EQUINIX INC

EQIX 10-K · Q4 2025

EQIX Q4 2025 request

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Income Statement

Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 2,420 2,261 +7.0%
Show Product Lines breakouts
Colocation 1,708 1,548 +10.3%
Colocation · Americas 711 626 +13.6%
Colocation · Asia-Pacific 378 345 +9.6%
Colocation · EMEA 619 577 +7.3%
Interconnection 433 393 +10.2%
Interconnection · Americas 245 227 +7.9%
Interconnection · Asia-Pacific 86 79 +8.9%
Interconnection · EMEA 102 87 +17.2%
Managed infrastructure 116 115 +0.9%
Managed infrastructure · Americas 59 63 -6.3%
Managed infrastructure · Asia-Pacific 17 18 -5.6%
Managed infrastructure · EMEA 40 34 +17.6%
Non-recurring revenues 126 170 -25.9%
Non-recurring revenues · Americas 51 76 -32.9%
Non-recurring revenues · Asia-Pacific 28 41 -31.7%
Non-recurring revenues · EMEA 47 53 -11.3%
Other 37 35 +5.7%
Other · Americas 5 7 -28.6%
Other · Asia-Pacific 4 3 +33.3%
Other · EMEA 28 25 +12.0%
Recurring revenues 2,294 2,091 +9.7%
Recurring revenues · Americas 1,020 923 +10.5%
Recurring revenues · Asia-Pacific 485 445 +9.0%
Recurring revenues · EMEA 789 723 +9.1%
Show Business Segments breakouts
Americas 1,071 999 +7.2%
Asia-Pacific 513 486 +5.6%
EMEA 836 776 +7.7%
Show Geography breakouts
US 1 0.9 +11.1%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
EMEA 1 Joint Venture · Corporate Joint Venture 12 8 +50.0%
VIE Joint Ventures · Corporate Joint Venture 38 85 -55.3%
Cost of Revenue 1,198 1,196 +0.2%
Sales & Marketing 234 209 +12.0%
General & Administrative 481 451 +6.7%
Business Combination Acquisition Related Costs 6 38 -84.2%
Gain Loss On Disposition Of Assets1 0 0
Total Costs & Expenses 1,998 2,158 -7.4%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
EMEA 1 Joint Venture · Corporate Joint Venture 3 5 -40.0%
VIE Joint Ventures · Corporate Joint Venture 4 2 +100.0%
Operating Income 422 103 +309.7%
Interest Income 41 49 -16.3%
Interest Expense -142 -126 -12.7%
Other Non-Operating Income (Expense) -9 -11 +18.2%
Gains Losses On Extinguishment Of Debt 0 -15 +100.0%
Income Before Taxes 312 0
Income Tax Expense (Benefit) -48 -14 -242.9%
Net Income 264 -14 +1985.7%
Net Income Loss Attributable To Noncontrolling Interest 1 0
Net Income 265 -14 +1992.9%
EPS (Basic) 2.69 -0.19 +1515.8%
Wtd Avg Shares (Basic) 106 465 -77.2%
EPS (Diluted) 2.69 -0.19 +1515.8%
Wtd Avg Shares (Diluted) 86 477 -82.0%
Comprehensive Income 325 -466 +169.7%
Income Loss From Equity Method Investments -6 -10 +40.0%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 1,727 3,081 -43.9%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 12 16 -25.0%
Short-Term Investments 1,500 527 +184.6%
Show Cash And Cash Equivalents breakouts
Bank Time Deposits 1,245 527 +136.2%
US Government Debt Securities 255
Accounts Receivable 1,001 949 +5.5%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
EMEA 1 Joint Venture · Corporate Joint Venture 10 4 +150.0%
VIE Joint Ventures · Corporate Joint Venture 20 50 -60.0%
Show Related Party Transactions By Related Party breakouts
Investor 12 15 -20.0%
Other Assets Current 897 890 +0.8%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
EMEA 1 Joint Venture · Corporate Joint Venture 3 19 -84.2%
VIE Joint Ventures · Corporate Joint Venture 55 128 -57.0%
Total Current Assets 5,125 5,447 -5.9%
Non-Current Assets
Property, Plant & Equipment 23,584 19,249 +22.5%
Show Business Segments breakouts
Americas 10,840 9,193 +17.9%
Americas · US 8.5 7.2 +18.1%
Asia-Pacific 4,430 3,651 +21.3%
EMEA 8,314 6,405 +29.8%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 65 25 +160.0%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
EMEA 1 Joint Venture · Corporate Joint Venture 144 145 -0.7%
VIE Joint Ventures · Corporate Joint Venture 162 74 +118.9%
Operating Lease Right-of-Use Assets 1,392 1,419 -1.9%
Show Business Segments breakouts
Americas 340 389 -12.6%
Americas · US 322 368 -12.5%
Asia-Pacific 603 632 -4.6%
EMEA 449 398 +12.8%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
EMEA 1 Joint Venture · Corporate Joint Venture 2 2 0.0%
VIE Joint Ventures · Corporate Joint Venture 30 2 +1400.0%
Goodwill 5,984 5,504 +8.7%
Show Business Segments breakouts
Americas 2,615 2,559 +2.2%
Asia-Pacific 740 596 +24.2%
EMEA 2,629 2,349 +11.9%
Show Business Acquisition breakouts
Additions 127
Intangible Assets 1,316 1,417 -7.1%
Show Business Segments breakouts
Americas 907 1,022 -11.3%
Asia-Pacific 118 107 +10.3%
EMEA 291 288 +1.0%
Other Non-Current Assets 2,740 2,049 +33.7%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 11 5 +120.0%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
EMEA 1 Joint Venture · Corporate Joint Venture 7
VIE Joint Ventures · Corporate Joint Venture 344 302 +13.9%
