Slide 1: Q4 2025 Earnings Conference Call
Q4 2025 Earnings Conference Call NASDAQ: EQIX Presented on February 11, 2026 © 2026 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 Q4 2025 Performance Highlights 19 Equinix Overview 5 Translating our Strategy into Results 20 Portfolio Overview 6 Annualized Gross Bookings 21 Customer Revenues Mix 7 2025 Financial Highlights 22 Non-Financial Metr
Slide 4: Q4 2025 Performance Highlights
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Q4 2025 Performance Highlights Key Highlights Since Last Call: • Increased Q4 monthly recurring revenue (MRR) 10% year over year on both an as-reported Delivered Record and a normalized and constant currency basis; in
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 • Net interconnection additions and Smarter adjust
Slide 6: Annualized Gross Bookings
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1) Annualized Gross Bookings Record gross bookings from robust demand and firm net positive pricing actions +27% $1,560M $1,224M +42% +20% $474M $394M $348M $345M $334M Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 FY24 FY25 © 2026
Slide 7: 2025 Financial Highlights
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data 2025 Financial Highlights ($M) Steady MRR underpins growth momentum in 2025 Revenues Adjusted EBITDA AFFO and AFFO per Share Recurring Revenues Non-recurring Revenues Adjusted EBITDA Adjusted EBITDA Margin AFFO per Sh
Slide 8: Regional Revenues Performance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Regional Revenues Performance ($M) Steady MRR step-ups across all three regions AMER EMEA APAC 29 metros, 111 data centers 30 metros, 105 data centers 18 metros, 64 data centers Recurring Revenues Non-recurring Revenu
Slide 9: Regional Adjusted EBITDA Performance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Regional Adjusted EBITDA Performance ($M) Margin improvements reflect continued focus on delivering operating leverage AMER EMEA APAC Adjusted EBITDA Adjusted EBITDA Margin $1,890 $1,709 $1,561 $1,614 $1,079 $1,522 $1
Slide 10: Credit Highlights
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Credit Highlights Debt by Currency (3)(4) Recent Capital Markets Activity • Issued $1,250M of 4.60% USD Notes due 2030 swapped to 17% EUR with an effective coupon of ~3.34% • Issued inaugural C$700M CAD Notes due 2032
Slide 11: Capital Expenditures
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Capital Expenditures ($M) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 • Recurring capital expenditures have historically trended between 2% and 5% of annual revenues Recurring IBX Maintenance $ 83 $ 8 $ 32 $ 40 $ 106 • Ma
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 ($M) Stabilized Exp
Slide 13: 2026 Financial Guidance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data 2026 Financial Guidance ($M except AFFO per Share) FY 2026 Q1 2026 Revenues $10,123 - 10,223(1) $2,496 - 2,536(2) (4) Adjusted EBITDA $5,141 - 5,221(3) $1,283 - 1,323 Adjusted EBITDA Margin % ~51% 51 - 52% Recurring C
Slide 14: FY26 Guidance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data FY26 Guidance ($M) Normalized Total Revenue growth (2) Normalized MRR growth (2) Adjusted EBITDA Margin Revenues Adjusted EBITDA FY26 growth driven by MRR acceleration, positive pricing actions and capacity additions
Slide 15: Q1 2026 Guidance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Q1 2026 Guidance ($M) Revenues Adjusted EBITDA 49% 51 - 52% (3) +$91 (+4%) +$104 -$21 $2,496 - 2,536 (+9%) $54 $1,283 - 1,323 $58 $2,420 $2,425 $5 $1,198 $1,186 $12 (1) (2) Q4 25 Normalizing Q4 25 Underlying Hampton O
Slide 16: FY26 AFFO and AFFO per Share Guidance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1)(2) FY26 AFFO and AFFO per Share Guidance ($M, except per share) Normalized AFFO growth of 9 - 11% and AFFO per share growth of 8 - 10%, driving shareholder value Share Count (Diluted) AFFO per Share (Diluted) 95.8
Slide 17: Dividend Outlook
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Dividend Outlook Annual Cash Dividend per Share Annual Total Cash Dividends Paid ($M) Expected 2026 Cash Dividend of ~$2,036M $1,137 $1,359 $1,624 $1,835 ~$2,036 • First quarter cash dividend of $5.16 to be paid on Ma
Slide 18: Operating and Supplemental Data
