undamentalytics Newsletter
Sign in

Equinix (EQIX) stock

Add to watchlist

Add holding +

NASDAQ: EQIX Nasdaq Data Center REITs Next results ~February 10, 2027

C Fundamentals grade

Equinix is a US-listed company in the data center REITs industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Model estimate per share

~$600

Valuation models combined (2)

Base case. Range ~$360–$720. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Equinix valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Equinix files

10-Q filed October 28: Equinix

Revenue for the twelve months to September 2026 was $10.1bn, up 11.1% on a year earlier, faster than the 9.6% growth a quarter earlier. Our valuation models combined value is $597 a share, against a share price of $1,029.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Equinix

Revenue for the twelve months to June 2026 was $10.1bn, up 11.1% on a year earlier, faster than the 9.6% growth a quarter earlier.

10-Q on SEC EDGAR

Where Equinix stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $9.80bn, up 9.6% on a year earlier, faster than 6.7% a quarter earlier. Our valuation models combined value is $555 a share, against a share price of $985.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 10, 2027 (estimated)

Equinix's trailing-twelve-month revenue grew 11.1% year on year, with a free-cash-flow margin of -16.5%. Where it lags: stock pay as % of revenue of 5.4% ranks 128 of 143 real estate companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 1353.5% while net income grew 53.9%: a 1407pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 5.6 points on a year ago.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 6.6% over 90 days.

Things to watch

  • Burning cash. Free cash flow was -16.5% of revenue over the last 12 months.
  • High debt. Long-term debt exceeds cash by $20.5bn, more than 1.5 times annual revenue.
  • High earnings multiple. The shares trade at 60 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 10 insiders sold $61M of stock over the past 365 days and none bought (73% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was -101% of net income over the last 12 months.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 5.4% ranks 128 of 143 real estate companies we cover (median 1.8%).

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$5.22 against an average estimate of $3.96: beat by 31.9%
Revenue
$2.57bn, up 11.0% on a year earlier
Share reaction
+3.7% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
revenues $2.68bn to $2.72bn (fourth quarter of 2026); adjusted EBITDA $1.33bn to $1.37bn (fourth quarter of 2026)
Next report
October 28, 2026; average EPS estimate $4.06

Equinix's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.0%
  • 1 week+2.7%
  • 1 month-3.1%
  • This year+31.7%
  • 1 year+20.0%
  • 5 years+31.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$10.1B
Operating margin
22.5%
Net margin
16.4%
EPS (TTM, diluted)
$16.67

Growth

Revenue growth
+11.1%
Change in growth rate
+1.4 pts
Share count change
+1.1%

Earnings

Last results
October 28, 2026
Next results (est.)
February 10, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Dividend
  2. Results
  3. Guidance
  4. Announcement
  5. Leadership
  6. Announcement
  7. Insider trade
  8. Agreement
  9. Results
  10. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Equinix valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Equinix as an equity reit, with every model that fits that kind of business. Cost of equity 8.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.75 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$720 ~$610–$880 Primary model, counts double
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$14 ~$330–$670 Left out: out of range vs price (0.01x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$360 ~$310–$430 Included
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$600 ~$360–$720 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Equinix with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

49 /100

Moderate moat

How hard Equinix's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Cash operating profit has been a median 4.7% of total assets over 10 years.

  • Pricing power 17 / 20

    Gross margin has been a median 49.4%, moving by 1.1 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 18.4%; its worst year was 16.5%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 3 of 10 years, at a median -0.8% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 9.7% over five years; stock-based pay has been a median 5.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $18.16 +24% $10.3bn +12%
Next $20.13 +11% $11.5bn +11%

Next year's EPS estimate has moved +6.6% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.5% on 90 days ago. In the last 30 days, 0 analysts raised Equinix's forecast and 1 cut it.

