NASDAQ$EQIX

Equinix Inc · Q3 2025 earnings

Q3 2025 earnings · · After market close · Investor relations

Briefing

Equinix reported Q3 2025 revenues of $2.32B with net income of $374M.

Revenues grew to $2.32 billion as interconnection and colocation demand from cloud and AI workloads remained strong. Net income was $374 million as recurring revenue and pricing power supported cash flow. Capacity additions and power availability in key metros remain gating factors for new bookings.

  • Q3 revenues $2.32B.
  • Net income $374M.
  • Interconnection and colocation demand from cloud/AI.
  • Recurring revenue model supports visibility.
  • Power, permitting, and construction timelines affect growth.

Headline financials

Total Revenue

$2.32B

Previous: $2.2B+5.2%
EPS (adj)

$3.89

Previous: $3.10+25.5%
Adjusted EBITDA

$1.15B

Previous: $1.05B+9.5%
Adjusted EBITDA Margin

50.0%

No prior period
Adjusted Funds From Operations

$965M

Previous: $866M+11.4%
Funds From Operations

$707M

Previous: $609M+16.1%
Worldwide Interconnections

499.0K

No prior period
Capital Expenditures

-$3.27B

Previous: -$2.37B-38.0%
Free Cash Flow

-$2.89B

Previous: -$2.07B-39.8%
Net Income

$374M

Previous: $297M+25.9%
Operating Income

$474M

Previous: $425M+11.5%
Gross Profit

$1.17B

Previous: $1.1B+6.4%
Cash & Equivalents

$2.08B

Previous: $2.78B-25.2%
Total Assets

$38.1B

Previous: $35.4B+7.4%

Revenue & EPS history

Equinix · Revenue · Quarterly

$2.32B

Q3 2025+5.2%vs Q3 2024
Beat estimate in 6 of 15 quarters(40%)
ActualEstimate

Revenue by segment

Equinix · $1.96B total across 4 segments · Q3 2023

  • Colocation
    $1.46B+13.0%
  • Interconnection
    $353M+10.8%
  • Managed Infrastructure
    $114M+10.9%
  • Other
    $30.5M-2.7%

Forward guidance

Real estate and infrastructure REITs emphasize occupancy, rents, refinancing, and cap rates.

Tailwinds

  • Leasing spreads and renewal rates.
  • Development and acquisition pipeline.
  • Balance-sheet liquidity.

Headwinds

  • Interest rates and cap-rate expansion.
  • Tenant health and refinancing walls.
  • Fair-value marks on investments.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q3 2025

Historical avgQ3 2025

+1.2%

Avg return

Earnings day

+0.9%

Avg return

5 days after

+1.6%

Avg return

30 days after

57%

39 / 69 earnings

Positive

+14.6%

Q1 2012

Best reaction

-6.6%

Q4 2017

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.1%-1.0%-2.0%
Q4 2025+10.4%+9.7%+11.8%
Q3 2025+4.6%+4.0%-5.6%
Q2 2025-1.5%-2.3%-1.4%
Q1 2025+0.1%+1.7%+3.3%
Q4 2024-1.3%-0.4%-10.4%
Q3 2024+0.2%-1.1%+8.3%
Q2 2024+3.2%+4.4%+4.3%
Q1 2024+8.5%+9.1%+5.8%
Q4 2023+5.1%+2.8%+2.1%
Q3 2023+2.2%+1.6%+12.9%
Q2 2023-5.7%-3.8%-3.4%
Q1 2023+3.7%+5.3%+7.7%
Q4 2022-0.9%-1.6%-5.2%
Q3 2022+5.6%+9.4%+24.7%
Q2 2022+10.8%+8.2%+4.5%
Q1 2022+2.3%-5.0%-6.2%
Q4 2021+2.7%+2.9%+8.7%
Q3 2021-4.0%-6.0%-5.1%
Q2 2021-6.6%-2.7%-2.0%
Q1 2021-1.1%-0.4%+3.2%
Q4 2020-4.4%-5.4%-11.0%
Q3 2020-4.2%-4.5%-9.4%
Q2 2020+3.4%+3.5%+4.6%
Q1 2020-1.6%-1.2%-1.9%
Q4 2019+3.6%+5.7%+1.2%
Q3 2019-0.1%-4.3%-0.1%
Q2 2019+4.8%+2.8%+11.5%
Q1 2019+2.3%+5.2%+6.8%
Q4 2018+5.8%+6.0%+11.1%
Q3 2018+3.6%+4.6%+1.7%
Q2 2018-0.6%-1.6%-3.8%
Q1 2018-5.9%-6.8%-5.6%
Q4 2017-6.6%-7.6%-3.8%
Q3 2017+5.4%+6.1%+1.2%
Q2 2017-0.8%-2.0%+2.8%
Q1 2017+1.1%+3.4%+8.5%
Q4 2016-2.5%-2.2%-1.8%
Q3 2016-2.6%+0.7%-4.9%
Q2 2016-0.6%-2.5%-0.5%
Q1 2016-0.6%
Q4 2015+3.0%
Q3 2015-1.1%
Q2 2015+1.2%
Q1 2015+3.9%
Q4 2014+2.8%
Q3 2014+7.4%
Q2 2014-0.3%
Q1 2014+2.0%
Q4 2013-3.1%
Q3 2013+4.2%
Q2 2013-4.9%
Q1 2013-2.7%
Q4 2012+5.3%
Q3 2012+5.2%
Q2 2012+12.5%
Q1 2012+14.6%
Q4 2011+2.0%
Q3 2011-5.4%
Q2 2011-1.5%
Q1 2010-0.4%
Q1 2011+1.5%
Q4 2010+0.2%
Q4 2008+0.2%
Q3 2010+0.0%
Q3 2009+0.0%
Q2 2010-0.0%
Q4 2009-0.0%
Q2 2009-0.0%

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