E 
Equinix EQIX · USD
Real Estate · Equity Real Estate Investment Trusts (REITs) · US listing · 🇺🇸 United States
S&P 500
1,054.50
+4.13%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$9.26bn
FY2016FY2025
Net income
$1.35bn
FY2016FY2025
Free cash flow
−$400.0m
FY2016FY2025
Shareholders' equity
$14.16bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.26bn | $8.75bn | $8.19bn | $7.26bn | $6.64bn | $6.00bn | $5.56bn | $5.07bn | $4.37bn | $3.61bn |
| Gross profit | $4.75bn | $4.28bn | $3.96bn | $3.51bn | $3.16bn | $2.92bn | $2.75bn | $2.47bn | $2.18bn | $1.79bn |
| Research and development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Operating income | $1.85bn | $1.43bn | $1.44bn | $1.19bn | $945.0m | $914.0m | $1.17bn | $977.4m | $809.0m | $618.7m |
| Net income | $1.35bn | $815.0m | $969.2m | $704.3m | $500.2m | $369.8m | $507.4m | $365.4m | $233.0m | $126.8m |
| Diluted earnings per share | 13.72 | 8.42 | 10.24 | 7.59 | 5.51 | 4.12 | 5.91 | 4.53 | 2.94 | 1.76 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $40.14bn | $35.09bn | $32.65bn | $30.31bn | $27.92bn | $27.04bn | $23.97bn | $20.24bn | $18.70bn | $12.61bn |
| Cash and short-term investments | $3.23bn | $3.61bn | $2.14bn | $1.91bn | $1.54bn | $1.61bn | $1.88bn | $610.7m | $1.44bn | $751.9m |
| Total liabilities | $25.96bn | $21.53bn | $20.14bn | $18.80bn | $17.04bn | $16.40bn | $15.13bn | $13.03bn | $11.85bn | $8.24bn |
| Debt | $21.27bn | $17.49bn | $15.99bn | $15.06bn | $13.74bn | $12.46bn | $11.83bn | $11.33bn | $10.08bn | $6.76bn |
| Shareholders' equity | $14.16bn | $13.55bn | $12.51bn | $11.51bn | $10.88bn | $10.63bn | $8.84bn | $7.22bn | $6.85bn | $4.37bn |
| Shares outstanding | 98m | 97m | 95m | 93m | 91m | 90m | 86m | 81m | 79m | 72m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $3.91bn | $3.25bn | $3.34bn | $2.96bn | $2.55bn | $2.31bn | $1.99bn | $1.82bn | $1.44bn | $1.02bn |
| Capital spending | −$4.31bn | −$3.07bn | −$2.78bn | −$2.28bn | −$2.75bn | −$2.28bn | −$2.08bn | −$2.10bn | −$1.38bn | −$1.11bn |
| Free cash flow | −$400.0m | $183.0m | $562.1m | $685.2m | −$204.3m | $27.3m | −$86.8m | −$280.7m | $60.5m | −$94.0m |
| Dividends paid | −$1.86bn | −$1.64bn | −$1.37bn | −$1.15bn | −$1.04bn | −$947.9m | −$836.2m | −$738.6m | −$621.5m | −$499.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.63bn | $2.44bn | $2.44bn | $2.32bn | $2.26bn | $2.23bn | $2.26bn | $2.20bn |
| Gross profit | $1.40bn | $1.26bn | $1.24bn | $1.17bn | $1.17bn | $1.14bn | $1.06bn | $1.10bn |
| Operating income | $665.0m | $577.0m | $422.0m | $474.0m | $494.0m | $458.0m | $103.0m | $425.0m |
| Net income | $479.0m | $415.0m | $265.0m | $374.0m | $368.0m | $343.0m | −$14.0m | $297.0m |
| Diluted earnings per share | 4.83 | 4.19 | 2.69 | 3.80 | 3.74 | 3.49 | -0.14 | 3.07 |
| Cash from operations | $1.07bn | $717.0m | $1.14bn | $1.01bn | $944.0m | $809.0m | $981.0m | $758.0m |
