Equinix (EQIX) Q4 2025 earnings summary

Executive summary

• Q4 and full-year 2025 achieved record performance, with annualized gross bookings of $474M in Q4 (up 42% year-over-year) and $1.6B for the year (up 27%), driven by AI workloads and broadening enterprise adoption.

• Monthly recurring revenue (MRR) grew 10% year-over-year in Q4 and 7% for the full year, with strong recurring revenue growth and disciplined spending fueling expansion and FFO per share growth ahead of expectations.

• Surpassed 500,000 global interconnections, with 7,800 net additions in Q4 and over 17,200 transactions and 6,100 unique customers, reflecting strong ecosystem growth.

• Strategic initiatives and partnerships, including Salesforce and xScale JV, contributed to robust pipeline conversion, milestone achievements, and major expansion projects globally.

• Increased quarterly cash dividend by 10% to $5.16 per share, marking 11 consecutive years of growth.

Financial highlights

• FY25 revenues reached $9.217B–$9.2B (up 5%–7% year-over-year as-reported); Q4 revenues were $2.4B, up 7% year-over-year.

• Adjusted EBITDA for FY25 was $4.53B (49% margin), up 11% year-over-year; Q4 Adjusted EBITDA was $1.2B (49% margin), up 15% year-over-year.

• AFFO per share (diluted) for FY25 was $38.33, up 9% year-over-year; Q4 FFO was $877M, up 13%.

• Net income attributable to common stockholders was $1.350B, up 66% year-over-year; diluted EPS $13.76, up 62%.

• Regional revenue growth in FY25: Americas +6%, EMEA +5%, APAC +3% (as-reported).

Outlook and guidance

• 2026 revenue guidance: $10.123B–$10.223B, up 9%–11% year-over-year; MRR up 8%–10% and MRR churn targeted at 2%–2.5% per quarter.

• 2026 Adjusted EBITDA guidance: $5.141B–$5.221B (51% margin), up 200 bps; AFFO per share guidance: $41.93–$42.74, up 8%–12%.

• 2026 CapEx expected at $3.655B–$4.2B; quarterly cash dividend to increase by 10%, totaling ~$2.04B for the year.

• Q1 2026 revenue guidance: $2.496B–$2.54B; adjusted EBITDA: $1.28B–$1.32B.