Equinix (EQIX) 10-K risk factor changes: FY2025 vs FY2024

In addition to the other information contained in this report, the following risk factors should be considered carefully in evaluating our [removed: business:][added: business.]

[removed: Proposed] [added: Any additional] tariffs to be imposed by the U.S. on imports from certain countries and potential counter-tariffs in response, could lead to increased costs and supply chain disruptions.

[removed: If we are not able] [added: Our inability] to [removed: navigate] [added: effectively manage] these [removed: changes, it] [added: developments] could have a material adverse effect on our [removed: business and] [added: business, financial condition,] results of operations, [removed: as well as on] [added: and] the price of our common stock.

[removed: Similarly, current] [added: Current] relations between the U.S. and China have created increased supply chain risk due to successive U.S. legislation promoting decoupling from China on semiconductors and specific telecommunications equipment [removed: makers,] [added: makers as well as the threat of increased tariffs] and having to source [removed: for] [added: from] alternative suppliers for key components outside of China.

[removed: Additionally, laws] [added: Laws] and regulations related to economic sanctions, export controls, anti-bribery and anti-corruption, and other international activities may restrict or limit our ability to engage in transactions or dealings with certain counterparties, in or with certain countries or territories, or in certain activities.

We are [removed: also] experiencing an increase in our costs to procure power and supply chain issues globally.

The adverse economic conditions we are currently [removed: experiencing] [added: experiencing, including the impact of increased tariffs and inflation,] may [added: also impact our customers and] cause a decrease in sales as some customers may [removed: need to take] [added: initiate] cost cutting measures or scale back their operations.

[removed: Further, volatility] [added: Volatility] in the financial markets and rising interest rates [removed: like we are currently experiencing] could affect our ability to access the capital markets at a time when we desire, or need, to do so which could have an impact on our flexibility to pursue additional expansion opportunities and maintain our desired level of revenue growth in the future.

Our business could be harmed by increased costs to procure power, prolonged power outages, shortages or capacity [removed: constraints as well as insufficient access to power.][added: constraints.]

[removed: Any such limitations may have a negative impact on a given IBX data] center and may limit our ability to grow our business which could negatively affect our financial performance and results of operations.

Utility companies and other third-party power providers may impose onerous operating conditions to any [removed: approval or] [added: agreement to] provision [removed: of] power or we may experience significant delays, unfavorable contractual terms, [added: new industry regulations] and substantial increased costs to [removed: provide] [added: obtain] the level of electrical service required by our current or future IBX data center designs.

Our ability to find reliable partners and appropriate sites for expansion may also be limited by access to power, especially as we design our data centers to the specifications of new and evolving technologies, such as AI, which are more power-intensive, and further prepare to serve the power demands [added: we expect] in the [removed: future that are expected from the electrification of the economy.][added: future.]

Unplanned power outages, including, but not limited to those relating to large storms, earthquakes, fires, tsunamis, cyber-attacks, physical attacks on utility infrastructure, war, and any failures of electrical power grids or internal systems more generally, and planned power outages by public utilities, [removed: such as Pacific Gas and Electric Company's practice of planned outages in California to minimize fire risks,] could harm our customers and our business.

We attempt to limit our exposure to system downtime by using backup generators, which are in turn supported by onsite fuel storage and through contracts with fuel suppliers, but these measures may not always prevent downtime or solve for long-term or [removed: large-][added: large-scale outages.]

Various macroeconomic factors are contributing to the instability and global power shortage including [added: inadequate power generation and transmission to meet market demand in certain locations,] severe weather events, governmental regulations, government relations and inflation.

We believe we have made appropriate estimates for these costs in our forecasting, but the current unpredictable energy market could materially affect our [added: ability to expand our business, our] financial forecasting, results of operations and financial condition.

We continue to address necessary changes in global sanctions laws [added: including by running manual sanctions checks in certain instances] and [added: we] modify our processes as necessary in light of [removed: these] evolving laws.

We experienced [removed: a] cybersecurity [removed: incident] [added: incidents] in the past and may be vulnerable to future security breaches, which could disrupt our operations and have a material adverse effect on our business, results of operation and financial condition.

[removed: While this and other incidents have been resolved, and their impacts have been immaterial, we expect we will continue to face risks associated with unauthorized access to our] computer systems, loss or destruction of data, computer viruses, ransomware, malware, distributed denial-of-service attacks or other malicious activities, and the impact of such events in the future may be material.

In addition, our [removed: adaptation to a] hybrid working model, that includes both work from home and in [removed: an office,] [added: office working environments,] could expose us to [removed: new] [added: additional] security risks.

We also offer managed services in certain [removed: of our foreign jurisdictions outside of the U.S.] [added: locations] where we manage the data center infrastructure for our customers.

The [added: international] cybersecurity regulatory landscape continues to evolve and compliance with the proposed reporting requirements could further complicate our ability to resolve cyber-attacks.

Furthermore, we continue to acquire IBX data centers not built by [removed: us.][added: us and we may be required to incur substantial additional costs to repair or upgrade the IBX data centers.]

[removed: Until the legacy systems are brought up to our standards, customers in] these IBX data centers could be exposed to higher risks of unexpected power outages.

We have experienced power outages because of these legacy design issues in the past and we could experience [removed: these] [added: them] in the future.

- fiber failures, subsea cable damage and other network [removed: interruptions;][added: damage/interruptions;]

We have service level commitment obligations to [removed: certain] [added: most] customers.

If, for any reason, these [removed: providers] [added: suppliers] fail to provide the required services, our business, financial condition and results of operations could be materially and adversely impacted.

[removed: All of these changes] [added: Changes] to our financial systems also create an increased risk of deficiencies in our internal controls over financial reporting until such systems are stabilized.

Finally, the collective impact of these changes to our business has placed significant demands on impacted employees across multiple functions, increasing the risk of errors and control deficiencies in our financial statements, distraction from [removed: the effective operation of our business and difficulty in attracting and retaining employees.]

Any such difficulties or disruptions may adversely affect our [removed: business] [added: business, our culture] and [added: our] results of operations.

If we are unable to [removed: successfully implement our current leadership transition, or if we are unable to] recruit or retain key qualified personnel, our business could be harmed.

[removed: Our] [added: In addition, our] talent strategy could continue to evolve with the future direction of the business.

[removed: We rely primarily on revenue opportunities from the] telecommunications carriers' customers to encourage them to invest the capital and operating resources required to connect from their data centers to our IBX data centers.

Any hardware or fiber failures on [removed: this network,] [added: these networks,] either on land or subsea, may result in significant loss of connectivity to our new IBX data center expansions.

If the establishment of highly diverse internet connectivity to our IBX data centers does not occur, is materially [removed: delayed] [added: delayed, disrupted] or is discontinued, or is subject to failure, our results of operations and financial condition will be adversely affected.

Because many of our IBX data centers were built a number of years ago, the current demand for power may exceed the designed electrical capacity in these IBX data [added: centers.]

Failure to successfully harness these AI tools [added: and manage associated risks] could negatively impact our business and operating results.

In addition, some customers will be reluctant to commit to locating in our IBX data centers until they are confident that [removed: the IBX data center has adequate carrier connections.]

This kind of investment may include real estate expansion or developing, acquiring and obtaining [added: power and] intellectual [removed: property.][added: property investments.]

Additional risks which we do not presently consider material, or of which we are not currently aware, may also have an adverse impact on us.

The information discussed below is at the time of this filing.

This section contains forward-looking statements.

Geopolitical events and political tensions contribute to an already complex landscape, and could have a negative effect on our global business operations.

Geopolitical events, including trade tensions between the U.S. and other countries, the war between Russia and Ukraine, and ongoing conflicts in the Middle East, could negatively affect our global operations, and their future impact remains unpredictable.

In addition, uncertainty surrounding the legality, enforceability, and interpretation of U.S. and international laws, executive actions, regulatory frameworks, and enforcement priorities could result in compliance challenges, significant penalties, operational restrictions, reputational harm, or adverse effects on our business and results of operations.

Periodic risks of a U.S. government shutdown could further disrupt economic conditions.

Moreover, actual or proposed U.S. tariffs and potential counter tariffs may increase costs and disrupt our supply chain, with their scope and duration dependent on evolving negotiations and exemptions, making their impact difficult to predict.

The current uncertain economic environment, including challenges related to power and supply chains, could impact our business and the businesses of our customers.

Further, as a result of the increase in demand for AI infrastructure, we are anticipating chip shortages relative to those experienced in the market in prior years.

This shortage could impact our customers and delay or deter customer server deployments within our IBX data centers.

These shortages could also impact our own network rooms and certain products which rely on integration with these chips.

Price increases for the chips could be significant and could have a material impact on our business or the business of our customers.

In certain markets, there are specific requirements to cover our operations with power procured from renewable energy resources and the availability of such alternative energy resources may be limited.

Any such limitations may have a negative impact on a given IBX data

In certain cases, we must commit to power purchases before an IBX center is fully operational, increasing fixed costs and the risk that these costs cannot be passed on to customers.

We have experienced outages in the past for various reasons and could experience outages in the future.

Until the legacy systems are brought up to our standards, customers in

- insider threat;

- global pandemics;

While previous incidents have been resolved, and their impacts have been immaterial, we expect we will continue to face risks associated with unauthorized access to our

A cyber attack may originate from either an external actor or an insider threat within the organization.

the effective operation of our business and difficulty in attracting and retaining employees.

In December 2025, we announced the retirement of and succession plan for our Chief Financial Officer.

Any significant leadership change involves risk, and any failure to transition effectively could hinder our strategic planning, business execution and future performance.

A transition in our Chief Financial Officer role may create uncertainty and operational challenges, including disruption to employee workflows, increased distraction, potential adverse impacts on employee retention and satisfaction, and an increased risk of delays or errors in financial reporting and internal controls during the transition period.

Any such impacts could impair our ability to execute our financial strategy effectively and could adversely affect our results of operations and financial condition.

Our future performance depends on the continued success of our executive team and our ability to attract and retain skilled employees, including management.

We cannot provide assurance that we will be able to retain our existing personnel or attract additional qualified employees in the future.

Further, for various reasons, a landlord may not want to renew the lease with us, or he may transfer his interests to third parties which could affect our ability to renew the lease.

We rely primarily on revenue opportunities from the

the IBX data center has adequate carrier connections.

Further, because of the expected growth and opportunity related to AI, we anticipate significant investments in the data center industry by both current competitors and new investors and companies looking to capture this opportunity.

If Equinix is unable to compete against these new market entrants, or capture a proportionate share of these investments, we could lose market share during this expected period of growth.

We also must compete against certain of these competitors to secure the land and power needed for our expansion plans.

If we fail to invest before or contemporaneously with our competitors, our results of operations could suffer.

results.

- changes in the perceived demand for goods and services supporting AI;

On November 19, 2025, we received correspondence from the SEC indicating that the agency had concluded its investigation and does not intend to recommend an enforcement action.

The Company also does not expect any further related action from the NDCA.

Geopolitical events and political changes, including the recent change in administration in the U.S., contribute to an already complex and evolving regulatory landscape.

If we cannot comply with the evolving laws and regulations in the countries in which we operate, we may be subject to litigation and/or sanctions, adverse revenue impacts and increased costs, and our business and results of operations could be negatively impacted.

In light of the recent change in administration in the U.S., there is considerable uncertainty and potential conflict regarding and among existing laws, judicial orders and bans, new presidential executive orders, regulatory frameworks, leadership changes and enforcement priorities and strategies.

Penalties for non-compliance with any of these orders or regulations may be significant.

Additionally, geopolitical events, such as the trade war between the U.S. and China, the war between Russia and Ukraine, the ongoing conflict in the Middle East, could have a negative effect on our business domestically and/or internationally.

While some time has passed since some of these events first occurred, it remains unpredictable how these events will continue to develop and impact the environment in which we do business.

With respect to the ongoing trade war between the U.S. and China, we have several Chinese customers who are named in restrictive executive orders ("EOs"), and while a majority of these EOs are typically only applicable to transactions and/or services provided to these Chinese customers in the U.S. today, it is uncertain if the new U.S. administration would further expand the applicability of such EOs to transactions and businesses outside of the U.S. If Equinix is required to cease business with these companies, or additional companies in the future, our revenues could be adversely affected.

We cannot guarantee compliance with all such laws and regulations, and failure to comply with such laws and regulations could expose us to fines, penalties, or costly and expensive investigations.

Violations of any of applicable domestic or international laws and regulations that could result in significant fines, criminal sanctions against us, our officers or our employees, and prohibitions on the conduct of our business.

Any such violations could include prohibitions on our ability to provide our offerings in one or more countries, could delay or prevent potential acquisitions, and could also materially damage our reputation, our brand, our international expansion efforts, our ability to attract and retain employees, our business and results of operations.

Inflation in the global economy, increased interest rates, political dissension and adverse global economic conditions, like the ones we are currently experiencing, could negatively affect our business and financial condition.

Inflation is impacting various aspects of our business.

Further, disagreement in the U.S. Congress on

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

government spending levels could increase the possibility of a government shutdown, further adversely affecting global economic conditions.

We also could be exposed to hyperinflation in certain economies as a result of potential expansion into developing countries.

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

scale outages.

The ongoing military conflicts between Russia and Ukraine and in the Middle East could negatively affect our business and financial condition.

The war in Ukraine has led to market disruptions, including significant volatility in commodity prices, credit and capital markets, an increase in cybersecurity incidents as well as supply chain disruptions.

Additionally, various Russian actions have led to sanctions and other penalties being levied by the U.S., the European Union, the United Kingdom, and other countries, as well as other public and private actors and companies, against Russia and certain other geographic areas, including agreement to remove certain Russian financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system and restrictions on imports of Russian oil, liquified natural gas and coal.

We do not have operations in Russia or Ukraine and historically we have had a limited number of Russian and Ukrainian customers, which we continue to screen against applicable sanctions lists per our standard processes.

Although we continue to devote resources to this screening effort, including the use of software solutions, the sanctions screening process remains partially manual, and the sanctions lists continue to evolve and vary by country.

In addition to compliance with applicable sanctions laws, we are currently limiting the ability of Russian customers to place orders for our offerings unless, after reviewing these orders, we believe they are aligned with our stated objectives in support of Ukraine.

We do not allow purchases from Russian partners or suppliers and have committed to not make any direct or indirect investment in Russia absent an end to this conflict.

In addition, for our customers located in Ukraine, we are currently providing offerings free of charge and may continue to do so in the future.

The associated disruptions in the oil and gas markets have caused, and could continue to cause, significant increases in energy prices, which could have a material effect on our business.

Additional potential sanctions and penalties have also been proposed and/or threatened.

If Russia further reduces or turns off energy supplies to Europe, our EMEA operations could be adversely affected.

