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Equinix EQIX · USD

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Equinix annual report

Filed with the US Securities and Exchange Commission

10-K

The latest annual report covers the year to 31 Dec 2025, filed on 11 Feb 2026.

Read the 10-K on SEC.gov ↗

Five-year highlights

In USD.

FY2025FY2024FY2023FY2022FY2021
Revenue$9.26bn$8.75bn$8.19bn$7.26bn$6.64bn
Operating income$1.85bn$1.43bn$1.44bn$1.19bn$945.0m
Net income$1.35bn$815.0m$969.2m$704.3m$500.2m
Free cash flow−$400.0m$183.0m$562.1m$685.2m−$204.3m
Total assets$40.14bn$35.09bn$32.65bn$30.31bn$27.92bn
Shareholders' equity$14.16bn$13.55bn$12.51bn$11.51bn$10.88bn

Revenue by business

Year to 31 Dec 2025

  • Recurring revenues $8.74bn · 94.8%
  • Non-recurring revenues $478.0m · 5.2%

Revenue by region

Year to 31 Dec 2025

  • U.S. $3.60bn · 39.1%

From the 2025 annual report

As filed, for the year to Dec. 31, 2025. A later report may be linked above: this is the newest our data supplier has processed.

As filed
Document
10-K
Registrant
EQUINIX, INC.
Fiscal year end
Dec. 31, 2025
Listed on
NASDAQ
Filer category
Large Accelerated Filer
Auditor
PricewaterhouseCoopers LLP
Auditor location
San Jose, California
Income statement USD ($) shares in Thousands, $ in Millions
Dec. 31, 2025Dec. 31, 2024Dec. 31, 2023
Revenues9,2178,7488,188
Cost of revenues4,5084,4674,228
Sales and marketing903891855
General and administrative1,8401,7661,654
Restructuring and other exit charges33310
Transaction costs185013
Impairment charges682330
(Gain) loss on asset sales-1-18-5
Total costs and operating expenses7,3697,4206,745
Income from operations1,8481,3281,443
Interest income19313794
Interest expense-527-457-402
Other income (expense)-7-17-11
Gain (loss) on debt extinguishment1-160
Income before income taxes1,5089751,124
Income tax expense-160-161-155
Net income1,348814969
Net (income) loss attributable to non-controlling interests210
Net income attributable to common stockholders1,350815969
Basic EPS (in dollars per share)13.798.5410.35
Weighted-average shares used to calculate basic EPS (in shares)97,88395,45793,615
Diluted EPS (in dollars per share)13.768.510.31
Weighted-average shares used to calculate diluted EPS (in shares)98,12395,82794,009
Balance sheet
Dec. 31, 2025
Balance Sheet ComponentsBalance Sheet ComponentsCash, Cash Equivalents and Short-Term InvestmentsCash and cash equivalents and short-term investments consisted of the following as of December 31 (in millions):20252024Cash$368 $565 Cash equivalents:Money market funds1,333 2,401 Time deposits26 115 Total cash and cash equivalents1,727 3,081 Short-term investments:Time deposits1,245 527 U.S. government securities255 — Total short-term investments1,500 527 Total cash, cash equivalents and short-term investments$3,227 $3,608 As of December 31, 2025 and 2024, cash and cash equivalents included investments which were readily convertible to cash and generally had original maturities of 3 months or less. The maturities of time deposits and U.S. government securities classified as short-term investments were one year or less as of December 31, 2025.Accounts ReceivableTrade accounts receivable are recorded at the invoiced amount and generally do not bear interest. Accounts receivable, net, consisted of the following as of December 31 (in millions):20252024Accounts receivable$1,017 $968 Allowance for credit losses(16)(19)Accounts receivable, net$1,001 $949 The following table summarizes the activity of our allowance for credit losses (in millions):Balance as of December 31, 2022$12 Provision for credit losses15 Net write-offs(9)Impact of foreign currency exchange(1)Balance as of December 31, 202317 Provision for credit losses21 Net write-offs(20)Impact of foreign currency exchange1 Balance as of December 31, 202419 Provision for credit losses10 Net write-offs(13)Balance as of December 31, 2025$16 Other Current AssetsOther current assets consisted of the following as of December 31 (in millions):20252024Taxes receivable$284 $223 Derivative assets, current235 296 Prepaid expenses, current134 91 Other receivables (1)82 106 Contract assets, current56 102 Other (2)106 72 Total other current assets$897 $890 (1)Includes receivables due from our joint ventures. See Note 15.