← All companies ← EQH Manual EQPT → ← EPRT REITs — Specialty & Diversified EQR →

EQIX, Equinix Inc. Common Stock REIT

Equinix is the world's digital infrastructure company, shortening the path to boundless connectivity anywhere in the world to enable the innovations that enrich our work, life and planet.

Equinix combines a global footprint of International Business Exchange TM (IBX ) and xScale TM data centers in the Americas, Asia-Pacific, and Europe, the Middle East and Africa ("EMEA") regions, infrastructure and interconnection offerings, and digital ecosystems required to serve a large and diverse set of customers around the world.

Our data centers around the world allow our customers to bring together and interconnect the infrastructure they need to seamlessly operate their business.

Latest annual: FY2025 10-K

EQIX · Equinix Inc. Common Stock REIT

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$9.2B

+5.4% YoY · 9% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $9.4B 5-yr avg $8.0B

FFO margin 37% 5-yr avg 34%

Dividend payout (FFO) 54% 5-yr avg 52%

Debt / assets 52% 5-yr avg 44%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Americas (45%), EMEA (34%) and Asia-Pacific (21%).
What moves the needle: Occupancy, rents, and the cost of debt. Read on funds from operations and net asset value, because GAAP depreciation distorts the earnings, and a property downturn meets a balance sheet built on leverage. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Funds from operations per share have compounded about 11% a year across the record. The dividend takes 54% of FFO, and is covered. Debt is 52% of assets, moderate for a REIT. The quality and location of the properties, the lease terms and occupancy, and the cost of the debt are what the 10-K settles, and no single ratio captures them.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 3 segments, the largest Americas at 45%.

Revenue by reportable segment, FY2025

Americas45%$4.1B
EMEA34%$3.1B
Asia-Pacific21%$2.0B

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$3.6B	$4.4B	$5.1B	$5.6B	$6.0B	$6.6B	$7.3B	$8.2B	$8.7B	$9.2B	$9.4B	RevenueRevenue
$127M	$233M	$365M	$507M	$370M	$500M	$705M	$969M	$815M	$1.4B	$1.4B	Net incomeNet inc.
											Cash flow & returns
$931M	$1.3B	$1.6B	$1.7B	$1.8B	$2.1B	$2.4B	$2.8B	$2.8B	$3.4B	$3.5B	Funds from operationsFFO
											Balance sheet
54%	49%	47%	48%	53%	49%	47%	49%	59%	55%	54%	Dividend payout (FFO)Payout
$9.9B	$12.9B	$15.0B	$16.9B	$20.2B	$21.9B	$23.8B	$26.6B	$27.9B	$33.8B	$33.8B	Real estate (gross)RE gross
$12.6B	$18.7B	$20.2B	$24.0B	$27.0B	$27.9B	$30.3B	$32.7B	$35.1B	$40.1B	$40.9B	Total assetsAssets
42%	45%	49%	43%	39%	42%	42%	45%	47%	42%	52%	Debt / assetsDebt/assets
$5.3B	$8.5B	$9.9B	$10.4B	$10.6B	$11.7B	$12.9B	$14.8B	$16.5B	$16.9B	$21.1B	Total debtDebt
$4.6B	$7.0B	$9.3B	$8.5B	$9.0B	$10.2B	$11.0B	$12.7B	$12.9B	$13.7B	$18.0B	Net debt / (cash)Net debt
1.6×	1.7×	1.9×	2.4×	2.6×	3.3×	3.4×	3.6×	2.9×	3.5×	3.6×	Interest coverageInt. cov.
$4.4B	$6.8B	$7.2B	$8.8B	$10.6B	$10.9B	$11.5B	$12.5B	$13.5B	$14.2B	$14.3B	Shareholders’ equityEquity
											Per share
70.8M	77.5M	80.2M	84.7M	88.4M	90.4M	91.8M	94.0M	95.8M	98.1M	98.7M	Shares out (diluted)Shares
$13.15	$16.45	$19.79	$20.64	$20.27	$23.73	$26.64	$29.88	$29.28	$34.64	$35.58	FFO / shareFFO/sh
$7.05	$8.02	$9.21	$9.87	$10.72	$11.54	$12.55	$14.63	$17.15	$18.92	$19.32	Dividends / shareDiv/sh
$61.65	$88.34	$90.02	$104.40	$120.28	$120.37	$125.30	$132.85	$141.17	$144.27	$144.82	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+7.0%/yr	+6.7%/yr
Owner earnings / share	+24.9%/yr	+13.6%/yr
EPS	+25.4%/yr	+26.9%/yr
Dividends / share	+11.6%/yr	+12.0%/yr
Capital spending / share	+12.1%/yr	+11.2%/yr
Book value / share	+9.9%/yr	+3.7%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

98Mpeak FY2025

Revenue

$9.2Blow FY2016

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Is it a good business?

Funds from operations (FFO) $3.4B

about $34.64 per share

Net income $1.4B + depreciation $2.0B − gains on sale $1M

What this means
GAAP net income with property depreciation added back, because the buildings a REIT charges against earnings usually hold or grow their value. This, not net income, is what a REIT is actually priced on. It is an approximation here: where a filing reports gains on property sales, we remove them, the way the NAREIT definition does.
Dividend / FFO (payout) 55%

Lightly covered

Dividends $1.9B ÷ FFO $3.4B

What this means
A REIT must distribute most of its taxable income, so a high payout is normal and the question is whether FFO covers it. Above 100%, the trust is funding the dividend with debt or asset sales, and a cut usually follows.

Is it sound?

