EQUINIX INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data EQUINIX INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,612	4,368	5,072	5,562	5,999	6,636	7,263	8,188	8,748	9,217
Cost of revenue	1,821	2,193	2,605	2,810	3,074	3,472	3,751	4,228	4,467	4,508
Gross profit	1,791	2,175	2,466	2,752	2,924	3,163	3,512	3,960	4,281	4,709
Selling and marketing	439	582	634	651	718	741	787	855	891	903
General and administrative	695	746	827	935	1,091	1,302	1,499	1,654	1,766	1,840
Operating income	619	809	977	1,170	1,053	1,108	1,200	1,443	1,328	1,848
Interest expense	392	479	521	480	406	336	356	402	457	527
Interest income	3.48	13.1	14.5	27.7	8.65	2.64	36	94	137	193
Other non-operating income	-57.9	9.21	14	27.8	6.91	-50.6	-51	-11	-17	-7
Pre-tax income	160	287	433	693	516	609	829	1,124	975	1,508
Income tax	45.5	53.9	67.7	185	146	109	124	155	161	160
Income from continuing operations	114	233	365
Net income to minority interests		0	0	-0.21	0.3	-0.46	0	0	-1	-2
Net income	127	233	365	507	370	500	705	969	815	1,350
EBITDA	1,456	1,851	2,205	2,454	2,476	2,764	2,937	3,288	3,337	3,898
EPS, basic	1.81	3.03	4.58	6.03	4.22	5.57	7.69	10.35	8.54	13.79
EPS, diluted	1.79	3.00	4.56	5.99	4.18	5.53	7.67	10.31	8.50	13.76
Shares, basic (weighted)	70.1	76.9	79.8	84.1	87.7	89.8	91.6	93.6	95.5	97.9
Shares, diluted (weighted)	70.8	77.5	80.2	84.7	88.4	90.4	91.8	94	95.8	98.1
Dividend per share	7.00	8.00	9.12	9.84	10.64	11.48	12.40	14.49	17.04	18.76

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	748	1,413	606	1,870	1,605	1,536	1,906	2,096	3,081	1,727
Short-term investments	3.41	28.3	4.54	10.4	4.53	0		0	527	1,500
Receivables	396	576	630	689	677	682	855	1,004	949	1,001
Other current assets	319	232	275	304	323	463	459	468	890	897
Total current assets	1,468	2,249	1,516	2,873	2,609	2,957	3,305	3,568	5,447	5,125
Property, plant and equipment	7,199	9,395	11,026	12,153	14,503	15,446	16,650	18,601	19,249	23,584
Lease right-of-use assets			0	1,475	1,475	1,282	1,428	1,449	1,419	1,392
Goodwill	2,986	4,412	4,836	4,782	5,473	5,372	5,654	5,737	5,504	5,984
Intangible assets	719	2,385	2,333	2,102	2,171	1,936	1,898	1,705	1,417	1,316
Long-term investments	10	9.24	0
Other non-current assets	226	242	533	581	776	926	1,376	1,591	2,049	2,740
Total assets	12,608	18,691	20,245	23,966	27,007	27,919	30,311	32,651	35,085	40,141
Accounts payable	60.2	102	97	52.2	77.7	84.1	116	162	133	127
Accrued liabilities	173	215	236	241	317	365	413	438	421	473
Deferred revenue	18.7	12.8	73.1	76.2	101	110	132	125	123	133
Short-term debt								998	1,199	1,299
Total current liabilities	1,029	1,243	1,515	2,158	2,025	1,606	1,838	3,162	3,349	3,893
Long-term debt	3,811	6,924	8,129	8,310	9,018	10,984	12,110	12,062	13,363	16,910
Lease liabilities			0	1,316	1,309	1,107	1,273	1,331	1,331	1,304
Other non-current liabilities	623	662	630	622	949	763	798	796	760	983
Total liabilities	8,243	11,842	13,025	15,125	16,373	17,037	18,805	20,137	21,533	25,963
Total debt	5,310	8,470	9,891	10,401	10,634	11,722	12,881	13,841	15,334	1,299
Paid-in capital	7,414	10,121	10,751	12,696	15,028	15,985	17,320	18,596	20,895	21,642
Retained earnings	18.6	253	890	1,391	1,760	2,260	2,965	3,934	4,749	6,099
Treasury stock	-148	-146	-145	-144	-122	-112	-72	-56	-39	-24
Other comprehensive income	-949	-785	-946	-935	-913	-1,086	-1,389	-1,290	-1,735	-1,359
Shareholders' equity	4,366	6,850	7,219	8,841	10,634	10,882	11,506	12,489	13,528	14,156
Minority interests			0	-0.22	0.13	-0.32	-0.13	0	-1	-3
Total equity	4,366	6,850	7,219	8,840	10,634	10,883	11,506	12,489	13,527	14,153
Total liabilities and equity	12,608	18,691	20,245	23,966	27,007	27,919	30,311	32,651	35,085	40,141
Shares outstanding	71.4	79	80.7	85.3	89.1	90.6	92.6	94.5	97.3	98.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	127	233	365	507	370	500	705	969	814	1,348
Depreciation and amortization	837	1,042	1,227	1,285	1,423	1,656	1,737	1,845	2,009	2,050
Stock-based compensation	156	176	181	237	295	364	404	407	462	498
Deferred income tax	-35.3	-46.7	-46.1	27.5	-18.8	40.4	42	5	-30	-56
Change in receivables	-100	-162	-52.9	-26.9	25.4	-1.87	-154	-150	27	-40
Change in payables	61.6	74.5	35.5	-27.9	25.8	64.6	114	161	95	25
Cash from operations	1,019	1,439	1,815	1,993	2,310	2,547	2,963	3,217	3,249	3,911
Capital expenditures	-1,113	-1,379	-2,096	-2,080	-2,283	-2,752	-2,278	-2,781	-3,066	-4,311
Acquisitions	-1,767	-3,963	-830	-34.1	-1,180	-158	-964	0	0	-251
Purchases of investments	-42.3	-57.9	-65.2	-60.9	-128	-108	-145	-136	-520	-1,967
Sales and maturities of investments								0	0	1,005
Cash from investing	-2,046	-5,401	-3,076	-1,945	-3,427	-3,007	-3,363	-3,224	-3,937	-6,484
Debt issued	1,168	2,057	425	2,798	4,432	3,879	1,194	902	2,768	4,311
Debt repaid	-1,463	-2,278	-447	-73.2	-4,364	-1,991	0	0	-1,000	-1,200
Stock issued	0	2,481	388	1,661	1,981	498	796	734	1,673	99
Share buybacks	0
Dividends paid	-499	-621	-739	-836	-948	-1,043	-1,152	-1,375	-1,643	-1,856
Cash from financing	-897	4,608	471	1,202	816	414	857	211	1,723	1,272
Exchange rate effect	-21.8	31.2	-33.9	8.77	40.7	-30.5	-98	-16	-49	43
Net change in cash	-1,945	677	-823	1,259	-261	-76.2	359	188	986	-1,258
Free cash flow	-94	60.5	-281	-86.8	27.3	-204	685	436	183	-400
Interest paid	337	422	477	522	472	402	412	445	486
Income taxes paid	39.3	72.6	93.4	137	144	134	140	153	185	207

