Global digital infrastructure company operating data centers connecting businesses to partners, customers, and digital ecosystems.
Profile & Fundamentals
Equinix: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Equinix Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
Equinix, Inc. shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI quickly, efficiently and everywhere. Equinix, Inc. was established on June 22, 1998 and is based in Redwood City, United States.
Company profile record
Equinix Inc
Common Stock · Real Estate · Data Center REITs
Company
- Company / asset
- Equinix Inc
- Security type
- Common Stock
- Sector
- Real Estate
- Industry
- Data Center REITs
- HQ
- 🇺🇸 United States
- Head office
- One Lagoon Drive, Redwood City, CA, United States, 94065-1562
Leadership & scale
- Chief executive
- Ms. Adaire Rita Fox-Martin
- CEO year born
- 1964
- Full-time employees
- 13.7K
- Fiscal year end
- December
- IPO date
- 2000-08-11
Fundamentals snapshot
- Market Cap
- USD 103.8B
- P/E
- 67.7x
- Revenue (Q2 26)
- USD 2.6B
- Profit (Q2 26)
- USD 479.0M
- Dividend Yield
- 1.3%
- Revenue (FY 25)
- USD 9.3B
- Shares in public float
- 98.3M
- Insider ownership
- 0.27%
Reporting & identifiers
- Symbol
- EQIX.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US29444U7000
- Asset ID
- equity_530f1635-0f96-5265-beb4-8ad722d211c7
Ownership
Shares Outstanding
Latest: 99.1M | Max: 99.1M | Min: 79.1M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
99.15%
98.3M latest reported shares
Insider Ownership
0.27%
Latest reported insider stake
Short Float
0.02%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 79,128,000 |
| 2018-01-01 | 80,740,000 |
| 2019-01-01 | 85,831,000 |
| 2020-01-01 | 89,726,000 |
| 2021-01-01 | 90,752,000 |
| 2022-01-01 | 92,752,000 |
| 2023-01-01 | 94,667,000 |
| 2024-01-01 | 96,849,000 |
| 2025-01-01 | 98,378,000 |
| 2026-01-01 | 99,136,000 |
Top Holders
Available reported ownership records.
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| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 11,131,568 | 11.28% | 2026-03-31 |
| Vanguard Capital Management, LLC | 6,387,320 | 6.47% | 2026-03-31 |
| State Street Corp | 6,078,396 | 6.16% | 2026-03-31 |
| Vanguard Portfolio Management, LLC | 6,004,091 | 6.08% | 2026-03-31 |
| Vanguard Real Estate Index Investor | 3,708,040 | 3.76% | 2026-08-31 |
| Vanguard MStar Total Stk Mkt Idx Invest | 3,134,090 | 3.18% | 2026-08-31 |
| FMR Inc | 2,818,574 | 2.86% | 2026-03-31 |
| Vanguard 500 Index Investor | 2,621,179 | 2.66% | 2026-08-31 |
| Geode Capital Management, LLC | 2,478,954 | 2.51% | 2026-03-31 |
| Cohen & Steers Inc | 2,191,196 | 2.22% | 2026-06-30 |
| JPMorgan Chase & Co | 1,960,563 | 1.99% | 2026-03-31 |
| Principal Financial Group Inc | 1,902,047 | 1.93% | 2026-06-30 |
| Northern Trust Corp | 1,500,559 | 1.52% | 2026-03-31 |
| T. Rowe Price Associates, Inc. | 1,458,837 | 1.48% | 2026-03-31 |
| iShares Core S&P 500 ETF | 1,313,134 | 1.33% | 2026-08-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Equinix generated solid revenue momentum through mid-2026, delivering second-quarter revenue of $2.62 billion, a 16.4% increase year over year, with trailing twelve-month operating income reaching $2.14 billion. This top-line performance was supported by strong enterprise colocation demand, contractual rent escalators, and record gross bookings. However, reported results include roughly $120 million in non-recurring joint-venture fees, meaning underlying recurring revenue expanded at a steady 11% pace. Beneath headline profits lies a volatile cash-flow picture. While trailing free cash flow recovered to $1.37 billion, full-year 2025 free cash flow was negative $400 million due to intense construction activity. Recurring rental collections remain highly defensive, but funding ongoing dividends and expansion requires careful liquidity management.
