Equinix is the largest data center company globally, focusing on retail data center operations with a strong emphasis on recurring revenue streams . The company specializes in colocation, interconnection, and managed infrastructure solutions, which together account for more than 90% of its total revenues . Equinix's revenue is geographically segmented into the Americas, EMEA (Europe, the Middle East, and Africa), and Asia-Pacific regions, with additional non-recurring revenue activities such as installation and professional services contributing less than 10% of total revenues . The company is also expanding its digital services portfolio, including multi-cloud networking and cloud-adjacent storage, to complement its core data center offerings .
- Colocation Services - Provides licensing of cabinet space and power, forming a substantial part of Equinix's recurring revenue model.
- Interconnection Services - Facilitates connections between different networks and data centers, enhancing network efficiency and performance.
- Managed Infrastructure Solutions - Offers comprehensive infrastructure management services to support clients' IT operations.
- Digital Services - Expands offerings with multi-cloud networking and cloud-adjacent storage solutions to enhance data center capabilities.
- Non-Recurring Revenue Activities - Includes installation services and professional services, contributing a smaller portion of the overall revenue.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Charles Meyers ExecutiveBoard | Executive Chairman | Board Member at Fastly | Charles Meyers transitioned to Executive Chairman in late Q2 2024 after serving as CEO since 2018. He has extensive experience in digital infrastructure and public company M&A. | |
Adaire Fox-Martin Executive | President and CEO | None | Adaire Fox-Martin became CEO in June 2024, succeeding Charles Meyers. She previously held senior roles at Google Cloud and SAP, with expertise in global sales and customer success. | View Report → |
Brandi Galvin Morandi Executive | Chief Legal and Human Resources Officer | None | Brandi Galvin Morandi joined Equinix in 2003 and has served as Chief Legal and HR Officer since 2019. She integrates legal and HR functions to enhance organizational efficiency. | |
Jon Lin Executive | EVP and GM, Data Center Services | None | Jon Lin joined Equinix in 2009 and has been EVP and GM of Data Center Services since 2021. He previously served as President of Equinix Americas. | |
Keith Taylor Executive | Chief Financial Officer | None | Keith Taylor has been CFO since 2005 and joined Equinix in 1999. He previously served as VP of Finance and Chief Accounting Officer. | |
Merrie Williamson Executive | EVP and Chief Customer and Revenue Officer (CCRO) | None | Merrie Williamson joined Equinix in February 2024 as CCRO. She previously held senior roles at Microsoft and Intel, focusing on digital transformation and customer experience. | |
Mike Campbell Executive | Chief Sales Officer | None | Mike Campbell has been Chief Sales Officer since 2016. He joined Equinix in 2015 as SVP of Sales for the Americas and previously held senior roles at Symantec and Verisign. | |
Christopher Paisley Board | Lead Independent Director | Board Member at Ambarella and Fastly | Christopher Paisley has been Lead Independent Director since 2012. He is a professor of accounting and has extensive experience in finance, risk management, and public company M&A. | |
Fidelma Russo Board | Independent Director | Board Member at SBA Communications | Fidelma Russo joined the Equinix Board in June 2022. She is the CTO of HPE and has over 30 years of experience in cloud services, machine learning, and digital transformation. | |
Gary Hromadko Board | Independent Director | None | Gary Hromadko has been an Independent Director since 2003. He is a private investor with expertise in digital infrastructure and capital markets. | |
Jeetu Patel Board | Independent Director | EVP and GM at Cisco; Board Member at JLL | Jeetu Patel joined the Equinix Board in June 2022. He brings expertise in SaaS applications, digital transformation, and platform strategies from his leadership roles at Cisco. | |
Nanci Caldwell Board | Independent Director | Board Member at CIBC and Procore | Nanci Caldwell has been an Independent Director since 2015. She brings expertise in enterprise sales, marketing, and governance from her executive roles at PeopleSoft and HP. | |
Peter Van Camp Board | Special Advisor to the Board | None | Peter Van Camp stepped down as Executive Chairman in Q2 2024 and now serves as Special Advisor. He has been with Equinix since 2000 and was instrumental in its growth and M&A strategy. | |
Sandra Rivera Board | Independent Director | CEO of Altera (Intel) | Sandra Rivera has been an Independent Director since 2019. She has extensive experience in network infrastructure, AI, and cloud from her leadership roles at Intel. | |
Thomas Olinger Board | Independent Director | Board Member at American Assets Trust | Thomas Olinger joined the Equinix Board in January 2023. He is the former CFO of Prologis and has expertise in REITs, capital markets, and ESG initiatives. |
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Given the ongoing DOJ and SEC investigations, can you provide an update on their status, and have any internal or external reporting changes been made in response to these inquiries?
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With the increasing power density of cabinets leading to a differential between cabinets being churned and those being added, do you view this as a structural trend that could represent a growing headwind to cabinet growth numbers in future quarters?
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Considering the shift towards higher density cabinets and the impact on metrics like net cabinets billed and MRR per cabinet, are you planning to adjust how you measure and report these key performance indicators to better reflect business realities?
