Total Revenue

+4.6% (from $2,127M in Q1 2024 to $2,225M in Q1 2025)

Revenue growth was driven by robust performance across business segments; increases in recurring revenues (from a combination of higher customer orders, capacity expansion, and stronger market demand) built on trends seen in prior periods, establishing a continued momentum from Q1 2024 to Q1 2025. " "

Colocation Revenue

+3.7% (from $1,490M to $1,545M)

Expansion in colocation capacity and incremental customer demand—similar to previous periods’ data center expansions and geographic growth—supported a steady rise in revenue despite competitive market conditions. "

Interconnection Revenue

+6.8% (from $368M to $393M)

Increased demand for high-performance connectivity driven by AI and cloud initiatives improved average pricing and density of cross-connects relative to Q1 2024, building on earlier momentum in the segment. "

Managed Infrastructure Revenue

Slight decline (from $118M to $115M)

Revenue in this segment remained flat, reflecting a muted change where steady recurring customers were offset by reduced volume or project maturations—continuing the trend observed in previous quarters. "

Non-recurring Revenues

+18% (from $117M to $138M)

A surge in one-time activities, such as increased xScale fit-out activity, drove non-recurring revenue higher in Q1 2025, echoing prior year volatility where project-based items caused notable fluctuations in revenue figures. "

Americas Revenue

+6.8% (from $939M to $1,001M)

The Americas segment benefited from higher orders and incremental revenues from non‐recurring services and IBX data center openings, reinforcing a pattern of robust growth seen in earlier periods. "

EMEA Revenue

+2.2% (from $727M to $743M)

Modest growth in EMEA was driven by new IBX openings and increased orders, though partially offset by factors such as declining non-recurring revenues and favorable net power price adjustments—a contrast to more aggressive growth rates in previous geographies. "

Asia-Pacific Revenue

+4.3% (from $461M to $481M)

Growth in Asia-Pacific came from a boost in non-recurring services and incremental revenue from new IBX data centers, tempered by lower net power pricing impacts—a trend consistent with past performance in the region. "

Operating Income

Not specified as a percentage; Q1 2025 at $458M

Operating performance improved significantly as previous non-recurring charges (e.g. asset impairments, restructuring, and transaction costs) were absent in Q1 2025, enabling a stronger margin compared to earlier adverse impacts observed in prior periods. "

Net Income

Not directly percent-comparable; Q1 2025 at $343M

A recovery in net income reflects both the revenue gains and improved cost management, overcoming the previous period’s challenges such as high non-operating expenses and charges; this turnaround aligns with the strong performance improvements seen from Q1 2024 to Q1 2025. "

Basic EPS

Turnaround to $3.52 (from a negative level previously)

The significant recovery in Basic EPS is driven by the sharp rise in net income and improved operating efficiency; although there was an increase in shares outstanding, the strong underlying earnings led to a notable EPS rebound compared to the losses in Q1 2024. "

Cash and Cash Equivalents

Decrease from $3,081M (Dec 31, 2024) to $2,950M

While operating and financing activities provided inflows, substantial cash outflows for investing activities (including capital expenditures and investment in assets) along with foreign exchange headwinds led to a net decrease in cash, reflecting continued investment in growth initiatives compared to the year-end balance of FY 2024. "

Total Assets

Increase to $36,079M (from $35,085M at FY 2024 end)

Asset growth was driven by higher cash balances, the introduction of short-term investments, and incremental additions in PP&E and other asset categories, building on trends from FY 2024 as the company continued to reinvest in its infrastructure and capacity expansion. "

Revenue Growth

FY 2025

7%–8% on a normalized and constant currency basis "

Raised by $142 million, maintaining a 7%–8% normalized and constant currency growth rate "

raised

Adjusted EBITDA

FY 2025

Approximately 49% margin with a 190 basis point improvement "

Raised by $85 million, with margins expected to be ~49% and a 210 basis point improvement "

raised

AFFO

FY 2025

AFFO growth of 9%–12% and AFFO per share growth of 7%–9% "

