Equinix
Carrier-neutral data centers linking enterprises, networks and cloud providers through colocation and interconnection.
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Profile
Rents carrier-neutral data-center space and power, then earns recurring fees from cross-connects, Equinix Fabric, managed infrastructure and network services. A global footprint concentrates cloud providers, networks and enterprises in shared facilities, while joint-venture xScale sites serve hyperscale workloads.
Rents secure data-center space and power through carrier-neutral International Business Exchange (IBX) facilities, then sells physical cross-connects and software-defined links through Equinix Fabric. Managed infrastructure, Network Edge, internet exchange and remote support round out a predominantly recurring-revenue model.
Spans the Americas, EMEA and Asia-Pacific, placing enterprises, networks, cloud providers and software companies in shared facilities. That dense mix is the operating advantage: customers can connect privately to many counterparties inside one ecosystem. xScale data centers, developed and operated through joint ventures, serve core cloud and AI workloads for hyperscale customers.
Execution depends on securing power, building and operating resilient facilities, retaining diverse carriers and renewing leases on sites it does not own. REIT status also requires distributing taxable income and limits the mix of qualifying income and assets.
Company facts
Key statistics
Year to date +36.6% · Average volume (30d) 539.6K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Evercore ISI | Reiterate | Outperform | $1,240 | $1,270 | |
| Aug 14, 2026 | HSBC | Reiterate | Buy | $1,250 | $1,400 | |
| Aug 5, 2026 | RBC Capital | Reiterate | Outperform | $1,025 | $1,225 | |
| Aug 4, 2026 | RBC Capital | Downgrade | Outperform | Buy | ||
| Aug 3, 2026 | Deutsche Bank | Reiterate | Buy | $1,207 | $1,270 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $4.73 | $4.83 | +2.1% | $2.59B | $2.63B | +1.4% | +3.92% |
| Apr 29, 2026Q1 FY26 | $4.30 | $4.22 | −1.9% | $2.52B | $2.44B | −2.8% | −0.57% |
| Feb 11, 2026Q4 FY25 | $3.71 | $2.70 | −27.2% | $2.46B | $2.42B | −1.6% | +10.41% |
| Oct 29, 2025Q3 FY25 | $9.26 | $9.83 | +6.2% | $2.46B | $2.32B | −5.8% | +4.44% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.23B | $2.26B | $2.32B | $2.44B | $2.44B | $2.63B | |
| Gross profit | $1.14B | $1.17B | $1.17B | $1.24B | $1.26B | $1.40B | |
| Operating income | $458.0M | $494.0M | $474.0M | $422.0M | $577.0M | $665.0M | |
| Net income | $343.0M | $368.0M | $374.0M | $265.0M | $415.0M | $479.0M | |
| Diluted EPS | $3.50 | $3.75 | $3.81 | $2.69 | $4.20 | $4.83 | |
| Gross margin | 51.3% | 52.0% | 50.7% | 50.9% | 51.5% | 53.1% | |
| Operating margin | 20.6% | 21.9% | 20.5% | 17.3% | 23.6% | 25.3% |
Fiscal years (4-quarter sums)FY21 $6.64B · FY22 $7.26B · FY23 $8.19B · FY24 $8.75B · FY25 $9.24B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.22B · Total debt $23.36B · Total assets $41.08B · Shareholders' equity $14.38B
Dividends
Raised for 10 straight years — most recently to $5.16 from $4.69 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 19, 2026 | Aug 19 | Sep 16 | $5.16 | |
| May 20, 2026 | May 20 | Jun 17 | $5.16 | |
| Feb 25, 2026 | Feb 25 | Mar 18 | $5.16 | raised from $4.69 |
| Nov 19, 2025 | Nov 19 | Dec 17 | $4.69 | |
| Aug 20, 2025 | Aug 20 | Sep 17 | $4.69 | |
| May 21, 2025 | May 21 | Jun 18 | $4.69 | |
| Feb 26, 2025 | Feb 26 | Mar 19 | $4.69 | raised from $4.26 |
| Nov 13, 2024 | Nov 13 | Dec 11 | $4.26 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 98.67M · Float 98.29M · 99.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 11.44M | 11.60% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 6.44M | 6.53% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 6.10M | 6.18% | 13F | Aug 13, 2026 |
| State Street Corp | 6.03M | 6.11% | 13F | Aug 7, 2026 |
| FMR LLC | 2.87M | 2.91% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 20, 2026 | Kurt Pletcher | officer: Chief Legal Officer | −135 | $1,075.50 |
| Aug 18, 2026 | Christopher B. Paisley | director | −125 | $1,103.58 |
| Aug 3, 2026 | Christopher B. Paisley | director | −4,000 | $1,019.28 |
| Jun 8, 2026 | Brandi Galvin Morandi | officer: Chief People Officer | −3,726 | $1,076.36 |
| May 22, 2026 | Raouf Abdel | officer: EVP, Global Operations | −2,040 | $1,083.47 |
Peers
- Digital Realty
Closest global peer: colo + interconnection REIT at 300+ facilities worldwide
- Amazon
AWS Direct Connect vs Equinix Fabric; largest hyperscale displacing colo
- Microsoft
Azure ExpressRoute vs Equinix Fabric; dominant enterprise cloud displaces colo
- Iron Mountain
REIT peer growing into data center colo; $620M DC revenue in 2024, up 25% YoY
- GDS (ADR)
China's largest carrier-neutral colo; key peer for Greater China/APAC
- Alphabet Class A
Google Cloud Interconnect at 44+ Equinix metros vs Equinix Fabric
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Equinix | $1,031.43 | −1.20% | $103.05B | 67.3 | 59.8 | 10.5 | +16.4% |
| Digital Realty | $182.50 | −1.56% | $68.62B | 89.6 | 81.3 | 10.0 | +28.9% |
| Amazon | $266.10 | −0.11% | $2.87T | 21.4 | 28.5 | 3.7 | +19.6% |
| Microsoft | $513.06 | −0.06% | $3.81T | 28.6 | 26.2 | 11.5 | +17.8% |
| Iron Mountain | $116.63 | −0.62% | $34.93B | 83.9 | 46.1 | 4.6 | +18.5% |
| GDS (ADR) | $33.41 | −0.03% | $6.51B | 16.4 | 70.7 | 3.6 | +12.4% |
| Alphabet Class A | $346.00 | −0.14% | $4.19T | 17.4 | 25.8 | 9.4 | +24.2% |
| Median | 25.0 | 37.3 | 7.0 | +19.1% |