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You mentioned a focus on simplification and amplifying your go-to-market efforts; can you expand on specific areas where you see opportunities for simplification, and what changes might we expect to see in your processes or organizational structure?
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As AI workloads become more significant, particularly in terms of infrastructure demands for training and inference, how is Equinix positioning itself to capitalize on these opportunities, and what investments or strategic initiatives are you undertaking to address this market?
Research analysts who have asked questions during EQUINIX earnings calls.
Eric Luebchow
Wells Fargo
6 questions for EQIX
Michael Rollins
Citigroup
6 questions for EQIX
Jonathan Atkin
RBC Capital Markets
5 questions for EQIX
Michael Elias
TD Cowen
5 questions for EQIX
Ari Klein
BMO Capital Markets
4 questions for EQIX
Frank Louthan
Raymond James
4 questions for EQIX
Michael Funk
Bank of America
4 questions for EQIX
Nick Del Deo
MoffettNathanson LLC
4 questions for EQIX
Aryeh Klein
BMO Capital Markets
2 questions for EQIX
David Guarino
Green Street
2 questions for EQIX
James Schneider
Goldman Sachs
2 questions for EQIX
Jim Schneider
Goldman Sachs
2 questions for EQIX
Jon Petersen
Jefferies
2 questions for EQIX
Simon Flannery
Morgan Stanley
2 questions for EQIX
Timothy Horan
Oppenheimer & Co. Inc.
2 questions for EQIX
David Barden
Bank of America
1 question for EQIX
Mike Funk
Bank of America
1 question for EQIX
Nicholas Del Deo
MoffettNathanson
1 question for EQIX
Vikram Malhotra
Mizuho Financial Group, Inc.
1 question for EQIX
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Total Information Management (TIM) | 2024 | Equinix is set to acquire three data centers in the Philippines for approximately $180 million, subject to adjustments, marking its planned entry into Southeast Asia with over 1,000 cabinets of additional capacity and land for future development, expected to close in Q4 2024. |
Entel Peru | 2022 | Equinix acquired a Peruvian data center for a total consideration of about $80.3 million, supporting its expansion in Latin America; the deal also included customer relationships valued at $10 million, with the facility’s operating results integrated into the Americas portfolio. |
Entel Chile | 2022 | Equinix completed the acquisition of four Santiago-based data centers for $638.3 million, enhancing its Latin American market presence, with the deal delivering significant assets including $153.5 million in customer relationships, approximately 120 transitioning employees, and generating annualized revenues of around $53 million. |
MainOne | 2022 | The MainOne acquisition, completed for $278.4 million, brought four data centers, a subsea cable, and a terrestrial fiber network into Equinix’s portfolio, reinforcing its strategic position in the West African market and resulting in recorded goodwill of over $110 million, with operating results reported in the EMEA region. |
Recent press releases and 8-K filings for EQIX.
- The global Data Center Deployment Spending market was US$104.4 Billion in 2024 and is projected to grow to US$213.8 Billion by 2030 at a 12.7% CAGR.
- Growth is driven by cloud expansion, AI & IoT adoption, edge computing investments and sustainability initiatives.
- The Localized Data Center segment is set to reach US$83.4 Billion by 2030 (14.5% CAGR), while the Mid-Tier segment will grow at 13.3% CAGR.
- Regional highlights include a US market of US$28.4 Billion in 2024 and China’s market growing at 17.3% CAGR to US$45.7 Billion by 2030.
- The global Data Center Deployment Spending market was valued at US$104.4 Billion in 2024 and is forecast to grow at a 12.7% CAGR to US$213.8 Billion by 2030.
- Growth is driven by cloud services, AI/IoT applications, and the rise of edge computing, with sustainability investments in energy efficiency gaining prominence.
- Technological innovations such as modular, scalable designs, energy-efficient cooling, and AI-driven management systems are reshaping deployment strategies.
- Regional insights highlight the U.S. market at US$28.4 Billion in 2024 and China’s market poised to reach US$45.7 Billion by 2030 at a 17.3% CAGR.
- The report covers segment analysis by data center type, build type, and end-buyer, and profiles 46 key players including Equinix, AT&T, Cisco, Digital Realty, and Google.
- Intersect named Katrina Rymill as Chief Financial Officer; she brings two decades of financial leadership in scaling high-growth tech firms and joins from Equinix where she was SVP of Corporate Finance & Sustainability.
- At Equinix, Rymill led global treasury, investor relations, and sustainability, raising $9 billion in green bonds and optimizing the company’s capital structure.
- Intersect has $15 billion of energy assets in operation or under construction in the U.S. and has secured over $2.1 billion in corporate equity funding from Google, TPG Rise, CAI, and Greenbelt Partners.
- In November 2024, Intersect and Google formed a partnership targeting $20 billion in renewable power infrastructure investment by 2030; the first co-located facility is under construction and expected operational in 2026.
- Global Q3 revenues were $2.32 billion, up 5% year-over-year on a normalized and constant currency basis, with recurring revenue growth of 8%.
