tickdelta
tickdelta
Sign in

Tickdelta is free for now. Sign up and get Pro free

← Screener

EQIXEquinix

Real estate · REIT · Nasdaq
EQIX quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 5.4%, free cash flow down to -$400.0M

XBRL, from each 10-K
RevenueStatements ↓
$9.2B
from $8.7B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.4B
from $815.0M in FY2024
FY2016FY2025
Free cash flowStatements ↓
-$400.0M
from $183.0M in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$13.76
from $8.50 in FY2024
FY2016FY2025
Operating marginStatements ↓
20.0%
from 15.2% in FY2024
FY2016FY2025
Total debtStatements ↓
$2.0B
from $15.3B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)16.65Sales (ttm)10.1BNet income (ttm)1.6BSales growth+5.4%EPS growth+61.9%Sales Q/Q+11.0%
Free cash flow-140.0MGross margin51.6%Oper. margin22.5%Net margin16.4%FCF margin-1.4%ROE11.3%
ROA3.7%R&D / sales-Dividend18.76Debt/Eq1.57Curr. ratio1.29Cash2.4B
Op. cash flow (ttm)4.2BEBITDA3.9BEBITDA margin42.3%Net debt20.5BQuick ratio1.29Interest cover3.51
ROIC4.4%Payout ratio136.3%Tax rate10.6%Stock pay / sales5.4%Shares out.99.0MShares Y/Y+2.4%
Book / share146.86Cash / share23.86Sales / share101.63Asset turnover0.23Days sales out.40Sales 3Y CAGR+8.3%
Sales 5Y CAGR+9.0%EPS 3Y CAGR+21.5%EPS 5Y CAGR+26.9%Employees13,716Sales / employee733K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt fell 87%$15.3B → $2.0B · Short-term + long-term debt at year end
  • Free cash flow turned negative$183.0M → −$400.0M · Cash from operations − capital expenditure · 10-K ↗
  • Operating margin widened to 20.0%15.2% → 20.0% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

EQIX against Real estate peers

Ten years, side by side → · All 30 →
GrowthProfitBalanceCleanInsiders
EQIXPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.

Sales growth
+5.4%14th of 29 · median +5.1%
Net margin
16.4%19th of 29 · median 21.7%
Return on equity
11.3%9th of 27 · median 7.8%
Free cash flow margin
-1.4%10th of 12 · median 24.1%
Debt / equity (less is better)
1.5721st of 24 · median 0.84
EQIX and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
EQIX Equinix$10.1B +5.4%51.6%16.4%11.3%-1.4%1.57
AMT American Tower$11.0B +5.1%-30.1%94.2%36.0%10.69
PLD Prologis$8.9B +7.2%-41.5%6.9%-0.65
IRM Iron Mountain$7.8B +12.2%-5.9%--6.9%-
SPG Simon Property Group$7.2B +6.7%-63.0%110.4%46.9%6.96
WY Weyerhaeuser$7.0B -3.1%15.0%6.5%4.8%-0.57
Where each dollar goes

From $6.6B of sales to $500.2M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $3.2BRevenue to Cost of revenue: $3.5BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $2.1BOperating profit to Net profit: $500.2MOperating profit to Tax & other: $608.0M Revenue: $6.6B Revenue$6.6B +11% Y/Y Gross profit: $3.2B · 48% margin Gross profit$3.2B48% margin Cost of revenue: $3.5B · 52% of revenue Cost of revenue$3.5B52% of revenue Operating profit: $1.1B · 17% margin Operating profit$1.1B17% margin +5% Y/Y Operating expenses: $2.1B · 31% of revenue Operating expenses$2.1B31% of revenue Net profit: $500.2M · 8% margin Net profit$500.2M8% margin +35% Y/Y Tax & other: $608.0M · 9% of revenue Tax & other$608.0M9% of revenue

