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Nasdaq · Real Estate

Equinix Inc. (EQIX)

As-reported financials and SEC filings for Equinix Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Equinix Inc.

Equinix Inc operates a global network of data centers called International Business Exchange (IBX) and xScale facilities, serving customers in the Americas, Asia-Pacific, and EMEA regions. The company provides colocation services, interconnection solutions, and digital infrastructure that enable enterprises, cloud providers, and network service providers to securely connect and manage their IT equipment and workloads. Equinix primarily serves businesses requiring scalable, reliable, and secure digital infrastructure to support cloud, AI, and hybrid IT environments.

Snapshot

Revenue
$9.22B
Revenue growth (YoY)
5.4%
Net income
$1.35B
Diluted EPS
$13.76
Gross margin
51.1%
Operating margin
20.0%
Net margin
14.6%
FCF margin
-4.3%
ROE
9.5%
net income / fiscal-year-end equity
P/E
62.3×
trailing when available, otherwise FY EPS
Market cap
$95.48B
Long-term debt / equity
—
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Equinix

  • Revenue grew 5.4% to $9.2B in FY2025, in line with the 6.8% the year before.
  • Operating margin is 20.0% in FY2025, +3.3 pp against 16.7% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $2.6B, up 16.4% from Q2 FY2025.
  • Free cash flow was negative $400M in FY2025.
  • Net income rose 65.6% to $1.4B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Equinix’s fundamentals sit among the 165 REITs. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin51.1%
38th percentile of 27
Operating margin20.0%
43rd percentile of 82
Net margin14.6%
58th percentile of 157
FCF margin-4.3%
23rd percentile of 27
Revenue growth (YoY)+5.4%
62nd percentile of 161
ROE9.5%
80th percentile of 142
P/E62.3×
83rd percentile of 105
Short interest3.06d
33rd percentile of 154

No reported insider purchases (code P) in the last 90 days; 6 insider sales totaling $4.9M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 6 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
6
+6 quant / multi-strat
Initiated / added
6
1 new, 5 added
Reduced / exited
6
5 trimmed, 1 exited
Combined position
$3.45B
reported long value
InvestorAs ofPosition valueSharesChange
Coatue ManagementQ2 2026$1.33B1.3MAdded
Two Sigma InvestmentsquantQ2 2026$601.3M576.8KAdded
AQR Capital ManagementquantQ2 2026$513.4M492.5KAdded
Point72 Asset ManagementquantQ2 2026$328.7M315.4KReduced
D. E. ShawquantQ2 2026$277.5M266.2KAdded
Elliott Investment ManagementQ2 2026$156.4M150.0KHeld
Citadel AdvisorsquantQ2 2026$154.5M148.2KReduced
Millennium ManagementquantQ2 2026$57.1M54.8KReduced
Duquesne Family OfficeQ2 2026$19.2M18.4KNew
Bridgewater AssociatesQ2 2026$10.4M10.0KReduced
Gotham Asset ManagementQ2 2026$3.7M3.6KAdded
First Eagle Investment ManagementQ2 2026$567,060544Reduced

No longer held by: Renaissance Technologies (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
6
$4.9M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-09-04
filed 2026-09-08
Michael Shane PaladinChief Customer & Rev OfficerSell307$1035.01$318K
2026-09-02
filed 2026-09-03
Michael Shane PaladinChief Customer & Rev OfficerSell150$1018.43$153K
2026-09-02
filed 2026-09-03
Michael Shane PaladinChief Customer & Rev OfficerSell53$1008.02$53K
2026-08-20
Kurt PletcherChief Legal OfficerSell135$1075.50$145K
2026-08-18
Christopher B. PaisleyDirectorSell125$1103.58$138K
2026-08-03
Christopher B. PaisleyDirectorSell4.0K$1019.28$4.1M
2026-06-08
Brandi Galvin MorandiChief People OfficerSell3.7K$1076.36$4.0M
2026-06-02
filed 2026-06-03
Adaire Fox-MartinCEO and PresidentSell800$1054.37$843K
2026-06-02
filed 2026-06-03
Adaire Fox-MartinCEO and PresidentSell600$1061.53$637K
2026-06-02
filed 2026-06-03
Adaire Fox-MartinCEO and PresidentSell400$1057.59$423K
2026-06-02
filed 2026-06-03
Adaire Fox-MartinCEO and PresidentSell315$1056.33$333K
2026-06-02
filed 2026-06-03
Adaire Fox-MartinCEO and PresidentSell295$1060.99$313K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
1.6M
settled 2026-09-30
Change vs prior
-7.1%
vs previous settlement
Days to cover
3.06
at avg daily volume
Avg daily volume
514.3K
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-301.6M-7.1%3.06
2026-09-151.7M+3.0%3.29
2026-08-311.6M-0.6%3.07
2026-08-141.7M-13.1%2.68
2026-07-311.9M+1.5%3.27
2026-07-151.9M+5.8%3.56
2026-06-301.8M-6.2%2.27
2026-06-151.9M-2.7%3.69

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$9.22B$8.75B$8.19B$7.26B$6.64B
Gross profit
Operating income$1.85B$1.33B$1.44B$1.20B$1.11B
Pre-tax income$1.51B$975.0M$1.12B$829.0M$609.0M
Net income$1.35B$815.0M$969.0M$705.0M$500.2M
Diluted EPS$13.76$8.50$10.31$7.67$5.53

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$1.73B$3.08B$2.10B$1.91B$1.54B
Current assets$5.13B$5.45B$3.57B$3.31B$2.96B
Total assets$40.14B$35.09B$32.65B$30.31B$27.92B
Current liabilities$3.89B$3.35B$3.16B$1.84B$1.61B
Long-term debt—$15.33B$13.84B$12.88B$11.72B
Total liabilities$25.96B$21.53B$20.14B$18.80B$17.04B
Total equity$14.16B$13.53B$12.49B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$3.91B$3.25B$3.22B$2.96B$2.55B
Capital expenditure$4.31B$3.07B$2.78B$2.28B$2.75B
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$2.63B16.4%$479.0M$4.83
Q1 FY2026$2.44B9.8%$415.0M$4.20
Q4 FY20257.0%
Q3 FY2025$2.32B5.2%$374.0M$3.81
Q2 FY2025$2.26B4.5%$368.0M$3.75
Q1 FY2025$2.23B4.6%$343.0M$3.50
Q4 FY20247.2%
Q3 FY2024$2.20B6.8%$297.0M$3.10

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNasdaq
SectorReal Estate
SIC industryReal Estate Investment Trusts
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2020
SEC CIK1101239

Selected SEC filings

10-K2026-02-11
View on EDGAR →
10-K2025-02-12
View on EDGAR →
10-Q2026-07-29
View on EDGAR →
10-Q2026-04-29
View on EDGAR →
10-Q2025-10-29
View on EDGAR →
10-Q2025-07-30
View on EDGAR →
8-K2026-08-06
View on EDGAR →
8-K2026-07-29
View on EDGAR →

Largest reit peers

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EQIX head to head

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.