(2)The balance as of December 31, 2025 included $60 million of restricted cash, current, primarily comprised of temporary cash collateral.Property, Plant and Equipment, NetProperty, plant and equipment, net consisted of the following as of December 31 (in millions):20252024Core systems$15,100 $12,890 Buildings11,170 9,475 Construction in progress2,827 2,204 Land2,757 1,652 Internal-use software2,472 2,149 Leasehold improvements2,210 1,980 Personal property436 373 36,972 30,723 Less accumulated depreciation(13,388)(11,474)Property, plant and equipment, net$23,584 $19,249 Goodwill and Other IntangiblesThe following table presents goodwill and other intangible assets, net, for the years ended December 31, 2025 and 2024 (in millions):20252024Goodwill:Americas$2,615 $2,559 EMEA2,629 2,349 Asia-Pacific740 596 $5,984 $5,504 Intangible assets:Customer relationships$2,906 $2,745 Other117 116 3,023 2,861 Less accumulated amortization(1,707)(1,444)Total intangible assets, net$1,316 $1,417 Changes in the carrying amount of goodwill by geographic regions are as follows (in millions):AmericasEMEAAsia-PacificTotalBalance as of December 31, 2022$2,631 $2,378 $645 $5,654 Impact of foreign currency exchange— 89 (6)83 Balance as of December 31, 20232,631 2,467 639 5,737 Impact of foreign currency exchange(72)(118)(43)(233)Balance as of December 31, 20242,559 2,349 596 5,504 Additions— 11 127 138 Impact of foreign currency exchange56 269 17 342 Balance as of December 31, 2025$2,615 $2,629 $740 $5,984 Changes in the net book value of intangible assets by geographic regions are as follows (in millions):AmericasEMEAAsia-PacificTotalBalance as of December 31, 2022$1,349 $402 $147 $1,898 Additions7 — 1 8 Amortization of intangibles(140)(54)(14)(208)Impact of foreign currency exchange— 10 (3)7 Balance as of December 31, 20231,216 358 131 1,705 Impairment charges (1)(29)— — (29)Amortization of intangibles(140)(54)(14)(208)Impact of foreign currency exchange(25)(16)(10)(51)Balance as of December 31, 20241,022 288 107 1,417 Additions— 29 21 50 Amortization of intangibles(130)(56)(14)(200)Impact of foreign currency exchange15 30 4 49 Balance as of December 31, 2025$907 $291 $118 $1,316 (1)Refer to Note 17.Goodwill and intangible assets which are denominated in currencies other than the U.S. dollar are subject to foreign currency fluctuations. Our foreign currency translation gains and losses are a component of other comprehensive income (loss).Estimated future amortization expense related to these intangibles is as follows (in millions):Years ending:2026$204 2027202 2028200 2029179 2030157 Thereafter374 Total$1,316 Other AssetsOther assets consisted of the following as of December 31 (in millions):20252024Prepaid assets, non-current$726 $109 Equity method investments551 519 Contract costs503 436 Loan receivable328 258 Deferred CCA implementation costs142 115 Contract assets, non-current126 113 Prepaid expenses, non-current107 62 Deferred tax assets, net100 48 Deposits62 60 Derivative assets, non-current20 295 Debt issuance costs, net2 3 Other (1)73 31 Total other assets$2,740 $2,049 (1)The balance as of December 31, 2025 included $37 million restricted cash, non-current, primarily comprised of security deposits.Accounts Payable and Accrued ExpensesAccounts payable and accrued expenses consisted of the following as of December 31 (in millions):20252024Accrued compensation and benefits$473 $421 Accrued taxes (1)235 196 Accrued interest176 96 Accrued utilities and security154 164 Accounts payable127 133 Other185 183 Total accounts payable and accrued expenses$1,350 $1,193 (1)Accrued taxes included income taxes payable of $114 million and $109 million as of December 31, 2025 and 2024, respectively.Other Current LiabilitiesOther current liabilities consisted of the following as of December 31 (in millions):20252024Deferred revenue, current$133 $123 Derivative liabilities, current116 27 Dividends payable, current18 16 Customer deposits16 16 Asset retirement obligations, current3 1 Other54 49 Total other current liabilities$340 $232 Other LiabilitiesOther liabilities consisted of the following as of December 31 (in millions):20252024Deferred tax liabilities, net$367 $339 Asset retirement obligations, non-current225 108 Deferred revenue, non-current170 150 Derivative liabilities, non-current113 46 Accrued taxes47 42 Dividends payable, non-current14 13 Other non-current liabilities47 62 Total other liabilities$983 $760 The following table summarizes the activities of our asset retirement obligations ("ARO") (in millions):Asset retirement obligations as of December 31, 2022$118 Additions and adjustments(12)Accretion expense7 Asset