Item 1. Condensed Consolidated Financial Statements

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Item 1. Condensed Consolidated Financial Statements

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.

Table of Contents

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.

Table of Contents

EQUINIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Unaudited)
Net income	$	477	$	367	$	892	$	710
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustment ("CTA"):
CTA gain (loss)	29		505		(16)		824
Income tax effects	—		—		—		—
CTA gain (loss), net of tax	29		505		(16)		824
Change in net investment hedge CTA gain (loss):
Net investment hedge CTA gain (loss)	(15)		(245)		6		(373)
Income tax effects	(1)		(4)		(4)		(5)
Net investment hedge CTA gain (loss), net of tax	(16)		(249)		2		(378)
Change in unrealized gain (loss) on cash flow hedges:
Unrealized gain (loss) on cash flow hedges	(44)		(129)		11		(158)
Income tax effects	(2)		33		(14)		48
Unrealized gain (loss) on cash flow hedges, net of tax	(46)		(96)		(3)		(110)








Total other comprehensive income (loss), net of tax	(33)		160		(17)		336
Comprehensive income, net of tax	444		527		875		1,046
Net (income) loss attributable to non-controlling interests	2		1		2		1
Other comprehensive (income) loss attributable to non-controlling interests	2		—		2		—
Comprehensive income attributable to common stockholders	$	448	$	528	$	879	$	1,047

See accompanying notes to condensed consolidated financial statements.

Table of Contents

EQUINIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)


	Six Months Ended June 30,
	2026		2025
	(Unaudited)
Cash flows from operating activities:
Net income	$	892	$	710
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	1,101		982
Stock-based compensation	273		240
Impairment charges	19		1
(Gain) loss on asset sales	(17)		—

Other operating activities	31		23
Changes in operating assets and liabilities:
Accounts receivable	(258)		(169)
Income taxes, net	(24)		(45)
Operating lease right-of-use assets	79		79
Operating lease liabilities	(77)		(71)
Accounts payable and accrued expenses	(80)		(149)
Other assets and liabilities	(155)		152
Net cash provided by operating activities	1,784		1,753
Cash flows from investing activities:
Purchases of equity investments	(264)		(48)
Distributions from equity investments	33		4
Purchases of short-term investments	(789)		(795)
Maturities and sales of short-term investments	1,054		450

Business acquisitions, net of cash acquired	—		(182)
Real estate acquisitions	(224)		(99)
Purchases of other property, plant and equipment	(2,834)		(1,739)
Proceeds from sale of assets, net of cash transferred	348		—
Settlement of foreign currency hedges	101		50
Investment in loan receivable	—		(45)

Net cash used in investing activities	(2,575)		(2,404)
Cash flows from financing activities:
Proceeds from employee equity programs	49		50
Payment of dividends	(1,029)		(928)
Proceeds from public offering of common stock, net of issuance costs	—		99
Proceeds from senior notes, net of debt discounts	2,419		2,066
Repayment of finance lease liabilities	(89)		(72)
Repayment of other debt	(682)		(1)

Repayment of senior notes	(700)		—

Other financing activities	26		(8)
Net cash provided by (used in) financing activities	(6)		1,206
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash	(11)		53

Net increase (decrease) in cash, cash equivalents and restricted cash	(808)		608
Cash, cash equivalents and restricted cash at beginning of period	1,824		3,082
Cash, cash equivalents and restricted cash at end of period	$	1,016	$	3,690

Cash and cash equivalents	$	979	$	3,660
Current portion of restricted cash included in other current assets	1		5
Non-current portion of restricted cash included in other assets	36		25
Total cash, cash equivalents and restricted cash at end of period	$	1,016	$	3,690

See accompanying notes to condensed consolidated financial statements.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation and Significant Accounting Policies

Basis of Presentation and Consolidation

Equinix, Inc. ("Equinix," the "Company," "we," "our," or "us") was incorporated in Delaware on June 22, 1998. We have been operating as a real estate investment trust ("REIT") for U.S. federal income tax purposes since 2015.

The accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to fairly state the financial position and the results of operations for the interim periods presented.

Our condensed consolidated balance sheet data as of December 31, 2025 has been derived from audited consolidated financial statements as of that date. Our condensed consolidated financial statements have been prepared in accordance with the regulations of the Securities and Exchange Commission ("SEC"), but omit certain information and footnote disclosure necessary to present the statements in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP" or "GAAP"). For further information, refer to the Consolidated Financial Statements and Notes thereto included in our Form 10-K as filed with the SEC on February 11, 2026. Results for the interim periods are not necessarily indicative of results for the entire fiscal year.

Certain prior period amounts have been reclassified in the condensed consolidated financial statements to conform with current year presentation.

Intercompany accounts and transactions have been eliminated in consolidation.

Income Taxes

We accrue for income taxes during interim periods based on the estimated annual effective tax rate. The effective tax rate is subject to change in the future due to various factors such as our operating performance, tax law changes and future business acquisitions.

Our effective tax rates were 10.3% and 10.9% for the six months ended June 30, 2026 and 2025, respectively.

Recent Accounting Pronouncements

Accounting Standards Not Yet Adopted

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03: Disaggregation of Income Statement Expenses ("DISE"). The ASU requires additional disclosure of the nature of expenses included in the income statement. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. We are currently evaluating the extent of the impact of this ASU on disclosures in our condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06: Targeted Improvements to the Accounting for Internal-Use Software. The ASU is intended to increase the operability of the recognition guidance for internal-use software considering different methods of software development. The ASU is effective for annual and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The ASU permits prospective, retrospective or modified retrospective application. We are currently evaluating the extent of the impact of this ASU on our condensed consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The ASU is intended to improve the guidance in Topic 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The ASU is effective for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The ASU permits

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

prospective or retrospective application. We are currently evaluating the extent of the impact of this ASU on disclosures in our consolidated financial statements.

2. Revenue

Contract Balances

The following table summarizes the opening and closing balances of our accounts receivable, net; contract assets, current; contract assets, non-current; deferred revenue, current; and deferred revenue, non-current (in millions):


	Accounts receivable, net (1)		Contract assets, current		Contract assets, non-current		Deferred revenue, current		Deferred revenue, non-current
Beginning balances as of January 1, 2026	$	1,001	$	56	$	126	$	133	$	170
Closing balances as of June 30, 2026	1,256		84		217		159		215
Increase	$	255	$	28	$	91	$	26	$	45

(1)The net change in our allowance for credit losses was insignificant during the six months ended June 30, 2026.

The difference between the opening and closing balances of our accounts receivable, net, contract assets and deferred revenues primarily results from revenue growth and the timing difference between the satisfaction of our performance obligation and the customer's payment. The amount of revenue recognized during the six months ended June 30, 2026 from the opening deferred revenue balance as of January 1, 2026 was $69 million. The amount of revenue recognized during the six months ended June 30, 2025 from the opening deferred revenue balance as of January 1, 2025 was $55 million.

Remaining Performance Obligations

Approximately $15.0 billion of revenues, including deferred installation revenues, are expected to be recognized in future periods related to unsatisfied performance obligations as of June 30, 2026. Most of our revenue contracts have an initial term varying from one to five years, and thereafter automatically renew in one-year increments. Included in the remaining performance obligations are contracts that are either under the initial term or under one-year renewal periods. We expect to recognize approximately 65% of our remaining performance obligations as revenues over the next two years, with more revenues expected to be recognized in the first year due to the impact of contract renewals. The remainder of the balance is generally expected to be recognized over the next three to five years. We estimate our remaining performance obligations at a point in time. Actual amounts and timing of revenue recognition may differ from these estimates due to changes in actual deployment dates, contract modifications, scheduled price increases, renewals and/or terminations.

