# Equinix Inc. (EQIX) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/EQIX/thesis · /stocks/EQIX/memo

## Financial Snapshot

---
ticker: EQIX
step: 04
generated: 2026-05-12
source: quick-research
---

### Equinix, Inc. (EQIX) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY (FY25) |
|--------|--------|--------|--------|------------|
| Revenue | $8.19B | $8.3B (~+1% — currency headwind) | $9.3B+ | +12% |
| Colocation Revenue | $5.8B | $6.1B | $6.5B | +6.6% |
| Interconnection Revenue | $1.3B | $1.5B | $1.6B | +9% CC |
| Adjusted EBITDA Margin | ~47% | ~48% | ~49% | +100 bps |
| AFFO per Share | $33.85 | $37.04 | $40+ | +mid-teens |

#### Bookings & Operational Metrics

| Metric | Trends |
|--------|--------|
| Q4 2025 Gross Bookings | $474M (record, +42% YoY) |
| % of Q4 25 Largest Contracts AI-Related | 60% |
| Americas Cabinets Target by 2026 | 150,000+ |
| xScale Hyperscale Leasing (2025) | 31MW (Paris 12 + 13); cumulative >400MW globally |

#### FY2026 Guidance

| Metric | 2026 Guide |
|--------|-----------|
| Revenue | $10.12–10.22B (+9–11%) — first time >$10B |
| AFFO | $4.16–4.24B (+double-digit) |
| AFFO/share Growth | Strong double-digit |
| Capital Expenditures (gross) | Significant — multi-billion expansion |

#### Cash Flow & Capital Allocation (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$3.7B |
| Recurring Capital Expenditures | ~$0.4B |
| AFFO (Adjusted Funds from Operations) | ~$3.7B |
| Discretionary Growth Capex | $3–4B |
| Quarterly Dividend | $4.27 (raised from $4.05) |
| Annual Dividend per Share | $17.08 |
| Dividend Yield | ~2.0% |
| AFFO Payout Ratio | ~42–45% |
| Cash & Marketable Securities | ~$3.5B |
| Total Debt | ~$17B (REIT structure) |
| Net Debt / Adjusted EBITDA | ~3.5x |

#### Key Ratios (approximate)
- Price/AFFO: ~22x (FY26 AFFO/share ~$45) | EV/EBITDA: ~26x | Dividend Yield: ~2.0%
- Revenue Growth (FY25): +12% (currency-neutral better than reported)
- Adjusted EBITDA Margin: ~49%
- AFFO Payout Ratio: ~42–45% (sustainable + room for dividend growth)
- Net Debt / EBITDA: ~3.5x (typical for REIT)

#### Growth Profile
FY25 was a record year for Equinix:
- Revenue $9.3B (+12%)
- Q4 bookings $474M record (+42% YoY)
- AFFO/share +mid-teens growth
- 60% of largest Q4 contracts AI-related

FY26 marks **revenue crossing $10B** for the first time:
- +9–11% reported revenue growth (constant-currency higher)
- AI inference workload demand driving record bookings momentum
- xScale joint venture with GIC + CPP Investments providing capital-efficient hyperscale capacity
- Power constraints in key markets (NoVa, Silicon Valley) creating defensible moat

The structural narrative is **AI-distributed inference + sovereign cloud + interconnection ecosystem network effects**. Even as hyperscalers self-build mega-campuses, the enterprise + interconnection layer remains Equinix's structurally protected moat.

#### Forward Estimates
FY2026 Guide:
- Revenue: $10.12–10.22B (+9–11%)
- AFFO: $4.16–4.24B
- AFFO per Share: ~$45 (+12–14%)

Bull case: AI inference demand sustains record bookings cadence; xScale joint ventures scale faster than expected; power-grid constraints push pricing power higher; multiple expands to 25–28x AFFO. Bear case: Hyperscaler self-build accelerates further; AI capex digestion in 2027; multiple compresses to 18–20x AFFO; smaller margin from currency hedge unwind. Consensus targets ~$950–1,050 vs. trading ~$830–900 (~10–25% implied upside).

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/EQIX/fundamental

## Navigation

- Overview: /stocks/EQIX
- Financials (this page): /stocks/EQIX/financials
- Thesis: /stocks/EQIX/thesis
- Investment Memo: /stocks/EQIX/memo
- Coverage universe: /stocks