retirement obligations as of December 31, 2023113 Additions and adjustments(6)Accretion expense6 Impact of foreign currency exchange(4)Asset retirement obligations as of December 31, 2024109 Additions and adjustments108 Accretion expense7 Impact of foreign currency exchange4 Asset retirement obligations as of December 31, 2025$228———————————————2025—————2024——Cash——$368————$565—Cash equivalents:———————————Money market funds——1,333—————2,401——Time deposits——26—————115——Total cash and cash equivalents——1,727—————3,081——Short-term investments:———————————Time deposits——1,245—————527——U.S. government securities——255————————Total short-term investments——1,500—————527——Total cash, cash equivalents and short-term investments——$3,227————$3,608————————————————2025—————2024——Accounts receivable——$1,017————$968—Allowance for credit losses——(16)—————(19)——Accounts receivable, net——$1,001————$949———————Balance as of December 31, 2022——$12—Provision for credit losses——15——Net write-offs——(9)——Impact of foreign currency exchange——(1)——Balance as of December 31, 2023——17——Provision for credit losses——21——Net write-offs——(20)——Impact of foreign currency exchange——1——Balance as of December 31, 2024——19——Provision for credit losses——10——Net write-offs——(13)————————Balance as of December 31, 2025——$16————————————————2025—————2024——Taxes receivable——$284————$223—Derivative assets, current——235—————296——Prepaid expenses, current——134—————91——Other receivables (1)——82—————106——Contract assets, current——56—————102——Other (2)——106—————72——Total other current assets——$897————$890——————————————————————2025—————2024——Core systems——$15,100————$12,890—Buildings——11,170—————9,475——Construction in progress——2,827—————2,204——Land——2,757—————1,652——Internal-use software——2,472—————2,149——Leasehold improvements——2,210—————1,980——Personal property——436—————373—————36,972—————30,723——Less accumulated depreciation——(13,388)—————(11,474)——Property, plant and equipment, net——$23,584————$19,249————————————————2025—————2024——Goodwill:———————————Americas——$2,615————$2,559—EMEA——2,629—————2,349——Asia-Pacific——740—————596—————$5,984————$5,504—Intangible assets:———————————Customer relationships——$2,906————$2,745—Other——117—————116—————3,023—————2,861——Less accumulated amortization——(1,707)—————(1,444)——Total intangible assets, net——$1,316————$1,417————————————————————————————Americas—————EMEA—————Asia-Pacific—————Total——Balance as of December 31, 2022——$2,631————$2,378————$645————$5,654—Impact of foreign currency exchange————————89—————(6)—————83——Balance as of December 31, 2023——2,631—————2,467—————639—————5,737——Impact of foreign currency exchange——(72)—————(118)—————(43)—————(233)——Balance as of December 31, 2024——2,559—————2,349—————596—————5,504——Additions————————11—————127—————138——Impact of foreign currency exchange——56—————269—————17—————342——Balance as of December 31, 2025——$2,615————$2,629————$740————$5,984————————————————————————————Americas—————EMEA—————Asia-Pacific—————Total——Balance as of December 31, 2022——$1,349————$402————$147————$1,898—Additions——7———————————1—————8——Amortization of intangibles——(140)—————(54)—————(14)—————(208)——Impact of foreign currency exchange————————10—————(3)—————7——Balance as of December 31, 2023——1,216—————358—————131—————1,705——Impairment charges (1)——(29)—————————————————(29)——Amortization of intangibles——(140)—————(54)—————(14)—————(208)——Impact of foreign currency exchange——(25)—————(16)—————(10)—————(51)——Balance as of December 31, 2024——1,022—————288—————107—————1,417——Additions————————29—————21—————50——Amortization of intangibles——(130)—————(56)—————(14)—————(200)——Impact of foreign currency exchange——15—————30—————4—————49——Balance as of December 31, 2025——$907————$291————$118————$1,316—————————————Years ending:—————2026——$204—2027——202——2028——200——2029——179——2030——157——Thereafter——374——Total——$1,316————————————————2025—————2024——Prepaid assets, non-current——$726————$109—Equity method investments——551—————519——Contract costs——503—————436——Loan receivable——328—————258——Deferred CCA implementation costs——142—————115——Contract assets, non-current——126—————113——Prepaid expenses, non-current——107—————62——Deferred tax assets, net——100—————48——Deposits——62—————60——Derivative assets, non-current——20—————295——Debt issuance costs, net——2—————3——Other (1)——73—————31——Total other assets——$2,740————$2,049——————————————————————2025—————2024——Accrued compensation and benefits——$473————$421—Accrued taxes (1)——235—————196——Accrued