The remaining performance obligations do not include variable consideration related to unsatisfied performance obligations such as the usage of metered power, service fees from xScale® data centers that are based on future events or actual costs incurred in the future, or any contracts that could be terminated without any significant penalties including the majority of interconnection revenues. The remaining performance obligations above include revenues to be recognized in the future related to arrangements where we are considered the lessor.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

3. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share ("EPS") for the periods presented ($ in millions except per share data; share data in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
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

Weighted-average shares used to calculate basic EPS	98,641		97,835		98,516		97,674
Effect of dilutive securities:
Employee equity awards	495		215		415		294
Weighted-average shares used to calculate diluted EPS	99,136		98,050		98,931		97,968

EPS attributable to common stockholders:
Basic EPS	$	4.86	$	3.76	$	9.07	$	7.28
Diluted EPS	$	4.83	$	3.75	$	9.04	$	7.26

The following table sets forth potential shares of common stock that are not included in the diluted EPS calculation above because to do so would be anti-dilutive for the periods presented (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Common stock related to employee equity awards	2	219	108	145
Forward equity sale agreements	163	—	55	—

4. Equity Method Investments and Variable Interest Entities

We hold various equity method investments, primarily interests in joint venture partnership arrangements, in order to invest in certain entities that are in line with our business development objectives, including the development and operation of xScale data centers. Some of these joint ventures are classified as Variable Interest Entities ("VIEs").

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

The following table summarizes our equity method investments, which are included in other assets on the condensed consolidated balance sheets (in millions):


Investee	VIE	Ownership Percentage	June 30, 2026		December 31, 2025
xScale Joint Ventures
EMEA 1 Joint Venture		20%	$	104	$	141
EMEA 2 Joint Venture	X	20%	278		253
Asia-Pacific 1 Joint Venture	X	20%	47		47
Asia-Pacific 2 Joint Venture	X	20%	39		37
Asia-Pacific 3 Joint Venture	X	20%	21		23
AMER 1 Joint Venture	X	20%	10		8
AMER 2 Joint Venture	X	20%	25		27
AMER 3 Joint Venture (1)	X	Various (1)	211		—
Total xScale Joint Ventures			735		536
Other Joint Ventures	Various	Various	16		15
Total Equity Method Investments			$	751	$	551

(1)We have investments at various levels of the AMER 3 Joint Venture structure, including a 2% interest in the parent company and 23% interests in various asset companies consolidated by the parent. Our effective interest in the AMER 3 Joint Venture assets is 25%.

The following table summarizes the impact of our share of income (losses) from equity method investments, adjusted for basis differences, which was included in other income (expense) in our condensed consolidated statements of operations (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Equity method income (losses)	$	(24)	$	(5)	$	(20)	$	(4)

AMER 3 Joint Venture

On October 1, 2024, 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. We hold a 2% interest in the parent company for the AMER 3 Joint Venture and 23% interests in various asset companies consolidated by the parent.

On January 13, 2026, we sold the assets and liabilities relating to the Hampton data center campus ("Hampton Campus"), which were included within our Americas region, to the AMER 3 Joint Venture for total consideration of $459 million. The consideration received was comprised of $129 million of net cash proceeds, $184 million of receivables, and retained equity interests in the AMER 3 Joint Venture with a fair value of $146 million. We recognized a gain of $19 million on the sale of the Hampton Campus in the first quarter of 2026.

VIEs

Unconsolidated VIEs

The unconsolidated VIE equity method investments are considered VIEs because they do not have sufficient funds from operations to be self-sustaining. While we provide certain management services to these joint ventures and earn fees for the performance of such services, we do not have unilateral power to direct the activities of these joint ventures that most significantly impact economic performance. These activities primarily include data center construction and operations, sales and marketing, financing, real estate purchases or sales and monetization. Decisions about these activities generally require the consent of both Equinix and our partners. We concluded that

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Equinix does not have predominant control over the unconsolidated VIEs and that Equinix is not considered to be the primary beneficiary.

The following table summarizes our maximum exposure to loss related to the unconsolidated VIEs as of June 30, 2026 (in millions):


Equity Investments	$	631
Outstanding Accounts Receivable	140
Other Receivables	133
Contract Assets	158
Loan Commitment (1)	392
Future Equity Contribution Commitments (2)	118
Maximum Future Payments under Debt Guarantees (3)	48
Total	$	1,620

(1)Concurrent with the closing of the AMER 2 Joint Venture, we entered into a loan agreement with the AMER 2 Joint Venture, as a lender. Refer to Note 11.

(2)The joint ventures' partners are required to make additional equity contributions proportionately to fund capital necessary to complete the construction of approved developments. In addition, the partners may be required to make additional equity contributions upon certain occurrences such as shortfalls in capital to fund cost overruns or to make interest payments on outstanding debt.

(3)In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with our guarantee covering 20% of all payments of principal and interest due under one of the EMEA 2 Joint Venture's credit facility agreements. A portion of the guarantee relates to our AMER 1 Joint Venture. Refer to Note 9.

Consolidated VIEs

Our Indonesian operating entity is a VIE because it does not have sufficient funds from its operations to be self-sustaining. We provide certain management services to the entity and earn fees for the performance of such services. We have the power to direct the activities that most significantly impact the economic performance of the entity and have concluded that we are its primary beneficiary.

The following table presents the assets and liabilities of the Indonesian VIE (in millions):


	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	16	$	12
Property, plant and equipment, net	75		65
Other	12		11
Total assets	$	103	$	88

Finance lease liabilities	$	21	$	24
Other	11		12
Total liabilities	$	32	$	36

The losses from the Indonesian VIE were insignificant for the three and six months ended June 30, 2026 and 2025.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

5. Derivatives and Hedging Instruments

Derivatives and Other Instruments Designated as Hedging Instruments

Net Investment Hedges

Foreign Currency Debt: We are exposed to the impact of foreign exchange rate fluctuations on the value of investments in our foreign subsidiaries whose functional currencies are other than the U.S. dollar. In order to mitigate the impact of foreign currency exchange rates, we have entered into various foreign currency debt obligations, which may be designated as hedges against our net investments in foreign subsidiaries. As of December 31, 2025, the total principal amount of foreign currency debt obligations designated as net investment hedges was $923 million. As of June 30, 2026, no foreign currency debt obligations were designated as net investment hedges.

Foreign Currency Forward Contracts: We use foreign currency forward contracts, designated as net investment hedges, to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries. We use the spot method to assess hedge effectiveness and recognize fair value changes from spot rates in other comprehensive income (loss). We exclude forward points from the assessment of hedge effectiveness and amortize the initial value of the excluded component through interest expense. The difference between fair value changes from the excluded component and the amount amortized is recognized in other comprehensive income (loss).

Embedded Derivatives: Certain of our customer agreements that are priced in currencies different from the functional or local currencies of the parties involved are deemed to have foreign currency forward contracts embedded in them. These embedded derivatives are separated from their host contracts and carried on our balance sheet at their fair value. The majority of these embedded derivatives arise as a result of our foreign subsidiaries pricing their customer contracts in U.S. dollars. We use some of these forward contracts embedded within our customer agreements to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries. As of June 30, 2026 and December 31, 2025, the total remaining contract value of such customer agreements under this hedging program was $34 million and $230 million, respectively.

Cross-currency Interest Rate Swaps: We also use cross-currency interest rate swaps, designated as net investment hedges, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt, to hedge the currency exposure associated with our net investment in our foreign subsidiaries. We use the spot method to assess hedge effectiveness and recognize fair value changes from spot rates in other comprehensive income (loss). We exclude time value and cross-currency basis spread from the assessment of hedge effectiveness and recognize the excluded component in interest expense through the swap accrual process. The difference between fair value changes of the excluded component and the amount amortized is recognized in other comprehensive income (loss).

