10-K 0001101239-26-000032 (2026-02-11) vs 10-K 0001628280-25-005126 (2025-02-12)
| Section | Compared text | Words now | Changed |
| Risk Factors | Item 1A | 18,969 |
21.5% |
| MD&A | Item 7 | 8,431 |
41.1% |
| Legal Proceedings | Item 3, via Note 3 – Legal Proceedings | 0 |
not compared |
| Accounting Policies | 10-K text (note not found) | 0 |
not compared |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 248 words changed in this paragraph; it is 51% similar to last year's version.
government spending levels We are experiencing an increase in our costs to procure power and supply chain issues globally. Rising prices for materials related to our IBX data center construction and our data center offerings, energy and gas prices, as well as rising wages and benefits costs negatively impact our business by increasing our operating costs. Further, as a result of the increase in demand for AI infrastructure, we are anticipating chip shortages relative to those experienced in the market in prior years. This shortage could increase impact our customers and delay or deter customer server deployments within our IBX data centers. These shortages could also impact our own network rooms and certain products which rely on integration with these chips. Price increases for the possibility chips could be significant and could have a material impact on our business or the business of a government shutdown, further adversely affecting global economic conditions. our customers. The adverse economic conditions we are currently experiencing experiencing, including the impact of increased tariffs and inflation, may also impact our customers and cause a decrease in sales as some customers may need to take initiate cost cutting measures or scale back their operations. This could result in churn in our customer base, reductions in revenues from our offerings, adverse effects to our days of sales outstanding in accounts receivable ("DSO"), longer sales cycles, slower adoption of new technologies and increased price competition, which could adversely affect our liquidity. Customers, vendors and/or partners filing for bankruptcy could also lead to costly and time-intensive actions with adverse effects, including greater difficulty or delay in accounts receivable collection. The uncertain economic environment could also have an impact on our foreign exchange forward contracts if our counterparties' credit deteriorates or if they are otherwise unable to perform their obligations. Further, volatility in the financial markets and rising interest rates like we are currently experiencing could affect our ability to access the capital markets at a time when we desire, or need, to do so which could have an impact on our flexibility to pursue additional expansion opportunities and maintain our desired level of revenue growth in the future. We also could be exposed to hyperinflation in certain economies as a result of potential expansion into developing countries.
Source: Item 1A, 10-K 0001101239-26-000032 vs Item 1A, 10-K 0001628280-25-005126
MD&A 194 words changed in this paragraph; it is 71% similar to last year's version.
As a REIT, we generally are permitted to deduct from our U.S. federal taxable income the dividends we pay to our stockholders. The taxable income represented by such dividends is not subject to U.S. federal income taxes at the entity level but is taxed in the U.S., if at all, at the stockholder level. Depending on a stockholder's citizenship shareholder's citizenry and residency, the income could be taxed by other jurisdictions as well. Nevertheless, the income of our TRSs which hold our U.S. operations is subject to U.S. federal and state corporate income taxes, as applicable. Likewise, our foreign subsidiaries continue to be subject to local income taxes in jurisdictions in which they hold assets or conduct operations, regardless of whether held or conducted through TRSs or through qualified REIT subsidiaries ("QRSs") for U.S. income tax purposes. We are also subject to a separate U.S. federal corporate income tax on any gain recognized from a sale of a REIT asset where our basis in the asset is determined by reference to the basis of the asset in the hands of a C corporation (such as an asset held by us or a QRS following the liquidation or other conversion of a former TRS). This built-in-gain tax is generally applicable to any disposition of such an asset during the five-year period after the date we first owned the asset as a REIT asset to the extent of the built-in-gain based on the fair market value of such asset on the date we first held the asset as a REIT asset. In addition, should we recognize any gain from "prohibited transactions," we will be subject to tax on this gain at a 100% rate. "Prohibited transactions," for this purpose, are defined as dispositions of inventory or property held primarily for sale to customers in the ordinary course of a trade or business other than dispositions of foreclosure property and other than dispositions excepted by statutory safe harbors. If we fail to remain qualified for U.S. federal income taxation as a REIT, we will be subject to U.S. federal income taxes at regular corporate income tax rates. Even if we remain qualified for U.S. federal income taxation as a REIT, we may be subject to some federal, state, local and foreign taxes on our income and property in addition to taxes owed with respect to our TRSs' operations. In particular, while state income tax regimes often parallel the U.S. federal income tax regime for REITs, many states do not completely follow federal rules, and some may not follow them at all.
