Equinix 10-Q 2026-06-30

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, 2026

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
3.250% Senior Notes due 2029												The Nasdaq Stock Market LLC
3.250% Senior Notes due 2031												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
3.625% Senior Notes due 2034												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 28, 2026 was 98,671,686.

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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, 2026 and December 31, 2025			6
			Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025			7
			Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2026 and 2025			8
			Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025			9
			Notes to Condensed Consolidated Financial Statements			10
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			38
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			59
Item 4.			Controls and Procedures			60
Part II - Other Information
Item 1.			Legal Proceedings			62
Item 1A.			Risk Factors			62
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			88
Item 3.			Defaults Upon Senior Securities			88
Item 4.			Mine Safety Disclosure			88
Item 5.			Other Information			89
Item 6.			Exhibits			90
Signatures						92

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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 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.

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

Risks Related to our Operations

• 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.

• Terrorist activity, or other acts of violence, including violence stemming from war or the current climate of political and economic uncertainty, could adversely impact our business.

• We experienced cybersecurity 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.

• 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.

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 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.

• 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.

Risks Related to our Financial Results and Stock Price

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

• 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.

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

• 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.

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.

• Negative perceptions regarding the environmental, social, and community impacts of our data centers could adversely affect our ability to develop, expand, and operate 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.

Risks Related to Sustainability, Environmental Laws and Climate Change

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

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

• We may fail to execute our sustainability initiatives, including reaching our climate targets, or may encounter objections to them, 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.

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PART I - FINANCIAL INFORMATION

EQUINIX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)

			June 30, 2026						December 31, 2025
			(Unaudited)
Assets
Current assets:
Cash and cash equivalents			$	979					$	1,727
Short-term investments			1,245						1,500
Accounts receivable, net of allowance of $13 and $16			1,256						1,001
Other current assets			842						897
Total current assets			4,322						5,125
Property, plant and equipment, net			25,222						23,584
Operating lease right-of-use assets			1,296						1,392
Goodwill			5,912						5,984
Intangible assets, net			1,204						1,316
Other assets			3,120						2,740
Total assets			$	41,076					$	40,141
Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses			$	1,263					$	1,350
Accrued property, plant and equipment			723						564
Current portion of operating lease liabilities			156						155
Current portion of finance lease liabilities			176						168
Current portion of mortgage and loans payable			9						17
Current portion of senior notes			1,170						1,299
Other current liabilities			323						340
Total current liabilities			3,820						3,893
Operating lease liabilities, less current portion			1,211						1,304
Finance lease liabilities, less current portion			2,104						2,187
Mortgage and loans payable, less current portion			11						686
Senior notes, less current portion			18,519						16,910
Other liabilities			1,013						983
Total liabilities			26,678						25,963
Commitments and contingencies (Note 9)
Redeemable non-controlling interest			25						25
Common stockholders’ equity (shares in thousands):
Common stock, $0.001 par value per share: 300,000 shares authorized; 98,731 issued and 98,671 outstanding in 2026 and 98,288 issued and 98,226 outstanding in 2025			—						—
Additional paid-in capital			22,015						21,642
Treasury stock, at cost; 60 shares in 2026 and 62 shares in 2025			(23)						(24)
Accumulated dividends			(13,231)						(12,202)
Accumulated other comprehensive loss			(1,374)						(1,359)
Retained earnings			6,995						6,099
Total common stockholders' equity			14,382						14,156
Non-controlling interests			(9)						(3)
Total stockholders’ equity			14,373						14,153
Total liabilities, redeemable non-controlling interest and stockholders’ equity			$	41,076					$	40,141

See accompanying notes to condensed consolidated financial statements.