Cash Flow Hedges

Foreign Currency Forward Contracts: We enter into intercompany foreign currency forward contracts ("intercompany derivatives") with our wholly-owned subsidiaries in our EMEA region in order to hedge certain forecasted revenues and expenses denominated in currencies other than the U.S. dollar (primarily the British pound and the euro). Simultaneously, we enter into foreign currency forward contracts with unrelated third parties to externally hedge the net exposure created by such intercompany derivatives. We designate the intercompany derivatives as cash flow hedges. We do not exclude any components from the assessment of hedge effectiveness and the change in fair value of these derivatives is recognized in other comprehensive income (loss) until the hedged transaction occurs.

As of June 30, 2026, our foreign currency forward contracts had maturity dates ranging from July 2026 to December 2028 and we had a net loss of $7 million recorded within accumulated other comprehensive income (loss) to be reclassified to revenues and expenses for cash flow hedges that will mature in the next 12 months. As of December 31, 2025, our foreign currency forward contracts had maturity dates ranging from January 2026 to December 2027 and we had a net loss of $51 million recorded within accumulated other comprehensive income

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

(loss) to be reclassified to revenues and expenses for cash flow hedges that mature in the 12 months following December 31, 2025.

Cross-currency Interest Rate Swaps: We use cross-currency swaps, designated as cash flow hedges, to manage the foreign currency exposure associated with a portion of our foreign currency-denominated debt and our U.S. dollar-denominated debt issued by our foreign subsidiaries. As of June 30, 2026, the cross-currency swaps had maturity dates ranging from March 2027 to June 2034. We had a net gain of $35 million recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the next 12 months. As of December 31, 2025, our cross-currency interest rate swaps had maturity dates ranging from March 2026 to June 2034. We had a net gain of $13 million recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the 12 months following December 31, 2025. We use the spot method to assess hedge effectiveness. Fair value changes from spot rates are recognized in other comprehensive income (loss) initially and immediately reclassified to earnings to offset the gain or loss from remeasuring the associated debt. We exclude time value and cross currency basis spread from the assessment of hedge effectiveness and recognize the excluded component in interest expense through the swap accrual process. The difference between fair value changes of the excluded component and the amount amortized is recognized in other comprehensive income (loss).

Interest Rate Locks: We hedge the interest rate exposure created by anticipated fixed-rate debt issuances through the use of treasury locks and swap locks (collectively, interest rate locks), which are designated as cash flow hedges. When interest rate locks are settled, any gain or loss from the transactions is deferred and included as a component of other comprehensive income (loss) and is amortized to interest expense over the term of the forecasted hedged transaction which is equivalent to the term of the interest rate locks. As of June 30, 2026 and December 31, 2025, we had a net gain of $3 million and $4 million, respectively, recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the 12 months following June 30, 2026 and December 31, 2025, respectively, for interest rate locks.

Derivatives Not Designated as Hedging Instruments

Foreign Currency Forward Contracts: We use foreign currency forward contracts to manage the foreign exchange risk associated with certain foreign currency-denominated monetary assets and liabilities. Gains and losses on these contracts are included in other income (expense), on a net basis, along with the foreign currency gains and losses of the related foreign currency-denominated monetary assets and liabilities associated with these foreign currency forward contracts.

We also use foreign currency forward contracts to manage the foreign exchange risk associated with undesignated embedded derivatives. Gains and losses on these contracts are included in revenue, on a net basis, along with the foreign currency gains and losses of the embedded derivatives associated with these foreign currency forward contracts. As of June 30, 2026, the total remaining contract value of customer agreements which contain undesignated embedded derivatives was $175 million. As of December 31, 2025, there were no such customer agreements.

Cross-currency Interest Rate Swaps: We may, from time to time, elect to dedesignate a portion of our cross-currency interest rate swaps previously designated as hedging instruments. Gains and losses subsequent to the dedesignation are recognized in other income (expense).

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Notional Amounts and Fair Value of Derivative Instruments

The following table presents the composition of derivative instruments recognized in our condensed consolidated balance sheets, excluding accrued interest (in millions):


	June 30, 2026								December 31, 2025
	Notional Amount (1)			Fair Value					Notional Amount (1)		Fair Value
			Assets (2)			Liabilities (3)			Assets (2)		Liabilities (3)
Net investment hedges:
Foreign currency forward contracts	$	421		$	16		$	10	$	1,224	$	14	$	8
Cross-currency interest rate swaps	350			—			21		373		7		32
Cash flow hedges:
Foreign currency forward contracts	1,563			21			26		1,577		1		72
Cross-currency interest rate swaps	3,603			2			40		2,972		65		58
Interest rate locks	514			—			6		—		—		—
Non-designated hedges:
Foreign currency forward contracts	3,973			69			33		2,134		2		31
Cross-currency interest rate swaps	792			7			4		2,003		166		28
Total	$	11,216		$	115		$	140	$	10,283	$	255	$	229

(1)Excludes embedded derivatives.

(2)As presented in our condensed consolidated balance sheets within other current assets and other assets.

(3)As presented in our condensed consolidated balance sheets within other current liabilities and other liabilities.

Impact on Accumulated Other Comprehensive Income (Loss)

The pre-tax gains (losses) from hedging instruments recognized in accumulated other comprehensive income (loss) were as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net investment hedges:
Foreign currency debt	$	—	$	(111)	$	2	$	(152)
Foreign currency forward contracts (included component)	(15)		(39)		(5)		(45)
Foreign currency forward contracts (excluded component)	1		—		(2)		—
Cross-currency interest rate swaps (included component)	8		(94)		19		(190)
Cross-currency interest rate swaps (excluded component)	(9)		(1)		(8)		14
Total	$	(15)	$	(245)	$	6	$	(373)

Cash flow hedges:
Foreign currency forward contracts	$	18	$	(128)	$	66	$	(185)
Cross-currency interest rate swaps (excluded component)	(55)		(2)		(47)		26
Interest rate locks	(7)		1		(8)		1
Total	$	(44)	$	(129)	$	11	$	(158)

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Impact on Earnings

The gains (losses) from derivative instruments recognized in earnings, and the location of such gains (losses) in our condensed consolidated statements of operations were as follows (in millions):


		Three Months Ended June 30,				Six Months Ended June 30,
	Location of gain (loss)	2026		2025		2026		2025
Net investment hedges:
Foreign currency forward contracts (excluded component)	Interest expense	$	2	$	3	$	5	$	5
Cross-currency interest rate swaps (excluded component)	Interest expense	1		3		2		8
Total		$	3	$	6	$	7	$	13

Cash flow hedges:
Foreign currency forward contracts	Revenues	$	(19)	$	(12)	$	(47)	$	6
Foreign currency forward contracts	Costs and operating expenses	10		6		24		(3)
Cross-currency interest rate swaps (excluded component)	Interest expense	7		3		12		7
Cross-currency interest rate swaps (included component)	Other income (expense)	21		(43)		58		(64)
Interest rate locks	Interest expense	1		1		2		1
Total		$	20	$	(45)	$	49	$	(53)

Non-designated hedges:
Foreign currency forward contracts	Other income (expense)	$	3	$	(59)	$	(1)	$	(103)
Foreign currency forward contracts	Revenues	(2)		—		(3)		—
Cross-currency interest rate swaps	Other income (expense)	1		(56)		3		(54)
Total		$	2	$	(115)	$	(1)	$	(157)

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Offsetting Derivative Assets and Liabilities

We enter into master netting agreements with our counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default. For presentation in our condensed consolidated balance sheets, we do not offset fair value amounts recognized for derivative instruments or the accrued interest related to cross-currency interest rate swaps under master netting arrangements. The following table presents information related to these offsetting arrangements, inclusive of accrued interest (in millions):


	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Net Amounts		Gross Amounts Not Offset in the Balance Sheet		Net
June 30, 2026
Derivative assets	$	141	$	—	$	141	$	(108)	$	33
Derivative liabilities	161		—		161		(108)		53