| Capital spending | −$1.26bn | −$1.26bn | −$1.44bn | −$1.14bn | −$989.0m | −$750.0m | −$987.0m | −$724.0m |
| Free cash flow | −$189.0m | −$539.0m | −$292.0m | −$122.0m | −$45.0m | $59.0m | −$6.0m | $34.0m |
| Total assets | $41.08bn | $40.90bn | $40.14bn | $38.06bn | $38.85bn | $36.08bn | $35.09bn | $35.44bn |
| Cash and short-term investments | $2.22bn | $3.05bn | $3.23bn | $2.93bn | $4.53bn | $3.67bn | $3.61bn | $3.23bn |
| Debt | $20.04bn | $19.94bn | $19.23bn | $17.51bn | $18.30bn | $16.11bn | $15.54bn | $15.63bn |
| Shareholders' equity | $14.38bn | $14.30bn | $14.16bn | $14.16bn | $14.08bn | $13.89bn | $13.53bn | $13.59bn |
Financial ratios
Data as of 10 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 51.3% | 48.9% | 48.4% | 48.4% | 47.7% | 48.7% | — | — |
| Operating margin | 20.0% | 16.4% | 17.6% | 16.3% | 14.2% | 15.2% | — | — |
| Net margin | 14.6% | 9.3% | 11.8% | 9.7% | 7.5% | 6.2% | — | — |
| Return on equity | 9.5% | 6.0% | 7.7% | 6.1% | 4.6% | 3.5% | — | — |
| Return on assets | 3.4% | 2.3% | 3.0% | 2.3% | 1.8% | 1.4% | — | — |
| Free cash flow yield | 8.0% | 6.3% | 6.2% | 5.4% | 5.6% | 4.9% | — | — |
| Revenue growth | 5.9% | 6.8% | 12.7% | 9.5% | 10.6% | 7.8% | — | — |
| Earnings growth | 65.6% | -15.9% | 37.6% | 40.8% | 35.3% | -27.1% | — | — |
| Current ratio | 1.32x | 1.63x | 1.13x | 1.80x | 1.84x | 1.28x | — | — |
| Debt to equity | 1.36x | 1.06x | 1.12x | 1.13x | 1.09x | 1.02x | — | — |
| Equity ratio | 35.3% | 38.6% | 38.3% | 38.0% | 39.0% | 39.3% | — | — |
| Interest coverage | 3.25x | 3.13x | 3.59x | 3.33x | 2.81x | 2.25x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -1.6% | -2.3% | -2.1% | -2.2% | -1.1% | -4.5% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.4% | 9.1% | 13.0% |
| Operating income | 16.0% | 15.1% | 12.5% |
| Net income | 24.2% | 29.6% | 21.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 50.2% | 49.3% | 49.0% | 49.3% |
| Operating margin | 18.2% | 17.7% | 16.9% | 17.7% |
| Net margin | 12.0% | 11.5% | 10.2% | 9.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 55.8 | 112.0 | 78.7 | 86.3 | 153.5 | 173.3 | 98.7 | 77.9 | 153.9 | 202.8 |
| Price to sales | 8.1 | 10.4 | 9.3 | 8.4 | 11.6 | 10.7 | 9.0 | 5.6 | 8.2 | 7.1 |
Market value over time
31 Oct 2016 to 9 Sept 2026, in USD
$25.72bn$103.40bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -20% | 14% | 23% | -20% | 17% | 22% | 61% | -20% | 26% | 20% |
Dividends and splits
Per share, in the currency the company pays
Paid for 12 years. Last went ex-dividend on 18 Nov 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 20.64 | 18.76 | 17.04 | 14.49 | 12.40 | 11.48 | 10.64 | 9.84 |
- 1.029-for-1 split · 6 Oct 2015
- 1.027-for-1 split · 23 Oct 2014
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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