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1,008.08 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	51.5%	Gross profit / revenue.
Operating margin	21.8%	Operating income / revenue.
EBITDA margin	43.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.4%	Pre-tax income / revenue.
Net margin	15.6%	Net income / revenue.
Operating cash flow margin	40.2%	Cash from operations / revenue.
Effective tax rate	10.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.7%	Net income / average total assets.
Return on invested capital (ROIC)	5.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	5.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	22.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	39.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	15.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	11.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	16.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	65.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	24.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	29.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	61.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	21.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	26.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	20.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-318.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	10.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	12.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	14.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.13x	Current assets / current liabilities.
Quick ratio	0.91x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.58x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.38x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	48.4%	Total debt / total assets.
Liabilities / assets	64.9%	Total liabilities / total assets.
Net debt	$17.65B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.10x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.76x	Operating income / interest expense.
Working capital	$502.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	17.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$7.27B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.24x	Revenue / average total assets.
Fixed asset turnover	0.39x	Revenue / average property, plant and equipment.
Receivables turnover	7.81x	Revenue / average receivables.
Days sales outstanding	47 days	365 x average receivables / revenue.
Days payables	97 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$15.46	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$98.90	Revenue / diluted weighted shares.
Operating cash flow per share	$39.76	Cash from operations / diluted weighted shares.
Book value per share	$145.76	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$73.64	Tangible book value / shares outstanding.
Cash per share	$22.54	(Cash + short-term investments) / shares outstanding.
Payout ratio	127.7%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$99.47B	Share price x shares outstanding.
Enterprise value	$117.12B	Market cap + total debt - cash - short-term investments.
P/E	64.9x	Market cap / net income. Only when net income is positive.
P/S	10.1x	Market cap / revenue.
P/B	6.92x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	13.7x	Market cap / tangible book value, when positive.
P/OCF	25.2x	Market cap / cash from operations, when positive.
EV/Sales	11.9x	Enterprise value / revenue.
EV/EBIT	54.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	27.2x	Enterprise value / EBITDA, when both are positive.
Earnings yield	1.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.0%	Dividends paid over the period / market cap.
Shareholder yield	2.0%	(Dividends paid + share buybacks) / market cap.
PEG	3.02x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was EQUINIX INC's revenue in fiscal 2025?

EQUINIX INC reported revenue of $9.22B for fiscal 2025, 5.4% higher than the year before.

Was EQUINIX INC profitable in fiscal 2025?

Yes. Net income was $1.35B, a net margin of 14.6%.

How much free cash flow did EQUINIX INC generate in fiscal 2025?

Cash from operations of $3.91B minus capital expenditures of $4.31B left free cash flow of -$400.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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