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Screener / SEC EDGAR /CIK 0001101239 /10-K filed Feb 11, 2026, compared with Feb 12, 2025 /Numbers from the XBRL of the 10-Ks
Real estate peers:
AMTEQIXWYSPGIRMPLD
Nasdaq Real estate · REIT

Equinix EQIX

EQIX quote by TradingView

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company, shortening the path to boundless connectivity anywhere in the world to enable the innovations that enrich our work, life and planet. 10-K, Item 1

Employees
13,716
Headquarters
Redwood City, CA
CEO
Adaire Fox-Martin
Next results
around Feb 10, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $9.2B through the costs to a net profit of $1.4B · income statement of the 10-K

20% operating margin
Revenue to Gross profit: $4.7BRevenue to Cost of revenue: $4.5BGross profit to Operating profit: $1.8BGross profit to Operating expenses: $2.9BOperating profit to Net profit: $1.4BOperating profit to Tax & other: $498.0M Revenue: $9.2B REVENUE $9.2B +5% Y/Y Gross profit: $4.7B · 51% margin GROSS PROFIT $4.7B 51% margin Cost of revenue: $4.5B · 49% of revenue COST OF REVENUE $4.5B 49% of revenue Operating profit: $1.8B · 20% margin OPERATING PROFIT $1.8B 20% margin · +39% Y/Y Operating expenses: $2.9B · 31% of revenue OPERATING EXPENSES $2.9B 31% of revenue Net profit: $1.4B · 15% margin NET PROFIT $1.4B 15% margin · +66% Y/Y Tax & other: $498.0M · 5% of revenue TAX & OTHER $498.0M 5% of revenue
Gross profit $4.7B 51% margin
Operating profit $1.8B 20% margin · +39% Y/Y
Net profit $1.4B 15% margin · +66% Y/Y
The full income statement, year by year

EQIX among Real estate peers

Six ratios from the latest 10-K. Each corner is the share of 28 peers the company is above, not a score.

Compare
Revenue growth: 5.4%, above 54% of 28 peers (their median 5.1%) REVENUE GROWTH 5.4% · above 54% Gross margin: 51.6%, above 38% of 8 peers (their median 64.6%) GROSS MARGIN 51.6% · above 38% Operating margin: 22.5%, above 35% of 17 peers (their median 43.8%) OPERATING MARGIN 22.5% · above 35% Net margin: 16.4%, above 36% of 28 peers (their median 21.8%) NET MARGIN 16.4% · above 36% FCF margin: -1.4%, above 18% of 11 peers (their median 36.0%) FCF MARGIN -1.4% · above 18% Return on capital: 4.4%, above 30% of 10 peers (their median 6.2%) RETURN ON CAPITAL 4.4% · above 30%
EQIX Peer median Below the median

What changed

16 new risk paragraphs. 10-K filed Feb 11, 2026 against Feb 12, 2025.

Risk factors
16 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Accounting checks
10 other checks clear
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
5 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

10 checks on the latest 10-K. Checks, not verdicts.

How it works

0facts worth reading about all 10 checks found nothing to note

  • Receivables +5.5% vs revenue +5.4% (+0.1 pts)
  • Cash from operations $3.9B vs net income $1.4B (FY ending Dec 31, 2025)
  • Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
7 more checks with nothing to note
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Revenue Recognition - Colocation and Interconnection Revenues
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

16 paragraphs in Risk Factors that were not in the 10-K filed Feb 12, 2025. Quoted as filed.

All 16 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 12, 2025 10-K, ITEM 1A
    Geopolitical events and political tensions contribute to an already complex landscape, and could have a negative effect on our global business operations. Geopolitical events, including trade tensions between the U.S. and other countries, the war between Russia and Ukraine, and ongoing conflicts in the Middle East, could negatively…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 12, 2025 10-K, ITEM 1A
    Further, because of the expected growth and opportunity related to AI, we anticipate significant investments in the data center industry by both current competitors and new investors and companies looking to capture this opportunity. If Equinix is unable to compete against these new market entrants, or capture a proportionate share of…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 12, 2025 10-K, ITEM 1A
    Current relations between the U.S. and China have created increased supply chain risk due to successive U.S. legislation promoting decoupling from China on semiconductors and specific telecommunications equipment makers as well as the threat of increased tariffs and having to source from alternative suppliers for key components outside…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 12, 2025 10-K, ITEM 1A
    We may not realize all of the anticipated benefits from our joint ventures. The success of these joint ventures will depend, in part, on the successful partnership between Equinix and our joint venture partners. Such a

New risk paragraphs, against peers

Latest 10-K of each, Real estate companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

From the same starting line, FY2016 to FY2025

Revenue, net income and free cash flow, each set to 100 in FY2016. What happened, from the 10-Ks. Not a forecast.

FY2016 = 100
500 1000 100 Revenue: $3.6B in FY2016, $9.2B in FY2025 REVENUE $9.2B · 2.6x Net income: $126.8M in FY2016, $1.4B in FY2025 NET INCOME $1.4B · 10.6x FY2016 = 100FY2021FY2025
Revenue 2.6x $3.6B to $9.2B
Net income 10.6x $126.8M to $1.4B

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$7.3B$8.2B$8.7B$9.2B
Net income$705.0M$969.0M$815.0M$1.4B
Operating cash flow$3.0B$3.2B$3.2B$3.9B
Free cash flow$685.0M$436.0M$183.0M−$400.0M

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$9.2B ▲ 5.4% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

5 filings in the last 30 days · SEC EDGAR

All filings

About the company

Equinix, Redwood City, CA · from the 10-K filed Feb 11, 2026

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company, shortening the path to boundless connectivity anywhere in the world to enable the innovations that enrich our work, life and planet. Equinix combines a global footprint of International Business ExchangeTM (IBX®) and xScaleTM data centers in the Americas, Asia-Pacific, and Europe, the Middle East and Africa ("EMEA") regions, infrastructure and interconnection offerings, and digital ecosystems required to serve a large and diverse set of customers around the world.

Headquarters
Redwood City, CA
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Oct 28, 2026
Incorporated in
DE

Employees, at the top of the page: "As of December 31, 2025, we had 13,716 employees worldwide with 5,917 based in the Americas, 4,706 based in EMEA and 3,093 based in Asia-Pacific" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Feb 11, 2026 (open at SEC), compared with the 10-K filed Feb 12, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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