Swipe sideways for the whole flow →

From $7.3B of sales to $705.0M of profit

FY2022, from the 10-K income statement and revenue by product
Colocation to Revenue: $5.1BInterconnection to Revenue: $1.3BNon-recurring revenues to Revenue: $392.0MManaged infrastructure to Revenue: $415.0MOther to Revenue: $105.0MRevenue to Gross profit: $3.5BRevenue to Cost of revenue: $3.8BGross profit to Operating profit: $1.2BGross profit to Operating expenses: $2.3BOperating profit to Net profit: $705.0MOperating profit to Tax & other: $495.0M Colocation: $5.1B · 70% Colocation$5.1B70% Interconnection: $1.3B · 17% Interconnection$1.3B17% Non-recurring revenues: $392.0M · 5% Non-recurring revenues$392.0M5% Managed infrastructure: $415.0M · 6% Managed infrastructure$415.0M6% Other: $105.0M · 1% Other$105.0M1% Revenue: $7.3B Revenue$7.3B +9% Y/Y Gross profit: $3.5B · 48% margin Gross profit$3.5B48% margin Cost of revenue: $3.8B · 52% of revenue Cost of revenue$3.8B52% of revenue Operating profit: $1.2B · 17% margin Operating profit$1.2B17% margin +8% Y/Y Operating expenses: $2.3B · 32% of revenue Operating expenses$2.3B32% of revenue Net profit: $705.0M · 10% margin Net profit$705.0M10% margin +41% Y/Y Tax & other: $495.0M · 7% of revenue Tax & other$495.0M7% of revenue

Swipe sideways for the whole flow →

From $8.2B of sales to $969.0M of profit

FY2023, from the 10-K income statement and revenue by product
Colocation to Revenue: $5.8BInterconnection to Revenue: $1.4BNon-recurring revenues to Revenue: $443.0MManaged infrastructure to Revenue: $452.0MOther to Revenue: $133.0MRevenue to Gross profit: $4.0BRevenue to Cost of revenue: $4.2BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $2.5BOperating profit to Net profit: $969.0MOperating profit to Tax & other: $474.0M Colocation: $5.8B · 70% Colocation$5.8B70% Interconnection: $1.4B · 17% Interconnection$1.4B17% Non-recurring revenues: $443.0M · 5% Non-recurring revenues$443.0M5% Managed infrastructure: $452.0M · 6% Managed infrastructure$452.0M6% Other: $133.0M · 2% Other$133.0M2% Revenue: $8.2B Revenue$8.2B +13% Y/Y Gross profit: $4.0B · 48% margin Gross profit$4.0B48% margin Cost of revenue: $4.2B · 52% of revenue Cost of revenue$4.2B52% of revenue Operating profit: $1.4B · 18% margin Operating profit$1.4B18% margin +20% Y/Y Operating expenses: $2.5B · 31% of revenue Operating expenses$2.5B31% of revenue Net profit: $969.0M · 12% margin Net profit$969.0M12% margin +37% Y/Y Tax & other: $474.0M · 6% of revenue Tax & other$474.0M6% of revenue

Swipe sideways for the whole flow →

From $8.7B of sales to $815.0M of profit

FY2024, from the 10-K income statement and revenue by product
Colocation to Revenue: $6.1BInterconnection to Revenue: $1.5BNon-recurring revenues to Revenue: $564.0MManaged infrastructure to Revenue: $467.0MOther to Revenue: $140.0MRevenue to Gross profit: $4.3BRevenue to Cost of revenue: $4.5BGross profit to Operating profit: $1.3BGross profit to Operating expenses: $3.0BOperating profit to Net profit: $815.0MOperating profit to Tax & other: $513.0M Colocation: $6.1B · 69% Colocation$6.1B69% Interconnection: $1.5B · 17% Interconnection$1.5B17% Non-recurring revenues: $564.0M · 6% Non-recurring revenues$564.0M6% Managed infrastructure: $467.0M · 5% Managed infrastructure$467.0M5% Other: $140.0M · 2% Other$140.0M2% Revenue: $8.7B Revenue$8.7B +7% Y/Y Gross profit: $4.3B · 49% margin Gross profit$4.3B49% margin Cost of revenue: $4.5B · 51% of revenue Cost of revenue$4.5B51% of revenue Operating profit: $1.3B · 15% margin Operating profit$1.3B15% margin −8% Y/Y Operating expenses: $3.0B · 34% of revenue Operating expenses$3.0B34% of revenue Net profit: $815.0M · 9% margin Net profit$815.0M9% margin −16% Y/Y Tax & other: $513.0M · 6% of revenue Tax & other$513.0M6% of revenue