Consensus EPS forecast Equinix, last 90 days
$17.00 $18.00 $19.00 $20.00 $21.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $17.88 Current fiscal year, 60 days ago: $17.88 Current fiscal year, 30 days ago: $17.88 Current fiscal year, 7 days ago: $17.71 Current fiscal year, Now: $18.16 $18.16 Next fiscal year, 90 days ago: $18.89 Next fiscal year, 60 days ago: $18.69 Next fiscal year, 30 days ago: $18.62 Next fiscal year, 7 days ago: $18.53 Next fiscal year, Now: $20.13 $20.13

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $17.88$18.89
60 days ago $17.88$18.69
30 days ago $17.88$18.62
7 days ago $17.71$18.53
Now $18.16$20.13

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.96 $5.22 +31.9%
Jun 2026 $4.79 $5.10 +6.3%
Mar 2026 $4.33 $4.17 −3.8%
Dec 2025 $3.88 $3.37 −13.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • Total revenues full year of 2026 $10.325bn to $10.365bn Raised
    “For the full year of 2026, total revenues are expected to range between $10.325 and $10.365 billion, an increase of approximately 12% over the previous year on both an as-reported and a normalized and constant currency basis.” source
  • Revenues fourth quarter of 2026 $2.684bn to $2.724bn
    “For the fourth quarter of 2026, the company expects revenues to range between $2.684 and $2.724 billion, an increase of 11 - 13% over the previous year on an as-reported basis, or 12 - 13% on a normalized and constant currency basis.” source
  • Adjusted EBITDA full year of 2026 $5.29bn to $5.33bn Non-GAAP Raised
    “Adjusted EBITDA is expected to range between $5.290 and $5.330 billion, reflecting an adjusted EBITDA margin of approximately 51%, an approximate 200 basis points expansion over the previous year.” source
  • Adjusted EBITDA Margin full year of 2026 about 51% Non-GAAP Maintained
    “Adjusted EBITDA is expected to range between $5.290 and $5.330 billion, reflecting an adjusted EBITDA margin of approximately 51%, an approximate 200 basis points expansion over the previous year.” source
  • AFFO full year of 2026 $4.34bn to $4.38bn Non-GAAP Raised
    “AFFO is expected to range between $4.340 and $4.380 billion.” source
  • AFFO per Share (Diluted) full year of 2026 $43.71 to $44.11 Non-GAAP Raised
    “AFFO per share is expected to range between $43.71 and $44.11, an increase of 14 - 15% over the previous year on an as-reported basis, or 11 - 12% on a normalized and constant currency basis.” source
Show 9 more items
  • Total capital expenditures full year of 2026 $5bn to $6bn Raised vs 4,710m to 5,690m
    “Total capital expenditures are expected to range between $5 and $6 billion.” source
  • Recurring Capital Expenditures FY 2026 $290m to $310m Maintained
    “Recurring Capital Expenditures % of Revenues $290 - 310 ~3% $290 - 310 ~3% $141 - 161 5 - 6%” source
  • Recurring Capital Expenditures % of Revenues FY 2026 about 3% Maintained
    “Recurring Capital Expenditures % of Revenues $290 - 310 ~3% $290 - 310 ~3% $141 - 161 5 - 6%” source
  • Non-recurring Capital Expenditures (Excludes xScale and Real Estate Acquisitions) FY 2026 $4,710m to $5,690m Maintained
    “Non-recurring Capital Expenditures (Excludes xScale and Real Estate Acquisitions) $4,710 - 5,690 -$2 +$2 $4,710 - 5,690” source
  • Expected Cash Dividends FY 2026 about $2,037m Lowered
    “Expected Cash Dividends ~$2,039 -$2 ~$2,037” source
  • Adjusted EBITDA fourth quarter of 2026 $1.328bn to $1.368bn Non-GAAP
    “Adjusted EBITDA is expected to range between $1.328 and $1.368 billion, reflecting an adjusted EBITDA margin of 49 - 50%.” source
  • Adjusted EBITDA Margin fourth quarter of 2026 49% to 50% Non-GAAP
    “Adjusted EBITDA is expected to range between $1.328 and $1.368 billion, reflecting an adjusted EBITDA margin of 49 - 50%.” source
  • Recurring Capital Expenditures Q4 2026 $141m to $161m
    “Recurring Capital Expenditures % of Revenues $290 - 310 ~3% $290 - 310 ~3% $141 - 161 5 - 6%” source
  • Recurring Capital Expenditures % of Revenues Q4 2026 5% to 6%
    “Recurring Capital Expenditures % of Revenues $290 - 310 ~3% $290 - 310 ~3% $141 - 161 5 - 6%” source