December 31, 2025
Derivative assets	$	267	$	—	$	267	$	(80)	$	187
Derivative liabilities	241		—		241		(80)		161

6. Fair Value Measurements

We perform fair value measurements in accordance with ASC 820, Fair Value Measurement, which establishes three levels of inputs that we use to measure fair value:

Level 1: quoted prices in active markets for identical assets or liabilities.
Level 2: observable inputs (e.g., spot rates and other data from third-party pricing vendors for our derivative instruments, credit rating and current prices of similar debt instruments that are publicly traded for our debt instruments) other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the assets or liabilities.
Level 3: unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities, including indicative pricing from third parties for similar instruments and asset-specific yield adjustments for elements such as credit risk.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

The fair values of certain financial assets and liabilities were as follows (in millions):


	June 30, 2026									December 31, 2025
	Fair Value		Fair Value Measurement Using							Fair Value			Fair Value Measurement Using
	Level 1		Level 2		Level 3				Level 1			Level 2			Level 3
Assets:
Money market funds (1)	$	617	$	617	$	—	$	—		$	1,333		$	1,333		$	—	$	—
Time deposits (2)	1,267		—		1,267		—			1,271			—			1,271		—
U.S. government securities - held to maturity (3)	5		—		5		—			256			—			256		—
U.S. government securities - available for sale (4)	5		5		—		—			—			—			—		—
Loan receivable (5)	344		—		—		344			351			—			—		351
Derivative instruments (6)	115		—		115		—			255			—			255		—
Total	$	2,353	$	622	$	1,387	$	344		$	3,466		$	1,333		$	1,782	$	351
Liabilities:
Derivative instruments (6)	$	140	$	—	$	140	$	—		$	229		$	—		$	229	$	—
Mortgage and loans payable (7)	20		—		20		—			706			—			706		—
Senior notes (7)	18,689		18,286		403		—			17,297			16,847			450		—
Total	$	18,849	$	18,286	$	563	$	—		$	18,232		$	16,847		$	1,385	$	—

(1)Instruments are included within cash and cash equivalents in our condensed consolidated balance sheets, and are measured at fair value.

(2)Instruments are included within cash and cash equivalents and short-term investments in our condensed consolidated balance sheets, and are measured at amortized cost.

(3)Instruments are included within short-term investments in our condensed consolidated balance sheets, and are measured at amortized cost. All of our U.S. government securities classified into this category mature within one year. As of June 30, 2026, no allowance for credit losses was recorded for these securities and there were insignificant unrecognized gains and losses.

(4)Instruments are included within short-term investments in our condensed consolidated balance sheets, and are measured at fair value. All of our U.S. government securities classified into this category mature within one year. As of June 30, 2026, no allowance for credit losses was recorded for these securities and there were insignificant unrealized gains and losses.

(5)Instrument is included within other assets in our condensed consolidated balance sheets, and is measured at amortized cost. Refer to Note 11.

(6)Instruments are included within other current assets, other assets, other current liabilities and other liabilities in our condensed consolidated balance sheets, and are measured at fair value. Refer to Note 5.

(7)Instruments include both current and non-current portions which are measured at their amortized cost. Refer to Note 8.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

7. Leases

Lease Expenses

The components of lease expenses were as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Finance lease cost
Amortization of right-of-use assets (1)	$	56	$	47	$	107	$	91
Interest on lease liabilities	29		31		58		61
Total finance lease cost	85		78		165		152

Operating lease cost	57		60		116		118
Variable lease cost	19		19		39		41
Total lease cost	$	161	$	157	$	320	$	311

(1)Amortization of right-of-use assets is included within depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in our condensed consolidated statements of operations.

Other Information

Other information related to leases is presented in the following tables (in millions):


	Six Months Ended June 30,
	2026			2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	56		$	59
Operating cash flows from operating leases	117			110
Financing cash flows from finance leases	89			72

Right-of-use assets obtained in exchange for lease obligations: (1)
Finance leases	$	40		$	88
Operating leases	2			70

	June 30, 2026			December 31, 2025
Weighted-average remaining lease term - finance leases (2)	13 years			13 years
Weighted-average remaining lease term - operating leases (2)	12 years			12 years
Weighted-average discount rate - finance leases	6		%	6		%
Weighted-average discount rate - operating leases	5		%	5		%
Finance lease right-of-use assets (3)	$	2,209		$	2,277

(1)Represents all non-cash changes in right-of-use assets.

(2)Includes lease renewal options that are reasonably certain to be exercised.

(3)As of June 30, 2026 and December 31, 2025, we recorded accumulated amortization of finance lease right-of-use assets of $1.2 billion and $1.1 billion, respectively. Finance lease assets are recorded within property, plant and equipment, net in our condensed consolidated balance sheets.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Maturities of Lease Liabilities

The maturities of our lease liabilities as of June 30, 2026 are as follows (in millions):


	Operating Leases		Finance Leases		Total
2026 (6 months remaining)	$	105	$	139	$	244
2027	215		290		505
2028	187		310		497
2029	157		269		426
2030	147		254		401
Thereafter	1,017		1,948		2,965
Total lease payments	1,828		3,210		5,038
Plus amount representing residual property value	—		—		—
Less imputed interest	(461)		(930)		(1,391)


Total	$	1,367	$	2,280	$	3,647

We entered into agreements with various landlords, primarily to lease data center spaces and ground leases, which have not yet commenced as of June 30, 2026. These leases are expected to commence between 2026 and 2029, with lease terms of 2 to 99 years and total lease commitments of approximately $708 million.

8. Debt Facilities

Mortgage and Loans Payable

Our mortgage and loans payable balance consisted of the following (in millions):


	June 30, 2026		December 31, 2025
Term loans	$	1	$	673
Mortgage payable and other loans payable	19		30
	20		703


Less current portion	(9)		(17)
	$	11	$	686

Senior Credit Facility

In 2022, we entered into a credit agreement with a group of lenders for a senior unsecured credit facility, comprised of a $4.0 billion senior unsecured multicurrency revolving credit facility (the "2022 Revolving Facility") and a £500 million senior unsecured term loan facility (the "2022 Term Loan Facility"). As of December 31, 2025, the total amount outstanding under the 2022 Term Loan Facility, net of debt issuance costs, was $673 million. We repaid the total amount outstanding under the 2022 Term Loan Facility on March 31, 2026.

As of June 30, 2026, we had 22 irrevocable letters of credit totaling $18 million issued and outstanding, with approximately $4.0 billion remaining available to borrow, under the 2022 Revolving Facility. As of June 30, 2026 and December 31, 2025, unamortized debt issuance costs for the 2022 Revolving Facility of $1 million and $2 million, respectively, were presented in other assets in our condensed consolidated balance sheets.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Senior Notes

Our senior notes balance consisted of the following (in millions):