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EQUINIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except share and per share data)

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
			(Unaudited)
Revenues			$	2,625					$	2,256					$	5,069					$	4,481
Costs and operating expenses:
Cost of revenues			1,230						1,084						2,416						2,168
Sales and marketing			239						221						480						450
General and administrative			462						451						906						889
Restructuring and other exit charges			6						2						12						12
Transaction costs			3						3						11						9
Impairment charges			17						1						19						1
(Gain) loss on asset sales			3						—						(17)						—
Total costs and operating expenses			1,960						1,762						3,827						3,529
Income from operations			665						494						1,242						952
Interest income			36						52						77						99
Interest expense			(151)						(135)						(299)						(257)
Other income (expense)			(28)						(7)						(27)						2
Gain (loss) on debt extinguishment			1						1						1						1
Income before income taxes			523						405						994						797
Income tax expense			(46)						(38)						(102)						(87)
Net income			477						367						892						710
Net (income) loss attributable to non-controlling interests			2						1						2						1
Net income attributable to common stockholders			$	479					$	368					$	894					$	711
Earnings per share (“EPS”) attributable to common stockholders:
Basic EPS			$	4.86					$	3.76					$	9.07					$	7.28
Weighted-average shares for basic EPS (in thousands)			98,641						97,835						98,516						97,674
Diluted EPS			$	4.83					$	3.75					$	9.04					$	7.26
Weighted-average shares for diluted EPS (in thousands)			99,136						98,050						98,931						97,968

See accompanying notes to condensed consolidated financial statements.

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EQUINIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions)

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The information in this discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, the words "believes," "anticipates," "plans," "expects," "intends" and similar expressions are intended to identify forward-looking statements. Our actual results and the timing of certain events may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such a discrepancy include, but are not limited to, those discussed in "Liquidity and Capital Resources" below and "Risk Factors" in Item 1A of Part II of this Quarterly Report on Form 10-Q. All forward-looking statements in this document are based on information available to us as of the date of this Report and we assume no obligation to update any such forward-looking statements.

Our management's discussion and analysis of financial condition and results of operations is intended to assist readers in understanding our financial information from our management's perspective and is presented as follows:

• Overview

• Results of Operations

• Non-GAAP Financial Measures

• Liquidity and Capital Resources

• Critical Accounting Estimates

• Recent Accounting Pronouncements

Overview

We provide a global, vendor-neutral data center, interconnection and edge solutions platform with offerings that enable our customers to reach everywhere, interconnect everyone and integrate everything. We connect economies, countries, enterprises and communities, delivering seamless digital experiences and cutting-edge artificial intelligence (“AI")—quickly, efficiently and with high service reliability.

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 world's most valued information assets. They also look to Equinix for the ability to directly and securely interconnect to the networks, clouds and content that enable today's information-driven global digital economy. Our recent IBX data center openings and acquisitions, as well as xScaleTM data center investments, have expanded our total global footprint to 282 data centers, including 23 xScale data centers and the MC1 and SN1 data centers that are held in unconsolidated joint ventures, across 77 markets around the world. We offer the following solutions:

• premium data center colocation;

• physical and virtual interconnection and data exchange solutions;

• edge solutions for deploying networking, security and hardware; and

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• remote expert support and professional services.

Our data centers around the world allow our customers to bring together and interconnect the infrastructure they need to seamlessly operate their business. With Equinix, they can scale with speed and agility, accelerate the launch of new digital offerings while safeguarding data, and implement AI applications at scale to achieve business success. 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. The Equinix global platform, and the quality of our offerings, have enabled us to establish a critical mass of customers. As more customers choose Equinix for high connectivity and performance 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 customers while continuously enhancing our value proposition to existing customers and enabling them to capture further economic and performance benefits from our offerings.

Competitive Landscape

While a large number of enterprises and service providers, such as hyperscale cloud service providers, own their own data centers, we believe enterprises are shifting away from single-tenant solutions toward those that enable customers to outsource some or all of their IT infrastructure and interconnection requirements to third-party facilities, such as those operated by Equinix. This shift is being accelerated by the proliferation of hybrid multi-cloud architectures and the adoption of 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 since 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. 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. Our global platform reaches 36 countries and connects the industry’s largest and most active ecosystem of partners 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 effect that improves performance and lowers the cost for our customers, enabling them to innovate and fast-track digital transformation. 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. Our scalable, neutral, global platform offers one-of-a-kind solutions to the most pressing digital challenges customers face. Our platform enables customers to bring together physical and programmable technologies like compute, storage, network, AI and applications to build the foundation for their company's digital success.

Annualized Gross Bookings

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 three and six months ended June 30, 2026, we had total Annualized Gross Bookings of $424 million and $802 million, up 23% and 16% from the three and six months ended June 30, 2025, respectively. This growth reflects an increase in customer demand and in our ability to capture that demand across our global platform.

