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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025
OR

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to
Commission File Number 001-40205

EQUINIX, INC.
(Exact name of registrant as specified in its charter)

Delaware |  | 77-0487526
(State of incorporation) |  | (I.R.S. Employer Identification No.)

One Lagoon Drive, Redwood City, California 94065
(Address of principal executive offices, including ZIP code)
(650) 598-6000
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class |  | Trading symbol |  | Name of each exchange on which registered
Common Stock, $0.001 |  | EQIX |  | The Nasdaq Stock Market LLC
0.250% Senior Notes due 2027 |  |  |  | The Nasdaq Stock Market LLC
1.000% Senior Notes due 2033 |  |  |  | The Nasdaq Stock Market LLC
3.650% Senior Notes due 2033 |  |  |  | The Nasdaq Stock Market LLC
3.250% Senior Notes due 2031 |  |  |  | The Nasdaq Stock Market LLC
3.625% Senior Notes due 2034 |  |  |  | The Nasdaq Stock Market LLC
3.250% Senior Notes due 2029 |  |  |  | The Nasdaq Stock Market LLC
4.000% Senior Notes due 2034 |  |  |  | The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☒ | Accelerated filer | ☐
Non-accelerated filer | ☐ | Smaller reporting company | ☐
|  | Emerging growth company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares outstanding of the registrant's Common Stock as of July 29, 2025 was 97,863,986.

Table of Contents
EQUINIX, INC.
INDEX

| Page No.
| Summary of Risk Factors | 4
Part I - Financial Information |
Item 1. | Condensed Consolidated Financial Statements (unaudited): | 6
| Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 | 6
| Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 | 7
| Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024 | 8
| Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 | 9
| Notes to Condensed Consolidated Financial Statements | 10
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 40
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 62
Item 4. | Controls and Procedures | 63
Part II - Other Information |
Item 1. | Legal Proceedings | 65
Item 1A. | Risk Factors | 65
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 92
Item 3. | Defaults Upon Senior Securities | 92
Item 4. | Mine Safety Disclosure | 92
Item 5. | Other Information | 93
Item 6. | Exhibits | 94
Signatures | 101

3

Table of Contents
Summary of Risk Factors
Our business is subject to numerous risks and uncertainties that make an investment in our securities speculative or risky, any one of which could materially adversely affect our results of operations, financial condition or business. These risks include, but are not limited to, those listed below. This list is not complete, and should be read together with the section titled “Risk Factors” in this Quarterly Report on Form 10-Q, as well as the other information in this Quarterly Report on Form 10-Q and the other filings that we make with the U.S. Securities and Exchange Commission (the “SEC”).
Risks Related to the Macro Environment
•Geopolitical events and political changes contribute to an already complex and evolving regulatory landscape. If we cannot comply with the evolving laws and regulations in the countries in which we operate, we may be subject to litigation and/or sanctions, adverse revenue impacts and increased costs, and our business and results of operations could be negatively impacted.
•Inflation in the global economy, increased interest rates and adverse global economic conditions, like the ones we are currently experiencing, could negatively affect our business and financial condition.
•Our business could be harmed by increased costs to procure power, prolonged power outages, shortages or capacity constraints as well as insufficient access to power.
•The ongoing military conflicts between Russia and Ukraine and in the Middle East could negatively affect our business and financial condition.
Risks Related to our Operations
•We experienced a cybersecurity incident in the past and may be vulnerable to future security breaches, which could disrupt our operations and have a material adverse effect on our business, results of operation and financial condition.
•Any failure of our physical infrastructure or negative impact on our ability to meet our obligations to our customers, or damage to customer infrastructure within our IBX data centers, could lead to significant costs and disruptions that could reduce our revenue and harm our business reputation and financial condition.
•We are currently making significant investments in our back-office information technology systems and processes. Difficulties from or disruptions to these efforts may interrupt our normal operations and adversely affect our business and results of operations.
•The level of insurance coverage that we purchase may prove to be inadequate.
•If we are unable to recruit or retain key qualified personnel, our business could be harmed.
•The failure to obtain favorable terms when we renew our IBX data center leases, or the failure to renew such leases, could harm our business and results of operations.
•We depend on a number of third parties to provide internet connectivity to our IBX data centers; if connectivity is interrupted or terminated, our results of operations and cash flow could be materially and adversely affected.
•The use of high-power density equipment may limit our ability to fully utilize the space in our older IBX data centers.
•The development and use of artificial intelligence in the workplace presents risks and challenges that may adversely impact our business and operating results.
•We have been, and in the future may be, subject to securities class action and other litigation, which may harm our business and results of operations.
Risks Related to our Offerings and Customers
•Our offerings have a long sales cycle that may harm our revenue and results of operations.
•We may not be able to compete successfully against current and future competitors.
•If we cannot continue to develop, acquire, market and provide new offerings or enhancements to existing offerings that meet customer requirements and differentiate us from our competitors, our results of operations could suffer.
•We have government contracts, which subjects us to revenue risk and certain other risks including early termination, audits, investigations, sanctions and penalties, any of which could have a material adverse effect on our results of operations.
•Because we depend on the development and growth of a balanced customer base, including key magnet customers, failure to attract, grow and retain this base of customers could harm our business and results of operations.
4