Raised by $69 million, maintaining an AFFO growth rate of 9%–12% and per share growth of 7%–9% "

raised

Capital Expenditures (CapEx)

FY 2025

Expected to range between $3.2B and $3.5B; including $200M xScale spend and $250M recurring CapEx "

Expected to range between $3.4B and $3.7B; including approximately $180M xScale spend and about $270M recurring CapEx "

raised

Dividends

FY 2025

2025 Cash Dividend increased by 10% per share; totaling ~ $1.8B (a 13% YoY increase) "

no current guidance

no current guidance

Recurring Revenue Step-Up

FY 2025

Q1 2025 Recurring Revenue Step-Up expected to increase by $28 million "

no current guidance

no current guidance

MRR (Monthly Recurring Revenue) Churn

FY 2025

Expected MRR Churn within the targeted quarterly range of 2%–2.5% "

no current guidance

no current guidance

Stabilized Asset Revenue Growth

FY 2025

Expected to grow 3%–5%, driven by pricing, volume, and cross-connects "

no current guidance

no current guidance

Lower Power Costs

FY 2025

Expected to contribute to margin improvement, with power costs trending downward year-over-year "

no current guidance

no current guidance

Recurring Revenue Growth

Q4 2024: Emphasized as the core growth driver with guidance of a step‐up (from ~$28M in Q1 to ~$40M later) and strong regional performance. " " " Q2 2024: Discussed through regional contributions and impact from bookings, despite some one‐off charge issues. " "

Q1 2025: Reported 8% YoY growth (normalized, constant currency), with momentum from second‐half 2024 bookings and expectation of further step‐up in H2 2025 despite lower xScale leasing fees. " " "

Consistent focus with positive sentiment; the narrative builds on earlier guidance and now shows confidence in upward growth trends and effective conversion of bookings into recurring revenue.

AI-Driven Opportunities

Q4 2024: Positioned as a secular demand driver with over 50% of top deals related to AI workloads and multiple customer use cases. " " " Q2 2024: Highlighted strong demand for both AI training (xScale) and inference workloads with several strategic deployments. " " "

Q1 2025: Continued winning key AI-related deals (e.g., NVIDIA DGX Superpod and Grok), leveraging global ecosystems to enhance AI infrastructure deployments. " "

Steady and strong – the topic appears consistently across periods with consistently optimistic commentary and increasing deployment wins, underscoring its large future impact.

xScale Expansion and Capacity Initiatives

Q4 2024: Focused on extensive leasing (over 400 MW globally), aggressive capacity expansion via strategic projects (e.g., Hampton site) and a “build bolder” strategy to overcome Tier 1 capacity constraints. " " " " Q2 2024: Detailed incremental leasing increases and significant JV investments, underscoring a robust pipeline. " " "

Q1 2025: Emphasized a strong pipeline with more than 85% of announced projects leased or pre-leased (e.g., Frankfurt 10 100% pre-leased) and accelerated builds in key sites (NY3, DC16, LD14). " " "

Ongoing and accelerating – the expansion narrative continues with increased pre-leasing sentiment and faster capacity delivery, reinforcing a major growth lever for the future.

Churn and Customer Retention Challenges

Q4 2024: Noted churn at 2.5% (or normalized 2.2%), with frictional churn due to evolving customer usage and a focus on enhancing interconnection. " Q2 2024: Addressed churn levels around 2.3% and discussed proactive engagement to mitigate churn, especially in challenging regions. " " "

Q1 2025: Reported a global MRR churn of 2.4%, closely managed through firm pricing and proactive capacity planning (via Build Bolder), with churn events clearly anticipated and managed. " " "

Consistent management – churn remains a manageable challenge with proactive retention strategies; sentiment is stable with an emphasis on pricing strength and capacity responsiveness.

Nonrecurring Revenue Decline and Normalization

Q4 2024: Indicated nonrecurring revenues were expected to be flat for 2025 with some shifts (e.g., $22M fees deferred to Q1 2025). " " Q2 2024: Highlighted volatility in nonrecurring revenue driven by xScale leasing activity, with guidance to normalize it out for the following year. " "

Q1 2025: Explained that nonrecurring revenues (especially xScale-related fit‐out costs) are set to decline by approximately $38M in Q2, moving to a “pure quarter” that better reflects core business performance. "

Transitioning to normalization – the focus shifts from previous volatility towards stabilizing nonrecurring revenue, thereby clarifying core performance.

