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Equinix vs Simon Property: revenue, profit, margins and growth compared

Equinix brought in $9.2B of revenue in fiscal 2025, Simon Property $6.4B in fiscal 2025. Revenue changed by +5.4% at Equinix and +6.7% at Simon Property on the year before, so Simon Property grew faster. Equinix kept 14.6% of its revenue as net profit, Simon Property 72.7%. Free cash flow was -$400M at Equinix and $3.2B at Simon Property.

Side by side, latest fiscal year

EQIXSPG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$9.2B$6.4B
Revenue growth+5.4%+6.7%
Net income$1.4B$4.6B
Net margin14.6%72.7%
Free cash flow-$400M$3.2B
Free cash flow margin-4.3%50.3%
Earnings per share (diluted)$13.76$14.17
Cash$1.7B$823.1M
Debt$1.3B$28.4B
Price to earnings73.314.4
Market value$99.5B$66.3B
Dividend yield1.86%4.17%
Rank by revenue in sector#3 of 162 · Real estate#6 of 162 · Real estate

Over the years

Revenue
EQIX FY2018: $5.1BEQIX FY2019: $5.6BEQIX FY2020: $6BEQIX FY2021: $6.6BEQIX FY2022: $7.3BEQIX FY2023: $8.2BEQIX FY2024: $8.7BEQIX FY2025: $9.2BSPG FY2018: $5.6BSPG FY2019: $5.8BSPG FY2020: $4.6BSPG FY2021: $5.1BSPG FY2022: $5.3BSPG FY2023: $5.7BSPG FY2024: $6BSPG FY2025: $6.4BFY18FY19FY20FY21FY22FY23FY24FY25
EQIX $9.2BSPG $6.4B
Net income
EQIX FY2018: $365.4MEQIX FY2019: $507.5MEQIX FY2020: $369.8MEQIX FY2021: $500.2MEQIX FY2022: $705MEQIX FY2023: $969MEQIX FY2024: $815MEQIX FY2025: $1.4BSPG FY2018: $2.4BSPG FY2019: $2.1BSPG FY2020: $1.1BSPG FY2021: $2.2BSPG FY2022: $2.1BSPG FY2023: $2.3BSPG FY2024: $2.4BSPG FY2025: $4.6BFY18FY19FY20FY21FY22FY23FY24FY25
EQIX $1.4BSPG $4.6B
Net margin
EQIX FY2018: 7.2%EQIX FY2019: 9.1%EQIX FY2020: 6.2%EQIX FY2021: 7.5%EQIX FY2022: 9.7%EQIX FY2023: 11.8%EQIX FY2024: 9.3%EQIX FY2025: 14.6%SPG FY2018: 43.2%SPG FY2019: 36.5%SPG FY2020: 24.1%SPG FY2021: 43.9%SPG FY2022: 40.4%SPG FY2023: 40.3%SPG FY2024: 39.7%SPG FY2025: 72.7%FY18FY19FY20FY21FY22FY23FY24FY25
EQIX 14.6%SPG 72.7%
Revenue growth
EQIX FY2019: +9.7%EQIX FY2020: +7.8%EQIX FY2021: +10.6%EQIX FY2022: +9.5%EQIX FY2023: +12.7%EQIX FY2024: +6.8%EQIX FY2025: +5.4%SPG FY2019: +1.9%SPG FY2020: -19.9%SPG FY2021: +11.1%SPG FY2022: +3.4%SPG FY2023: +6.9%SPG FY2024: +5.4%SPG FY2025: +6.7%FY19FY20FY21FY22FY23FY24FY25
EQIX +5.4%SPG +6.7%
Free cash flow
EQIX FY2018: -$280.7MEQIX FY2019: -$86.8MEQIX FY2020: $27.3MEQIX FY2021: -$204.3MEQIX FY2022: $685MEQIX FY2023: $436MEQIX FY2024: $183MEQIX FY2025: -$400MSPG FY2018: $3BSPG FY2019: $2.9BSPG FY2020: $1.8BSPG FY2021: $3.1BSPG FY2022: $3.1BSPG FY2023: $3.1BSPG FY2024: $3.1BSPG FY2025: $3.2BFY18FY19FY20FY21FY22FY23FY24FY25
EQIX -$400MSPG $3.2B

Fiscal years as each company reports them; the two may end in different months.

Questions about Equinix and Simon Property

Which is bigger by revenue, Equinix or Simon Property?

Equinix is bigger by revenue: $9.2B in fiscal 2025, against $6.4B for Simon Property in fiscal 2025.

Which keeps more of its revenue as profit, Equinix or Simon Property?

Equinix had a net margin of 14.6% in fiscal 2025; Simon Property had 72.7% in fiscal 2025.

Which grew revenue faster, Equinix or Simon Property?

In their latest fiscal years revenue changed by +5.4% at Equinix and +6.7% at Simon Property.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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