Revenue growth accelerated to 16.4% year-over-year in 2026Q2, reaching $2.6B, while NOI margin expanded to 53.1% from 48.7% a year earlier, indicating strong pricing power and operating leverage.
Equinix, Inc. (EQIX) annual income statement — 27-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Revenue | 9.83B | 9.26B | 8.75B | 8.19B | 7.26B | 6.64B | 6B | 5.56B | 5.07B | 4.37B | 3.61B | 2.73B | 2.44B | 2.15B | 1.9B | 1.61B | 1.22B | 882.51M | 704.68M | 419.44M | 286.92M | 221.06M | 163.67M | 117.94M | 77.19M | 63.41M | 13.02M | 37.1K |
| Revenue Growth % | 9.88% | 5.85% | 6.84% | 12.74% | 9.46% | 10.62% | 7.85% | 9.67% | 16.1% | 20.94% | 32.51% | 11.54% | 13.52% | 13.56% | 17.98% | 31.67% | 38.28% | 25.24% | 68% | 46.19% | 29.79% | 35.06% | 38.77% | 52.8% | 21.72% | 387.2% | 34983.56% | - |
| Property Operating Expenses | 4.76B | 4.51B | 4.47B | 4.23B | 3.75B | 3.47B | 3.07B | 2.81B | 2.61B | 2.19B | 1.82B | 1.29B | 1.2B | 1.06B | 944.62M | 829.02M | 652.16M | 483.42M | 414.8M | 263.75M | 188.38M | 158.35M | 136.95M | 128.12M | 104.07M | 94.89M | -10.52M | -5.16M |
| Net Operating Income (NOI) | 5.07B | 4.75B | 4.28B | 3.96B | 3.51B | 3.16B | 2.92B | 2.75B | 2.47B | 2.18B | 1.79B | 1.43B | 1.25B | 1.09B | 951.13M | 777.82M | 568.18M | 399.09M | 289.88M | 155.7M | 98.54M | 62.7M | 26.72M | -10.18M | -26.89M | -31.48M | 23.54M | 5.19M |
| NOI Margin % | 51.6% | 51.32% | 48.94% | 48.36% | 48.36% | 47.67% | 48.75% | 49.48% | 48.63% | 49.8% | 49.59% | 52.62% | 50.98% | 50.56% | 50.17% | 48.41% | 46.56% | 45.22% | 41.14% | 37.12% | 34.34% | 28.37% | 16.33% | -8.63% | -34.83% | -49.63% | 180.82% | 13994.88% |
| Operating Expenses | 2.93B | 2.9B | 2.95B | 2.52B | 2.31B | 2.05B | 1.87B | 1.58B | 1.49B | 1.37B | 1.17B | 867.02M | 736.63M | 627.43M | 549.86M | 430.68M | 350.45M | 218.01M | 216.62M | 145.58M | 96.62M | 99.48M | 68.78M | 53.78M | 74.79M | 123.79M | 130.64M | 24.97M |
| G&A Expenses | 2.79B | 2.75B | 2.66B | 2.51B | 2.29B | 2.04B | 1.81B | 1.59B | 1.46B | 1.33B | 1.13B | 825.3M | 734.12M | 621.41M | 531.18M | 423.9M | 331.38M | 218.91M | 213.48M | 146.51M | 104.74M | 65.66M | 51.1M | 53.78M | 45.91M | 75.22M | 77.49M | 16.73M |
| EBITDA | 4.33B | 3.91B | 3.34B | 3.29B | 2.94B | 2.76B | 2.48B | 2.45B | 2.2B | 1.85B | 1.46B | 1.09B | 990.96M | 893.4M | 791.48M | 653.6M | 453.78M | 354.61M | 232.31M | 110.19M | 74.69M | 38.19M | 24.07M | 10.45M | -34.74M | -79.38M | -53.95M | -11.54M |
| EBITDA Margin % | 44.03% | 42.27% | 38.15% | 40.16% | 40.44% | 41.66% | 41.28% | 44.13% | 43.47% | 42.38% | 40.31% | 40.09% | 40.55% | 41.5% | 41.75% | 40.68% | 37.18% | 40.18% | 32.97% | 26.27% | 26.03% | 17.28% | 14.71% | 8.86% | -45.01% | -125.17% | -414.53% | -31094.34% |
| Depreciation & Amortization | 2.19B | 2.07B | 2.01B | 1.84B | 1.74B | 1.66B | 1.42B | 1.28B | 1.23B | 1.04B | 837.21M | 525.58M | 481.69M | 432.47M | 398.58M | 347.67M | 260.18M | 173.53M | 159.05M | 100.08M | 72.78M | 74.96M | 66.13M | 74.4M | 66.94M | 75.88M | 53.15M | 8.25M |