- Adjusted EBITDA in Q3 was $1.15 billion (50% margin), up 8% year-over-year, and AFFO was $965 million, up 12% year-over-year.
- Record annualized gross bookings of $394 million (+25% YoY, +14% QoQ) and a pre-sold annualized gross bookings balance of $185 million; over 40% of Q4 bookings plan closed to date.
- Closed land acquisitions across five metros supporting over 900 MW of capacity and elevated total developer capacity to approximately 3 GW, with 58 major projects (including 12 xScale) underway to double capacity by 2029.
- Full-year 2025 guidance updated: underlying revenue growth maintained at 7–8%, adjusted EBITDA guidance raised by $21 million, AFFO guidance raised by $31 million, and total CapEx now expected at $3.8–4.3 billion.
- Revenues of $2,316 M and Adjusted EBITDA of $1,148 M; AFFO per share of $9.83 in Q3 2025
- Added 7,100 net interconnections, MRR per cabinet up $41 QoQ, and developable capacity grew ~50% to 3 GW, driving demand momentum
- Raised FY 2025 AFFO guidance to $3,731–3,811 M and AFFO per share to $37.95–38.77 (+11–14%)
- 2025 cash dividend expected at ~$1,836 M or $18.76 per share (+10% YoY), continuing dividend growth
- Global Q3 revenues were $2.32 billion, up 5% y/y; adjusted EBITDA was $1.15 billion (50% margin, +8% y/y) and AFFO was $965 million (+12% y/y).
- MRR grew 8% y/y on a normalized, constant currency basis, supported by record annualized gross bookings of $394 million (+25% y/y) and $185 million of pre-sold annualized bookings.
- Added 7,100 net interconnections in Q3, driving interconnection revenue up 8% to $422 million; total Fabric provisioning reached 110 Tb.
- Closed land acquisitions to support 900+ MW of new capacity, bringing total developer capacity to 3 GW (≈50% q/q) as part of plans to double capacity by 2029.
- Raised full-year 2025 adjusted EBITDA and AFFO guidance; revenue growth expected at 7%–8%, with total CapEx of $3.8–$4.3 billion.
- Global Q3 revenues were $2.32 billion, up 5% YoY on a normalized and constant currency basis; adjusted EBITDA was $1.15 billion (50% margin, +8% YoY), and AFFO was $965 million (+12% YoY).
- Monthly Recurring Revenue (MRR) grew 8% YoY, driven by record annualized gross bookings of $394 million (+25% YoY) and a pre-sold annualized bookings balance of $185 million.
- Full-year guidance raised: adjusted EBITDA increased by $21 million (mid-49–50% margin); AFFO increased by $31 million for 11–13% growth, with AFFO per share guiding 8–10%; revenue growth outlook maintained at 7–8%.
- Expansion accelerated with land acquisitions in Amsterdam, Chicago, Johannesburg, London, and Toronto supporting over 900 MW, lifting total developer capacity to 3 GW and targeting a capacity double by 2029.
- Equinix delivered record annualized gross bookings of $394 million, up 25% year over year, and MRR increased 8% on a constant currency basis vs. Q3 2024.
- Q3 2025 revenues of $2.316 billion, a 5% year-over-year increase, with operating income of $474 million (20% margin) and net income of $374 million ($3.81 per share).
- Adjusted EBITDA was $1.148 billion (50% margin) and AFFO reached $965 million ($9.83 per share), reflecting double-digit growth year over year.
- Closed land acquisitions across Amsterdam, Chicago, Johannesburg, London and Toronto, adding capacity for over 900 megawatts of future build-out.
- Q4 2025 revenue guidance of $2.411–2.531 billion and full-year 2025 revenues projected at $9.208–9.328 billion.
- Equinix delivered $2.316 billion in Q3 revenues, a 5% increase year-over-year, led by growth in recurring revenues.
- Operating income was $474 million (20% margin, +12% YoY) and net income attributable to common stockholders reached $374 million (+26% YoY), with diluted EPS of $3.81 (+23% YoY).
- Adjusted EBITDA totaled $1.148 billion (50% margin, +10% YoY) and AFFO was $965 million (+11% YoY), with AFFO per share of $9.83 (+9% YoY).
- Record annualized gross bookings of $394 million (up 25% YoY) and an 8% increase in monthly recurring revenue underscore strong demand; land acquisitions will support over 900 MW of future capacity.
- Reaffirmed full-year 2025 guidance: revenues of $9.208–9.328 billion, adjusted EBITDA of $4.531–4.611 billion, and Q4 revenue expected between $2.411–2.531 billion.
- Latin America’s colocation market is projected to grow from $1.17 B in 2024 to $4.62 B by 2030 at a 25.7% CAGR (2024–2030).
- Data center operators plan to add 1,831 MW of power capacity between 2025 and 2030, led by Brazil (858 MW) and Mexico (431 MW).
- Market growth is driven by the 5G rollout across Brazil, Mexico, Argentina, Colombia and Chile and rising AI‐ready and edge computing deployments.
- Key colocation providers include Equinix, Ascenty (Digital Realty), ODATA, Scala Data Centers and KIO Networks.