Equinix (EQIX) Q4 FY2025 earnings: revenue $2.4 billion, up 7.0% on the year

Equinix Inc. (EQIX) reported revenue of $2.4 billion for Q4 FY2025, the quarter ended 31 December 2025, up 7.0% on the same quarter a year earlier. Net income was $265 million, and diluted earnings per share $2.69. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.

Revenue

$2.4 billion

+7.0% on the year · +4.5% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

17.4%

4.6% a year earlier

Q1 FY2024Q4 FY2025

Net income

$265 million

-29.1% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$2.69

-29.4% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 14 new.

Q4 monthly recurring revenue rose 10%: MRR rose 10% year over year in Q4 on both as-reported and normalized constant currency bases; full-year MRR rose 7% as reported and 8% normalized constant currency.
Q4 annualized gross bookings reached $474M: Annualized gross bookings were $474 million in Q4, up 42%, and $1.6 billion for 2025, up 27%.
Over 4,500 deals closed in Q4: More than 4,500 deals closed in Q4, and about 60% of the largest deals were driven by AI workloads.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	2,420	2,316	2,261	+4.5%	+7.0%
Cost of revenue	1,198	1,142	1,196	+4.9%	+0.2%
Gross profit	1,222	1,174	1,065	+4.1%	+14.7%
Gross margin	50.5%	50.7%	47.1%
Operating income	422	474	103	-11.0%	+309.7%
Operating margin	17.4%	20.5%	4.6%
Interest expense	142	128	126	+10.9%	+12.7%
Pre-tax income	312	399	0.0	-21.8%
Income tax	48.0	25.0	14.0	+92.0%	+242.9%
Effective tax rate	15.4%	6.3%	n/a
Net income	265	374	-14.0	-29.1%
Net margin	11.0%	16.1%	-0.6%
Diluted EPS	$2.69	$3.81	-$0.14	-29.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,144	1,014	981	+12.8%	+16.6%
Capital expenditure	1,436	1,136	987	+26.4%	+45.5%
Free cash flow	-292	-122	-6.0
Free cash flow margin	-12.1%	-5.3%	-0.3%
Cash from investing	-2,710	-1,370	-1,111
Cash from financing	1,225	-1,159	478		+156.3%
Depreciation and amortisation	542	530	498	+2.3%	+8.8%
Share-based compensation	128	130	114	-1.5%	+12.3%
Dividends paid	461	467	413	-1.3%	+11.6%
Dividend per share	$4.69	$4.69	$4.26	0.0%	+10.1%
Diluted shares, weighted	98m	98m	n/a	+0.2%
Shares outstanding at period end	98m	98m	97m	+0.0%	+1.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	14,156	14,157	13,528	-0.0%	+4.6%
Non-controlling interest	-3.0	-2.0	-1.0
Debt	18,912	17,328	15,334	+9.1%	+23.3%
Operating lease liabilities	1,304	1,334	1,331	-2.2%	-2.0%
Finance lease liabilities	2,187	2,140	2,086	+2.2%	+4.8%
Other liabilities	3,585	3,103	2,807	+15.5%	+27.7%
Total liabilities and equity	40,141	38,060	35,085	+5.5%	+14.4%
Fixed assets	23,584	21,897	19,249	+7.7%	+22.5%
Goodwill	5,984	5,945	5,504	+0.7%	+8.7%
Intangible assets	1,316	1,331	1,417	-1.1%	-7.1%
Investments	1,500	854	527	+75.6%	+184.6%
Cash and equivalents	1,727	2,077	3,081	-16.9%	-43.9%
Receivables	1,001	1,144	949	-12.5%	+5.5%
Other assets	5,029	4,812	4,358	+4.5%	+15.4%
Total assets	40,141	38,060	35,085	+5.5%	+14.4%

Questions

What was Equinix's revenue in Q4 FY2025?

Equinix (EQIX) reported revenue of $2.4 billion for Q4 FY2025, the quarter ended 31 December 2025, up 7.0% on the same quarter a year earlier.

How much did Equinix earn in Q4 FY2025?

Net income for Q4 FY2025 was $265 million, and diluted earnings per share $2.69.

When did Equinix report Q4 FY2025 results?

Equinix filed its 10-K for the year that ended with the quarter on 11 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,706	1,734	1,817	1,841	1,871	1,998	2,018	2,061	2,110	2,127	2,159	2,201	2,261	2,225	2,256	2,316	2,420	2,444	2,625	2,571
Cost of revenue	910	916	930	935	971	1,006	1,061	1,069	1,092	1,091	1,082	1,098	1,196	1,084	1,084	1,142	1,198	1,186	1,230	1,257
Gross profit	796	819	887	906	900	992	958	992	1,019	1,036	1,077	1,103	1,065	1,141	1,172	1,174	1,222	1,258	1,395	1,314
Gross margin	47%	47%	49%	49%	48%	50%	47%	48%	48%	49%	50%	50%	47%	51%	52%	51%	50%	51%	53%	51%
Operating income	250	267	318	333	282	384	332	380	346	364	436	425	103	458	494	474	422	577	665	600
Operating margin	15%	15%	17%	18%	15%	19%	16%	18%	16%	17%	20%	19%	5%	21%	22%	20%	17%	24%	25%	23%
Interest expense	80.2	80.0	90.8	91.3	94.2	97.0	100.0	101	103	104	110	117	126	122	135	128	142	148	151	163
Pre-tax income	165	180	225	246	178	314	244	296	270	277	348	350	0.0	392	405	399	312	471	523	537
Tax rate	25%	18%	4%	14%	27%	18%	15%	7%	16%	17%	14%	15%	n/a	12%	9%	6%	15%	12%	9%	9%
Net income	123	147	216	212	129	259	207	276	228	231	301	297	-14.0	343	368	374	265	415	479	489
Net margin	7%	9%	12%	12%	7%	13%	10%	13%	11%	11%	14%	13%	-1%	15%	16%	16%	11%	17%	18%	19%
Diluted EPS	$1.35	$1.62	$2.37	$2.30	$1.39	$2.77	$2.21	$2.93	$2.40	$2.43	$3.16	$3.10	-$0.14	$3.50	$3.75	$3.81	$2.69	$4.20	$4.83	$4.93
Operating cash flow	892	581	802	820	760	691	741	785	999	598	912	758	981	809	944	1,014	1,144	717	1,067	1,243
Capital expenditure	817	413	485	553	828	530	638	618	996	707	648	724	987	750	989	1,136	1,436	1,256	1,578	1,558
Free cash flow	74.7	169	317	268	-67.7	162	103	168	3.0	-109	264	34.0	-6.0	59.0	-45.0	-122	-292	-539	-511	-315
Dividends paid	259	290	283	291	288	326	320	325	403	412	405	413	413	468	460	467	461	519	510	518
Shares outstanding	91m	91m	91m	93m	93m	94m	94m	94m	94m	95m	95m	96m	97m	98m	98m	98m	98m	99m	99m	99m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 11 February 2026: the filing.