Russian military actions and the resulting sanctions could further affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets, potentially making it more difficult for us to obtain additional debt or equity financing on attractive terms in the future.

In the case of the Middle East conflict, the current situation is extremely volatile.

It is possible that such events will continue to adversely impact the level of economic activity globally and that we will face increased regulatory and legal complexities in the regions affected thus impacting our business and employees, our financial condition and results of operations.

Additionally, any sustained military action in the area of the Red Sea could contribute to supply chain challenges as well as potential issues with subsea cables.

Prolonged unfavorable economic conditions or uncertainty, including as a result of the military conflict between Russia and Ukraine or in the Middle East, may adversely affect our business, financial condition, and results of operations.

Any of the foregoing may also magnify the impact of other risks described in this Annual Report on Form 10-K.

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

For example, in September 2020, we discovered ransomware on certain of our internal systems.

If we discover that these buildings and their infrastructure assets are not in the condition we expected when they were acquired, we may be required to incur substantial additional costs to

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

repair or upgrade the IBX data centers.

Item 7 of this Form 10-K focuses on discussion of [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] items as well as [removed: 2024] [added: 2025] results as compared to [removed: 2023] [added: 2024] results.

For the discussion of [removed: 2022] [added: 2023] items and [removed: 2023] [added: 2024] results as compared to [removed: 2022] [added: 2023] results, please refer to Item 7 of our [removed: 2023] [added: 2024] Form 10-K as filed with the SEC on February [removed: 16, 2024.][added: 12, 2025.]

- Critical Accounting [removed: Policies and] Estimates

[removed: ][added: ]

We provide a global, vendor-neutral data center, interconnection and edge solutions platform with offerings that [removed: aim to] enable our customers to reach everywhere, interconnect everyone and integrate everything.

Global enterprises, service providers and business ecosystems of industry partners rely on our IBX data centers and expertise around the world for the safe housing of their critical IT equipment and to protect and connect the [removed: world's most valued information assets.]

They also look to [removed: Platform Equinix®] [added: Equinix] for the ability to directly and securely interconnect to the networks, clouds and content that enable today's information-driven global digital economy.

[added: Our] recent IBX data center openings and acquisitions, as well as xScaleTM data center investments, have expanded our total global footprint to [removed: 268 IBXs,] [added: 280 data centers,] including [removed: 20] [added: 23] xScale data centers and the MC1 [added: and SN1] data [removed: center] [added: centers] that are held in unconsolidated joint ventures, across [removed: 74] [added: 77] markets around the world.

- [added: physical and virtual] interconnection and data exchange solutions;

Our data centers around the world allow our customers to bring together and interconnect the infrastructure they need to [removed: fast-track] [added: seamlessly operate] their [removed: digital advantage.][added: business.]

With Equinix, they can scale with [added: speed and] agility, accelerate the launch of [added: new] digital [removed: offerings, deliver world-class experiences] [added: offerings while safeguarding data,] and [removed: multiply their value.][added: implement AI applications at scale to achieve business success.]

As more customers choose [removed: Platform] Equinix for [removed: bandwidth cost] [added: high connectivity] and performance [removed: reasons,] [added: reliability at the metro edge,] it benefits their suppliers and business partners to colocate in the same data centers and connect directly with each other.

This adjacency creates a network effect that attracts new [removed: customers,] [added: customers while] continuously [removed: enhances] [added: enhancing] our [removed: existing customers'] value [added: proposition to existing customers] and [removed: enables] [added: enabling] them to capture further economic and performance benefits from our offerings.

Our cabinet utilization rates were approximately [removed: 78%] [added: 77%] and [removed: 79%,] [added: 78%,] as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

[added: These] constraints could have a negative impact on our ability to grow revenues, affecting our financial performance, results of operations and cash flows and the growth opportunities presented by the adoption of new technologies, including AI.

[removed: To] [added: In addition, to] serve the [removed: needs of the] growing hyperscale [removed: data center market, including the world's largest cloud service providers and increased demand driven in part by the adoption of AI,] [added: requirements,] we have entered into joint venture partnership arrangements across our Americas, EMEA and Asia-Pacific regions to develop and operate xScale data centers.

[removed: ][added: ]

Our business is primarily based on a recurring revenue model comprised of [removed: colocation and related] [added: colocation,] interconnection and managed infrastructure offerings.

[removed: We consider these offerings recurring because our customers are generally billed] on a fixed and recurring basis each month for the duration of their contract, which is generally one to five years in length, and thereafter automatically renews in one-year increments.

Our largest customer accounted for approximately 3% of our recurring revenues for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022.][added: 2023.]

Our 50 largest customers accounted for approximately 36%, [removed: 37% and] 36% [added: and 37%] of our recurring revenues for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] respectively.

Our non-recurring revenues are primarily derived from fees charged [removed: from] [added: on] installations related to a customer's initial deployment and professional services we perform for our customers, including our joint ventures.

[removed: revenues, we] [added: We] expect non-recurring revenues to represent less than 10% of total revenues for the foreseeable future.

As of December 31, [removed: 2024,] [added: 2025,] our REIT structure included a majority of our data center operations in the Americas and EMEA regions, as well as the data center operations in Japan, Singapore, and Malaysia.

We have also included our share of the assets in xScale joint [removed: ventures, with] [added: ventures (with] the exception of [removed: Korea,] [added: the APAC 3 Joint Venture)] in our REIT structure.

The [added: taxable] income represented by such dividends is not subject to U.S. federal income taxes at the entity level but is taxed in the U.S., if at all, at the stockholder level.

Depending on a [removed: stockholder's citizenship] [added: shareholder's citizenry] and residency, the income could be taxed by other jurisdictions as well.

This built-in-gain tax is generally applicable to any disposition of such an asset during the five-year period after the date we first owned the asset as a REIT asset to the extent of the built-in-gain based [removed: on the fair market value of such asset on the date we first held the asset as a REIT asset.]

On each of March [removed: 20, 2024, June] 19, [removed: 2024, September] [added: 2025, June] 18, [removed: 2024] [added: 2025, September 17, 2025] and December [removed: 11, 2024,] [added: 17, 2025,] we paid a quarterly cash dividend of [removed: $4.26] [added: $4.69] per share.

We expect all of our [removed: 2024] [added: 2025] quarterly distributions and other applicable distributions to equal or exceed our REIT taxable income recognized in [removed: 2024.][added: 2025.]

See Note [removed: 5] [added: 3] within the Consolidated Financial Statements.

See Note [removed: 10] [added: 16] within the Consolidated Financial Statements.

See [removed: Note 11] [added: Notes 3 and 5] within the Consolidated Financial Statements.

[removed: - In November] [added: ◦In February] and [removed: December,] [added: March,] we sold [removed: 755,298] [added: 107,493] shares on a spot basis under the 2024 ATM Program for approximately [removed: $697] [added: $99] million, net of commissions and other offering expenses.

Years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023][added: 2024]

Revenues. Our revenues for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] were generated from the following revenue classifications and geographic regions ($ in millions):

| | | | [removed: 2024] [added: 2025] | | | | | | % | | | | | | [removed: 2023] [added: 2024] | | | | | | % | | | | | | Actual | | | | | | Actual | | | | | | Constant Currency | | |

| Recurring revenues | | | $ | [removed: 3,647] [added: 3,889] | | | | | 42% | | | | | | $ | [removed: 3,457] [added: 3,647] | | | | | 42% | | | | | | $ | [removed: 190] [added: 242] | | | | | [removed: 5%] [added: 7%] | | | | | | [removed: 6%] [added: 7%] | | |

| Non-recurring revenues | | | [removed: 215] [added: 222] | | | | | | [removed: 2%] [added: 3%] | | | | | | [removed: 160] [added: 215] | | | | | | 2% | | | | | | [removed: 55] [added: 7] | | | | | | [removed: 34%] [added: 3%] | | | | | | [removed: 35%] [added: 4%] | | |

| Recurring revenues | | | [removed: 2,812] [added: 2,993] | | | | | | 32% | | | | | | [removed: 2,648] [added: 2,812] | | | | | | [removed: 33%] [added: 32%] | | | | | | [removed: 164] [added: 181] | | | | | | 6% | | | | | | 5% | | |


We connect economies, countries, enterprises and communities, delivering seamless digital experiences and cutting-edge AI— quickly, efficiently and with high service reliability.

world's most valued information assets.

We enable customers to simplify their digital infrastructure, ensure interoperability across platforms, and maximize speed, efficiency and security to deliver superior customer, partner and employee experiences.

In 2025, we opened 16 new data centers, including new sites added via our joint ventures and acquisitions.

These openings included sites in the following metros: Chennai, Chicago, Dublin, Frankfurt, Jakarta, Lisbon, Madrid, Manila, Monterrey, Mumbai, Salalah, São Paulo and Washington, D.C. This resulted in an increase in our total number of data center facilities to 280.

Additional 2025 highlights include:

- We had 52 active major development projects underway as of January 2026 across 35 metros around the world.

We anticipate these development projects will deliver 55,000+ cabinets of retail capacity and 100+ MW of xScale capacity through 2028.

- We surpassed 500,000 interconnections, further demonstrating our market-leading position as we enable our customers to meet their real-time operational demands and networking requirements.

- We closed strategic land acquisitions in several locations, including the greater Amsterdam, Chicago, London, Milan, Mumbai and Toronto metros, which will support approximately 1 GW of retail and xScale capacity.

- We completed our acquisition of all outstanding shares of TIM NextGen DC Corporation, consisting of three data centers in the Philippines, for total purchase consideration of $183 million.

This marked our entry into the Philippines market.

- We raised $4.4 billion of capital to support organic growth, land and building acquisitions and required debt refinancings.

This included the following:

◦Throughout 2025, we issued $4.3 billion of senior notes due between 2029 and 2034.

The issuances were denominated in euros, U.S. dollars, Singapore dollars and Canadian dollars and were translated at the exchange rates in effect on issuance.

Annualized Gross Bookings:

In 2025, we publicly disclosed our Annualized Gross Bookings metric.

Annualized Gross Bookings represents the annualized revenue impact of stated monthly recurring revenues ("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 adjusted for the impact of pricing changes on existing contracts.

This measure excludes contracts for recurring revenue from our joint ventures and the impact of power price adjustments.

This measure only includes contracts that we anticipate will start generating revenue within 90 days.

During the year ended December 31, 2025, we had total Annualized Gross Bookings of $1.6 billion, up 27% from 2024.

This growth reflects the overall momentum in customer demand and our ability to capture that demand across our global platform.

To serve the needs of the growing hyperscale data center market, including the world's largest cloud service providers and increased demand driven in part by the adoption of AI, we continue to look at attractive opportunities to grow our market share and selectively improve our footprint and offerings.


We consider these offerings recurring because our customers are generally billed

Non-recurring installation fees, although generally paid upfront upon installation, are deferred and recognized ratably over the contract term.

Professional service fees are recognized in the period when the services were provided.

In addition, the cost of electricity is subject to seasonal fluctuations.

on the fair market value of such asset on the date we first held the asset as a REIT asset.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, making permanent or extending key provisions of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic R&D expensing, business interest expense limitations and the qualified business income deduction for ordinary REIT dividends.

The OBBBA also revises international tax rules such as the net controlled foreign corporation ("CFC") tested income (before January 1, 2026, global intangible low-taxed income) inclusion and raises the REIT asset threshold for taxable REIT subsidiaries from 20% to 25%, effective for tax years beginning after December 31, 2025.

The legislation does not have a material impact on our income tax position.

| | | | 4,111 | | | | | | 45% | | | | | | 3,862 | | | | | | 44% | | | | | | 249 | | | | | | 6% | | | | | | 7% | | |

| | | | 3,130 | | | | | | 34% | | | | | | 2,967 | | | | | | 34% | | | | | | 163 | | | | | | 5% | | | | | | 4% | | |

| | | | 1,976 | | | | | | 21% | | | | | | 1,919 | | | | | | 22% | | | | | | 57 | | | | | | 3% | | | | | | 3% | | |

| | | | $ | 9,217 | | | | | 100% | | | | | | $ | 8,748 | | | | | 100% | | | | | | $ | 469 | | | | | 5% | | | | | | 5% | | |

The increase was partially offset by a decrease of $29 million in revenues from non-recurring services provided to our joint ventures and a decrease of $29 million driven by the Equinix Metal Wind Down.

| Americas | | | $ | 1,864 | | | | | 41% | | | | | | $ | 1,802 | | | | | 41% | | | | | | $ | 62 | | | | | 3% | | | | | | 4% | | |

Our

We enable them to differentiate by distributing infrastructure and removing the distance between clouds, users and applications in order to reduce latency and deliver a superior customer, partner and employee experience.

Industry Overview:

While a large number of enterprises and service providers, such as hyperscale cloud service providers, own their own data centers, we believe the industry is shifting away from single-tenant solutions to customers outsourcing some or all of their IT housing and interconnection requirements to third-party facilities, such as those operated by Equinix.

This shift is being accelerated by the increasing adoption of hybrid multi-cloud architectures and the adoption of artificial intelligence (“AI”).

Historically, the outsourcing market was served by large telecommunications carriers that bundled their products and services with their colocation offerings.

The data center market landscape has evolved to include private and carrier-neutral multi-tenant data centers ("MTDC"), public and private cloud providers, managed infrastructure and application hosting providers, large hyperscale cloud providers and systems integrators.

It is estimated that Equinix is one of more than 2,400 companies that provide MTDC offerings around the world.

The global MTDC market is highly fragmented.

Each of these data center solution providers can bundle various colocation, interconnection and network offerings, outsourced IT infrastructure solutions and managed services.

We believe that this outsourcing trend has accelerated and is likely to continue to accelerate in the coming years, especially in light of the movement to digital business, the use of multiple cloud service providers and the adoption of AI.

We are able to offer our customers a global platform that reaches 35 countries with the industry’s largest and most active ecosystem of partners in our sites, proven operational reliability, improved application performance and a highly scalable set of offerings.

These

Strategically, we will continue to look at attractive opportunities to grow our market share and selectively improve our footprint and offerings.

These services are considered to be non-recurring because they are billed typically once, upon completion of the installation or the professional services work performed.

The majority of these non-recurring revenues are typically billed on the first invoice distributed to the customer in connection with their initial installation.

However, revenues from installations are deferred and recognized ratably over the period of the contract term.

As a percentage of total

In addition, the cost of electricity is generally higher in the summer months, as compared to other times of the year.

2024 Highlights:

- In April, we sold the Silicon Valley 12 (“SV12”) data center site in connection with the formation of a new joint venture to develop and operate an xScale data center in the Americas region (the “AMER 2 Joint Venture”).

Upon closing, we contributed $26 million in exchange for a 20% partnership interest in the joint venture.

