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Equinix

EQIX Clue Score60
United States Fiscal year ends December CIK 0001101239
$1,026.06 +1.47% Close, 9 Oct 2026
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Price $1,026.06 +36.81% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue3.61Operating income0.62Net income0.13EPS, diluted1.79Fiscal year 2017Revenue4.37 +20.9%Operating income0.81Net income0.23 +83.7%EPS, diluted3.00 +67.6%Fiscal year 2018Revenue5.07 +16.1%Operating income0.98Net income0.37 +56.8%EPS, diluted4.56 +52.0%Fiscal year 2019Revenue5.56 +9.7%Operating income1.17Net income0.51 +38.9%EPS, diluted5.99 +31.4%Fiscal year 2020Revenue6.00 +7.8%Operating income1.05Net income0.37 −27.1%EPS, diluted4.18 −30.2%Fiscal year 2021Revenue6.64 +10.6%Operating income1.11Net income0.50 +35.3%EPS, diluted5.53 +32.3%Fiscal year 2022Revenue7.26 +9.5%Operating income1.20Net income0.71 +40.9%EPS, diluted7.67 +38.7%Fiscal year 2023Revenue8.19 +12.7%Operating income1.44Net income0.97 +37.4%EPS, diluted10.31 +34.4%Fiscal year 2024Revenue8.75 +6.8%Operating income1.33Net income0.82 −15.9%EPS, diluted8.50 −17.6%Fiscal year 2025Revenue9.22 +5.4%Operating income1.85Net income1.35 +65.6%EPS, diluted13.76 +61.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 3.61 4.37 5.07 5.56 6.00 6.64 7.26 8.19 8.75 9.22
Growth +20.9% +16.1% +9.7% +7.8% +10.6% +9.5% +12.7% +6.8% +5.4%
Operating income 0.62 0.81 0.98 1.17 1.05 1.11 1.20 1.44 1.33 1.85
Net income 0.13 0.23 0.37 0.51 0.37 0.50 0.71 0.97 0.82 1.35
Growth +83.7% +56.8% +38.9% −27.1% +35.3% +40.9% +37.4% −15.9% +65.6%
EPS, diluted 1.79 3.00 4.56 5.99 4.18 5.53 7.67 10.31 8.50 13.76
Growth +67.6% +52.0% +31.4% −30.2% +32.3% +38.7% +34.4% −17.6% +61.9%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin17.1%Net margin3.5%Free cash flow margin−2.6%Fiscal year 2017Operating margin18.5%Net margin5.3%Free cash flow margin1.4%Fiscal year 2018Operating margin19.3%Net margin7.2%Free cash flow margin−5.5%Fiscal year 2019Operating margin21.0%Net margin9.1%Free cash flow margin−1.6%Fiscal year 2020Operating margin17.6%Net margin6.2%Free cash flow margin0.5%Fiscal year 2021Operating margin16.7%Net margin7.5%Free cash flow margin−3.1%Fiscal year 2022Operating margin16.5%Net margin9.7%Free cash flow margin9.4%Fiscal year 2023Operating margin17.6%Net margin11.8%Free cash flow margin5.3%Fiscal year 2024Operating margin15.2%Net margin9.3%Free cash flow margin2.1%Fiscal year 2025Operating margin20.0%Net margin14.6%Free cash flow margin−4.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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%
Free cash flow margin −2.6% 1.4% −5.5% −1.6% 0.5% −3.1% 9.4% 5.3% 2.1% −4.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow1.02Capital expenditure−1.11Free cash flow−0.09Buybacks0.00Dividends paid−0.50Fiscal year 2017Operating cash flow1.44Capital expenditure−1.38Free cash flow0.06Dividends paid−0.62Fiscal year 2018Operating cash flow1.82Capital expenditure−2.10Free cash flow−0.28 −564.0%Dividends paid−0.74Fiscal year 2019Operating cash flow1.99Capital expenditure−2.08Free cash flow−0.09Dividends paid−0.84Fiscal year 2020Operating cash flow2.31Capital expenditure−2.28Free cash flow0.03Dividends paid−0.95Fiscal year 2021Operating cash flow2.55Capital expenditure−2.75Free cash flow−0.20 −847.8%Dividends paid−1.04Fiscal year 2022Operating cash flow2.96Capital expenditure−2.28Free cash flow0.69Dividends paid−1.15Fiscal year 2023Operating cash flow3.22Capital expenditure−2.78Free cash flow0.44 −36.4%Dividends paid−1.38Fiscal year 2024Operating cash flow3.25Capital expenditure−3.07Free cash flow0.18 −58.0%Dividends paid−1.64Fiscal year 2025Operating cash flow3.91Capital expenditure−4.31Free cash flow−0.40 −318.6%Dividends paid−1.86
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.02 1.44 1.82 1.99 2.31 2.55 2.96 3.22 3.25 3.91
Capital expenditure −1.11 −1.38 −2.10 −2.08 −2.28 −2.75 −2.28 −2.78 −3.07 −4.31
Free cash flow −0.09 0.06 −0.28 −0.09 0.03 −0.20 0.69 0.44 0.18 −0.40
Growth −564.0% −847.8% −36.4% −58.0% −318.6%
Buybacks 0.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a
Dividends paid −0.50 −0.62 −0.74 −0.84 −0.95 −1.04 −1.15 −1.38 −1.64 −1.86

