$EQIX

EQUINIX INC

CIK:0001101239|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 2,625	$ 2,256	$ 5,069	$ 4,481
Costs and operating expenses:
Cost of revenues	1,230	1,084	2,416	2,168
Sales and marketing	239	221	480	450
General and administrative	462	451	906	889
Restructuring and other exit charges	6	2	12	12
Transaction costs	3	3	11	9
Impairment charges	17	1	19	1
(Gain) loss on asset sales	3	0	(17)	0
Total costs and operating expenses	1,960	1,762	3,827	3,529
Income from operations	665	494	1,242	952
Interest income	36	52	77	99
Interest expense	(151)	(135)	(299)	(257)
Other income (expense)	(28)	(7)	(27)	2
Gain (loss) on debt extinguishment	1	1	1	1
Income before income taxes	523	405	994	797
Income tax expense	(46)	(38)	(102)	(87)
Net income	477	367	892	710
Net (income) loss attributable to non-controlling interests	2	1	2	1
Net income attributable to common stockholders	$ 479	$ 368	$ 894	$ 711
Earnings per share (“EPS”) attributable to common stockholders:
Basic EPS (in dollars per share)	$ 4.86	$ 3.76	$ 9.07	$ 7.28
Weighted-average shares for basic EPS (in shares)	98,641	97,835	98,516	97,674
Diluted EPS (in dollars per share)	$ 4.83	$ 3.75	$ 9.04	$ 7.26
Weighted-average shares for diluted EPS (in shares)	99,136	98,050	98,931	97,968

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 892	$ 710
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	1,101	982
Stock-based compensation	273	240
Impairment charges	19	1
(Gain) loss on asset sales	(17)	0
Other operating activities	31	23
Changes in operating assets and liabilities:
Accounts receivable	(258)	(169)
Income taxes, net	(24)	(45)
Operating lease right-of-use assets	79	79
Operating lease liabilities	(77)	(71)
Accounts payable and accrued expenses	(80)	(149)
Other assets and liabilities	(155)	152
Net cash provided by operating activities	1,784	1,753
Cash flows from investing activities:
Purchases of equity investments	(264)	(48)
Distributions from equity investments	33	4
Purchases of short-term investments	(789)	(795)
Maturities and sales of short-term investments	1,054	450
Business acquisitions, net of cash acquired	0	(182)
Real estate acquisitions	(224)	(99)
Purchases of other property, plant and equipment	(2,834)	(1,739)
Proceeds from sale of assets, net of cash transferred	348	0
Settlement of foreign currency hedges	101	50
Investment in loan receivable	0	(45)
Net cash used in investing activities	(2,575)	(2,404)
Cash flows from financing activities:
Proceeds from employee equity programs	49	50
Payment of dividends	(1,029)	(928)
Proceeds from public offering of common stock, net of issuance costs	0	99
Proceeds from senior notes, net of debt discounts	2,419	2,066
Repayment of finance lease liabilities	(89)	(72)
Repayment of other debt	(682)	(1)
Repayment of senior notes	(700)	0
Other financing activities	26	(8)
Net cash provided by (used in) financing activities	(6)	1,206
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash	(11)	53
Net increase (decrease) in cash, cash equivalents and restricted cash	(808)	608
Cash, cash equivalents and restricted cash at beginning of period	1,824	3,082
Cash, cash equivalents and restricted cash at end of period	1,016	3,690
Cash and cash equivalents	979	3,660
Current portion of restricted cash included in other current assets	1	5
Non-current portion of restricted cash included in other assets	36	25
Total cash, cash equivalents and restricted cash at end of period	$ 1,016	$ 3,690

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 979	$ 1,727
Short-term investments	1,245	1,500
Accounts receivable, net of allowance of $13 and $16	1,256	1,001
Other current assets	842	897
Total current assets	4,322	5,125
Property, plant and equipment, net	25,222	23,584
Operating lease right-of-use assets	1,296	1,392
Goodwill	5,912	5,984
Intangible assets, net	1,204	1,316
Other assets	3,120	2,740
Total assets	41,076	40,141
Current liabilities:
Accounts payable and accrued expenses	1,263	1,350
Accrued property, plant and equipment	723	564
Current portion of operating lease liabilities	156	155
Current portion of finance lease liabilities	176	168
Current portion of mortgage and loans payable	9	17
Current portion of senior notes	1,170	1,299
Other current liabilities	323	340
Total current liabilities	3,820	3,893
Operating lease liabilities, less current portion	1,211	1,304
Finance lease liabilities, less current portion	2,104	2,187
Mortgage and loans payable, less current portion	11	686
Senior notes, less current portion	18,519	16,910
Other liabilities	1,013	983
Total liabilities	26,678	25,963
Commitments and contingencies (Note 9)
Redeemable non-controlling interest	25	25
Common stockholders’ equity (shares in thousands):
Common stock, $0.001 par value per share: 300,000 shares authorized; 98,731 issued and 98,671 outstanding in 2026 and 98,288 issued and 98,226 outstanding in 2025	0	0
Additional paid-in capital	22,015	21,642
Treasury stock, at cost; 60 shares in 2026 and 62 shares in 2025	(23)	(24)
Accumulated dividends	(13,231)	(12,202)
Accumulated other comprehensive loss	(1,374)	(1,359)
Retained earnings	6,995	6,099
Total common stockholders' equity	14,382	14,156
Non-controlling interests	(9)	(3)
Total stockholders’ equity	14,373	14,153
Total liabilities, redeemable non-controlling interest and stockholders’ equity	$ 41,076	$ 40,141