- In May, we issued $750 million aggregate principal amount of 5.500% senior notes due June 15, 2034 (the "2034 Notes").

- In July, we entered into an agreement to acquire three data centers in the Philippines from Total Information Management ("TIM") for a stated purchase price of $180 million subject to certain adjustments.

The acquisition is expected to close in the first half of 2025, subject to customary closing conditions.

- In August and September, we sold 1,212,810 shares under the 2022 ATM Program.

569,382 shares were sold on a spot basis and 643,428 were sold through the settlement of outstanding forward sale agreements, for approximately $467 million and $509 million, respectively, net of commissions and other offering expenses.

- In September, we issued €600 million, or approximately $664 million, at the exchange rate in effect on September 3, 2024, aggregate principal amount of 3.650% senior notes due September 3, 2033 (the "2033 Euro Notes") and CHF100 million, or approximately $118 million, at the exchange rate in effect on September 4, 2024, aggregate principal amount of 1.558% senior notes due September 4, 2029 (the "2029 CHF Notes").

See Note 10 within the Consolidated Financial Statements.

- In October, we entered into an agreement to form a joint venture to develop and operate xScale data centers in the Americas region (the "AMER 3 Joint Venture"), subject to regulatory approval and other closing conditions which were satisfied on October 30, 2024.

See Note 5 within the Consolidated Financial Statements.

- In October, we established a program to succeed the 2022 ATM Program, under which we may, from time to time, offer and sell on a spot or forward basis up to an aggregate of $2.0 billion of our common stock to or through sales agents in "at the market" transactions (the "2024 ATM Program").

See Note 11 within the Consolidated Financial Statements.

- In November, we issued €650 million, or approximately $706 million, at the exchange rate in effect on November 22, 2024, aggregate principal amount of 3.250% senior notes due March 15, 2031 (the "2031 Euro Notes") and €500 million, or approximately $543 million, at the exchange rate in effect on November 22, 2024, aggregate principal amount of 3.625% senior notes due November 22, 2034 (the "2034 Euro Notes").

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Years Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | | | | | | | |

| | | | 3,862 | | | | | | 44% | | | | | | 3,617 | | | | | | 44% | | | | | | 245 | | | | | | 7% | | | | | | 7% | | |

| | | | 2,967 | | | | | | 34% | | | | | | 2,838 | | | | | | 35% | | | | | | 129 | | | | | | 5% | | | | | | 3% | | |

| | | | 1,919 | | | | | | 22% | | | | | | 1,733 | | | | | | 21% | | | | | | 186 | | | | | | 11% | | | | | | 12% | | |

We anticipate that we will recover the entire cost basis of these securities and have determined that no other-than-temporary impairments associated with credit losses were required to be recognized during the year ended December 31, [removed: 2024.][added: 2025.]

As of December 31, [removed: 2024,] [added: 2025,] our investment portfolio of cash equivalents [added: and short-term investments] consisted of money market [removed: funds and] [added: funds,] time [removed: deposits.][added: deposits and U.S. government securities.]

The amount in our investment portfolio that could be susceptible to market risk totaled [removed: $2.5] [added: $2.9] billion.

An immediate increase or decrease in current interest rates from their position as of December 31, [removed: 2024] [added: 2025] would not have a [removed: material] [added: significant] impact on our interest expense due to the fixed coupon rate on the majority of our debt obligations.

When interest rate locks are settled, any accumulated gain or loss included as a component of [added: accumulated] other comprehensive income (loss) will be amortized to interest expense over the term of the forecasted hedged transaction which is equivalent to the term of the interest rate locks.

| | | | [removed: Carrying Value (1)] [added: Carrying Value] | | | | | | Fair Value | | | | | | [removed: Carrying Value (1)] [added: Carrying Value] | | | | | | Fair Value | | |

| Mortgage and loans payable [added: (1)] | | | $ | [removed: 649] [added: 703] | | | | | $ | [removed: 654] [added: 706] | | | | | $ | [removed: 672] [added: 649] | | | | | $ | [removed: 684] [added: 654] | |

| Senior notes [added: (1)] | | | [removed: 14,685] [added: 18,359] | | | | | | [removed: 13,342] [added: 17,297] | | | | | | [removed: 13,168] [added: 14,685] | | | | | | [removed: 11,740] [added: 13,342] | | |

| Loan receivable [added: (2)] | | | [removed: 261] [added: 328] | | | | | | [removed: 280] [added: 351] | | | | | | [removed: —] [added: 258] | | | | | | [removed: —] [added: 280] | | |

To help manage the exposure to foreign currency exchange rate fluctuations, we have implemented a number of hedging programs, in particular (i) a cash flow hedging program to hedge the forecasted revenues and expenses in our EMEA region as well as our debt denominated in foreign currencies, (ii) a balance sheet hedging program to hedge the [removed: re-measurement] [added: remeasurement] of monetary assets and liabilities denominated in foreign currencies, and (iii) a net investment hedging program to hedge the long-term investments in our foreign subsidiaries.

We have entered into various foreign currency debt [removed: obligations.][added: obligations as described in Note 10 within the consolidated financial statements.]

The U.S. [removed: Dollar strengthened] [added: dollar generally weakened] relative to certain of the currencies of the foreign countries in which we operate during the year ended December 31, [removed: 2024.][added: 2025.]

With the existing cash flow hedges in place, a hypothetical [removed: additional] 10% strengthening of the U.S. [removed: Dollar] [added: dollar] during the year ended December 31, [removed: 2024] [added: 2025] would have resulted in a reduction of our revenues and a reduction of our operating expenses including depreciation and amortization expense by approximately [removed: $282] [added: $285] million and [removed: $261] [added: $277] million, respectively.

With the existing cash flow hedges in place, a hypothetical [removed: additional] 10% weakening of the U.S. [removed: Dollar] [added: dollar] during the year ended December 31, [removed: 2024] [added: 2025] would have resulted in an increase of our revenues and an increase of our operating expenses including depreciation and amortization [removed: expenses] [added: expense] by approximately [removed: $344] [added: $355] million and [removed: $331] [added: $337] million, respectively.

We have entered into various power contracts to purchase power at fixed prices in certain locations in Australia, Brazil, [removed: Bulgaria,] Canada, Chile, Finland, France, Germany, India, Ireland, Italy, Japan, the Netherlands, Peru, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the U.S.

We monitor our foreign currency and interest rate risk exposures by evaluating the potential for future losses in earnings due to changes in foreign currency exchange rates and interest rates, as further described below.

| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | |

(2)The carrying value is net of unamortized upfront fee.

Our foreign currency debt obligations that would otherwise remeasure through earnings are designated as net investment hedges against our net investments in foreign subsidiaries or are hedged by cross-currency interest rate swaps designated as cash flow hedges.

Additionally, we enter cross-currency interest rate swaps to effectively convert some of our U.S. dollar-denominated debt into foreign currencies.

These derivative instruments are also designated as net investment hedges against our net investments in foreign subsidiaries.

As a result, we do not have a significant exposure to future losses in earnings resulting from our foreign currency debt obligations or cross-currency interest rate swaps.

Further information about our use of foreign currency derivative instruments is described in Note 7 within the consolidated financial statements.

We employ foreign currency forward and option contracts, cross-currency interest rate swaps and interest rate locks for the purpose of hedging certain specifically identified exposures.

The use of these financial instruments is intended to mitigate some of the risks associated with fluctuations in currency exchange and interest rates, but does not eliminate such risks.

We do not use financial instruments for trading or speculative purposes.

However, the interest expense associated with our senior credit facility and term loans that bear interest at variable rates could be affected.

For every 100-basis point increase or decrease in interest rates, our annual interest expense could increase by approximately $6 million or decrease by approximately $6 million based on the total balance of our term loan borrowings as of December 31, 2024.

| | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | |

As of December 31, 2024, the total principal amount of foreign currency debt obligations was $4.5 billion, including $3.0 billion denominated in Euro and $626 million denominated in British Pound, $491 million denominated in Japanese Yen, $441 million denominated in Swiss Franc and $21 million denominated in Canadian Dollar.

Fluctuations in the exchange rates between these foreign currencies and the U.S. Dollar will impact the amount of U.S. Dollars that we will require to settle the foreign currency debt obligations at maturity.

If the U.S. Dollar would have been weaker or stronger by 10% in comparison to these foreign currencies as of December 31, 2024, we estimate our obligation to cash settle the principal of these foreign currency debt obligations in U.S. Dollars would have increased or decreased by approximately $371 million and $304 million, respectively.

As of December 31, 2024, we have designated $1.0 billion of the total principal amount of foreign currency debt obligations as net investment hedges against our net investments in foreign subsidiaries.

We are also party to cross-currency interest rate swaps.

As of December 31, 2024, the total notional amount of cross-currency interest rate swap contracts was $4.4 billion.

We have designated $2.0 billion of the total notional amount of cross-currency swaps as net investment hedges against our investment in foreign subsidiaries and $1.0 billion as cash flow hedges against a portion of our foreign currency denominated debt and our U.S. dollar-denominated fixed-rate debt issued by our foreign subsidiaries.

The remaining $1.4 billion of cross-currency interest rate swaps were not designated as hedging instruments.

As of December 31, 2023, the total notional amount of cross-currency interest rate swap contracts was $4.5 billion.

We have designated $3.1 billion of the total notional amount of cross-currency swaps as net investment hedges against our investment in foreign subsidiaries and $280 million as cash flow hedges against a portion of our foreign currency denominated debt.

The remaining $1.1 billion of cross-currency interest rate swaps were not designated as hedging instruments.

If the U.S. Dollar weakened or strengthened by 10% in comparison to foreign currencies, we estimate our obligation to cash settle these hedges would have increased or decreased by approximately $261 million and $216 million, respectively.

[removed: Platform] Equinix combines a global footprint of International Business ExchangeTM (IBX®) and [removed: xScale®] [added: xScaleTM] data centers in the Americas, Asia-Pacific, and Europe, the Middle East and Africa ("EMEA") regions, infrastructure and interconnection offerings, [removed: unique business] and digital ecosystems [removed: and expert consulting] [added: required to serve a large] and [removed: support.][added: diverse set of customers around the world.]

[removed: Al Avery and Jay Adelson founded] [added: Since our inception,] Equinix [removed: as] [added: has been] a network-neutral, multi-tenant data center ("MTDC") provider, where competing networks could connect and share data traffic to help scale the rapid growth of the early internet.

The founders believed they not only had the opportunity, but also the [removed: responsibility] [added: responsibility,] to create a company that would be the steward of some of the most important digital infrastructure assets in the world.

Our data centers around the world allow our customers to bring together and interconnect the infrastructure they need to [removed: fast-track] [added: seamlessly operate] their [removed: digital advantage.][added: business.]

With Equinix, they can scale with [added: speed and] agility, accelerate the launch of [added: new] digital [removed: offerings, deliver world-class experiences] [added: offerings while safeguarding data,] and [removed: multiply their value.][added: implement AI applications at scale to achieve business success.]

As more customers choose [removed: Platform] Equinix for [removed: bandwidth cost] [added: high connectivity] and performance [removed: reasons,] [added: reliability at the metro edge,] it benefits their suppliers and business partners to colocate in the same data centers and connect directly with each other.

This adjacency creates a network effect that attracts new [removed: customers,] [added: customers while] continuously [removed: enhances] [added: enhancing] our [removed: existing customers'] value [added: proposition to existing customers] and [removed: enables] [added: enabling] them to capture further economic and performance benefits from our offerings.

[removed: ![2024] [added: ![2025] Annual Report 10k [removed: Banners_v2-2.jpg](https://www.sec.gov/Archives/edgar/data/1101239/000162828025005126/eqix-20241231_g2.jpg)][added: Banner.jpg](https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231_g2.jpg)]

In [removed: 2024,] [added: 2025,] we continued to build new offerings to further our mission to make digital infrastructure more powerful, accessible and sustainable.

[removed: On Platform] [added: At] Equinix, businesses can reach [removed: the most] strategic markets with scalable, [removed: navigable] [added: manageable] infrastructure that blends physical and virtual options on our one-of-a-kind global ecosystem.

[removed: Our] [added: We offer a comprehensive, integrated suite of infrastructure and interconnection solutions, with] global, state-of-the-art data centers [added: which] meet strict standards of security, reliability, certification and sustainability.

Our footprint consists of [removed: 268] [added: 280] data centers [removed: worldwide:][added: worldwide, including:]

The following are [removed: the leading] [added: Equinix's primary] revenue-generating products and other [removed: offerings that collectively make up Platform Equinix:][added: offerings:]

Using Equinix IBX data center technicians, Smart Hands allows customers to manage their [removed: Platform Equinix] data center operations from anywhere in the world.

As the foundation of [removed: Platform] Equinix’s interconnection capability, Equinix Fabric also enables customers to quickly and easily connect between the physical and virtual digital infrastructures they have deployed in Equinix data centers globally.

Fiber Connect enables fast, convenient and affordable integration with partners, customers and [added: service providers across the global Equinix digital ecosystem.]

While a large number of enterprises and service providers, such as hyperscale cloud service providers, own their own data centers, we believe [removed: the industry is] [added: enterprises are] shifting away from single-tenant solutions [removed: to] [added: toward those that enable] customers [removed: outsourcing] [added: to outsource] some or all of their IT [removed: housing] [added: infrastructure] and interconnection requirements to third-party facilities, such as those operated by Equinix.

This shift is being accelerated by the [removed: increasing adoption] [added: proliferation] of hybrid multi-cloud architectures and the adoption of AI.

The data center market landscape has [added: since] evolved to include private and carrier-neutral multi-tenant data centers, public and private cloud providers, managed infrastructure and application hosting providers, large hyperscale cloud providers and systems integrators.

[removed: Equinix is differentiated in this market by offering customers a] [added: Our] global platform [removed: that] reaches [removed: over 30] [added: 36] countries and [removed: contains] [added: connects] the industry’s largest and most active ecosystem of partners [removed: in] [added: across] our sites, including access to a leading share of cloud on-ramps and an increasingly diverse ecosystem of networks and cloud and IT service providers.

This ecosystem creates a network [removed: effect, which] [added: effect that] improves performance and lowers the cost for our customers, enabling them to innovate and fast-track [removed: their] digital [removed: success.][added: transformation.]

[removed: Additionally, as AI and cloud innovations fuel workload demands for hyperscale infrastructure and optimization across enterprises, our] [added: Our] scalable, neutral, global platform offers one-of-a-kind solutions to the most pressing digital challenges [removed: in today’s market.][added: customers face.]

Our platform enables customers to bring together physical and programmable technologies like compute, storage, [removed: network] [added: network, AI] and applications to build the foundation for their company's digital success.

Our customers include telecommunications carriers, mobile and other network services providers, cloud and IT services providers, digital media and content providers, financial services companies, and global enterprise [removed: ecosystems in various industries.]