Table of Contents
Risks Related to our Financial Results
•The market price of our stock may continue to be highly volatile, and the value of an investment in our common stock may decline.
•Our results of operations may fluctuate.
•We may incur goodwill and other intangible asset impairment charges, or impairment charges to our property, plant and equipment, which could result in a significant reduction to our earnings.
•We have incurred substantial losses in the past and may incur additional losses in the future.
Risks Related to Our Expansion Plans
•Our construction of new IBX data centers, IBX data center expansions or IBX data center redevelopment could involve significant risks to our business.
•Acquisitions present many risks, and we may not realize the financial or strategic goals that were contemplated at the time of any transaction.
•The anticipated benefits of our joint ventures may not be fully realized, or take longer to realize than expected.
•Joint venture investments could expose us to risks and liabilities in connection with the formation of the new joint ventures, the operation of such joint ventures without sole decision-making authority, and our reliance on joint venture partners who may have economic and business interests that are inconsistent with our business interests.
•If we cannot effectively manage our international operations and successfully implement our international expansion plans, our business and results of operations would be adversely impacted.
•We continue to invest in our expansion efforts, but may not have sufficient customer demand in the future to realize expected returns on these investments.
Risks Related to Our Capital Needs and Capital Strategy
•Our substantial debt could adversely affect our cash flows and limit our flexibility to raise additional capital.
•Sales or issuances of shares of our common stock may adversely affect the market price of our common stock.
•If we are not able to generate sufficient operating cash flows or obtain external financing, our ability to fund incremental expansion plans may be limited.
•Our derivative transactions expose us to counterparty credit risk.
Risks Related to Environmental Laws and Climate Change
•Environmental laws and regulations may impose upon us new or unexpected costs.
•Our business may be harmed by any instability in energy availability and power supply.
•Our business may be adversely affected by physical risks related to climate change and our response to it.
•We may fail to achieve our sustainability objectives, or may encounter objections to them, either of which may adversely affect public perception of our business and affect our relationship with our customers, regulators, our stockholders and/or other stakeholders.
Risks Related to Certain Regulations and Laws, Including Tax Laws
•Government regulation related to our business or failure to comply with laws and regulations may adversely affect our business.
•Changes in U.S. or foreign tax laws, regulations, or interpretations thereof, including changes to tax rates, may adversely affect our financial statements and cash taxes.
•Our business could be adversely affected if we are unable to maintain our complex global legal entity structure.
Risks Related to Our REIT Status in the U.S.
•We have a number of risks related to our qualification as a real estate investment trust for federal income tax purposes ("REIT"), including the risk that we may not be able to maintain our qualification for taxation as a REIT which could expose us to substantial corporate income tax and have a materially adverse effect on our business, financial condition, and results of operations.
5

Table of Contents
PART I - FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements
EQUINIX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)

| June 30, 2025 |  | December 31, 2024
| (Unaudited)
Assets |  |  |
Current assets: |  |  |
Cash and cash equivalents | $ | 3,660 |  |  | $ | 3,081 |
Short-term investments | 872 |  |  | 527 |
Accounts receivable, net of allowance of $20 and $19 | 1,137 |  |  | 949 |
Other current assets | 881 |  |  | 890 |
Total current assets | 6,550 |  |  | 5,447 |
Property, plant and equipment, net | 21,207 |  |  | 19,249 |
Operating lease right-of-use assets | 1,481 |  |  | 1,419 |
Goodwill | 5,982 |  |  | 5,504 |
Intangible assets, net | 1,389 |  |  | 1,417 |
Other assets | 2,240 |  |  | 2,049 |
Total assets | $ | 38,849 |  |  | $ | 35,085 |
Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity |  |  |
Current liabilities: |  |  |
Accounts payable and accrued expenses | $ | 1,213 |  |  | $ | 1,193 |
Accrued property, plant and equipment | 378 |  |  | 387 |
Current portion of operating lease liabilities | 158 |  |  | 144 |
Current portion of finance lease liabilities | 211 |  |  | 189 |
Current portion of mortgage and loans payable | 14 |  |  | 5 |
Current portion of senior notes | 1,899 |  |  | 1,199 |
Other current liabilities | 368 |  |  | 232 |
Total current liabilities | 4,241 |  |  | 3,349 |
Operating lease liabilities, less current portion | 1,378 |  |  | 1,331 |
Finance lease liabilities, less current portion | 2,169 |  |  | 2,086 |
Mortgage and loans payable, less current portion | 702 |  |  | 644 |
Senior notes, less current portion | 15,320 |  |  | 13,363 |
Other liabilities | 932 |  |  | 760 |
Total liabilities | 24,742 |  |  | 21,533 |
Commitments and contingencies (Note 10) |  |  |
Redeemable non-controlling interest | 25 |  |  | 25 |
Common stockholders’ equity (shares in thousands): |  |  |
Common stock, $0.001 par value per share: 300,000 shares authorized; 97,944 issued and 97,865 outstanding in 2025 and 97,390 issued and 97,287 outstanding in 2024 | — |  |  | — |
Additional paid-in capital | 21,324 |  |  | 20,895 |
Treasury stock, at cost; 79 shares in 2025 and 103 shares in 2024 | (30) |  |  | (39) |
Accumulated dividends | (11,271) |  |  | (10,342) |
Accumulated other comprehensive loss | (1,399) |  |  | (1,735) |
Retained earnings | 5,460 |  |  | 4,749 |
Total common stockholders' equity | 14,084 |  |  | 13,528 |
Non-controlling interests | (2) |  |  | (1) |
Total stockholders’ equity | 14,082 |  |  | 13,527 |
Total liabilities, redeemable non-controlling interest and stockholders’ equity | $ | 38,849 |  |  | $ | 35,085 |

See accompanying notes to condensed consolidated financial statements.
6

Table of Contents
EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share and per share data)

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Unaudited)
Revenues | $ | 2,256 |  |  | $ | 2,159 |  |  | $ | 4,481 |  |  | $ | 4,286 |
Costs and operating expenses: |  |  |  |  |  |  |
Cost of revenues | 1,084 |  |  | 1,082 |  |  | 2,168 |  |  | 2,173 |
Sales and marketing | 221 |  |  | 219 |  |  | 450 |  |  | 445 |
General and administrative | 451 |  |  | 437 |  |  | 889 |  |  | 881 |
Restructuring charges | 2 |  |  | — |  |  | 12 |  |  | — |
Transaction costs | 3 |  |  | 3 |  |  | 9 |  |  | 5 |
Impairment charges | 1 |  |  | — |  |  | 1 |  |  | — |
(Gain) loss on asset sales | — |  |  | (18) |  |  | — |  |  | (18) |
Total costs and operating expenses | 1,762 |  |  | 1,723 |  |  | 3,529 |  |  | 3,486 |
Income from operations | 494 |  |  | 436 |  |  | 952 |  |  | 800 |
Interest income | 52 |  |  | 29 |  |  | 99 |  |  | 53 |
Interest expense | (135) |  |  | (110) |  |  | (257) |  |  | (214) |
Other income (expense) | (7) |  |  | (7) |  |  | 2 |  |  | (13) |
Gain (loss) on debt extinguishment | 1 |  |  | — |  |  | 1 |  |  | (1) |
Income before income taxes | 405 |  |  | 348 |  |  | 797 |  |  | 625 |
Income tax expense | (38) |  |  | (47) |  |  | (87) |  |  | (93) |
Net income | 367 |  |  | 301 |  |  | 710 |  |  | 532 |
Net (income) loss attributable to non-controlling interests | 1 |  |  | — |  |  | 1 |  |  | — |
Net income attributable to common stockholders | $ | 368 |  |  | $ | 301 |  |  | $ | 711 |  |  | $ | 532 |
Earnings per share (“EPS”) attributable to common stockholders: |  |  |  |  |  |
Basic EPS | $ | 3.76 |  |  | $ | 3.17 |  |  | $ | 7.28 |  |  | $ | 5.61 |
Weighted-average shares for basic EPS (in thousands) | 97,835 |  |  | 94,919 |  |  | 97,674 |  |  | 94,792 |
Diluted EPS | $ | 3.75 |  |  | $ | 3.16 |  |  | $ | 7.26 |  |  | $ | 5.59 |
Weighted-average shares for diluted EPS (in thousands) | 98,050 |  |  | 95,166 |  |  | 97,968 |  |  | 95,161 |

