Equinix
EQIX · NasdaqReal Estate Investment Trusts · Fiscal year ends Dec 31
Equinix reported revenue of $9.2B in the fiscal year ended Dec 2025, up 5.4% from the year before. Operating income was $1.8B, an operating margin of 20.0%, and net income was $1.4B. Operating cash flow of $3.9B less capital expenditure of $4.3B left free cash flow of −$400M. Net debt was $258M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6.6B | $7.3B | $8.2B | $8.7B | $9.2B |
| Cost of revenue | $3.5B | $3.8B | $4.2B | $4.5B | $4.5B |
| Gross profit | $3.2B | $3.5B | $4B | $4.3B | $4.7B |
| Operating income | $1.1B | $1.2B | $1.4B | $1.3B | $1.8B |
| Interest expense | $336M | $356M | $402M | $457M | $527M |
| Pre-tax income | $609M | $829M | $1.1B | $975M | $1.5B |
| Income tax | $109M | $124M | $155M | $161M | $160M |
| Net income | $500M | $705M | $969M | $815M | $1.4B |
| Diluted EPS | 5.53 | 7.67 | 10.31 | 8.50 | 13.76 |
| Diluted shares | 90M | 92M | 94M | 96M | 98M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.5B | $1.9B | $2.1B | $3.1B | $1.7B |
| Receivables | $682M | $855M | $1B | $949M | $1B |
| Current assets | $3B | $3.3B | $3.6B | $5.4B | $5.1B |
| Net PP&E | $15.4B | $16.6B | $18.6B | $19.2B | $23.6B |
| Goodwill | $5.4B | $5.7B | $5.7B | $5.5B | $6B |
| Total assets | $27.9B | $30.3B | $32.7B | $35.1B | $40.1B |
| Payables | $84M | $116M | $162M | $133M | $127M |
| Deferred revenue | $110M | $132M | $125M | $123M | $133M |
| Current liabilities | $1.6B | $1.8B | $3.2B | $3.3B | $3.9B |
| Short-term debt | – | – | $998M | $1.2B | $1.3B |
| Long-term debt | $11.7B | $12.9B | $13.8B | $15.3B | $686M |
| Total liabilities | $17B | $18.8B | $20.1B | $21.5B | $26B |
| Shareholders' equity | $10.9B | $11.5B | $12.5B | $13.5B | $14.2B |
| Backlog (remaining obligations) | $9.1B | $10.1B | $10.1B | $11B | $13.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.5B | $3B | $3.2B | $3.2B | $3.9B |
| Capital expenditure | $2.8B | $2.3B | $2.8B | $3.1B | $4.3B |
| Free cash flow | −$204M | $685M | $436M | $183M | −$400M |
| Depreciation & amortisation | $1.7B | $1.7B | $1.8B | $2B | $2.1B |
| Stock-based compensation | $364M | $404M | $407M | $462M | $498M |
| Acquisitions | $158M | $964M | $0 | $0 | $251M |
| Dividends paid | $1B | $1.2B | $1.4B | $1.6B | $1.9B |
| Dividend per share | 11.48 | 12.40 | 14.49 | 17.04 | 18.76 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.5% | 12.7% | 6.8% | 5.4% |
| Operating income growth (YoY) | – | 8.3% | 20.3% | −8.0% | 39.2% |
| EPS growth (YoY) | – | 38.7% | 34.4% | −17.6% | 61.9% |
| Gross margin | 47.7% | 48.4% | 48.4% | 48.9% | 51.1% |
| Operating margin | 16.7% | 16.5% | 17.6% | 15.2% | 20.0% |
| Net margin | 7.5% | 9.7% | 11.8% | 9.3% | 14.6% |
| Return on equityBlank when equity is negative | 4.6% | 6.1% | 7.8% | 6.0% | 9.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.2% | 4.2% | 4.9% | 4.2% | 5.1% |
| Free cash flow margin | −3.1% | 9.4% | 5.3% | 2.1% | −4.3% |
| Cash conversion (CFO ÷ net income) | 5.09x | 4.20x | 3.32x | 3.99x | 2.90x |
| Receivable days | 38 | 43 | 45 | 40 | 40 |
| Payable days | 9 | 11 | 14 | 11 | 10 |
| Interest cover | 3.30x | 3.37x | 3.59x | 2.91x | 3.51x |
| Debt ÷ equity | 1.08x | 1.12x | 1.19x | 1.22x | 0.14x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $10.2B | $11B | $12.7B | $13.5B | $258M |
| Current ratio | 1.84x | 1.80x | 1.13x | 1.63x | 1.32x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.