Overview
EQUINIX INC
Latest 10-K: FY2025, filed Feb 11, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $9.22B
- 5.4%YoYup from FY2024
- TotalRevenue
- Gross profit
- $4.71B
- 10.0%YoYup from FY2024
- GrossProfit
- Operating income
- $1.85B
- 39.2%YoYup from FY2024
- OperatingIncome
- Net income
- $1.35B
- 65.6%YoYup from FY2024
- NetIncome
- Diluted EPS
- $13.76
- 61.9%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 98.1M
- 2.4%YoYup from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- EQUINIX INC reported revenue of $9.22B for fiscal 2025, up 5.4% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 2 of the last 5 fiscal years.
Profitability
- Operating margin was 20.0% and net margin was 14.6%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $13.76, up 61.9% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $9.22B5.4%up Benchmark median 6.4% | $8.75B6.8%up Benchmark median 4.5% | $8.19B12.7%up Benchmark median 4.8% | $7.26B9.5%up Benchmark median 10.3% | $6.64B10.6%up Benchmark median 13.8% | 8.6% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $4.71B10.0%up Benchmark median 6.8% | $4.28B8.1%up Benchmark median 5.5% | $3.96B12.8%up Benchmark median 5.2% | $3.51B11.0%up Benchmark median 8.3% | $3.16B8.2%up Benchmark median 15.7% | 10.5% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $1.85B39.2%up Benchmark median 7.3% | $1.33B8.0%down Benchmark median 7.4% | $1.44B20.2%up Benchmark median 4.9% | $1.20B8.3%up Benchmark median 7.5% | $1.11B5.2%up Benchmark median 23.5% | 13.6% Benchmark median 7.2% |
| Net Income | $1.35B65.6%up Benchmark median 4.8% | $0.81B15.9%down Benchmark median 5.7% | $0.97B37.4%up Benchmark median 1.9% | $0.70B40.9%up Benchmark median 1.3% | $0.50B35.3%up Benchmark median 33.9% | 28.2% Benchmark median 4.1% |
| EPS (Diluted) | $13.7661.9%up Benchmark median 6.2% | $8.5017.6%down Benchmark median 7.9% | $10.3134.4%up Benchmark median 1.9% | $7.6738.7%up Benchmark median 1.5% | $5.5332.3%up Benchmark median 34.8% | 25.6% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $40.14B14.4%up Benchmark median 5.6% | $35.09B7.5%up Benchmark median 3.4% | $32.65B7.7%up Benchmark median 4.1% | $30.31B8.6%up Benchmark median 2.2% | $27.92B3.4%up Benchmark median 6.7% | 9.5% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $25.96B20.6%up Benchmark median 6.4% | $21.53B6.9%up Benchmark median 1.9% | $20.14B7.1%up Benchmark median 2.9% | $18.80B10.4%up Benchmark median 2.0% | $17.04B4.1%up Benchmark median 5.2% | 11.1% Benchmark median 4.4% |
| Stockholders' Equity | $14.15B4.6%up Benchmark median 6.8% | $13.53B8.3%up Benchmark median 5.4% | $12.49B8.5%up Benchmark median 7.3% | $11.51B5.7%up Benchmark median 2.5% | $10.88B2.3%up Benchmark median 9.0% | 6.8% Benchmark median 6.1% |
| Cash & Equivalents | $1.73B43.9%down Benchmark median 5.2% | $3.08B47.0%up Benchmark median 1.9% | $2.10B10.0%up Benchmark median 6.7% | $1.91B24.1%up Benchmark median -8.6% | $1.54B4.3%down Benchmark median -2.9% | 3.0% Benchmark median 2.0% |
| Total Debt | $1.30B†91.5%down Benchmark median 2.1% | $15.33B†10.8%up Benchmark median 0.2% | $13.84B†7.5%up Benchmark median 0.3% | $12.88B†9.9%up Benchmark median 0.1% | $11.72B†10.2%up Benchmark median -0.1% | -42.3% Benchmark median 4.3% |
† Sum of short-term and long-term debt; the company files no total-debt line.
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.91B20.4%up Benchmark median 6.3% | $3.25B1.0%up Benchmark median 4.8% | $3.22B8.6%up Benchmark median 9.9% | $2.96B16.3%up Benchmark median -0.7% | $2.55B10.3%up Benchmark median 10.7% | 11.3% Benchmark median 7.0% |
| Capital Expenditures | $4.31B40.6%up Benchmark median 5.4% | $3.07B10.2%up Benchmark median 2.8% | $2.78B22.1%up Benchmark median 11.3% | $2.28B17.2%down Benchmark median 14.0% | $2.75B20.5%up Benchmark median 8.1% | 11.9% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | negative: -$400.00M318.6%down Benchmark median 7.3% | $183.00M58.0%down Benchmark median 6.1% | $436.00M36.4%down Benchmark median 8.8% | $685.00Mn/m Benchmark median -11.3% | negative: -$204.31M847.8%down Benchmark median 10.2% | n/m Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
1.8%
Wall Street
on net earnings
FY2024 0.9%
negative: −0.5%
Value investor
on free cash flow
FY2024 0.2%
Gap −2.3 pts: Value-investor figure 2.3 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 55.7×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
5.3%
Wall Street
on EBITDA
FY2024 3.3%
2.5%
Value investor
on EBIT
FY2024 1.3%
Gap −2.8 pts: Value-investor figure 2.8 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 18.7×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
18.8%
Wall Street
on book equity
FY2024 15.0%
10.9%
Value investor
on tangible book
FY2024 8.9%
Gap −7.9 pts: Value-investor figure 7.9 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 5.3×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
9.8%
Wall Street
ROE: net income ÷ equity
FY2024 6.3%
4.8%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 3.8%
Gap −5.0 pts: Value-investor figure 5.0 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
42.5%
Wall Street
EBITDA margin
FY2024 38.2%
negative: −4.3%
Value investor
Free-cash-flow margin
FY2024 2.1%
Gap −46.8 pts: Value-investor figure 46.8 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
1.32×
Wall Street
Current ratio
FY2024 1.63×
1.32×
Value investor
Quick ratio, inventory excluded
FY2024 1.63×
Gap Same: Both views read the same
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
3.01×
Wall Street
EBITDA ÷ total debt
FY2024 0.22×
negative: −0.31×
Value investor
FCF ÷ total debt
FY2024 0.01×
Gap −3.32×: Value-investor figure 3.32 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net cashValue investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
7.4×
Wall Street
EBITDA ÷ interest
FY2024 7.3×
3.5×
Value investor
EBIT ÷ interest
FY2024 2.9×
Gap −3.9×: Value-investor figure 3.9 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on EQIX yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on EQIX and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/EQIX
Valuein. (2026, October 31). EQUINIX INC (EQIX) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/EQIX
@misc{valuein_eqix_2026,
author = {{Valuein}},
title = {EQUINIX INC (EQIX) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/EQIX}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Feb 11, 2026 · accession 0001101239-26-000032
Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.
point-in-time · survivorship-free · every number traceable to its SEC filing
Index names are trademarks of their owners; Valuein is not affiliated with or endorsed by any index provider.