See accompanying notes to condensed consolidated financial statements.
7

Table of Contents
EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Unaudited)
Net income | $ | 367 |  |  | $ | 301 |  |  | $ | 710 |  |  | $ | 532 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Change in foreign currency translation adjustment ("CTA"): |  |  |  |  |  |  |
CTA gain (loss) | 505 |  |  | (78) |  |  | 824 |  |  | (436) |
Income tax effects | — |  |  | — |  |  | — |  |  | — |
CTA gain (loss), net of tax | 505 |  |  | (78) |  |  | 824 |  |  | (436) |
Change in net investment hedge CTA gain (loss): |  |  |  |  |  |  |
Net investment hedge CTA gain (loss) | (245) |  |  | 24 |  |  | (373) |  |  | 154 |
Income tax effects | (4) |  |  | — |  |  | (5) |  |  | — |
Net investment hedge CTA gain (loss), net of tax | (249) |  |  | 24 |  |  | (378) |  |  | 154 |
Change in unrealized gain (loss) on cash flow hedges: |  |  |  |  |  |  |
Unrealized gain (loss) on cash flow hedges | (129) |  |  | 12 |  |  | (158) |  |  | 38 |
Income tax effects | 33 |  |  | (1) |  |  | 48 |  |  | (7) |
Unrealized gain (loss) on cash flow hedges, net of tax | (96) |  |  | 11 |  |  | (110) |  |  | 31 |
Total other comprehensive income (loss), net of tax | 160 |  |  | (43) |  |  | 336 |  |  | (251) |
Comprehensive income, net of tax | 527 |  |  | 258 |  |  | 1,046 |  |  | 281 |
Net (income) loss attributable to non-controlling interests | 1 |  |  | — |  |  | 1 |  |  | — |
Comprehensive income attributable to common stockholders | $ | 528 |  |  | $ | 258 |  |  | $ | 1,047 |  |  | $ | 281 |

See accompanying notes to condensed consolidated financial statements.
8

Table of Contents
EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)

| Six Months Ended June 30,
| 2025 |  | 2024
| (Unaudited)
Cash flows from operating activities: |  |  |
Net income | $ | 710 |  |  | $ | 532 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation | 880 |  |  | 912 |
Stock-based compensation | 240 |  |  | 226 |
Amortization of intangible assets | 98 |  |  | 103 |
Impairment charges | 1 |  |  | — |
(Gain) loss on asset sales | — |  |  | (18) |
Other operating activities | 27 |  |  | 42 |
Changes in operating assets and liabilities: |  |  |
Accounts receivable | (169) |  |  | (141) |
Income taxes, net | (45) |  |  | 3 |
Other assets | 152 |  |  | (153) |
Operating lease right-of-use assets | 79 |  |  | 76 |
Operating lease liabilities | (71) |  |  | (65) |
Accounts payable and accrued expenses | (149) |  |  | 4 |
Other liabilities | — |  |  | (11) |
Net cash provided by operating activities | 1,753 |  |  | 1,510 |
Cash flows from investing activities: |  |  |
Purchases of equity investments | (48) |  |  | (36) |
Distributions from equity investments | 4 |  |  | — |
Purchases of short-term investments | (795) |  |  | — |
Maturity of short-term investments | 450 |  |  | — |
Business acquisitions, net of cash acquired | (182) |  |  | — |
Real estate acquisitions | (99) |  |  | (125) |
Purchases of other property, plant and equipment | (1,739) |  |  | (1,355) |
Proceeds from sale of assets, net of cash transferred | — |  |  | 247 |
Settlement of foreign currency hedges | 50 |  |  | — |
Investment in loan receivable | (45) |  |  | (196) |
Loan receivable upfront fee | — |  |  | 4 |
Net cash used in investing activities | (2,404) |  |  | (1,461) |
Cash flows from financing activities: |  |  |
Proceeds from employee equity programs | 50 |  |  | 48 |
Payment of dividends | (928) |  |  | (817) |
Proceeds from public offering of common stock, net of issuance costs | 99 |  |  | — |
Proceeds from senior notes, net of debt discounts | 2,066 |  |  | 744 |
Repayment of finance lease liabilities | (72) |  |  | (66) |
Debt issuance costs | (15) |  |  | (8) |
Other financing activities | 6 |  |  | (4) |
Net cash provided by (used in) financing activities | 1,206 |  |  | (103) |
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash | 53 |  |  | (46) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 608 |  |  | (100) |
Cash, cash equivalents and restricted cash at beginning of period | 3,082 |  |  | 2,096 |
Cash, cash equivalents and restricted cash at end of period | $ | 3,690 |  |  | $ | 1,996 |
Cash and cash equivalents | $ | 3,660 |  |  | $ | 1,993 |
Current portion of restricted cash included in other current assets | 5 |  |  | 3 |
Non-current portion of restricted cash included in other assets | 25 |  |  | — |
Total cash, cash equivalents and restricted cash at end of period | $ | 3,690 |  |  | $ | 1,996 |

