%
Debt-free Net Working Capital to Revenue		 25.16% 17.24% 15.41% 21.37% 33.59% 37.75% 38.23% 47.21% 28.85% 27.64% 28.61%
Net Working Capital to Revenue		 25.06% 4.96% 3.32% 7.82% 7.97% 23.98% 24.62% 25.82% 20.94% 13.37% 8.56%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.94 $2.42 $2.44 $3.17 $3.11 ($0.18) $3.52 $3.76 $3.82 $2.69 $4.22
Adjusted Weighted Average Basic Shares Outstanding		 93.68M 93.62M 94.67M 94.92M 95.39M 95.46M 97.51M 97.84M 97.98M 97.88M 98.39M
Adjusted Diluted Earnings per Share		 $2.93 $2.40 $2.43 $3.16 $3.10 ($0.19) $3.50 $3.75 $3.81 $2.70 $4.20
Adjusted Weighted Average Diluted Shares Outstanding		 94.17M 94.01M 95.16M 95.17M 95.73M 95.83M 97.89M 98.05M 98.17M 98.12M 98.73M
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		 93.88M 94.62M 94.91M 94.94M 96.49M 97.33M 97.82M 97.86M 98.19M 98.25M 98.62M
Normalized Net Operating Profit after Tax (NOPAT)		 351 296 305 364 365 120 415 453 455 376 505
Normalized NOPAT Margin		 17.01% 14.03% 14.35% 16.87% 16.60% 5.33% 18.64% 20.08% 19.63% 15.52% 20.66%
Pre Tax Income Margin		 14.36% 12.80% 13.02% 16.12% 15.90% 0.00% 17.62% 17.95% 17.23% 12.89% 19.27%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.68 3.35 3.41 3.90 3.69 0.65 3.83 3.63 3.70 2.91 3.91
NOPAT to Interest Expense		 3.48 2.82 2.89 3.43 3.07 0.51 3.28 3.34 3.47 2.51 3.44
EBIT Less CapEx to Interest Expense		 -3.43 -8.56 -3.49 -0.73 -3.88 -6.70 -2.46 -4.36 -7.45 -11.45 -3.67
NOPAT Less CapEx to Interest Expense		 -3.62 -9.09 -4.00 -1.20 -4.50 -6.84 -3.00 -4.65 -7.69 -11.84 -4.14
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 144.63% 141.90% 155.18% 149.20% 154.71% 201.84% 183.48% 176.81% 168.97% 137.69% 134.30%
Augmented Payout Ratio		 144.63% 141.90% 155.18% 149.20% 154.71% 201.84% 183.48% 176.81% 168.97% 137.69% 134.30%

Financials Breakdown Chart

Key Financial Trends

Equinix (NASDAQ: EQIX) has demonstrated a pattern of revenue growth, improving gross margins, and solid cash generation from operations in 2025, backed by continued capital expenditure to expand data center capacity. Below is a concise, bulleted trend view drawn from the latest four years of quarterly statements.