Capacity Trends

Our cabinet utilization rate represents the percentage of cabinet space billed versus total cabinet capacity, which is used to measure how efficiently we are managing our cabinet capacity. Our cabinet utilization rate varies from market to market among our IBX data centers across our Americas, EMEA and Asia-Pacific regions. Our cabinet utilization rates were approximately 78% as of June 30,

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Market Risk

We may be exposed to market risks related to changes in foreign currency exchange rates and interest rates. There have been no significant changes to our risk exposure management or procedures in relation to these risks during the six months ended June 30, 2026 as compared to the respective risk exposures and procedures disclosed in Quantitative and Qualitative Disclosures About Market Risk, set forth in Part II Item 7A, of our Annual Report on Form 10-K for the year ended December 31, 2025.

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.

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Foreign Currency Risk

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 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. Our hedging programs reduce, but do not entirely eliminate, the impact of currency exchange rate movements and their impact on the condensed consolidated statements of operations.

We have entered into various foreign currency debt obligations as described in Note 8 within the condensed consolidated financial statements. Our foreign currency debt obligations that would otherwise remeasure through earnings 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. Changes in the fair value of hedging instruments designated as net investment hedges are recorded as a component of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets. As a result, we do not have a significant exposure to future losses in earnings resulting from our cross-currency interest rate swaps. Further information about our use of foreign currency derivative instruments is described in Note 5 within the condensed consolidated financial statements.

The U.S. dollar generally strengthened relative to certain of the currencies of the foreign countries in which we operate during the six months ended June 30, 2026. This has impacted our condensed consolidated financial position and results of operations during this period, including the amount of revenues that we reported. Continued strengthening or weakening of the U.S. dollar will continue to impact us in future periods.

With the existing cash flow hedges in place, a hypothetical 10% strengthening of the U.S. dollar for the six months ended June 30, 2026 would have resulted in a reduction of our revenues and a reduction of our operating expenses including depreciation and amortization expense by approximately $154 million and $143 million, respectively.

With the existing cash flow hedges in place, a hypothetical 10% weakening of the U.S. dollar for the six months ended June 30, 2026 would have resulted in an increase of our revenues and an increase of our operating expenses including depreciation and amortization expense by approximately $184 million and $174 million, respectively.

Interest Rate Risk

We are exposed to interest rate risk related to our outstanding debt. An immediate increase or decrease in current interest rates from their position as of June 30, 2026 would not have a material impact on our interest expense due to the fixed coupon rate on the majority of our debt obligations.

We periodically enter into interest rate locks to hedge the interest rate exposure created by anticipated fixed rate debt issuances, which are designated as cash flow hedges. When interest rate locks are settled, any accumulated gain or loss included as a component of 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.

(a) Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, conducted an evaluation, pursuant to Rule 13a-15 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), of the effectiveness of our "disclosure controls and procedures" as of the end of the period covered by this quarterly report. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.

(b) Changes in Internal Control over Financial Reporting. There were no 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

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Exchange Act that occurred during the three months ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

(c) Limitations on the Effectiveness of Controls. Our management, including our Chief Executive Officer and Chief Financial Officer, believes that our disclosure controls and procedures and internal control over financial reporting are designed and operated to be effective at the reasonable assurance level. However, our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

The information set forth under “Note 9 — Commitments and Contingencies — Contingent Liabilities” to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q is incorporated herein by reference.

In addition to the other information contained in this report, the following risk factors should be considered carefully in evaluating our business. 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. These disclosures reflect our beliefs and opinions as to factors that could materially and adversely affect our business and securities in the future. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether such factors have occurred in the past or their likelihood of occurring in the future. The information discussed below is at the time of this filing. This section contains forward-looking statements.

