Equinix, Inc.
Financial Performance
Equinix Revenue & Financials
Revenue
$9.2B (FY2025)
Market Cap
$100B
Net Income
$1.4B
Employees
13,100
What is Equinix's revenue?
Equinix had $9.2B in revenue for fiscal year 2025, up 5.4% from 2024. Net income was $1.4B.
- Latest revenue
- $9.2B (FY2025)
- Year-over-year
- +5.4%
- Growth rate (CAGR)
- 11% over 9 years
- Peak revenue
- $9.2B (FY2025)
- Years of data
- 10
- Employees
- 13,100
Financial Analysis
Equinix grew revenue from $6.64 billion in 2021 to $9.217 billion in 2025. 2025 adjusted EBITDA was $4.530 billion and AFFO was $3.761 billion, or $38.33 per share (+9.5%). In February 2026 it raised the quarterly dividend 10% to $5.16, its 11th straight annual increase. Q2 2026 delivered $2.625 billion revenue (+16%), $479 million net income, a record 53% adjusted EBITDA margin and AFFO of $11.78 per share. Updated 2026 guidance calls for $10.205-$10.285 billion revenue and AFFO per share of $42.69-$43.29 (10-12% growth). Equinix, Inc. is the world's largest digital infrastructure and colocation provider, operating as a REIT with a massive market valuation typically over $80 billion.
Revenue Trend Analysis
YoY Change
+5.4%
9-Year CAGR
+11%
Peak Year
2025
Trend
Consistent Growth
Equinix, Inc. has 10 full fiscal year figures on this page, compounding at +11% annually over 9 years. The most recent year saw a 5.4% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $9.2B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $9.2B | $1.8Bfiling | $1.4B | +5.4% | sec.gov 2025 revenue $9.217B, net income $1.350B, adjusted EBITDA $4.530B, AFFO $3.761B ($38.33/share). |
| FY2024 | $8.7B | $1.3Bfiling | $815M | +6.8% | data.sec.gov 2024 revenue was $8.748B and net income was $815M. |
| FY2023 | $8.2B | $1.4Bfiling | $969M | +12.7% | data.sec.gov 2023 revenue was $8.188B and net income was $969M. |
| FY2022 | $7.3B | $1.2Bfiling | $705M | +9.5% | data.sec.gov 2022 revenue was $7.263B and net income was $705M. |
| FY2021 | $6.6B | $1.1Bfiling | $500.2M | +10.6% | data.sec.gov 2021 revenue was $6.635537B and net income was $500.191M. |
| FY2020 | $6B | $1.1B | $369.8M | +7.8% | Equinix, Inc. annual report (Form 10-K, SEC EDGAR, filed 2023-02-17) Fiscal year ended 2020-12-31. |
| FY2019 | $5.6B | $1.2B | $507.4M | +9.7% | Equinix, Inc. annual report (Form 10-K, SEC EDGAR, filed 2022-02-18) Fiscal year ended 2019-12-31. |
| FY2018 | $5.1B | $977.4Mfiling | $365.4M | +16.1% | EQUINIX, INC. annual report (SEC EDGAR, filed 2020-02-21) Fiscal year ended 2018-12-31. Figure as presented in the annual report filed 2020-02-21. |
| FY2017 | $4.4B | $809Mfiling | $233M | +20.9% | EQUINIX, INC. annual report (SEC EDGAR, filed 2019-02-22) Fiscal year ended 2017-12-31. Figure as presented in the annual report filed 2019-02-22. |
| FY2016 | $3.6B | $618.7Mfiling | $126.8M | — | EQUINIX, INC. annual report (SEC EDGAR, filed 2018-02-26) Fiscal year ended 2016-12-31. Figure as presented in the annual report filed 2018-02-26. |
Click any row to see year details.
Equinix, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row.
| Fiscal Year | Operating cash flow | Total assets | Total liabilities | Shareholders' equity | Source |
|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $3.9B | $40.1B | $26B | $14.2B | Form 10-K |
| FY2024ended Dec 31, 2024 | $3.2B | $35.1B | $21.5B | $13.5B | Form 10-K |
| FY2023ended Dec 31, 2023 | $3.2B | $32.7B | $20.1B | $12.5B | Form 10-K |
| FY2022ended Dec 31, 2022 | $3B | $30.3B | $18.8B | $11.5B | Form 10-K |
| FY2021ended Dec 31, 2021 | $2.5B | $27.9B | $17B | $10.9B | Form 10-K |
| FY2020ended Dec 31, 2020 | $2.3B | $27B | $16.4B | $10.6B | Form 10-K |
| FY2019ended Dec 31, 2019 | $2B | $24B | $15.1B | $8.8B | Form 10-K |
| FY2018ended Dec 31, 2018 | $1.8B | $20.2B | $13B | $7.2B | Form 10-K |
| FY2017ended Dec 31, 2017 | $1.4B | $18.7B | $11.8B | $6.8B | Form 10-K |
| FY2016ended Dec 31, 2016 | $1B | $12.6B | $8.2B | $4.4B | Form 10-K |
Keep researching Equinix
Equinix Revenue and Financial FAQ
How much revenue does Equinix generate?
Equinix reported $9.217 billion revenue in 2025, up about 5% from $8.748 billion in 2024, and guides to $10.205-$10.285 billion for 2026 after Q2 2026 revenue rose 16% to $2.625 billion.
What are the key profitability and cash flow metrics evaluated for Equinix as a REIT?
As a REIT, Equinix focuses on Adjusted Funds From Operations (AFFO), Adjusted EBITDA, and AFFO per share. These non-GAAP measures adjust GAAP net income for real estate depreciation, amortization of intangibles, gains or losses on property dispositions, and recurring capital expenditures, reflecting true operational cash generation.
How does Equinix's dividend distribution policy operate under its REIT status?
Equinix pays regular quarterly cash dividends to shareholders, which have grown consistently each year since REIT conversion in 2015. The dividend payout is funded through recurring AFFO, maintaining a conservative payout ratio of approximately 40 to 50 percent of AFFO to preserve internal capital for data center construction.
How do foreign exchange fluctuations impact Equinix's reported financial results?
Because more than half of Equinix's revenues are generated outside the United States in currencies such as the Euro, British Pound, Japanese Yen, and Singapore Dollar, foreign currency fluctuations impact reported GAAP results. Equinix utilizes currency hedging programs and local-currency debt to mitigate FX risks.
What returns on capital does Equinix achieve on its mature data center investments?
Equinix's mature, stabilized IBX data centers typically generate cash-on-cash yields and returns on invested capital (ROIC) exceeding 25 to 30 percent, driven by full facility occupancy, dense interconnection cross-connect monetization, and annual contractual rent escalators of 2 to 5 percent.
Is Equinix a real estate company?
Yes. In 2015, Equinix legally converted into a Real Estate Investment Trust (REIT). This was a massive financial masterstroke; because their massive, hyper-cooled data centers are technically "real estate," they avoid paying corporate income taxes, provided they return 90% of their taxable income to shareholders as dividends.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Equinix Revenue & Financials." CorpDigest, https://corpdigest.com/company/equinix/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Equinix reported $9.2B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/equinix/financials" target="_blank" rel="noopener">CorpDigest — Equinix financials</a></div>Related Financial Audits
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