How earlier guidance turned out

  • Revenues, third quarter of 2026 guided $2.525bn to $2.575bn Within range: $2.571bn
  • Recurring Capital Expenditures, Q3 2026 Guidance guided $70m to $90m Above range: $1,558m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

35 analysts, Oct 2026
Buy3086%
Hold514%
Sell00%

Monthly trend

  1. Oct 2026624535
  2. Sep 2026523634
  3. Aug 2026522633
  4. Jul 2026521632

Counts of recommendations published by analysts covering Equinix, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.9%
of tradable shares
Days to cover
3.33
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.3%
of shares
Employees
13,716
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +20.0%

$828.29 on October 31, 2025 to $993.69

ThenNowEffect
Revenue (last 12 months) $8.9bn $9.8bn +9.6%
Net margin 11.1% 15.6% +40.7%
P/E multiple 81.0x 63.9x −21.1%
Share count 97m 99m −1.4%

Biggest factor: net margin.

Last 3 years +37.4%

$723.32 on November 3, 2023 to $993.69

ThenNowEffect
Revenue (last 12 months) $8.0bn $9.8bn +23.2%
Net margin 10.1% 15.6% +54.1%
P/E multiple 83.4x 63.9x −23.3%
Share count 93m 99m −5.7%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
EQIX+20%−21%+25%+20%−17%+32%
Industry peers (median)——————
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
EQIX75%25%67%67%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
EQIX−22%−39%−16%−24%−23%−14%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 42% from September 3, 2021 to October 14, 2022. Getting back needed a 72% gain, reached on February 8, 2024, 482 days after the low.

Price behaviour

52-week range
$715.18 – $1110.63
From 52-week high
−10.5%
vs 50-day average
−2.7%
vs 200-day average
−1.2%
Volatility (1 year)
26%
Beta vs S&P 500
0.61