interest——176—————96——Accrued utilities and security——154—————164——Accounts payable——127—————133——Other——185—————183——Total accounts payable and accrued expenses——$1,350————$1,193——————————————————————2025—————2024——Deferred revenue, current——$133————$123—Derivative liabilities, current——116—————27——Dividends payable, current——18—————16——Customer deposits——16—————16——Asset retirement obligations, current——3—————1——Other——54—————49——Total other current liabilities——$340————$232————————————————2025—————2024——Deferred tax liabilities, net——$367————$339—Asset retirement obligations, non-current——225—————108——Deferred revenue, non-current——170—————150——Derivative liabilities, non-current——113—————46——Accrued taxes——47—————42——Dividends payable, non-current——14—————13——Other non-current liabilities——47—————62——Total other liabilities——$983————$760———————Asset retirement obligations as of December 31, 2022——$118—Additions and adjustments——(12)——Accretion expense——7————————Asset retirement obligations as of December 31, 2023——113——Additions and adjustments——(6)——Accretion expense——6——Impact of foreign currency exchange——(4)——Asset retirement obligations as of December 31, 2024——109——Additions and adjustments——108——Accretion expense——7——Impact of foreign currency exchange——4——Asset retirement obligations as of December 31, 2025——$228—
items——2025—————2024
Cash——$368————$565—
Money market funds——1,333—————2,401——
Time deposits——26—————115——
Total cash and cash equivalents——1,727—————3,081——
Time deposits——1,245—————527——
U.S. government securities——255————————
Total short-term investments——1,500—————527——
Total cash, cash equivalents and short-term investments——$3,227————$3,608—
items——2025—————2024
Accounts receivable——$1,017————$968—
Allowance for credit losses——(16)—————(19)——
Accounts receivable, net——$1,001————$949—
Balance as of December 31, 2022——$12—
Provision for credit losses——15——
Net write-offs——(9)——
Impact of foreign currency exchange——(1)——
Balance as of December 31, 2023——17——
Provision for credit losses——21——
Net write-offs——(20)——
Impact of foreign currency exchange——1——
Balance as of December 31, 2024——19——
Provision for credit losses——10——
Net write-offs——(13)——
Balance as of December 31, 2025——$16—
items——2025—————2024
Taxes receivable——$284————$223—
Derivative assets, current——235—————296——
Prepaid expenses, current——134—————91——
Other receivables (1)——82—————106——
Contract assets, current——56—————102——
Other (2)——106—————72——
Total other current assets——$897————$890—
items——2025—————2024
Core systems——$15,100————$12,890—
Buildings——11,170—————9,475——
Construction in progress——2,827—————2,204——
Land——2,757—————1,652——
Internal-use software——2,472—————2,149——
Leasehold improvements——2,210—————1,980——
Personal property——436—————373——
items——36,972—————30,723——
Less accumulated depreciation——(13,388)—————(11,474)——
Property, plant and equipment, net——$23,584————$19,249—
items——2025—————2024
Americas——$2,615————$2,559—
EMEA——2,629—————2,349——
Asia-Pacific——740—————596——
items——$5,984————$5,504—
Customer relationships——$2,906————$2,745—
Other——117—————116——
items——3,023—————2,861——
Less accumulated amortization——(1,707)—————(1,444)——
Total intangible assets, net——$1,316————$1,417—
items——Americas—————EMEA—————Asia-Pacific—————Total
Balance as of December 31, 2022——$2,631————$2,378————$645————$5,654—
Impact of foreign currency exchange————————89—————(6)—————83——
Balance as of December 31, 2023——2,631—————2,467—————639—————5,737——
Impact of foreign currency exchange——(72)—————(118)—————(43)—————(233)——
Balance as of December 31, 2024——2,559—————2,349—————596—————5,504——
Additions————————11—————127—————138——
Impact of foreign currency exchange——56—————269—————17—————342——
Balance as of December 31, 2025——$2,615————$2,629————$740————$5,984—
items——Americas—————EMEA—————Asia-Pacific—————Total
Balance as of December 31, 2022——$1,349————$402————$147————$1,898—
Additions——7———————————1—————8——
Amortization of intangibles——(140)—————(54)—————(14)—————(208)——
Impact of foreign currency exchange————————10—————(3)—————7——
Balance as of December 31, 2023——1,216—————358—————131—————1,705——
Impairment charges (1)——(29)—————————————————(29)——
Amortization of intangibles——(140)—————(54)—————(14)—————(208)——
Impact of foreign currency exchange——(25)—————(16)—————(10)—————(51)——
Balance as of December 31, 2024——1,022—————288—————107—————1,417——
Additions————————29—————21—————50——
