Equinix, Inc. · NASDAQ:EQIX
Equinix — Q3 2025 Earnings Presentation
52 slides from Equinix's earnings presentation, Oct 29, 2025
Slide 1: Q3 2025 Earnings Conference Call
Q3 2025 Earnings Conference Call NASDAQ: EQIX Presented on October 29, 2025 © 2025 Equinix, Inc.
Slide 2: Public Disclosure Statement
Public Disclosure Statement Forward-Looking Statements Except for historical information, this presentation contains forward-looking statements which include words such as “believe,” “anticipate,” and “expect.” These forward-looking statements involve risks and uncertainties that may cause Equinix’s
Slide 3: Table of Contents
Table of Contents Highlights and Financial Results Operating and Supplemental Data 4 Q3 2025 Performance Highlights 19 Equinix Overview 5 Translating our Strategy into Results 20 Portfolio Overview 6 Annualized Gross Bookings 21 Customer Revenue Mix 7 Q3 2025 Financial Highlights 22 Non-Financial Me
Slide 4: Q3 2025 Performance Highlights
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Q3 2025 Performance Highlights Key Highlights Since Last Call: • Record annualized gross bookings of $394 million, up 25% year over year and 14% over Q2 Delivered Record 2025 Bookings • Monthly recurring revenue (MRR)
Slide 5: Translating our Strategy into Results
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Translating our Strategy into Results Serve Successful Results Delivered Accelerating Bookings Better by our Strategy Since Last Earnings Call: Solve Improving Yields • Strong 7,100 net interconnection adds Smarter su
Slide 6: Annualized Gross Bookings
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Annualized Gross Bookings Record gross bookings from robust demand and firm net positive pricing actions +25% +14% $394M $348M $345M $334M $316M Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 © 2025 Equinix, Inc. 6
Slide 7: Q3 2025 Financial Highlights ($M)
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Q3 2025 Financial Highlights ($M) Strong MRR growth and improving operating leverage Revenues Adjusted EBITDA AFFO and AFFO per Share Recurring Revenues Non-recurring Revenues Adjusted EBITDA Adjusted EBITDA Margin AF
Slide 8: Regional Revenues Performance ($M)
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Regional Revenues Performance ($M) Solid demand and healthy MRR step-ups across the regions AMER EMEA APAC 29 metros, 109 data centers 30 metros, 101 data centers 18 metros, 63 data centers Recurring Revenues Non-recu
Slide 9: Regional Adjusted EBITDA Performance ($M)
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Regional Adjusted EBITDA Performance ($M) Strong margins driven by operating performance across the regions AMER EMEA APAC Adjusted EBITDA Adjusted EBITDA Margin $489 $466 $443 $427 $422 $399 $372 $384 $354 $365 $275
Slide 10: Credit Highlights
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Credit Highlights Debt by Currency (2)(3) Recent Capital Markets Activity • S&P upgraded our credit rating to BBB+ and increased leverage 15% tolerance by 0.5x, providing greater financial flexibility • Issued S$650M
Slide 11: Capital Expenditures
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Capital Expenditures • Recurring capital expenditures have ($M) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 historically trended between 2% and 5% of annual revenues Recurring IBX Maintenance $ 47 $ 83 $ 8 $ 32 $ 40 • Mai
Slide 12: Stabilized Data Center Growth
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1)(2) Stabilized Data Center Growth Diverse interconnected ecosystems continue to drive industry-leading returns Stabilized, Expansion and New IBX Data Centers Stabilized Data Center Profitability ($M) Stabilized Exp
Slide 13: Financial Guidance Summary
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Financial Guidance Summary ($M except AFFO per Share) FY 2025 Q4 2025 Revenues $9,208 - 9,328(1) $2,411 - 2,531(2) Adjusted EBITDA $4,531 - 4,611(3) $1,187 - 1,267(4) Adjusted EBITDA Margin % ~49% 49 - 50% Recurring C