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
10 up, 2 down
typical move ±3.6%
After a week
8 up, 3 down
typical move ±4.3%
After a month
7 up, 4 down
typical move ±6.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +3.7% 0.0% — —
July 29, 2026 +1.2% +0.1% +2.1% +4.5%
April 29, 2026 +0.6% +1.0% +1.1% −0.3%
February 11, 2026 +11.8% −1.6% +7.2% +13.8%
October 29, 2025 +2.1% −1.1% +0.7% −7.1%
July 30, 2025 −3.2% −0.5% −4.7% −2.5%
April 30, 2025 +1.2% +0.7% +2.4% +4.9%
February 12, 2025 −2.2% +0.7% −0.4% −10.8%
October 30, 2024 +0.2% −2.3% −1.7% +8.9%
August 7, 2024 +3.2% +1.6% +7.2% +4.8%
May 8, 2024 +8.5% +0.6% +13.7% +6.4%
February 14, 2024 +5.1% +1.6% +5.8% +2.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Equinix in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Equinix
$8B $8.5B $9B $9.5B $10B $10.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $8.4B Revenue (TTM), FY24 Q1: $8.3B Revenue (TTM), FY24 Q2: $8.5B Revenue (TTM), FY24 Q3: $8.6B Revenue (TTM), FY24 Q4: $8.7B Revenue (TTM), FY25 Q1: $8.8B Revenue (TTM), FY25 Q2: $8.9B Revenue (TTM), FY25 Q3: $9.1B Revenue (TTM), FY25 Q4: $9.2B Revenue (TTM), FY26 Q1: $9.4B Revenue (TTM), FY26 Q2: $9.8B Revenue (TTM), FY26 Q3: $10.1B $10.1B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $8.4B
FY24 Q1 $8.3B
FY24 Q2 $8.5B
FY24 Q3 $8.6B
FY24 Q4 $8.7B
FY25 Q1 $8.8B
FY25 Q2 $8.9B
FY25 Q3 $9.1B
FY25 Q4 $9.2B
FY26 Q1 $9.4B
FY26 Q2 $9.8B
FY26 Q3 $10.1B
Revenue growth, TTM YoY Equinix
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 15.9% Revenue growth, TTM YoY, FY24 Q1: 7.3% Revenue growth, TTM YoY, FY24 Q2: 6.3% Revenue growth, TTM YoY, FY24 Q3: 5.2% Revenue growth, TTM YoY, FY24 Q4: 4.0% Revenue growth, TTM YoY, FY25 Q1: 6.4% Revenue growth, TTM YoY, FY25 Q2: 5.7% Revenue growth, TTM YoY, FY25 Q3: 5.4% Revenue growth, TTM YoY, FY25 Q4: 5.4% Revenue growth, TTM YoY, FY26 Q1: 6.7% Revenue growth, TTM YoY, FY26 Q2: 9.6% Revenue growth, TTM YoY, FY26 Q3: 11.1% 11.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 15.9%
FY24 Q1 7.3%
FY24 Q2 6.3%
FY24 Q3 5.2%
FY24 Q4 4.0%
FY25 Q1 6.4%
FY25 Q2 5.7%
FY25 Q3 5.4%
FY25 Q4 5.4%
FY26 Q1 6.7%
FY26 Q2 9.6%
FY26 Q3 11.1%
Operating margin (TTM) Equinix
14% 16% 18% 20% 22% 24% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 17.1% Operating margin (TTM), FY24 Q1: 17.1% Operating margin (TTM), FY24 Q2: 18.1% Operating margin (TTM), FY24 Q3: 18.3% Operating margin (TTM), FY24 Q4: 15.2% Operating margin (TTM), FY25 Q1: 16.1% Operating margin (TTM), FY25 Q2: 16.5% Operating margin (TTM), FY25 Q3: 16.9% Operating margin (TTM), FY25 Q4: 20.0% Operating margin (TTM), FY26 Q1: 20.8% Operating margin (TTM), FY26 Q2: 21.8% Operating margin (TTM), FY26 Q3: 22.5% 22.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 17.1%
FY24 Q1 17.1%
FY24 Q2 18.1%
FY24 Q3 18.3%
FY24 Q4 15.2%
FY25 Q1 16.1%
FY25 Q2 16.5%
FY25 Q3 16.9%
FY25 Q4 20.0%
FY26 Q1 20.8%
FY26 Q2 21.8%
FY26 Q3 22.5%
FCF margin (TTM) Equinix
-20% -10% 0% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.2% FCF margin (TTM), FY24 Q1: 2.0% FCF margin (TTM), FY24 Q2: 3.9% FCF margin (TTM), FY24 Q3: 2.2% FCF margin (TTM), FY24 Q4: 2.1% FCF margin (TTM), FY25 Q1: 4.0% FCF margin (TTM), FY25 Q2: 0.5% FCF margin (TTM), FY25 Q3: -1.3% FCF margin (TTM), FY25 Q4: -4.3% FCF margin (TTM), FY26 Q1: -10.6% FCF margin (TTM), FY26 Q2: -14.9% FCF margin (TTM), FY26 Q3: -16.5% -16.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.2%
FY24 Q1 2.0%
FY24 Q2 3.9%
FY24 Q3 2.2%
FY24 Q4 2.1%
FY25 Q1 4.0%
FY25 Q2 0.5%
FY25 Q3 -1.3%
FY25 Q4 -4.3%
FY26 Q1 -10.6%
FY26 Q2 -14.9%
FY26 Q3 -16.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0.9 1.2 1.6 1.9 2.2 2.4 2.7 3.6 4.4 5.1 5.6 6.0 6.6 7.3 8.2 8.7 9.2 10.1
Gross profit 0.4 0.5 0.7 0.9 1.1 1.2 1.4 1.8 2.2 2.5 2.8 2.9 3.2 3.5 4.0 4.3 4.7 5.2
EBITDA 0.4 0.4 0.6 0.8 0.9 1.0 1.1 1.5 1.9 2.2 2.5 2.5 2.8 2.9 3.3 3.3 3.9 4.4
Operating income 0.2 0.2 0.3 0.4 0.5 0.5 0.6 0.6 0.8 1.0 1.2 1.1 1.1 1.2 1.4 1.3 1.8 2.3
Net income 0.1 0.0 0.1 0.1 0.1 −0.3 0.2 0.1 0.2 0.4 0.5 0.4 0.5 0.7 1.0 0.8 1.4 1.6
Diluted EPS $1.75 $0.82 $1.74 $2.83 $1.89 −$4.96 $3.21 $1.79 $3.00 $4.56 $5.99 $4.18 $5.53 $7.67 $10.31 $8.50 $13.76 $16.67
Growth (year on year)
Revenue +25.2% +35.5% +30.9% +20.6% +14.1% +13.5% +11.5% +32.5% +20.9% +16.1% +9.7% +7.8% +10.6% +9.5% +12.7% +6.8% +5.4% +11.1%
EBITDA +57.1% +25.3% +44.0% +22.5% +14.0% +10.9% +10.3% +33.2% +27.2% +19.1% +11.3% +0.9% +11.6% +6.2% +12.0% +1.5% +16.8% +25.7%
Operating income +147.2% +6.9% +58.0% +28.4% +17.3% +10.5% +11.4% +9.1% +30.8% +20.8% +19.7% −10.0% +5.2% +8.3% +20.3% −8.0% +39.2% +48.1%
Net income −35.7% −46.9% +157.0% +47.7% −32.4% −374.1% — −32.5% +83.7% +56.8% +38.9% −27.1% +35.3% +40.9% +37.4% −15.9% +65.6% +53.9%
Diluted EPS −37.3% −53.1% +112.2% +62.6% −33.2% −362.4% — −44.2% +67.6% +52.0% +31.4% −30.2% +32.3% +38.7% +34.4% −17.6% +61.9% +52.3%
Margins
Gross margin 45.2% 45.5% 47.0% 50.0% 50.6% 51.0% 52.6% 49.6% 49.8% 48.6% 49.5% 48.7% 47.7% 48.4% 48.4% 48.9% 51.1% 51.6%
EBITDA margin 40.2% 37.1% 40.9% 41.5% 41.5% 40.6% 40.1% 40.3% 42.4% 43.5% 44.1% 41.3% 41.7% 40.4% 40.2% 38.1% 42.3% 44.2%
Operating margin 20.5% 16.2% 19.5% 20.8% 21.4% 20.8% 20.8% 17.1% 18.5% 19.3% 21.0% 17.6% 16.7% 16.5% 17.6% 15.2% 20.0% 22.5%
Net margin 7.9% 3.1% 6.1% 7.4% 4.4% −10.6% 6.9% 3.5% 5.3% 7.2% 9.1% 6.2% 7.5% 9.7% 11.8% 9.3% 14.6% 16.4%
Free-cash-flow margin −1.6% 31.6% 35.7% −24.7% 1.5% 1.2% 1.0% −2.6% 1.4% −5.5% −1.6% 0.5% −3.1% 9.4% 5.3% 2.1% −4.3% −16.5%
Cash flow
Cash from operations 0.4 0.4 0.6 0.6 0.6 0.7 0.9 1.0 1.4 1.8 2.0 2.3 2.5 3.0 3.2 3.2 3.9 4.2
Capital spending 0.4 0.0 0.0 1.1 0.6 0.7 0.9 1.1 1.4 2.1 2.1 2.3 2.8 2.3 2.8 3.1 4.3 5.8
Free cash flow −0.0 0.4 0.6 −0.5 0.0 0.0 0.0 −0.1 0.1 −0.3 −0.1 0.0 −0.2 0.7 0.4 0.2 −0.4 −1.7
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.4 0.5 0.5 0.5
Free cash flow after stock pay −0.1 0.3 0.5 −0.5 −0.1 −0.1 −0.1 −0.2 −0.1 −0.5 −0.3 −0.3 −0.6 0.3 0.0 −0.3 −0.9 −2.2
Balance sheet
Cash 0.3 0.4 0.3 0.3 0.3 0.6 2.2 0.7 1.4 0.6 1.9 1.6 1.5 1.9 2.1 3.1 1.7 2.4
Total debt 0.9 0.9 2.7 2.4 3.3 3.5 5.2 5.3 8.5 9.9 10.4 10.6 11.7 12.9 13.8 15.3 19.1 22.8
Net debt (negative = net cash) 0.5 0.5 2.4 2.2 3.0 2.9 3.0 4.6 7.1 9.3 8.5 9.0 10.2 11.0 11.7 12.3 17.3 20.5
Diluted shares 40m 45m 48m 52m 50m 52m 58m 71m 78m 80m 85m 88m 90m 92m 94m 96m 98m 99m
Returned to shareholders
Dividends — — — — — 0.1 0.5 0.5 0.6 0.7 0.8 0.9 1.0 1.2 1.4 1.6 1.9 2.0
Buybacks — — 0.1 0.0 0.0 0.3 0.0 0.0 — — — — — — — — — —
Total returned — — 0.1 0.0 0.0 0.4 0.5 0.5 0.6 0.7 0.8 0.9 1.0 1.2 1.4 1.6 1.9 2.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

