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Jun 30, 2025
Equinix Q2 2025 Earnings Report
Equinix reported strong financial performance and customer momentum in Q2 2025, with increased revenues, operating income, and net income.
Key Takeaways
Equinix delivered robust financial results in the second quarter of 2025, exceeding expectations with significant increases in revenue, operating income, and net income. The company also saw strong customer engagement and continued growth in its interconnection services, reinforcing its leadership in digital infrastructure.
Revenues reached $2.256 billion, a 4% increase over the same quarter last year.
Operating income grew by 13% year-over-year to $494 million, demonstrating strong operating performance.
Net income attributable to common stockholders increased by 22% to $368 million, resulting in diluted EPS of $3.75.
Adjusted Funds From Operations (AFFO) rose by 11% to $972 million, with diluted AFFO per share at $9.91.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Equinix is raising its full-year 2025 guidance across all key financial metrics, reflecting strong Q2 performance and favorable foreign currency impacts.
Positive Outlook
- Full-year 2025 revenues are expected to range between $9.233 billion and $9.333 billion, an increase of 6-7% as-reported.
- Adjusted EBITDA guidance raised to $4.517 billion - $4.597 billion, with a 49% margin.
- AFFO is projected to be between $3.703 billion and $3.783 billion, a 10-13% increase year-over-year.
- AFFO per share guidance raised to $37.67 - $38.48, an 8-10% increase.
- Q3 2025 revenues are expected to increase by 3% at the midpoint over the previous quarter.
Challenges Ahead
- Total capital expenditures for 2025 are expected to range between $3.792 billion and $4.292 billion, including significant non-recurring capital expenditures.
- The guidance includes a $450 million on-balance-sheet xScale-related spend, which is expected to be reimbursed later in the year.
- Recurring capital expenditures are projected to be between $272 million and $292 million for the full year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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