# EQUINIX INC (EQIX)

Informational only - not investment advice.

CIK: 0001101239
SIC: 6798 Real Estate Investment Trusts
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/)
Latest 10-K filed: 2026-02-11
SEC page: https://www.sec.gov/edgar/browse/?CIK=1101239
Filing source: https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-11 · accession 0001101239-26-000032 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001101239.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 9,217,000,000 USD | 2025 | verified |
| Net income | 1,350,000,000 USD | 2025 | verified |
| Assets | 40,141,000,000 USD | 2025 | verified |
| Free cash flow | -400,000,000 USD | 2025 | computed |
| Net margin | 14.65% | 2025 | computed |
| Operating margin | 20.05% | 2025 | computed |
| Revenue YoY | +5.36% | 2025 | computed |
| ROE | 9.54% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Real estate investment trusts](/compare/reits/) · SIC 6798 Real Estate Investment Trusts

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including EQIX

- Real estate investment trusts: [peer review](/compare/reits/) · [market-risk page](/compare/reits/risk/)

### Peer percentile fingerprint

| Ratio | EQIX | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 14.6% | 16.8% | 46 | 149 |
| Operating margin | 20.0% | 23.2% | 38 | 66 |
| Revenue growth | 5.4% | 3.7% | 61 | 149 |
| FCF margin | -4.3% | 21.8% | 13 | 70 |
| ROE | 9.5% | 5.7% | 73 | 151 |
| ROA | 3.4% | 1.5% | 69 | 155 |
| Liabilities / equity | 1.83 | 1.48 | 61 | 151 |
| Current ratio | 1.32 | 0.80 | 80 | 11 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 9217000000 | USD | 2025 | 2026-02-11 |
| Net income | 1350000000 | USD | 2025 | 2026-02-11 |
| Assets | 40141000000 | USD | 2025 | 2026-02-11 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001101239.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  | 5,562,140,000 | 5,998,545,000 | 6,635,537,000 | 7,263,000,000 | 8,188,000,000 | 8,748,000,000 | 9,217,000,000 |
| Net income | 126,800,000 | 232,982,000 | 365,359,000 | 507,450,000 | 369,777,000 | 500,191,000 | 705,000,000 | 969,000,000 | 815,000,000 | 1,350,000,000 |
| Operating income | 618,739,000 | 809,014,000 | 977,383,000 | 1,169,631,000 | 1,052,928,000 | 1,108,162,000 | 1,200,000,000 | 1,443,000,000 | 1,328,000,000 | 1,848,000,000 |
| Diluted EPS | 1.79 | 3.00 | 4.56 | 5.99 | 4.18 | 5.53 | 7.67 | 10.31 | 8.50 | 13.76 |
| Operating cash flow | 1,019,353,000 | 1,439,233,000 | 1,815,426,000 | 1,992,728,000 | 2,309,826,000 | 2,547,206,000 | 2,963,000,000 | 3,217,000,000 | 3,249,000,000 | 3,911,000,000 |
| Capital expenditures | 1,113,365,000 | 1,378,725,000 | 2,096,174,000 | 2,079,521,000 | 2,282,504,000 | 2,751,512,000 | 2,278,000,000 | 2,781,000,000 | 3,066,000,000 | 4,311,000,000 |
| Dividends paid | 499,463,000 | 621,497,000 | 738,600,000 | 836,164,000 | 947,933,000 | 1,042,909,000 | 1,152,000,000 | 1,375,000,000 | 1,643,000,000 | 1,856,000,000 |
| Assets | 12,608,371,000 | 18,691,457,000 | 20,244,638,000 | 23,965,615,000 | 27,006,841,000 | 27,918,698,000 | 30,310,742,000 | 32,651,000,000 | 35,085,000,000 | 40,141,000,000 |
| Liabilities | 8,242,542,000 | 11,841,667,000 | 13,025,359,000 | 15,125,233,000 | 16,372,723,000 | 17,036,934,000 | 18,804,910,000 | 20,137,000,000 | 21,533,000,000 | 25,963,000,000 |
| Stockholders' equity | 4,365,829,000 | 6,849,790,000 | 7,219,279,000 | 8,840,606,000 | 10,633,988,000 | 10,882,082,000 | 11,505,966,000 | 12,489,000,000 | 13,528,000,000 | 14,156,000,000 |
| Cash and cash equivalents | 748,476,000 | 1,412,517,000 | 606,166,000 | 1,869,577,000 | 1,604,869,000 | 1,536,358,000 | 1,906,000,000 | 2,096,000,000 | 3,081,000,000 | 1,727,000,000 |
| Free cash flow | -94,012,000 | 60,508,000 | -280,748,000 | -86,793,000 | 27,322,000 | -204,306,000 | 685,000,000 | 436,000,000 | 183,000,000 | -400,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  | 9.12% | 6.16% | 7.54% | 9.71% | 11.83% | 9.32% | 14.65% |
| Operating margin |  |  |  | 21.03% | 17.55% | 16.70% | 16.52% | 17.62% | 15.18% | 20.05% |
| Return on equity | 2.90% | 3.40% | 5.06% | 5.74% | 3.48% | 4.60% | 6.13% | 7.76% | 6.02% | 9.54% |
| Return on assets | 1.01% | 1.25% | 1.80% | 2.12% | 1.37% | 1.79% | 2.33% | 2.97% | 2.32% | 3.36% |
| Liabilities / equity | 1.89 | 1.73 | 1.80 | 1.71 | 1.54 | 1.57 | 1.63 | 1.61 | 1.59 | 1.83 |
| Current ratio | 1.43 | 1.81 | 1.00 | 1.33 | 1.29 | 1.84 | 1.80 | 1.13 | 1.63 | 1.32 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001101239.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 2.30 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 2.77 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  | 207,030,000 | 2.21 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 2,061,030,000 | 275,794,000 | 2.93 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 2,110,489,000 | 227,568,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 2,127,000,000 |  | 2.43 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | 231,000,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 2,159,000,000 |  | 3.16 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 2,201,000,000 | 297,000,000 | 3.10 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 2,261,000,000 | -14,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 2,225,000,000 | 343,000,000 | 3.50 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 2,256,000,000 | 368,000,000 | 3.75 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 2,316,000,000 | 374,000,000 | 3.81 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 2,420,000,000 | 265,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 2,444,000,000 | 415,000,000 | 4.20 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 2,625,000,000 | 479,000,000 | 4.83 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from EQIX's latest 10-K: [/company/EQIX/business/](/company/EQIX/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from EQIX's latest 10-K: [/company/EQIX/risk-factors/](/company/EQIX/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1101239/000110123926000147/eqix-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-07-29
Report date: 2026-06-30