Total Assets 40,141 35,085 +14.4%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 88 46 +91.3%
Deferred Tax Assets 100 48 +108.3%
Current Liabilities
Accounts Payable And Accrued Liabilities Current 1,350 1,193 +13.2%
Accrued Property Plant And Equipment 564 387 +45.7%
Operating Lease Liability Current 155 144 +7.6%
Finance Lease Liability Current 168 189 -11.1%
Loans Payable Current 17 5 +240.0%
Senior Notes Current 1,299 1,199 +8.3%
Other Liabilities Current 340 232 +46.6%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
EMEA 1 Joint Venture · Corporate Joint Venture 10 5 +100.0%
VIE Joint Ventures · Corporate Joint Venture 7 10 -30.0%
Total Current Liabilities 3,893 3,349 +16.2%
Accounts Payable 127 133 -4.5%
Deferred Revenue (Current) 133 123 +8.1%
Current Portion of Long-Term Debt -1,299 -1,199 -8.3%
Show Long-Term Debt Type breakouts
Mortgage Payable and Loans Payable -17 -5 -240.0%
Non-Current Liabilities
Operating Lease Liabilities 1,304 1,331 -2.0%
Finance Lease Liability Noncurrent 2,187 2,086 +4.8%
Other Non-Current Liabilities 983 760 +29.3%
Total Liabilities 25,963 21,533 +20.6%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 36 5 +620.0%
Long-Term Debt (Q)
Show Credit Facility breakouts
Unsecured Debt · Line Of Credit 673 625 +7.7%
Show Long-Term Debt Type breakouts
Senior Notes 18,209 14,562 +25.0%
Long-Term Debt (Q)
Show Long-Term Debt Type breakouts
Mortgage Payable and Loans Payable 686 644 +6.5%
Senior Notes 16,910 13,363 +26.5%
Deferred Tax Liabilities 367 339 +8.3%
Accrued Income Taxes Noncurrent 47 42 +11.9%
Contract With Customer Liability Noncurrent 170 150 +13.3%
Other Liabilities
Long Term Loans Payable 686 644 +6.5%
Senior Long Term Notes 16,910 13,363 +26.5%
Redeemable Noncontrolling Interest Equity Redemption Value 25 25 0.0%
Stockholders' Equity
Additional Paid In Capital Common Stock 21,642 20,895 +3.6%
Treasury Stock Common Value -24 -39 +38.5%
Cumulative Dividends -12,202 -10,342 -18.0%
Accumulated Other Comprehensive Income -1,359 -1,735 +21.7%
Retained Earnings 6,099 4,749 +28.4%
Total Stockholders' Equity 14,156 13,528 +4.6%
Minority Interest -3 -1 -200.0%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 14,153 13,527 +4.6%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment Net Unamortized Gain Loss -1 -1 0.0%
Accumulated Distributions In Excess Of Net Income -12,202 -10,342 -18.0%
Accumulated Gain Loss Net Cash Flow Hedge Parent -8 47 -117.0%
Accumulated Other Comprehensive Income -1,359 -1,735 +21.7%
Accumulated Translation Adjustment -1,607 -2,360 +31.9%
Additional Paid In Capital 21,642 20,895 +3.6%
Net investment hedge CTA gain (loss) 257 579 -55.6%
Noncontrolling Interest -3 -1 -200.0%
Parent 14,156 13,528 +4.6%
Retained Earnings 6,099 4,749 +28.4%
Treasury Stock Common -24 -39 +38.5%
Total Liabilities & Equity 40,141 35,085 +14.4%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 551 502 +9.8%
Stock-Based Compensation 128 114 +12.3%
Other Non-Cash Items 12 17 -29.4%
Change in Accounts Receivable 140 180 -22.2%
Increase Decrease In Income Taxes 13 5 +160.0%
Increase Decrease In Operating Lease Right Of Use Assets 39 33 +18.2%
Increase Decrease In Operating Lease Liability -43 -51 +15.7%
Increase Decrease In Accounts Payable And Accrued Liabilities 74 193 -61.7%
Increase Decrease In Other Operating Capital Net -97 -231 +58.0%
Net Cash from Operations 1,144 981 +16.6%
Depreciation & Amortization 542 498 +8.8%
Show Business Segments breakouts
Americas 298 271 +10.0%
Asia-Pacific 100 94 +6.4%
EMEA 144 133 +8.3%
Investing Activities
Payments To Acquire Equity Method Investments -6 -33 +81.8%
Payments To Acquire Short Term Investments -875 -70 -1150.0%
Payments To Acquire Real Estate -603 -50 -1106.0%
Payments To Acquire Other Property Plant And Equipment -1,436 -987 -45.5%
Payments To Acquire Loans Receivable -7 -65 +89.2%
Net Cash from Investing -2,710 -1,111 -143.9%
Financing Activities
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options 0 -1 +100.0%
Payments Of Dividends -461 -413 -11.6%
Proceeds From Issuance Of Common Stock 0 697 -100.0%
Proceeds From Issuance Of Senior Long Term Debt 1,745 1,244 +40.3%
Finance Lease Principal Payments -44 -39 -12.8%
Proceeds From Minority Shareholders 1 0
Proceeds From Payments For Other Financing Activities -16 -10 -60.0%
Net Cash from Financing 1,225 478 +156.3%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 0 -42 +100.0%
Net Change in Cash -341 306 -211.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,824 3,082 -40.8%
Restricted Cash And Cash Equivalents At Carrying Value 60 1 +5900.0%
Restricted Cash And Cash Equivalents Noncurrent 37

Values in millions USD. Source: SEC EDGAR 10-K filing.

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