Slide 14: 2025 Guidance ($M)
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data 2025 Guidance ($M) Revenues Adjusted EBITDA Maintain underlying revenue against $15M FX headwind Raise adjusted EBITDA by $21M against $7M FX headwind Normalized constant 7 - 8% (1) 49.1% Reported Margin 49.3% currenc
Slide 15: Q4 2025 Guidance ($M)
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Q4 2025 Guidance ($M) Revenues Adjusted EBITDA Greater than $60M recurring step up and NRR primarily related to xScale activity increase +$153 (+7%) 49.6% Reported Margin 49.6% $2,411 - 2,531 +$76 (+7%) $1,187 - 1,267
Slide 16: FY25 AFFO and AFFO per Share Guidance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1)(2) FY25 AFFO and AFFO per Share Guidance ($M, except per share) Raise AFFO guidance by $28M and AFFO per share growth to range between 8 - 10% Share Count (Diluted) AFFO per Share (Diluted) Normalized AFFO Constan
Slide 17: Dividend Outlook
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Dividend Outlook Annual Cash Dividend per Share Annual Cash Dividend ($M) 2025 Cash Dividend of ~$1,836M $1,030 $1,137 $1,359 $1,624 ~$1,836 • Fourth quarter dividend of $4.69 to be +10% paid on December 17, 2025 +18%
Slide 18: Operating and Supplemental Data
Operating and Supplemental Data © 2025 Equinix, Inc. 18
Slide 19: Equinix Overview
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1) Equinix Overview Platform Scale and Strategic Positioning • Global footprint: 273 data centers in 77 metros • Interconnected ecosystems: 499,000+ Total Interconnections across 10,000+ customers including 2,000+ ne
Slide 20: Equinix Portfolio
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Equinix Portfolio 273 77 36 499,000+ 34.2M 96% (1) Data centers Markets Countries Interconnections Gross Square Feet Renewable Energy Coverage (1) ~3 GW of Developable Capacity Supported by Retail and xScale Land Unde
Slide 21: Customer Revenue Mix
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Customer Revenue Mix (2) Top 10 Customers Customer Region Rank % of MRR IBX Count Type Count (1) Customers in Multiple Locations 1 Cloud & IT 2.6% 3 79 2 Cloud & IT 2.4% 3 87 3 Cloud & IT 2.1% 3 59 64% Three-Region Cu
Slide 22: Non-Financial Metrics
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1) Non-Financial Metrics FY2024 FY2025 Q3 Q4 Q1 Q2 Q3 QoQ Interconnection Interconnections • Interconnection revenues grew 8% YoY on a AMER 211,000 213,900 215,900 220,900 225,600 4,700 normalized and constant curren
Slide 23: Debt Maturities
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Debt Maturities(1) 2.7% blended borrowing rate with 6.9 year weighted average maturity USD Senior Notes EUR Senior Notes GBP TLA Green Notes CHF Senior Notes SGD Senior Notes JPY Senior Notes $3B Managing our Maturiti
Slide 24: Equinix Announced Retail IBX Expansions
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Equinix Announced Retail IBX Expansions • 58 major projects underway in 34 markets, across 24 countries including 12 xScale projects representing ~28,000 cabinets of retail and 135 MW of xScale capacity through 2026 •
Slide 25: Equinix Announced Retail IBX Expansions
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Equinix Announced Retail IBX Expansions EMEA / APAC © 2025 Equinix, Inc. 25 (1) Sellable cabinet equivalents and capital expenditures are approximate and may change based on final construction details * Subject to lon
Slide 26: xScale
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data xScale Region Project Phase Opening Cost ($M) Phase Capacity Phase Leasing (MW) (MW) Recent Activity: Americas Silicon Valley 12x-2 Q4 2025 $ 151 14 0 • Leased ~4MW of capacity in São Paulo since our EMEA Frankfurt 16
Slide 27: Real Estate Portfolio and Ownership