Margin Pressure from Seasonal and Financing Costs

Q4 2024: Discussed seasonal spending impacts (timing of repairs, maintenance spending) and active financing measures (issuance of green notes, repayment of senior notes). " " Q2 2024: No specific discussion on this topic.

Q1 2025: Acknowledged seasonal cost impacts on margins and higher financing costs due to refinancing efforts, with expectations that margins will improve over the year as seasonal pressures ebb and operational efficiencies take hold. "

Persisting challenge but with optimism – while seasonal and financing pressures continue to affect margins, management expects these to improve over subsequent quarters.

Capacity Constraints and Inventory Challenges

Q4 2024: Highlighted constraints in Tier 1 metros and explained the “build bolder” strategy to create larger, contiguous capacity; also detailed numerous ongoing projects globally. " " Q2 2024: Discussed capacity constraints impacting net cabinet growth, cabinet density increases, and backlogs, along with redevelopment projects. " " "

Q1 2025: Focused on overcoming constraints by accelerating builds (reducing capacity time-to-market by one year in key sites) and smart demand shaping to align with available capacity. "

Continued focus with improvement efforts – capacity constraints remain an issue but are being actively mitigated through accelerated builds and strategic planning, signaling a positive outlook for meeting future demand.

Decelerating Revenue Growth Concerns

Q4 2024: Raised by an analyst concerned about a 100 basis point deceleration in 2024 and guidance for a further 50 basis point deceleration in 2025; management reassured with strong recurring revenue outlook and backlog strength. " Q2 2024: Addressed revenue volatility, partly driven by nonrecurring items and churn impacts. "

Q1 2025: No explicit concerns raised; emphasis instead on robust recurring revenue growth, healthy bookings, and strategic capacity investments that position the company well for future revenue expansion. " " "

Shift from caution to confidence – earlier concerns appear to have been addressed by strong performance, with a more upbeat tone in Q1 2025 indicating management confidence in reaccelerating revenue growth.

DOJ & SEC Investigations

Q2 2024: Discussions were led by Keith Taylor who detailed active cooperation with the DOJ and SEC, reassurance through timely 10-Q filings, and no need for adjustments following the Audit Committee’s investigation. " Q4 2024: No discussion.

Q1 2025: The topic is not mentioned, suggesting it is no longer a central focus in current commentary. "

Faded from focus – once a topic in Q2 2024, it has dropped out of Q1 2025 discussions, likely indicating resolution or decreased material concern.

Challenges in Penetrating Smaller Customer Segments

Q4 2024: Adaire Fox-Martin pointed out difficulties reaching smaller accounts compared to enterprises and mentioned initiatives like enhancing the channel program and digital sales motions to grow net new names. " Q2 2024: Indirectly touched upon via customer optimization efforts and segmentation refresh. " "

Q1 2025: This topic is not mentioned, possibly indicating either resolution or a strategic shift in focus away from smaller segments [–].

Dropped from current discussion – the cessation of mention in Q1 2025 may reflect improved market penetration or a reallocation of strategic emphasis toward larger, higher-value segments.

Process Improvements and Simplification Initiatives

Q4 2024: Discussed measures such as automated quoting, capacity visualization, product simplification (including retiring Equinix Metal), and operational efficiencies to accelerate customer onboarding and revenue conversion. " " " " Q2 2024: Emphasized streamlining the quote-to-cash process and customer lifecycle improvements to reduce friction. "

Q1 2025: Introduced “Solving Smarter” with the launch of the Secure Cabinet Express product—increasing new cabinet sales by nearly 300% YoY and available in over 75% of IBXs, reflecting a substantial operational win. "

Enhanced and increasingly impactful – process improvements remain a consistent priority and appear to be paying off in Q1 2025 with significant performance gains, signaling deeper operational efficiency and customer experience focus.