Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Preuves
As more customers choose Equinix for high connectivity and performance reliability at the metro edge, it benefits their suppliers and business partners to colocate in the same data centers and connect directly with each other.
Business: customer and partner colocation adjacency · Dépôt 11/02/2026
This adjacency creates a network effect that attracts new customers while continuously enhancing our value proposition to existing customers and enabling them to capture further economic and performance benefits from our offerings.
Business: issuer explanation of network effects · Dépôt 11/02/2026
Our extensive global footprint spans 280 data centers, in 77 markets in 36 countries.
Competitive advantage: existing global footprint · Dépôt 11/02/2026
To date, the network neutrality of our IBX data centers and the variety of networks available to our customers has often been a competitive advantage for us.
Risk factors: historical competitive advantage from neutrality and network variety · Dépôt 29/07/2026
The Equinix global platform, and the quality of our IBX and xScale data centers, interconnection offerings and edge solutions, have enabled us to establish a critical mass of customers.
Business: established customer critical mass · Dépôt 16/02/2024
In certain of our markets, the limited number of carriers available reduces that advantage.
Risk factors: existing geographic limitations in carrier diversity · Dépôt 29/07/2026
As a result, we may need to adapt our key revenue-generating offerings and pricing to be competitive in those markets.
Risk factors: possible adaptation of offerings and pricing · Dépôt 29/07/2026
Some of our competitors may adopt aggressive pricing policies, especially if they are not highly leveraged or have lower return thresholds than we do.
Competition: possible aggressive competitor pricing · Dépôt 29/07/2026
In addition, if the market was to experience an event of excess data center capacity, capacity originally developed to serve wholesale or hyperscale requirements could be redirected toward the enterprise colocation markets in which we operate, increasing available supply and intensifying competition and pricing pressure in our core business.
Competition: potential redirection of hyperscale capacity · Dépôt 29/07/2026
Similarly, with growing acceptance of cloud-based technologies, we are at risk of losing customers that may decide to fully leverage cloud infrastructure offerings instead of managing their own.
Competition: cloud substitution risk · Dépôt 29/07/2026
In addition, certain network, cloud and content providers may seek to offer connectivity and interconnection through alternative models that bypass colocation environments, and increased customer adoption of these alternatives could reduce demand for our interconnection offerings.
Competition: alternative interconnection models · Dépôt 29/07/2026
As power, not space, is a limiting factor in many of our IBX data centers, our ability to fully utilize the space in those IBX data centers may be impacted.
Risk factors: power as an existing facility constraint · Dépôt 29/04/2026
Included in the remaining performance obligations are contracts that are either under the initial term or under one-year renewal periods.
Revenue recognition: contracts in initial terms and renewal periods · Dépôt 29/07/2026
Actual amounts and timing of revenue recognition may differ from these estimates due to changes in actual deployment dates, contract modifications, scheduled price increases, renewals and/or terminations.
Revenue recognition: scheduled price increases and contract modifications · Dépôt 29/07/2026
The remaining performance obligations do not include variable consideration related to unsatisfied performance obligations such as the usage of metered power, service fees from xScale® data centers that are based on future events or actual costs incurred in the future, or any contracts that could be terminated without any significant penalties including the majority of interconnection revenues.
Revenue recognition: termination rights and interconnection exclusions · Dépôt 29/07/2026
We use consistent one-year financial performance metrics across our annual and long-term incentives because in our highly recurring revenue business, strong short-term financial performance in year one creates a contracted revenue base for future years.
Compensation discussion: issuer description of recurring revenue and contracted demand · Dépôt 02/04/2026
REVENUES (in millions) +5% AFFO +12% AFFO(1)/Share +9% STOCK PRICE PERFORMANCE(2) +19% Reinvested dividends $48.34 End Price $751.86 (1)For a reconciliation of this non-GAAP financial measure to the corresponding GAAP measure, please refer to Appendix A of this proxy statement.