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The information in this discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, the words "believes," "anticipates," "plans," "expects," "intends" and similar expressions are intended to identify forward-looking statements. Our actual results and the timing of certain events may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such a discrepancy include, but are not limited to, those discussed in "Liquidity and Capital Resources" below and "Risk Factors" in Item 1A of Part II of this Quarterly Report on Form 10-Q. All forward-looking statements in this document are based on information available to us as of the date of this Report and we assume no obligation to update any such forward-looking statements.

Our management's discussion and analysis of financial condition and results of operations is intended to assist readers in understanding our financial information from our management's perspective and is presented as follows: 

•Overview

•Results of Operations

•Non-GAAP Financial Measures

•Liquidity and Capital Resources

•Critical Accounting Estimates

•Recent Accounting Pronouncements

Overview

We provide a global, vendor-neutral data center, interconnection and edge solutions platform with offerings that enable our customers to reach everywhere, interconnect everyone and integrate everything. We connect economies, countries, enterprises and communities, delivering seamless digital experiences and cutting-edge artificial intelligence (“AI")—quickly, efficiently and with high service reliability.

Global enterprises, service providers and business ecosystems of industry partners rely on our IBX data centers and expertise around the world for the safe housing of their critical IT equipment and to protect and connect the world's most valued information assets. They also look to Equinix for the ability to directly and securely interconnect to the networks, clouds and content that enable today's information-driven global digital economy. Our recent IBX data center openings and acquisitions, as well as xScaleTM data center investments, have expanded our total global footprint to 282 data centers, including 23 xScale data centers and the MC1 and SN1 data centers that are held in unconsolidated joint ventures, across 77 markets around the world. We offer the following solutions:

•premium data center colocation;

•physical and virtual interconnection and data exchange solutions;

•edge solutions for deploying networking, security and hardware; and

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•remote expert support and professional services.