Amortization of intangibles——(130)—————(56)—————(14)—————(200)——
Impact of foreign currency exchange——15—————30—————4—————49——
Balance as of December 31, 2025——$907————$291————$118————$1,316—
2026——$204—
2027——202——
2028——200——
2029——179——
2030——157——
Thereafter——374——
Total——$1,316—
items——2025—————2024
Prepaid assets, non-current——$726————$109—
Equity method investments——551—————519——
Contract costs——503—————436——
Loan receivable——328—————258——
Deferred CCA implementation costs——142—————115——
Contract assets, non-current——126—————113——
Prepaid expenses, non-current——107—————62——
Deferred tax assets, net——100—————48——
Deposits——62—————60——
Derivative assets, non-current——20—————295——
Debt issuance costs, net——2—————3——
Other (1)——73—————31——
Total other assets——$2,740————$2,049—
items——2025—————2024
Accrued compensation and benefits——$473————$421—
Accrued taxes (1)——235—————196——
Accrued interest——176—————96——
Accrued utilities and security——154—————164——
Accounts payable——127—————133——
Other——185—————183——
Total accounts payable and accrued expenses——$1,350————$1,193—
items——2025—————2024
Deferred revenue, current——$133————$123—
Derivative liabilities, current——116—————27——
Dividends payable, current——18—————16——
Customer deposits——16—————16——
Asset retirement obligations, current——3—————1——
Other——54—————49——
Total other current liabilities——$340————$232—
items——2025—————2024
Deferred tax liabilities, net——$367————$339—
Asset retirement obligations, non-current——225—————108——
Deferred revenue, non-current——170—————150——
Derivative liabilities, non-current——113—————46——
Accrued taxes——47—————42——
Dividends payable, non-current——14—————13——
Other non-current liabilities——47—————62——
Total other liabilities——$983————$760—
Asset retirement obligations as of December 31, 2022——$118—
Additions and adjustments——(12)——
Accretion expense——7——
Asset retirement obligations as of December 31, 2023——113——
Additions and adjustments——(6)——
Accretion expense——6——
Impact of foreign currency exchange——(4)——
Asset retirement obligations as of December 31, 2024——109——
Additions and adjustments——108——
Accretion expense——7——
Impact of foreign currency exchange——4——
Asset retirement obligations as of December 31, 2025——$228—
Cash flow statement USD ($) $ in Millions
Dec. 31, 2025Dec. 31, 2024Dec. 31, 2023
Net income1,348814969
Depreciation, amortization and accretion2,0662,0111,844
Stock-based compensation498462407
Impairment charges682330
(Gain) loss on asset sales-1-18-5
Other operating activities338779
Accounts receivable-4027-150
Income taxes, net-78-94
Operating lease right-of-use assets161150139
Operating lease liabilities-156-153-128
Accounts payable and accrued expenses2595161
Other assets and liabilities-13-450-103
Net cash provided by operating activities3,9113,2493,217
Purchases of equity investments-60-98-136
Distributions from equity investments59110
Purchases of short-term investments-1,967-5200
Maturity of short-term investments1,00500
Business acquisitions, net of cash and restricted cash acquired-25100
Real estate acquisitions-994-337-384
Purchases of other property, plant and equipment-4,311-3,066-2,781
Proceeds from sale of assets, net of cash transferred024777
Settlement of foreign currency hedges104830
Investment in loan receivable-69-2610
Loan receivable upfront fee040
Net cash used in investing activities-6,484-3,937-3,224
Proceeds from employee equity awards959187
Payment of dividends-1,856-1,643-1,375
Proceeds from public offering of common stock, net of issuance costs991,673734
Proceeds from senior notes, net of debt discounts4,3112,768902
Repayments of finance lease liabilities-155-140-149
Contribution from non-controlling interest4425
Repayment of senior notes-1,200-1,0000
Other financing activities-26-30-13
Net cash provided by financing activities1,2721,723211
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash43-49-16
Net increase (decrease) in cash, cash equivalents and restricted cash-1,258986188
Cash, cash equivalents and restricted cash at beginning of period3,0822,0961,908
Cash, cash equivalents and restricted cash at end of period1,8243,0822,096
Cash paid for taxes, net207185153
Cash paid for interest, net of amounts capitalized448486445
Cash and cash equivalents1,7273,0812,096
Current portion of restricted cash included in other current assets6010
Non-current portion of restricted cash included in other assets3700
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows1,8243,0822,096
Note: Segment Information