Performance highlights: reported revenue and AFFO growth · Dépôt 02/04/2026
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) We provide the following additional segment disclosures for the years ended December 31 (in millions): 2025 2024 2023 Depreciation and amortization: Americas $ 1,137 $ 1,119 $ 1,001 EMEA 538 530 501 Asia-Pacific 375 360 343 Total $ 2,050 $ 2,009 $ 1,845 Capital expenditures: Americas $ 2,743 $ 1,838 $ 1,627 EMEA 1,027 808 717 Asia-Pacific 541 420 437 Total $ 4,311 $ 3,066 $ 2,781 Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, were located in the following geographic regions as of December 31 (in millions): Property, plant and equipment, net Operating lease right-of-use assets 2025 2024 2025 2024 Americas (1) $ 10,840 $ 9,193 $ 340 $ 389 EMEA 8,314 6,405 449 398 Asia-Pacific 4,430 3,651 603 632 Total $ 23,584 $ 19,249 $ 1,392 $ 1,419 (1)Property, plant and equipment, net of $8.5 billion and $7.2 billion and operating lease right-of-use assets of $322 million and $368 million were located in the U.S.
Segment disclosures: actual capital expenditures · Dépôt 11/02/2026
Material Cash Commitments As of June 30, 2026, our principal commitments were primarily comprised of: •approximately $19.9 billion of principal from our senior notes (gross of debt issuance costs and debt discounts); •approximately $4.5 billion of interest on senior notes, mortgage payable, other loans payable and term loans, based on their respective interest rates and recognized over the life of these instruments, and the credit facility fee for the revolving credit facility; •$20 million of principal from our mortgage payable, other loans payable and term loans (gross of debt issuance costs and debt discounts); •approximately $5.0 billion of total lease payments, which represents lease payments under finance and operating lease arrangements, including renewal options that are reasonably certain to be exercised; 58 Table of Contents •approximately $6.1 billion of unaccrued capital expenditure contractual commitments, primarily for IBX equipment not yet delivered and labor not yet provided in connection with the work necessary to complete construction and open IBX data center expansion projects prior to making them available to customers for installation, the majority of which is payable within the next 12 months; and •approximately $2.1 billion of other non-capital purchase commitments, such as commitments to purchase power in select locations and other open purchase orders, which contractually bind us for goods, services or arrangements to be delivered or provided during the remainder of 2026 and beyond, the majority of which is payable within the next two years.
Liquidity: debt, lease and purchase commitments at June 30, 2026 · Dépôt 29/07/2026
During the year ended December 31, 2025, we sold 107,493 shares on a spot basis under the 2024 ATM Program for approximately $99 million, net of commissions and other offering expenses.
Stockholders' equity: actual 2025 ATM share issuance · Dépôt 11/02/2026
In addition, we recorded an impairment charge of $160 million associated with the Equinix Metal Wind Down during the year ended December 31, 2024, as described in Note 17.
Restructuring: realized Equinix Metal impairment · Dépôt 12/02/2025
31 Table of Contents EQUINIX, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) (Unaudited) Stock-Based Compensation For the six months ended June 30, 2026, the Talent, Culture and Compensation Committee and/or the Stock Awards Committee of our Board of Directors, as the case may be, granted an aggregate of 823,920 restricted stock units ("RSUs") to certain employees, including executive officers.
Stock-based compensation: actual 2026 RSU grants · Dépôt 29/07/2026
These equity awards are subject to vesting provisions and have a weighted-average grant date fair value of $960.40 per share and a weighted-average requisite service period of 3.67 years.
Stock-based compensation: vesting provisions and requisite service period · Dépôt 29/07/2026
We use revenues and adjusted funds from operations ("AFFO") per share as the performance measurements in the RSUs with both service and performance conditions that were granted in the six months ended June 30, 2026.
Stock-based compensation: revenue and AFFO per-share performance conditions · Dépôt 29/07/2026
We used total shareholder return ("TSR") as the performance measurement in the RSUs with a service and market condition that were granted in the six months ended June 30, 2026.
Stock-based compensation: TSR conditions on granted awards · Dépôt 29/07/2026
Accordingly, the one-year performance period is followed by a two-year service period to encourage leadership retention and continued performance.