Debt / assets 42%

Moderate

Total debt $16.9B ÷ assets $40.1B

What this means
Every REIT runs on leverage; how much is the question. Heavy debt is what turns a property downturn into a wipeout, as 2008 showed, so a conservative balance sheet is part of the moat here, not a drag on it.
Interest coverage (EBITDA) 7.4×

Strong

(operating income + depreciation) ÷ interest $527M

What this means
How many times the property cash earnings cover the interest bill. Comfortable coverage is what lets a REIT refinance through a tight credit market instead of being forced to sell into one.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“Ineffective planning and execution in our cloud, AI and product development strategies may cause difficulty in sustaining our competitive advantages.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$5.3B

Cash & short-term investments$3.1B
Receivables$1.1B
Other current assets$1.2B

Current liabilities$4.5B

Debt due within a year$1.3B
Accounts payable$1.3B
Other current liabilities$1.9B

Current ratio1.18×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.18×stricter: inventory excluded

Cash ratio0.67×strictest: cash alone against what's due

Working capital$808Mthe cushion left after near-term bills

Debt due this year vs. cash$1.3B due · $3.1B cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+9.8%the freshest read on whether the business is still growing

Current ratio, recent quarters1.2× → 1.2×

Deeper floors

Tangible book value$7.1Bequity stripped of goodwill & intangibles

Net current asset value($21.2B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$22.5B$1.4B of it operating leases; with finance leases, “total fixed claims” below reaches $20.7B (annual-report basis)

Deferred revenue$372Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$1.3B

'27$1.8B

'28$1.4B

'29$2.2B

'30$2.7B

later$9.6B

Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.

Due in the next 12 months$1.3Bthe first rung: what must be repaid or rolled over within the year

Within two years$3.1Bthe near wall, the part most exposed to today’s credit conditions

Biggest single year$2.7Bin 2030the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$19.1Bevery year plus what lies beyond, as the footnote totals it

Against what the business has and earns

Cash & short-term investments, Mar 31, 2026$3.1B

One year of owner earnings (FY2025)$1.9B

Together, against $1.3B due next year3.7×

Cash on hand as of Mar 31, 2026 plus a year’s owner earnings comes to $4.9B against the $1.3B due in the twelve months after the Dec 31, 2025 schedule: 3.7 times it.

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the balance-sheet debt.

Lease obligations

the lease note, SEC EDGAR →

Debt by another name. What the business owes on the property, aircraft, stores and equipment it rents rather than owns is a fixed claim due on a schedule; added back to the debt, it is the true leverage. That ladder, operating and finance leases together, and what it adds to the debt on the page above.

Operating leasesFinance leases

'26$500M

'27$509M

'28$465M

'29$427M

'30$402M

later$3.0B

Lease payments by year, scaled to the largest; “later” is everything beyond year five, shown apart. These are the contractual cash payments, before the interest the filing imputes back out to the balance-sheet liability.

Due in the next 12 months$500Ma fixed cash payment, owed whether or not the business has a good year

Total lease payments$5.3Bevery year plus the tail, undiscounted: the full cash the leases will take

On the balance sheet$3.8Bthe present value of those payments, the recognised lease liability

True leverage: debt plus leases

On-balance-sheet debt$16.9B

Lease obligations (present value)$3.8B

Total fixed claims on the business$20.7B

Counting the leases the way Buffett does, the fixed claims on this business come to $20.7B, of which the leases are 18%. The lease wall above and the debt schedule together are the calendar of what must be paid, and when.

Lease ladder read from the ASC 842 tags in the company’s Dec 31, 2025 annual report and reconciled: the yearly buckets sum to the undiscounted total, which less the imputed interest equals the balance-sheet liability; a ladder that doesn’t tie out is withheld.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$7.3B18% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity42%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$9.1Bover 10 years buying other businesses, against $24.1B of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Meyers	$23.2M	$33.6M	$891M
2022	Mr. Meyers	$22.3M	$12.6M	$1.2B
2023	Mr. Meyers	$23.9M	$33.3M	$1.4B
2024	Mr. Meyers	$23.3M	$12.9M	$1.2B
2024	Ms. Fox-Martin	$36.6M	$46.0M	$1.2B
2025	Ms. Fox-Martin	$22.7M	$11.9M	$1.9B

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio178:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$498M
The slice of the business handed to employees in shares this year, 5% of revenue, equal to 27% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Peers, Data-center REITs

The same industry, side by side on the REIT lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	FFO margin	FFO / assets	Payout (FFO)	Debt / assets
EQIXEquinix Inc. Common Stock REIT	$9.2B	32%	7.8%	49%	43%
DLRDigital Realty Trust Inc.	$6.1B	46%	6.0%	58%	33%

The price

What a price has to assume.

What the price implies

price / FFO

A REIT is priced on a multiple of its funds from operations (FFO), the cash it earns once the depreciation on its buildings is added back. Type today’s price; we show the multiple you would pay and the income and growth it implies.

Today’s price $

The assumptions Required return 8% FFO / share growth 3%

FFO / share, delivered10%/yr’20→’25

The justified multiple is 1 ÷ (required return − growth), a perpetuity on FFO. At an 8% required return and 3% growth, a REIT is worth about 20× FFO.

Enter a price above to run it.

Price / FFO—

Justified by growth—

Dividend yield—

FFO about $35.58 per share on 99M shares. The dials set the multiple they justify; your price sets the multiple you are paying. FFO here adds back depreciation and removes property-sale gains, the NAREIT method; it does not net out maintenance capex (AFFO), occupancy or lease terms, which the 10-K does.

Weigh EQIX against another business →

The owners of EQIX: the meeting and the votes →

Cite: Owner Scorecard, "Equinix Inc. Common Stock REIT (EQIX), the owner's record," https://ownerscorecard.com/c/EQIX, data as of 2026-07-09.

Manual order: ← EQH its page in the Manual EQPT →

Industry order: ← EPRT the REITs — Specialty & Diversified chapter EQR →