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Equinix 8-K Report, Financial Results (Feb 11, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 11, 2026
Period End
February 11, 2026
Security
EQIX
In the 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. Deal closed8-K · May ’17May ’17
  2. Leadership change8-K · Apr ’19Apr ’19
  3. Material agreement8-K · May ’21May ’21
  4. Leadership change8-K · Mar ’25Mar ’25

01—Abstract

Summary

Summary of the 8-K filed February 11, 2026. Cited figures are marked; the original filing is the authoritative source.

Equinix reported strong Q4 and full-year 2025 results, with Q4 revenue of $2.42 billiona (up 7% year over year as reported) and full-year revenue of $9.217 billion (up 5% as reported, 6% normalized and constant currency).

Full-year operating income rose 39% to $1.848 billionb, helped by lower impairment charges and transaction costs, and diluted EPS rose 62% to $13.76. Adjusted EBITDA reached $4.53 billion at a 49% margin, and AFFO grew 12% to $3.761 billion, or $38.33 per diluted share (up 9%). Management highlighted accelerating demand: Q4 MRR grew 10% year over year and annualized gross bookings hit a record $474 million, up 42%.

Roughly 60% of the largest Q4 deals were tied to AI workloads. For 2026, Equinix guided to revenue of $10.123 to $10.223 billionc (about 10 to 11% growth as reported), adjusted EBITDA of $5.141 to $5.221 billion at a roughly 51% margin, and AFFO per share of $41.93 to $42.74 (9 to 12% growth as reported). The company also raised its quarterly dividend 10% to $5.16 per share, its 11th consecutive year of dividend growth.

Investors should weigh the strong operating momentum against heavy capital intensity: 2025 free cash flow was negative $2.57 billiond, purchases of other PP&E were $4.31 billion, and total debt principal rose to $21.4 billion from $17.6 billion. Management noted that Q4 was modestly affected by the timing of the xScale Hampton lease, now expected to close in early 2026. The filing is a Form 8-K (Item 2.02) furnishing the earnings press release as Exhibit 99.1.

The information is furnished rather than filed, so it is not subject to Section 18 liability. The earnings call was scheduled for February 11, 2026, and the release includes reconciliations of non-GAAP measures such as Adjusted EBITDA, AFFO and free cash flow to GAAP figures.

02—Key points

Key Highlights

  1. Q4 2025 revenue of $2.42B rose 7% year over year as reported; full-year revenue of $9.217B rose 5% (6% normalized and constant currency).
  2. Q4 MRR grew 10% year over year, and full-year MRR grew 7% as reported (8% normalized and constant currency), signaling accelerating recurring revenue.
  3. Record Q4 annualized gross bookings of $474M (up 42%); full-year 2025 bookings of $1.6B (up 27%), with about 60% of the largest deals driven by AI workloads.
  4. Full-year 2025 AFFO rose 12% to $3.761B ($38.33 per diluted share, up 9%); Adjusted EBITDA rose 11% to $4.53B at a 49% margin.
  5. 2026 guidance calls for revenue of $10.12–10.22B, Adjusted EBITDA of $5.14–5.22B (about 51% margin), and AFFO per share of $41.93–42.74.
  6. Quarterly dividend increased 10% to $5.16 per share, the 11th consecutive year of dividend growth.
  7. Heavy investment continues: 2025 free cash flow was -$2.57B, total debt principal rose to $21.4B, and 2026 total capex is guided to $3.66–4.16B.

03—Questions

Frequently Asked Questions

  1. How did Equinix perform in Q4 and full-year 2025?

    Q4 revenue was $2.42B (up 7% as reported) and full-year revenue was $9.217B (up 5% as reported, 6% normalized and constant currency). Full-year operating income rose 39% to $1.848B, net income attributable to common stockholders rose 66% to $1.35B, and AFFO rose 12% to $3.761B.

  2. What is the 2026 outlook?

    Equinix guided to FY2026 revenue of $10.123–10.223B (about 10–11% as-reported growth), Adjusted EBITDA of $5.141–5.221B (about 51% margin, roughly 200 basis points of expansion), and AFFO per share of $41.93–42.74 (9–12% as-reported growth). Q1 2026 revenue is guided to $2.496–2.536B.

  3. Is the dividend growing, and is it covered?

    The quarterly dividend rose 10% to $5.16 per share, the 11th straight annual increase. Expected 2026 cash dividends are about $2.036B, which is well below guided 2026 AFFO of $4.158–4.238B, indicating ample coverage on an AFFO basis.

  4. Why is free cash flow negative despite strong earnings?

    Equinix is in a heavy build-out phase. 2025 purchases of other PP&E were $4.31B and real estate acquisitions were $994M, which drove free cash flow to -$2.57B. The company funded the gap largely through $4.3B of new senior notes, and total debt principal rose to $21.4B. Management expects 2026 capex of $3.66–4.16B, with growth coming partly from the xScale joint venture.

  5. What were the key operating and demand drivers?

    Demand was strong, with a record Q4 of 4,500+ deals closed, Q4 annualized gross bookings up 42% to $474M, and more than 60% of existing customers adding services in 2025. Equinix also surpassed 500,000 interconnections, delivered 23,250 retail cabinets and 90+ MW of xScale capacity in 2025, and holds 52 major expansion projects underway.

04—Continue

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