UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-40205 EQUINIX, INC. (Exact name of registrant as specified in its charter) Delaware 77-0487526 (State of incorporation) (I.R.S. Employe ...

Core Viewpoint - Equinix has lowered its annual revenue forecast due to delays in closing a deal and adverse foreign exchange impacts, despite expectations from Wall Street for the company to benefit from increased spending on AI infrastructure [1] Group 1: Company Performance - Equinix is experiencing delays in closing a deal, which has contributed to the lowered revenue forecast [1] - The company is facing negative impacts from foreign exchange rates, further affecting its financial outlook [1] Group 2: Market Expectations - Wall Street anticipates that Equinix will benefit from the growing investment in AI infrastructure, indicating a potential for future growth despite current challenges [1]

Equinix Investor Relations Contacts: Equinix Media Contacts: invest@equinix.com press@equinix.com FOR IMMEDIATE RELEASE Third-Quarter 2025 Results Summary • Adjusted EBITDA ◦ $1.148 billion, an adjusted EBITDA margin of 50%, a 10% increase over the same quarter of the previous year on an as-reported basis, or an 8% increase on a normalized and constant currency basis, exceeding the midpoint of guidance on a constant currency basis driven by strong operating performance • AFFO and AFFO per Share EQUINIX REPO ...

Core Insights - Equinix is a global leader in data center and colocation services, providing digital infrastructure solutions to businesses worldwide, with a strong network of interconnected data centers supporting cloud services and digital transformation [1] Financial Performance - Equinix is set to release its quarterly earnings on October 29, 2025, with analysts estimating an EPS of $9.26 and projected revenue of approximately $2.33 billion, representing a 5.6% increase from the same period last year [2] - In the previous quarter, Equinix reported an AFFO of $9.91 per share, surpassing the Zacks Consensus Estimate of $9.19 per share, indicating strong performance driven by increased revenues from digital infrastructure and services [3][6] - Over the past four quarters, Equinix's AFFO per share has exceeded consensus estimates three times, showcasing consistent financial strength [3] Valuation Metrics - Equinix's financial metrics include a P/E ratio of approximately 80.33, a price-to-sales ratio of about 8.93, an enterprise value to sales ratio of around 10.97, and an enterprise value to operating cash flow ratio of approximately 28.08, reflecting its market valuation and operational efficiency [4][6] - The company's debt-to-equity ratio stands at approximately 1.55, indicating a balanced approach to leveraging debt for growth, while maintaining a current ratio of about 1.54, which suggests a healthy liquidity position [5][6]

Core Viewpoint - U.S. data center operator Equinix is prioritizing its expansion in Brazil, as stated by Eduardo Zago, the managing director for Latin America [1] Company Summary - Equinix is actively expanding its operations in Brazil, indicating the country's significance in the company's growth strategy [1]

Core Insights - The Canada data center colocation market is projected to grow from $1.38 billion in 2024 to $2.11 billion by 2030, reflecting a compound annual growth rate (CAGR) of 7.33% [1][4] - As of December 2024, Canada has approximately 111 operational colocation data centers, with expectations for growth in both existing and new facilities [1][2] Market Overview - Toronto and Montreal are the primary hubs for data center growth in Canada, with Toronto hosting around 35 facilities and Montreal 29 facilities [2] - The report includes a comprehensive analysis of colocation demand and supply, market size metrics, and insights into the investment landscape in Canada [3][4] Market Dynamics - The report covers various aspects such as utilized white floor area, IT power capacity, and occupancy rates, providing a detailed snapshot of the current market landscape [3][4] - It also examines the impact of artificial intelligence on the data center industry and the sustainability status in Canada [3][14] Competitive Landscape - Key players in the Canadian colocation market include Cologix, Compass Datacenters, Digital Realty, eStruxture Data Centers, Equinix, and Telehouse, among others [2][6] - The report analyzes the competitive scenario, including market share by revenue and IT power capacity for existing operators [6][18] Future Projections - The study forecasts the colocation market's growth factors, potential opportunities, and pricing trends for both retail and wholesale colocation services from 2024 to 2030 [6][14] - It identifies 29 upcoming colocation facilities, indicating a robust pipeline for future growth in the sector [3][14]