See accompanying notes to condensed consolidated financial statements.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation and Significant Accounting Policies
Basis of Presentation and Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared by Equinix, Inc. (collectively with its consolidated subsidiaries referred to as "Equinix," the "Company," "we," "our," or "us") and reflect all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to fairly state the financial position and the results of operations for the interim periods presented.
Our condensed consolidated balance sheet data as of December 31, 2024 has been derived from audited consolidated financial statements as of that date. Our condensed consolidated financial statements have been prepared in accordance with the regulations of the Securities and Exchange Commission ("SEC"), but omit certain information and footnote disclosure necessary to present the statements in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP" or "GAAP"). For further information, refer to the Consolidated Financial Statements and Notes thereto included in our Form 10-K as filed with the SEC on February 12, 2025. Results for the interim periods are not necessarily indicative of results for the entire fiscal year.
All intercompany accounts and transactions have been eliminated in consolidation.
Income Taxes
We elected to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with our 2015 taxable year. As a result, we may deduct the dividends paid to our stockholders from taxable income generated by our REIT and qualified REIT subsidiaries ("QRSs"). Our dividends paid deduction generally eliminates the U.S. federal taxable income of our REIT and QRSs, resulting in no U.S. federal income tax due. However, our domestic taxable REIT subsidiaries ("TRSs") are subject to U.S. corporate income taxes on any taxable income generated by them. In addition, our foreign operations are subject to local income taxes regardless of whether the foreign operations are operated as QRSs or TRSs.
We accrue for income taxes during interim periods based on the estimated effective tax rate for the year. The effective tax rate is subject to change in the future due to various factors such as our operating performance, tax law changes and future business acquisitions.
Our effective tax rates were 10.9% and 14.9% for the six months ended June 30, 2025 and 2024, respectively.
Recent Accounting Pronouncements
Accounting Standards Not Yet Adopted
In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03: Disaggregation of Income Statement Expenses ("DISE"). The ASU requires additional disclosure of the nature of expenses included in the income statement. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. We are currently evaluating the extent of the impact of this ASU on disclosures in our condensed consolidated financial statements.
In December 2023, FASB issued ASU 2023-09, Income Taxes ("Topic 740"): Improvements to Income Tax Disclosures. This ASU is intended to enhance the transparency and decision usefulness of income tax disclosures by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) income taxes paid disaggregated by jurisdiction. The ASU is effective for annual reporting periods beginning after December 15, 2024 and should be applied prospectively, with retrospective application and early adoption both permitted. We are currently evaluating the extent of the impact of this ASU on disclosures in our condensed consolidated financial statements.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Accounting Standards Adopted
Segment Reporting
In November 2023, FASB issued ASU 2023-07, Segment Reporting ("Topic 280"): Improvements to Reportable Segment Disclosure. The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods within fiscal years beginning after December 15, 2024, with early adoption permitted and retrospective adoption required. We adopted this ASU for the 2024 annual reporting period and the 2025 interim reporting periods. Refer to Note 13 for disclosures required by this ASU.
2. Revenue
Contract Balances
The following table summarizes the opening and closing balances of our accounts receivable, net; contract assets, current; contract assets, non-current; deferred revenue, current; and deferred revenue, non-current (in millions):

| Accounts receivable, net (1) |  | Contract assets, current |  | Contract assets, non-current |  | Deferred revenue, current |  | Deferred revenue, non-current
Beginning balances as of January 1, 2025 | $ | 949 |  |  | $ | 102 |  |  | $ | 113 |  |  | $ | 123 |  |  | $ | 150 |
Closing balances as of June 30, 2025 | 1,137 |  |  | 84 |  |  | 102 |  |  | 132 |  |  | 164 |
Increase (Decrease) | $ | 188 |  |  | $ | (18) |  |  | $ | (11) |  |  | $ | 9 |  |  | $ | 14 |

(1) The net change in our allowance for credit losses was insignificant during the six months ended June 30, 2025.
The difference between the opening and closing balances of our accounts receivable, net, contract assets and deferred revenues primarily results from revenue growth and the timing difference between the satisfaction of our performance obligation and the customer's payment. The amount of revenue recognized during the six months ended June 30, 2025 from the opening deferred revenue balance as of January 1, 2025 was $55 million. The amount of revenue recognized during the six months ended June 30, 2024 from the opening deferred revenue balance as of January 1, 2024 was $54 million.
Remaining performance obligations
Approximately $12.2 billion of revenues, including deferred installation revenues, are expected to be recognized in future periods related to unsatisfied performance obligations as of June 30, 2025. Most of our revenue contracts have an initial term varying from one to five years, and thereafter, automatically renew in one-year increments. Included in the remaining performance obligations are contracts that are either under the initial term or under one-year renewal periods. We expect to recognize approximately 65% of our remaining performance obligations as revenues over the next two years, with more revenues expected to be recognized in the first year due to the impact of contract renewals. The remainder of the balance is generally expected to be recognized over the next three to five years. We estimate our remaining performance obligations at a point in time. Actual amounts and timing of revenue recognition may differ from these estimates due to changes in actual deployment dates, contract modifications, scheduled price increases, renewals and/or terminations.
The remaining performance obligations do not include variable consideration related to unsatisfied performance obligations such as the usage of metered power, service fees from xScale® data centers that are based on future events or actual costs incurred in the future, or any contracts that could be terminated without any significant penalties including the majority of interconnection revenues. The remaining performance obligations above include revenues to be recognized in the future related to arrangements where we are considered the lessor.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
3. Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share ("EPS") for the periods presented ($ in millions except per share data; share data in thousands):

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income | $ | 367 |  |  | $ | 301 |  |  | $ | 710 |  |  | $ | 532 |
Net (income) loss attributable to non-controlling interests | 1 |  |  | — |  |  | 1 |  |  | — |
Net income attributable to common stockholders | $ | 368 |  |  | $ | 301 |  |  | $ | 711 |  |  | $ | 532 |
Weighted-average shares used to calculate basic EPS | 97,835 |  |  | 94,919 |  |  | 97,674 |  |  | 94,792 |
Effect of dilutive securities: |  |  |  |  |  |  |
Employee equity awards | 215 |  |  | 247 |  |  | 294 |  |  | 369 |
Weighted-average shares used to calculate diluted EPS | 98,050 |  |  | 95,166 |  |  | 97,968 |  |  | 95,161 |
EPS attributable to common stockholders: |  |  |  |  |  |  |
Basic EPS | $ | 3.76 |  |  | $ | 3.17 |  |  | $ | 7.28 |  |  | $ | 5.61 |
Diluted EPS | $ | 3.75 |  |  | $ | 3.16 |  |  | $ | 7.26 |  |  | $ | 5.59 |

The following table sets forth potential shares of common stock that are not included in the diluted EPS calculation above because to do so would be anti-dilutive for the periods presented (in thousands):

