At a glance
Equinix Inc is worth $98.36B, about 72 times its fiscal 2025 earnings. Revenue grew 5.4% to $9.22B in fiscal 2025, with 14.6% kept as profit; over 5 years it has grown 9.0% a year. It pays a 2.03% dividend yield, raised every year for at least 9 years, and returned $7.07B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +20.0% over the past year with dividends reinvested and +5.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 25.1% in the 2020 crash (S&P 500: 33.7%) and 38.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 9 months after the lows.
The business in plain English
Equinix owns and runs data centers: secure buildings where companies rent space and power for servers and network gear. It operates as a real estate investment trust (REIT), a company that owns property and must pay out most of its taxable income to shareholders. Its annual report for the year ended December 31, 2025, lists 280 data centers in 77 markets across 36 countries, serving more than 10,500 customers, including over 2,000 network service providers.
In colocation, customers rent private cages or locked cabinets and pay monthly for the space and power they use under fixed-length contracts. Colocation brought in $6.48 billion, or 70.3% of fiscal 2025 revenue of $9.22 billion. Interconnection added 18%. Interconnections are direct links between customers, such as cable cross connects and the software-based Equinix Fabric, and are billed per connection. Equinix counts more than 500,000 of them, which creates a network effect: when a company's partners already sit in an Equinix building, it has a reason to move in too.
Smaller sources include one-time fees such as installation work (5.2%), managed infrastructure services (5.1%) and other revenue (1.6%). Equinix also develops xScale data centers for the world's largest cloud companies through joint ventures. By region, the Americas supplied 44.6% of revenue, EMEA (Europe, the Middle East and Africa) 34% and Asia-Pacific 21.4%.
Price history
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EQIX +20.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Colocation | $6.47B | 70.3% |
| Interconnection | $1.66B | 18% |
| Non-recurring revenues | $478.0M | 5.2% |
| Managed infrastructure | $466.0M | 5.1% |
| Other | $143.0M | 1.6% |
By business segment
| Americas | $4.11B | 44.6% |
| EMEA | $3.13B | 34% |
| Asia-Pacific | $1.98B | 21.4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.57B, up 11% from a year earlier, and net income was $489.0M (+30.7%).
- For fiscal 2025, revenue was $9.22B (+5.4% year over year; +9.0% a year from FY2020 to FY2025) with a 14.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.0% good |
|---|---|
| Operating margin | 20% good |
| Free cash flow margin | -4.3% weak |
| Return on equity (FY2025) | 9.5% watch |
| Return on assets (FY2025) | 3.4% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.00B | $369.8M | $27.3M |
| FY2021 | $6.64B | $500.2M | $-204.3M |
| FY2022 | $7.26B | $705.0M | $685.0M |
| FY2023 | $8.19B | $969.0M | $436.0M |
| FY2024 | $8.75B | $815.0M | $183.0M |
| FY2025 | $9.22B | $1.35B | $-400.0M |
Valuation snapshot
| Market value | $98.36B |
|---|---|
| P/E ratio | 72.2 |
| Dividend yield | 2.03% |
Rank among 1514 US companies
Market value at each year end
Equinix’s market value went from $25.51B at the end of 2016 to $98.36B on Nov 2, 2026, about 3.9 times as much; since the end of 2025 it is up 31%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $98.36B | +30.8% |
| 2025 | $75.23B | -17.3% |
| 2024 | $90.98B | +20.3% |
| 2023 | $75.61B | +24.7% |
| 2022 | $60.62B | -20.4% |
| 2021 | $76.16B | +19.7% |
| 2020 | $63.63B | +27.8% |
| 2019 | $49.78B | +75.6% |
| 2018 | $28.34B | -20.1% |
| 2017 | $35.46B | +39.0% |
| 2016 | $25.51B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EQIX price data to Nov 2, 2026 | +31.7% | +20.0% | +11.5% | +5.6% | +13.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +31.6% |
| 2025 | -16.9% |
| 2024 | +19.4% |
| 2023 | +25.4% |
| 2022 | -21.1% |
| 2021 | +20.3% |
| 2020 | +24.2% |
| 2019 | +68.8% |
| 2018 | -20.4% |
| 2017 | +29.2% |
| 2016 | +20.7% |
| 2015 | +42.4% |
| 2014 | +32.7% |
| 2013 | -13.9% |
| 2012 | +103.3% |
| 2011 | +24.8% |
| 2010 | -23.4% |
| 2009 | +99.6% |
| 2008 | -47.4% |
| 2007 | +33.7% |
| 2006 | +85.5% |
| 2005 | -4.6% |
| 2004 | +51.5% |
| 2003 | +394.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 55.5% over that stretch · deepest drop along the way 69.9%, back to its old high 38.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 23.7% over that stretch · deepest drop along the way 25.1%, back to its old high 0.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38% over that stretch · deepest drop along the way 38%, back to its old high 9.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 62 sales ($14.8M), 59 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 3, 2026 | Christopher B Paisley Director | sell | $4.1M |
| Jun 8, 2026 | Brandi Galvin Morandi Chief People Officer | sell (plan) | $4.0M |
| May 22, 2026 | Raouf Abdel EVP, Global Operations | sell | $2.2M |
| Jun 2, 2026 | Adaire Fox-Martin CEO and President, Director | sell (plan) | $843K |
| Jun 2, 2026 | Adaire Fox-Martin CEO and President, Director | sell (plan) | $637K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.55% | Mar 31, 2026 |
| Vanguard Portfolio Management | 6.12% | Mar 31, 2026 |
ETFs with the most weight in EQIX
| SRVR Pacer Data & Infrastructure Real Estate ETF | 15.22% |
| SPRE SP Funds S&P Global REIT Sharia ETF | 12.59% |
| DTCR Global X Data Center And Digital Infrastructure ETF | 11.5% |
| IDGT iShares U.S. Digital Infrastructure and Real Estate ETF | 9.8% |
| REIT ALPS Active REIT ETF | 8.75% |
| JPRE JPMorgan Realty Income ETF | 8.29% |
| FPRO Fidelity Real Estate Investment ETF | 7.79% |
| XLRE Real Estate Select Sector SPDR Fund | 7.66% |
What could go wrong
- Power shortages and rising energy costs. Each data center needs huge amounts of electricity. Equinix says power costs are rising, and it has sometimes struggled to get the power it contracted for. This could limit expansion or hurt customer relationships.
