EQIXNasdaqReal Estate Investment TrustsFiscal year ends December 31
EQUINIX INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 29, 2026
$975.71−10.27 (-1.04%)
Close on Oct 19, 2026
- Market cap
- $96.73B
- P/E (TTM)
- 62.8
- Dividend yield
- 1.92%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
51.1%+2.3 pts over 5 years
Operating margin
20.0%+2.5 pts over 5 years
Net margin
14.6%+8.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.4% | +8.3% | +9.0% | +13.0% | |
| Gross profit | +10.0% | +10.3% | +10.0% | +12.6% | |
| Operating income | +39.2% | +15.5% | +11.9% | +12.5% | |
| Net income | +65.6% | +24.2% | +29.6% | +21.8% | |
| EPS, diluted | +61.9% | +21.5% | +26.9% | +15.7% | |
| Dividend per share | +10.1% | +14.8% | +12.0% | +0.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 3.6% | 3.8% | 9.8% | |
| Return on assets | 1.1% | 1.5% | 3.6% | |
| Current ratio | 1.43 | 1.29 | 1.32 | |
| Interest coverage | 1.6× | 2.6× | 3.5× | |
| Capex to revenue | 30.8% | 38.1% | 46.8% | |
| Diluted shares | 71M | 88M | 98M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Equinix generated $15.89B from operations and spent $22.26B on capital expenditure, dividends and share buybacks. 68% of that went back into the business.
Generated
$15.89B
Used
$22.26B
Capital expenditure$15.19B68%Dividends$7.07B32%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin14.6%
×Asset turnover0.25×
×Equity multiplier2.72×
=Return on equity, FY20259.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 14.6% | 0.25× | 2.72× | 9.8% |
| FY2024 | 9.3% | 0.26× | 2.60× | 6.3% |
| FY2023 | 11.8% | 0.26× | 2.62× | 8.1% |
| FY2022 | 9.7% | 0.25× | 2.60× | 6.3% |
| FY2021 | 7.5% | 0.24× | 2.55× | 4.6% |
| FY2020 | 6.2% | 0.24× | 2.62× | 3.8% |
| FY2019 | 9.1% | 0.25× | 2.75× | 6.3% |
| FY2018 | 7.2% | 0.26× | 2.77× | 5.2% |
| FY2017 | 5.3% | 0.28× | 2.79× | 4.2% |
| FY2016 | 3.5% | 0.31× | 3.23× | 3.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$1.35B
- Cash generatingOperating cash flow above zero$3.91B
- Return on assets improvedROA up on the prior year2.5% → 3.8%
- Earnings backed by cashOperating cash flow above net income$3.91B vs $1.35B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.63 → 1.32
- No dilutionShare count did not rise96M → 98M
- Gross margin improvedGross margin up on the prior year48.94% → 51.09%
- More efficientAsset turnover rose0.27 → 0.26