Equinix (EQIX) FY2025 results: revenue $9.2 billion, up 5.4% on the year

Equinix runs data centres and, inside them, the connections between the companies that use them. It has been network-neutral since it started, meaning competing networks can meet in its buildings and exchange traffic, and the business is built on that neutrality. It was incorporated in Delaware in 1998 and operates as a REIT for federal income tax purposes.

The footprint

280 data centres across 77 markets in 36 countries, spanning the Americas, Asia-Pacific, and Europe, the Middle East and Africa. Of those, 23 are xScale data centres, and two sites are held in unconsolidated joint ventures. The company has more than 10,500 customers, including over 2,000 network service providers, and has built more than 500,000 interconnections over its 27-year history.

Two kinds of building

IBX data centres are the carrier-neutral colocation sites, supplying space and power and, more to the point, access to the other companies already there: enterprises, networks, cloud and software-as-a-service providers and business partners can interconnect directly and securely with each other in the same building.

xScale data centres are a separate product aimed at a narrow group of hyperscale companies, including the largest cloud service providers, whose cloud and AI workloads need capacity at a different scale. They are developed and operated through joint venture partnerships rather than held outright, and they let a hyperscale customer add core capacity next to the access points it already has at Equinix.

The network effect it describes

The filing sets out a network effect. Customers choose Equinix for connectivity and reliability at the metro edge. Once they are there, it benefits their suppliers and business partners to put their own equipment in the same data centres and connect directly. That adjacency attracts further customers, which in turn makes the site more valuable to everyone already in it.

What it sells

Infrastructure offerings supply the components a customer needs to house its own IT equipment, along with managed platforms for cloud, storage, backup and firewall built on neutral technology.

Interconnection offerings connect businesses directly, securely and dynamically, within a data centre and between them across the global platform, and are typically billed on the outbound connections from a customer as recurring monthly revenue. Equinix Fabric is the software-defined, on-demand version: a customer can connect to thousands of networking, storage, compute and application providers, and can link the physical and virtual infrastructure it has already deployed in Equinix sites anywhere. Equinix Fabric Cloud Router extends that to connecting applications and data across different clouds over private connections.

The demand the company points to

The filing names five forces behind demand: the need for a provider that can meet requirements consistently across many geographies, as data sovereignty, security and latency rules push deployments to be local; the shift from linear value chains to hybrid architectures where enterprises assemble capabilities from many service providers; the need for secure, low-latency private interconnection for workflows such as digital payments, supply chain telemetry, smart manufacturing, telemedicine and AI inference; artificial intelligence specifically, where training, inference and model coordination require dense data exchange across cloud and edge environments; and environmental accountability, where high-density compute, AI-optimised cooling, grid-interactive systems and renewable integration are becoming part of how the infrastructure is judged.

On that last point, Equinix says it has assembled an ecosystem of AI model providers, data platforms, neoclouds and gateways to serve enterprise AI requirements.

From Equinix's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 11 February 2026: read the full 10-K.