We provide each company with access to a choice of business partners and solutions based on their colocation, interconnection and managed IT service needs, and we delivered [removed: 99.999%+] [added: 99.9999%+] operational uptime across our global data centers [removed: in] [added: during] the [removed: previous fiscal year.][added: year ended December 31, 2025.]

As of December 31, [removed: 2024,] [added: 2025,] we had over [removed: 10,000] [added: 10,500] customers worldwide.

No one customer made up 10% or more of our total business revenues for the year ended December 31, [removed: 2024.][added: 2025.]

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: 13,606] [added: 13,716] employees worldwide with [removed: 5,952] [added: 5,917] based in the Americas, [removed: 4,653] [added: 4,706] based in EMEA and [removed: 3,001] [added: 3,093] based in Asia-Pacific.

Of those employees, [removed: 43%] [added: 44%] of employees were in engineering and operations, [removed: 15%] [added: 14%] of employees were in sales and marketing and 42% of employees were in management, finance and administration.

As of December 31, [removed: 2024,] [added: 2025,] approximately 71% of our workforce identified as men, 28% identified as women and less than 1% declined to identify.

[removed: Developing and retaining talent is vital to our continued success and in 2024,] [added: Lastly,] we [removed: focused] [added: continue to focus] on leadership [removed: development, starting with our VP+ leaders,] [added: development] by offering programs that feature external experts to speak on topics ranging from strategic alignment, team [removed: leadership,] [added: management,] and industry relevant topics.

Equinix operates a rigorous governance framework to manage pay and other compensation elements to ensure that all reward decisions are [removed: made equitably] [added: fair] and without discrimination or bias.

[removed: This global] framework is also used to determine target levels for annual bonuses and long-term incentives.

[removed: Our] [added: We believe our] employee engagement efforts differentiate Equinix's culture and accelerate our competitive advantage as they lead to more inclusive and high performing teams, higher employee satisfaction and overall organizational innovation and success.

In [removed: 2024,] [added: 2025,] employee satisfaction scores resulted in an average score of [removed: 81] [added: 78] for Equinix, followed by our average belonging score of [removed: 83] [added: 81] and average well-being score of [removed: 86.][added: 82.]

[added: Our Equinix Employee Connection] Networks ("EECNs") are a strategic cornerstone of our inclusive culture, fostering a sense of belonging that drives engagement and business impact.

As of [removed: 2024,] [added: 2025,] we have [removed: 40] [added: 44] global WeAreEquinix teams, led by employee volunteers, who are empowered to create and promote belonging in locations across the world.

Across our EECNs and WeAreEquinix teams, we currently have [removed: 853] [added: 800+] volunteer leaders who are working on strengthening community and belonging for our workforce.

In [removed: 2024,] [added: 2025,] our employees volunteered over [removed: 37,500] [added: 54,400] hours, representing an increase of approximately [removed: 50%] [added: 45%] year-over-year.

Since the launch of the Equinix Foundation in 2022, we have continued to focus on the advancement of digital [removed: inclusion— from] [added: inclusion—from] access to technology and connectivity to the skills needed to thrive in today's digitally-driven world.

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company, shortening the path to boundless connectivity anywhere in the world to enable the innovations that enrich our work, life and planet.

Twenty-seven years later, we have expanded upon that vision by connecting economies, countries, enterprises and communities with seamless digital experiences, including cutting-edge artificial intelligence ("AI").

We enable customers to simplify their digital infrastructure, ensure interoperability across platforms, and maximize speed, efficiency and security to deliver superior customer, partner and employee experiences.

Our Competitive Advantage

The digital economy continues to accelerate as AI, data-intensive workloads, and ecosystem-based business models reshape how industries operate.

Organizations continue to shift from siloed digital adoption toward interconnected systems where data, digital services, and workflows flow smoothly across partners and platforms.

Equinix is uniquely positioned to capture the increasing demand for these infrastructure solutions.

Trends reinforcing our leading market position include:

- Scaled global presence: As the world becomes increasingly digital across geographies, organizations will need to partner and collaborate with an infrastructure provider that can satisfy their requirements in a globally consistent manner.

Our extensive global footprint spans 280 data centers, in 77 markets in 36 countries.

Data sovereignty, security and latency requirements are increasing, requiring a distributed and local metro footprint.

This further positions us as a global trusted vendor to our current and prospective customers.

- The requirement of hybrid architectures: Industries are moving from linear value chains to hybrid digital ecosystems.

Service providers supply cloud and AI infrastructure, services across payments, cybersecurity and other domains, and industry-specific platforms and applications, while enterprise consumers assemble these capabilities into operational stacks that drive innovation and scale.

These comprehensive solutions require a hybrid of enterprise-owned infrastructure combined with networking to a diverse set of service providers.

With over 10,500 customers, including 2,000+ network service providers and a leading market share of cloud-on ramps, our position is unmatched in the industry.

- The interconnection imperative: Growing digital complexity and real-time operational demands require secure, low-latency private interconnection across clouds, networks, partners, and data sources.

Critical workflows—including digital payments, supply chain telemetry, smart manufacturing, telemedicine, and AI inference—depend on high-performance connectivity.

Interconnection has become essential for resiliency, regulatory compliance, and collaboration across increasingly distributed digital ecosystems.

Over our 27-year history, we have curated a diverse, industry-leading ecosystem of more than 500,000 interconnections.

- AI as a catalyst for ecosystem acceleration: AI adoption is increasing the need for distributed, interconnected digital infrastructure.

Training, inference, and model coordination require dense data exchange across cloud and edge environments.

AI-driven use cases—spanning fraud detection, predictive maintenance, connected mobility, personalized retail, energy optimization and agentic connectivity—depend on secure, low-latency pathways.

As AI integrates into mission-critical workflows, multi-directional, low-latency connectivity becomes essential.

Equinix has curated a leading AI ecosystem of model providers, data platforms, neoclouds and gateways to serve the AI requirements of enterprises.

- Sustainability, resource efficiency and intelligent infrastructure management: Rising digital demand—driven by AI, cloud growth, and global data proliferation—is heightening expectations for environmental accountability.

Digital value networks support more efficient operations through innovations in high-density compute, AI-optimized cooling, grid-interactive systems, renewable integration, and telemetry-driven management.

Intelligent infrastructure is becoming critical to meeting sustainability goals while supporting expanding digital workloads.

Equinix Business Proposition

Competitive Landscape

As a result, the global MTDC market is large and remains highly fragmented—with significant long-term growth opportunities for providers that can bundle various colocation, interconnection and network offerings, outsourced IT infrastructure solutions and managed services.

Equinix has a highly differentiated offering in this large and growing market.

This is a significant source of competitive advantage for Equinix—particularly as AI and cloud innovations fuel workload demands for hyperscale infrastructure and optimization across enterprises.

ecosystems in various industries.

The following companies represent some of our leading customers and partners:

In 2025, our internship and apprenticeship programs provided pathways for early-career talent to gain hands-on experience, mentorship, and development opportunities in both technical and professional settings, setting them up for success to thrive at Equinix.

Also, through employee-led collaborations, Equinix is building long-term relationships with local schools to raise awareness of data center careers and provide ongoing opportunities for student engagement, learning and mentorship.

This global

We believe in a future where technology drives sustainable growth and transformative social impact.

Our Future First strategy is our commitment to sustainability as we deliver digital infrastructure that fosters positive change through secure, efficient and responsible solutions—bringing the world together to create innovations that will enrich our work, life and planet.

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company®.

Digital leaders harness our trusted platform to bring together and interconnect the foundational infrastructure that powers their success.

Equinix enables organizations to access all the right places, partners and possibilities they need to accelerate their advantage.

Over two and a half decades later, we have expanded upon that vision to build Platform Equinix®, which we believe is unmatched in scale and reach.

We enable them to differentiate by distributing infrastructure and removing the distance between clouds, users and applications in order to reduce latency and deliver a superior customer, partner and employee experience.

The Equinix global platform, and the quality of our offerings, have enabled us to establish a critical mass of customers.

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

In 2024, we opened 16 new data centers, inclusive of new xScale sites via our joint ventures.

Our new data center openings included sites in the following metros: Barcelona, Istanbul, Johannesburg, Johor, Kuala Lumpur, Madrid, Mumbai, New York, Osaka, Paris, Rio de Janeiro, Seoul, Silicon Valley, Tokyo and Warsaw.

When including an additional data center which opened in February 2025, this results in an increase in our total number of data center facilities to 268.

Additional 2024 highlights include:

- In April, we sold the Silicon Valley 12 (“SV12”) data center site in connection with the formation of a new joint venture ("JV") to develop and operate the first xScale data center in the U.S. The facility will be built out in two phases and is expected to provide more than 28 MW of power capacity when completed.

- In July, we announced our entry into the Philippines with the planned acquisition of three data centers in Manila for a stated purchase price of $180 million, subject to certain adjustments.

The transaction is expected to close in the first half of 2025, subject to customary closing conditions, and is expected to add more than 1,000 cabinets of capacity.

This follows our recent expansions into Indonesia and Malaysia, enabling us to help businesses expand and capitalize on the digital opportunity of the fast-growing Southeast Asia region.

- In October, we entered into an agreement to form a joint venture to develop and operate data centers in the Americas region, subject to regulatory approval and other closing conditions which were satisfied on October 30, 2024.

With the $15.0 billion of capital expected to be raised through this joint venture, we expect to accelerate xScale deployment in the U.S., eventually adding more than 1.5 gigawatts of new capacity for hyperscale customers.

- In November, we announced plans to build our sixth data center in Singapore.

This new high performance data center will feature a design built to efficiently compute intensive workloads like artificial intelligence ("AI"), supported by capabilities such as advanced liquid cooling.

Expected to open in Q1 2027, the 9-story facility was awarded as part of Singapore's pilot Data Centre - Call for Application and will provide 20MW of power capacity when fully built.

Industry Trends: The rise of intelligent ecosystems

The digital economy is advancing rapidly, driven by exponential data growth, ecosystem collaboration and edge-to-cloud innovations.

Interconnected networks are transforming business operations and enabling organizations to scale, innovate and thrive.

Emerging trends shaping this landscape include:

- The digital shift: Industries are becoming smarter, faster and more adaptable as AI enhances decision-making and automates tasks.

Businesses are shifting from traditional, siloed models to interconnected ecosystems, where collaboration and seamless integration of services drive value at scale.

Digital-first strategies are empowering businesses to transition from static product offerings to dynamic, outcome-based services, harnessing real-time data and ecosystem interconnections as competitive advantages.

- The interconnection imperative: This digital shift is fostering collaboration and data sharing, forming tightly connected networks of businesses and partners.

These networks are reshaping supply and value chains into intelligent, service-based systems, with rapidly growing data and participant ecosystems driving efficiency and innovation.

Interconnection is becoming the backbone of the digital economy, enabling real-time collaboration, operational scale and faster decision-making.

Businesses investing in high-speed, low-latency connections are leading in adapting to these complex, data-driven demands.

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

- Ecosystem scalability: Organizations are leveraging interconnected ecosystems to expand market reach, streamline service delivery and unlock new revenue streams.

Revenue is increasingly tied to participation in electronic ecosystems rather than standalone transactions.

The emergence of dynamic producer-consumer relationships, where businesses act as service providers, consumers and intermediaries is gaining traction.

This adaptability enables businesses to meet evolving market demands while optimizing resource allocation and driving growth.

- Edge-to-cloud transformation: Built upon the foundation of connectivity, edge-to-cloud workflows are enabling businesses to move data and compute closer to where value is created.

This layered strategy supports efficient data flows, reduces latency, and optimizes costs.

By introducing an authoritative data core distributed across areas of digital density—with low latency access to multiple clouds and SaaS platforms—businesses can achieve scalability and compliance.

This approach, paired with a data edge for Retrieval-Augmented Generation ("RAG") inference models, enables efficient AI and real-time applications in proximity to customers, business operations and endpoints of value delivery and revenue generation.

On March 20, 2024, the Company received a subpoena from the U.S. Attorney’s Office for the Northern District of [removed: California.][added: California (“NDCA”).]

On April 30, 2024, the Company received a subpoena from the [removed: Securities and Exchange Commission.][added: SEC.]

On May 2, 2024, a putative stockholder class action was filed against the Company and certain of our officers in the United States District Court for the [removed: Northern District of California.][added: NDCA.]

The named plaintiff alleges violations of Section 10(b) of the Exchange Act and [removed: Securities and Exchange Commission] [added: SEC] Rule 10b-5, and Section 20(a) of the Exchange Act, on the basis that the defendants allegedly made false and misleading statements about our business, results, internal controls, and accounting practices between May 3, 2019 and March 24, 2024.

The lawsuit [removed: seeks,] [added: sought,] among other relief, a determination that the alleged claims may be asserted on a class-wide basis, unspecified damages, attorneys' fees, other expenses and costs.

These matters are subject to [removed: uncertainties,] [added: uncertainties] and we cannot predict the outcome, nor reasonably estimate a range of loss or penalties, if any, relating to these [removed: matters.][added: matters prior to resolution.]

Thereafter, the Company responded to additional information requests by the SEC on the same or related issues.

On November 19, 2025, the Company received correspondence from the SEC indicating that the agency had concluded its investigation and does not intend to recommend an enforcement action.

The Company also does not expect any further related action from the NDCA.

On July 15, 2025, the parties entered a Stipulation of Settlement to resolve the action.

The Court granted preliminary approval of the settlement on September 4, 2025, and final approval of the settlement on December 19, 2025.

The case was dismissed with prejudice on December 19, 2025, and the settlement was covered entirely by our insurance.

On February 14, 2025, and February 26, 2025, respectively, certain of the Company’s current and former directors and officers were named as defendants in two shareholder derivative lawsuits (in which the Company is a nominal defendant) filed in the United States District Court for the NDCA.

The lawsuits alleged, among other things, violations of Section 14(a) of the Exchange Act, breach of fiduciary duty, unjust enrichment, and waste of corporate assets and generally alleged the same purported misconduct as alleged in the putative stockholder class action described above.

The lawsuits sought, among other relief, unspecified damages, restitution, attorneys’ fees, and other expenses and costs.

On April 17, 2025, and April 18, 2025, respectively, the plaintiffs filed notices of voluntary dismissal without prejudice, subject to court approval, to pursue remedies under Delaware law.

The cases were dismissed on April 28, 2025 and August 19, 2025, respectively.

On August 6, 2025, certain of the Company's current and former directors and officers were named as defendants in an additional shareholder derivative lawsuit (in which the Company is a nominal defendant) filed in the United States District Court for the District of Delaware.