Source: Item 7, 10-K 0001101239-26-000032 vs Item 7, 10-K 0001628280-25-005126
Every change, by type
Sentences and paragraphs of EQIX's Risk Factors and MD&A, 10-K 2026-02-11 against 10-K 2025-02-12.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
Geopolitical events and political tensions contribute to an already complex landscape, and could have a negative effect on our global business operations.
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedRisk Factors
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 affect our global operations, and their future impact remains unpredictable. In addition, uncertainty surrounding the legality, enforceability, and interpretation of U.S. and international laws, executive actions, regulatory frameworks, and enforcement priorities could result in compliance challenges, significant penalties, operational restrictions, reputational harm, or adverse effects on our business and results of operations. Periodic risks of a U.S. government shutdown could further disrupt economic conditions. Moreover, actual or proposed U.S. tariffs and potential counter tariffs may increase costs and disrupt our supply chain, with their scope and duration dependent on evolving negotiations and exemptions, making their impact difficult to predict. Our inability to effectively manage these developments could have a material adverse effect on our business, financial condition, results of operations, and the price of our common stock.
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedRisk Factors
The current uncertain economic environment, including challenges related to power and supply chains, could impact our business and the businesses of our customers.
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedRisk Factors
the effective operation of our business and difficulty in attracting and retaining employees. Any such difficulties or disruptions may adversely affect our business, our culture and our results of operations.
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedRisk Factors
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 these investments, we could lose market share during this expected period of growth. We also must compete against certain of these competitors to secure the land and power needed for our expansion plans.
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedRisk Factors
•the timing of investment commitment versus the subsequent resulting revenue as development can take multiple years;
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedRisk Factors
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 of China. We are currently using our global supply chain to manage the evolving tariff environment and reduce impacts on our business and customers. At this time, we believe the largest potential tariff impact for us is related to steel and steel derivatives. Tariffs on steel and steel derivatives could lead to significant building cost increases for us if we are unable to source alternative options. Any additional tariffs to be imposed by the U.S. on imports from certain countries and potential counter-tariffs in response, could lead to increased costs and supply chain disruptions.
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedRisk Factors
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
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedRisk Factors
•our joint venture structures may come with complex governance obligations that may be challenging to meet;
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedRisk Factors
•difficulties in managing varying business standards and construction speeds across markets;
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedRisk Factors
•unexpected changes in political environments and government relations including trade wars;
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedRisk Factors
Environmental and sustainability laws and regulations may impose upon us new or unexpected costs.
Read it in 10-K 2026-02-11 at sec.gov ↗
RemovedRisk Factors
Geopolitical events and political changes, including the recent change in administration in the U.S., contribute to an already complex and evolving regulatory landscape. If we cannot comply with the evolving laws and regulations in the countries in which we operate, we may be subject to litigation and/or sanctions, adverse revenue impacts and increased costs, and our business and results of operations could be negatively impacted.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
In light of the recent change in administration in the U.S., there is considerable uncertainty and potential conflict regarding and among existing laws, judicial orders and bans, new presidential executive orders, regulatory frameworks, leadership changes and enforcement priorities and strategies. Penalties for non-compliance with any of these orders or regulations may be significant. Proposed tariffs to be imposed by the U.S. on imports from certain countries and potential counter-tariffs in response, could lead to increased costs and supply chain disruptions. If we are not able to navigate these changes, it could have a material adverse effect on our business and results of operations, as well as on the price of our common stock.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
Additionally, geopolitical events, such as the trade war between the U.S. and China, the war between Russia and Ukraine, the ongoing conflict in the Middle East, could have a negative effect on our business domestically and/or internationally. While some time has passed since some of these events first occurred, it remains unpredictable how these events will continue to develop and impact the environment in which we do business.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
With respect to the ongoing trade war between the U.S. and China, we have several Chinese customers who are named in restrictive executive orders ("EOs"), and while a majority of these EOs are typically only applicable to transactions and/or services provided to these Chinese customers in the U.S. today, it is uncertain if the new U.S. administration would further expand the applicability of such EOs to transactions and businesses outside of the U.S. If Equinix is required to cease business with these companies, or additional companies in the future, our revenues could be adversely affected. Similarly, 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, and having to source for alternative suppliers for key components outside of China.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
Additionally, laws and regulations related to economic sanctions, export controls, anti-bribery and anti-corruption, and other international activities may restrict or limit our ability to engage in transactions or dealings with certain counterparties, in or with certain countries or territories, or in certain activities. We cannot guarantee compliance with all such laws and regulations, and failure to comply with such laws and regulations could expose us to fines, penalties, or costly and expensive investigations.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