	June 30, 2026				December 31, 2025
	Amount		Effective Rate		Amount		Effective Rate
1.450% Senior Notes due 2026	—		1.64	%	700		1.64	%
2.900% Senior Notes due 2026	600		3.04	%	600		3.04	%
0.250% Euro Senior Notes due 2027	571		0.45	%	587		0.45	%
1.800% Senior Notes due 2027	500		1.96	%	500		1.96	%
1.550% Senior Notes due 2028	650		1.67	%	650		1.67	%
2.000% Senior Notes due 2028	400		2.21	%	400		2.21	%
2.875% Swiss Franc Senior Notes due 2028	371		3.05	%	378		3.05	%
3.250% Euro Senior Notes due 2029	857		3.45	%	881		3.45	%
1.558% Swiss Franc Senior Notes due 2029	124		1.79	%	126		1.79	%
3.200% Senior Notes due 2029	1,200		3.30	%	1,200		3.30	%
3.500% Singapore Dollar Senior Notes due 2030	386		3.67	%	389		3.67	%
3.950% Canadian Dollar Senior Notes due 2030	458		4.17	%	—		—	%
2.150% Senior Notes due 2030	1,100		2.27	%	1,100		2.27	%
4.600% Senior Notes due 2030	1,250		4.81	%	1,250		4.81	%
3.250% Euro Senior Notes due 2031	743		3.46	%	763		3.46	%
4.400% Senior Notes due 2031	700		4.71	%	—		—	%
2.500% Senior Notes due 2031	1,000		2.65	%	1,000		2.65	%
3.900% Senior Notes due 2032	1,200		4.07	%	1,200		4.07	%
2.900% Singapore Dollar Senior Notes due 2032	502		3.01	%	505		3.01	%
4.000% Canadian Dollar Senior Notes due 2032	493		4.29	%	510		4.29	%
1.000% Euro Senior Notes due 2033	686		1.18	%	705		1.18	%
4.700% Senior Notes due 2033	800		4.95	%	—		—	%
3.650% Euro Senior Notes due 2033	686		3.78	%	705		3.78	%
4.000% Euro Senior Notes due 2034	857		4.17	%	881		4.17	%
5.500% Senior Notes due 2034	750		5.74	%	750		5.74	%
3.625% Euro Senior Notes due 2034	571		3.75	%	587		3.75	%
2.000% Japanese Yen Senior Notes Series A due 2035	232		2.07	%	240		2.07	%
2.130% Japanese Yen Senior Notes Series C due 2035	91		2.20	%	94		2.20	%
4.750% Canadian Dollar Senior Notes due 2035	423		4.86	%	—		—	%
2.370% Japanese Yen Senior Notes Series B due 2043	63		2.42	%	65		2.42	%
2.570% Japanese Yen Senior Notes Series D due 2043	28		2.62	%	29		2.62	%
2.570% Japanese Yen Senior Notes Series E due 2043	61		2.62	%	64		2.62	%
3.000% Senior Notes due 2050	500		3.09	%	500		3.09	%
2.950% Senior Notes due 2051	500		3.00	%	500		3.00	%
3.400% Senior Notes due 2052	500		3.50	%	500		3.50	%
	19,853				18,359
Less amount representing unamortized debt issuance costs and debt discounts	(164)				(150)
	19,689				18,209
Less current portion	(1,170)				(1,299)
Total	$	18,519			$	16,910

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

4.400% Senior Notes due 2031 and 4.700% Senior Notes due 2033

On March 5, 2026, we issued $700 million aggregate principal amount of 4.400% senior notes due March 15, 2031 (the "2031 Notes") and $800 million aggregate principal amount of 4.700% senior notes due March 15, 2033 (the "2033 Notes"). Interest on both series of notes is payable semi-annually in arrears on March 15 and September 15 of each year, commencing on September 15, 2026. Total debt discounts and debt issuance costs related to the 2031 Notes and the 2033 Notes were $10 million and $12 million, respectively.

3.950% Canadian Dollar Senior Notes due 2030 and 4.750% Canadian Dollar Senior Notes due 2035

On May 7, 2026, we issued C$650 million, or approximately $478 million, at the exchange rate in effect on that date, aggregate principal amount of 3.950% senior notes due May 15, 2030 (the "2030 CAD Notes") and C$600 million, or approximately $441 million, at the exchange rate in effect on that date, aggregate principal amount of 4.750% senior notes due May 15, 2035 (the "2035 CAD Notes"). Interest on the 2030 CAD Notes and the 2035 CAD Notes is payable semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2026. Total debt discounts and debt issuance costs were $4 million for each of the 2030 and 2035 CAD Notes.

The following table sets forth maturities of our debt, including mortgage and loans payable and senior notes, gross of debt issuance costs and debt discounts, as of June 30, 2026 (in millions):


Years ending:
2026 (6 months remaining)	$	607
2027	1,076
2028	1,426
2029	2,185
2030	3,194
Thereafter	11,385
Total	$	19,873

Interest Charges

Other information related to interest is presented in the following tables (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest expense	$	151	$	135	$	299	$	257
Interest capitalized	38		14		70		25
Interest charges incurred	$	189	$	149	$	369	$	282

					Six Months Ended June 30,
					2026		2025
Interest paid in cash, net of capitalized interest					$	296	$	212

9. Commitments and Contingencies

Purchase Commitments

As a result of our various IBX data center developments, as of June 30, 2026 we were contractually committed for unaccrued capital expenditures, primarily for real estate purchases, IBX infrastructure equipment not yet

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

delivered and labor not yet provided. We also had numerous other non-capital purchase commitments in place as of June 30, 2026, such as commitments to purchase power in select locations through the remainder of 2026 and thereafter, and other open purchase orders for goods or services to be delivered or provided during the remainder of 2026 and thereafter. Certain of our multi-year commitments to purchase power are subject to variable pricing or do not specify a fixed or minimum volume commitment. Due to the indeterminable nature of the spend under these commitments, they are not included in the amounts below.

Total future purchase commitments as of June 30, 2026 are as follows (in millions):


Years ending:
2026 (6 months remaining)	3,348
2027	2,683
2028	1,203
2029	288
2030	118
Thereafter	599
	$	8,239

Other Commitments

On February 26, 2026, we entered into an equity commitment letter with a subsidiary of Canadian Pension Plan Investment Board ("CPPIB") to contribute up to $963 million in exchange for approximately 40% ownership of the subsidiary, in connection with the subsidiary's planned acquisition of atNorth, a Nordic high-density colocation and built-to-suit data center provider. Our contribution is subject to customary closing conditions, including regulatory approvals, for the joint purchase of atNorth. In addition, we have committed to lease a minimum level of capacity from atNorth by December 31, 2029, subject to the finalization of locations and lease terms. The amount of this commitment is not currently determinable.

Please refer to Note 4 for information about our equity method investment commitments and Note 7 for our lease commitments.

Contingent Liabilities

We estimate our exposure on certain liabilities, such as indirect and property taxes, based on the best information available at the time of determination. With respect to real and personal property taxes, we record what we can reasonably estimate based on prior payment history, assessed value by the assessor's office, current landlord estimates or estimates based on current or changing fixed asset values in each specific municipality, as applicable. However, there are circumstances beyond our control whereby the underlying value of the property or basis for which the tax is calculated on the property may change, such as a landlord selling the underlying property of one of our IBX data center leases or a municipality changing the assessment value in a jurisdiction and, as a result, our property tax obligations may vary from period to period. Based upon the most current facts and circumstances, we make the necessary property tax accruals for each of our reporting periods. However, revisions in our estimates of the potential or actual liability could materially impact our financial position, results of operations or cash flows.

Our indirect and property tax filings in various jurisdictions are subject to examination by local tax authorities. Although we believe that we have adequately assessed and accounted for our potential tax liabilities, and that our tax estimates are reasonable, there can be no certainty that additional taxes will not be due upon audit of our tax returns or as a result of further changes to the tax laws and interpretations thereof. For example, we are currently undergoing several indirect tax audits and appealing tentative assessments in Brazil. The final settlement of the audits and the outcomes of the appeals are uncertain and may not be resolved in our favor. We regularly assess the likelihood of adverse outcomes resulting from these examinations and appeals that would affect the adequacy of our tax accruals for each of the reporting periods. If any issues arising from the tax examinations and appeals are resolved in a manner inconsistent with our expectations, the revision of the estimates of the potential or actual liabilities could materially impact our financial position, results of operations, or cash flows.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

We are and may continue to be party to certain legal and regulatory proceedings with respect to various matters. We evaluate the likelihood of an unfavorable outcome of all legal and regulatory proceedings to which we are a party. Contingent liabilities are accrued when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. These judgments are subjective based on the status of the legal or regulatory proceedings, the merits of our defenses and consultation with in-house and external legal counsel. Loss contingencies are generally recorded in other current liabilities in the consolidated balance sheets and legal costs are expensed as incurred and are recorded in general and administrative expenses in the consolidated statements of operations.