Dividends (TTM)
$2B
Diluted share count
+1.1%
year over year
Total shareholder yield
2.0%
dividends 2.0% + buybacks 0.0% of market value
Dividend payout ratio
122%
of net income paid out
Days sales outstanding
44 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in data center reits
Last 12 months unless stated EQIX COMP PLD AMT BEKE IRM Median
Revenue, last 12 months $10.1bn $10.6bn $9.4bn $11.0bn $13.2bn $7.6bn $713m
Revenue growth, last 12 months 11.1% 67.8% 7.2% 5.3% 1.3% 17.4% 5.2%
Revenue growth, 3-year average 7.2% 27.8% 5.9% 6.2% — 13.0% 4.2%
Revenue growth, latest quarter 11.0% 109.0% 7.8% 2.5% — 18.5% 5.5%
Gross margin 51.6% — — 99.5% 21.4% — 51.6%
Operating margin 22.5% −2.6% 54.8% 44.8% 2.2% 18.8% 19.2%
Operating margin, 3-year average 19.2% −2.7% 50.3% 43.6% — 17.1% 18.4%
Net margin 16.4% 0.6% 45.5% 30.1% 3.2% 5.5% 7.8%
Cash from operations / revenue 41.5% 1.5% 59.3% 51.8% −0.4% 21.9% 29.0%
Free-cash-flow margin −16.5% 1.2% 29.4% 36.0% −1.0% −7.9% 9.7%
Free-cash-flow margin, 3-year average −5.2% 1.3% 28.4% 35.6% — −10.1% 8.9%
Stock pay / revenue 5.4% 2.5% 2.2% 1.4% 2.0% 1.8% 1.7%
Change in share count 1.1% 29.1% 0.5% −0.4% −1.8% 0.9% 0.6%

