Core Insights - Equinix Inc. (EQIX) reported fourth-quarter 2025 adjusted funds from operations (AFFO) per share of $8.91, which missed the Zacks Consensus Estimate of $9.07, but showed a 12.5% improvement year over year [1] - Total quarterly revenues were $2.42 billion, falling short of the Zacks Consensus Estimate of $2.47 billion, yet increased by 7% year over year [2] - The company announced a 10% increase in its quarterly cash dividend to $5.16 per share, payable on March 18, 2026 [6] Financial Performance - Recurring revenues reached $2.29 billion, up 9.7% from the previous year, while non-recurring revenues decreased by 25.9% to $126 million [3] - Adjusted EBITDA for the quarter was $1.19 billion, reflecting a 16.2% year-over-year increase, with an adjusted EBITDA margin of 49% [3][8] - For the full year 2025, AFFO per share was $38.33, a 9.5% increase from the prior year, but below the consensus estimate of $38.48 [2] Capital Expenditures and Expenses - The company spent $139 million on recurring capital expenditures in Q4, a 20.9% increase year over year, while non-recurring capital expenditures rose by 48.7% to $1.30 billion [4] - Cash sales and marketing expenses surged by 17.6% to $160 million, and cash general and administrative expenses increased by 6.4% to $301 million [4] Balance Sheet and Liquidity - As of December 31, 2025, Equinix had $7.2 billion in available liquidity, including $3.2 billion in cash and cash equivalents, and total gross debt of approximately $19 billion [5] - The net leverage ratio stood at 3.8, with a weighted average maturity of 6.5 years [5] 2026 Guidance - For the first quarter of 2026, Equinix projects revenues between $2.496 billion and $2.536 billion, indicating a 3-5% increase over the prior quarter [9] - For the full year 2026, total revenues are estimated to be between $10.123 billion and $10.223 billion, reflecting a growth of 10-11% from 2025 [10] - The company anticipates an adjusted EBITDA of $5.141 billion to $5.221 billion, with an adjusted EBITDA margin of 51% [10]

Core Insights - Equinix Inc. reported a third-quarter 2025 adjusted funds from operations (AFFO) per share of $9.83, exceeding the Zacks Consensus Estimate of $9.26 and reflecting an 8.6% year-over-year increase [1][9]. Financial Performance - Total quarterly revenues reached $2.32 billion, slightly missing the Zacks Consensus Estimate by 0.32%, but showing a 5.2% increase year over year [2]. - Recurring revenues amounted to $2.22 billion, up 7.6% from the previous year, while non-recurring revenues fell 28.9% to $101 million [3][4]. - Adjusted EBITDA was reported at $1.15 billion, a 9.5% year-over-year increase, with an adjusted EBITDA margin of 50% [4]. - AFFO rose 11.4% from the prior year to $965 million [4]. Regional Performance - Revenues from the Americas and EMEA regions increased by 8% and 5.5% year over year, totaling $1.04 billion and $784 million, respectively, while Asia Pacific revenues slightly decreased to $497 million [4]. Capital Expenditures - The company spent $64 million on recurring capital expenditures, a decrease of 7.2% year over year, while non-recurring capital expenditures rose significantly by 65.3% to $1.07 billion [5]. Balance Sheet - As of September 30, 2025, Equinix had $6.9 billion in available liquidity and total gross debt of approximately $17.3 billion, with a net leverage ratio of 3.6 and a weighted average maturity of 6.9 years [6]. Dividend Announcement - Equinix's board declared a quarterly cash dividend of $4.69 per share, payable on December 17, 2025, to shareholders on record as of November 19, 2025 [7]. Guidance Revision - For Q4 2025, Equinix projects revenues between $2.411 billion and $2.531 billion, indicating a 7% increase at the midpoint compared to the previous quarter, with adjusted EBITDA expected in the range of $1.187 billion to $1.267 billion [8]. - The company raised its 2025 AFFO per share guidance to a range of $37.95 to $38.77, reflecting an 8-11% annual growth [9][10]. - Total revenue guidance for 2025 is now set between $9.208 billion and $9.328 billion, indicating a growth of 5-7% from 2024 [11].

Core Viewpoint - Equinix Inc. reported strong financial results for Q1 2025, with adjusted funds from operations (AFFO) per share of $9.67, exceeding estimates and reflecting a 9.1% year-over-year increase, driven by robust demand for digital infrastructure and services [1][2] Financial Performance - Total quarterly revenues reached $2.23 billion, surpassing the Zacks Consensus Estimate of $2.22 billion, and increased by 4.6% year over year [2] - Recurring revenues were $2.087 billion, up 3.8% from the previous year, while non-recurring revenues rose 17.9% to $138 million [3] - Adjusted EBITDA was reported at $1.067 billion, a 7.6% increase year over year, with an adjusted EBITDA margin of 48% [4] - AFFO increased by 12.3% from the prior year to $947 million [4] Balance Sheet Position - As of March 31, 2025, Equinix had $7.6 billion in available liquidity and total debt of approximately $18.2 billion, with a net leverage ratio of 3.4 [5] Dividend Announcement - Equinix's board declared a quarterly cash dividend of $4.69 per share, payable on June 18, 2025, to shareholders on record as of May 21, 2025 [6] 2025 Guidance Revision - For Q2 2025, Equinix projects revenues between $2.244 billion and $2.264 billion, indicating a 1% increase over the prior quarter, with adjusted EBITDA expected in the range of $1.095-$1.115 billion [7] - The company raised its 2025 AFFO per share guidance to between $37.36 and $38.17, suggesting a 7-9% increase from the previous year [7] - Total revenue for 2025 is estimated to be between $9.175 billion and $9.275 billion, reflecting a growth of 5-6% from 2024 [8]