Core Insights - Equinix reported revenue of $2.42 billion for the quarter ended December 2025, reflecting a 7% increase year-over-year, but fell short of the Zacks Consensus Estimate by 1.96% [1] - The company's EPS was $8.91, a significant improvement from -$0.14 in the same quarter last year, but also missed the consensus estimate of $9.07 by 1.74% [1] Financial Performance Metrics - Equinix's shares have returned +6.9% over the past month, outperforming the Zacks S&P 500 composite, which saw a -0.3% change [3] - The company holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3] Capacity and Utilization - Cabinet Equivalent Capacity in EMEA was reported at 140,800, exceeding the three-analyst average estimate of 139,883 [4] - Quarter End Utilization in AMER was 79%, slightly below the three-analyst average estimate of 80.9% [4] - Cabinet Equivalent Capacity in AMER was 157,100, surpassing the three-analyst average estimate of 154,467 [4] Geographic Revenue Breakdown - Geographic Revenues in the Americas for Recurring Other were $5 million, down 28.6% year-over-year, and below the average estimate of $5.06 million [4] - Geographic Revenues in the Americas for Recurring Colocation were $711 million, up 13.6% year-over-year, exceeding the average estimate of $692.56 million [4] - Geographic Revenues in Asia-Pacific for Recurring Other were $4 million, reflecting a 33.3% increase year-over-year, in line with the average estimate [4] - Geographic Revenues in the Americas for Recurring Interconnection were $245 million, a 7.9% year-over-year increase, slightly above the average estimate of $244.76 million [4] Revenue Composition - Non-recurring revenues were reported at $126 million, down 25.9% year-over-year, and below the average estimate of $184.81 million [4] - Recurring revenues totaled $2.29 billion, a 9.7% year-over-year increase, slightly above the average estimate of $2.28 billion [4] - Recurring revenues from Managed Infrastructure were $116 million, a 0.9% year-over-year increase, but below the average estimate of $119.09 million [4] - Recurring revenues from Colocation were $1.71 billion, up 10.3% year-over-year, exceeding the average estimate of $1.69 billion [4]

Financial Data and Key Metrics Changes - Q4 revenues reached $2.4 billion, a 7% increase year-over-year, driven by a 10% growth in monthly recurring revenue [21][22] - Annualized gross bookings for 2025 were $1.6 billion, up 27% year-over-year, with Q4 bookings at $474 million, a 42% increase year-over-year [8][19] - Global Q4 Adjusted EBITDA was $1.2 billion, approximately 49% of revenues, up 15% year-over-year [22] - Q4 FFO was $877 million, up 13% year-over-year [22] Business Line Data and Key Metrics Changes - Monthly recurring revenue grew 10% in Q4 and 8% for the full year on a normalized and constant currency basis [7] - Interconnection revenue increased by 9% year-over-year, with 7,800 net interconnections added in Q4 [15][23] - The retail business delivered record bookings across all deal sizes, contributing significantly to overall performance [19] Market Data and Key Metrics Changes - Approximately 60% of the largest deals in Q4 were driven by AI workloads, indicating a strong trend towards enterprise AI adoption [9][10] - The company completed over 17,200 transactions in 2025, with Q4 transaction volume being the highest ever at over 4,500 deals [10] Company Strategy and Development Direction - The company is focused on enhancing its digital infrastructure and connectivity to meet the growing demands of enterprise customers, particularly in AI [9][10] - A disciplined pricing strategy is being implemented to align with strong demand patterns and the differentiated value of solutions [15][66] - The company is actively expanding its global development portfolio with 52 major projects underway across 35 markets [16][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2026 plan, expecting revenue and AFFO per share growth to exceed previous expectations [6][27] - The company anticipates continued improvement in Adjusted EBITDA margins and a focus on reducing MRR churn through AI predictive tools [22][27] - Management highlighted the importance of being at the center of a multi-year infrastructure investment cycle driven by AI [29][30] Other Important Information - The company has a strong pipeline, having already booked approximately 45% of its Q1 2026 target and signed an additional $100 million in pre-sales [14] - The balance sheet increased to approximately $40 billion, with net leverage at 3.8x annualized Adjusted EBITDA [24] Q&A Session Summary Question: Can you elaborate on the bookings momentum in Q4 and the role of AI workloads? - Management noted that 60% of the largest deals were driven by AI workloads, with significant contributions from non-cloud sectors like retail and manufacturing [32][33] Question: Is there any update to the multi-year guidance provided at the Capital Markets Day last June? - Management indicated that while the business is performing well, it is premature to discuss 2027 and beyond, focusing instead on the strong momentum for 2026 [37][38] Question: Do AI deals differ from traditional deals in size or location? - Management confirmed that AI deals showed a 33% increase in density compared to non-AI deals, indicating a shift in customer requirements [42][47] Question: How is the company addressing churn and what tools are being developed? - Management explained that they are using data analytics to identify at-risk customers earlier and deploying customer success teams to facilitate renewals and upsells [50][51] Question: What is the current status of power sourcing to meet customer demand? - Management stated that they have 3 GW of developable land under control, ensuring they can meet the increasing power demands of customers [58][59]

