Equinix Reports Second-Quarter 2025 Results

The company deepened customer engagement, with 4,100 deals closed across more than 3,300 customers and $345 million in annualized gross bookings. It also added 6,200 net interconnections in the quarter, reaching over 492,000 in total and maintaining leadership in enabling cloud and AI ecosystem connectivity. The company also reported significant operating leverage, demonstrating continued value creation for shareholders.

“We had a strong first half of 2025, achieving robust bookings and strong financial results— further indication that our strategy is meeting the opportunity,” said Adaire Fox-Martin, CEO and President, Equinix. “Looking ahead to the next six months, we are confident in Equinix’s trajectory and the strength of our distinct and resilient market position. We believe we continue to stand apart with a powerful combination of differentiators: Our diverse and carrier-neutral ecosystems, rich interconnection capability, and unparalleled global presence in key metros position us exceptionally well to deliver continued value to our customers, growth to our business, and returns for our shareholders.”

Second-Quarter 2025 Results Summary

• Revenues
  • $2.256 billion, a 4% increase over the same quarter of the previous year on an as-reported basis, or a 5% increase on a normalized and constant currency basis
• Operating Income
  • $494 million, an operating margin of 22%, a 13% increase over the same quarter of the previous year, primarily from strong underlying operating performance
• Net Income Attributable to Common Stockholders and Net Income per Share Attributable to Common Stockholders
  • $368 million, a 22% increase over the same quarter of the previous year, primarily from higher income from operations
  • $3.75 per share, a 19% increase over the same quarter of the previous year
• Adjusted EBITDA
  • $1.129 billion, an adjusted EBITDA margin of 50%, a 9% increase over the same quarter of the previous year on an as-reported basis, or an 8% increase on a normalized and constant currency basis, and above the top end of our guidance range from strong operating performance
• AFFO and AFFO per Share
  • $972 million, an 11% increase over the same quarter of the previous year on both an as-reported and a normalized and constant currency basis from strong operating performance
  • $9.91 per share, a 7% increase over the same quarter of the previous year on both an as-reported and a normalized and constant currency basis

2025 Annual Guidance Summary

Raising guidance across all key financial metrics:

• Revenues
  • Raise of $58 million to $9.233 – $9.333 billion, a 6 – 7% as-reported increase over the previous year, or 7 – 8% on a normalized and constant currency basis
• Adjusted EBITDA
  • Raise of $46 million to $4.517 – $4.597 billion, an adjusted EBITDA margin of 49%
• AFFO and AFFO per Share
  • Raise of $28 million to $3.703 – $3.783 billion, a 10 – 13% as-reported increase over the previous year, or 10 – 12% on a normalized and constant currency basis
  • Raise of $0.31 to $37.67 – $38.48 per share, an 8 – 10% as-reported increase over the previous year, or 7 – 10% on a normalized and constant currency basis

Business Highlights

Equinix continues to build for the future to meet the growing demand from enterprises and service providers. The company currently has 59 major projects underway in 34 metros across 25 countries, including 12 xScale projects. The company has added nine new projects since last quarter across Bangkok, Chennai, Chicago, Dallas, Jakarta, Kuala Lumpur, London, Montreal and Silicon Valley markets.

More than 70% of the company’s announced retail expansion spend is allocated to major metros, and more than 90% of its development is on owned land or owned buildings with long-term ground leases.

In June, Equinix completed its acquisition of three data centers in Manila, Philippines, bringing rich ecosystems of network and cloud providers, as well as enterprises, together in support of the development of Southeast Asia’s digital economy.

Ongoing demand for AI, hybrid and multi-cloud, and networking infrastructure is fueling the company’s success in securing high-value opportunities across its entire product set. Key customer projects include:

• Hyundai Motor Group is deploying its dedicated private-cloud platform within Equinix data centers globally to sustain the momentum of its growing connected-car ecosystem and enhance customer experience for more than 10 million subscribers worldwide.
• EssilorLuxottica, a global leader in advanced vision care products, eyewear and med-tech solutions, chose Equinix to enhance operational efficiency and support seamless global expansion with high-performance connectivity.
• Groq continues to expand its global data center network with Equinix, establishing its first European data center footprint in Helsinki, Finland. Equinix Fabric customers can deploy inference workloads to GroqCloud, and new customers across the U.S. and EMEA will be able to access inference capacity through Equinix Fabric and its public, private or sovereign infrastructure.
• Lyceum, a German GPU as a Service provider, recently added a liquid-cooled AI deployment in EMEA to enable the company to bring automated cloud experiences to its customers.
• Schneider Electric chose Equinix to support its efforts to lower the overall carbon footprint of its digital infrastructure as it builds out a multi-cloud solution leveraging Equinix Fabric.
• Zetaris is collaborating with Equinix to accelerate agentic AI innovation across industries worldwide. By hosting its Modern Lakehouse for AI platform in Equinix International Business Exchange (IBX) data centers and leveraging Equinix Fabric, Zetaris enables organizations to deploy powerful AI agents with speed, security, and scalability.

Equinix’s leading global interconnection franchise continues to outperform the competition. The company now has more than 492,000 total interconnections, adding 6,200 interconnections in the second quarter of 2025, driven by cloud and AI expansion activities. Interconnection revenues crossed $400 million for the first time, an as-reported increase of 9% year over year, or 8% on a normalized and constant currency basis.

Equinix Fabric also outperformed, with provisioned capacity now over 100 terabits.

To strengthen its global leadership team, Equinix has appointed Shane Paladin as Executive Vice President and Chief Customer and Revenue Officer, and Arquelle Shaw as President, Americas.