  • Revenue growth and solid profitability: Operating revenue rose through 2025, reaching about $2.42 billion in Q4 2025, up from roughly $2.26 billion in Q4 2024, with gross profit strengthening accordingly (about 50% gross margin in Q4 2025 versus the mid-40s to high-40s in prior periods).
  • Rising operating cash flow: Net cash from continuing operating activities increased across 2025, with Q4 2025 at approximately $1.144 billion, up from earlier quarters in the year, signaling improving cash generation from operations.
  • Healthy near-term liquidity: The company maintains robust liquidity, with current assets exceeding current liabilities (example: total current assets around $4.9–5.0 billion vs. total current liabilities near $3.1 billion in recent periods), implying a solid short-term balance-sheet position.
  • Access to financing for growth: Net cash from financing activities remained positive in late 2025, supporting ongoing capital expenditures for capacity expansion without immediate liquidity concerns.
  • Capex intensity indicating expansion: Capital expenditures for property, plant and equipment remain high (e.g., ~$2.0 billion in Q4 2025), reflecting aggressive capacity growth but contributing to negative near-term free cash flow.
  • Quarterly earnings volatility: Net income and earnings per share fluctuated quarter-to-quarter (e.g., Q3 2025 vs. Q4 2025), driven in part by non-operating items and timing of charges, making short-term earnings less predictable.
  • Debt levels and funding mix: Long-term debt sits at elevated levels (recently around $16–17 billion), underlining reliance on debt financing to fund growth and capex, which can affect interest expense and leverage metrics.
  • Net income pressure in Q4 2025: Net income attributable to common shareholders declined in Q4 2025 relative to Q3 2025 (approximately $265 million vs. $374 million), contributing to softer quarterly earnings despite higher revenue.
  • High capex driving negative near-term free cash flow: Despite positive CFO, large purchases of PP&E and investments contributed to negative free cash flow in several quarters (e.g., substantial capex in 2025), indicating ongoing heavy investment rather than immediate free-cash-flow generation.
  • Debt burden and interest costs: Interest expense remained a material line item (e.g., around $142 million in Q4 2025), reflecting a sizable debt load that weighs on quarterly profitability and raises the importance of continued earnings quality and cash flow.
05/07/26 03:35 PM ETAI Generated. May Contain Errors.

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 2025 ended on December 31, 2025.

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 $1.35 billion in 2025, rising from $187.77 million in 2015. The previous period was $814 million in 2024. 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 2025 was $1.85 billion, based on the following breakdown:
  • Total Gross Profit: $4.71 billion
  • Total Operating Expenses: $2.86 billion
How has Equinix's revenue changed over the last 10 years?

Over the last 10 years, Equinix's total revenue changed from $2.73 billion in 2015 to $9.22 billion in 2025, a change of 238.1%.

How much debt does Equinix have?

Equinix's total liabilities were at $25.96 billion at the end of 2025, a 20.6% increase from 2024, and a 241.1% increase since 2015.

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 $1.73 billion as of their latest financial filing in 2025.

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 47.92 in 2015 to 144.18 in 2025, a change of 200.8%.


Related Companies

Financial statements for NASDAQ:EQIX last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners
SpaceX eyes a 1.75 trillion valuation - here's what to know
Elon Musk's team has quietly filed confidential paperwork with the SEC for what Bloomberg estimates could be a...
Brownstone Research | Sponsoredtc pixel
Iran's New Leader Just Said Something That Should Terrify Every American
Iran's Supreme Leader has declared the Strait of Hormuz closed as leverage against the U.S. - and with 40% of ...
American Alternative | Sponsoredtc pixel
Your book attached
Your Download Link (Expiring) If you still haven't downloaded the free Simple Options Trading For Beginners...
Profits Run | Sponsoredtc pixel
My feud with Zohran Mamdani
Emmy-winning analyst releases his next big story Whitney Tilson shocked the nation on 60 Minutes when he ac...
Stansberry Research | Sponsoredtc pixel
The $1.75T "Backdoor" ticker (NOT Starlink)
When the SpaceX IPO launches, most investors will already be too late. The real opportunity isn't the IPO itse...
Behind the Markets | Sponsoredtc pixel
Sell 99% of Your Stocks, Do THIS Instead…
Millionaire Trader Exposes: "The Single Stock Income Plan" With over 6,000 stocks on the market to choose ...
The Oxford Club | Sponsoredtc pixel
Trade this between 9:30 and 10:45 am EST
The first 75 minutes of the trading day may be the most overlooked window for consistent opportunities.If you ...
Base Camp Trading | Sponsoredtc pixel
Iran War Shock: What I Was Told In That Private Meeting
You’re Being LIED To About The Iran War Forget EVERYTHING you’ve heard about the Iran war. Especially th...
Banyan Hill Publishing | Sponsoredtc pixel