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Mar 31, 2025
Equinix Q1 2025 Earnings Report
Equinix exceeded expectations with strong revenue and earnings growth driven by robust demand for digital infrastructure.
Key Takeaways
Equinix reported a solid Q1 2025 performance, marked by higher-than-expected revenues and profitability. The company achieved strong operating income and net income growth, underpinned by rising demand for AI and cloud services, while increasing its guidance for the full year.
Revenue reached $2.225 billion, up from $2.127 billion a year ago.
Net income surged to $343 million, a 48% increase year-over-year.
Adjusted EPS rose to $9.67, with strong performance across all major regions.
Company raised FY25 guidance across key metrics, reflecting AI infrastructure demand and foreign exchange benefits.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Equinix raised its full-year 2025 outlook across revenue, EBITDA, and AFFO due to Q1 outperformance and foreign exchange tailwinds.
Positive Outlook
- Raised revenue guidance to $9.175 - $9.275 billion.
- Adjusted EBITDA expected to reach $4.471 - $4.551 billion with a 49% margin.
- AFFO projected at $3.675 - $3.755 billion, up 9 - 12% YoY.
- AFFO per share increased to $37.36 - $38.17.
- Foreign exchange gains contributed positively to raised guidance.
Challenges Ahead
- Non-recurring capital expenditures remain high at up to $3.398 billion.
- Recurring capital expenditures projected at $258 - $278 million.
- Q2 revenue growth expected to be modest (1% sequentially).
- Decreased sequential non-recurring revenue due to xScale project timing.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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