On August 6, 2025, certain of the Company's current and former directors and officers were named as defendants in a 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 alleges, among other things, violations of Section 14(a) of the Exchange Act, breaches of fiduciary duty, unjust enrichment and waste of corporate assets related to allegations that the Company or its representatives made false and misleading statements about our business, results, internal controls and accounting practices between May 3, 2019 and March 24, 2024. The lawsuit also makes additional allegations that certain directors' and officers' alleged knowledge of the purported misconduct constituted insider trading. The lawsuit seeks, among other relief, findings of misconduct, an award of damages to Equinix, and attorneys’ fees and costs. We filed a motion to dismiss the lawsuit on October 20, 2025. It was granted on May 27, 2026 and the case has been dismissed.

In the opinion of management, there are no other pending claims for which the outcome is expected to result in a material adverse effect on the financial position, results of operations or cash flows.

Employment Agreements

In February 2026, our Board approved an Executive Severance Plan for our executive officers, excluding our Chief Executive Officer. Additionally in February 2026, we entered into an Amended and Restated Severance Agreement with our Chief Executive Officer which provides similar benefits to those in the Executive Severance Plan (collectively the “Executive Severance Benefits”). Generally, in the event that an executive officer is terminated by the Company without cause or resigns from the Company for good reason, the Executive Severance Benefits provide for severance equal to 100% of the executive officer’s annual base salary and target annual bonus and continued vesting of the executive officer’s outstanding equity awards during the 12 months following the termination date. In addition, if the termination or resignation occurs in the three months prior to or 12 months following a change in control, the Executive Severance Benefits provide for severance equal to 200% of the executive officer’s annual base salary and target annual bonus and accelerated vesting of 100% of the executive officer’s outstanding equity awards as of the termination date, subject to certain exceptions.

Indemnification and Guarantor Arrangements

As permitted under Delaware law, we have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is, or was serving, at our request in such capacity. The term of the indemnification period is for the officer's or director's lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, in the event of a legal action, we have purchased insurance that could limit our exposure, depending upon the details of the claim and the coverage provided. As a result, our estimated fair value of these indemnification agreements is minimal. We have no liabilities recorded for these agreements as of June 30, 2026.

We enter into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, we may agree to indemnify, hold harmless, and reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally a business partner or a customer, in connection with matters such as any U.S. patent, or any copyright or other intellectual property infringement claim by any third party with respect to our offerings; a breach of confidentiality obligations and certain other contractual warranties; our gross negligence, willful misconduct, fraud, misrepresentation, or violation of law; and/or if we cause tangible property damage, personal injury or death. The term of any such indemnification agreement is generally perpetual after execution of the agreement. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have never incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. In addition, in the event of a legal action, we have purchased

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

insurance that could limit our exposure, depending upon the details of the claim and the coverage provided. As a result, our estimated fair value of these agreements is minimal. We do not have significant liabilities recorded for these agreements as of June 30, 2026.

We enter into arrangements with certain business partners, whereby the business partner agrees to provide services as a subcontractor for our installations. Accordingly, we enter into standard indemnification agreements with our customers, whereby we indemnify them for certain acts, such as personal property damage, by our subcontractors. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have never incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. In addition, in the event of a legal action, we have purchased insurance that could limit our exposure, depending upon the details of the claim and the coverage provided. As a result, our estimated fair value of these agreements is minimal. We do not have significant liabilities recorded for these agreements as of June 30, 2026.

We have service level commitment obligations to certain of our customers. As a result, service interruptions or significant equipment damage in our IBX data centers, whether or not within our control, could result in obligations to these customers. While we have purchased insurance that could limit our exposure, our liability insurance may not be adequate to cover those expenses. In addition, any loss of service, equipment damage or inability to meet our service level commitment obligations could reduce the confidence our customers have in us, and could consequently impair our ability to obtain and retain customers, which would adversely affect both our ability to generate revenues and our operating results. We generally have the ability to determine such service level credits prior to the associated revenue being recognized. We do not have significant liabilities in connection with service level credits as of June 30, 2026.

Concurrent with the closing of the EMEA 2 Joint Venture, the EMEA 2 Joint Venture entered into a credit facility agreement with a group of lenders under which it could borrow up to approximately $1.1 billion in total at the exchange rate in effect on June 30, 2026, with such facility maturing in October 2026. In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with a guarantee covering 20% of all payments of principal and interest due and payable by the EMEA 2 Joint Venture under the credit facility, up to a limit of $229 million in total at the exchange rate in effect on June 30, 2026. As of June 30, 2026, the maximum potential amount of our future payments under this guarantee was approximately $48 million at the exchange rates in effect on that date. We and our co-investor entered into an ancillary agreement to allocate funding under the credit facility agreement for use by our AMER 1 Joint Venture. As of June 30, 2026, $11 million of the guarantee was related to the AMER 1 Joint Venture. Our estimated fair value of this guarantee is minimal as the likelihood of making a payout under the guarantee is remote.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

10. Stockholders' Equity

Stockholders' Equity Rollforward

The following tables provide a rollforward of our stockholders' equity for the three and six months ended June 30, 2026 and 2025 ($ in millions except per share data; share data in thousands):


	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Dividends		AOCI (Loss)		Retained Earnings		Common Stockholders' Equity		Non-controlling Interests		Total Stockholders' Equity
	Shares	Amount		Shares	Amount
Balance as of December 31, 2025	98,288	$	—	(62)	$	(24)	$	21,642	$	(12,202)	$	(1,359)	$	6,099	$	14,156	$	(3)	$	14,153

Net income	—	—		—	—		—		—		—		415		415		—		415
Other comprehensive income	—	—		—	—		—		—		16		—		16		—		16
Issuance of common stock and release of treasury stock for employee equity awards	397	—		—	—		49		—		—		—		49		—		49

Dividend distribution on common stock, $5.16 per share	—	—		—	—		—		(508)		—		—		(508)		—		(508)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(1)		—		—		(1)		—		(1)
Accrued dividends on unvested equity awards	—	—		—	—		—		4		—		—		4		—		4
Stock-based compensation, net of estimated forfeitures	—	—		—	—		167		—		—		—		167		—		167
Balance as of March 31, 2026	98,685	$	—	(62)	(24)		21,858		(12,707)		(1,343)		6,514		14,298		(3)		14,295

Net income (loss)	—	—		—	—		—		—		—		479		479		(2)		477
Other comprehensive loss	—	—		—	—		—		—		(31)		—		(31)		(2)		(33)
Change in ownership interest	—	—		—	—		—		—		—		2		2		(2)		—
Issuance of common stock and release of treasury stock for employee equity awards	46	—		2	1		2		—		—		—		3		—		3

Dividend distribution on common stock, $5.16 per share	—	—		—	—		—		(508)		—		—		(508)		—		(508)

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)


	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Dividends		AOCI (Loss)		Retained Earnings		Common Stockholders' Equity		Non-controlling Interests		Total Stockholders' Equity
	Shares	Amount		Shares	Amount
Accrued dividends on unvested equity awards	—	—		—	—		—		(16)		—		—		(16)		—		(16)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		155		—		—		—		155		—		155


Balance as of June 30, 2026	98,731	$	—	(60)	$	(23)	$	22,015	$	(13,231)	$	(1,374)	$	6,995	$	14,382	$	(9)	$	14,373


	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Dividends		AOCI (Loss)		Retained Earnings		Common Stockholders' Equity		Non-controlling interests		Total Stockholders' Equity
	Shares	Amount		Shares	Amount
Balance as of December 31, 2024	97,390	$	—	(103)	$	(39)	$	20,895	$	(10,342)	$	(1,735)	$	4,749	$	13,528	$	(1)	$	13,527