Swipe sideways for the whole flow →

From $9.2B of sales to $1.4B of profit

FY2025, from the 10-K income statement and revenue by product
Colocation to Revenue: $6.5BInterconnection to Revenue: $1.7BNon-recurring revenues to Revenue: $478.0MManaged infrastructure to Revenue: $466.0MOther to Revenue: $143.0MRevenue 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 Colocation: $6.5B · 70% Colocation$6.5B70% Interconnection: $1.7B · 18% Interconnection$1.7B18% Non-recurring revenues: $478.0M · 5% Non-recurring revenues$478.0M5% Managed infrastructure: $466.0M · 5% Managed infrastructure$466.0M5% Other: $143.0M · 2% Other$143.0M2% Revenue: $9.2B Revenue$9.2B +5% Y/Y Gross profit: $4.7B · 51% margin Gross profit$4.7B51% margin Cost of revenue: $4.5B · 49% of revenue Cost of revenue$4.5B49% of revenue Operating profit: $1.8B · 20% margin Operating profit$1.8B20% margin +39% Y/Y Operating expenses: $2.9B · 31% of revenue Operating expenses$2.9B31% of revenue Net profit: $1.4B · 15% margin Net profit$1.4B15% margin +66% Y/Y Tax & other: $498.0M · 5% of revenue Tax & other$498.0M5% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 3
  • !
    Net margin below the peer median16.4% vs 21.7%
  • !
    Return on equity below 15%11.3%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 3.5% → 14.6%

Balance sheet

1 of 3
  • !
    Interest covered less than 5 timesOperating income is 3.5× interest expense
  • !
    Debt larger than equityDebt / equity 1.57 on the latest balance sheet (peer median 0.84)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.29
Debt / equity at each year end, FY2016 to FY2025: 1.22 → 0.14
What the debt is made of ↓

Cash and shareholders

2 of 4
  • !
    Free cash flow positive in 5 of 10 years−$400.0M last year
  • !
    Share count up over 5 years+11.0%
  • ✓
    Dividend per share up over 5 years$10.64 → $18.76
  • ✓
    Cash from operations above net income$3.9B vs $1.4B
Free cash flow, FY2016 to FY2025: -94.0M → -400.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$8.7B of principal due, schedule of Sep 30, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 9.2B Net income 1.4B
FY2016 revenue 3.6B · Revenues, 0001628280-19-001771 FY2016 net income 126.8M · NetIncomeLoss, 0001628280-19-001771 3.6B FY2016 FY2017 revenue 4.4B · Revenues, 0001628280-20-001947 FY2017 net income 233.0M · NetIncomeLoss, 0001628280-20-001947 4.4B FY2017 FY2018 revenue 5.1B · Revenues, 0001628280-21-002563 FY2018 net income 365.4M · NetIncomeLoss, 0001628280-21-002563 5.1B FY2018 FY2019 revenue 5.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-22-003171 FY2019 net income 507.4M · NetIncomeLoss, 0001628280-22-003171 5.6B FY2019 FY2020 revenue 6.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-23-004039 FY2020 net income 369.8M · NetIncomeLoss, 0001628280-23-004039 6.0B FY2020 FY2021 revenue 6.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-24-005350 FY2021 net income 500.2M · NetIncomeLoss, 0001628280-24-005350 6.6B FY2021 FY2022 revenue 7.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-25-005126 FY2022 net income 705.0M · NetIncomeLoss, 0001628280-25-005126 7.3B FY2022 FY2023 revenue 8.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001101239-26-000032 FY2023 net income 969.0M · NetIncomeLoss, 0001101239-26-000032 8.2B FY2023 FY2024 revenue 8.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001101239-26-000032 FY2024 net income 815.0M · NetIncomeLoss, 0001101239-26-000032 8.7B FY2024 FY2025 revenue 9.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001101239-26-000032 FY2025 net income 1.4B · NetIncomeLoss, 0001101239-26-000032 9.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