Operating and Supplemental Data © 2026 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: 280 data centers in 77 metros • Interconnected ecosystems: 507,000+ Total Interconnections across 10,500+ customers including 2,000+ ne
Slide 20: Equinix Portfolio
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Equinix Portfolio 280 77 36 507,000+ 35.6M 96% (1) (1) Data centers Markets Countries Interconnections Gross Square Feet Renewable Energy Coverage (1) ~3 GW of Developable Capacity Supported by Retail and xScale Land
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 2.5% 3 81 2 Cloud & IT 2.3% 3 88 3 Cloud & IT 2.2% 3 56 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 Acquisitions & Interconnection Underlying Q4 Q1 Q2 Q3 Q4 Annual Q4 QoQ • Interconnection revenues grew 9% YoY on a Reconciliation normalized and constant currency basis Intercon
Slide 23: Debt Maturities
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1) Debt Maturities 2.9% blended borrowing rate with 6.5 year weighted average maturity USD Senior Notes EUR Senior Notes GBP TLA CHF Senior Notes SGD Senior Notes CAD Senior Notes JPY Senior Notes Green Notes $3B Q4
Slide 24: Equinix Announced Retail IBX Expansions
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Equinix Announced Retail IBX Expansions • 52 major projects underway in 35 markets, across 24 countries including 9 xScale projects representing 18,000+ cabinets of retail through 2026 • 16 project openings in 14 metr
Slide 25: Equinix Announced Retail IBX Expansions
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Equinix Announced Retail IBX Expansions EMEA / APAC © 2026 Equinix, Inc. 25 (1) Sellable cabinet equivalents and capital expenditures are approximate and may change based on final construction details * Subject to lon
Slide 26: xScale
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data xScale Region Project Phase Opening Cost ($M) Phase Capacity Phase Leasing (MW) (MW) Americas Silicon Valley 12x-2 Open $ 151 14 0 EMEA Frankfurt 16x-1 Open $ 192 14 14 Madrid 4x-1 Open $ 119 10 10 Warsaw 4x-3 Open $
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 176 of 280 Own 26.1M of 35.6M total gross Lease (1) >=2041 Data Centers square feet Lease 13% <2041 17% (2) 83% of our recurring revenue is g
Slide 28: Same Store Operating Performance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1) Same Store Operating Performance 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 (1) Adjusted Corporate NOI ($M, except # of Data Centers) Calculation Of Adjusted Corp NOI Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 # of Data Centers (1) 257 252 251 249 248 Recurring Revenues (2) $2,249 $2,166 $2,098
Slide 30: Consolidated Portfolio Operating Performance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1)(2) Consolidated Portfolio Operating Performance Q4 25 Revenues ($M) Total Owned % of # of Data Cabinet Cabinets Cabinet Total Total Category Centers Capacity Billed Utilization % Recurring Recurring AMER Owned 74
Slide 31: Adjusted NOI Composition – Organic
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1)(2) Adjusted NOI Composition – Organic Q4 2025 # of Total Cabinet Q4 2025 Quarterly % of Data Cabinet Cabinets Utilization Recurring Adjusted NOI Total Category Centers Capacity Billed % Revenues ($M) ($M) NOI Stab
Slide 32: Components of Net Asset Value
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Components of Net Asset Value Q4 25 Quarterly Adjusted Ownership Reference NOI ($M) Stabilized Owned Adjusted NOI Segments $789 Stabilized Leased Adjusted NOI Segments $377 Expansion Owned Adjusted NOI Segments $209 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 98.2 0.4 -0.3 ~99.2 97.9 ~99.0 97.8 97.3 0.8 98.2 1.7 1.6 1.4 1.4 1.4 Shares Outstanding Est. Employee Est. Shares Est. Weighte
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 © 2026 Equinix, Inc. 35
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 Calgary 3 CL1, CL2 CL3 CL3 CL1, CL2 New IBX Chicago 6 CH1, CH2, CH3, CH4, CH7 CH5 CH3, CH5 , CH7 CH1,
Slide 37: Data Center Portfolio Composition - EMEA
Data Center Portfolio Composition - EMEA Metro Count Stabilized Expansion New Acquisition xScale Owned Leased Change Summary (1) 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, AM7* AM8, AM11 New IBX Bar
