Equinix
ConvictionModerate
Carrier-neutral colocation + interconnection: recurring rent on cabinets/space/power plus high-margin interconnection fees; capital-intensive owned-and-leased facilities financed as a REIT (dividend-paying, AFFO-driven), with a hyperscale JV arm (xScale) built off-balance-sheet via partner capital.
Revenue
$9.217B FY2025$2.444B Q1 FY26; FY26 guide $10.144-$10.244BRev growth
+5% as-reported / +6% normalized cc FY2025+10% as-reported / +8% normalized cc Q1 FY26 YoY; FY26 guide +10-11%Gross margin
~51.4%Q1 FY26, gross profit $1.258B / revenue $2.444BOp margin
~23.6%Q1 FY26 op income $577M); ~20% FY2025 ($1.848B / $9.217BCapex intensity
High: ~$4.1B total capex FY26 guide on ~$10.2B revenue~40%), overwhelmingly growth/expansion; recurring maintenance capex ~3% of thatMarket cap
~$106.6BJul 6 2026); traded ~$720-$1,129 over the trailing 52 weeksPrimary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-11. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$6.6B
FY’22
$7.3B+9%
FY’23
$8.2B+13%
FY’24
$8.7B+7%
FY’25
$9.2B+5%
Margins & balance sheet — FY’25
Operating margin20.0%
Net margin14.6%
Net debt$19.7B
The read
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
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