On this page of StockholderLetter.com we present the latest annual shareholder letter from EQUINIX INC — ticker symbol EQIX. Reading current and past EQIX letters to shareholders can bring important insights into the investment thesis.

 •  4/2/2026 Letter Continued (Full PDF)
 •  4/12/2023 EQIX Stockholder Letter
 •  4/12/2024 EQIX Stockholder Letter
 •  4/10/2025 EQIX Stockholder Letter
 •  More "Information Technology Services" Category Stockholder Letters
 •  EQIX Benford's Law Stock Score = 96

EQIX Shareholder/Stockholder Letter Transcript:

Annual Report
2025

280
507,000+
Data centers*
Interconnections   
10,500+
99.9999%+
Customers   
Reliability   
77
11
Markets
Years of continued cash dividend growth  

Letter to our
shareholders
Dear Shareholders,
Equinix was founded on a belief that was simple in its expression but bold in
its ambition: that the world   s networks were stronger connected than apart,
and that a single, neutral point of convergence could make that possible.
It   s a belief that has underpinned every leap forward in computing ever since,
and 2025 gave rise to the most signi   cant and consequential moment of
technological transformation we   ve ever seen.
Revenues ($M)**
Equinix was built for this moment. The idea on which our company was
founded has never been more relevant or important than it is today. And
2025 was the year our strategic moves to Serve Better, Solve Smarter and
Build Bolder took hold to deliver record-setting results for our business.
$8,748
$9,217
$8,188
$7,263
$6,635
$7,745
$6,220
Arti   cial intelligence and accelerated computing are ushering in an
unprecedented era of innovation, and every enterprise in the world is racing
toward the same goals: to deploy and leverage AI, cloud and networking
infrastructure in ways that unlock real business value; to move data
across the globe without sacri   cing speed, security or sovereignty; and
to simplify the complex task of connecting an increasingly distributed
technology ecosystem.

R=9
CAG
$8,184
$8,739
$6,871
FY21
FY22
FY23
FY24
FY25
Recurring Revenues
Non-Recurring Revenues
AFFO ($M)**
CAGR
11%
$3,761
$3,356
$3,019
A year of accelerating momentum
$2,714
$2,451
Demand for our solutions is stronger than ever. You see this re   ected in
last year   s performance.
We grew revenue to $9.2 billion. We achieved record annualized gross
bookings of $1.6 billion, up 27 percent year over year. Monthly recurring
revenue grew 8 percent year over year,       with growth accelerating each
quarter throughout the year. And we executed with purpose and discipline
across our business to deliver adjusted EBITDA margins of 49 percent.
All of this contributed to 12 percent AFFO growth over 2024.      
FY21
FY22
FY23
FY24
FY25
* Includes 25 unconsolidated data centers (23 xScale   data centers and the MC1 and SN1 International Business Exchange    [IBX  ] data centers).
    Noted numbers are as of Q4 2025.
    Re   ecting availability for 2025.
   Since REIT conversion in 2015.
** Revenues and Adjusted Funds From Operations (AFFO):
    Compound annual growth rate for revenues and AFFO from 2021 to 2025.
    For de   nitions of these non-GAAP terms and a detailed reconciliation between the non-GAAP    nancial results and the corresponding GAAP measures, please refer to the
Investor Relations section of our website at Equinix.com or our most recent annual report on Form 10-K    led with the Securities and Exchange Commission on February 11, 2026.
       2025 monthly recurring revenue and AFFO growth on a normalized and constant currency basis.
Equinix   s PA13x xScale data center in Paris, France, shown on the previous page.

We have fully
optimized our AI
factory deployment
within Equinix, which
provides a standard
reference architecture
that de   nes exactly
how the AI factory
should be deployed
and interconnected.   
DELL TECHNOLOGIES
Our momentum extended beyond our    nancials. We reached an
extraordinary milestone last year, surpassing 500,000 interconnections
globally. That   s more than double our nearest competitor, a true
testament to our differentiation in the marketplace and the trust we
have built with customers around the world.
We also delivered record capacity to meet growing demand.
This included adding 23,250 cabinets in our retail footprint whilst
continuing to expand our xScale investments.
At the heart of all these results is an exceptional team. I   m so proud
of the way our employees show up for our customers and partners
every single day. Because of their efforts, Equinix is connecting
the fastest-growing segments of technology infrastructure, and the
value of our platform is increasing with every connection.
The essential layer of connectivity
We are in the early chapters of a multiyear infrastructure investment
cycle. Just like the internet three decades ago, AI is a catalyst for a
fundamentally new approach.
Enterprises must now connect and orchestrate technology workloads
that are spread across more service providers, applications and
geographies than ever before. And they need to do it whilst keeping
their data secure, their systems reliable and their business agile.
That kind of infrastructure cannot be improvised. It takes decades of
patient investment   at a global scale alongside trusted partners   to
build. And Equinix has a 27-year head start.
Equinix delivers an
integrated solution
for our customers
with sovereign
locations to be able
to securely place the
infrastructure and
to do so in a timely
manner.   
HPE
We offer something no other company can match: a large global
footprint across the most critical markets; the most on-ramps to
the world   s cloud providers; and an ecosystem of more than 10,500
customers who rely on Equinix to run their business. These are
structural advantages that truly set us apart, and they will only grow
more important as AI proliferates and scales across industries.
AI inferencing demands network diversity, cloud proximity,
AI-ready interconnection and low latency. Our solutions don   t
need to be retro   tted to meet these requirements. We are built
for them. As the neutral ground where the world   s AI, cloud and
networking infrastructure converges, we are the essential layer
of connectivity that makes it all work to create lasting business
value for every customer we serve.

We are equally committed to serving the communities our employees
call home. This has long been part of the Equinix culture, and it remains
a source of strength that fuels our success.
Last year, we made signi   cant investments in the energy infrastructure
needed to power the digital economy without passing costs on to local
communities. We also advanced our sustainability strategy to drive
new levels of energy efficiency and environmental stewardship whilst
expanding our workforce development programs to give more people
access to the skills and opportunities they need to thrive.
Our commitment to you
As I look ahead, I do so with genuine con   dence in our company and
our team.
Equinix is connecting the digital infrastructure that   s powering the
economies of today and tomorrow. Our ability to do so stems from the
strong foundation on which our company was built and has long powered
our success. That combination   new growth opportunities layered on
top of enduring strength   is what makes our business model so durable
over the long term.
As we invest in the opportunities ahead, we will maintain the    nancial
discipline and operational rigor that you rightfully expect from us.
Above all, we will place a premium on execution. Not as an internal
mantra, but as an unwavering commitment to serve our customers better
and to deliver structurally higher returns and AFFO per share growth for
our shareholders.
That   s what we did in 2025   and it   s what you should continue to
expect from us. Thank you for the trust you have placed in Equinix with
your investment.
Sincerely,
Adaire
Ad i Fox-Martin
F
M i
Chief Executive Officer and President
Equinix, Inc.
Equinix enables the
high density and liquid
cooled infrastructure
we need to run
intensive AI workloads,
while balancing the
performance and
energy consumption.   
MERCK KGaA

4/2/2026 Letter Continued (Full PDF)

 

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