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 Jakarta 5 HK2, HK3, HK4, HK5 1 HK1 JK1 HK1, HK2, HK3, HK4, HK5 JK1 MB3 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 1.18 1.11 1.14 68% 21% GBP to USD 1.36 1.29 1.31 75% 10% USD to SGD 1.27 8% USD to JPY 157 5% USD to AUD 1.43 3% USD to
Slide 40: Q4 2025 FX and Normalization Disclosure
Q4 2025 FX and Normalization Disclosure (1) FX Impact compared to Q4 24 average FX rates (2) Revenues normalized for Equinix Metal, net power pass-through, TIM acquisition and BT Group acquisition © 2026 Equinix, Inc. 40 (3) Adjusted EBITDA normalized for TIM acquisition, BT Group acquisition and in
Slide 41: Fixed and Predictable Cost Model
Fixed and Predictable Cost Model Q4 25 Cash Cost of Revenues and Cash SG&A Utilities Cost as a % of Revenues 6% 18% 6% 35% 8% 16% 16% 15% 14% 15% 14% 14% 13% 13% 12% 27% Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Labor Utilities Consumables and Other (1) 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 Twelve Months Ended (unaudited and in millions) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 We define cash cost of revenues as cost of re
Slide 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations CALCULATION OF ADJUSTED EBITDA AND AFFO BY QUARTER Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 (unaudited and in millions) Net income (loss) $ 264 $ 374 $ 367 $ 343 $ (14) Adjustments: Income tax expense (benefit) 48 25 38 49 14 Interest income (41) (53) (52) (47) (49) Interest
Slide 44: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in millions) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Net income (loss) $ 264 $ 374 $ 367 $ 343 $ (14) Net (income) loss attributable to non-controlling interests 1 — 1 — — Net income (loss) attributable to common stockholders 265 374 368 343 (14) Adjustments:
Slide 45: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in thousands, except per share amounts) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 FFO attributable to common shareholders $ 625,000 $ 707,000 $ 689,000 $ 647,000 $ 302,000 AFFO attributable to common shareholders $ 877,000 $ 965,000 $ 972,000 $ 947,000 $ 770,000
Slide 46: Non-GAAP Reconciliations
Non-GAAP Reconciliations CALCULATION OF ADJUSTED EBITDA AND AFFO BY YEAR FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 (unaudited and in millions) Net income $ 1,348 $ 814 $ 969 $ 705 $ 500 Adjustments: Income tax expense (benefit) 160 161 155 124 109 Interest income (193) (137) (94) (36) (3) Interest exp
Slide 47: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in millions) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Net income $ 1,348 $ 814 $ 969 $ 705 $ 500 Net (income) loss attributable to non-controlling interests 2 1 — — — Net income (loss) attributable to common stockholders 1,350 815 969 705 500 Adjustments: Real
Slide 48: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in thousands, except per share amounts) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 FFO per share: Basic $ 27.26 $ 21.59 $ 22.75 $ 19.94 $ 17.52 Diluted $ 27.19 $ 21.51 $ 22.66 $ 19.89 $ 17.40 AFFO per share: Basic $ 38.42 $ 35.16 $ 32.24 $ 29.64 $ 27.31 Diluted $
Slide 49: Non-GAAP Reconciliations
Non-GAAP Reconciliations Consolidated NOI calculation Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 (unaudited and in millions) Revenues 2,420 2,316 2,256 2,225 2,261 Non-Recurring Revenues (NRR) (1) 100 98 102 97 100 (2) Other Revenues 71 53 57 90 118 (1) Recurring Revenues 2,249 2,166 2,098 2,038 2,043
Slide 50: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in millions) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Income from Operations 422 474 494 458 103 Adjustments: Depreciation, Amortization and Accretion Expense 551 533 502 480 502 Stock-based Compensation Expense 128 130 127 113 114 Restructuring and Other Exit
Slide 51: 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 expense on real estate assets • adjustments for unconsolidated joint ventures' and non-controlling i
Slide 52: 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 53: 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 54: 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 55: EQUINIX
mT EQUINIX