| D&A / Revenue % | 22.28% | 22.31% | 22.97% | 22.53% | 23.92% | 24.96% | 23.73% | 23.1% | 24.2% | 23.86% | 23.18% | 19.28% | 19.71% | 20.09% | 21.02% | 21.64% | 21.32% | 19.66% | 22.57% | 23.86% | 25.37% | 33.91% | 40.41% | 63.08% | 86.72% | 119.66% | 408.37% | 22226.42% |
| Operating Income | 2.14B | 1.85B | 1.33B | 1.44B | 1.2B | 1.11B | 1.05B | 1.17B | 977.38M | 809.01M | 618.74M | 567.34M | 509.27M | 460.93M | 392.9M | 305.92M | 193.6M | 181.08M | 73.26M | 10.12M | 1.91M | -36.77M | -42.06M | -63.95M | -101.68M | -155.26M | -107.11M | -19.78M |
| Operating Margin % | 21.76% | 19.96% | 15.18% | 17.62% | 16.52% | 16.7% | 17.55% | 21.03% | 19.27% | 18.52% | 17.13% | 20.81% | 20.84% | 21.41% | 20.73% | 19.04% | 15.86% | 20.52% | 10.4% | 2.41% | 0.67% | -16.64% | -25.7% | -54.23% | -131.73% | -244.84% | -822.9% | -53320.75% |
| Interest Expense | 4M | 569M | 457M | 402M | 356M | 336.08M | 406.47M | 479.68M | 521.49M | 478.7M | 392.16M | 299.06M | 270.55M | 248.79M | 200.33M | 181.3M | 140.47M | 74.23M | 61.68M | 27.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 3.53x | 3.13x | 3.80x | 3.33x | 2.81x | 2.27x | 2.44x | 1.83x | 1.60x | 1.41x | 1.71x | 1.31x | 1.45x | 1.94x | 1.72x | 1.35x | 2.47x | 1.33x | 0.83x | - | - | - | - | - | - | - | - |
| Non-Operating Income | -165M | -158M | -104M | -83M | 15M | 163.13M | 130.24M | -2.65M | 22.85M | 43.48M | 66.72M | 57.29M | 153.98M | 99.86M | 3.95M | -5.1M | 4.35M | -2.18M | -8.72M | -12.5M | -1.53M | -33.81M | -17.68M | 0 | -28.89M | -48.56M | 0 | 0 |
| Pretax Income | 1.71B | 1.51B | 975M | 1.12B | 829M | 608.95M | 516.23M | 692.6M | 433.04M | 286.83M | 159.86M | 211M | 84.73M | 112.28M | 188.62M | 129.72M | 48.77M | 109.03M | 20.3M | -4.71M | -6.33M | -42.07M | -68.48M | -84.17M | -21.62M | 0 | 0 | 0 |
| Pretax Margin % | 17.35% | 16.29% | 11.15% | 13.73% | 11.41% | 9.18% | 8.61% | 12.45% | 8.54% | 6.57% | 4.43% | 7.74% | 3.47% | 5.22% | 9.95% | 8.07% | 4% | 12.35% | 2.88% | -1.12% | -2.21% | -19.03% | -41.84% | -71.37% | -28.01% | 0% | 0% | 0% |
| Income Tax | 175M | 160M | 161M | 155M | 124M | 109.22M | 146.15M | 185.35M | 67.68M | 53.85M | 45.45M | 23.22M | 345.46M | 16.16M | 58.56M | 37.35M | 12.56M | 39.6M | -87.62M | 473K | 439K | 543K | 153K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 10.26% | 10.61% | 16.51% | 13.79% | 14.96% | 17.94% | 28.31% | 26.76% | 15.63% | 18.77% | 28.43% | 11.01% | 407.7% | 14.39% | 31.05% | 28.79% | 25.75% | 36.32% | -431.51% | -10.03% | -6.93% | -1.29% | -0.22% | 0% | 0% | - | - | - |
| Net Income | 1.53B | 1.35B | 815M | 969.18M | 704.35M | 500.19M | 369.78M | 507.45M | 365.36M | 232.98M | 126.8M | 187.77M | -259.55M | 94.69M | 144.67M | 94M | 36.88M | 69.43M | 131.54M | -5.19M | -6.4M | -42.61M | -68.63M | -84.17M | -21.62M | -188.41M | -119.79M | -20.79M |