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Real Estate Portfolio and Ownership Recurring Revenues by Ownership (2) Own 169 of 273 Own 24.7M of 34.2M total gross Lease (1) Data Centers square feet >=2040 Lease 15% <2040 16% (2) 84% of our recurring revenue is g
Slide 28: Same Store Operating Performance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Same Store Operating Performance (1) Revenues ($M) Cash Cost, Gross Profit and PP&E ($M) Trailing 4-Qtr Inter- Services/ Total Non- Total Cash Cost of Cash Gross Cash Gross Gross Cash Return on Category Colocation con
Slide 29: Adjusted Corporate NOI
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Adjusted Corporate NOI (1) ($M, except # of Data Centers) Calculation Of Adjusted Corp NOI Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 (1) # of Data Centers 252 251 249 248 248 Recurring Revenues (2) $2,166 $2,098 $2,038
Slide 30: Consolidated Portfolio Operating Performance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Consolidated Portfolio Operating Performance(1)(2) Cabinets Billed Q3 25 Revenues ($M) Total Cabinet Owned % of # of Data Cabinet Cabinets Utilization Total Total Category Centers Capacity Billed % Recurring Recurring
Slide 31: Adjusted NOI Composition – Organic
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Adjusted NOI Composition – Organic(1)(2) Q3 2025 Q3 2025 # of Total Cabinet Recurring Quarterly % of Data Cabinet Cabinets Utilization Revenues Adjusted NOI Total Category Centers Capacity Billed % ($M) ($M) NOI Stabi
Slide 32: Components of Net Asset Value
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Components of Net Asset Value Q3 25 Quarterly Ownership Reference Adjusted NOI ($M) Stabilized Owned Adjusted NOI Segments $781 Stabilized Leased Adjusted NOI Segments $369 Expansion Owned Adjusted NOI Segments $193 E
Slide 33: Forecasted Shares
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Forecasted Shares (M) Fully Diluted Weighted Average Shares Common Stock Outstanding 98.2 0.4 -0.3 ~98.3 97.8 97.9 ~98.2 0.1 97.3 96.5 0.8 97.3 1.5 1.7 1.6 1.4 1.4 Shares Est. Employee ATM Offering Est. Shares Est. We
Slide 34: Equinix Leadership and Investor Relations
Equinix Leadership and Investor Relations Leadership Team Equinix Investor Relations Contacts Raouf Abdel - EVP, Global Operations Adam Berlew - Chief Marketing Officer Phillip Konieczny Adaire Fox-Martin Chief Executive Officer and Mike Campbell - Chief Sales Officer Senior Vice President, Finance
Slide 35: Appendix: Supplemental Data, Non-GAAP Financial Reconciliations & Definitions
Appendix: Supplemental Data, Non-GAAP Financial Reconciliations & Definitions
Slide 36: Data Center Portfolio Composition - AMER
Data Center Portfolio Composition - AMER Metro Count Stabilized Expansion New Acquisition xScale Owned Leased Change Summary (1) Atlanta 2 AT1, AT4 AT4 AT1 Bogota 2 BG1 BG2 BG1, BG2 Boston 1 BO2 BO2 New IBX Calgary 3 CL1, CL2 CL3 CL3 CL1, CL2 Chicago 5 CH1, CH2, CH3, CH4, CH7 CH3, CH7 CH1, CH2, CH4
Slide 37: Data Center Portfolio Composition - EMEA
Data Center Portfolio Composition - EMEA Metro Count Stabilized Expansion New Acquisition xScale Owned Leased Abidjan 1 AB1 AB1 Abu Dhabi 1 AD1 AD1 Accra 1 AC1 AC1 Amsterdam 9 AM1, AM2, AM3, AM4, AM5, AM6, AM7, AM8, AM11 AM1*, AM2*, AM3*, AM4*, AM5, AM6, AM8, AM11 Barcelona 2 BA1 BA2 BA2 BA1 Bordeau
Slide 38: Data Center Portfolio Composition - APAC
Data Center Portfolio Composition - APAC Metro Count Stabilized Expansion New Acquisition xScale Owned Leased Change Summary (1) Adelaide 1 AE1 AE1 Brisbane 1 BR1 BR1 Canberra 1 CA1 CA1* Chennai 1 CN1 CN1 New IBX Hong Kong 5 HK2, HK3, HK4, HK5 HK1 HK1, HK2, HK3, HK4, HK5 CN1 Jakarta 1 JK1 JK1 Johor
Slide 39: FX Rates, Hedging and Currencies
FX Rates, Hedging and Currencies Revenue FX Rates (1) (2) Blended (2) (3) (4) Guidance Blended % of Currency Hedge Rate Guidance Rate Hedge % Revenues Rate USD 1.00 38% EUR to USD 1.17 1.12 1.13 76% 20% GBP to USD 1.34 1.28 1.29 83% 10% USD to SGD 1.29 9% USD to JPY 148 5% USD to AUD 1.51 3% USD to
Slide 40: Q3 2025 FX Disclosure