Segment InformationWhile we have one primary line of business, which is the design, build-out and operation of IBX data centers, we have determined that we have three reportable segments comprised of our Americas, EMEA and Asia-Pacific geographic regions. Each of our three reportable segments are managed by regional presidents and require unique strategies due to the varying microeconomic and macroeconomic conditions within each region. Our chief executive officer is our chief operating decision maker and evaluates performance, makes operating decisions and allocates resources primarily based on our revenues and adjusted EBITDA, both on a consolidated basis and for these three reportable segments. Intercompany transactions between segments are excluded for management reporting purposes. Revenues are attributed to countries based on the geographic location of the entity that enters into the contract.We define adjusted EBITDA, our measure of segment profit or loss, as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring and other exit charges, impairment charges, transaction costs and gain or loss on asset sales. The accounting policies of the three segments are the same as those described in the summary of significant accounting policies, except that segment expenses exclude depreciation, amortization and accretion expense and stock-based compensation expense, consistent with the definition of adjusted EBITDA.

Note: Revenue

RevenueContract BalancesThe following table summarizes the opening and closing balances of our accounts receivable, net; contract assets, current; contract assets, non-current; deferred revenue, current; and deferred revenue, non-current (in millions):Accounts receivable, netContract assets, currentContract assets, non-currentDeferred revenue, currentDeferred revenue, non-currentBeginning balances as of January 1, 2025$949 $102 $113 $123 $150 Closing balances as of December 31, 20251,001 56 126 133 170 Increase (Decrease)$52 $(46)$13 $10 $20 Beginning balances as of January 1, 2024$1,004 $52 $86 $125 $154 Closing balances as of December 31, 2024949 102 113 123 150 Increase (Decrease)$(55)$50 $27 $(2)$(4)The difference between the opening and closing balances of our accounts receivable, net, contract assets and deferred revenues primarily results from revenue growth and the timing difference between the satisfaction of our performance obligation and the customer's payment. The amounts of revenue recognized during the years ended December 31, 2025, 2024 and 2023 from the opening deferred revenue balance were $101 million, $88 million and $95 million, respectively. For the years ended December 31, 2025, 2024 and 2023, no impairment loss related to contract balances was recognized in the consolidated statements of operations.Contract CostsThe ending balances of net capitalized contract costs as of December 31, 2025 and 2024 were $503 million and $436 million, respectively, which were included in other assets in the consolidated balance sheets. $119 million, $122 million, and $103 million of contract costs were amortized during years ended December 31, 2025, 2024 and 2023, respectively, which were included in sales and marketing expense in the consolidated statements of operations. Remaining Performance ObligationsApproximately $13.6 billion of revenues, including deferred installation revenues, are expected to be recognized in future periods related to unsatisfied performance obligations as of December 31, 2025. Most of our revenue contracts have an initial term varying from one to five years, and thereafter, automatically renew in one-year increments. Included in the remaining performance obligations are contracts that are either under the initial term or under one-year renewal periods.

Note: Commitments and Contingencies

Commitments and ContingenciesPurchase CommitmentsAs a result of our various IBX data center developments, as of December 31, 2025, we were contractually committed for unaccrued capital expenditures, primarily for real estate purchases, IBX infrastructure equipment not yet delivered and labor not yet provided. We also had numerous other, non-capital purchase commitments in place as of December 31, 2025, such as commitments to purchase power in select locations through 2026 and thereafter, and other open purchase orders for goods or services to be delivered or provided during 2026 and thereafter. Certain of our multi-year commitments to purchase power are subject to variable pricing or do not specify a fixed or minimum volume commitment. Due to the indeterminable nature of the spend under these commitments, they are not included in the amounts below.Total future purchase commitments as of December 31, 2025 are as follows (in millions):Years ending:20264,912 20271,995 2028575 2029184 2030148 Thereafter597 $8,411 Other Commitments Please refer to Note 5 for information about our equity method investment commitments and Note 9 for our lease commitments.Contingent LiabilitiesWe estimate our exposure on certain liabilities, such as indirect and property taxes, based on the best information available at the time of determination. With respect to real and personal property taxes, we record what we can reasonably estimate based on prior payment history, assessed value by the assessor's office, current landlord estimates or estimates based on current or changing fixed asset values in each specific municipality, as applicable. However, there are circumstances beyond our control whereby the underlying value of the property or basis for which the tax is calculated on the property may change, such as a landlord selling the underlying property of one of our IBX data center leases or a municipality changing the assessment value in a jurisdiction and, as a result, our property tax obligations may vary from period to period. Based upon the most current facts and circumstances, we make the necessary property tax accruals for each of our reporting periods. However, revisions in our estimates of the potential or actual liability could materially impact our financial position, results of operations or cash flows.Our indirect and property tax filings in various jurisdictions are subject to examination by local tax authorities.

Note: Debt Facilities

Debt FacilitiesMortgage and Loans PayableAs of December 31, 2025 and 2024, our mortgage and loans payable balance consisted of the following (in millions):20252024Term loans$673 $628 Mortgage payable and other loans payable30 21 703 649 Less current portion(17)(5)$686 $644 Senior Credit FacilityIn 2022, we entered into a credit agreement with a group of lenders for a senior unsecured credit facility, comprised of a $4.0 billion senior unsecured multicurrency revolving credit facility (the "2022 Revolving Facility") and a £500 million senior unsecured term loan facility (the "2022 Term Loan Facility").As of December 31, 2025, we had 37 irrevocable letters of credit totaling $31 million issued and outstanding under the 2022 Revolving Facility, with approximately $4.0 billion remaining available to borrow under the 2022 Revolving Facility. As of December 31, 2025 and December 31, 2024, unamortized debt issuance costs for the 2022 Revolving Facility of $2 million and $3 million, respectively, were presented in other assets in the consolidated balance sheets.As of December 31, 2025 and 2024, the total amounts outstanding under the 2022 Term Loan Facility, net of debt issuance costs, were $673 million and $625 million, respectively.Senior NotesOur senior notes balance consisted of the following as of December 31 (in millions): 20252024Senior NotesIssuance DateMaturity DateAmountEffective RateAmountEffective Rate1.250% Senior Notes due 2025June 2020July 2025$— — %$500 1.46 %1.000% Senior Notes due 2025October 2020September 2025— — %700 1.18 %1.450% Senior Notes due 2026May 2021May 2026700 1.64 %700 1.64 %2.900% Senior Notes due 2026November 2019November 2026600 3.04 %600 3.04 %0.250% Euro Senior Notes due 2027March 2021March 2027587 0.45 %518 0.45 %1.800% Senior Notes due 2027June 2020July 2027500 1.96 %500 1.96 %1.550% Senior Notes due 2028October 2020March 2028650 1.67 %650 1.67 %2.000% Senior Notes due 2028May 2021May 2028400 2.21 %400 2.21 %2.875% Swiss Franc Senior Notes due 2028September 2023September 2028378 3.05 %331 3.05 %3.250% Euro Senior Notes due 2029May 2025May 2029881 3.45 %— — %1.558% Swiss Franc Senior Notes due 2029September 2024September 2029126 1.79 %110 1.79 %3.200% Senior Notes due 2029November 2019November 20291,200 3.30 %1,200 3.30 %3.500% Singapore Dollar Senior Notes due 2030March 2025March 2030389 3.67 %— — %2.150% Senior Notes due 2030June 2020July 20301,100 2.27 %1,100 2.27 %4.