Risk Factors

Risks Related to the Macro Environment

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

Our global footprint exposes us to various geopolitical risks in the markets in which we operate. Current geopolitical events, including trade tensions between the U.S. and other countries, the war between Russia and Ukraine, the war in Iran and ongoing conflicts in the Middle East, could negatively affect our global operations, and the future impact of these events remains unpredictable. We have operations and business relationships in the Middle East, and escalation of hostilities involving Iran, Israel, and the U.S. or regional proxy groups could adversely affect regional stability, threaten U.S. technology and defense companies with critical infrastructure such as data centers, impair access to ports and transportation routes, increase fuel, energy, freight, insurance, and security costs, and delay or prevent access to data centers. Recent disruptions in and around the Strait of Hormuz have demonstrated potential for armed conflict or related governmental actions to materially interfere with commercial shipping and global trade. In addition, expanded sanctions, export controls, customs restrictions, currency instability, or other governmental measures affecting the region could impair our ability to conduct business, collect receivables, perform under contracts, or repatriate funds. Any such events could also reduce customer demand, delay projects, expose us to contractual disputes, and adversely affect our business, financial condition, and results of operation.

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. Our inability to effectively manage these developments could have a material adverse effect on our business, financial condition, results of operations, and the price of our common stock.

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

We are experiencing an increase in our costs to procure power and supply chain issues globally. Rising prices for materials related to our IBX data center construction and our data center offerings, energy and gas prices, as well as rising wages and benefits costs negatively impact our business by increasing our operating costs. 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

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could have a material impact on our business or the business of our customers. The adverse economic conditions we are currently experiencing, including the impact of increased tariffs and inflation, may also impact our customers and cause a decrease in sales as some customers may initiate cost cutting measures or scale back their operations. This could result in churn in our customer base, reductions in revenues from our offerings, adverse effects to our days of sales outstanding in accounts receivable ("DSO"), longer sales cycles, slower adoption of new technologies and increased price competition, which could adversely affect our liquidity. Customers, vendors and/or partners filing for bankruptcy could also lead to costly and time-intensive actions with adverse effects, including greater difficulty or delay in accounts receivable collection. The uncertain economic environment could also have an impact on our foreign exchange forward contracts if our counterparties' credit deteriorates or if they are otherwise unable to perform their obligations.

Our efforts to mitigate the risks associated with these adverse conditions may not be successful and our business and growth could be adversely affected.

Our business could be harmed by increased costs to procure power, prolonged power outages, shortages or capacity constraints.

Any power outages, shortages, capacity constraints, limits on access or significant increases in the cost of power may have an adverse effect on our business and our results of operations.

In each of our markets, we contract with and rely on third parties, third party infrastructure, governments, and global suppliers to provide a sufficient amount of power to maintain our IBX data centers and meet the needs of our current and future customers. In certain instances, we have experienced difficulties in securing the energy supply we have contracted for or that we need for our expansion plans. 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 center and may limit our ability to grow our business which could negatively affect our financial performance and results of operations. Furthermore, the inability to supply customers with their contracted power for any reason could harm customer and/or joint venture relationships as well as cause reputational harm.

Each new facility requires access to significant quantities of electricity and the amount of electricity required at each site has been increasing. Limitations on generation, transmission and distribution may limit our ability to obtain sufficient power capacity for potential expansion sites in new or existing markets. Utility companies and other third-party power providers may impose onerous operating conditions to any agreement to provision power or we may experience significant delays, unfavorable contractual terms, new industry regulations and substantial increased costs to obtain the level of electrical service required by our current or future IBX data center designs. 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. Our ability to find reliable partners and appropriate sites for expansion may also be limited by access to power, es

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Rule 10b5-1 Trading Plans

During the three months ended June 30, 2026, each of the following directors and/or officers adopted a “Rule 10b5-1 trading arrangement”, as such term is defined in Item 408(a) of Regulation S-K. All trading plans were entered into during an open trading window and are intended to satisfy the affirmative defense of Rule 10b5-1 (c) under the Securities Exchange Act of 1934, as amended, and our policies regarding transactions in our securities.

Name and Title						Date						Action						Start Date						End Date						Total Shares to be Sold
Raouf Abdel, EVP, Global Operations						05/18/2026						Adoption						12/02/2026						06/30/2027						See footnote (1)
Adaire Fox-Martin, CEO & President						05/07/2026						Adoption						01/19/2027						03/31/2027						See footnote (2)
Jonathan Lin, Chief Business Officer						06/08/2026						Adoption						09/08/2026						06/30/2027						See footnote (3)
Charles Meyers, Executive Chairman						05/13/2026						Adoption						01/19/2027						03/31/2027						See footnote (4)
Michael Shane Paladin, Chief Customer and Revenue Officer						05/12/2026						Adoption						09/02/2026						03/31/2027						See footnote (5)
Kurt Pletcher, Chief Legal Officer						05/21/2026						Adoption						08/20/2026						06/30/2027						See footnote (6)

(1)Mr. Abdel’s plan includes, subject to the achievement of performance conditions, the potential sale of shares for tax withholding relating to awards totaling up to 12,163 shares on a grant-by-grant basis. This plan also includes any shares to be granted under the 2026 Annual Incentive Plan, as determined based on final company performance, to be sold for tax withholding and/or diversification purposes.