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Common stock related to employee equity awards | 219 |  |  | 857 |  |  | 145 |  |  | 608 |

4. Acquisitions
Acquisition of TIM NextGen DC Corporation (the "TIM Acquisition")
On June 2, 2025, we completed the acquisition of all outstanding shares of TIM NextGen DC Corporation from Total Information Management (“TIM”) and Zenutna Development & Realty Corporation ("ZDRC"), consisting of three data centers in the Philippines, for total purchase consideration of $183 million. The TIM Acquisition supports our ongoing expansion to meet customer demand in the Asia-Pacific market.
We incurred insignificant transaction costs and recognized insignificant revenues and net income from the TIM Acquisition during the three and six months ended June 30, 2025.
Purchase Price Allocation
The TIM Acquisition was accounted for as a business combination using the acquisition method of accounting. Under this method, the total purchase price is allocated to the assets acquired and liabilities assumed measured at fair value on the date of acquisition, except where alternative measurement is required under GAAP.
As of June 30, 2025, we had not finalized the detailed valuation analysis to derive the fair value of assets acquired and liabilities assumed from the TIM Acquisition, including property, plant and equipment, intangible assets and the related tax impacts; therefore, the purchase price allocation is based on provisional estimates subject to management's continued analysis.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
A summary of the preliminary allocation of total purchase consideration is presented as follows (in millions):

|  |  |  |  | TIM Acquisition
Total Purchase Consideration |  |  |  |  | $ | 183 |
Identifiable assets acquired and liabilities assumed |  |  |  |  |
Property, plant and equipment |  |  |  |  | 42 |
Intangible assets |  |  |  |  | 21 |
Other assets |  |  |  |  | 4 |
Liabilities |  |  |  |  | (11) |
Total identifiable net assets |  |  |  |  | 56 |
Goodwill |  |  |  |  | 127 |
Net assets acquired |  |  |  |  | $ | 183 |

Property, plant and equipment - The fair values of property, plant and equipment acquired from the TIM Acquisition were estimated by applying the cost approach. The key assumptions of the cost approach include replacement cost (new), physical deterioration, functional and economic obsolescence, economic useful life, remaining useful life, age and effective age.
Intangible assets - The following table presents certain information on the acquired intangible assets (in millions):

Intangible Assets |  | Fair Value |  | Estimated Useful Lives (Years) |  |  |  | Discount Rate
Customer relationships (1) |  | 21 |  |  | 15.0 |  |  |  | 12.5 | %

(1)The fair value of the customer relationships were estimated by calculating the present value of estimated future operating cash flows generated from existing customers less costs to realize the revenue. The discount rates reflect the nature of the assets, the uncertainty of the estimated future operating cash flows, as well as the risk of the country within which the acquired business operates.
Goodwill
Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired and liabilities assumed. Goodwill is attributable to the workforce of the acquired business and the projected revenue increase expected to arise from future customers after the acquisition, including on expansion capacity acquired. Goodwill is attributable to the Asia-Pacific region and is generally not deductible for local tax purposes.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
5. Equity Method Investments
We hold various equity method investments, primarily interests in joint venture partnership arrangements, in order to invest in certain entities that are in line with our business development objectives, including the development and operation of xScale data centers. Some of these joint ventures are classified as Variable Interest Entities ("VIEs").
The following table summarizes our equity method investments, which are included in other assets on the condensed consolidated balance sheets (in millions):

Investee |  | Ownership Percentage |  | June 30, 2025 |  | December 31, 2024
EMEA 1 Joint Venture |  | 20% |  | $ | 145 |  |  | $ | 131 |
VIE Joint Ventures (1) |  | 20% |  | 459 |  |  | 374 |
Other |  | Various |  | 14 |  |  | 14 |
Total |  |  |  | $ | 618 |  |  | $ | 519 |

(1)Includes investments in the following xScale joint ventures in each of our three regions: "Asia-Pacific 1 Joint Venture", "Asia-Pacific 2 Joint Venture", "Asia-Pacific 3 Joint Venture", "EMEA 2 Joint Venture", "AMER 1 Joint Venture" and "AMER 2 Joint Venture". These investments share a similar purpose, design and nature of assets.
EMEA 1 Joint Venture
The EMEA 1 Joint Venture is not a VIE given that both equity investors' interests have the characteristics of a controlling financial interest and it is sufficiently capitalized to sustain its operations, requiring additional funding from its partners only when expanding operations. Our share of income and losses of equity method investments from this joint venture was insignificant for the three and six months ended June 30, 2025 and 2024 and was included in other income (expense) in our condensed consolidated statements of operations.
We committed to make future equity contributions to the EMEA 1 Joint Venture for funding its future development. As of June 30, 2025, we had future equity contribution commitments of $48 million.
VIE Joint Ventures
The VIE Joint Ventures are considered VIEs because they do not have sufficient funds from operations to be self-sustaining. While we provide certain management services to these joint ventures and earn fees for the performance of such services, the power to direct the activities of these joint ventures that most significantly impact economic performance is shared equally between us and our partners. These activities include data center construction and operations, sales and marketing, financing, and real estate purchases or sales. Decisions about these activities require the consent of both Equinix and our partners. We concluded that neither party is deemed to have predominant control over the VIE Joint Ventures and neither party is considered to be the primary beneficiary. Our share of losses of equity method investments from the VIE Joint Ventures was $5 million and $6 million for the three and six months ended June 30, 2025, respectively, and $7 million and $11 million for the three and six months ended June 30, 2024, respectively. These amounts were included in other income (expense) in our condensed consolidated statements of operations.
AMER 2 Joint Venture
On April 10, 2024, we invested in a joint venture to develop and operate an xScale data center in the Americas region (the “AMER 2 Joint Venture”). At closing, we sold the assets and liabilities of the Silicon Valley 12 (“SV12x”) data center site, which were included within our Americas region, for total consideration of $293 million, which was comprised of $246 million of net cash proceeds, a 20% partnership interest in the AMER 2 Joint Venture with a fair value of $26 million, and $21 million of receivables. We recognized a gain of $18 million on the sale of the SV12x data center in the second quarter of 2024.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
The following table summarizes our maximum exposure to loss related to the VIE Joint Ventures as of June 30, 2025 (in millions):

| VIE Joint Ventures
Equity Investment | $ | 459 |
Outstanding Accounts Receivable | 72 |
Other Receivables | 59 |
Contract Assets | 82 |
Loan Commitment (1) | 392 |
Future Equity Contribution Commitments (2) | 118 |
Maximum Future Payments under Debt Guarantees (3) | 28 |
Total | $ | 1,210 |

