EQUINIX INC FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $9.2B |
| Gross margin | 51.1% |
| Operating income | $1.8B |
| Net income | $1.4B |
| Diluted EPS | $13.76 |
| Cash & equivalents | $1.7B |
| Total assets | $40.1B |
| Long-term debt | — not reported |
Key takeaway
Revenue grew 5% to $9.217B in 2025, driven by IBX data center expansions (~$183M of incremental revenue) and strong existing/new customer demand.
🔒 4 more takeaways in the full analysis
Beneath the surface
Net debt is substantial: total debt of $19.062B against cash & equivalents of only $1.727B (or $3.227B including short-term investments), meaning the REIT carries roughly $16-17B in net debt despite the strong earnings growth.
🔒 3 more insights a headline reader would miss
This is the free preview. The full analysis explains every line item above and includes 7 more findings — plus insider trades, activist stakes, and 8-K events for EQIX.
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