15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 9.0% per year over the past 5 years.
Net income has grown faster than revenue (29.6% vs 9.0% per year).
Operating margin has expanded, at 20.0% in the latest year.
Financial health
Total debt has grown in line with revenue (8.1% vs 9.0% per year).
Operating income covered interest expense 3.5× in the latest year.
Shareholder returns
Dividends have been paid for 12 consecutive years, consuming 137.5% of earnings.
The dividend has grown 14.4% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$9.2B
$1.4B
51.1%
20.0%
-$400M
—
$1.7B
2024
$8.7B
$815M
48.9%
15.2%
$183M
$15.3B
$3.1B
2023
$8.2B
$969M
48.4%
17.6%
$436M
$13.8B
$2.1B
2022
$7.3B
$705M
48.4%
16.5%
$685M
$12.9B
$1.9B
2021
$6.6B
$500M
47.7%
16.7%
-$204M
$11.7B
$1.5B
2020
$6.0B
$370M
48.7%
17.6%
$27M
$10.6B
$1.6B
2019
$5.6B
$507M
49.5%
21.0%
-$87M
$10.4B
$1.9B
2018
—
$365M
—
—
-$281M
$9.9B
$606M
2017
—
$233M
—
—
$61M
$8.5B
$1.4B
2016
—
$127M
—
—
-$94M
$5.3B
$748M
2015
—
$188M
—
—
$27M
$5.2B
$2.2B
2014
—
-$260M
—
—
$49M
$3.5B
$611M
2013
—
$95M
—
—
$32M
$3.3B
$262M
2012
—
$140M
—
—
-$467M
$2.4B
$252M
2011
—
$95M
—
—
$559M
$2.7B
$279M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$2.4B
$415M
51.5%
23.6%
-$539M
$19.8B
$1.4B
Dec '25
$2.4B
$265M
50.5%
17.4%
-$292M
—
$1.7B
Sep '25
$2.3B
$374M
50.7%
20.5%
-$122M
$17.3B
$2.1B
Jun '25
$2.3B
$368M
52.0%
21.9%
-$45M
$18.1B
$3.7B
Mar '25
$2.2B
$343M
51.3%
20.6%
$59M
$15.9B
$3.0B
Dec '24
$2.3B
-$14M
47.1%
4.6%
-$6M
$15.3B
$3.1B
Sep '24
$2.2B
$297M
50.1%
19.3%
$34M
$15.4B
$2.8B
Jun '24
$2.2B
$301M
49.9%
20.2%
$264M
$14.5B
$2.0B
Mar '24
$2.1B
$231M
48.7%
17.1%
-$109M
$13.7B
$1.5B
Dec '23
$2.1B
$227M
48.2%
16.4%
$3M
$13.8B
$2.1B
Sep '23
$2.1B
$276M
48.1%
18.5%
$168M
$13.7B
$2.4B
Jun '23
$2.0B
$207M
47.4%
16.4%
$103M
$13.5B
$2.3B
Mar '23
$2.2B
$259M
54.8%
17.3%
$162M
$13.5B
$2.6B
Dec '22
$1.9B
$129M
48.1%
15.1%
-$68M
$12.9B
$1.9B
Sep '22
$1.8B
$212M
49.2%
18.1%
$268M
$12.7B
$2.5B
Jun '22
$1.8B
$216M
48.8%
17.5%
$317M
$12.9B
$1.9B
Mar '22
$1.7B
$147M
47.2%
15.4%
$169M
$11.8B
$1.7B
Dec '21
$1.7B
$123M
46.6%
14.6%
$75M
$11.7B
$1.5B
Sep '21
$1.7B
$152M
47.1%
16.8%
-$14M
$11.8B
$1.4B
Jun '21
$1.7B
$68M
47.8%
16.8%
-$93M
$11.8B
$1.8B
Valuation over time
How the market has priced EQIX against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 100.9× (Mar '23) to 79.5× (Jun '26).
The price-to-sales ratio has risen from 9.8× (Mar '23) to 11.6× (Jun '26).
The dividend yield has risen from 1.6% (Mar '23) to 1.7% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is EQIX growing its revenue and profit?
Over the past 5 years, Equinix's revenue has grown 9.0% per year, and net income grown 29.6% per year. These are computed facts, not advice.
How much debt does EQIX have?
As of FY2025, Equinix reported — of total debt against $1.7B of cash; operating income covered interest expense 3.5×.
What is EQIX's profit margin?
In FY2025, gross margin was 51.1%, operating margin 20.0%, and net margin 14.6%.
What is EQIX's P/E ratio?
As of Jun '26, Equinix traded at a price-to-earnings ratio of about 79.5× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.