Equinix (EQIX) financial statements
Equinix reported revenue of $9.2B in fiscal 2025, up 11.0% a year over 9 years.
Net income was $1.4B and the operating margin 20.0%, against 17.1% in 2016.
Free cash flow was -$400M, and the company returned $1.9B in dividends.
The diluted share count rose 39% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Equinix's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.6B | $4.4B | $5.1B | $5.6B | $6.0B | $6.6B | $7.3B | $8.2B | $8.7B | $9.2B |
| Cost of revenue | $1.8B | $2.2B | $2.6B | $2.8B | $3.1B | $3.5B | $3.8B | $4.2B | $4.5B | $4.5B |
| Gross profit | $1.8B | $2.2B | $2.5B | $2.8B | $2.9B | $3.2B | $3.5B | $4.0B | $4.3B | $4.7B |
| Selling, general and admin | $1.1B | $1.3B | $1.5B | $1.6B | $1.8B | $2.0B | $2.3B | $2.5B | $2.7B | $2.7B |
| Operating income | $619M | $809M | $977M | $1.2B | $1.1B | $1.1B | $1.2B | $1.4B | $1.3B | $1.8B |
| Interest expense | $392M | $479M | $521M | $480M | $406M | $336M | $356M | $402M | $457M | $527M |
| Pre-tax income | $160M | $287M | $433M | $693M | $516M | $609M | $829M | $1.1B | $975M | $1.5B |
| Income tax | $45M | $54M | $68M | $185M | $146M | $109M | $124M | $155M | $161M | $160M |
| Net income | $127M | $233M | $365M | $507M | $370M | $500M | $705M | $969M | $815M | $1.4B |
| EPS (diluted) | $1.79 | $3.00 | $4.56 | $5.99 | $4.18 | $5.53 | $7.67 | $10.31 | $8.50 | $13.76 |
| Diluted shares | 71M | 78M | 80M | 85M | 88M | 90M | 92M | 94M | 96M | 98M |
| Gross margin | 49.6% | 49.8% | 48.6% | 49.5% | 48.7% | 47.7% | 48.4% | 48.4% | 48.9% | 51.1% |
| Operating margin | 17.1% | 18.5% | 19.3% | 21.0% | 17.6% | 16.7% | 16.5% | 17.6% | 15.2% | 20.0% |
| Net margin | 3.5% | 5.3% | 7.2% | 9.1% | 6.2% | 7.5% | 9.7% | 11.8% | 9.3% | 14.6% |
Balance sheet
Fiscal years, from Equinix's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $752M | $1.4B | $611M | $1.9B | $1.6B | $1.5B | $1.9B | $2.1B | $3.6B | $3.2B |
| Receivables | $396M | $576M | $630M | $689M | $677M | $682M | $855M | $1.0B | $949M | $1.0B |
| Total current assets | $1.5B | $2.2B | $1.5B | $2.9B | $2.6B | $3.0B | $3.3B | $3.6B | $5.4B | $5.1B |
| Property, plant and equipment | $7.2B | $9.4B | $11.0B | $12.2B | $14.5B | $15.4B | $16.6B | $18.6B | $19.2B | $23.6B |
| Goodwill | $3.0B | $4.4B | $4.8B | $4.8B | $5.5B | $5.4B | $5.7B | $5.7B | $5.5B | $6.0B |
| Total assets | $12.6B | $18.7B | $20.2B | $24.0B | $27.0B | $27.9B | $30.3B | $32.7B | $35.1B | $40.1B |
| Total current liabilities | $1.0B | $1.2B | $1.5B | $2.2B | $2.0B | $1.6B | $1.8B | $3.2B | $3.3B | $3.9B |
| Total liabilities | $8.2B | $11.8B | $13.0B | $15.1B | $16.4B | $17.0B | $18.8B | $20.1B | $21.5B | $26.0B |
| Shareholders' equity | $4.4B | $6.8B | $7.2B | $8.8B | $10.6B | $10.9B | $11.5B | $12.5B | $13.5B | $14.2B |
| Net debt | -$748M | -$1.4B | -$606M | -$1.9B | -$1.6B | -$1.5B | -$1.9B | -$1.1B | -$1.9B | -$428M |
Cash flow
Fiscal years, from Equinix's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.0B | $1.4B | $1.8B | $2.0B | $2.3B | $2.5B | $3.0B | $3.2B | $3.2B | $3.9B |
| Capital spending | $1.1B | $1.4B | $2.1B | $2.1B | $2.3B | $2.8B | $2.3B | $2.8B | $3.1B | $4.3B |
| Free cash flow | -$94M | $61M | -$281M | -$87M | $27M | -$204M | $685M | $436M | $183M | -$400M |
| Stock-based compensation | $156M | $176M | $181M | $237M | $295M | $364M | $404M | $407M | $462M | $498M |
| Dividends paid | $499M | $621M | $739M | $836M | $948M | $1.0B | $1.2B | $1.4B | $1.6B | $1.9B |
| Share buybacks (net) | $0 | — | — | — | — | — | — | — | — | — |
| Net borrowing | -$295M | -$221M | -$23M | -$73M | — | — | — | — | — | — |
| Free cash flow margin | -2.6% | 1.4% | -5.5% | -1.6% | 0.5% | -3.1% | 9.4% | 5.3% | 2.1% | -4.3% |
| Dividends per share | $7.05 | $8.02 | $9.21 | $9.87 | $10.72 | $11.54 | $12.55 | $14.63 | $17.15 | $18.92 |
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Open EQIX in InvestinglyQuestions
What was Equinix's revenue in 2025?
$9.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Equinix generate?
-$400M in fiscal 2025 (operating cash flow minus capital spending).
From Equinix's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.