Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-40205

EQUINIX, INC.

(Exact name of registrant as specified in its charter)

Delaware						77-0487526
(State of incorporation)						(I.R.S. Employer Identification No.)

One Lagoon Drive, Redwood City, California 94065

(Address of principal executive offices, including ZIP code)

(650) 598-6000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class						Trading symbol						Name of each exchange on which registered
Common Stock, $0.001						EQIX						The Nasdaq Stock Market LLC
0.250% Senior Notes due 2027												The Nasdaq Stock Market LLC
1.000% Senior Notes due 2033												The Nasdaq Stock Market LLC
3.650% Senior Notes due 2033												The Nasdaq Stock Market LLC
3.250% Senior Notes due 2031												The Nasdaq Stock Market LLC
3.625% Senior Notes due 2034												The Nasdaq Stock Market LLC
3.250% Senior Notes due 2029												The Nasdaq Stock Market LLC
4.000% Senior Notes due 2034												The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☒			Accelerated filer			☐
Non-accelerated filer			☐			Smaller reporting company			☐
						Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of the registrant's Common Stock as of July 29, 2025 was 97,863,986.

Table of Contents

EQUINIX, INC.

INDEX

						Page No.
			Summary of Risk Factors			4
Part I - Financial Information
Item 1.			Condensed Consolidated Financial Statements (unaudited):			6
			Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024			6
			Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024			7
			Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024			8
			Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024			9
			Notes to Condensed Consolidated Financial Statements			10
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			40
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			62
Item 4.			Controls and Procedures			63
Part II - Other Information
Item 1.			Legal Proceedings			65
Item 1A.			Risk Factors			65
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			92
Item 3.			Defaults Upon Senior Securities			92
Item 4.			Mine Safety Disclosure			92
Item 5.			Other Information			93
Item 6.			Exhibits			94
Signatures						101

Table of Contents

Summary of Risk Factors

Our business is subject to numerous risks and uncertainties that make an investment in our securities speculative or risky, any one of which could materially adversely affect our results of operations, financial condition or business. These risks include, but are not limited to, those listed below. This list is not complete, and should be read together with the section titled “Risk Factors” in this Quarterly Report on Form 10-Q, as well as the other information in this Quarterly Report on Form 10-Q and the other filings that we make with the U.S. Securities and Exchange Commission (the “SEC”).

Risks Related to the Macro Environment

• Geopolitical events and political changes 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 and adverse global economic conditions, like the ones we are currently experiencing, could negatively affect our business and financial condition.

• Our business could be harmed by increased costs to procure power, prolonged power outages, shortages or capacity constraints as well as insufficient access to power.

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

Risks Related to our Operations

• We experienced a cybersecurity incident 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.

• Any failure of our physical infrastructure or negative impact on our ability to meet our obligations to our customers, or damage to customer infrastructure within our IBX data centers, could lead to significant costs and disruptions that could reduce our revenue and harm our business reputation and financial condition.

• We are currently making significant investments in our back-office information technology systems and processes. Difficulties from or disruptions to these efforts may interrupt our normal operations and adversely affect our business and results of operations.

• The level of insurance coverage that we purchase may prove to be inadequate.

• If we are unable to recruit or retain key qualified personnel, our business could be harmed.

• The failure to obtain favorable terms when we renew our IBX data center leases, or the failure to renew such leases, could harm our business and results of operations.

• We depend on a number of third parties to provide internet connectivity to our IBX data centers; if connectivity is interrupted or terminated, our results of operations and cash flow could be materially and adversely affected.

• The use of high-power density equipment may limit our ability to fully utilize the space in our older IBX data centers.

• The development and use of artificial intelligence in the workplace presents risks and challenges that may adversely impact our business and operating results.

• We have been, and in the future may be, subject to securities class action and other litigation, which may harm our business and results of operations.

Risks Related to our Offerings and Customers

• Our offerings have a long sales cycle that may harm our revenue and results of operations.

• We may not be able to compete successfully against current and future competitors.

• If we cannot continue to develop, acquire, market and provide new offerings or enhancements to existing offerings that meet customer requirements and differentiate us from our competitors, our results of operations could suffer.

• We have government contracts, which subjects 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.

• Because we depend on the development and growth of a balanced customer base, including key magnet customers, failure to attract, grow and retain this base of customers could harm our business and results of operations.

Table of Contents

Risks Related to our Financial Results

• The market price of our stock may continue to be highly volatile, and the value of an investment in our common stock may decline.

• Our results of operations may fluctuate.

• We may incur goodwill and other intangible asset impairment charges, or impairment charges to our property, plant and equipment, which could result in a significant reduction to our earnings.

• We have incurred substantial losses in the past and may incur additional losses in the future.

Risks Related to Our Expansion Plans

• Our construction of new IBX data centers, IBX data center expansions or IBX data center redevelopment could involve significant risks to our business.

• Acquisitions present many risks, and we may not realize the financial or strategic goals that were contemplated at the time of any transaction.

• The anticipated benefits of our joint ventures may not be fully realized, or take longer to realize than expected.

• Joint venture investments could expose us to risks and liabilities in connection with the formation of the new joint ventures, the operation of such joint ventures without sole decision-making authority, and our reliance on joint venture partners who may have economic and business interests that are inconsistent with our business interests.

• If we cannot effectively manage our international operations and successfully implement our international expansion plans, our business and results of operations would be adversely impacted.

• We continue to invest in our expansion efforts, but may not have sufficient customer demand in the future to realize expected returns on these investments.

Risks Related to Our Capital Needs and Capital Strategy

• Our substantial debt could adversely affect our cash flows and limit our flexibility to raise additional capital.

• Sales or issuances of shares of our common stock may adversely affect the market price of our common stock.

• If we are not able to generate sufficient operating cash flows or obtain external financing, our ability to fund incremental expansion plans may be limited.

• Our derivative transactions expose us to counterparty credit risk.

Risks Related to Environmental Laws and Climate Change

• Environmental laws and regulations may impose upon us new or unexpected costs.

• Our business may be harmed by any instability in energy availability and power supply.

• Our business may be adversely affected by physical risks related to climate change and our response to it.

• We may fail to achieve our sustainability objectives, or may encounter objections to them, either of which may adversely affect public perception of our business and affect our relationship with our customers, regulators, our stockholders and/or other stakeholders.

Risks Related to Certain Regulations and Laws, Including Tax Laws

• Government regulation related to our business or failure to comply with laws and regulations may adversely affect our business.

• Changes in U.S. or foreign tax laws, regulations, or interpretations thereof, including changes to tax rates, may adversely affect our financial statements and cash taxes.

• Our business could be adversely affected if we are unable to maintain our complex global legal entity structure.

Risks Related to Our REIT Status in the U.S.

• We have a number of risks related to our qualification as a real estate investment trust for federal income tax purposes ("REIT"), including the risk that we may not be able to maintain our qualification for taxation as a REIT which could expose us to substantial corporate income tax and have a materially adverse effect on our business, financial condition, and results of operations.

Table of Contents

PART I - FINANCIAL INFORMATION