Violations of any of applicable domestic or international laws and regulations that could result in significant fines, criminal sanctions against us, our officers or our employees, and prohibitions on the conduct of our business. Any such violations could include prohibitions on our ability to provide our offerings in one or more countries, could delay or prevent potential acquisitions, and could also materially damage our reputation, our brand, our international expansion efforts, our ability to attract and retain employees, our business and results of operations.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
Inflation in the global economy, increased interest rates, political dissension and adverse global economic conditions, like the ones we are currently experiencing, could negatively affect our business and financial condition.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
Inflation is impacting various aspects of our business. We are also experiencing an increase in our costs to procure power and supply chain issues globally. Rising prices for materials related to our IBX data center construction and our data center offerings, energy and gas prices, as well as rising wages and benefits costs negatively impact our business by increasing our operating costs. Further, disagreement in the U.S. Congress on
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
scale outages. Any outage or supply disruption could adversely affect our business, customer experience and revenues.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
The ongoing military conflicts between Russia and Ukraine and in the Middle East could negatively affect our business and financial condition.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
The war in Ukraine has led to market disruptions, including significant volatility in commodity prices, credit and capital markets, an increase in cybersecurity incidents as well as supply chain disruptions.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
Additionally, various Russian actions have led to sanctions and other penalties being levied by the U.S., the European Union, the United Kingdom, and other countries, as well as other public and private actors and companies, against Russia and certain other geographic areas, including agreement to remove certain Russian financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system and restrictions on imports of Russian oil, liquified natural gas and coal. We do not have operations in Russia or Ukraine and historically we have had a limited number of Russian and Ukrainian customers, which we continue to screen against applicable sanctions lists per our standard processes. Although we continue to devote resources to this screening effort, including the use of software solutions, the sanctions screening process remains partially manual, and the sanctions lists continue to evolve and vary by country. We continue to address necessary changes in global sanctions laws and modify our processes as necessary in light of these evolving laws. A material failure to comply with global sanctions laws could have a negative effect on our reputation, business and financial condition.
Read it in 10-K 2025-02-12 at sec.gov ↗
RewordedRisk Factors
While this and other previous incidents have been resolved, and their impacts have been immaterial, we expect we will continue to face risks associated with unauthorized access to our computer systems, loss or destruction of data, computer viruses, ransomware, malware, distributed denial-of-service attacks or other malicious activities, and the impact of such events in the future may be material.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
To address these stakeholder goals and concerns, where possible, we We also plan to continue to scale our clean and renewable energy strategy, seek low-carbon alternatives for traditional fuel sources, use refrigerants that pose fewer risks of environmental impact, strategy and pursue opportunities to improve energy and water efficiency.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
We have established sustainability objectives, science-based climate targets, including long-term goals of procuring achieving 100% clean and renewable energy coverage across our global portfolio by 2030 and reducing our reaching net-zero GHG emissions from our operations and supply chain. across the value chain by 2040.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
Various laws and governmental regulations, both in the U.S. and abroad, governing internet-related services, related communications services and information technologies remain largely unsettled, even in areas where there has been some legislative action. are evolving rapidly to address technological advancements, shifting consumer behaviors and the rise of new services.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
EPA or state agencies, or by regulators in other countries, Similarly, they could limit air emissions from fossil fuel-fired power plants, restrict discharges of cooling water, limit the availability of potable water and otherwise impose new or different operational restraints or requirements on power plants that could increase costs and reliability of electricity.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
It is possible that we may fail to reach our stated environmental goals climate targets in a timely manner or that our customers, stockholders stockholders, or members of our communities other stakeholders might not be satisfied with our sustainability efforts or the speed of their adoption. progress.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
We believe that our organization and method of operation comply with the rules and regulations promulgated under the Internal Revenue Code of 1986, as amended (the "Code"), such that we will continue to qualify for taxation as a REIT.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
Any such limitations may have a negative impact on a given IBX data center and may limit our ability to grow our business which could negatively affect our financial performance and results of operations.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
There is some indication that sustainability goals are becoming more controversial, as some Some governmental and non-governmental entities in the U.S. and certain investor constituencies question have questioned the appropriateness of or object objected to sustainability initiatives.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
Furthermore, we continue to acquire IBX data centers not built by us. us and we may be required to incur substantial additional costs to repair or upgrade the IBX data centers.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
We paid a quarterly distributions in each quarter of 2024 distribution on December 17, 2025 and have declared a quarterly distribution for the fourth first quarter of 2024 2026 to be paid on March 19, 2025. 18, 2026.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedRisk Factors
The adverse economic conditions we are currently experiencing experiencing, including the impact of increased tariffs and inflation, may also impact our customers and cause a decrease in sales as some customers may need to take initiate cost cutting measures or scale back their operations.