Compensation discussion: financial performance and subsequent service periods · Dépôt 02/04/2026
With the exception of the Stock Award Committee, all committees consist entirely of independent directors.
Governance: committee independence · Dépôt 02/04/2026
For the fiscal year, each of the incumbent directors attended or participated in at least 92% of the aggregate of (i) the total number of meetings of the Board and (ii) the total number of meetings held by all committees of the Board on which each such director served.
Governance: actual director meeting attendance · Dépôt 02/04/2026
Such provisions include: •ownership limitations and transfer restrictions relating to our stock that are intended to facilitate our compliance with certain REIT rules relating to share ownership; •authorization for the issuance of "blank check" preferred stock; •the prohibition of cumulative voting in the election of directors; •limits on the persons who may call special meetings of stockholders; •limits on stockholder action by written consent; and •advance notice requirements for nominations to the Board of Directors or for proposing matters that can be acted on by stockholders at stockholder meetings.
Governance risks: takeover and stockholder-action restrictions · Dépôt 29/07/2026
On November 19, 2025, we received correspondence from the SEC indicating that the agency had concluded its investigation and does not intend to recommend an enforcement action.
Investigations: SEC closure without intended enforcement recommendation · Dépôt 29/07/2026
In 2024, we achieved an annual average operational PUE of 1.39, a 6% improvement from 2023, despite an expanded portfolio.
Sustainability operations: achieved 2024 power-efficiency improvement · Dépôt 11/02/2026
The activities under the Q4 2024 Restructuring Plan were completed by March 31, 2025 with no further costs expected to be incurred.
Restructuring: completed organizational realignment · Dépôt 11/02/2026
Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share ("EPS") for the periods presented ($ in millions except per share data; share data in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 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 Weighted-average shares used to calculate basic EPS 98,641 97,835 98,516 97,674 Effect of dilutive securities: Employee equity awards 495 215 415 294 Weighted-average shares used to calculate diluted EPS 99,136 98,050 98,931 97,968 EPS attributable to common stockholders: Basic EPS $ 4.86 $ 3.76 $ 9.07 $ 7.28 Diluted EPS $ 4.83 $ 3.75 $ 9.04 $ 7.26 The following table sets forth potential shares of common stock that are not included in the diluted EPS calculation above because to do so would be anti-dilutive for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Common stock related to employee equity awards 2 219 108 145 Forward equity sale agreements 163 — 55 — 4.
Earnings per share: first-half 2026 income, dilution and comparative results · Dépôt 29/07/2026
We are currently experiencing permitting delays in most metros.
Construction risks: actual permitting delays in most metros · Dépôt 11/02/2026
Actual amounts and timing of revenue recognition may differ from these estimates due to changes in actual deployment dates, contract modifications, scheduled price increases, renewals and/or terminations.
Remaining performance obligations: scheduled price increases and revenue-recognition uncertainty · Dépôt 29/07/2026
As a result, we may suffer from pricing pressure that would adversely affect our ability to generate revenues.