Core Viewpoint - Equinix (EQIX) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system is based on changes in earnings estimates, which are closely correlated with stock price movements, particularly due to institutional investors' reliance on these estimates for valuation [4][6]. - Equinix is projected to earn $38.19 per share for the fiscal year ending December 2025, with no year-over-year change, but the Zacks Consensus Estimate has increased by 1% over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Equinix's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

Core Insights - Brookfield Asset Management plans to invest up to $5 billion in Bloom Energy's fuel cell technology to support data centers, driven by the demand for cleaner energy amid the AI boom [1][2] - Bloom Energy's shares rose by 31% to $113.72 in premarket trading following the announcement [1] Group 1: Investment and Expansion - Companies are increasingly investing in cleaner power sources, including nuclear, renewables, and fuel cells, to support the growing demand for AI, cloud computing, and digital services [2] - Brookfield is expanding Europe's largest AI infrastructure cluster, with a commitment of up to 95 billion Swedish crowns ($9.98 billion) for an AI data center in Sweden and a 20 billion euro investment for AI projects in France [3] Group 2: Technology and Partnerships - Fuel cells provide a cleaner alternative to traditional power generation by producing electricity through chemical reactions, resulting in environmentally friendly byproducts such as water and heat [3] - Bloom Energy has already implemented its fuel cell technology in data centers through partnerships with companies like American Electric Power, Equinix, and Oracle [4]

Core Insights - Albert Anthony is a Croatian-American business author and media contributor with a focus on real estate investment trusts (REITs) [1] - He has a background in IT analysis for Fortune 500 companies and experience in financial services with Charles Schwab [1] - Anthony is launching a book on REITs in 2025 and manages his own equities research firm remotely [1] Background and Experience - The author has over 1,000 followers on Seeking Alpha and writes for various financial platforms [1] - He has participated in numerous business and innovation conferences in the EU and has a degree from Drew University [1] - Currently enrolled in the CMSA certification program at the Corporate Finance Institute in Vancouver [1] Media and Digital Presence - Albert Anthony is active in digital media, including a YouTube channel focused on REITs [1] - He has appeared in regional media channels in Croatia and has had extra roles in over five productions [1] - The author does not engage with non-publicly traded companies or small-cap stocks [1]

Core Insights - Equinix (EQIX) has launched a Distributed AI infrastructure designed to support the next generation of AI innovation, including agentic AI [1][9] Group 1: Infrastructure and Technology - The new Distributed AI infrastructure addresses the complex needs of businesses deploying next-generation AI agents, requiring a reimagined IT architecture for training, inference, and data management [2] - Equinix operates a fully programmable, AI-optimized network that connects over 270 data centers across 77 markets, enabling reliable and secure operation of intelligent systems globally [3] Group 2: Key Announcements - Equinix will introduce Fabric Intelligence, a software layer enhancing Equinix Fabric, which automates connectivity for AI and multicloud workloads, set to launch in Q1 2026 [4] - The company is establishing AI Solutions Labs in 20 locations across 10 countries, facilitating collaboration with top AI partners to accelerate AI adoption and innovation [5] Group 3: Ecosystem and Partnerships - Equinix is recognized as a comprehensive vendor-neutral AI ecosystem with over 2,000 global partners, enhancing the discoverability of next-generation AI inferencing services through Fabric Intelligence [6] - The GroqCloud platform, launching in Q1 2026, will provide enterprises with direct access to advanced inference platforms, enabling rapid scaling of AI services while ensuring performance and security [6] Group 4: Use Cases and Applications - The Distributed AI infrastructure supports various use cases, including real-time decision-making for predictive maintenance, dynamic retail optimization, and accelerated fraud detection in financial services [7] - These AI capabilities will be available in Q1 2026, allowing organizations to run scalable, compliant, and low-latency AI workloads across multiple regions [7]