The lawsuit makes generally the same types of allegations and seeks the same types of relief as the derivative lawsuits above and makes additional allegations that certain directors' and officers' alleged knowledge of the purported misconduct constituted insider trading.

We filed a motion to dismiss the lawsuit on October 20, 2025, which remains pending with the Court.

The Company is cooperating fully with both government agencies.

We intend to continue to defend the lawsuit.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

[removed: ][added: ]

[added: See the definitions of "large accelerated filer,"] "accelerated filer," "smaller reporting [removed: company,"] [added: company"] and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the [removed: Exchange] Act).

The aggregate market value of the voting and non-voting common stock held by non-affiliates computed by reference to the price at which the common stock was last sold as of the last business day of the registrant's most recently completed second fiscal quarter was approximately [removed: $71.8] [added: $77.8] billion.

As of February [removed: 11, 2025,] [added: 10, 2026,] a total of [removed: 97,332,005] [added: 98,254,928] shares of the registrant's common stock were outstanding.

Part III – Portions of the registrant's definitive proxy statement to be issued in conjunction with the registrant's [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which is expected to be filed not later than 120 days after the registrant's fiscal year ended December 31, [removed: 2024.][added: 2025.]

| Item | | | [PART [removed: I](#i519760351d82471481f7b7fe87624123_10)] [added: I](#i0d0eeed870a04a8dacc1fb55f7de4326_10)] | | | Page No. | | |

| | | | [Forward-Looking [removed: Statements](#i519760351d82471481f7b7fe87624123_13)] [added: Statements](#i0d0eeed870a04a8dacc1fb55f7de4326_13)] | | | [removed: [3](#i519760351d82471481f7b7fe87624123_13)] [added: [3](#i0d0eeed870a04a8dacc1fb55f7de4326_13)] | | |

| | | | [Summary of Risk [removed: Factors](#i519760351d82471481f7b7fe87624123_16)] [added: Factors](#i0d0eeed870a04a8dacc1fb55f7de4326_16)] | | | [removed: [3](#i519760351d82471481f7b7fe87624123_16)] [added: [3](#i0d0eeed870a04a8dacc1fb55f7de4326_16)] | | |

| 1A. | | | [Risk [removed: Factors](#i519760351d82471481f7b7fe87624123_28)] [added: Factors](#i0d0eeed870a04a8dacc1fb55f7de4326_28)] | | | [removed: [16](#i519760351d82471481f7b7fe87624123_28)] [added: [14](#i0d0eeed870a04a8dacc1fb55f7de4326_28)] | | |

| 1B. | | | [Unresolved Staff [removed: Comments](#i519760351d82471481f7b7fe87624123_31)] [added: Comments](#i0d0eeed870a04a8dacc1fb55f7de4326_31)] | | | [removed: [43](#i519760351d82471481f7b7fe87624123_31)] [added: [39](#i0d0eeed870a04a8dacc1fb55f7de4326_31)] | | |

| 1C. | | | [removed: [Cybersecurity](#i519760351d82471481f7b7fe87624123_34)] [added: [Cybersecurity](#i0d0eeed870a04a8dacc1fb55f7de4326_34)] | | | [removed: [43](#i519760351d82471481f7b7fe87624123_34)] [added: [39](#i0d0eeed870a04a8dacc1fb55f7de4326_34)] | | |

| 3. | | | [Legal [removed: Proceedings](#i519760351d82471481f7b7fe87624123_40)] [added: Proceedings](#i0d0eeed870a04a8dacc1fb55f7de4326_40)] | | | [removed: [49](#i519760351d82471481f7b7fe87624123_40)] [added: [45](#i0d0eeed870a04a8dacc1fb55f7de4326_40)] | | |

| 4. | | | [Mine Safety [removed: Disclosures](#i519760351d82471481f7b7fe87624123_43)] [added: Disclosures](#i0d0eeed870a04a8dacc1fb55f7de4326_43)] | | | [removed: [49](#i519760351d82471481f7b7fe87624123_43)] [added: [45](#i0d0eeed870a04a8dacc1fb55f7de4326_43)] | | |

| 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i519760351d82471481f7b7fe87624123_49)] [added: Securities](#i0d0eeed870a04a8dacc1fb55f7de4326_49)] | | | [removed: [50](#i519760351d82471481f7b7fe87624123_49)] [added: [46](#i0d0eeed870a04a8dacc1fb55f7de4326_49)] | | |

| 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i519760351d82471481f7b7fe87624123_55)] [added: Operations](#i0d0eeed870a04a8dacc1fb55f7de4326_55)] | | | [removed: [52](#i519760351d82471481f7b7fe87624123_55)] [added: [48](#i0d0eeed870a04a8dacc1fb55f7de4326_55)] | | |

| 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i519760351d82471481f7b7fe87624123_76)] [added: Risk](#i0d0eeed870a04a8dacc1fb55f7de4326_85)] | | | [removed: [73](#i519760351d82471481f7b7fe87624123_76)] [added: [67](#i0d0eeed870a04a8dacc1fb55f7de4326_85)] | | |

| 8. | | | [Financial Statements and Supplementary [removed: Data](#i519760351d82471481f7b7fe87624123_79)] [added: Data](#i0d0eeed870a04a8dacc1fb55f7de4326_88)] | | | [removed: [75](#i519760351d82471481f7b7fe87624123_79)] [added: [68](#i0d0eeed870a04a8dacc1fb55f7de4326_88)] | | |

| 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i519760351d82471481f7b7fe87624123_82)] [added: Disclosure](#i0d0eeed870a04a8dacc1fb55f7de4326_91)] | | | [removed: [75](#i519760351d82471481f7b7fe87624123_82)] [added: [69](#i0d0eeed870a04a8dacc1fb55f7de4326_91)] | | |

| 9A. | | | [Controls and [removed: Procedures](#i519760351d82471481f7b7fe87624123_85)] [added: Procedures](#i0d0eeed870a04a8dacc1fb55f7de4326_94)] | | | [removed: [75](#i519760351d82471481f7b7fe87624123_85)] [added: [69](#i0d0eeed870a04a8dacc1fb55f7de4326_94)] | | |

| 9B. | | | [Other [removed: Information](#i519760351d82471481f7b7fe87624123_88)] [added: Information](#i0d0eeed870a04a8dacc1fb55f7de4326_97)] | | | [removed: [76](#i519760351d82471481f7b7fe87624123_88)] [added: [70](#i0d0eeed870a04a8dacc1fb55f7de4326_97)] | | |

| 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i519760351d82471481f7b7fe87624123_91)] [added: Inspections](#i0d0eeed870a04a8dacc1fb55f7de4326_103)] | | | [removed: [76](#i519760351d82471481f7b7fe87624123_91)] [added: [70](#i0d0eeed870a04a8dacc1fb55f7de4326_103)] | | |

| | | | [PART [removed: III](#i519760351d82471481f7b7fe87624123_94)] [added: III](#i0d0eeed870a04a8dacc1fb55f7de4326_106)] | | | | | |

| 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i519760351d82471481f7b7fe87624123_97)] [added: Governance](#i0d0eeed870a04a8dacc1fb55f7de4326_109)] | | | [removed: [77](#i519760351d82471481f7b7fe87624123_97)] [added: [71](#i0d0eeed870a04a8dacc1fb55f7de4326_109)] | | |

| 11. | | | [Executive [removed: Compensation](#i519760351d82471481f7b7fe87624123_100)] [added: Compensation](#i0d0eeed870a04a8dacc1fb55f7de4326_112)] | | | [removed: [77](#i519760351d82471481f7b7fe87624123_100)] [added: [71](#i0d0eeed870a04a8dacc1fb55f7de4326_112)] | | |

| 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i519760351d82471481f7b7fe87624123_103)] [added: Matters](#i0d0eeed870a04a8dacc1fb55f7de4326_115)] | | | [removed: [77](#i519760351d82471481f7b7fe87624123_103)] [added: [71](#i0d0eeed870a04a8dacc1fb55f7de4326_115)] | | |

| 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i519760351d82471481f7b7fe87624123_106)] [added: Independence](#i0d0eeed870a04a8dacc1fb55f7de4326_118)] | | | [removed: [77](#i519760351d82471481f7b7fe87624123_106)] [added: [71](#i0d0eeed870a04a8dacc1fb55f7de4326_118)] | | |

| 14. | | | [Principal Accounting Fees and [removed: Services](#i519760351d82471481f7b7fe87624123_109)] [added: Services](#i0d0eeed870a04a8dacc1fb55f7de4326_121)] | | | [removed: [77](#i519760351d82471481f7b7fe87624123_109)] [added: [71](#i0d0eeed870a04a8dacc1fb55f7de4326_121)] | | |

| 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i519760351d82471481f7b7fe87624123_115)] [added: Schedules](#i0d0eeed870a04a8dacc1fb55f7de4326_127)] | | | [removed: [78](#i519760351d82471481f7b7fe87624123_115)] [added: [72](#i0d0eeed870a04a8dacc1fb55f7de4326_127)] | | |

| 16. | | | [Form 10-K [removed: Summary](#i519760351d82471481f7b7fe87624123_121)] [added: Summary](#i0d0eeed870a04a8dacc1fb55f7de4326_133)] | | | [removed: [85](#i519760351d82471481f7b7fe87624123_121)] [added: [79](#i0d0eeed870a04a8dacc1fb55f7de4326_133)] | | |

- Our business could be harmed by increased costs to procure power, prolonged power outages, shortages or capacity [removed: constraints as well as insufficient access to power.][added: constraints.]

- We experienced [removed: a] cybersecurity [removed: incident] [added: incidents] in the past and may be vulnerable to future security breaches, which could disrupt our operations and have a material adverse effect on our business, results of operation and financial condition.

- If we are unable to [removed: successfully implement our current leadership transition, or if we are unable to] recruit or retain key qualified personnel, our business could be harmed.

- We have government [removed: customers,] [added: contracts,] which [removed: subjects] [added: subject] us to revenue risk and certain other risks including early termination, audits, investigations, sanctions and penalties, any of which could have a material adverse effect on our results of operations.

*Risks Related to our Financial [removed: Results*][added: Results and Stock Price*]

*Risks Related to [added: Sustainability,] Environmental Laws and Climate [removed: Change Impact*][added: Change*]

- Environmental [added: and sustainability laws and] regulations may impose upon us new or unexpected costs.

- We may fail to achieve our sustainability [removed: objectives,] [added: initiatives, including reaching our climate targets,] or may encounter objections to them, [removed: either of] which may adversely affect public perception of our business and affect our relationship with our customers, [added: regulators,] our stockholders and/or other stakeholders.

| 3.250% Senior Notes due 2029 | | | | | | | | | | | | The Nasdaq Stock Market LLC | | |

| 4.000% Senior Notes due 2034 | | | | | | | | | | | | The Nasdaq Stock Market LLC | | |

| | | | December 31, 2025 | | | | | |

| 1. | | | [Business](#i0d0eeed870a04a8dacc1fb55f7de4326_19) | | | [5](#i0d0eeed870a04a8dacc1fb55f7de4326_19) | | |

| 2. | | | [Properties](#i0d0eeed870a04a8dacc1fb55f7de4326_37) | | | [41](#i0d0eeed870a04a8dacc1fb55f7de4326_37) | | |

| | | | [PART II](#i0d0eeed870a04a8dacc1fb55f7de4326_46) | | | | | |

| 6. | | | Reserved | | | [47](#i0d0eeed870a04a8dacc1fb55f7de4326_52) | | |

| | | | [PART IV](#i0d0eeed870a04a8dacc1fb55f7de4326_124) | | | | | |

| | | | [Signatures](#i0d0eeed870a04a8dacc1fb55f7de4326_136) | | | [80](#i0d0eeed870a04a8dacc1fb55f7de4326_136) | | |

- Geopolitical events and political tensions contribute to an already complex landscape, and could have a negative effect on our global business operations.

- The current uncertain economic environment, including challenges related to power and supply chains, could impact our business and the businesses of our customers.

See the definitions of "large accelerated filer,"

| | | | December 31, 2024 | | | | | |

| 1. | | | [Business](#i519760351d82471481f7b7fe87624123_19) | | | [5](#i519760351d82471481f7b7fe87624123_19) | | |

| 2. | | | [Properties](#i519760351d82471481f7b7fe87624123_37) | | | [45](#i519760351d82471481f7b7fe87624123_37) | | |

| | | | [PART II](#i519760351d82471481f7b7fe87624123_46) | | | | | |

| 6. | | | Reserved | | | [51](#i519760351d82471481f7b7fe87624123_52) | | |

| | | | [PART IV](#i519760351d82471481f7b7fe87624123_112) | | | | | |

| | | | [Signatures](#i519760351d82471481f7b7fe87624123_124) | | | [86](#i519760351d82471481f7b7fe87624123_124) | | |

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

- Geopolitical events and political changes, including the recent change in administration in the U.S., contribute to an already complex and evolving regulatory landscape.

If we cannot comply with the evolving laws and regulations in the countries in which we operate, we may be subject to litigation and/or sanctions, adverse revenue impacts and increased costs, and our business and results of operations could be negatively impacted.

- Inflation in the global economy, increased interest rates, political dissension and adverse global economic conditions, like the ones we are currently experiencing, could negatively affect our business and financial condition.

- The ongoing military conflicts between Russia and Ukraine and in the Middle East could negatively affect our business and financial condition.

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

- Our derivative transactions expose us to counterparty credit risk.

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

Equinix has processes for assessing, identifying, and managing material risks from cybersecurity [removed: threats, both integrated into our Governance, Risk and Compliance Program (the “GRC Program”) and existing] [added: threats] within our Information Security function (“InfoSec”) led by [removed: a] [added: our] Chief Information Security Officer (“CISO”).

The foundation of risk oversight at Equinix is our [removed: Governance,] [added: Enterprise] Risk [removed: and Compliance Committee (“GRCC”),] [added: Management program ("ERM”),] overseen by the Nominating and Governance Committee of our Board.

[removed: Our] [added: The] ERM [removed: Program] [added: program] focuses on [removed: the] identification, assessment, management, monitoring and reporting of key business risks.

[removed: In addition, the ERM Program also includes an] [added: The] Emerging [removed: Risks Team] [added: Risk team, comprised] of business leaders [removed: at Equinix,] representing a majority of business [removed: functions, that] [added: functions at Equinix,] meets monthly to identify fast-moving, potentially impactful risks.

Equinix cybersecurity risk management activities and outcomes are guided by the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework [removed: (“CSF”) and assessed by a third party.][added: (“CSF”).]

Currently, our cybersecurity program includes the following key categories of security controls with many security capabilities serving under each category: Governance, Access Control, Awareness and Training, Audit and Accountability, Configuration Management, Contingency Planning, Incident Response, Data Security, Continuous Monitoring, Maintenance Controls, Media Protection, Physical Protections, Risk Assessment, Third-Party Risk Management, System and Communications [removed: Projection,] [added: Protection,] and System and Information Integrity.

