Equinix (EQIX) financials

NASDAQ · Real Estate · REIT - Specialty · 13,716 employees · CEO Adaire Rita Fox-Martin

Price: $1,013.70 -2.22%
Market cap: $100B
Enterprise value: $124B
Last report: Q3 '26 filed 2026-10-28
Next report: 2027-02-10 EPS est. $4.20

Revenue (TTM)$10.1B+11.3% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)22.5%+5.6 pp vs a year agoOperating income $2.26B

Net income (TTM)$1.65B+53.9% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$1.17B+1,123.7% vs a year agoCapex $3B

Diluted EPS (TTM)$16.65+52.5% vs a year agoSum of the last 4 quarters

Net cash-$22.8B-26.4% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $100B
Revenue: $10.1B
Revenue growth: +12%
Profit margin: 16.3%
P/E: 60.6×
P/S: 10.0×
EV / EBITDA: 26.6×
Free cash flow: $1.17B
Net income: $1.65B
Revenue estimate: $10.3B
Earnings: 2027-02-10
Dividend: $20.17

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-28): revenue in line, EPS beat by 20.0%Revenue $2.57B vs $2.56B expected (+0.3%); EPS $4.93 vs $4.11 (+20.0%).
Revenue growth accelerating: 11.0% year on yearQ3 '26 revenue $2.57B, against an average of 9.9% over the four quarters before.
Operating margin 22.5% (TTM), +5.6 pp on a year agoOperating income grew 48.1% while revenue grew 11.3%.
22.8% of pre-tax profit is eaten by non-operating lossesPre-tax income $1.84B vs operating income $2.26B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 29.8% of revenue (a year ago 42.6%)$3B invested in the last 4 quarters (-22.2% on a year earlier). Free cash flow $1.17B = 70.8% of net income.
Returned $2.01B to shareholders = 172.1% of free cash flowBuybacks $0 (a year earlier $0), dividends $2.01B, stock-based pay $542M (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count up 1.1% in a year99.3M diluted shares in Q3 '26, 98.2M a year earlier.
Net debt $22.8BCash + short-term investments $3.6B, debt incl. leases $26.4B; a year ago net debt $18.1B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$2.57B	$2.32B	+11.0%
Gross margin	51.1%	50.7%	+0.4 pp
Operating income	$600M	$474M	+26.6%
Operating margin	23.3%	20.5%	+2.9 pp
Net income	$489M	$374M	+30.7%
Diluted EPS	$4.93	$3.81	+29.4%
Operating cash flow	$1.24B	$1.01B	+22.6%
Capex	$1.57B	$1.14B	+38.0%
Free cash flow	-$325M	-$122M	-166.4%
R&D	$0	$0	–
Stock-based compensation	$141M	$130M	+8.5%

Reported vs consensus

2026-10-28

	Actual	Consensus	vs consensus
Revenue	$2.57B	$2.56B	+0.3%
EPS (as estimated)	$4.93	$4.11	+20.0%

From the report of 2026-10-28 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Recurring Revenues	$2.44B	+10.2%	95.0%	$9.44B	–
Non-Recurring Revenues	$129M	+27.7%	5.0%	$616M	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Americas	$1.15B	+10.9%	44.7%	$4.56B	–
EMEA	$878M	+12.0%	34.2%	$3.39B	–
Asia Pacific	$545M	+9.7%	21.2%	$2.11B	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $4.17B
Capex: -$3B
Buybacks: $0
Dividends: -$2.01B
Acquisitions: -$129M
Net debt issued: $5.59B
Stock-based compensation: $542M
Free cash flow: $1.17B
Returned to shareholders / FCF: 172.1%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	60.6×	96.2×	55.6× – 151.9×
EV / EBITDA	26.6×	28.2×	23.6× – 34.4×
EV / Sales	12.3×	11.5×	10.3× – 13.5×
Price / FCF	86.0×	250.8× 3 of 5 years	87.5× – 491.8×
Price / Book	6.9×	6.0×	5.2× – 7.0×
FCF yield	1.2%	0.2%	-0.5% – 1.1%
Return on invested capital	4.8%	3.7%	3.3% – 4.4%
Return on equity	11.5%	6.8%	4.6% – 9.5%

Analysts

Consensus target $1,258.21 (+24.1%)
range $1,135.00 – $1,400.00 · rating Buy

Strong buy1

Buy39

Hold12

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$10.3B	+11.6%	$18.05	+31.2%	56.2×	11
FY2027	$11.5B	+11.2%	$19.73	+9.3%	51.4×	13
FY2028	$12.9B	+11.9%	$21.60	+9.5%	46.9×	13
FY2029	$14.6B	+13.3%	$23.74	+9.9%	42.7×	10
FY2030	$16B	+9.7%	$26.14	+10.1%	38.8×	5