Note: Income Taxes

Income TaxesIncome before income taxes is attributable to the following geographic locations for the years ended December 31 (in millions):202520242023Domestic $380 $147 $278 Foreign 1,128 828 846 Income before income taxes $1,508 $975 $1,124 The tax expenses for income taxes consisted of the following components for the years ended December 31 (in millions):202520242023Current:Federal $(6)$1 $— State and local (2)(3)— Foreign (208)(189)(150)Subtotal (216)(191)(150)Deferred:State and local (1)2 — Foreign 57 28 (5)Subtotal 56 30 (5)Income tax expense$(160)$(161)$(155)State and foreign taxes not based on income are included in general and administrative expenses and the aggregate amounts were not significant for the years ended December 31, 2025, 2024 and 2023.We applied ASU 2023-09 on a prospective basis as discussed in Note 1. Accordingly, the disaggregation of rate reconciliation categories in the table below provide the disclosures required by ASU 2023-09 for the year ended December 31, 2025.Income tax benefit (expense) for the year ended December 31, 2025 differed from the amounts computed by applying the U.S. federal income tax rate of 21% to pre-tax income as a result of the following ($ in millions, except percentages):2025$%Federal tax at statutory rate$(317)21.0 %State and local taxes (1)(3)0.2 %Non-deductible or non-taxable items:REIT status/dividends paid deduction (2)194 (12.9)%Other(2)0.1 %Change in valuation allowance(4)0.3 %Foreign tax effects:Canada20 (1.3)%SingaporeTax rate differential17 (1.1)%Other(8)0.5 %Other foreign jurisdictions(53)3.5 %Change in unrecognized tax benefits(3)0.2 %Other adjustments(1)0.1 %Total income tax expense$(160)10.6 %(1)State taxes in Virginia contributed to the majority of the tax effect in this category.(2)The REIT status/dividends paid deduction reconciling item reflects that the Company is generally entitled to a deduction for dividends paid and therefore generally is not subject to U.S. federal corporate income tax on taxable income that is distributed; accordingly, certain permanent differences (e.g., nondeductible executive compensation) do not result in incremental federal income tax expense when fully offset through the dividends paid deduction mechanism.Income tax benefit (expense) for the years ended December 31, 2024 and 2023 differed from the amounts computed by applying the U.S.

Note: Stock-Based Compensation

Stock-Based CompensationEquity Compensation PlansAs of December 31, 2025, our equity compensation plans included:•2004 Employee Stock Purchase Plan (the "2004 Purchase Plan"): The 2004 Purchase Plan permits eligible employees to purchase common stock on favorable terms via payroll deductions of up to 15% of the employee's cash compensation, subject to certain share and statutory dollar limits. Two overlapping offering periods commence during each calendar year, on each of February 15 and August 15 or such other periods or dates as determined by the Talent, Culture and Compensation Committee of the Board of Directors (the "Compensation Committee") from time to time, and the offering periods last up to 24 months with a purchase date every 6 months. The price of each share purchased is 85% of the lower of a) the fair value per share of common stock on the last trading day before the commencement of the applicable offering period or b) the fair value per share of common stock on the purchase date. •2020 Equity Incentive Plan: In 2020, both our Board of Directors and our stockholders approved the 2020 Equity Incentive Plan, which provides for the grant of stock options, including incentive stock options and nonqualified stock options, stock appreciation rights, RSAs, RSUs, other stock-based incentive awards, dividend equivalents, and cash-based incentive awards. The 2020 Equity Incentive Plan's awards may be granted to employees, non-employee members of the Board and consultants. Equity awards granted under the 2020 Equity Incentive Plan generally vest over four years. In 2025, both our Board of Directors and our stockholders approved an amendment to the 2020 Equity Incentive Plan, which increased the maximum number of shares of our common stock available for issuance under the 2020 Equity Incentive Plan by 3.3 million shares.The Equity compensation plans are administered by the Compensation Committee, which may terminate or amend these plans, with approval of the stockholders as may be required by applicable law, at any time. As of December 31, 2025, shares reserved and available for issuance under the equity compensation plans were as follows (in thousands):Shares reservedShares available for grant2004 Purchase Plan5,392 2,058 2020 Equity Incentive Plan5,899 4,488 Employee Stock Purchase PlanWe provide the following disclosures for the 2004 Purchase Plan as of December 31 (shares in thousands):202520242023Weighted-average purchase price per share$679.57 $626.

