Companies /Real Estate

Equinix Inc

NASDAQ: EQIX Reit - Specialty
$1,023.81
▼ $19.25 (−1.85%) today
Markets closed · 7:20am ET

Q3 2025 Earnings

Reported Oct 29, 2025, 4:11pm ET · SEC source
$3.81
Beat +10.94%
EPS · est. $3.43
$2.3B
Miss −0.46%
Revenue · est. $2.3B
−13.0%
Trailing market
EQIX vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
0+3%+6%Oct 29Oct 30report 4:11pm ETearnings−0.9%+4.4%
0+3%+6%Oct 29Oct 30earnings−0.9%+4.4%
EQIX +4.4%S&P 500 −0.9%
0+3%+6%Oct 29Oct 30report 4:11pm ETearnings−1.3%+4.4%
0+3%+6%Oct 29Oct 30earnings−1.3%+4.4%
EQIX +4.4%NASDAQ −1.3%
−3%0+3%+6%Oct 28Nov 6report 4:11pm ETearnings−2.1%+2.2%
−3%0+3%+6%Oct 28Nov 6earnings−2.1%+2.2%
EQIX +2.2%S&P 500 −2.1%
−3%0+3%+6%Oct 28Nov 6report 4:11pm ETearnings−3.4%+2.2%
−3%0+3%+6%Oct 28Nov 6earnings−3.4%+2.2%
EQIX +2.2%NASDAQ −3.4%
+4.44%
Day of report
+1.54%
Next session
−1.66%
One week
−12.70%
30 days

S&P 500 over the same 30 days: +0.25%.

Did EQIX Beat Earnings? Q3 2025 Results

Equinix delivered a notably strong Q3 2025, with earnings per share of $3.81 beating the $3.43 consensus estimate by 10.94%, even as revenue of $2.32 billion came in fractionally light of the $2.33 billion Wall Street expected — a -0.46% miss that did little to overshadow the broader profitability story. Revenue grew 5.2% year over year, supported by an 8% rise in monthly recurring revenue and record annualized gross bookings of $394 million, up 25% year over year, signaling that demand for Equinix's data center and interconnection infrastructure is accelerating rather than plateauing. Adjusted EBITDA margins expanded 200 basis points to 50%, while AFFO climbed 11% to $965 million, reflecting both operational leverage and disciplined balance sheet management. The company's interconnection franchise, now generating $422 million in quarterly revenue with over 499,000 total connections, remains a core growth engine. Looking ahead, Equinix raised its full-year AFFO guidance by $31 million on an underlying basis and projects Q4 revenue of $2.41 billion to $2.53 billion, roughly 7% sequential growth, as capacity expansion across 58 active global projects continues to scale.

Key Takeaways
  • Record annualized gross bookings of $394 million, up 25% YoY and 14% QoQ
  • MRR increased 8% YoY on both as-reported and normalized constant currency basis
  • Interconnection revenues grew 10% YoY to $422 million
  • 57% YoY increase in Equinix Fabric bookings
  • 7,100 net physical and virtual connections added in Q3
  • Adjusted EBITDA margin expanded to 50%, up from 48% in Q3 2024
  • Lower net interest expense contributing to AFFO growth
  • Over 4,400 deals closed with more than 3,400 customers

“Our strong Q3 performance is a clear signal of accelerating momentum, for Q4 and into 2026.”

Equinix CEO, on the earnings call

Forward Guidance & Outlook

For Q4 2025, Equinix expects revenues of $2.411–$2.531 billion (approximately 7% sequential growth), adjusted EBITDA of $1.187–$1.267 billion (49–50% margin), and recurring capex of $134–$154 million. Full-year 2025 guidance maintains revenues of $9.208–$9.328 billion (5–7% as-reported growth, 7–8% normalized and constant currency), adjusted EBITDA of $4.531–$4.611 billion (~49% margin, ~250 bps expansion YoY), and AFFO of $3.731–$3.811 billion (11–14% as-reported growth). AFFO per share is expected at $37.95–$38.77 (8–11% as-reported growth). Full-year guidance includes an underlying raise of $21 million for adjusted EBITDA and $31 million for AFFO from better-than-expected business performance and balance sheet management, partially offset by foreign currency headwinds. Total capex is expected at $3.792–$4.292 billion, including $3.514–$3.994 billion of non-recurring capex. Expected full-year cash dividends are approximately $1.836 billion.

EQIX YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$700.0M$1.4B$2.1B$2.2B$2.3BRevenue$1.1B$1.2BGross Profit$425.0M$474.0MOperating Income$297.0M$374.0MNet Income
$0$700.0M$1.4B$2.1BRevenueGross ProfitOperating IncomeNet Income

EQIX Revenue by Segment

Colocation$1.6B
Interconnection$422.0M+10.0%
Managed Infrastructure$118.0M

EQIX Revenue by Geography

Americas$1.0B+8.0%
EMEA$784.0M+5.5%
Asia Pacific$497.0M

Figures from SEC filings and company reports. Not investment advice.