EQIX's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue9.2B
FY2016: 3.6BFY2017: 4.4BFY2018: 5.1BFY2019: 5.6BFY2020: 6.0BFY2021: 6.6BFY2022: 7.3BFY2023: 8.2BFY2024: 8.7BFY2025: 9.2B FY2017FY2019FY2021FY2023FY2025
Net income1.4B
FY2016: 126.8MFY2017: 233.0MFY2018: 365.4MFY2019: 507.4MFY2020: 369.8MFY2021: 500.2MFY2022: 705.0MFY2023: 969.0MFY2024: 815.0MFY2025: 1.4B FY2017FY2019FY2021FY2023FY2025
Free cash flow-400.0M
FY2016: -94.0MFY2017: 60.5MFY2018: -280.7MFY2019: -86.8MFY2020: 27.3MFY2021: -204.3MFY2022: 685.0MFY2023: 436.0MFY2024: 183.0MFY2025: -400.0M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)13.76
FY2016: 1.79FY2017: 3.00FY2018: 4.56FY2019: 5.99FY2020: 4.18FY2021: 5.53FY2022: 7.67FY2023: 10.31FY2024: 8.50FY2025: 13.76 FY2017FY2019FY2021FY2023FY2025
Dividend per share18.76
FY2016: 7.00FY2017: 8.00FY2018: 9.12FY2019: 9.84FY2020: 10.64FY2021: 11.48FY2022: 12.40FY2023: 14.49FY2024: 17.04FY2025: 18.76 FY2017FY2019FY2021FY2023FY2025
Diluted shares98.1M
FY2016: 70.8MFY2017: 77.5MFY2018: 80.2MFY2019: 84.7MFY2020: 88.4MFY2021: 90.4MFY2022: 91.8MFY2023: 94.0MFY2024: 95.8MFY2025: 98.1M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Americas 4.1B44.6% +6.4%
EMEA 3.1B34.0% +5.5%
Asia-Pacific 2.0B21.4% +3.0%

10-K 0001101239-26-000032, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Recurring revenues 8.7B94.8% +6.8%
Colocation 6.5B70.3% +6.9%
Interconnection 1.7B18.0% +9.0%
Non-recurring revenues 478.0M5.2% -15.2%
Managed infrastructure 466.0M5.1% -0.2%
Other 143.0M1.6% +2.1%