(1)Concurrent with the closing of the AMER 2 Joint Venture, we entered into a loan agreement with the AMER 2 Joint Venture, as a lender, further discussed below.
(2)The joint ventures' partners are required to make additional equity contributions proportionately upon certain occurrences, such as a shortfall in capital necessary to complete construction or to make interest payments on their outstanding debt.
(3)In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with our guarantee covering 20% of all payments of principal and interest due under one of the EMEA 2 Joint Venture's credit facility agreements. A portion of the guarantee relates to our AMER 1 Joint Venture. Refer to Note 10.
AMER 3 Joint Venture
On October 1, 2024, we entered into an agreement to form a joint venture to develop and operate xScale data centers in the Americas region (the "AMER 3 Joint Venture"), subject to regulatory approval and other closing conditions which were satisfied on October 30, 2024. As of June 30, 2025 there have been no equity contributions made to the AMER 3 Joint Venture.
Joint Venture Related Party Transactions
Concurrent with the closing of the AMER 2 Joint Venture, we entered into a loan agreement (the "AMER 2 Loan") with the AMER 2 Joint Venture, as a lender, with a maximum commitment of $392 million and a maturity date of April 10, 2028. We received an upfront fee of $4 million in connection with the origination of the loan, and earn interest at a contractual rate of 10% per annum on the drawn portion plus an unused commitment fee of 0.75% per annum on the undrawn portion, each payable quarterly. The term of the loan may be extended at the option of the borrower for one additional year subject to an extension fee, and may be prepaid subject to a penalty if such prepayment occurs within the first 18 months of issuance. The AMER 2 Loan is secured by the assets of the AMER 2 Joint Venture, including the SV12x data center site. The equity partners of the AMER 2 Joint Venture have provided limited guarantees in connection with the AMER 2 Loan, which require payments to the lender proportionately upon certain occurrences, such as a shortfall in capital necessary to complete construction or to make interest payments. Additionally, the equity partners may be liable for repayment of up to the entire debt balance upon the occurrence of certain adverse acts such as a non-permitted transfer of the SV12x data center site. The AMER 2 Loan was negotiated at arm's length. We have assessed the credit risk associated with the AMER 2 Loan to be low and the allowance for credit loss as of June 30, 2025 is insignificant. The maximum amount of credit loss we are exposed to is the outstanding principal, plus accrued interest and unused commitment fees. As of June 30, 2025, the total amount outstanding under the AMER 2 Loan, net of the unamortized upfront fee, was $303 million. Additional amounts may be drawn down by the borrower periodically as needed for the continuation of development and other working capital needs.
We have lease arrangements and provide various services to the EMEA 1 Joint Venture and the VIE Joint Ventures (collectively, the "Joint Ventures") through multiple agreements, including sales and marketing, development management, facilities management, asset management and procurement service agreements. These transactions are generally considered to have been negotiated at arm's length.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
The following table presents the income and expenses from these arrangements with the Joint Ventures in our condensed consolidated statements of operations (in millions):

|  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
Related Party |  | Nature of Transaction |  | 2025 |  | 2024 |  | 2025 |  | 2024
EMEA 1 Joint Venture |  | Income (1) |  | $ | 6 |  |  | $ | 6 |  |  | $ | 12 |  |  | $ | 12 |
EMEA 1 Joint Venture |  | Expenses (2) |  | 4 |  |  | 3 |  |  | 8 |  |  | 7 |
VIE Joint Ventures |  | Income (3) |  | 29 |  |  | 61 |  |  | 90 |  |  | 99 |
VIE Joint Ventures |  | Expenses (4) |  | 3 |  |  | — |  |  | 5 |  |  | 1 |

(1)Primarily consists of revenues related to service arrangements as described above.
(2)Primarily consists of rent expenses for a sub-lease agreement with the EMEA 1 Joint Venture for a London data center with a remaining lease term of approximately 14 years as of June 30, 2025.
(3)Primarily consists of revenues related to service arrangements as described above and also includes interest income earned on the AMER 2 Loan during the three months ended June 30, 2025 and 2024 of $7 million and $5 million, respectively, and during the six months ended June 30, 2025 and 2024 of $14 million and $5 million, respectively.
(4)Primarily consists of rent expenses for lease arrangements with the VIE Joint Ventures.
We have also sold certain data center facilities to our Joint Ventures and recognized gains or losses on asset sales as described above.
The following table presents the assets and liabilities from related party transactions with the Joint Ventures in our condensed consolidated balance sheets (in millions):

|  | EMEA 1 Joint Venture |  | VIE Joint Ventures
Balance Sheet |  | June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024
Accounts receivable, net |  | $ | 20 |  |  | $ | 4 |  |  | $ | 72 |  |  | $ | 50 |
Other current assets (1) |  | 8 |  |  | 19 |  |  | 123 |  |  | 128 |
Property, plant and equipment, net (2) |  | 152 |  |  | 145 |  |  | 75 |  |  | 74 |
Operating lease right-of-use assets |  | 2 |  |  | 2 |  |  | 31 |  |  | 2 |
Other assets (3) |  | — |  |  | — |  |  | 321 |  |  | 302 |
Other current liabilities |  | 7 |  |  | 5 |  |  | 8 |  |  | 10 |
Finance lease liabilities |  | 180 |  |  | 164 |  |  | 81 |  |  | 78 |
Operating lease liabilities |  | 2 |  |  | 2 |  |  | 29 |  |  | 2 |
Other liabilities (4) |  | 53 |  |  | 48 |  |  | 11 |  |  | 11 |