Read it in 10-K 2026-02-11 at sec.gov ↗
Quiet changesRisk Factors
We have service level commitment obligations to certain most customers.
Read it in 10-K 2026-02-11 at sec.gov ↗
Quiet changesRisk Factors
Additionally, all All construction related projects require us to carefully select and rely on the experience of one or more designers, general contractors, and associated subcontractors during the design and construction process.
Read it in 10-K 2026-02-11 at sec.gov ↗
Quiet changesRisk Factors
Further, if If we cannot effectively manage the challenges associated with our international operations and expansion plans, we could experience a delay in our expansion projects or a failure to grow.
Read it in 10-K 2026-02-11 at sec.gov ↗
Quiet changesRisk Factors
We may also need plan to refinance a portion of our outstanding debt as it matures.
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedMD&A
In 2025, we opened 16 new data centers, including new sites added via our joint ventures and acquisitions. These openings included sites in the following metros: Chennai, Chicago, Dublin, Frankfurt, Jakarta, Lisbon, Madrid, Manila, Monterrey, Mumbai, Salalah, São Paulo and Washington, D.C. This resulted in an increase in our total number of data center facilities to 280. Additional 2025 highlights include:
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedMD&A
•We had 52 active major development projects underway as of January 2026 across 35 metros around the world. We anticipate these development projects will deliver 55,000+ cabinets of retail capacity and 100+ MW of xScale capacity through 2028.
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedMD&A
•We surpassed 500,000 interconnections, further demonstrating our market-leading position as we enable our customers to meet their real-time operational demands and networking requirements.
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedMD&A
•We closed strategic land acquisitions in several locations, including the greater Amsterdam, Chicago, London, Milan, Mumbai and Toronto metros, which will support approximately 1 GW of retail and xScale capacity.
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedMD&A
•We completed our acquisition of all outstanding shares of TIM NextGen DC Corporation, consisting of three data centers in the Philippines, for total purchase consideration of $183 million. This marked our entry into the Philippines market. See Note 3 within the Consolidated Financial Statements.
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedMD&A
•We raised $4.4 billion of capital to support organic growth, land and building acquisitions and required debt refinancings. This included the following:
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedMD&A
In 2025, we publicly disclosed our Annualized Gross Bookings metric. Annualized Gross Bookings represents the annualized revenue impact of stated monthly recurring revenues ("MRR") on newly executed contracts with a term of 12 months or more, net of any MRR decreases from cancellations or terminations associated with the new contracts and adjusted for the impact of pricing changes on existing contracts. This measure excludes contracts for recurring revenue from our joint ventures and the impact of power price adjustments. This measure only includes contracts that we anticipate will start generating revenue within 90 days. During the year ended December 31, 2025, we had total Annualized Gross Bookings of $1.6 billion, up 27% from 2024. This growth reflects the overall momentum in customer demand and our ability to capture that demand across our global platform.
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedMD&A
Our business is primarily based on a recurring revenue model comprised of colocation, interconnection and managed infrastructure offerings. We consider these offerings recurring because our customers are generally billed
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedMD&A
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, making permanent or extending key provisions of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic R&D expensing, business interest expense limitations and the qualified business income deduction for ordinary REIT dividends. The OBBBA also revises international tax rules such as the net controlled foreign corporation ("CFC") tested income (before January 1, 2026, global intangible low-taxed income) inclusion and raises the REIT asset threshold for taxable REIT subsidiaries from 20% to 25%, effective for tax years beginning after December 31, 2025. The legislation does not have a material impact on our income tax position.
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedMD&A
The remainder of the increase was driven by higher office and accretion expenses, offset by lower costs to provide non-recurring services.
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedMD&A
Adjusted EBITDA is used by management to evaluate the operating strength and performance of our core, ongoing business, without regard to our capital or tax structures. It also aids in assessing the performance of, making operating decisions for, and allocating resources to our operating segments. In addition to the uses described above, we believe this measure provides investors with a better understanding of the operating performance of the business and its ability to perform in subsequent periods.