Equinix has also implemented [removed: controls] [added: our Security Engagement and Third-Party Risk programs which are] designed to identify and mitigate cybersecurity risk associated with our use of third-party service [removed: providers, such as security risk assessments.][added: providers.]

Equinix conducts [removed: regular] [added: annual, mandatory] employee training on how to spot suspicious activity, educates employees on potential security risks, and periodically [removed: runs simulations of cyber incidents for employees] [added: conducts cybersecurity tests] across various functions to assess and refine response capabilities.

Board of Directors’ Oversight of Risks from Cybersecurity [removed: Threats][added: Threat]

The Nominating and Governance Committee oversees [removed: our GRC Program] [added: InfoSec] per its charter, reviewing and considering developments related to the [removed: GRC Program] [added: program] and reporting on the [removed: GRC Program’s] [added: InfoSec] activities and recommendations to the full Board.

Information security risks have been deemed by our Board to be of critical importance to Equinix, and thus the Nominating and Governance Committee receives quarterly updates on cybersecurity and the full Board receives a [removed: briefing] [added: report] on cybersecurity at least annually.

In the event of a material cybersecurity incident, the full Board would be convened [removed: on a frequent basis] to receive updates and provide oversight.

Our [removed: interim] [added: current] CISO brings over [removed: 20] [added: 30] years of experience in information [removed: technology,] [added: technology and cybersecurity,] which enables him to ensure alignment of our cybersecurity program with our critical infrastructure strategies.

The process is governed by the ERM Policy and includes the ERM team, the Emerging Risk team and the Governance, Risk and Compliance Committee.

Equinix's networks, products and services are reviewed by our internal audit teams as well as independent third-party assessors in support of security-related industry certifications and attestations (including SOC2, ISO27001 and PCI DSS).

When appropriate, external service providers are also used to assess, test, or otherwise assist our program.

Equinix's Information Security governance is supported by the Equinix Security Council, a cross-functional body of senior leaders chaired by our CISO.

The Security Council is responsible for shaping Equinix's security operating model and culture, aligning Equinix-wide security standards, and providing oversight of the security program and strategic security initiatives.

Its mission includes strengthening Equinix's overall security posture, fostering a secure-by-design culture, and ensuring that cybersecurity priorities are aligned with business objectives and regulatory expectations.

The Security Council meets quarterly to review risk-based priorities, assess security outcomes and performance indicators, and evaluate progress on key initiatives.

The Security Council serves as a central mechanism for enterprise-level alignment, decision-making, and communication on cybersecurity matters.

Our prior CISO departed Equinix in the fourth quarter of 2024, at which time we appointed a tenured Equinix Information Technology senior leader to the role in an interim capacity.

To assist our interim CISO, we have engaged a technology risk consultant in an advisory role.

The GRCC is a global, cross-functional group currently comprised of global senior leaders, across functions such as Legal, Compliance and Risk Management.

The GRCC considers enterprise and emerging risks via Equinix’s Enterprise Risk Management Program (the “ERM Program”).

Our next global risk assessment to identify enterprise risks will be conducted in the first half of 2025.

The GRCC prioritizes top enterprise and emerging risks for reporting to and dialoguing with our executive staff at least quarterly, and from this discussion, risks are presented to the Nominating and Governance Committee to consider for further assessment and report-out either to a committee or the full Board as appropriate.

Equinix also offers a role-based security certification for its software engineering employees.

Equinix does not generally engage any consultants, auditors, or other third parties in connection with processes for assessing, identifying and managing risks from cybersecurity threats other than the technology risk consultant identified above.

The Information Security Steering Committee (“ISSC”) is a key element of our cybersecurity strategy.

The ISSC is chaired by the CISO and comprises of a cross-functional group of senior leaders from various functions in the company.

The ISSC aims to align our security and compliance programs with business objectives.

Specifically, the ISSC (i) facilitates identification of risk-based priorities and trade-offs; (ii) aims to ensure economies of scale and consistency of information security and compliance across IT assets at the company; (iii) reviews and approves information security policies; (iv) reviews requests for policy and risk exceptions to provide a “Risk Acceptance Authorization”; and (v) serves as a communications channel and steward to cultivate a culture of trust across the enterprise.

The ISSC currently meets quarterly.

In addition, various subcommittees meet on an as-needed basis to address business needs.

At the ISSC, topics such as changes to the InfoSec risk register, notable issues, and information security projects are discussed.

Further, he oversaw the building of our application disaster recovery infrastructure for all production applications at Equinix, and since that time has been responsible for operating this infrastructure and ongoing disaster recovery testing.

All of this experience is applicable and relevant to our cybersecurity program at Equinix.

Our executive offices are located in Redwood City, California, with [removed: sales] [added: additional] offices in several cities throughout the [removed: U.S. Our] [added: Americas,] EMEA [removed: headquarters office is located in Amsterdam, the Netherlands] and [removed: we also have sales offices in several cities throughout EMEA.][added: Asia-Pacific regions.]

The following tables present the locations of our leased and owned IBX data centers and xScaleTM data centers [removed: investments] as of December 31, [removed: 2024, as well as one data center which opened in February] 2025.

| [removed:  | | |] [added: ] | | | [removed: Boston] | | | | | | | | | | | | [removed: ●] | | |

| | | | Monterrey | | | | | | ● | | | | | | [added: ●] | | | | | |

| [removed: ] [added: ] | | | | | | Barcelona | | | | | | ● | | | | | | ● | | |

| | | | Dublin | | | | | | [added: ●] | | | | | | ● | | | | | |

| [removed: ] [added: ] | | | | | | [added: Boston] | | | | | | | | | | | | [added: ● | | |]

(2)Owned sites include IBX data centers [added: and xScale data centers] subject to long-term ground leases.

The following table presents an overview of our portfolio of IBX data centers as of December 31, [removed: 2024:][added: 2025:]

| Asia-Pacific | | | [removed: 54] [added: 58] | | | | | | [removed: 89,100] [added: 93,600] | | | | | | [removed: 66,600] [added: 68,400] | | | | | | [removed: 75] [added: 73] | | % | | | | [removed: 2,218] [added: 2,355] | | |

(1)Excludes [removed: 21] [added: 25] unconsolidated data centers [removed: (20] [added: (23] xScale data centers and the MC1 [removed: IBX data center)] and [removed: includes the JK1] [added: SN1 IBX] data [removed: center which opened in February 2025.][added: centers).]

Americas MRR per cabinet excludes Infomart non-IBX tenant [removed: income and EMEA MRR per cabinet excludes MainOne revenue.][added: income.]

The following table presents a summary of our significant IBX data center projects under construction as of December 31, [removed: 2024:][added: 2025:]

| SP4 phase [removed: IV] [added: 5] | | | | | | São Paulo | | | | | | [removed: Q1 2025] [added: Q2 2027] | | | | | | [removed: 750] [added: 700] | | | | | | [removed: $] [added: 74] | [removed: 21] | |

| TR6 phase [removed: II] [added: 3] | | | | | | Toronto | | | | | | [removed: Q2 2025] [added: Q3 2027] | | | | | | [removed: 900] [added: 1,075] | | | | | | 123 | | |

| DC22 phase [removed: I] [added: 2] | | | | | | Washington, D.C. | | | | | | [removed: Q4 2025] [added: Q2 2027] | | | | | | 2,125 | | | | | | [removed: 260] [added: 144] | | |

| MT1 phase [removed: II] [added: 3] | | | | | | Montreal | | | | | | Q4 [removed: 2025] [added: 2026] | | | | | | [removed: 250] [added: 300] | | | | | | [removed: 22] [added: 37] | | |

| NY11 phase [removed: V] [added: 5] | | | | | | New York | | | | | | [removed: Q4 2025] [added: Q1 2026] | | | | | | 600 | | | | | | [removed: 38] [added: $] | [added: 38] | |

| BG2 phase [removed: II] [added: 2] | | | | | | Bogotá | | | | | | Q2 2026 | | | | | | 550 | | | | | | 28 | | |

| SV18 phase [removed: I] [added: 1] | | | | | | Silicon Valley | | | | | | [removed: Q3] [added: Q2] 2026 | | | | | | [removed: 1,350] [added: 2,100] | | | | | | 260 | | |

| LG3 phase [removed: I] [added: 1] | | | | | | Lagos | | | | | | [removed: Q3 2025] [added: Q1 2026] | | | | | | 225 | | | | | | 22 | | |

| LS2 phase [removed: I] [added: 2] | | | | | | Lisbon | | | | | | Q3 [removed: 2025] [added: 2027] | | | | | | [removed: 625] [added: 325] | | | | | | [removed: 53] [added: 31] | | |

| MD5 phase [removed: I] [added: 1] | | | | | | Madrid | | | | | | [removed: Q3 2025] [added: Q2 2026] | | | | | | [removed: 1,700] [added: 1,650] | | | | | | 115 | | |

| FR8 phase [removed: II] [added: 3] | | | | | | Frankfurt | | | | | | Q4 [removed: 2025] [added: 2026] | | | | | | 1,400 | | | | | | [removed: 193] [added: 107] | | |

| DX3 phase [removed: II] [added: 2] | | | | | | Dubai | | | | | | [removed: Q3] [added: Q2] 2026 | | | | | | [removed: 1,100] [added: 800] | | | | | | 81 | | |

| IL3 phase [removed: I] [added: 1] | | | | | | Istanbul | | | | | | Q3 2026 | | | | | | 1,325 | | | | | | 116 | | |

| LG4 phase [removed: I] [added: 1] | | | | | | Lagos | | | | | | [removed: Q1] [added: Q4] 2027 | | | | | | [removed: 925] [added: 975] | | | | | | 78 | | |

| PA14 phase [removed: I] [added: 1] | | | | | | Paris | | | | | | [removed: Q1] [added: Q2] 2027 | | | | | | [removed: 825] [added: 675] | | | | | | [removed: 133] [added: 104] | | |

| LD14 phase [removed: I] [added: 1] | | | | | | London | | | | | | [removed: Q2] [added: Q1] 2027 | | | | | | 1,425 | | | | | | [removed: 243] [added: 242] | | |

| ZH4 phase [removed: VI] [added: 6] | | | | | | Zurich | | | | | | Q3 2027 | | | | | | 200 | | | | | | 47 | | |

| CN1 phase [removed: I] [added: 2] | | | | | | Chennai | | | | | | [removed: Q1 2025] [added: Q4 2027] | | | | | | [removed: 850] [added: 1,375] | | | | | | [removed: 65] [added: 88] | | |

| MB3 phase [removed: I] [added: 2] | | | | | | Mumbai | | | | | | Q2 [removed: 2025] [added: 2027] | | | | | | 1,375 | | | | | | [removed: 86] [added: 38] | | |

| HK6 phase [removed: I] [added: 1] | | | | | | Hong Kong | | | | | | Q1 2026 | | | | | | 1,000 | | | | | | 124 | | |

| OS3 phase [removed: IV] [added: 4] | | | | | | Osaka | | | | | | Q1 2026 | | | | | | 550 | | | | | | 30 | | |

| SG6 phase [removed: I] [added: 1] | | | | | | Singapore | | | | | | Q1 2027 | | | | | | [removed: 1,525] [added: 1,550] | | | | | | 290 | | |

| | | | Salalah | | | | | | | | | | | | ● | | | | | |

| Chennai | | | | | | | | | | | | ● | | | | | |

| Manila | | | | | | ● | | | | | | | | | | | |

| Americas | | | 109 | | | | | | 157,400 | | | | | | 123,700 | | | | | | 79 | | % | | | | $ | 2,694 | |

| EMEA | | | 88 | | | | | | 141,300 | | | | | | 107,200 | | | | | | 76 | | % | | | | 2,418 | | |

| Total | | | 255 | | | | | | 392,300 | | | | | | 299,300 | | | | | | | | | | | | | | |

| MI1 redevelopment | | | | | | Miami | | | | | | Q3 2026 | | | | | | 475 | | | | | | 59 | | |

| RJ3 phase 2 | | | | | | Rio de Janeiro | | | | | | Q4 2026 | | | | | | 550 | | | | | | 46 | | |

| SP7 phase 1 | | | | | | São Paulo | | | | | | Q4 2026 | | | | | | 600 | | | | | | 35 | | |

| DC17 phases 1 and 2 | | | | | | Washington, D.C. | | | | | | Q2 2027 | | | | | | 4,700 | | | | | | 622 | | |

| SV18 phase 2 | | | | | | Silicon Valley | | | | | | Q2 2027 | | | | | | 850 | | | | | | 180 | | |

| CH5 phase 2 | | | | | | Chicago | | | | | | Q3 2027 | | | | | | 1,625 | | | | | | 165 | | |

| DA12 phase 1 | | | | | | Dallas | | | | | | Q2 2028 | | | | | | 3,700 | | | | | | 837 | | |

| | | | | | | | | | | | | | | | | | | 19,950 | | | | | | 2,648 | | |

| DB10 phase 1 | | | | | | Dublin | | | | | | Q1 2028 | | | | | | 475 | | | | | | 14 | | |

| LD14 phase 2 | | | | | | London | | | | | | Q1 2028 | | | | | | 1,425 | | | | | | 122 | | |

| FR12 phase 1 | | | | | | Frankfurt | | | | | | Q2 2028 | | | | | | 1,750 | | | | | | 381 | | |

| MU4 phase 3 | | | | | | Munich | | | | | | Q2 2028 | | | | | | 1,375 | | | | | | 342 | | |

| PA14 phase 2 | | | | | | Paris | | | | | | Q2 2028 | | | | | | 600 | | | | | | 49 | | |

| FR15 phase 1 | | | | | | Frankfurt | | | | | | Q3 2028 | | | | | | 1,550 | | | | | | 487 | | |

| | | | | | | | | | | | | | | | | | | 16,175 | | | | | | 2,338 | | |

| JK1 phase 2 | | | | | | Jakarta | | | | | | Q4 2026 | | | | | | 1,125 | | | | | | 39 | | |

| SY5 phase 4 | | | | | | Sydney | | | | | | Q1 2027 | | | | | | 1,350 | | | | | | 96 | | |

| KL2 phases 1 and 2 | | | | | | Kuala Lumpur | | | | | | Q2 2027 | | | | | | 2,200 | | | | | | 192 | | |

| BK1 phase 1 | | | | | | Bangkok | | | | | | Q3 2027 | | | | | | 1,175 | | | | | | 110 | | |

| JH2 phases 1 and 2 | | | | | | Johor | | | | | | Q3 2027 | | | | | | 2,225 | | | | | | 201 | | |

| OS6 phase 1 | | | | | | Osaka | | | | | | Q4 2028 | | | | | | 1,850 | | | | | | 355 | | |

| | | | | | | | | | | | | | | | | | | 15,775 | | | | | | 1,563 | | |

| Total | | | | | | | | | | | | | | | | | | 51,900 | | | | | | $ | 6,549 | |

Our Asia-Pacific headquarters office is located in Hong Kong and we also have sales offices in several cities throughout Asia-Pacific.

| Americas | | | 107 | | | | | | 144,100 | | | | | | 116,700 | | | | | | 81 | | % | | | | $ | 2,550 | |

| EMEA | | | 86 | | | | | | 138,200 | | | | | | 107,700 | | | | | | 78 | | % | | | | 2,152 | | |

| Total | | | 247 | | | | | | 371,400 | | | | | | 291,000 | | | | | | | | | | | | | | |

The JK1 data center is included in the # of IBXs only.