| Net Margin % | 15.6% | 14.58% | 9.32% | 11.84% | 9.7% | 7.54% | 6.16% | 9.12% | 7.2% | 5.33% | 3.51% | 6.89% | -10.62% | 4.4% | 7.63% | 5.85% | 3.02% | 7.87% | 18.67% | -1.24% | -2.23% | -19.28% | -41.93% | -71.37% | -28.01% | -297.12% | -920.33% | -56039.35% |
| Net Income Growth % | 54.23% | 65.64% | -15.91% | 37.6% | 40.82% | 35.27% | -27.13% | 38.89% | 56.82% | 83.74% | -32.47% | 172.35% | -374.12% | -34.55% | 53.89% | 154.88% | -46.88% | -47.22% | 2635.43% | 18.9% | 84.99% | 37.91% | 18.46% | -289.36% | 88.53% | -57.29% | -476.17% | - |
| Funds From Operations (FFO) | 3.72B | 3.42B | 2.82B | 2.81B | 2.44B | 2.16B | 1.79B | 1.79B | 1.59B | 1.28B | 964.01M | 713.35M | 222.14M | 527.16M | 543.25M | 441.68M | 297.06M | 242.96M | 290.58M | 94.89M | 66.38M | 32.35M | -2.5M | -9.77M | 45.32M | -112.53M | -66.64M | -12.54M |
| FFO Margin % | 37.88% | 36.89% | 32.28% | 34.37% | 33.61% | 32.5% | 29.89% | 32.22% | 31.41% | 29.2% | 26.69% | 26.17% | 9.09% | 24.49% | 28.66% | 27.49% | 24.34% | 27.53% | 41.24% | 22.62% | 23.14% | 14.64% | -1.53% | -8.28% | 58.71% | -177.45% | -511.95% | -33812.94% |
| FFO Growth % | 119.63% | 20.96% | 0.35% | 15.27% | 13.21% | 20.26% | 0.05% | 12.52% | 24.88% | 32.31% | 35.14% | 221.12% | -57.86% | -2.96% | 23% | 48.68% | 22.27% | -16.39% | 206.23% | 42.95% | 105.18% | 1395.12% | 74.43% | -121.56% | 140.27% | -68.87% | -431.19% | - |
| FFO per Share | 37.54 | 34.81 | 29.47 | 29.94 | 26.59 | 23.85 | 20.28 | 21.17 | 19.86 | 16.45 | 13.61 | 12.20 | 4.24 | 10.52 | 10.48 | 9.22 | 6.63 | 6.12 | 6.99 | 2.95 | 2.32 | 1.35 | -0.14 | -1.02 | 15.16 | -45.76 | -50.82 | -96.04 |
| FFO Payout Ratio % | 52.58% | 54.33% | 58.18% | 48.83% | 47.16% | 48.36% | 52.86% | 46.65% | 46.37% | 48.73% | 51.81% | 73.1% | 37.48% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | 15.46 | 13.76 | 8.50 | 10.31 | 7.67 | 5.53 | 4.18 | 5.99 | 4.56 | 3.00 | 1.79 | 3.21 | -4.96 | 1.89 | 2.83 | 1.74 | 0.82 | 1.75 | 2.79 | -0.16 | -0.22 | -1.78 | -3.87 | -8.76 | -7.23 | -76.62 | -91.35 | -159.18 |
| EPS Growth % | 52.11% | 61.88% | -17.56% | 34.42% | 38.7% | 32.3% | -30.22% | 31.36% | 52% | 67.6% | -44.24% | 164.72% | -362.43% | -33.22% | 62.64% | 112.2% | -53.14% | -37.28% | 1843.75% | 27.27% | 87.64% | 54.01% | 55.82% | -21.16% | 90.56% | 16.12% | 42.61% | - |
| EPS (Basic) | - | 13.79 | 8.54 | 10.35 | 7.69 | 5.57 | 4.22 | 6.03 | 4.58 | 3.03 | 1.81 | 3.25 | -4.96 | 1.92 | 2.92 | 1.77 | 0.84 | 1.80 | 2.91 | -0.16 | -0.22 | -1.78 | -3.87 | -8.76 | -7.23 | -76.62 | -111.06 | -159.18 |
| Diluted Shares Outstanding | 99.14M | 98.12M | 95.83M | 94.01M | 91.83M | 90.41M | 88.41M | 84.68M | 80.2M | 77.53M | 70.82M | 58.48M | 52.36M | 50.12M | 51.82M | 47.9M | 44.81M | 39.68M | 41.58M | 32.14M | 28.55M | 23.96M | 17.72M | 9.6M | 2.99M | 2.46M | 1.31M | 130.61K |
Quick answers to the most common questions about buying EQIX stock.