Read it in 10-K 2026-02-11 at sec.gov ↗
AddedMD&A
•restructuring and other exit charges, which primarily include employee severance, facility closure costs, lease or other contract termination costs and advisory fees related to the realignment of our management structure, operations or products and other exit activities
Read it in 10-K 2026-02-11 at sec.gov ↗
RemovedMD&A
While a large number of enterprises and service providers, such as hyperscale cloud service providers, own their own data centers, we believe the industry is shifting away from single-tenant solutions to customers outsourcing some or all of their IT housing and interconnection requirements to third-party facilities, such as those operated by Equinix. This shift is being accelerated by the increasing adoption of hybrid multi-cloud architectures and the adoption of artificial intelligence (“AI”).
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
Historically, the outsourcing market was served by large telecommunications carriers that bundled their products and services with their colocation offerings. The data center market landscape has evolved to include private and carrier-neutral multi-tenant data centers ("MTDC"), public and private cloud providers, managed infrastructure and application hosting providers, large hyperscale cloud providers and systems integrators. It is estimated that Equinix is one of more than 2,400 companies that provide MTDC offerings around the world. The global MTDC market is highly fragmented. Each of these data center solution providers can bundle various colocation, interconnection and network offerings, outsourced IT infrastructure solutions and managed services. We believe that this outsourcing trend has accelerated and is likely to continue to accelerate in the coming years, especially in light of the movement to digital business, the use of multiple cloud service providers and the adoption of AI. We are able to offer our customers a global platform that reaches 35 countries with the industry’s largest and most active ecosystem of partners in our sites, proven operational reliability, improved application performance and a highly scalable set of offerings.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
constraints could have a negative impact on our ability to grow revenues, affecting our financial performance, results of operations and cash flows and the growth opportunities presented by the adoption of new technologies, including AI.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
To serve the needs of the growing hyperscale data center market, including the world's largest cloud service providers and increased demand driven in part by the adoption of AI, we have entered into joint venture partnership arrangements across our Americas, EMEA and Asia-Pacific regions to develop and operate xScale data centers.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
revenues, we expect non-recurring revenues to represent less than 10% of total revenues for the foreseeable future.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
•In April, we sold the Silicon Valley 12 (“SV12”) data center site in connection with the formation of a new joint venture to develop and operate an xScale data center in the Americas region (the “AMER 2 Joint Venture”). Upon closing, we contributed $26 million in exchange for a 20% partnership interest in the joint venture. See Note 5 within the Consolidated Financial Statements.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
•In May, we issued $750 million aggregate principal amount of 5.500% senior notes due June 15, 2034 (the "2034 Notes"). See Note 10 within the Consolidated Financial Statements.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
•In July, we entered into an agreement to acquire three data centers in the Philippines from Total Information Management ("TIM") for a stated purchase price of $180 million subject to certain adjustments. The acquisition is expected to close in the first half of 2025, subject to customary closing conditions.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
•In October, we entered into an agreement to form a joint venture to develop and operate xScale data centers in the Americas region (the "AMER 3 Joint Venture"), subject to regulatory approval and other closing conditions which were satisfied on October 30, 2024. See Note 5 within the Consolidated Financial Statements.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
•In October, we established a program to succeed the 2022 ATM Program, under which we may, from time to time, offer and sell on a spot or forward basis up to an aggregate of $2.0 billion of our common stock to or through sales agents in "at the market" transactions (the "2024 ATM Program"). See Note 11 within the Consolidated Financial Statements.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
These increases were partially offset by net power price decreases in response to the decreased cost of utilities, as noted below under cost of revenues.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
•$25 million of higher compensation costs, including salaries, bonuses and stock-based compensation, primarily due to headcount growth;
Read it in 10-K 2025-02-12 at sec.gov ↗
RewordedMD&A
Installation revenue adjustment 20 (4) 4 18 Straight-line rent expense adjustment 5 (3) 12 16 Contract cost adjustment (52) (27) (47) (53) Amortization of deferred financing costs and debt discounts 23 20 19 18 Stock-based compensation expense 498 462 407 404 Stock-based charitable contributions 3 3 49 3 Non-real estate depreciation expense 568 562 494 427 (Gain) loss on disposition of non-real estate assets (1) — — Amortization expense 200 208 208 205 Accretion expense adjustment 16 2 (1) 3 Recurring capital expenditures (284) (250) (219) (189) Loss (Gain) loss on debt extinguishment (1) 16 — — Restructuring and other exit charges 33 31 — — Transaction costs 18 50 13 22 Impairment charges 68 233 2 1 Income tax expense adjustment (24) (2) (12) (31) Adjustments for AFFO from unconsolidated joint ventures 3 (6) 6 (3) AFFO attributable to common stockholders $ 3,761 $ 3,356 $ 3,019 $ 2,714
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedMD&A
During the year ended December 31, 2024, Asia-Pacific 2025, EMEA adjusted EBITDA increased by $173 $183 million or 21% (22% 13% (12% on a constant currency basis), primarily due to higher revenues as a result of IBX data center expansion activity and organic growth and lower utilities costs, partially offset by lower revenues as a result of non-recurring services provided to our joint ventures, IBX data center expansion activity and organic growth, and lower utilities costs, as described above.