Our data centers around the world allow our customers to bring together and interconnect the infrastructure they need to seamlessly operate their business. With Equinix, they can scale with speed and agility, accelerate the launch of new digital offerings while safeguarding data, and implement AI applications at scale to achieve business success. We enable customers to simplify their digital infrastructure, ensure interoperability across platforms, and maximize speed, efficiency and security to deliver superior customer, partner and employee experiences. The Equinix global platform, and the quality of our offerings, have enabled us to establish a critical mass of customers. As more customers choose Equinix for high connectivity and performance reliability at the metro edge, it benefits their suppliers and business partners to colocate in the same data centers and connect directly with each other. This adjacency creates a network effect that attracts new customers while continuously enhancing our value proposition to existing customers and enabling them to capture further economic and performance benefits from our offerings.

Competitive Landscape

While a large number of enterprises and service providers, such as hyperscale cloud service providers, own their own data centers, we believe enterprises are shifting away from single-tenant solutions toward those that enable customers to outsource some or all of their IT infrastructure and interconnection requirements to third-party facilities, such as those operated by Equinix. This shift is being accelerated by the proliferation of hybrid multi-cloud architectures and the adoption of AI.

Historically, the outsourcing market was served by large telecommunications carriers that bundled their products and services with their colocation offerings. The data center market landscape has since evolved to include private and carrier-neutral multi-tenant data centers ("MTDC"), public and private cloud providers, managed infrastructure and application hosting providers, large hyperscale cloud providers and systems integrators. As a result, the global MTDC market is large and remains highly fragmented—with significant long-term growth opportunities for providers that can bundle various colocation, interconnection and network offerings, outsourced IT infrastructure solutions and managed services.

Equinix has a highly differentiated offering in this large and growing market. Our global platform reaches 36 countries and connects the industry’s largest and most active ecosystem of partners across our sites, including access to a leading share of cloud on-ramps and an increasingly diverse ecosystem of networks and cloud and IT service providers. This ecosystem creates a network effect that improves performance and lowers the cost for our customers, enabling them to innovate and fast-track digital transformation. This is a significant source of competitive advantage for Equinix—particularly as AI and cloud innovations fuel workload demands for hyperscale infrastructure and optimization across enterprises. Our scalable, neutral, global platform offers one-of-a-kind solutions to the most pressing digital challenges customers face. Our platform enables customers to bring together physical and programmable technologies like compute, storage, network, AI and applications to build the foundation for their company's digital success.

Annualized Gross Bookings

Annualized Gross Bookings represents the annualized revenue impact of stated monthly recurring revenues ("MRR") on newly executed contracts with a term of 12 months or more, net of any MRR decreases from cancellations or terminations associated with the new contracts and adjusted for the impact of pricing changes on existing contracts. This measure excludes contracts for recurring revenue from our joint ventures and the impact of power price adjustments. This measure only includes contracts that we anticipate will start generating revenue within 90 days. During the three and six months ended June 30, 2026, we had total Annualized Gross Bookings of $424 million and $802 million, up 23% and 16% from the three and six months ended June 30, 2025, respectively. This growth reflects an increase in customer demand and in our ability to capture that demand across our global platform.

Capacity Trends

Our cabinet utilization rate represents the percentage of cabinet space billed versus total cabinet capacity, which is used to measure how efficiently we are managing our cabinet capacity. Our cabinet utilization rate varies from market to market among our IBX data centers across our Americas, EMEA and Asia-Pacific regions. Our cabinet utilization rates were approximately 78% as of June 30, 2026 and 2025. We continue to monitor the available capacity in each of our selected markets. In certain markets, growth may increasingly depend on the timely delivery of new capacity and supporting power infrastructure. We perform demand studies on an ongoing basis to determine if future expansion is warranted in a market. In addition, power and cooling requirements for