Financial Data and Key Metrics Changes - Q4 revenues reached $2.4 billion, a 7% increase year-over-year, driven by a 10% growth in monthly recurring revenue (MRR) [21][22] - Annualized growth bookings for 2025 were $1.6 billion, up 27% year-over-year, with Q4 bookings at $474 million, a 42% increase year-over-year [8][19] - Global Q4 adjusted EBITDA was $1.2 billion, approximately 49% of revenues, reflecting a 15% increase compared to the same quarter last year [22] - Q4 funds from operations (FFO) were $877 million, up 13% year-over-year [22] Business Line Data and Key Metrics Changes - Interconnection revenue grew 9% year-over-year, with 7,800 net interconnections added in Q4, surpassing 500,000 interconnections globally [15][23] - The retail business delivered record bookings across all deal sizes, contributing significantly to overall performance [19] - The xScale business is expected to contribute to net revenue retention (NRR) over the next several years, with a healthy leasing pipeline [17] Market Data and Key Metrics Changes - Approximately 60% of the largest deals in Q4 were driven by AI workloads, indicating a strong demand from various sectors including retail, e-commerce, and financial services [9][10] - The company completed over 17,200 transactions in 2025, with Q4 transaction volume being the highest ever at over 4,500 deals [10] Company Strategy and Development Direction - The company is focused on enhancing its digital infrastructure and connectivity to meet the growing demands of enterprise customers, particularly in AI [9][10] - A disciplined pricing strategy is being implemented to align with strong demand patterns and the differentiated value of solutions [15][66] - The company is actively expanding its global development portfolio, with 52 major projects underway across 35 markets [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2026 plan, expecting revenue growth between 9%-10% and adjusted EBITDA margins to improve to approximately 51% [27] - The company is focused on reducing MRR churn, with tools being developed to identify opportunities for customer retention [22][51] - Management highlighted the importance of executing well to capitalize on the current infrastructure investment cycle driven by AI [30] Other Important Information - The company has a strong capital structure with approximately $40 billion in total assets and a net leverage of 3.8x annualized adjusted EBITDA [24] - Capital expenditures for Q4 were approximately $1.4 billion, with plans for continued investment in capacity to meet long-term demand [25][26] Q&A Session Summary Question: Can you elaborate on the bookings momentum in Q4 and the role of AI workloads? - Management noted that 60% of the largest deals were driven by AI workloads, with significant contributions from non-cloud sectors, indicating a broader enterprise adoption of AI [32][34] Question: Is there an update on multi-year guidance and AFFO per share growth? - Management indicated that while the business is performing well, it is premature to discuss 2027 and beyond, but the momentum is positive [37][39] Question: How do AI deals differ from traditional deals? - AI deals showed a 33% increase in density compared to non-AI deals, reflecting the growing demand for higher capacity [42][47] Question: What is the strategy for managing churn? - Management is focusing on early identification of customers at risk of churn and deploying customer success teams to facilitate renewals and upsells [50][51] Question: How is the company addressing increased power demands from enterprises? - The company has 3 GW of developable land under control and is building against powered land portfolios to meet customer requirements [58][59]

Financial Data and Key Metrics Changes - Q4 revenues reached $2.4 billion, a 7% increase year-over-year, driven by a 10% growth in monthly recurring revenue (MRR) [20][21] - Global Q4 adjusted EBITDA was $1.2 billion, approximately 49% of revenues, up 15% year-over-year [21] - Q4 funds from operations (FFO) totaled $877 million, a 13% increase compared to the same quarter last year [22] Business Line Data and Key Metrics Changes - Monthly recurring revenue grew 10% in Q4 and 8% for the full year on a normalized and constant currency basis [5] - Interconnection revenue increased by 9% year-over-year, with 7,800 net interconnections added in Q4, surpassing half a million interconnections globally [13][23] - The retail business delivered record bookings across all deal sizes, contributing significantly to overall performance [18] Market Data and Key Metrics Changes - Approximately 60% of the largest deals in Q4 were driven by AI workloads, indicating a strong trend towards AI adoption across various sectors [8][34] - The company completed over 17,200 transactions in 2025, with Q4 transaction volume being the highest ever at over 4,500 deals [9] Company Strategy and Development Direction - The company is focused on enhancing its digital infrastructure and connectivity to meet the growing demands of enterprise customers, particularly in AI [8][12] - A disciplined pricing strategy is being implemented to align with strong demand patterns and the differentiated value of solutions [13][70] - The company is actively expanding its global development portfolio, with 52 major projects underway across 35 markets [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2026 plan, expecting revenue growth of 9%-10% and adjusted EBITDA margins to improve to approximately 51% [27] - The company anticipates continued strong demand for its services, particularly in AI, which is expected to drive future growth [8][34] - Management highlighted the importance of disciplined execution to achieve healthy revenue growth and superior shareholder returns [17] Other Important Information - The company has a strong backlog of cabinets sold but not yet installed, reflecting robust bookings performance [23] - The capital structure remains solid, with a balance sheet of approximately $40 billion and a net leverage of 3.8x annualized adjusted EBITDA [24] Q&A Session Summary Question: Can you elaborate on the bookings momentum in Q4 and the role of AI workloads? - Management noted that 60% of the largest deals were driven by AI workloads, with significant contributions from non-cloud sectors like retail and manufacturing, indicating a broader enterprise adoption of AI [34] Question: Is there an update to the multi-year guidance provided at the Capital Markets Day last June? - Management stated that while the business is performing well, it is premature to discuss 2027 and beyond, emphasizing strong momentum and favorable currency conditions [40] Question: How do AI deals differ from traditional deals in terms of size and location? - Management indicated that AI deals showed a 33% increase in density compared to non-AI deals, reflecting the growing demand for higher capacity [49] Question: What is the company's strategy regarding churn reduction? - Management highlighted the use of predictive tools and customer success teams to address churn, focusing on early identification of customers ready to renew [53] Question: How is the company addressing increased power demands from enterprises? - Management confirmed that they have 3 GW of developable land under control, ensuring they can meet the power requirements of customers [61]