Median of all 168 companies we cover in data center reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

168 real estate companies
Measure Company Peer median Rank
Revenue growth Growth 11.1% 5.3% 50 of 168
Change in growth rate Growth +1.4pp +0.1pp 49 of 168
Operating margin Profitability 22.5% 14.8% 39 of 103
Net margin Profitability 16.4% 7.8% 60 of 167
Stock pay as % of revenue Cash generation 5.4% 1.8% 128 of 143
Long-term debt as % of assets Balance sheet 51.4% 42.4% 92 of 129
Change in share count Balance sheet 1.1% 0.6% 88 of 152

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Americas $4.1B 44.6% ▲ 6.4%
EMEA $3.1B 34.0% ▲ 5.5%
Asia Pacific $2B 21.4% ▲ 3.0%
Products and services
Line of business Revenue Share YoY
Recurring Revenues $8.7B 94.8% ▲ 6.8%
Colocation $6.5B 74.1% ▲ 6.9%
Interconnection $1.7B 18.9% ▲ 9.0%
Managed Infrastructure $466M 5.3% ▼ 0.2%
Other $143M 1.6% ▲ 2.1%
Non Recurring Revenues $478M 5.2% ▼ 15.2%

From Equinix's 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$100B
Institutions reporting
1,351
Shares held vs prior quarter
▲ 2.2%
Positions opened / closed
143 / 75

