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EquinixEQIX

Legal name
Equinix, Inc.
Sector
Financial Services
Industry
Real Estate Investment Trusts
Exchange
Nasdaq

Stock Price $EQIX

Latest filings

You are here#3 of 17 in Real Estate by market cap

Filing record · 2016–202610-K1210-Q338-K204

EQIX filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 204 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Sep ’17Sep ’17
  2. Material agreement8-K · Nov ’19Nov ’19
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $9.22B
YoY changeLargest recent move+32.5%in FY16Latest +5.4%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All EQIX Financial Metrics63 metrics

Income Statement16

Balance Sheet27

Cash Flow15

Per Share5

02—Overview

Equinix Financial Overview 2021–2025

Updated Nov 2, 2026

Equinix posted a 66% surge in net income to $1.348 billiona in FY2025, proving that the physical infrastructure underpinning the AI boom is yielding immense profitability. This digital landlord has capitalized on global cloud adoption, cementing a defensive investment thesis built on a sprawling interconnection ecosystem where over 90% of total revenue is recurring.

The company’s ability to extract value from its network is evident in its bottom line, as earnings per share expanded from $5.53 in FY2021 to $13.76b in FY2025. To meet hyperscale and enterprise demand, Equinix relentlessly scaled its physical footprint, operating 280 data centers globally and generating $9.217 billion in total revenues by FY2025. Customer acquisition remains brisk, with annualized gross bookings jumping 27% year-over-year to $1.6 billion in FY2025 as tenants locked in critical capacity. Furthermore, the platform now hosts over 500,000 interconnections, creating a sticky network effect that drove an 11% increase in adjusted EBITDA to $4.530 billion.

The market has heavily rewarded this predictable cash-flow engine. At the close of FY2025, Equinix shares traded at $766.16c, commanding a $75.3 billion market cap. This valuation placed the stock at a steep 55.7x price-to-earnings multiple, reflecting high confidence in the company's continued leverage over the digital economy.

Recent Developments (Q2 and Q3 2026)

Equinix maintained operational momentum through Q3 2026, raising full-year guidance for the third consecutive quarter. For the first nine months of 2026, total revenue grew 12% year-over-year to $7.64 billiond, and adjusted EBITDA climbed 18% to $3.96 billion. To fund capacity expansions, the company secured a new $5.5 billion revolving credit facility in July 2026 and completed an investment in the atNorth joint venture. Leadership transitioned mid-year following the departures of Chief Business Officer Jon Lin and Chief Accounting Officer Simon Miller.

Bulls will point to sustained digital infrastructure demand, highlighted by a 24% year-over-year increase in Equinix Fabric revenue and record Q3 2026 gross bookings of $533 millione. Conversely, bears may question the valuation at 73.2x earnings as of October 28, 2026, especially as the firm assumes heavier debt loads to fund nine-month capital expenditures of $4.39 billion.

What to watch: progress on planned data center capacity expansions; adoption rates for the newly launched Equinix Inference Exchange.

03—Filings

Recent SEC Filings

  1. 8-KEquinix 8-K Report, Financial Results (Oct 28, 2026)Equinix, Inc. (EQIX) reported strong third-quarter 2026 financial results, exceeding expectations and prompting an upward revision of its full-year guidance. The company showcased robust demand for its digital infrastructure services, evidenced by a 35% year-over-year increase in annualized gross bookings and double-digit growth in monthly recurring revenue for the fourth consecutive quarter. This performance is attributed to the increasing importance of Equinix's platforms in supporting traditional and emerging workloads, particularly those related to AI. The company also highlighted accelerated capacity expansion, with nearly 40% more cabinets planned for delivery in 2026 than initially forecast, signaling a proactive response to market needs. Furthermore, Equinix launched new offerings like Equinix Fabric One and Equinix Inference Exchange, aimed at simplifying connectivity and supporting AI inferencing workloads, underscoring its commitment to innovation and customer solutions. The strategic investment in the atNorth joint venture also strengthens its position in the Nordic market.
  2. 8-KEquinix 8-K Report, Corporate Update (Aug 6, 2026)Equinix, Inc. (EQIX) has announced the successful issuance of a substantial amount of senior notes across multiple maturities on August 6, 2026. The company raised a total of $3.7 billion through the sale of notes due in 2029, 2031, 2033, and 2036, with varying interest rates ranging from 5.000% to 5.800%. Notably, the $850 million in 5.250% Senior Notes due 2031 were issued by its subsidiary, Equinix Europe 2 Financing Corporation LLC, and are fully guaranteed by the parent company. These notes have been effectively swapped to Euros, resulting in a lower effective interest rate of approximately 3.95%.
  3. 8-KEquinix 8-K Report, Material Agreement (Jul 29, 2026)Equinix, Inc. (EQIX) has announced the execution of a new $5.5 billion senior unsecured multi-currency revolving credit facility, effective July 27, 2026. This facility, maturing on July 25, 2031, provides significant financial flexibility for the company's ongoing operations and strategic initiatives. The new credit agreement replaces the company's prior 2022 Credit Agreement, which was fully repaid and terminated on the same date, indicating a refinancing and potentially improved terms or capacity.
  4. 8-KEquinix 8-K Report, Financial Results (Jul 29, 2026)Equinix (EQIX) reported second-quarter 2026 results on July 29, 2026 that were strong across revenue, profitability and cash flow, and management raised both its full-year 2026 guidance and its 2027–2029 long-term outlook. Revenue rose 16% year over year to $2.625 billion, though this included one-time xScale fees, which also flattered operating income (up 35% to $665 million), AFFO (up 20% to $1.168 billion, or $11.78 per diluted share) and the record 53% adjusted EBITDA margin. Monthly recurring revenue grew 11% on both an as-reported and a normalized, constant-currency basis, and annualized gross bookings rose 23% to a record backlog, with a record 9,700 net interconnections added in the quarter. Recurring revenue of $2.377 billion grew about 11% year over year, which is the cleaner read on underlying demand. The revised guidance is substantially more capital-intensive. Full-year 2026 revenue guidance moved to $10.205–10.285 billion, adjusted EBITDA to $5.210–5.270 billion, and AFFO per share to $42.69–43.29. Non-recurring capital expenditures were raised by about $1.4 billion to $4.71–5.69 billion, and total capex is now expected at $5.0–6.0 billion. The 2027–2029 outlook also widened, with revenue growth of 10–13% and capex of $5–7 billion per year. Investors should weigh strong bookings and presales against higher spending, a rising debt load (senior notes up to $19.7 billion from $18.2 billion at year-end 2025), and negative free cash flow of $(560) million in the first half. Overall, the filing signals robust demand for AI and interconnection infrastructure and firm pricing. The key investor questions are whether the xScale fee contribution is repeatable, how quickly the expanded build-out converts into recurring revenue, and whether the balance sheet and dividend growth (which now tracks AFFO per share growth) can be sustained while funding this larger capex program.
  5. 8-KEquinix 8-K Report, Executive Changes (Jul 14, 2026)Equinix, Inc. (EQIX) has filed an 8-K report on July 14, 2026, announcing the departure of its Chief Business Officer, Jon Lin, effective July 18, 2026. Mr. Lin will receive severance benefits in accordance with the Company's Executive Severance Plan, as previously detailed in a February 12, 2026 filing. This executive change is being managed through an internal transition plan, with responsibilities being reallocated among the existing senior leadership team. The company also indicated that a new Chief Product Officer will be announced soon, suggesting a focus on continued leadership development and strategic operational alignment.
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04—See also

Related Companies

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