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| ST2 phase II | | | | | | Santiago | | | | | | Q1 2025 | | | | | | 425 | | | | | | 45 | | |

| DA11 phase III | | | | | | Dallas | | | | | | Q2 2025 | | | | | | 2,000 | | | | | | 186 | | |

| CH2 phase II | | | | | | Chicago | | | | | | Q3 2025 | | | | | | 575 | | | | | | 46 | | |

| MI1 phase III | | | | | | Miami | | | | | | Q3 2025 | | | | | | 1,050 | | | | | | 86 | | |

| MO2 phase I | | | | | | Monterrey | | | | | | Q3 2025 | | | | | | 725 | | | | | | 79 | | |

| DC2 Redevelopment | | | | | | Washington, D.C. | | | | | | Q4 2025 | | | | | | 425 | | | | | | 56 | | |

| DC16 phase II | | | | | | Washington, D.C. | | | | | | Q4 2025 | | | | | | 1,525 | | | | | | 131 | | |

| SE4 phase IV | | | | | | Seattle | | | | | | Q4 2025 | | | | | | 400 | | | | | | 33 | | |

| CH5 phase I | | | | | | Chicago | | | | | | Q1 2026 | | | | | | 1,600 | | | | | | 219 | | |

| DC16 phase III | | | | | | Washington, D.C. | | | | | | Q1 2026 | | | | | | 1,525 | | | | | | 83 | | |

| SP6 phase I | | | | | | São Paulo | | | | | | Q1 2026 | | | | | | 1,125 | | | | | | 110 | | |

| NY3 phase II | | | | | | New York | | | | | | Q4 2026 | | | | | | 2,275 | | | | | | 222 | | |

| | | | | | | | | | | | | | | | | | | 20,175 | | | | | | 2,048 | | |

| LG2 phase II | | | | | | Lagos | | | | | | Q1 2025 | | | | | | 150 | | | | | | 9 | | |

| MA5 phase II | | | | | | Manchester | | | | | | Q1 2025 | | | | | | 775 | | | | | | 39 | | |

| SN1 phase I | | | | | | Salalah | | | | | | Q1 2025 | | | | | | 125 | | | | | | 20 | | |

| SN1 phase II | | | | | | Salalah | | | | | | Q2 2025 | | | | | | 125 | | | | | | 8 | | |

| LD10 phase IV | | | | | | London | | | | | | Q3 2025 | | | | | | 850 | | | | | | 63 | | |

| LG2 phase III | | | | | | Lagos | | | | | | Q3 2025 | | | | | | 275 | | | | | | 29 | | |

| FR13 phase II | | | | | | Frankfurt | | | | | | Q2 2026 | | | | | | 350 | | | | | | 42 | | |

| | | | | | | | | | | | | | | | | | | 12,400 | | | | | | 1,291 | | |

| KL1 phase II | | | | | | Kuala Lumpur | | | | | | Q1 2025 | | | | | | 450 | | | | | | 4 | | |

| HK1 phase XIII B | | | | | | Hong Kong | | | | | | Q4 2025 | | | | | | 250 | | | | | | 16 | | |

| JH2 phase I | | | | | | Johor | | | | | | Q1 2027 | | | | | | 1,100 | | | | | | 152 | | |

| TY15 phase II | | | | | | Tokyo | | | | | | Q2 2027 | | | | | | 1,000 | | | | | | 101 | | |

| JH2 phase II | | | | | | Johor | | | | | | Q3 2027 | | | | | | 1,125 | | | | | | 49 | | |

| | | | | | | | | | | | | | | | | | | 9,225 | | | | | | 917 | | |

| Total | | | | | | | | | | | | | | | | | | 41,800 | | | | | | $ | 4,256 | |

As of January 31, [removed: 2025,] [added: 2026,] we had [removed: 97,332,005] [added: 98,254,928] shares of our common stock outstanding held by approximately [removed: 236] [added: 233] registered holders.

During the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] we did not issue or sell any securities on an unregistered basis.

The graph set forth below compares the cumulative total stockholder return on Equinix's common stock between December 31, [removed: 2019] [added: 2020] and December 31, [removed: 2024] [added: 2025] with the cumulative total return of:

The graph assumes the investment of $100.00 on December 31, [removed: 2019] [added: 2020] in Equinix's common stock and in each index, and assumes the reinvestment of dividends, if any.

[removed: ][added: ]

*$100 invested on [removed: 12/31/19] [added: 12/31/20] in stock or index, including reinvestment of dividends.

Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of December 31, [removed: 2024.][added: 2025.]

Based on our evaluation under the framework in *Internal Control – Integrated Framework* (2013), our management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included herein on page F-1 of this Annual Report on Form 10-K.

There [removed: have been] [added: were] no [removed: other] changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the [removed: twelve months ended December 31, 2024] [added: fourth quarter of 2025] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

In the second quarter of 2024, as part of our multi-year project to move the backbone of our finance systems to the Cloud, we completed deployment of certain modules in our new cloud enterprise resource planning (“ERP”) system to support financial close and reporting.

As a result of the ERP system implementation, in the second quarter of 2024 certain internal controls over financial reporting have been automated, modified, or implemented to address the new control environment and processes associated with the ERP system.

During the quarter ended December 31, [removed: 2024,] [added: 2025,] each of the following directors and/or officers adopted or terminated a “Rule 10b5-1 trading arrangement”, as [removed: each] [added: such] term is defined in Item 408(a) of Regulation S-K.

| Simon Miller, Chief Accounting Officer | | | | | | [removed: 11/15/2024] [added: 11/30/2025] | | | | | | Adoption | | | | | | [removed: 3/1/2025] [added: 3/3/2026] | | | | | | [removed: 4/30/2025] [added: 3/31/2026] | | | | | | See footnote [removed: (2)] [added: (1)] | | |

[removed: (2)Mr.] [added: (1)Mr.] Miller’s plan includes any shares to be granted under the [removed: 2024] [added: 2025] Annual Incentive Plan, as determined based on final company performance, to be sold for tax withholding and/or diversification purposes.

We previously disclosed that Michael Shane Paladin adopted a Rule 10b5-1 trading plan arrangement on August 27, 2025 with a start date of January 16, 2025.

This was a typographical error; the start date of the plan was January 16, 2026.

| Scott Crenshaw, EVP and GM, Digital Services | | | | | | 11/7/2024 | | | | | | Termination | | | | | | 1/16/2025 | | | | | | 9/30/2025 | | | | | | See footnote (1) | | |

(1)Mr. Crenshaw’s original adoption date was on May 31, 2024.

This information is incorporated by reference to the Equinix Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders and is also available on our website, www.equinix.com.

The other information required by this Item 10 is incorporated by reference to the definitive Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2024] [added: 2025] pursuant to Regulation 14A.

The information required by this Item is incorporated by reference to the definitive Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2024] [added: 2025] pursuant to Regulation 14A.

Information required by this item is incorporated by reference to the Equinix Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2024] [added: 2025] pursuant to Regulation 14A.

The information required by this Item is incorporated by reference to the definitive Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2024] [added: 2025] pursuant to Regulation 14A.

The information required by this Item is incorporated by reference to the definitive Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2024] [added: 2025] pursuant to Regulation 14A.

| [Report of Independent Registered Public Accounting Firm (PCAOB [removed: ID](#i519760351d82471481f7b7fe87624123_127) 238[)](#i519760351d82471481f7b7fe87624123_127)] [added: ID](#i0d0eeed870a04a8dacc1fb55f7de4326_139) 238[)](#i0d0eeed870a04a8dacc1fb55f7de4326_139)] | | | [removed: F-[1](#i519760351d82471481f7b7fe87624123_127)] [added: F-[1](#i0d0eeed870a04a8dacc1fb55f7de4326_139)] | | |

| [Consolidated Balance Sheets as [removed: of] [added: of](#i0d0eeed870a04a8dacc1fb55f7de4326_142)] December 31, [added: 2025 [and](#i0d0eeed870a04a8dacc1fb55f7de4326_142)] 2024 [removed: and 2023](#i519760351d82471481f7b7fe87624123_130)] | | | [removed: F-[3](#i519760351d82471481f7b7fe87624123_130)] [added: F-[3](#i0d0eeed870a04a8dacc1fb55f7de4326_142)] | | |

| [Consolidated Statements of Operations for the years [removed: ended] [added: ended](#i0d0eeed870a04a8dacc1fb55f7de4326_145)] December 31, [removed: 2024,] [added: 2025[,](#i0d0eeed870a04a8dacc1fb55f7de4326_145) 2024 [and](#i0d0eeed870a04a8dacc1fb55f7de4326_145)] 2023 [removed: and 2022](#i519760351d82471481f7b7fe87624123_133)] | | | [removed: F-[4](#i519760351d82471481f7b7fe87624123_133)] [added: F-[4](#i0d0eeed870a04a8dacc1fb55f7de4326_145)] | | |

| [Consolidated Statements of Comprehensive Income (Loss) for the years [removed: ended] [added: ended](#i0d0eeed870a04a8dacc1fb55f7de4326_148)] December 31, [removed: 2024,] [added: 2025[,](#i0d0eeed870a04a8dacc1fb55f7de4326_145) 2024 [and](#i0d0eeed870a04a8dacc1fb55f7de4326_145)] 2023 [removed: and 2022](#i519760351d82471481f7b7fe87624123_136)] | | | [removed: F-[5](#i519760351d82471481f7b7fe87624123_136)] [added: F-[5](#i0d0eeed870a04a8dacc1fb55f7de4326_148)] | | |

| [Consolidated Statements of Stockholders' Equity and Other Comprehensive Income (Loss) for the years [removed: ended] [added: ended](#i0d0eeed870a04a8dacc1fb55f7de4326_151)] December 31, [removed: 2024,] [added: 2025[,](#i0d0eeed870a04a8dacc1fb55f7de4326_145) 2024 [and](#i0d0eeed870a04a8dacc1fb55f7de4326_145)] 2023 [removed: and 2022](#i519760351d82471481f7b7fe87624123_139)] | | | [removed: F-[6](#i519760351d82471481f7b7fe87624123_139)] [added: F-[6](#i0d0eeed870a04a8dacc1fb55f7de4326_151)] | | |

| [Consolidated Statements of Cash Flows for the years [removed: ended] [added: ended](#i0d0eeed870a04a8dacc1fb55f7de4326_154)] December 31, [removed: 2024,] [added: 2025[,](#i0d0eeed870a04a8dacc1fb55f7de4326_145) 2024 [and](#i0d0eeed870a04a8dacc1fb55f7de4326_145)] 2023 [removed: and 2022](#i519760351d82471481f7b7fe87624123_142)] | | | [removed: F-[8](#i519760351d82471481f7b7fe87624123_142)] [added: F-[8](#i0d0eeed870a04a8dacc1fb55f7de4326_154)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i519760351d82471481f7b7fe87624123_145)] [added: Statements](#i0d0eeed870a04a8dacc1fb55f7de4326_157)] | | | [removed: F-[9](#i519760351d82471481f7b7fe87624123_145)] [added: F-[9](#i0d0eeed870a04a8dacc1fb55f7de4326_157)] | | |

| [Schedule III - Schedule of Real Estate and Accumulated Depreciation as [removed: of] [added: of](#i0d0eeed870a04a8dacc1fb55f7de4326_223)] December 31, [removed: 2024 with] [added: 2025 [with] reconciliations for the years [removed: ended] [added: ended](#i0d0eeed870a04a8dacc1fb55f7de4326_223)] December 31, [removed: 2024,] [added: 2025[,](#i0d0eeed870a04a8dacc1fb55f7de4326_145) 2024 [and](#i0d0eeed870a04a8dacc1fb55f7de4326_145)] 2023 [removed: and 2022](#i519760351d82471481f7b7fe87624123_211)] | | | [removed: F-[61](#i519760351d82471481f7b7fe87624123_211)] [added: F-[60](#i0d0eeed870a04a8dacc1fb55f7de4326_223)] | | |

| [3.6](https://www.sec.gov/Archives/edgar/data/1101239/000162828022009052/ex31-amendedandrestatedbyl.htm) | | | | | | [Amended and Restated Bylaws of the [removed: Registrant.](https://www.sec.gov/Archives/edgar/data/1101239/000162828023007702/bylawamend.htm)] [added: Registrant.](https://www.sec.gov/Archives/edgar/data/1101239/000162828022009052/ex31-amendedandrestatedbyl.htm)] | | | | | | 8-K | | | | | | 3/13/2023 | | | | | | 3.1 | | | | | | | | |

| [removed: [4.3](https://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-2.htm)] [added: [4.3](https://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-4.htm)] | | | | | | [removed: [Fourth] [added: [Fifth] Supplemental Indenture, dated as of November 18, 2019, among Equinix, Inc. and U.S. Bank National Association, as [removed: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-2.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-4.htm)] | | | | | | 8-K | | | | | | 11/18/2019 | | | | | | [removed: 4.2] [added: 4.4] | | | | | | | | |

| 4.4 | | | | | | Form of [removed: 2.625%] [added: 2.900%] Senior Note due [removed: 2024] [added: 2026] (See Exhibit 4.3) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.5](https://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-4.htm)] [added: [4.5](https://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-6.htm)] | | | | | | [removed: [Fifth] [added: [Sixth] Supplemental Indenture, dated as of November 18, 2019, among Equinix, Inc. and U.S. Bank National Association, as [removed: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-4.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-6.htm)] | | | | | | 8-K | | | | | | 11/18/2019 | | | | | | [removed: 4.4] [added: 4.6] | | | | | | | | |

| 4.6 | | | | | | Form of [removed: 2.900%] [added: 3.200%] Senior Note due [removed: 2026] [added: 2029] (See Exhibit 4.5) | | | | | | [added: 8-K] | | | | | | [added: 6/22/2020] | | | | | | | | | | | | | | |