Equinix generated solid revenue momentum through mid-2026, delivering second-quarter revenue of $2.62 billion, a 16.4% increase year over year, with trailing twelve-month operating income reaching $2.14 billion. This top-line performance was supported by strong enterprise colocation demand, contractual rent escalators, and record gross bookings. However, reported results include roughly $120 million in non-recurring joint-venture fees, meaning underlying recurring revenue expanded at a steady 11% pace. Beneath headline profits lies a volatile cash-flow picture. While trailing free cash flow recovered to $1.37 billion, full-year 2025 free cash flow was negative $400 million due to intense construction activity. Recurring rental collections remain highly defensive, but funding ongoing dividends and expansion requires careful liquidity management.
Revenue, Net Income, and Free Cash Flow
Latest: USD 9.3B | Max: USD 9.3B | Min: USD -400.0M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 56x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability displayed marked resilience through mid-2026, with adjusted EBITDA margins reaching 53% in the second quarter and gross margins expanding to 51.3%. This strength reflects the high operating leverage of Equinix's interconnection business, where cross-connect services carry gross margins exceeding 80%. Automatic contractual power pass-through clauses successfully shield facility earnings from surging municipal electricity prices. However, expanding profit margins further faces structural limits. Sizable annual depreciation charges from newly commissioned facilities and escalating interest expenses weigh on bottom-line net income. While pricing power protects facility profitability, management's long-term 53% EBITDA margin target requires steady capacity utilization rather than short-term fee windfalls.
Profitability displayed marked resilience through mid-2026, with adjusted EBITDA margins reaching 53% in the second quarter and gross margins expanding to 51.3%. This strength reflects the high operating leverage of Equinix's interconnection business, where cross-connect services carry gross margins exceeding 80%. Automatic contractual power pass-through clauses successfully shield facility earnings from surging municipal electricity prices. However, expanding profit margins further faces structural limits. Sizable annual depreciation charges from newly commissioned facilities and escalating interest expenses weigh on bottom-line net income. While pricing power protects facility profitability, management's long-term 53% EBITDA margin target requires steady capacity utilization rather than short-term fee windfalls.
Profitability Margins
Latest: 51.3% | Max: 51.3% | Min: 3.5%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
51.3%
Gross profit / revenue
Operating Margin
20.0%
Operating income / revenue
Net Margin
14.6%
Net income / revenue
FCF Margin
-4.3%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 3,611,989,000 | 126,800,000 | -94,012,000 |
| 2017-12-31 | 4,368,428,000 | 232,982,000 | 60,508,000 |
| 2018-12-31 | 5,071,654,000 | 365,359,000 | -280,748,000 |
| 2019-12-31 | 5,562,140,000 | 507,450,000 | -86,793,000 |
| 2020-12-31 | 5,998,545,000 | 369,777,000 | 27,322,000 |
| 2021-12-31 | 6,635,537,000 | 500,191,000 | -204,306,000 |
| 2022-12-31 | 7,263,105,000 | 704,345,000 | 685,178,000 |
| 2023-12-31 | 8,188,136,000 | 969,178,000 | 562,116,000 |
| 2024-12-31 | 8,748,000,000 | 815,000,000 | 183,000,000 |
| 2025-12-31 | 9,260,000,000 | 1,350,000,000 | -400,000,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 55.83 | Trailing four quarters |
| 2024-12-31 | 112.05 | Trailing four quarters |
| 2023-12-31 | 78.65 | Trailing four quarters |
| 2022-12-31 | 86.26 | Annual net income |
| 2021-12-31 | 153.46 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
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| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 49.59 | 17.13 | 3.51 | -2.6 |
| 2017-12-31 | 49.8 | 18.52 | 5.33 | 1.39 |
| 2018-12-31 | 48.63 | 19.27 | 7.2 | -5.54 |
| 2019-12-31 | 49.48 | 21.03 | 9.12 | -1.56 |
| 2020-12-31 | 48.75 | 17.55 | 6.16 | 0.46 |
| 2021-12-31 | 47.67 | 16.7 | 7.54 | -3.08 |
| 2022-12-31 | 48.35 | 16.52 | 9.7 | 9.43 |
| 2023-12-31 | 48.36 | 17.62 | 11.84 | 6.87 |
| 2024-12-31 | 48.94 | 15.18 | 9.32 | 2.09 |
| 2025-12-31 | 51.32 | 19.96 | 14.58 | -4.32 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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