Net income	—	—		—	—		—		—		—		343		343		—		343
Other comprehensive income	—	—		—	—		—		—		176		—		176		—		176
Issuance of common stock and release of treasury stock for employee equity awards	406	—		19	7		42		—		—		—		49		—		49
Issuance of common stock under ATM program	107	—		—	—		99		—		—		—		99		—		99
Dividend distribution on common stock, $4.69 per share	—	—		—	—		—		(457)		—		—		(457)		—		(457)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(1)		—		—		(1)		—		(1)
Accrued dividends on unvested equity awards	—	—		—	—		—		2		—		—		2		—		2
Stock-based compensation, net of estimated forfeitures	—	—		—	—		150		—		—		—		150		—		150

Balance as of March 31, 2025	97,903	—		(84)	(32)		21,186		(10,798)		(1,559)		5,092		13,889		(1)		13,888

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)


	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Dividends		AOCI (Loss)		Retained Earnings		Common Stockholders' Equity		Non-controlling interests		Total Stockholders' Equity
	Shares	Amount		Shares	Amount
Net income (loss)	—	—		—	—		—		—		—		368		368		(1)		367
Other comprehensive income	—	—		—	—		—		—		160		—		160		—		160
Issuance of common stock and release of treasury stock for employee equity awards	41	—		5	2		—		—		—		—		2		—		2


Dividend distribution on common stock, $4.69 per share	—	—		—	—		—		(459)		—		—		(459)		—		(459)

Accrued dividends on unvested equity awards	—	—		—	—		—		(14)		—		—		(14)		—		(14)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		138		—		—		—		138		—		138

Balance as of June 30, 2025	97,944	$	—	(79)	$	(30)	$	21,324	$	(11,271)	$	(1,399)	$	5,460	$	14,084	$	(2)	$	14,082

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss, net of tax, by component were as follows (in millions):


	Balance as of December 31, 2025		Net Change		Balance as of June 30, 2026
Foreign CTA gain (loss)	$	(1,607)	$	(16)	$	(1,623)
Net investment hedge CTA gain (loss) (1)	257		2		259
Unrealized gain (loss) on cash flow hedges (1)	(8)		(3)		(11)
Net actuarial gain (loss) on defined benefit plans (2)	(1)		—		(1)
	$	(1,359)	$	(17)	$	(1,376)
Accumulated other comprehensive (income) loss attributable to non-controlling interests	—		2		2
Total accumulated other comprehensive loss attributable to common stockholders	$	(1,359)	$	(15)	$	(1,374)

(1)Refer to Note 5 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income.

(2)We have two defined benefit pension plans covering all employees in two countries where such plans are mandated by law. We do not have any defined benefit plans in any other countries.

Common Stock

In October 2024, we established a 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"). The forward sale agreements provide three settlement alternatives to us: physical settlement, cash settlement or net share settlement. In accordance with ASC 815, the forward sale agreements are classified as equity for balance sheet purposes.

Forward sale activity under the 2024 ATM Program is summarized as follows ($ in millions except per share data; shares in thousands):


	Contractual Maturity Dates	Execution Date	Number of Shares (1)	Weighted Average Price per Share (2)		Settlement Value (2)
Outstanding, December 31, 2024			—	$	—	$	—




Outstanding, December 31, 2025			—	—		—
Forward Sale Agreements Executed	January 2027	May 2026 to June 2026	465	1,070.52		498

Outstanding, June 30, 2026			465	$	1,070.52	$	498

(1)For agreements settled, the amount represents the actual number of shares issued. For agreements executed and outstanding, the amount represents the number of shares that we would issue upon physical settlement.

(2)For agreements settled, the value represents the actual weighted average settlement value, net of commissions and other offering expenses. For agreements executed and outstanding, the value represents the forward amount that we would receive upon physical settlement as of that date and will be subject to adjustments for a discount rate factor equal to a specified benchmark rate less a spread minus scheduled dividends during the terms of the agreements.

We did not sell any shares on a spot basis under the 2024 ATM Program during the three and six months ended June 30, 2026, or during the three months ended June 30, 2025. During the six months ended June 30, 2025, we sold 107,493 shares on a spot basis under the 2024 ATM Program for approximately $99 million, net of commissions and other offering expenses.

As of June 30, 2026, we had approximately $700 million of common stock available for sale under the 2024 ATM Program.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Stock-Based Compensation

For the six months ended June 30, 2026, the Talent, Culture and Compensation Committee and/or the Stock Awards Committee of our Board of Directors, as the case may be, granted an aggregate of 823,920 restricted stock units ("RSUs") to certain employees, including executive officers. These equity awards are subject to vesting provisions and have a weighted-average grant date fair value of $960.40 per share and a weighted-average requisite service period of 3.67 years. The valuation of RSUs with only a service condition or a service and performance condition require no significant assumptions as the fair value for these types of equity awards is based solely on the fair value of our stock price on the date of grant. We use revenues and adjusted funds from operations ("AFFO") per share as the performance measurements in the RSUs with both service and performance conditions that were granted in the six months ended June 30, 2026.

We use a Monte Carlo simulation option-pricing model to determine the fair value of RSUs with a service and market condition. We used total shareholder return ("TSR") as the performance measurement in the RSUs with a service and market condition that were granted in the six months ended June 30, 2026. There were no significant changes in the assumptions used to determine the fair value of RSUs with a service and market condition that were granted in 2026 compared to the prior year.

The following table presents, by operating expense category, our stock-based compensation expense recognized in our condensed consolidated statements of operations (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenues	$	19	$	16	$	35	$	30
Sales and marketing	26		25		53		47
General and administrative	100		86		185		163
Total	$	145	$	127	$	273	$	240

Redeemable Non-controlling Interest

On April 3, 2023, we issued additional shares in our Indonesian operating entity to a third party investor for $25 million, which resulted in the third party investor owning a 25% interest in the entity. In June 2026, the third party investor's ownership interest was diluted from 25% to 14%.

Under the terms of the stockholders’ agreement, the investor may put its ownership stake in the entity to us for a maximum exercise price of $25 million, subject to certain contingent conditions. Accordingly, we present the investor’s contingently redeemable non-controlling interest ("NCI") outside of permanent equity at the higher of its maximum redemption amount of $25 million and its balance after attribution of gains and losses in our condensed consolidated balance sheets. There were no changes in the carrying value of the redeemable NCI for the three and six months ended June 30, 2026.

11. Related Party Transactions

We have lease arrangements and provide various services to our equity method investees through multiple agreements, including sales and marketing, development management, facilities management, asset management and procurement service agreements. These transactions are generally considered to have been negotiated at arm's length.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

The following table presents the income and expenses from these arrangements with equity method investees in our condensed consolidated statements of operations (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
Nature of Transaction	2026		2025		2026		2025
Income (1)	$	161	$	36	$	208	$	104
Expenses (2)	7		7		14		13

(1)Primarily consists of revenues related to service arrangements as described above and also includes interest income earned on the AMER 2 Loan during the three months ended June 30, 2026 and 2025 of $9 million and $7 million, respectively, and during the six months ended June 30, 2026 and 2025 of $18 million and $14 million, respectively.

(2)Primarily consists of rent expenses for lease arrangements with equity method investees.

We have also sold certain data center facilities to our Joint Ventures and recognized gains or losses on asset sales as described in Note 4.

The following table presents the assets and liabilities from related party transactions with the equity method investees in our condensed consolidated balance sheets (in millions):


Balance Sheet	June 30, 2026		December 31, 2025
Accounts receivable, net	$	145	$	35
Other current assets (1)	197		58
Property, plant and equipment, net (2)	310		306
Operating lease right-of-use assets	30		32
Other assets (3)	437		350
Other current liabilities	30		17
Finance lease liabilities	299		287
Operating lease liabilities	27		29
Other liabilities	62		24

(1)The balance primarily relates to contract assets and other receivables.

