EQUINIX INC

Listed Company

EQIXCIK 0001101239NasdaqLarge AcceleratedReal Estate Investment TrustsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$9.22B

Net Income

$1.35B

Total Assets

$40.14B

Equity

$14.16B

Shares Out

98.62M

Op. Cash Flow

$3.91B

Business

EQUINIX INC is a global digital infrastructure company that operates a platform enabling organizations to colocate, interconnect and scale digital infrastructure to support cloud, network and application workloads. It offers carrier-neutral IBX and hyperscale xScale data center solutions, interconnection products (including Equinix Fabric, Cross Connects and Internet Exchange), colocation modules, managed services and professional implementation and monitoring tools. The company reports operations by three geographic segments—Americas, EMEA and Asia‑Pacific—and develops hyperscale capacity through joint ventures. It serves customers worldwide through a direct sales force, channel partners and regional offices with global customer care.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	9,217	8,748	8,188	7,263	6,636
Cost of revenues	4,508	4,467	4,228	3,751	3,472
Sales and marketing	903	891	855	787	741
General and administrative	1,840	1,766	1,654	1,499	1,302
Restructuring and other exit charges	33	31	0	0	—
Transaction costs	18	50	13	22	23
Impairment charges	68	233	0	0	—
(Gain) loss on asset sales	−1	−18	−5	4	−11
Total costs and operating expenses	7,369	7,420	6,745	6,063	5,527
Income from operations	1,848	1,328	1,443	1,200	1,108
Interest income	193	137	94	36	3
Interest expense	−527	−457	−402	−356	—
Other income (expense)	−7	−17	−11	−51	−51
Gain (loss) on debt extinguishment	1	−16	0	0	−115
Income before income taxes	1,508	975	1,124	829	609
Income tax expense	−160	−161	−155	−124	−109
Net income	1,348	814	969	705	500
Net (income) loss attributable to non-controlling interests	2	1	0	0	463,000
Net income attributable to common stockholders	1,350	815	969	705	500
Basic EPS (in dollars per share)	13.79	8.54	10.35	7.69	5.57
Weighted-average shares used to calculate basic EPS (in shares)	98	95	94	92	90
Diluted EPS (in dollars per share)	13.76	8.5	10.31	7.67	5.53
Weighted-average shares used to calculate diluted EPS (in shares)	98	96	94	92	90

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,727	3,081	2,096	1,906	1,536
Short-term investments	1,500	527	0	—	0
Accounts receivable, net of allowance of $16 and $19	1,001	949	1,004	855	682
Other current assets	897	890	468	459	463
Total current assets	5,125	5,447	3,568	3,305	2,957
Property, plant and equipment, net	23,584	19,249	18,601	16,650	15,446
Operating lease right-of-use assets	1,392	1,419	1,449	1,428	1,282
Goodwill	5,984	5,504	5,737	5,654	5,372
Intangible assets, net	1,316	1,417	1,705	1,898	1,936
Other assets	2,740	2,049	1,591	1,376	926
Total assets	40,141	35,085	32,651	30,311	27,919
Accounts payable and accrued expenses	1,350	1,193	1,187	1,005	879
Accrued property, plant and equipment	564	387	398	—	—
Current portion of operating lease liabilities	155	144	131	140	144
Current portion of finance lease liabilities	168	189	138	151	148
Current portion of mortgage and loans payable	17	5	8	10	33
Current portion of senior notes	1,299	1,199	998	0	0
Other current liabilities	340	232	302	251	215
Total current liabilities	3,893	3,349	3,162	1,838	1,606
Operating lease liabilities, less current portion	1,304	1,331	1,331	1,273	1,107
Finance lease liabilities, less current portion	2,187	2,086	2,123	2,144	1,990
Mortgage and loans payable, less current portion	686	644	663	643	587
Senior notes, less current portion	16,910	13,363	12,062	12,110	10,984
Other liabilities	983	760	796	798	763
Total liabilities	25,963	21,533	20,137	18,805	17,037
Commitments and contingencies (Note 14)	—	—	—	—	—
Redeemable non-controlling interest	25	25	25	0	—
Common stock, $0.001 par value per share: 300,000 shares authorized; 98,288 issued and 98,226 outstanding in 2025 and 97,390 issued and 97,287 outstanding in 2024	0	0	0	93,000	91,000
Additional paid-in capital	21,642	20,895	18,596	17,320	15,985
Treasury stock, at cost; 62 shares in 2025 and 103 shares in 2024	−24	−39	−56	−72	−112
Accumulated dividends	−12,202	−10,342	−8,695	−7,318	−6,165
Accumulated other comprehensive loss	−1,359	−1,735	−1,290	−1,389	−1,086
Retained earnings	6,099	4,749	3,934	2,965	2,260
Total common stockholders' equity	14,156	13,528	12,489	11,506	10,882
Non-controlling interests	−3	−1	0	−134,000	−318,000
Total stockholders' equity	14,153	13,527	12,489	11,506	10,883
Total liabilities, redeemable non-controlling interest and stockholders' equity	40,141	35,085	32,651	30,311	27,919

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, amortization and accretion	2,066	2,011	1,844	—	—
Stock-based compensation	498	462	407	404	364
Other operating activities	33	87	79	63	29
Accounts receivable	−40	27	−150	−154	−2
Income taxes, net	−78	−9	4	−8	−17
Operating lease right-of-use assets	161	150	139	149	—
Operating lease liabilities	−156	−153	−128	−133	−178
Accounts payable and accrued expenses	25	95	161	114	65
Other assets and liabilities	−13	−450	−103	—	—
Net cash provided by operating activities	3,911	3,249	3,217	2,963	2,547
Purchases of equity investments	−60	−98	−136	−145	—
Distributions from equity investments	59	11	0	0	—
Purchases of short-term investments	−1,967	−520	0	0	—
Maturity of short-term investments	1,005	0	0	—	—
Business acquisitions, net of cash and restricted cash acquired	−251	0	0	−964	−158
Real estate acquisitions	−994	−337	−384	−248	−202
Purchases of other property, plant and equipment	−4,311	−3,066	−2,781	−2,278	−2,752
Proceeds from sale of assets, net of cash transferred	0	247	77	250	209
Settlement of foreign currency hedges	104	83	0	0	—
Investment in loan receivable	−69	−261	0	0	—
Loan receivable upfront fee	0	4	0	0	—
Net cash used in investing activities	−6,484	−3,937	−3,224	−3,363	−3,007
Proceeds from employee equity awards	95	91	87	82	78
Payment of dividends	−1,856	−1,643	−1,375	−1,152	−1,043
Proceeds from public offering of common stock, net of issuance costs	99	1,673	734	796	498
Proceeds from senior notes, net of debt discounts	4,311	2,768	902	1,194	3,879
Repayments of finance lease liabilities	−155	−140	−149	−134	−166
Contribution from non-controlling interest	4	4	25	0	0
Repayment of senior notes	−1,200	−1,000	0	0	−1,991
Other financing activities	−26	−30	−13	—	—
Net cash provided by financing activities	1,272	1,723	211	857	414
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash	43	−49	−16	−98	−30
Net increase (decrease) in cash, cash equivalents and restricted cash	−1,258	986	188	359	−76
Cash paid for taxes, net	207	185	153	140	134
Cash paid for interest, net of amounts capitalized	448	486	445	412	426

Filings

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