Core Insights - Equinix reported quarterly funds from operations (FFO) of $8.91 per share, missing the Zacks Consensus Estimate of $9.07 per share, but showing an increase from $7.92 per share a year ago, resulting in an FFO surprise of -1.74% [1] - The company posted revenues of $2.42 billion for the quarter ended December 2025, which was below the Zacks Consensus Estimate by 1.96%, compared to $2.26 billion in the same quarter last year [2] - Equinix shares have increased by approximately 11.8% since the beginning of the year, outperforming the S&P 500's gain of 1.4% [3] Financial Performance - Over the last four quarters, Equinix has surpassed consensus FFO estimates three times and topped revenue estimates two times [2] - The current consensus FFO estimate for the upcoming quarter is $10.01 on revenues of $2.46 billion, and for the current fiscal year, it is $40.63 on revenues of $10.06 billion [7] Market Outlook - The sustainability of Equinix's stock price movement will largely depend on management's commentary during the earnings call [3] - The Zacks Industry Rank places the REIT and Equity Trust - Retail sector in the top 27% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - Equinix currently holds a Zacks Rank 2 (Buy), suggesting that the stock is expected to outperform the market in the near future [6]

Q4 2025 Earnings Conference Call NASDAQ: EQIX Presented on February 11, 2026 © 2026 Equinix, Inc. Public Disclosure Statement Forward-Looking Statements Except for historical information, this presentation contains forward-looking statements which include words such as "believe," "anticipate," and "expect." These forward-looking statements involve risks and uncertainties that may cause Equinix's actual results to differ materially from the expectations discussed in such forward-looking statements. Factors t ...

Core Viewpoint - Equinix forecasts annual revenue exceeding estimates due to strong demand for AI-related data center services, leading to a significant increase in its stock price [1] Financial Performance - Equinix expects revenue between $10.12 billion and $10.22 billion for 2026, surpassing the estimate of $10.07 billion [1] - The company forecasts first-quarter sales between $2.50 billion and $2.54 billion, above the estimate of $2.46 billion [1] - For the fourth quarter, Equinix reported revenue of $2.42 billion, which was below the estimated $2.46 billion [1] - Net income from continuing operations for the quarter was $264 million, compared to a loss of $14 million in the same quarter the previous year [1] Market Position and Strategy - Equinix is capitalizing on the surge in demand for specialized data centers driven by the integration of generative AI by corporations [1] - The company is expanding its capacity by investing in new data centers in emerging markets such as Chennai, India, and Jakarta, Indonesia [1] - CEO Adaire Fox-Martin emphasized the company's essential role in helping businesses manage distributed AI, cloud, and networking infrastructure, which provides a long-term competitive advantage [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 __________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 77-0487526 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission file number 001-40205 ______________________ EQUINIX, INC. (Exact name of registrant ...

Equinix Provides Robust 2026 Outlook Driven by Strong Fourth-Quarter Results and Accelerating Business Momentum FOR IMMEDIATE RELEASE REDWOOD CITY, Calif. - February 11, 2026 - Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure company , today reported results for the quarter and full year ended December 31, 2025. ® "Our team executed exceptionally well in Q4, marking a very strong close to a pivotal year for Equinix. Demand for our solutions has never been higher, as demonstrated by accelerat ...

Core Viewpoint - Equinix has declared a quarterly cash dividend of $5.16 per share, marking the 11th consecutive year of dividend increases since its REIT conversion [1] Group 1: Dividend Announcement - The quarterly dividend will be paid on March 18, 2026, to shareholders of record on February 25, 2026 [1] - This increase reflects Equinix's commitment to returning value to its shareholders [1] Group 2: Company Overview - Equinix is recognized as the world's digital infrastructure company, facilitating connectivity globally [1] - The company’s digital infrastructure and data center footprint support innovations that enhance various aspects of life and work [1]