Equinix (EQIX) | Financial Analysis & Statements
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Mar 2025Income Metrics
Revenue
2.2B
Gross Profit
1.1B
51.28%
Operating Income
474.0M
21.30%
Net Income
343.0M
15.42%
EPS (Diluted)
$3.50
Balance Sheet Metrics
Total Assets
36.1B
Total Liabilities
22.2B
Shareholders Equity
13.9B
Debt to Equity
1.59
Cash Flow Metrics
Operating Cash Flow
806.0M
Free Cash Flow
59.0M
Revenue & Profitability Trend
Equinix Income Statement From 2020 to 2024
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Revenue | 8.7B | 8.2B | 7.3B | 6.6B | 6.0B |
| Cost of Goods Sold | 4.5B | 4.2B | 3.8B | 3.5B | 3.1B |
| Gross Profit | 4.3B | 4.0B | 3.5B | 3.2B | 2.9B |
| Gross Margin % | 48.9% | 48.4% | 48.3% | 47.7% | 48.7% |
| Operating Expenses | |||||
| Research & Development | - | - | - | - | - |
| Selling, General & Administrative | 2.7B | 2.5B | 2.3B | 2.0B | 1.8B |
| Other Operating Expenses | - | - | - | - | - |
| Total Operating Expenses | 2.7B | 2.5B | 2.3B | 2.0B | 1.8B |
| Operating Income | 1.6B | 1.5B | 1.2B | 1.1B | 1.1B |
| Operating Margin % | 18.6% | 17.7% | 16.9% | 16.9% | 18.6% |
| Non-Operating Items | |||||
| Interest Income | 137.0M | 94.2M | 36.3M | 2.6M | 8.7M |
| Interest Expense | 457.0M | 402.0M | 356.3M | 336.1M | 406.5M |
| Other Non-Operating Income | -329.0M | -18.6M | -76.9M | -177.7M | -200.8M |
| Pre-tax Income | 975.0M | 1.1B | 829.4M | 609.0M | 516.2M |
| Income Tax | 161.0M | 155.2M | 124.8M | 109.2M | 146.2M |
| Effective Tax Rate % | 16.5% | 13.8% | 15.0% | 17.9% | 28.3% |
| Net Income | 814.0M | 969.0M | 704.6M | 499.7M | 370.1M |
| Net Margin % | 9.3% | 11.8% | 9.7% | 7.5% | 6.2% |
| Key Metrics | |||||
| EBITDA | 3.8B | 3.4B | 2.9B | 2.7B | 2.6B |
| EPS (Basic) | $8.54 | $10.35 | $7.69 | $5.57 | $4.22 |
| EPS (Diluted) | $8.50 | $10.31 | $7.67 | $5.53 | $4.18 |
| Basic Shares Outstanding | 95457000 | 93615000 | 91569000 | 89772000 | 87700000 |
| Diluted Shares Outstanding | 95457000 | 93615000 | 91569000 | 89772000 | 87700000 |
Income Statement Trend
Equinix Balance Sheet From 2020 to 2024
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 3.1B | 2.1B | 1.9B | 1.5B | 1.6B |
| Short-term Investments | 527.0M | - | - | 0 | 4.5M |
| Accounts Receivable | 949.0M | 1.0B | 855.4M | 681.8M | 676.7M |
| Inventory | - | - | - | - | - |
| Other Current Assets | 72.0M | 24.4M | 12.8M | 15.2M | 58.1M |
| Total Current Assets | 5.4B | 3.6B | 3.3B | 3.0B | 2.6B |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 14.7B | 14.4B | 13.4B | 13.6B | 12.3B |
| Goodwill | 12.4B | 13.2B | 13.2B | 12.7B | 13.1B |
| Intangible Assets | 1.4B | 1.7B | 1.9B | 1.9B | 2.2B |
| Long-term Investments | 295.0M | 213.0M | 298.9M | 59.9M | 2.8M |
| Other Non-Current Assets | 746.0M | 716.2M | 598.4M | 462.8M | 458.7M |
| Total Non-Current Assets | 29.6B | 29.1B | 27.0B | 25.0B | 24.4B |
| Total Assets | 35.1B | 32.7B | 30.3B | 27.9B | 27.0B |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | 133.0M | 162.4M | 116.0M | 84.1M | 77.7M |
| Short-term Debt | 1.5B | 1.3B | 300.8M | 325.0M | 524.4M |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | 76.0M | 142.5M | 82.4M | 67.6M | 221.1M |