Q3 2025 FX Disclosure As-reported Normalized As-reported Normalized Underlying FX As-reported Growth % Growth % Q3'25 YoY Q3'24 Q3'25 Impact (1) Hedge (1) Normalizing (2)(3) Q3'25 Q3'25 Q3'25 Revenues AMER 958 1,041 1 - (7) 1,035 8% 9% EMEA 743 777 47 (30) (9) 784 6% 5% APAC 500 495 7 1 (6) 497 -1%
Slide 41: Fixed and Predictable Cost Model
Fixed and Predictable Cost Model Q3 25 Cash Cost of Revenues and Cash SG&A Utilities Cost as a % of Revenues 7% 17% 6% 35% 7% 16% 16% 16% 15% 14% 15% 14% 14% 13% 12% 28% Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Labor Utilities Consumables and Other (2) Outside Services Rent IBX Repairs & Ma
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - NON-GAAP PRESENTATION Three Months Ended (unaudited and in millions) September 30, 2025 June 30, 2025 September 30, 2024 We define cash cost of revenues as cost of revenues less depreciation, amortization, accretion and stock
Slide 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations CALCULATION OF ADJUSTED EBITDA AND AFFO BY QUARTER Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 (unaudited and in millions) Net income (loss) $ 374 $ 367 $ 343 $ (14) $ 296 Adjustments: Income tax expense (benefit) 25 38 49 14 54 Interest income (53) (52) (47) (49) (35) Interest
Slide 44: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in millions) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Net income (loss) $ 374 $ 367 $ 343 $ (14) $ 296 Net (income) loss attributable to non-controlling interests — 1 — — 1 Net income (loss) attributable to common stockholders 374 368 343 (14) 297 Adjustments:
Slide 45: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in thousands, except per share amounts) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 FFO per share: Basic $ 7.22 $ 7.04 $ 6.63 $ 3.12 $ 6.38 Diluted $ 7.20 $ 7.03 $ 6.61 $ 3.11 $ 6.36 AFFO per share: Basic $ 9.85 $ 9.94 $ 9.71 $ 7.95 $ 9.08 Diluted $ 9.83 $ 9.91 $
Slide 46: Non-GAAP Reconciliations
Non-GAAP Reconciliations Consolidated NOI calculation Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 (unaudited and in millions) Revenues 2,316 2,256 2,225 2,261 2,201 Non-Recurring Revenues (NRR)(1) 98 102 97 100 83 (2) Other Revenues 53 57 90 118 109 Recurring Revenues(1) 2,166 2,098 2,038 2,043 2,009 Co
Slide 47: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in millions) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Income from Operations 474 494 458 103 425 Adjustments: Depreciation, Amortization and Accretion Expense 533 502 480 502 494 Stock-based Compensation Expense 130 127 113 114 122 Restructuring Charges 5 2 10
Slide 48: Definitions
Definitions Funds from Operations (FFO): Represents net income attributable to common stockholders excluding: • gain or loss from the disposition of real estate assets • depreciation and amortization on real estate assets • adjustments for unconsolidated joint ventures' and non-controlling interests
Slide 49: Definitions - Continued
Definitions - Continued Annualized Gross Bookings: Represents the annualized revenue impact of stated Monthly Recurring Revenue (MRR) on newly executed contracts with a term of 12 months or more, net of any MRR decreases from cancellations or terminations associated with the new contracts and adjust
Slide 50: Definitions - Continued
Definitions - Continued Data Center Growth New Data Centers: Phase 1 began operating on or after January 1, 2024. Expansion Data Centers: Phase 1 began operating before January 1, 2024, and there is an expected expansion of one or more additional phases leveraging the existing capital infrastructure
Slide 51: Definitions - Continued
Definitions - Continued Capital Expenditures Recurring Capital Expenditures: Capital spending incurred to extend useful life of IBXs or other Equinix assets that are required to support current revenues. ▪ Sustaining IT & Network: Capital spending necessary to extend useful life of IT & Network infr
Slide 52: Equinix
mT EQUINIX