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most customers are growing on a per unit basis. As a result, customers are consuming an increasing amount of power per cabinet. Although we generally do not control the amount of power our customers draw from installed circuits, we have negotiated power consumption limitations with certain high power-demand customers. This increased power consumption, which we expect to accelerate with the adoption of AI, has driven us to build out our new IBX data centers to support power and cooling needs twice that of previous IBX data centers. We could face power limitations in our existing IBX data centers, even though we may have additional physical cabinet capacity available within a specific IBX data center, and in our ability to expand our footprint in existing and new markets. Additionally, global supply chain challenges could result in a lack of availability or delays in the delivery of data center equipment. These challenges have driven us to invest in and commit to future purchases in advance of our standard practice to mitigate risks associated with these supply chain issues. These constraints could have a negative impact on our ability to grow revenues, affecting our financial performance, results of operations and cash flows and the growth opportunities presented by the adoption of new technologies, including AI.

Expansion Opportunities

To serve the needs of the growing hyperscale data center market, including the world's largest cloud service providers and increased demand driven in part by the adoption of AI, we continue to look at attractive opportunities to grow our market share and selectively improve our footprint and offerings. As was the case with our recent expansions and acquisitions, our expansion criteria will be dependent on a number of factors, including but not limited to demand from new and existing customers, power availability and capacity, quality of the design, access to networks, clouds and software partners, capacity availability in the current market location, amount of incremental investment required by us in the targeted property, automation capabilities, developer talent pool, lead-time to break even on a free cash flow basis and in-place customers. Like our recent expansions and acquisitions, the right combination of these factors may be attractive to us. In addition, to serve the growing hyperscale requirements, we have entered into joint venture partnership arrangements across our Americas, EMEA and Asia-Pacific regions to develop and operate xScale data centers. Depending on the circumstances, these transactions may require additional capital expenditures funded by upfront cash payments or through long-term financing arrangements in order to bring these properties up to our standards. Property expansion may be in the form of purchases of real property, long-term leasing arrangements or acquisitions. Future purchases, construction or acquisitions may be completed by us or with partners or potential customers to minimize the outlay of cash, which can be significant.

Revenue

Our business is primarily based on a recurring revenue model comprised of colocation, interconnection and managed infrastructure offerings. We consider these offerings recurring because our customers are generally billed on a fixed and recurring basis each month for the duration of their contract, which is generally one to five years in length and thereafter automatically renews in one-year increments. Our recurring revenues have comprised more than 90% of our total revenues during the past three years. In addition, during the past three years, more than 90% of our monthly recurring revenue bookings came from existing customers, contributing to our revenue growth. Our largest customer accounted for appr

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm
Complete FY 2025 MD&A: /company/EQIX/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-11
Report date: 2025-12-31

ITEM 7.    Management's Discussion and Analysis of Financial Condition and Results of Operations

The following commentary should be read in conjunction with the financial statements and related notes contained elsewhere in this Annual Report on Form 10-K. The information in this discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, the words "believes," "anticipates," "plans," "expects," "intends" and similar expressions are intended to identify forward-looking statements. Our actual results and the timing of certain events may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such a discrepancy include, but are not limited to, those discussed in "Liquidity and Capital Resources" and "Risk Factors" elsewhere in this Annual Report on Form 10-K. All forward-looking statements in this document are based on information available to us as of the date hereof and we assume no obligation to update any such forward-looking statements.

Item 7 of this Form 10-K focuses on discussion of 2025 and 2024 items as well as 2025 results as compared to 2024 results. For the discussion of 2023 items and 2024 results as compared to 2023 results, please refer to Item 7 of our 2024 Form 10-K as filed with the SEC on February 12, 2025.

Our management's discussion and analysis of financial condition and results of operations is intended to assist readers in understanding our financial information from our management's perspective and is presented as follows:

•Overview

•Results of Operations

•Non-GAAP Financial Measures

•Liquidity and Capital Resources

•Critical Accounting Estimates

•Recent Accounting Pronouncements

Overview

We provide a global, vendor-neutral data center, interconnection and edge solutions platform with offerings that enable our customers to reach everywhere, interconnect everyone and integrate everything. We connect economies, countries, enterprises and communities, delivering seamless digital experiences and cutting-edge AI— quickly, efficiently and with high service reliability.