(1)The balance primarily relates to contract assets and other receivables.
(2)The balance relates to finance lease right-of-use assets.
(3)The balance primarily relates to contract assets and the AMER 2 Loan receivable.
(4)The balance primarily relates to the obligation to pay for future construction for certain sites sold as a part of the EMEA 1 Joint Venture transaction.
6. Derivatives and Hedging Instruments
Derivatives and Other Instruments Designated as Hedging Instruments
Net Investment Hedges
Foreign Currency Debt: We are exposed to the impact of foreign exchange rate fluctuations on the value of investments in our foreign subsidiaries whose functional currencies are other than the U.S. dollar. In order to mitigate the impact of foreign currency exchange rates, we have entered into various foreign currency debt obligations, which are designated as hedges against our net investments in foreign subsidiaries. As of June 30,
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
2025 and December 31, 2024, the total principal amounts of foreign currency debt obligations designated as net investment hedges were $1.6 billion and $1.0 billion, respectively.
Foreign Currency Forward Contracts: We use foreign currency forward contracts, designated as net investment hedges, to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries. We use the spot method to assess hedge effectiveness and recognize fair value changes from spot rates in other comprehensive income (loss). We exclude forward points from the assessment of hedge effectiveness and amortize the initial value of the excluded component through interest expense. The difference between fair value changes from the excluded component and the amount amortized is recognized in other comprehensive income (loss).
Embedded Derivatives: Certain of our customer agreements that are priced in currencies different from the functional or local currencies of the parties involved are deemed to have foreign currency forward contracts embedded in them. These embedded derivatives are separated from their host contracts and carried on our balance sheet at their fair value. The majority of these embedded derivatives arise as a result of our foreign subsidiaries pricing their customer contracts in U.S. dollars. We use these forward contracts embedded within our customer agreements to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries. As of June 30, 2025 and December 31, 2024, the total remaining contract value of such customer agreements outstanding under this hedging program was $200 million and $213 million, respectively.
Cross-currency Interest Rate Swaps: We also use cross-currency interest rate swaps, designated as net investment hedges, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt, to hedge the currency exposure associated with our net investment in our foreign subsidiaries. We use the spot method to assess hedge effectiveness and recognize fair value changes from spot rates in other comprehensive income (loss). We exclude time value and cross currency basis spread from the assessment of hedge effectiveness and recognize the excluded component in interest expense through the swap accrual process. The difference between fair value changes of the excluded component and the amount amortized is recognized in other comprehensive income (loss).
Cash Flow Hedges
Foreign Currency Forward Contracts: We enter into intercompany foreign currency forward contracts ("intercompany derivatives") with our wholly-owned subsidiaries in our EMEA region in order to hedge certain forecasted revenues and expenses denominated in currencies other than the U.S. dollar (primarily the British pound and the euro). Simultaneously, we enter into foreign currency forward contracts with unrelated third parties to externally hedge the net exposure created by such intercompany derivatives. We designate the intercompany derivatives as cash flow hedges. We do not exclude any components from the assessment of hedge effectiveness and the change in fair value of these derivatives is recognized in other comprehensive income (loss) until the hedged transaction occurs.
As of June 30, 2025, our foreign currency forward contracts had maturity dates ranging from July 2025 to December 2027 and we had a net loss of $71 million recorded within accumulated other comprehensive income (loss) to be reclassified to revenues and expenses for cash flow hedges that will mature in the next 12 months. As of December 31, 2024, our foreign currency forward contracts had maturity dates ranging from January 2025 to December 2026 and we had a net gain of $38 million recorded within accumulated other comprehensive income (loss) to be reclassified to revenues and expenses for cash flow hedges that will mature in the 12 months following December 31, 2024.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Cross-currency Interest Rate Swaps: We use cross-currency swaps, designated as cash flow hedges, to manage the foreign currency exposure associated with a portion of our foreign currency-denominated variable-rate debt and our U.S. dollar-denominated fixed-rate debt issued by our foreign subsidiaries. As of June 30, 2025, these cross-currency interest rate swaps had maturity dates ranging from March 2026 to June 2034. We had a net gain of $8 million recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the next 12 months. As of December 31, 2024, our cross-currency interest rate swaps had maturity dates ranging from March 2026 to June 2034. We had a net gain of $13 million recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the 12 months following December 31, 2024. We use the spot method to assess hedge effectiveness. Fair value changes from spot rates are recognized in other comprehensive income initially and immediately reclassified to earnings to offset the gain or loss from remeasuring the associated debt. We exclude time value and cross currency basis spread from the assessment of hedge effectiveness and recognize the excluded component in interest expense through the swap accrual process. The difference between fair value changes of the excluded component and the amount amortized is recognized in other comprehensive income (loss).
Interest Rate Locks: We hedge the interest rate exposure created by anticipated fixed-rate debt issuances through the use of treasury locks and swap locks (collectively, interest rate locks), which are designated as cash flow hedges. As of both June 30, 2025 and December 31, 2024, we had no interest rate locks outstanding. When interest rate locks are settled, any gain or loss from the transactions is deferred and included as a component of other comprehensive income (loss) and is amortized to interest expense over the term of the forecasted hedged transaction which is equivalent to the term of the interest rate locks. As of June 30, 2025 and December 31, 2024, we had a net gain of $4 million and $3 million, recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the 12 months following June 30, 2025 and December 31, 2024, respectively, for interest rate locks.
Derivatives Not Designated as Hedging Instruments
Foreign Currency Forward Contracts: We also use foreign currency forward contracts to manage the foreign exchange risk associated with certain foreign currency-denominated monetary assets and liabilities. As a result of foreign currency fluctuations, the U.S. dollar equivalent values of our foreign currency-denominated monetary assets and liabilities change. Gains and losses on these contracts are included in other income (expense), on a net basis, along with the foreign currency gains and losses of the related foreign currency-denominated monetary assets and liabilities associated with these foreign currency forward contracts.
Cross-currency Interest Rate Swaps: We may, from time to time, elect to dedesignate a portion of our cross-currency interest rate swaps previously designated as hedging instruments. Gains and losses subsequent to the dedesignation are recognized in other income (expense).
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Notional Amounts and Fair Value of Derivative Instruments
The following table presents the composition of derivative instruments recognized in our condensed consolidated balance sheets, excluding accrued interest (in millions):

| June 30, 2025 |  | December 31, 2024
| Notional Amount (1) |  | Fair Value |  | Notional Amount (1) |  | Fair Value
|  | Assets (2) |  | Liabilities (3) |  |  | Assets (2) |  | Liabilities (3)
Net investment hedges: |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | $ | 1,820 |  |  | $ | 3 |  |  | $ | 19 |  |  | $ | 966 |  |  | $ | 39 |  |  | $ | 17 |
Cross-currency interest rate swaps | 771 |  |  | 5 |  |  | 36 |  |  | 1,986 |  |  | 189 |  |  | 1 |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | 1,797 |  |  | — |  |  | 132 |  |  | 1,365 |  |  | 53 |  |  | — |
Cross-currency interest rate swaps | 1,030 |  |  | 62 |  |  | 54 |  |  | 1,030 |  |  | 48 |  |  | — |
Non-designated derivatives: |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | 4,642 |  |  | 67 |  |  | 74 |  |  | 3,536 |  |  | 80 |  |  | 9 |
Cross-currency interest rate swaps | 2,411 |  |  | 134 |  |  | 20 |  |  | 1,395 |  |  | 182 |  |  | 45 |
Total | $ | 12,471 |  |  | $ | 271 |  |  | $ | 335 |  |  | $ | 10,278 |  |  | $ | 591 |  |  | $ | 72 |