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 369 figures Equinix, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	$1.56B	$1.14B	+37.1%	–	–	–
Accounts Payable and Accrued Liabilities, Current	$1.43B	$1.28B	+11.8%	$1.35B	$1.19B	+13.2%
Accounts Payable, Current	$127M2025-12-31	$133M	-4.5%	$127M	$133M	-4.5%
Accounts Receivable, after Allowance for Credit Loss, Current	$1.2B	$1.14B	+5.2%	$1B	$949M	+5.5%
Accounts Receivable, Allowance for Credit Loss, Current	$11M	$17M	-35.3%	$16M	$19M	-15.8%
Accounts Receivable, Allowance for Credit Loss, Writeoff	–	–	–	$13M	$20M	-35.0%
Accounts Receivable, before Allowance for Credit Loss, Current	$1.02B2025-12-31	$968M	+5.1%	$1.02B	$968M	+5.1%
Accounts Receivable, Credit Loss Expense (Reversal)	–	–	–	$10M	$21M	-52.4%
Accrued Income Taxes, Current	$114M2025-12-31	$109M	+4.6%	$114M	$109M	+4.6%
Accrued Income Taxes, Noncurrent	$47M2025-12-31	$42M	+11.9%	$47M	$42M	+11.9%
Accrued Utilities, Current	$154M2025-12-31	$164M	-6.1%	$154M	$164M	-6.1%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$1.39B	-$1.42B	+2.4%	-$1.36B	-$1.74B	+21.7%
Additional Paid in Capital, Common Stock	$22.2B	$21.5B	+3.3%	$21.6B	$20.9B	+3.6%
Amortization of Intangible Assets	–	–	–	$200M	$208M	-3.8%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	214K2026-03-31	71K	+201.4%	359K2024-12-31	68K	+427.9%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$153M	$139M	+10.1%	$564M	$546M	+3.3%
Asset Impairment Charges	$6M	$4M	+50.0%	$68M	$233M	-70.8%
Asset Retirement Obligation	$228M2025-12-31	$109M	+109.2%	$228M	$109M	+109.2%
Asset Retirement Obligation, Accretion Expense	–	–	–	$7M	$6M	+16.7%
Asset Retirement Obligation, Current	$3M2025-12-31	$1M	+200.0%	$3M	$1M	+200.0%
Asset Retirement Obligation, Foreign Currency Translation Gain (Loss)	–	–	–	$4M	-$4M	+200.0%
Asset Retirement Obligations, Noncurrent	$225M2025-12-31	$108M	+108.3%	$225M	$108M	+108.3%
Assets	$44.4B	$38.1B	+16.8%	$40.1B	$35.1B	+14.4%
Assets, Current	$5.76B	$4.97B	+15.9%	$5.13B	$5.45B	-5.9%
Assets, Fair Value Disclosure	$3.33B	–	–	$3.47B	$3.91B	-11.4%
Business Combination, Acquisition Related Costs	$20M	$3M	+566.7%	$18M	$50M	-64.0%
Capitalized Computer Software, Gross	$142M2025-12-31	$115M	+23.5%	$142M	$115M	+23.5%
Capitalized Contract Cost, Amortization	–	–	–	$119M	$122M	-2.5%
Capitalized Contract Cost, Impairment Loss	–	–	–	$0	$0	–
Capitalized Contract Cost, Net	$503M2025-12-31	$436M	+15.4%	$503M	$436M	+15.4%
Cash	$368M2025-12-31	$565M	-34.9%	$368M	$565M	-34.9%
Cash and Cash Equivalents, at Carrying Value	$2.36B	$2.08B	+13.7%	$1.73B	$3.08B	-43.9%
Cash, Cash Equivalents, and Short-term Investments	$3.23B2025-12-31	$3.61B	-10.6%	$3.23B	$3.61B	-10.6%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$2.4B	$2.17B	+10.8%	$1.82B	$3.08B	-40.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$1.38B	-$1.53B	+190.6%	-$1.26B	$986M	-227.6%
Common Stock, Capital Shares Reserved for Future Issuance	7.96M2025-12-31	5.49M	+45.0%	7.96M	5.49M	+45.0%
Common Stock, Dividends, Per Share, Cash Paid	$4.692025-12-31	$4.26	+10.1%	$18.76	$17.04	+10.1%
Common Stock, Dividends, Per Share, Declared	$5.16	$4.69	+10.0%	$18.76	$17.04	+10.1%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	300M	300M	0.0%	300M	300M	0.0%
Common Stock, Shares, Issued	99M	98.3M	+0.8%	98.3M	97.4M	+0.9%
Common Stock, Shares, Outstanding	99M	98.2M	+0.8%	98.2M	97.3M	+1.0%
Common Stock, Value, Issued	$0	$0	–	$0	$0	–
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$02026-03-31	$0	–	-$2M	-$1M	-100.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$478M	$354M	+35.0%	$1.73B	$370M	+366.5%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$478M	$354M	+35.0%	$1.72B	$369M	+367.2%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$69M	$61M	+13.1%	$56M	$102M	-45.1%
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent	$216M	$103M	+109.7%	$126M	$113M	+11.5%
Contract with Customer, Liability, Current	$165M	$128M	+28.9%	$133M	$123M	+8.1%
Contract with Customer, Liability, Noncurrent	$226M	$173M	+30.6%	$170M	$150M	+13.3%
Contract with Customer, Liability, Revenue Recognized	$22M	$23M	-4.3%	$101M	$88M	+14.8%
Cost of Revenue	$1.26B	$1.14B	+10.1%	$4.51B	$4.47B	+0.9%
Costs and Expenses	$1.97B	$1.84B	+7.0%	$7.37B	$7.42B	-0.7%
Cumulative Dividends	$13.7B	$11.7B	+17.1%	$12.2B	$10.3B	+18.0%
Current Federal Tax Expense (Benefit)	–	–	–	$6M	-$1M	+700.0%
Current Foreign Tax Expense (Benefit)	–	–	–	$208M	$189M	+10.1%
Current Income Tax Expense (Benefit)	–	–	–	$216M	$191M	+13.1%
Current State and Local Tax Expense (Benefit)	–	–	–	$2M	$3M	-33.3%
Debt Issuance Costs, Net	$150M2025-12-31	$123M	+22.0%	$150M	$123M	+22.0%
Debt Issuance Costs, Noncurrent, Net	$2M2025-12-31	$3M	-33.3%	$2M	$3M	-33.3%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01