| Total Current Liabilities | 3.3B | 3.2B | 1.8B | 1.6B | 2.0B |
| Non-Current Liabilities | |||||
| Long-term Debt | 17.4B | 16.2B | 16.2B | 14.7B | 13.4B |
| Deferred Tax Liabilities | 339.0M | 394.1M | 383.4M | 340.3M | 290.4M |
| Other Non-Current Liabilities | 62.0M | 61.3M | 65.6M | 70.6M | 78.5M |
| Total Non-Current Liabilities | 18.2B | 17.0B | 17.0B | 15.4B | 14.3B |
| Total Liabilities | 21.5B | 20.1B | 18.8B | 17.0B | 16.4B |
| Equity | |||||
| Common Stock | 0 | 95.0K | 93.0K | 91.0K | 89.0K |
| Retained Earnings | -5.6B | -4.8B | -4.4B | -3.9B | -3.4B |
| Treasury Stock | 39.0M | 56.1M | 72.0M | 112.2M | 122.1M |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 13.6B | 12.5B | 11.5B | 10.9B | 10.6B |
| Key Metrics | |||||
| Total Debt | 19.0B | 17.5B | 16.5B | 15.0B | 13.9B |
| Working Capital | 2.1B | 405.4M | 1.5B | 1.4B | 584.4M |
Balance Sheet Composition
Equinix Cash Flow Statement From 2020 to 2024
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 814.0M | 969.0M | 704.6M | 499.7M | 370.1M |
| Depreciation & Amortization | 2.0B | 1.8B | 1.7B | 1.7B | 1.4B |
| Stock-Based Compensation | 462.0M | 407.5M | 404.0M | 363.8M | 295.0M |
| Working Capital Changes | -435.0M | -236.6M | -88.1M | -197.3M | 6.4M |
| Operating Cash Flow | 2.9B | 3.0B | 2.8B | 2.4B | 2.1B |
| Investing Activities | |||||
| Capital Expenditures | -3.1B | -2.8B | -2.3B | -2.8B | -2.3B |
| Acquisitions | -98.0M | 0 | -964.0M | -158.5M | -1.2B |
| Investment Purchases | -520.0M | -135.9M | -144.6M | -107.5M | -127.8M |
| Investment Sales | 0 | 0 | 22.1M | 4.1M | 29.4M |
| Investing Cash Flow | -3.6B | -2.8B | -3.1B | -2.8B | -3.2B |
| Financing Activities | |||||
| Share Repurchases | - | - | - | - | - |
| Dividends Paid | -1.6B | -1.4B | -1.2B | -1.0B | -947.9M |
| Debt Issuance | 2.8B | 902.1M | 1.9B | 3.9B | 5.2B |
| Debt Repayment | -1.1B | -155.0M | -722.1M | -2.9B | -5.3B |
| Financing Cash Flow | 1.6B | 124.6M | 775.2M | 336.1M | 753.4M |
| Free Cash Flow | 183.0M | 435.6M | 685.2M | -204.3M | 27.3M |
| Net Change in Cash | 923.0M | 330.1M | 498.1M | -100.4M | -346.2M |
Cash Flow Trend
Equinix Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
76.35
Forward P/E
58.20
Price to Book
5.41
Price to Sales
8.53
PEG Ratio
4.10
Profitability Ratios
Profit Margin
11.13%
Operating Margin
22.58%
Return on Equity
7.51%
Return on Assets
3.13%
Financial Health
Current Ratio
1.54
Debt to Equity
154.90
Beta
0.91
Per Share Data
EPS (TTM)
$10.20
Book Value per Share
$143.91
Revenue per Share
$92.17
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| eqix | 77.8B | 76.35 | 5.41 | 7.51% | 11.13% | 154.90 |
| American Tower | 89.5B | 35.55 | 23.99 | 24.28% | 12.60% | 431.47 |
| Digital Realty | 61.3B | 46.29 | 2.71 | 5.84% | 24.32% | 80.67 |
| Crown Castle | 41.6B | 36.57 | -30.04 | -183.28% | -71.71% | -21.39 |
| Iron Mountain | 31.0B | 748.57 | -62.91 | -79.54% | 0.64% | -36.91 |
| SBA Communications | 20.9B | 23.57 | -4.16 | -14.83% | 32.25% | -3.04 |
Financial data is updated regularly. All figures are in the company's reporting currency.