Global enterprises, service providers and business ecosystems of industry partners rely on our IBX data centers and expertise around the world for the safe housing of their critical IT equipment and to protect and connect the

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world's most valued information assets. They also look to Equinix for the ability to directly and securely interconnect to the networks, clouds and content that enable today's information-driven global digital economy. Our recent IBX data center openings and acquisitions, as well as xScaleTM data center investments, have expanded our total global footprint to 280 data centers, including 23 xScale data centers and the MC1 and SN1 data centers that are held in unconsolidated joint ventures, across 77 markets around the world. We offer the following solutions:

•premium data center colocation;

•physical and virtual interconnection and data exchange solutions;

•edge solutions for deploying networking, security and hardware; and

•remote expert support and professional services.

Our data centers around the world allow our customers to bring together and interconnect the infrastructure they need to seamlessly operate their business. With Equinix, they can scale with speed and agility, accelerate the launch of new digital offerings while safeguarding data, and implement AI applications at scale to achieve business success. We enable customers to simplify their digital infrastructure, ensure interoperability across platforms, and maximize speed, efficiency and security to deliver superior customer, partner and employee experiences. The Equinix global platform, and the quality of our offerings, have enabled us to establish a critical mass of customers. As more customers choose Equinix for high connectivity and performance reliability at the metro edge, it benefits their suppliers and business partners to colocate in the same data centers and connect directly with each other. This adjacency creates a network effect that attracts new customers while continuously enhancing our value proposition to existing customers and enabling them to capture further economic and performance benefits from our offerings.

In 2025, we opened 16 new data centers, including new sites added via our joint ventures and acquisitions. These openings included sites in the following metros: Chennai, Chicago, Dublin, Frankfurt, Jakarta, Lisbon, Madrid, Manila, Monterrey, Mumbai, Salalah, São Paulo and Washington, D.C. This resulted in an increase in our total number of data center facilities to 280. Additional 2025 highlights include:

•We had 52 active major development projects underway as of January 2026 across 35 metros around the world. We anticipate these development projects will deliver 55,000+ cabinets of retail capacity and 100+ MW of xScale capacity through 2028.

•We surpassed 500,000 interconnections, further demonstrating our market-leading position as we enable our customers to meet their real-time operational demands and networking requirements.

•We closed strategic land acquisitions in several locations, including the greater Amsterdam, Chicago, London, Milan, Mumbai and Toronto metros, which will support approximately 1 GW of retail and xScale capacity.

•We completed our acquisition of all outstanding shares of TIM NextGen DC Corporation, consisting of three data centers in the Philippines, for total purchase consideration of $183 million. This marked our entry into the Philippines market. See Note 3 within the Consolidated Financial Statements.

•We raised $4.4 billion of capital to support organic growth, land and building acquisitions and required debt refinancings. This included the following:

◦Throughout 2025, we issued $4.3 billion of senior notes due between 2029 and 2034. The issuances were denominated in euros, U.S. dollars, Singapore dollars and Canadian dollars and were translated at the exchange rates in effect on issuance. See Note 10 within the Consolidated Financial Statements.

◦In February and March, we sold 107,493 shares on a spot basis under the 2024 ATM Program for approximately $99 million, net of commissions and other offering expenses. See Note 11 within the Consolidated Financial Statements.

Annualized Gross Bookings:

In 2025, we publicly disclosed our Annualized Gross Bookings metric. Annualized Gross Bookings represents the annualized revenue impact of stated monthly recurring revenues ("MRR") on newly executed contracts with a term of 12 months or more, net of any MRR decreases from cancellations or terminations associated with the new contracts and adjusted for the impact of pricing changes on existing contracts. This measure excludes contracts for recurring revenue from our joint ventures and the impact of power price adjustments. This measure only includes contracts that we anticipate will start generating revenue within 90 days. During the year ended December 31, 2025, we had total Annualized Gross Bookings of $1.6 billion, up 27% from 2024. This growth reflects the overall momentum in customer demand and our ability to capture that demand across our global platform.