- High-density equipment strains older data centers. Newer servers pack more power into less space. Older Equinix data centers may hit their power limits before their floor space fills, leaving rentable space unused.
- Outages, breaches and gaps in insurance. A power failure, equipment breakdown or cyberattack could disrupt customers' systems. Equinix has suffered cybersecurity incidents before, and its insurance may not cover every loss.
- Expansion may outrun customer demand. Equinix keeps building and expanding data centers. Construction can run late or over budget, and the company warns that demand may not be strong enough to earn the returns it expects.
- Heavy debt load. Total debt was $22.8 billion against $3.6 billion of cash and investments as of September 30, 2026. Equinix warns this debt could weigh on cash flow and limit its ability to raise more capital.
- A strong dollar can shrink results. More than half of revenue comes from EMEA and Asia-Pacific. When the US dollar strengthens, sales earned in other currencies convert into fewer dollars, which can weaken reported results.
Recent events
- Quarterly results released
- Other company announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Executive or board change
- Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Equinix has raised its dividend for at least 9 straight years through fiscal 2025. Dividends per share grew from $10.64 in fiscal 2020 to $18.76 in fiscal 2025, about 12% a year, and the yield was 2% as of October 28, 2026. Dividends equaled 137.5% of fiscal 2025 earnings. That is less alarming for a REIT, since depreciation charges shrink reported profit. But free cash flow (operating cash minus capital spending) was negative $400 million, so it did not cover the payout. Equinix made no share buybacks in fiscal 2021–2025, and its share count rose 9.9% from November 2021 to October 2026.
The stock has fallen hard in downturns. It dropped 69.9% in the 2008 financial crisis and took about 38 months from its low to recover. It fell 25.1% in the 2020 COVID crash but recovered within weeks. It lost 38% in the 2022 bear market and was back to its old high by July 2023. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Equinix make money?
Mostly by renting data center space and power. In fiscal 2025, colocation (private cages and cabinets billed for the space and power customers use) brought in 70.3% of $9.22 billion in revenue. Interconnection, the direct links between customers inside its buildings, added 18%. One-time fees, managed infrastructure and other services made up the rest. Its fiscal 2025 annual report lists 280 data centers in 77 markets across 36 countries. Revenue grew about 9% a year from fiscal 2020 to fiscal 2025.
Is Equinix a REIT?
Yes. Equinix operates as a real estate investment trust for federal income tax purposes. A REIT generally avoids corporate income tax on the income it pays out, but it must distribute most of its taxable income to shareholders. That helps explain its regular dividend. The company warns it could lose REIT status if it fails the rules, which would bring corporate income tax. Some of its activities, including certain international operations, still pay corporate and foreign taxes.
Does Equinix raise its dividend every year?
It has for at least 9 straight years through fiscal 2025, and the streak may be longer. Dividends per share climbed from $10.64 in fiscal 2020 to $18.76 in fiscal 2025, about 12% a year. The yield was 2% as of October 28, 2026. Past increases do not guarantee future ones. In fiscal 2025, dividends were larger than earnings, and free cash flow was negative $400 million, so free cash flow did not cover the payout.
How much debt does Equinix have?
Total debt was about $22.8 billion as of September 30, 2026. On the same date it had $3.6 billion in cash and investments and $44.4 billion in total assets. Building data centers takes heavy upfront spending. Equinix lists its substantial debt as a risk that could weigh on cash flow and limit its flexibility to raise more capital. It also warns that if it cannot generate enough cash or get outside financing, its expansion plans may be limited.
What is Equinix's P/E ratio?
It was 73.2 as of October 28, 2026, based on fiscal 2025 diluted earnings of $13.76 per share. Its market value was about $99.7 billion. That is a high multiple. However, P/E can make REITs look costlier than they are, because depreciation on buildings lowers reported earnings. The share price rose 26.1% in the year to October 28, 2026, and about 13.2% a year over 10 years.