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedMD&A
Years Ended December 31, 2025 2024 2023 2022 Net income $ 1,348 $ 814 $ 969 $ 705 Income tax expense 160 161 155 124 Interest income (193) (137) (94) (36) Interest expense 527 457 402 356 Other (income) expense 7 17 11 51 Loss (Gain) loss on debt extinguishment (1) 16 — — Depreciation, amortization, and accretion expense 2,066 2,011 1,844 1,740 Stock-based compensation expense 498 462 407 404 Restructuring and other exit charges 33 31 — — Impairment charges 68 233 — — Transaction costs 18 50 13 22 (Gain) loss on asset sales (1) (18) (5) 4 Adjusted EBITDA $ 4,530 $ 4,097 $ 3,702 $ 3,370
Read it in 10-K 2026-02-11 at sec.gov ↗
RewordedMD&A
Accounting for property, plant and equipment includes determining the appropriate period over which to depreciate such assets and assets, assessing such assets for potential impairment. impairment and assessing the asset retirement obligations required for certain leased properties that require us to return the leased properties back to their original condition at the time we decide to exit a lease property.
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RewordedMD&A
These increases were The increase was partially offset by a decrease of $30 $29 million in revenues from non-recurring services provided to our joint ventures and net power price decreases in response to a decrease of $29 million driven by the decreased cost of utilities, as noted below under cost of revenues. Equinix Metal Wind Down.
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RewordedMD&A
Our Asia-Pacific general and administrative expenses cost of revenues did not materially change during the year ended December 31, 2024 2025 compared to the year ended December 31, 2023. 2024 as increases in depreciation expense and compensation costs were substantially offset by decreases in utilities costs and costs to provide non-recurring services.
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RewordedMD&A
During the year ended December 31, 2024, 2025, Asia-Pacific adjusted EBITDA increased by $173 $69 million or 21% (22% 7% (6% on a constant currency basis), primarily due to higher revenues as a result of non-recurring services provided to our joint ventures, IBX data center expansion activity and organic growth, and offset by lower utilities costs, revenues as a result of non-recurring services provided to our joint ventures, as described above.
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RewordedMD&A
Management bases its assumptions, estimates and judgments on historical experience, current trends and various other factors that are believed we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. circumstances.
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RewordedMD&A
Strategically, To serve the needs of the growing hyperscale data center market, including the world's largest cloud service providers and increased demand driven in part by the adoption of AI, we will continue to look at attractive opportunities to grow our market share and selectively improve our footprint and offerings.
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RewordedMD&A
During the year ended December 31, 2024, 2025, Americas adjusted EBITDA increased by $95 $181 million or 6% (7% 11% (11% on a constant currency basis), primarily due to higher revenues as a result of non-recurring services provided to our joint ventures, IBX data center expansion activity and organic growth, partially offset by lower revenues as a result of non-recurring services provided to our joint ventures, as described above.
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RewordedMD&A
During the years ended December 31, 2024 2025 and 2023, December 31, 2024, we recorded transaction costs restructuring and other exit charges of $50 $33 million and $13 $31 million, respectively. respectively, primarily related to severance and other employee costs.
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RewordedMD&A
Accounting for Property, Plant and Equipment and Finite-Lived Intangible Assets Judgments are required in arriving at the estimated useful life of an asset and changes to these estimates could have a significant impact on our financial position and results of operations. asset.
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Quiet changesMD&A
In addition to our cash balance, we had $3.9 approximately $4.0 billion of additional liquidity available to us from our $4.0 billion revolving facility and general access to both public and private debt and the equity capital markets.
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