For fiscal year 2025, Equinix, Inc. (EQIX) reported total revenue of $9.26B. This represents a 24959468.7% increase compared to $0.0M in 1999.
Equinix, Inc. (EQIX) is profitable, generating $1.35B in net income for the fiscal year ending 2025 with a net profit margin of 14.6%.
Equinix, Inc. (EQIX) reported an operating income of $1.85B, resulting in an operating profit margin of 20.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Equinix, Inc. (EQIX) generated $4.75B in gross profit for the year, representing a gross profit margin of 51.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
AFFO negative trend
Metrics are mathematically derived from official filings.
Revenue Acceleration Driven by AI Demand
Equinix's revenue grew 16.4% year-over-year in 2026Q2, reaching $2.6B, according to the latest quarterly report, indicating accelerating demand for data center capacity.
The sequential acceleration from 9.8% in 2026Q1 to 16.4% in 2026Q2 suggests that the company is capturing significant hyperscale and AI-related leasing activity. This growth appears to be broad-based, as NOI margins expanded concurrently, implying that new leases are being signed at favorable rates. Investors should monitor whether this pace is sustainable given the competitive supply pipeline.
NOI Margin Expansion Reflects Pricing Power
NOI margin improved to 53.1% in 2026Q2 from 48.7% a year earlier, as reported in financial statements, indicating enhanced operating leverage and pricing power.
The 440 basis point year-over-year margin expansion suggests that Equinix is effectively managing operating expenses while benefiting from higher rental rates. This trend is particularly notable given the company's heavy investment in new capacity, which typically pressures margins initially. The sustained improvement may indicate that the company is achieving better cost efficiencies and passing through higher costs to tenants.
FFO Growth Outpaces Share Dilution
FFO per share rose to $10.45 in 2026Q2, up 19.5% year-over-year, based on reported figures, demonstrating that earnings growth is translating to shareholder value.
Despite potential dilution from ATM equity raises, FFO per share growth of 19.5% in 2026Q2 outpaced the 16.4% revenue growth, indicating that the company is managing its capital structure effectively. However, AFFO turned sharply negative at -$220 million, which warrants scrutiny. The divergence between FFO and AFFO suggests significant non-cash adjustments or heavy recurring capital expenditures, which could impact dividend sustainability.
Depreciation Distorts GAAP Earnings
GAAP net income of $479 million in 2026Q2 is significantly lower than FFO of $1.0 billion, as disclosed in the income statement, highlighting the impact of non-cash depreciation.
The gap between net income and FFO underscores the substantial depreciation charges typical of REITs, which do not reflect economic depreciation. Equinix's depreciation appears to be running at a level that may exceed actual capital expenditure requirements, given the negative AFFO. This suggests that the company's assets are being depreciated aggressively, potentially understating true economic earnings. Investors should focus on AFFO trends to assess cash flow generation.
Organic Growth Accelerates Sequentially
Same-store revenue growth accelerated to 16.4% in 2026Q2 from 4.5% a year ago, according to the latest earnings release, indicating strong organic demand.
The sharp acceleration in same-store growth suggests that Equinix is benefiting from increased pricing power and occupancy gains, likely driven by AI and cloud adoption. This organic momentum is a positive indicator of the company's competitive position. However, investors should monitor whether this growth is sustainable or if it reflects a temporary surge in demand.
Negative AFFO Raises Earnings Quality Concerns
AFFO turned negative at -$220 million in 2026Q2, as reported in the cash flow statement, suggesting that reported FFO may overstate distributable cash flow.
The persistent negative AFFO across most quarters indicates that Equinix's capital expenditures, including recurring maintenance and growth investments, are exceeding its operating cash flow. This could imply that the company is relying on external financing to fund its dividend and growth, which may not be sustainable in the long term. Investors should scrutinize the components of AFFO adjustments to determine if this is a structural issue or a timing artifact.