Top buyers and sellers, Q2 2026: 706 institutions bought and 498 sold ; the biggest buyer was UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC (+1.2M shares) and the biggest seller Cohen & Steers, Inc (−640K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $11.9B 11.4M 11.9% ▲ 2.8%
Vanguard Capital Management LLC $6.7B 6.4M 6.7% ▲ 0.9%
Vanguard Portfolio Management LLC $6.4B 6.1M 6.3% ▲ 1.6%
State Street Corp $6.3B 6.0M 6.3% ▼ 0.9%
FMR LLC $3B 2.9M 3.0% ▲ 2.0%
Geode Capital Management, LLC $2.6B 2.5M 2.6% ▲ 2.8%
Cohen & Steers, Inc. $2.3B 2.2M 2.3% ▼ 22.6%
Principal Financial Group Inc $2B 1.9M 2.0% ▼ 4.0%
Jpmorgan Chase & Co $1.9B 1.8M 1.9% ▼ 10.3%
Northern Trust Corp $1.6B 1.5M 1.6% ▲ 3.1%
Price T Rowe Associates Inc $1.5B 1.5M 1.5% ▼ 0.6%
Coatue Management LLC $1.3B 1.3M 1.3% ▲ 16.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Equinix's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $61.2M 383 trades by 10 insiders · 73% under pre-set plans
Net ▼ $61.2M net selling
Insider Date Trade Shares Price Value
Paladin Michael Shane Chief Customer & Rev Officer September 4, 2026 Sell 307 $1035.01 $317,748
Paladin Michael Shane Chief Customer & Rev Officer September 2, 2026 Sell pre-set plan 150 $1018.43 $152,764
Paladin Michael Shane Chief Customer & Rev Officer September 2, 2026 Sell pre-set plan 53 $1008.02 $53,425
Pletcher Kurt Chief Legal Officer August 20, 2026 Sell pre-set plan 135 $1075.50 $145,192
Paisley Christopher B Director August 18, 2026 Sell pre-set plan 125 $1103.58 $137,948
Paisley Christopher B Director August 3, 2026 Sell 4,000 $1019.28 $4.1M
Morandi Brandi Galvin Chief People Officer June 8, 2026 Sell pre-set plan 3,726 $1076.36 $4M
Fox-Martin Adaire CEO and President June 2, 2026 Sell pre-set plan 600 $1061.53 $636,915
Fox-Martin Adaire CEO and President June 2, 2026 Sell pre-set plan 295 $1060.99 $312,991
Fox-Martin Adaire CEO and President June 2, 2026 Sell pre-set plan 400 $1057.59 $423,036
Fox-Martin Adaire CEO and President June 2, 2026 Sell pre-set plan 315 $1056.33 $332,744
Fox-Martin Adaire CEO and President June 2, 2026 Sell pre-set plan 285 $1055.25 $300,746

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 38 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Equinix shares.

  • Michael A. Rulli(R-OH 6):Purchase, $1,001 - $15,000, traded August 7, 2026, filed September 2, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded September 25, 2025, filed October 7, 2025
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed August 5, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 10, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 11, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Equinix was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Equinix in brief

What does Equinix do?
Equinix is a US-listed company in the data center REITs industry. Its financial year ends in December.
What is Equinix's stock ticker?
Equinix trades under the ticker EQIX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Equinix's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Equinix reported revenue of $10.1B, 11.1% higher than a year earlier, according to its SEC filings.
What is Equinix's free cash flow?
Equinix's free-cash-flow margin is -16.5% of revenue over the trailing twelve months.
Who are Equinix's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Equinix's market cap?
On November 2, 2026, Equinix's market capitalisation was about $98.3B, with a price-to-earnings ratio of 59.6 and net debt of $20.5B. Market figures come from third-party market data and may be delayed.
Does Equinix pay a dividend?
Yes: Equinix paid $2B in dividends over the trailing twelve months, a dividend yield of 2.04% and a payout ratio of 121.8%.
Who are Equinix's competitors?
In our Data Center REITs peer group, the companies closest to Equinix are Compass, Inc., Prologis, American Tower, KE Holdings Inc. and Iron Mountain. The side-by-side comparison below sets their revenue, margins and growth against Equinix's.
Are insiders buying or selling Equinix stock?
Over the last 12 months, Equinix's directors and officers reported 0 open-market purchases and 383 sales on Form 4. The insider trading page charts every trade.
When is Equinix's next earnings date?
Around February 10, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Equinix announces its own schedule.