| [removed: [4.7](https://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-6.htm)] [added: [4.19](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-6.htm)] | | | | | | [removed: [Sixth] [added: [Thirteenth] Supplemental Indenture, dated as of [removed: November 18, 2019,] [added: October 7, 2020,] among Equinix, Inc. and U.S. Bank National Association, as [removed: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-6.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-6.htm)] | | | | | | 8-K | | | | | | [removed: 11/18/2019] [added: 10/7/2020] | | | | | | 4.6 | | | | | | | | |

| 4.8 | | | | | | Form of [removed: 3.200%] [added: 1.250%] Senior Note due [removed: 2029] [added: 2025] (See Exhibit 4.7) | | | | | | [removed: 8-K] | | | | | | [removed: 6/22/2020] | | | | | | | | | | | | | | |

| [removed: [4.9](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex42.htm)] [added: [4.7](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex42.htm)] | | | | | | [Seventh Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex42.htm) | | | | | | 8-K | | | | | | 6/22/2020 | | | | | | 4.2 | | | | | | | | |

| 4.10 | | | | | | Form of [removed: 1.250%] [added: 1.800%] Senior Note due [removed: 2025] [added: 2027] (See Exhibit 4.9) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.11](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex44.htm)] [added: [4.9](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex44.htm)] | | | | | | [Eighth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex44.htm) | | | | | | 8-K | | | | | | 6/22/2020 | | | | | | 4.4 | | | | | | | | |

| 4.12 | | | | | | Form of [removed: 1.800%] [added: 2.150%] Senior Note due [removed: 2027 (See] [added: 2030 (see] Exhibit 4.11) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.13](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex46.htm)] [added: [4.11](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex46.htm)] | | | | | | [Ninth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex46.htm) | | | | | | 8-K | | | | | | 6/22/2020 | | | | | | 4.6 | | | | | | | | |

| 4.14 | | | | | | Form of [removed: 2.150%] [added: 3.000%] Senior Note due [removed: 2030 (see] [added: 2050 (See] Exhibit 4.13) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.15](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex48.htm)] [added: [4.13](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex48.htm)] | | | | | | [Tenth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex48.htm) | | | | | | 8-K | | | | | | 6/22/2020 | | | | | | 4.8 | | | | | | | | |

| 4.16 | | | | | | Form of [removed: 3.000%] [added: 1.000%] Senior Note due [removed: 2050 (See] [added: 2025 (included in] Exhibit 4.15) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.17](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-2.htm)] [added: [4.15](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-2.htm)] | | | | | | [Eleventh Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-2.htm) | | | | | | 8-K | | | | | | 10/7/2020 | | | | | | 4.2 | | | | | | | | |

| 4.18 | | | | | | Form of [removed: 1.000%] [added: 1.550%] Senior Note due [removed: 2025] [added: 2028] (included in Exhibit 4.17) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.19](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-4.htm)] [added: [4.17](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-4.htm)] | | | | | | [Twelfth Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-4.htm) | | | | | | 8-K | | | | | | 10/7/2020 | | | | | | 4.4 | | | | | | | | |

| 4.20 | | | | | | Form of [removed: 1.550%] [added: 2.950%] Senior Note due [removed: 2028] [added: 2051] (included in Exhibit 4.19) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.21](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-6.htm)] [added: [4.29](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-6.htm)] | | | | | | [removed: [Thirteenth] [added: [Eighteenth] Supplemental Indenture, dated [removed: as of October 7, 2020, among] [added: May 17, 2021, between] Equinix, Inc. and U.S. Bank National Association, as [removed: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-6.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-6.htm)] | | | | | | 8-K | | | | | | [removed: 10/7/2020] [added: 5/17/2021] | | | | | | 4.6 | | | | | | | | |

| 4.22 | | | | | | Form of [removed: 2.950%] [added: 0.250%] Senior Note due [removed: 2051] [added: 2027] (included in Exhibit 4.21) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.23](https://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-2.htm)] [added: [4.21](https://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-2.htm)] | | | | | | [Fourteenth Supplemental Indenture, dated as of March 10, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-2.htm) | | | | | | 8-K | | | | | | 3/11/2021 | | | | | | 4.2 | | | | | | | | |

| 4.24 | | | | | | Form of [removed: 0.250%] [added: 1.000%] Senior Note due [removed: 2027] [added: 2033] (included in Exhibit 4.23) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.25](https://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-4.htm)] [added: [4.23](https://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-4.htm)] | | | | | | [Fifteenth Supplemental Indenture, dated as of March 10, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-4.htm) | | | | | | 8-K | | | | | | 3/11/2021 | | | | | | 4.4 | | | | | | | | |

| 4.26 | | | | | | Form of [removed: 1.000%] [added: 1.450%] Senior Note due [removed: 2033] [added: 2026] (included in Exhibit 4.25) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.27](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-2.htm)] [added: [4.25](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-2.htm)] | | | | | | [Sixteenth Supplemental Indenture, dated as of May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-2.htm) | | | | | | 8-K | | | | | | 5/17/2021 | | | | | | 4.2 | | | | | | | | |

| 4.28 | | | | | | Form of [removed: 1.450%] [added: 2.000%] Senior Note due [removed: 2026] [added: 2028] (included in Exhibit 4.27) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.29](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-4.htm)] [added: [4.27](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-4.htm)] | | | | | | [Seventeenth Supplemental Indenture, dated as of May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-4.htm) | | | | | | 8-K | | | | | | 5/17/2021 | | | | | | 4.4 | | | | | | | | |

| 4.30 | | | | | | Form of [removed: 2.000%] [added: 2.500%] Senior Note due [removed: 2028] [added: 2031] (included in Exhibit 4.29) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.31](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-6.htm)] [added: [4.31](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-8.htm)] | | | | | | [removed: [Eighteenth] [added: [Nineteenth] Supplemental Indenture, dated May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as [removed: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-6.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-8.htm)] | | | | | | 8-K | | | | | | 5/17/2021 | | | | | | [removed: 4.6] [added: 4.8] | | | | | | | | |

| 4.32 | | | | | | Form of [removed: 2.500%] [added: 3.400%] Senior Note due [removed: 2031] [added: 2052] (included in Exhibit 4.31) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.33](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-8.htm)] [added: [4.33](https://www.sec.gov/Archives/edgar/data/1101239/000110465922042726/tm2211678d1_ex4-2.htm)] | | | | | | [removed: [Nineteenth] [added: [Twentieth] Supplemental Indenture, dated [removed: May 17, 2021,] [added: as of April 5, 2022,] between Equinix, Inc. and U.S. Bank [added: Trust Company] National Association, as [removed: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-8.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465922042726/tm2211678d1_ex4-2.htm)] | | | | | | 8-K | | | | | | [removed: 5/17/2021] [added: 4/5/2022] | | | | | | [removed: 4.8] [added: 4.2] | | | | | | | | |

| 4.42 | | | | | | Form of 3.650% Senior Note due 2033 (included in Exhibit 4.41) | | | | | | 8-K | | | | | | 9/3/2024 | | | | | | 4.3 | | | | | | | | |

| [4.47](https://www.sec.gov/Archives/edgar/data/1101239/000110465925050439/tm2515293d1_ex4-2.htm) | | | | | | [Fifth Supplemental Indenture, dated as of May 19, 2025, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, U.S. Bank Europe DAC, U.K. Branch, as paying agent, and U.S. Bank Trust Company, National Association, as registrar and trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465925050439/tm2515293d1_ex4-2.htm) | | | | | | 8-K | | | | | | 5/19/2025 | | | | | | 4.2 | | | | | | | | |

| [4.49](https://www.sec.gov/Archives/edgar/data/1101239/000110465925050439/tm2515293d1_ex4-4.htm) | | | | | | [Sixth Supplemental Indenture, dated as of May 19, 2025, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, U.S. Bank Europe DAC, U.K. Branch, as paying agent, and U.S. Bank Trust Company, National Association, as registrar and trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465925050439/tm2515293d1_ex4-4.htm) | | | | | | 8-K | | | | | | 5/19/2025 | | | | | | 4.4 | | | | | | | | |

| 4.50 | | | | | | Form of 4.000% Senior Note due 2034 (included in Exhibit 4.49) | | | | | | 8-K | | | | | | 5/19/2025 | | | | | | 4.5 | | | | | | | | |

| [4.51](https://www.sec.gov/Archives/edgar/data/1101239/000110465925111473/tm2530925d1_ex4-2.htm) | | | | | | [Seventh Supplemental Indenture, dated as of November 13, 2025, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, and U.S. Bank Trust Company, National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1101239/000110465925111473/tm2530925d1_ex4-2.htm) | | | | | | 8-K | | | | | | 11/13/2025 | | | | | | 4.2 | | | | | | | | |

| 4.52 | | | | | | Form of 4.600% Senior Note due 2030 (included in Exhibit 4.51) | | | | | | 8-K | | | | | | 11/13/2025 | | | | | | 4.3 | | | | | | | | |

| [4.53](https://www.sec.gov/Archives/edgar/data/1101239/000162828025021086/eqix-033125xexhibit447.htm) | | | | | | [Terms and Conditions of the U.S. $3,000,000,000 Euro Medium Term Note Program, established February 28, 2025, by Equinix Asia Financing Corporation Pte. Ltd. and guaranteed by Equinix, Inc.](https://www.sec.gov/Archives/edgar/data/1101239/000162828025021086/eqix-033125xexhibit447.htm) | | | | | | 10-Q | | | | | | 3/31/2025 | | | | | | 4.47 | | | | | | | | |

| [4.54](https://www.sec.gov/Archives/edgar/data/1101239/000162828025021086/eqix-033125xexhibit448.htm) | | | | | | [Pricing Supplement, dated March 6, 2025, for the 3.500% Singapore Dollar Senior Notes due 2030 issued under the U.S. $3,000,000,000 Euro Medium Term Note Program.](https://www.sec.gov/Archives/edgar/data/1101239/000162828025021086/eqix-033125xexhibit448.htm) | | | | | | 10-Q | | | | | | 3/31/2025 | | | | | | 4.48 | | | | | | | | |

| [4.55](https://www.sec.gov/Archives/edgar/data/1101239/000110123925000062/eqix-093025xexhibit453.htm) | | | | | | [Pricing Supplement, dated August 14, 2025, for the 2.900% Singapore Dollar Senior Notes due 2032 issued under the U.S. $3,000,000,000 Euro Medium Term Note Program.](https://www.sec.gov/Archives/edgar/data/1101239/000110123925000062/eqix-093025xexhibit453.htm) | | | | | | 10-Q | | | | | | 9/30/2025 | | | | | | 4.53 | | | | | | | | |

| [4.56](https://www.sec.gov/Archives/edgar/data/1101239/000110465925115471/tm2530576d8_ex4-1.htm) | | | | | | [Indenture, dated as of November 24, 2025, among Equinix Canada Financing Ltd, as issuer, Equinix, Inc., as guarantor, and U.S. Bank Trust Company, National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1101239/000110465925115471/tm2530576d8_ex4-1.htm) | | | | | | 8-K | | | | | | 11/24/2025 | | | | | | 4.1 | | | | | | | | |

| 4.58 | | | | | | Form of 4.000% Senior Note due 2032 (included in Exhibit 4.57) | | | | | | 8-K | | | | | | 11/24/2025 | | | | | | 4.3 | | | | | | | | |

| [10.3](https://www.sec.gov/Archives/edgar/data/1101239/000162828025021086/eqix-033125xexhibit103.htm) | | | | | | [First Amendment and Joinder to Credit Agreement dated April 4, 2025 by and among Equinix, Inc., Bank of America, N.A., as administrative agent, lender and L/C issuer, the lenders, Equinix Europe 1 Financing Corporation LLC and Equinix Europe 2 Financing Corporation LLC Securities.](https://www.sec.gov/Archives/edgar/data/1101239/000162828025021086/eqix-033125xexhibit103.htm) | | | | | | 10-Q | | | | | | 3/31/2025 | | | | | | 10.3 | | | | | | | | |

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* Furnished herewith.

(c)Financial Statement Schedules.

(a)(2) Financial statements and schedule:

| 4.36 | | | | | | Form of 3.900% Senior Notes due 2032 (included in Exhibit 4.35) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [10.32](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1044.htm) | | | | | | [New Hire Time-Based Restricted Stock Agreement for Merrie Williamson.](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1044.htm) | | | | | | 10-Q | | | | | | 3/31/2024 | | | | | | 10.44 | | | | | | | | |

| [10.33](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1045.htm) | | | | | | [Special Advisor to the Board Agreement between Equinix, Inc. and Peter Van Camp, dated March 7, 2024.](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1045.htm) | | | | | | 10-Q | | | | | | 3/31/2024 | | | | | | 10.45 | | | | | | | | |

| [10.36](https://www.sec.gov/Archives/edgar/data/1101239/000162828024044355/eqix-93024xexhibit1036.htm) | | | | | | [Change in Control Severance Agreement between Equinix, Inc and Kurt Pletcher, dated September 27, 2022](https://www.sec.gov/Archives/edgar/data/1101239/000162828024044355/eqix-93024xexhibit1036.htm) | | | | | | 10-Q | | | | | | 9/30/2024 | | | | | | 10.36 | | | | | | | | |

| [10.37](https://www.sec.gov/Archives/edgar/data/1101239/000162828024044355/eqix-93024xexhibit1037.htm) | | | | | | [Change in Control Severance Agreement between Equinix, Inc and Raouf Abdel, dated October 3, 2019](https://www.sec.gov/Archives/edgar/data/1101239/000162828024044355/eqix-93024xexhibit1037.htm) | | | | | | 10-Q | | | | | | 9/30/2024 | | | | | | 10.37 | | | | | | | | |

| [10.38](https://www.sec.gov/Archives/edgar/data/1101239/000162828024044355/eqix-93024xexhibit1038.htm) | | | | | | [Separation Agreement and General Release of Claims between Scott Crenshaw and Equinix, Inc. dated October 2, 2024](https://www.sec.gov/Archives/edgar/data/1101239/000162828024044355/eqix-93024xexhibit1038.htm) | | | | | | 10-Q | | | | | | 9/30/2024 | | | | | | 10.38 | | | | | | | | |

| [10.39](https://www.sec.gov/Archives/edgar/data/1101239/000162828025005126/eqix-123124xexhibit1039.htm) | | | | | | [Separation Agreement and General Release of Claims between Merrie Williamson and Equinix, Inc. dated November 12, 2024](https://www.sec.gov/Archives/edgar/data/1101239/000162828025005126/eqix-123124xexhibit1039.htm) | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| February [removed: 12, 2025] [added: 11, 2026] | | | By | | | /s/ ADAIRE FOX-MARTIN | | |

| /s/ ADAIRE FOX-MARTIN | | | Chief Executive Officer and President (Principal Executive Officer) | | | February [removed: 12, 2025] [added: 11, 2026] | | |