Revenue growth accelerated to 9.8% in 2026Q1, supported by a resilient 51.5% NOI margin that reflects successful operational optimization.
| 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 | 9.46B | 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 % | 6.92% | 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 | 4.61B | 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) | 4.85B | 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 % | 51.26% | 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 | 2.88B | 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 | 2.76B | 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 | 4.1B | 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 % | 43.33% | 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 | 2.13B | 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 % | 22.53% | 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 | 1.97B | 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 % | 20.8% | 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 | -202M | -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 | 1.59B | 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 % | 16.78% | 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 | 167M | 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 % | 10.52% | 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 | 1.42B | 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 % | 15.03% | 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 % | 53.4% | 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) | 3.55B | 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 % | 37.57% | 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 % | 109.89% | 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 | 35.99 | 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 % | 53.67% | 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) | 14.40 | 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 % | 50.21% | 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 | 98.73M | 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 |
Capital Expenditure Intensity
As reported in recent financial filings, Equinix achieved a 9.8% revenue growth rate in 2026Q1, signaling a notable acceleration from the 4.5% to 7.0% range observed throughout 2024 and 2025, which suggests that the company's interconnection-led strategy is successfully capturing increased demand for high-density digital infrastructure.
The consistent revenue expansion appears to be driven by the company's ability to leverage its interconnection ecosystem to command premium pricing. Investors should monitor whether this growth trajectory remains sustainable as the firm balances organic expansion with the capital-intensive requirements of retrofitting older facilities for modern AI workloads.
Based on the provided income statement data, the company maintained a robust NOI margin of 51.5% in 2026Q1, recovering from the 47.1% trough seen in 2024Q4, which indicates that management has successfully navigated utility cost pressures and optimized property-level operating expenses across its global footprint.
The ability to sustain margins above 50% suggests that the company possesses significant pricing power, likely derived from the high switching costs inherent in its interconnection-heavy model. However, the fluctuation in margins warrants further investigation into whether power pass-through mechanisms are fully insulating the bottom line from energy price volatility.
According to the latest quarterly results, FFO per share reached $9.71 in 2026Q1, representing a 16.7% year-over-year increase, yet this headline growth contrasts sharply with the negative $297 million in AFFO reported for the same period, highlighting a significant divergence between accounting earnings and actual cash generation.
The disconnect between FFO and AFFO suggests that heavy maintenance and expansionary capital expenditures are consuming a substantial portion of operating cash flow. Investors should be cautious, as the reliance on FFO as a primary performance metric may obscure the underlying cash burn required to maintain the company's competitive moat.
As indicated by the recurring negative AFFO figures, such as the -$620 million reported in 2025Q4, there is a potential risk that the company's classification of maintenance versus expansionary capital expenditures may be artificially inflating reported earnings metrics, which warrants a closer look at the sustainability of dividend coverage.
The persistent negative AFFO suggests that the company is effectively funding its growth and maintenance through external financing rather than internal cash flow. If these capital outlays are not yielding the expected returns on invested capital, the current valuation premium may face downward pressure as the market re-evaluates the quality of earnings.
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.