(2)Ms. Fox-Martin’s plan includes, subject to the achievement of performance conditions, the potential sale of shares for tax withholding relating to awards totaling up to 37,585 shares on a grant-by-grant basis. This plan also includes any shares to be granted under the 2026 Annual Incentive Plan, as determined based on final company performance, to be sold for tax withholding purposes.

(3)Mr. Lin’s plan includes (a) 1,972 shares and (b) subject to the achievement of performance conditions, the potential sale of shares for tax withholding relating to awards totaling up to 9,298 shares on a grant-by-grant basis. This plan also includes any shares to be granted under the 2026 Annual Incentive Plan, as determined based on final company performance, to be sold for tax withholding purposes.

(4)Mr. Meyer’s plan includes, subject to the achievement of performance conditions, the potential sale of shares for tax withholding purposes relating to awards totaling up to 7,050 shares on a grant-by-grant basis. This plan also includes any shares to be granted under the 2026 Annual Incentive Plan, as determined based on final company performance, to be sold for tax withholding and/or diversification purposes.

(5)Mr. Paladin’s plan includes, subject to the achievement of performance conditions, the potential sale of shares for tax withholding purposes relating to awards totaling up to 9,188 shares on a grant-by-grant basis. This plan also includes any shares to be granted under the 2026 Annual Incentive Plan, as determined based on final company performance, to be sold for tax withholding purposes.

(6)Mr. Pletcher’s plan includes (a) 540 shares and (b) subject to the achievement of performance conditions, the potential sale of shares for tax withholding relating to awards totaling up to 8,148 shares on a grant-by-grant basis. This plan also includes any shares to be granted under the 2026 Annual Incentive Plan, as determined based on final company performance, to be sold for tax withholding and/or diversification purposes.

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												Incorporated by Reference
Exhibit Number						Exhibit Description						Form						Filing Date/ Period End Date						Exhibit						Filed Herewith
3.1						Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant.						10-Q						6/30/2014						3.4
3.2						Certificate of Designation of Series A and Series A-1 Convertible Preferred Stock.						10-K/A						12/31/2002						3.3
3.3						Amended and Restated Bylaws of the Registrant.						8-K						3/13/2023						3.1
4.1						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						8-K						11/24/2025						4.1
4.2						Second Supplemental Indenture, dated as of May 7, 2026, among Equinix Canada Financing Ltd, as issuer, Equinix, Inc., as guarantor, and U.S. Bank Trust Company, National Association, as trustee						8-K						5/7/2026						4.2
4.3						Form of 3.950% Senior Note due 2030 (included in Exhibit 4.2)						8-K						5/7/2026						4.4
4.4						Third Supplemental Indenture, dated as of May 7, 2026, among Equinix Canada Financing Ltd, as issuer, Equinix, Inc., as guarantor, and U.S. Bank Trust Company, National Association, as trustee						8-K						5/7/2026						4.3
4.5						Form of 4.750% Senior Note due 2035 (included in Exhibit 4.4)						8-K						5/7/2026						4.5
21.1						Subsidiaries of Equinix, Inc.																								X
31.1						Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.																								X
31.2						Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.																								X
32.1*						Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.																								X
32.2*						Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.																								X
101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.																								X
101.SCH						Inline XBRL Taxonomy Extension Schema Document.																								X

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101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.																								X
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.																								X
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.																								X
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.																								X
104						Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.																								X

• This exhibit is intended to be furnished and shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended.

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EQUINIX, INC.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			EQUINIX, INC.
Date: July 29, 2026
			By:			/s/ OLIVIER LEONETTI
						Chief Financial Officer
						(Principal Financial Officer)