(2)The balance relates to finance lease right-of-use assets. As of both June 30, 2026 and December 31, 2025, the weighted-average lease term for the finance leases was approximately nine years.

(3)The balance primarily relates to contract assets and the AMER 2 Loan receivable.

AMER 2 Loan

Concurrent with the closing of the AMER 2 Joint Venture, we entered into a loan agreement (the "AMER 2 Loan") with the AMER 2 Joint Venture, as a lender, with a maximum commitment of $392 million and a maturity date of April 10, 2028. We received an upfront fee of $4 million in connection with the origination of the loan, and earn interest at a contractual rate of 10% per annum on the drawn portion plus an unused commitment fee of 0.75% per annum on the undrawn portion, each payable quarterly. The term of the loan may be extended at the option of the borrower for one additional year, subject to an extension fee. The AMER 2 Loan is secured by the assets of the AMER 2 Joint Venture, including the SV12x data center site. The equity partners of the AMER 2 Joint Venture have provided limited guarantees in connection with the AMER 2 Loan, which require payments to the lender proportionately upon certain occurrences, such as a shortfall in capital necessary to complete construction or to make interest payments. Additionally, the equity partners may be liable for repayment of up to the entire debt balance upon the occurrence of certain adverse acts such as a non-permitted transfer of the SV12x data center site. The AMER 2 Loan was negotiated at arm's length. We have assessed the credit risk associated with the AMER 2 Loan to be low and the allowance for credit loss as of June 30, 2026 is insignificant. The maximum amount of credit loss we are exposed to is the outstanding principal, plus accrued interest and unused commitment fees. As of June 30, 2026, the total amount outstanding under the AMER 2 Loan, net of the unamortized upfront fee, was

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

$329 million. Additional amounts may be drawn down by the borrower periodically as needed for the continuation of development and other working capital needs.

There have been no material changes in the nature or volume of transactions with other related parties since December 31, 2025. For further information on such transactions, refer to our Form 10-K as filed with the SEC on February 11, 2026.

12. Segment Information

While we have one primary line of business, which is the design, build-out and operation of IBX data centers, we have determined that we have three reportable segments comprised of our Americas, EMEA and Asia-Pacific geographic regions. Each of our three reportable segments are managed by regional presidents and require unique strategies due to the varying microeconomic and macroeconomic conditions within each region. Our chief executive officer is our chief operating decision maker and evaluates performance, makes operating decisions and allocates resources primarily based on our revenues and adjusted EBITDA, both on a consolidated basis and for these three reportable segments. Intercompany transactions between segments are excluded for management reporting purposes. Revenues are attributed to countries based on the geographic location of the entity that enters into the contract.

We define adjusted EBITDA, our measure of segment profit or loss, as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring and other exit charges, impairment charges, transaction costs and gain or loss on asset sales. The accounting policies of the three segments are the same as those described in the summary of significant accounting policies, except that segment expenses exclude depreciation, amortization and accretion expense and stock-based compensation expense, consistent with the definition of adjusted EBITDA.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

The following tables present segment information, including revenue information disaggregated by product lines and segment adjusted EBITDA, and a reconciliation to total consolidated income before income taxes (in millions):


	Three Months Ended June 30, 2026								Six Months Ended June 30, 2026
	Americas		EMEA		Asia-Pacific		Total		Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	747	$	633	$	392	$	1,772	$	1,478	$	1,246	$	778	$	3,502
Interconnection	256		105		92		453		507		211		181		899
Managed infrastructure	56		40		16		112		113		81		33		227
Other (1)	8		28		4		40		15		57		8		80
Recurring revenues	1,067		806		504		2,377		2,113		1,595		1,000		4,708
Non-recurring revenues	184		39		25		248		229		77		55		361
Total revenues (2)	1,251		845		529		2,625		2,342		1,672		1,055		5,069
Less:
Segment cost of revenues	343		284		163		790		646		591		318		1,555
Other segment items (3)	267		105		67		439		539		201		133		873
Segment adjusted EBITDA	$	641	$	456	$	299	$	1,396	$	1,157	$	880	$	604	$	2,641
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense							$	(557)							$	(1,101)
Stock-based compensation expense							(145)								(273)
Transaction costs							(3)								(11)
Restructuring and other exit charges							(6)								(12)
Impairment charges							(17)								(19)
Gain (loss) on asset sales							(3)								17
Interest income							36								77
Interest expense							(151)								(299)
Other income (expense)							(28)								(27)
Gain (loss) on debt extinguishment							1								1
Income before income taxes							$	523							$	994

(1)Includes some leasing and hedging activities.

(2)Total revenues attributed to the U.S. were $1.1 billion and $2.0 billion during the three and six months ended June 30, 2026. There was no other country from which we derived revenues that exceeded 10% of our total revenues and no single customer accounted for 10% or greater of our accounts receivable or revenues as at or for the three and six months ended June 30, 2026.

(3)Other segment items for each reportable segment are comprised of general and administrative and sales and marketing expenses, excluding stock-based compensation expense and depreciation, amortization and accretion expense.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)


	Three Months Ended June 30, 2025								Six Months Ended June 30, 2025
	Americas		EMEA		Asia-Pacific		Total		Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	654	$	572	$	359	$	1,585	$	1,290	$	1,139	$	701	$	3,130
Interconnection	231		96		80		407		460		183		157		800
Managed infrastructure	62		38		17		117		125		73		34		232
Other (1)	4		26		4		34		7		53		8		68
Recurring revenues	951		732		460		2,143		1,882		1,448		900		4,230
Non-recurring revenues	53		35		25		113		123		62		66		251
Total revenues (2)	1,004		767		485		2,256		2,005		1,510		966		4,481
Less:
Segment cost of revenues	290		264		153		707		580		545		309		1,434
Other segment items (3)	248		104		68		420		516		201		134		851
Segment adjusted EBITDA	$	466	$	399	$	264	$	1,129	$	909	$	764	$	523	$	2,196
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense							$	(502)							$	(982)
Stock-based compensation expense							(127)								(240)
Transaction costs							(3)								(9)
Restructuring and other exit charges							(2)								(12)
Impairment charges							(1)								(1)

Interest income							52								99
Interest expense							(135)								(257)
Other income (expense)							(7)								2
Gain (loss) on debt extinguishment							1								1
Income before income taxes							$	405							$	797

(1)Includes some leasing and hedging activities.

(2)Total revenues attributed to the U.S. were $871 million and $1.7 billion during the three and six months ended June 30, 2025. There was no other country from which we derived revenues that exceeded 10% of our total revenues and no single customer accounted for 10% or greater of our accounts receivable or revenues as at or for the three and six months ended June 30, 2025.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

We provide the following additional segment disclosures for the three and six months ended June 30, 2026 and 2025 (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Depreciation and amortization:
Americas	$	282	$	272	$	569	$	541
EMEA	161		134		310		257
Asia-Pacific	108		93		213		180
Total	$	551	$	499	$	1,092	$	978
Capital expenditures:
Americas	$	872	$	642	$	1,577	$	1,143
EMEA	442		252		771		423
Asia-Pacific	264		95		486		173
Total	$	1,578	$	989	$	2,834	$	1,739

Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, were located in the following geographic regions (in millions):


	Property, plant and equipment, net				Operating lease right-of-use assets
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Americas	$	11,748	$	10,840	$	362	$	340
EMEA	8,835		8,314		366		449
Asia-Pacific	4,639		4,430		568		603
Total	$	25,222	$	23,584	$	1,296	$	1,392

13. Subsequent Events

Declaration of dividends

On July 29, 2026, we declared a quarterly cash dividend of $5.16 per share, which is payable on September 16, 2026 to our common stockholders of record as of the close of business on August 19, 2026.

Revolving credit facility

On July 27, 2026, we entered into a $5.5 billion senior unsecured multicurrency revolving credit facility, which replaces our existing 2022 Revolving Facility.

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