10-K 0001101239-26-000032, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue3.6B4.4B5.1B5.6B6.0B6.6B7.3B8.2B8.7B9.2B
Cost of revenue1.8B2.2B2.6B2.8B3.1B3.5B3.8B4.2B4.5B4.5B
SG&A694.6M745.9M826.7M935.0M1.1B1.3B1.5B1.7B1.8B1.8B
Operating income618.7M809.0M977.4M1.2B1.1B1.1B1.2B1.4B1.3B1.8B
Interest expense392.2M478.7M521.5M479.7M406.5M336.1M356.3M402.0M457.0M527.0M
Pretax income159.9M286.8M433.0M692.6M516.2M609.0M829.0M1.1B975.0M1.5B
Income tax45.5M53.9M67.7M185.4M146.2M109.2M124.0M155.0M161.0M160.0M
Net income126.8M233.0M365.4M507.4M369.8M500.2M705.0M969.0M815.0M1.4B
EPS (diluted)1.793.004.565.994.185.537.6710.318.5013.76
Diluted shares70.8M77.5M80.2M84.7M88.4M90.4M91.8M94.0M95.8M98.1M
Depreciation & amortization837.2M1.0B1.2B1.3B1.4B1.7B1.7B1.8B2.0B2.0B
EBITDA1.5B1.9B2.2B2.5B2.5B2.8B2.9B3.3B3.3B3.9B
Operating margin17.1%18.5%19.3%21.0%17.6%16.7%16.5%17.6%15.2%20.0%
Net margin3.5%5.3%7.2%9.1%6.2%7.5%9.7%11.8%9.3%14.6%
Revenue growth-+20.9%+16.1%+9.7%+7.8%+10.6%+9.5%+12.7%+6.8%+5.4%
EPS growth-+67.6%+52.0%+31.4%-30.2%+32.3%+38.7%+34.4%-17.6%+61.9%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash748.5M1.4B606.2M1.9B1.6B1.5B1.9B2.1B3.1B1.7B
Short-term investments3.4M28.3M4.5M10.4M4.5M0-0527.0M1.5B
Receivables396.2M576.3M630.1M689.1M676.7M681.8M855.0M1.0B949.0M1.0B
Current assets1.5B2.2B1.5B2.9B2.6B3.0B3.3B3.6B5.4B5.1B
Property & equipment7.2B9.4B11.0B12.2B14.5B15.4B16.6B18.6B19.2B23.6B
Goodwill3.0B4.4B4.8B4.8B5.5B5.4B5.7B5.7B5.5B6.0B
Total assets12.6B18.7B20.2B24.0B27.0B27.9B30.3B32.7B35.1B40.1B
Accounts payable60.2M101.7M97.0M52.2M77.7M84.1M116.0M162.0M133.0M127.0M
Current liabilities1.0B1.2B1.5B2.2B2.0B1.6B1.8B3.2B3.3B3.9B
Total debt5.3B8.5B9.9B10.4B10.6B11.7B12.9B13.8B15.3B2.0B
Total liabilities8.2B11.8B13.0B15.1B16.4B17.0B18.8B20.1B21.5B26.0B
Shareholders' equity4.4B6.8B7.2B8.8B10.6B10.9B11.5B12.5B13.5B14.2B
Retained earnings18.6M252.7M889.9M1.4B1.8B2.3B3.0B3.9B4.7B6.1B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow1.0B1.4B1.8B2.0B2.3B2.5B3.0B3.2B3.2B3.9B
Capital spending1.1B1.4B2.1B2.1B2.3B2.8B2.3B2.8B3.1B4.3B
Free cash flow-94.0M60.5M-280.7M-86.8M27.3M-204.3M685.0M436.0M183.0M-400.0M
Stock-based pay (added back)155.6M175.5M180.7M236.5M295.0M363.8M404.0M407.0M462.0M498.0M
Dividends paid499.5M621.5M738.6M836.2M947.9M1.0B1.2B1.4B1.6B1.9B
Buybacks0---------
Acquisitions1.8B4.0B829.7M34.1M1.2B158.5M964.0M00251.0M
Debt raised1.2B2.1B424.6M2.8B4.4B3.9B1.2B902.0M2.8B4.3B
Debt repaid1.5B2.3B447.5M73.2M4.4B2.0B001.0B1.2B
Investing cash flow-2.0B-5.4B-3.1B-1.9B-3.4B-3.0B-3.4B-3.2B-3.9B-6.5B
Financing cash flow-897.1M4.6B470.9M1.2B815.5M413.8M857.0M211.0M1.7B1.3B
Dividend per share7.008.009.129.8410.6411.4812.4014.4917.0418.76

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)155.6M175.5M180.7M236.5M295.0M363.8M404.0M407.0M462.0M498.0M
Stock-based pay / revenue4.3%4.0%3.6%4.3%4.9%5.5%5.6%5.0%5.3%5.4%
Operating lease cost---219.0M217.3M221.8M214.0M243.0M229.0M238.0M
Operating lease cash paid---210.8M206.5M258.7M197.0M231.0M231.0M233.0M
Finance lease principal paid---126.5M115.3M165.5M134.0M149.0M140.0M155.0M
Right-of-use assets--01.5B1.5B1.3B1.4B1.4B1.4B1.4B
Operating lease liabilities--01.5B1.5B1.3B1.4B1.5B1.5B1.5B
Finance lease liabilities---1.5B1.9B2.1B2.3B2.3B2.3B2.4B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Next Peers in numbers →