Competition risk: potential pricing pressure · Dépôt 29/07/2026
(in millions, except share and per share data)
(unaudited)
Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025
Recurring revenues
$
2,331
$
2,294
$
2,087
Non-recurring revenues
113
126
138
Revenues
2,444
2,420
2,225
Cost of revenues
1,186
1,198
1,084
Gross profit
1,258
1,222
1,141
Operating expenses:
Sales and marketing
241
234
229
General and administrative
444
481
438
Restructuring and other exit charges
6
16
10
Transaction costs
8
6
6
Impairment charges
2
63
—
(Gain) loss on asset sales
(20)
—
—
Total operating expenses
681
800
683
Income from operations
577
422
458
Interest and other income (expense):
Interest income
41
41
47
Interest expense
(148)
(142)
(122)
Other income (expense)
(unaudited)
Three Months Ended
March 31, 2026
March 31, 2025
Cash flows from operating activities:
Net income
$
415
$
343
Adjustments to reconcile net income to net cash provided by operating activities:
Unaudited quarterly financial results: March 2026 and March 2025 revenues, gross profit and operating income; dollars in millions · Dépôt 29/04/2026
◦$4.20 per share, a 20% increase over the same quarter of the previous year
•Adjusted EBITDA
◦$1.245 billion, a record adjusted EBITDA margin of 51%, a 17% increase over the same quarter of the previous year on an as-reported basis, or a 13% increase on a normalized and constant currency basis
•AFFO and AFFO per Share
◦$1.065 billion, a 12% increase over the same quarter of the previous year on an as-reported basis, or an 11% increase on a normalized and constant currency basis driven by strong operating performance
Foreign Exchange Impact
Revised FY 2026 Guidance
Q2 2026 Guidance
$10,123 - 10,223
+$20
$10,144 - 10,244
$2,571 - 2,611
Adjusted EBITDA Margin %
$5,141 - 5,221
~51%
+$23
$5,165 - 5,245
~51%
$1,349 - 1,389
52 - 53%
Recurring Capital Expenditures
% of Revenues
$270 - 290
~3%
+$11
($1)
$280 - 300
~3%
$46 - 66
2 - 3%
Adjustments for (gain) loss on asset dispositions
First-quarter 2026 results summary: realized adjusted EBITDA and margin · Dépôt 29/04/2026
(in millions, except share and per share data)
(unaudited)
Three Months Ended
Six Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Recurring revenues
$
2,377
$
2,331
$
2,143
$
4,708
$
4,230
Non-recurring revenues
248
113
113
361
251
Revenues
2,625
2,444
2,256
5,069
4,481
Cost of revenues
1,230
1,186
1,084
2,416
2,168
Gross profit
1,395
1,258
1,172
2,653
2,313
Operating expenses:
Sales and marketing
239
241
221
480
450
General and administrative
462
444
451
906
889
Restructuring and other exit charges
6
6
2
12
12
Transaction costs
3
8
3
11
9
Impairment charges
17
2
1
19
1
(Gain) loss on asset sales
3
(20)
—
(17)
—
Total operating expenses
730
681
678
We define cash sales and marketing expense as sales and marketing expense less depreciation, amortization and stock-based compensation as presented below.
Unaudited financial results: June 2026 and June 2025 quarterly and six-month revenues and gross profit; dollars in millions · Dépôt 29/07/2026
1
Second-Quarter 2026 Results Summary
•Revenues
◦$2.625 billion, a 16% increase over the same quarter of the previous year on both an as-reported basis and a normalized and constant currency basis driven by strong underlying performance and one-time xScale® fees
•Operating Income
◦$665 million, a 35% increase over the same quarter of the previous year, primarily from strong underlying operating performance and the impact of one-time xScale fees
Second-quarter 2026 results summary: revenue, operating income and one-time xScale fees · Dépôt 29/07/2026
◦$4.83 per share, a 29% increase over the same quarter of the previous year
•Adjusted EBITDA
◦$1.396 billion, a record adjusted EBITDA margin of 53%, representing a 24% increase over the same quarter of the previous year on an as-reported basis, or a 22% increase on a normalized and constant currency basis
•AFFO and AFFO per Share
◦$1.168 billion, a 20% increase over the same quarter of the previous year on an as-reported basis, or a 19% increase on a normalized and constant currency basis driven by strong operating performance and one-time xScale fees
Second-quarter 2026 results summary: realized adjusted EBITDA margin and one-time fee contribution · Dépôt 29/07/2026
Actual amounts and timing of revenue recognition may differ from these estimates due to changes in actual deployment dates, contract modifications, scheduled price increases, renewals and/or terminations.
Remaining Performance Obligations · Dépôt 29/07/2026
•Grew monthly recurring revenue 11% on both an as-reported basis and a normalized and constant currency basis year over year
Second-quarter 2026 monthly recurring revenue growth · Dépôt 29/07/2026
As a result, we may suffer from pricing pressure that would adversely affect our ability to generate revenues.
Competitive pricing risk disclosure · Dépôt 29/07/2026