Note: Leases

LeasesSignificant Lease TransactionsThe following table summarizes significant lease transactions during the year ended December 31, 2025 (in millions): Net Incremental (2)LeaseQuarterTransactionLease ClassificationROU assetsLease liabilitiesTokyo 98/99 ("TY98/99") new data center leaseQ4New lease with a 7-year term (1)Finance Lease$100 $100 (1) The lease has a maximum term of 21 years with termination options on the seventh and fourteenth anniversaries. As of December 31, 2025, we are reasonably certain to exercise the termination option on the seventh anniversary.(2) The net incremental amounts represent the adjustments to the right-of-use ("ROU") assets and liabilities recorded during the quarter that the transactions were entered.Lease ExpensesThe components of lease expenses were as follows (in millions):Years Ended December 31,202520242023Finance lease costAmortization of right-of-use assets (1)$189 $181 $167 Interest on lease liabilities121 113 113 Total finance lease cost310 294 280 Operating lease cost238 229 243 Variable lease cost89 79 62 Total lease cost$637 $602 $585 (1) Amortization of right-of-use assets is included within depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in the consolidated statements of operations.In addition, we recorded impairment charges of $38 million on operating lease right-of-use assets in the Asia-Pacific region during the fourth quarter of 2024 as described in Note 17.Other InformationOther information related to leases is presented in the following tables (in millions):Years Ended December 31,202520242023Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows from finance leases$116 $109 $110 Operating cash flows from operating leases233 231 231 Financing cash flows from finance leases155 140 149 Right-of-use assets obtained in exchange for lease obligations: (1)Finance leases$236 $213 $209 Operating leases89 194 211 As of December 31,20252024Weighted-average remaining lease term - finance leases (2)13 years14 yearsWeighted-average remaining lease term - operating leases (2)12 years12 yearsWeighted-average discount rate - finance leases6 %6 %Weighted-average discount rate - operating leases5 %5 %Finance lease right-of-use assets (3)$2,277 $2,158 (1) Represents all non-cash changes in right-of-use assets. (2) Includes lease renewal options that are reasonably certain to be exercised.

Note: Acquisitions

AcquisitionsAcquisition of TIM NextGen DC Corporation (the "TIM Acquisition")On June 2, 2025, we completed the acquisition of all outstanding shares of TIM NextGen DC Corporation from TIM and ZDRC, consisting of three data centers in the Philippines, for total purchase consideration of $183 million. The TIM Acquisition supports our ongoing expansion to meet customer demand in the Asia-Pacific market.We incurred insignificant transaction costs and recognized insignificant revenues and net income from the TIM Acquisition during the year ended December 31, 2025.Purchase Price AllocationThe TIM Acquisition was accounted for as a business combination using the acquisition method of accounting. Under this method, the total purchase price is allocated to the assets acquired and liabilities assumed measured at fair value on the date of acquisition, except where alternative measurement is required under GAAP. During the year ended December 31, 2025, we completed the detailed valuation analysis and the final allocation of purchase price for the TIM Acquisition.A summary of the allocation of total purchase consideration is presented as follows (in millions):TIM AcquisitionTotal Purchase Consideration$183 Identifiable assets acquired and liabilities assumedProperty, plant and equipment42 Intangible assets21 Other assets4 Liabilities(11)Total identifiable net assets56 Goodwill127 Net assets acquired$183 Property, plant and equipment - The fair values of property, plant and equipment acquired from the TIM Acquisition were estimated by applying the cost approach. The key assumptions of the cost approach include replacement cost (new), physical deterioration, functional and economic obsolescence, economic useful life, remaining useful life, age and effective age.Intangible assets - The following table presents certain information on the acquired intangible assets (in millions):Intangible AssetsFair ValueEstimated Useful Lives (Years)Discount RateCustomer relationships (1)$21 15.012.5 %(1)The fair value of the customer relationships were estimated by calculating the present value of estimated future operating cash flows generated from existing customers less costs to realize the revenue. The discount rates reflect the nature of the assets, the uncertainty of the estimated future operating cash flows, as well as the risk of the country within which the acquired business operates.

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