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.75Total debt5.31Net cash (debt)−4.56Shareholders’ equity4.37Debt to equity1.22Fiscal year 2017Cash1.41Total debt8.47Net cash (debt)−7.06Shareholders’ equity6.85Debt to equity1.24Fiscal year 2018Cash0.61Total debt9.89Net cash (debt)−9.28Shareholders’ equity7.22Debt to equity1.37Fiscal year 2019Cash1.87Total debt10.40Net cash (debt)−8.53Shareholders’ equity8.84Debt to equity1.18Fiscal year 2020Cash1.60Total debt10.63Net cash (debt)−9.03Shareholders’ equity10.63Debt to equity1.00Fiscal year 2021Cash1.54Total debt11.72Net cash (debt)−10.19Shareholders’ equity10.88Debt to equity1.08Fiscal year 2022Cash1.91Total debt12.88Net cash (debt)−10.97Shareholders’ equity11.51Debt to equity1.12Fiscal year 2023Cash2.10Total debt14.84Net cash (debt)−12.74Shareholders’ equity12.49Debt to equity1.19Fiscal year 2024Cash3.08Total debt16.53Net cash (debt)−13.45Shareholders’ equity13.53Debt to equity1.22Fiscal year 2025Cash1.73Total debt1.30Net cash (debt)0.43Shareholders’ equity14.16Debt to equity0.09
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.75 1.41 0.61 1.87 1.60 1.54 1.91 2.10 3.08 1.73
Total debt 5.31 8.47 9.89 10.40 10.63 11.72 12.88 14.84 16.53 1.30
Net cash (debt) −4.56 −7.06 −9.28 −8.53 −9.03 −10.19 −10.97 −12.74 −13.45 0.43
Shareholders’ equity 4.37 6.85 7.22 8.84 10.63 10.88 11.51 12.49 13.53 14.16
Debt to equity 1.22 1.24 1.37 1.18 1.00 1.08 1.12 1.19 1.22 0.09

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
17.1% 18.5% 19.3% 21.0% 17.6% 16.7% 16.5% 17.6% 15.2% 20.0%
4.4% 6.6% 8.5% 12.5% 8.6% 9.2% 11.4% 13.7% 11.1% 16.4%
3.5% 5.3% 7.2% 9.1% 6.2% 7.5% 9.7% 11.8% 9.3% 14.6%
−2.6% 1.4% −5.5% −1.6% 0.5% −3.1% 9.4% 5.3% 2.1% −4.3%
Spending
19.2% 17.1% 16.3% 16.8% 18.2% 19.6% 20.6% 20.2% 20.2% 20.0%
30.8% 31.6% 41.3% 37.4% 38.1% 41.5% 31.4% 34.0% 35.0% 46.8%
28.4% 18.8% 15.6% 26.8% 28.3% 17.9% 15.0% 13.8% 16.5% 10.6%
Returns
2.9% 3.4% 5.1% 5.7% 3.5% 4.6% 6.1% 7.8% 6.0% 9.5%
1.0% 1.2% 1.8% 2.1% 1.4% 1.8% 2.3% 3.0% 2.3% 3.4%
Balance and payout
1.22 1.24 1.37 1.18 1.00 1.08 1.12 1.19 1.22 0.09
65.4% 63.4% 64.3% 63.1% 60.6% 61.0% 62.0% 61.7% 61.4% 64.7%
393.9% 266.8% 202.2% 164.8% 256.4% 208.5% 163.4% 141.9% 201.6% 137.5%
n/a 1,027.1% n/a n/a 3,469.5% n/a 168.2% 315.4% 897.8% n/a