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Capacity Trends:

Our cabinet utilization rate represents the percentage of cabinet space billed versus total cabinet capacity, which is used to measure how efficiently we are managing our cabinet capacity. Our cabinet utilization rate varies from market to market among our IBX data centers across our Americas, EMEA and Asia-Pacific regions. Our cabinet utilization rates were approximately 77% and 78%, as of December 31, 2025 and 2024, respectively. We continue to monitor the available capacity in each of our selected markets. To the extent we have limited capacity available in a given market, it may limit our ability for growth in that market. We perform demand studies on an ongoing basis to determine if future expansion is warranted in a market. In addition, power and cooling requirements for most customers are growing on a per unit basis. As a result, customers are consuming an increasing amount of power per cabinet. Although we generally do not control the amount of power our customers draw from installed circuits, we have negotiated power consumption limitations with certain high power-demand customers. This increased power consumption, which we expect to accelerate with the adoption of AI, has driven us to build out our new IBX data centers to support power and cooling needs twice that of previous IBX data centers. We could face power limitations in our existing IBX data centers, even though we may have additional physical cabinet capacity available within a specific IBX data center, and in our ability to expand our footprint in existing and new markets. Additionally, global supply chain challenges could result in a lack of availability or delays in the delivery of data center equipment. These challenges have driven us to invest in and commit to future purchases in advance of our standard practice to mitigate risks associated with these supply chain issues. These constraints could have a negative impact on our ability to grow revenues, affecting our financial performance, results of operations and cash flows and the growth opportunities presented by the adoption of new technologies, including AI.

Expansion Opportunities:

To serve the needs of the growing hyperscale data center market, including the world's largest cloud service providers and increased demand driven in part by the adoption of AI, we continue to look at attractive opportunities to grow our market share and selectively improve our footprint and offerings. As was the case with our recent expansions and acquisitions, our expansion criteria will be dependent on a number of factors, including but not limited to demand from new and existing customers, power availability and capacity, quality of the design, access to networks, clouds and software partners, capacity availability in the current market location, amount of incremental investment required by us in the targeted property, automation capabilities, developer talent pool, lead-time to break even on a free cash flow basis and in-place customers. Like our recent expansions and acquisitions, the right combination of these factors may be attractive to us. In addition, to serve the growing hyperscale requirements, we have entered into joint venture partnership arrangements across our Americas, EMEA and Asia-Pacific regions to develop and operate xScale data centers. Depending on the circumstances, these transactions may require additional capital expenditures funded by upfront cash payments or through long-term financing arrangements in order to bring these properties up to our standards. Property expansion may be in the form of purchases of real property, long-term leasing arrangements or acquisitions. Future purchases, construction or acquisitions may be completed by us or with partners or potential customers to minimize the outlay of cash, which can be significant.

Revenue:

Our business is primarily based on a recurring revenue model comprised of colocation, interconnection and managed infrastructure offerings. We consider these offerings recurring because our customers are generally billed

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on a fixed and recurring basis each month for the duration of their contract, which is generally one to five years in length, and thereafter automatically renews in one-year increments. Our recurring revenues have comprised more than 90% of our total revenues during the past three years. In ad

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/EQIX/mda/fy2025/
All MD&A years: /company/EQIX/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/EQIX/mda/fy2024/): filed 2025-02-12; accession 0001628280-25-005126 (https://www.sec.gov/Archives/edgar/data/1101239/000162828025005126/eqix-20241231.htm)
- [FY 2023 MD&A](/company/EQIX/mda/fy2023/): filed 2024-02-16; accession 0001628280-24-005350 (https://www.sec.gov/Archives/edgar/data/1101239/000162828024005350/eqix-20231231.htm)
- [FY 2022 MD&A](/company/EQIX/mda/fy2022/): filed 2023-02-17; accession 0001628280-23-004039 (https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-20221231.htm)
- [FY 2021 MD&A](/company/EQIX/mda/fy2021/): filed 2022-02-18; accession 0001628280-22-003171 (https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/EQIX.md · JSON record: /company/EQIX.json · verified financials: /company/EQIX/financials.json / /company/EQIX/financials.csv · machine TOC for the whole site: /llms.txt