(1)Excludes embedded derivatives.
(2)As presented in our condensed consolidated balance sheets within other current assets and other assets.
(3)As presented in our condensed consolidated balance sheets within other current liabilities and other liabilities.
Impact on Accumulated Other Comprehensive Income (Loss)
The pre-tax gains (losses) from hedging instruments recognized in accumulated other comprehensive income (loss) were as follows (in millions):

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net investment hedges: |  |  |  |  |  |  |
Foreign currency debt | $ | (111) |  |  | $ | 5 |  |  | $ | (152) |  |  | $ | 34 |
Foreign currency forward contracts (included component) | (39) |  |  | 8 |  |  | (45) |  |  | 35 |
Cross-currency interest rate swaps (included component) | (94) |  |  | 8 |  |  | (190) |  |  | 84 |
Cross-currency interest rate swaps (excluded component) | (1) |  |  | 3 |  |  | 14 |  |  | 1 |
Total | $ | (245) |  |  | $ | 24 |  |  | $ | (373) |  |  | $ | 154 |
Cash flow hedges: |  |  |  |  |  |  |
Foreign currency forward contracts | $ | (128) |  |  | $ | 2 |  |  | $ | (185) |  |  | $ | 29 |
Cross-currency interest rate swaps (excluded component) | (2) |  |  | 10 |  |  | 26 |  |  | 8 |
Interest rate locks | 1 |  |  | — |  |  | 1 |  |  | 1 |
Total | $ | (129) |  |  | $ | 12 |  |  | $ | (158) |  |  | $ | 38 |

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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Impact on Earnings
The gains (losses) from derivative instruments recognized in earnings, and the location of such gains (losses) in our condensed consolidated statements of operations were as follows (in millions):

|  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
| Location of gain (loss) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net investment hedges: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts (excluded component) | Interest expense |  | $ | 3 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | 5 |
Cross-currency interest rate swaps (excluded component) | Interest expense |  | 3 |  |  | 7 |  |  | 8 |  |  | 15 |
Total |  |  | $ | 6 |  |  | $ | 10 |  |  | $ | 13 |  |  | $ | 20 |
Cash flow hedges: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | Revenues |  | $ | (12) |  |  | $ | 8 |  |  | $ | 6 |  |  | $ | 5 |
Foreign currency forward contracts | Costs and operating expenses |  | 6 |  |  | (4) |  |  | (3) |  |  | (2) |
Cross-currency interest rate swaps (excluded component) | Interest expense |  | 3 |  |  | 1 |  |  | 7 |  |  | 1 |
Cross-currency interest rate swaps (included component) | Other income (expense) |  | (43) |  |  | 10 |  |  | (64) |  |  | 7 |
Interest rate locks | Interest expense |  | 1 |  |  | — |  |  | 1 |  |  | — |
Total |  |  | $ | (45) |  |  | $ | 15 |  |  | $ | (53) |  |  | $ | 11 |
Non designated hedges: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | Other income (expense) |  | $ | (59) |  |  | $ | (10) |  |  | $ | (103) |  |  | $ | 66 |
Cross-currency interest rate swaps | Other income (expense) |  | (56) |  |  | 10 |  |  | (54) |  |  | 10 |
Total |  |  | $ | (115) |  |  | $ | — |  |  | $ | (157) |  |  | $ | 76 |

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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Offsetting Derivative Assets and Liabilities
We enter into master netting agreements with our counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default. For presentation in our condensed consolidated balance sheets, we do not offset fair value amounts recognized for derivative instruments or the accrued interest related to cross-currency interest rate swaps under master netting arrangements. The following table presents information related to these offsetting arrangements, inclusive of accrued interest (in millions):

| Gross Amounts |  | Gross Amounts Offset in the Balance Sheets |  | Net Amounts |  | Gross Amounts Not Offset in the Balance Sheets |  | Net
June 30, 2025 |  |  |  |  |  |  |  |  |
Derivative assets | $ | 278 |  |  | $ | — |  |  | $ | 278 |  |  | $ | (137) |  |  | $ | 141 |
Derivative liabilities | 339 |  |  | — |  |  | 339 |  |  | (137) |  |  | 202 |
December 31, 2024 |  |  |  |  |  |  |  |  |
Derivative assets | $ | 605 |  |  | $ | — |  |  | $ | 605 |  |  | $ | (75) |  |  | $ | 530 |
Derivative liabilities | 79 |  |  | — |  |  | 79 |  |  | (75) |  |  | 4 |

7. Fair Value Measurements
We perform fair value measurements in accordance with ASC 820, Fair Value Measurement, which establishes three levels of inputs that we use to measure fair value:
•Level 1: quoted prices in active markets for identical assets or liabilities.
•Level 2: observable inputs (e.g., spot rates and other data from the third-party pricing vendors for our derivative instruments, credit rating and current prices of similar debt instruments that are publicly traded for our debt instruments) other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the assets or liabilities.
•Level 3: unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities, including indicative pricing from third parties for similar instruments and asset-specific yield adjustments for elements such as credit risk.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
The fair value of certain financial assets and liabilities were as follows (in millions):

| June 30, 2025 |  | December 31, 2024
| Fair Value |  | Fair Value Measurement Using |  | Fair Value |  | Fair Value Measurement Using
| Level 1 |  | Level 2 |  | Level 3 |  |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds (1) | $ | 2,517 |  |  | $ | 2,517 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,401 |  |  | $ | 2,401 |  |  | $ | — |  |  | $ | — |
Time deposits (2) | 1,016 |  |  | 194 |  |  | 822 |  |  | — |  |  | 642 |  |  | 115 |  |  | 527 |  |  | — |
U.S. government securities (3) | 50 |  |  | 50 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loan receivable (4) | 328 |  |  | — |  |  | — |  |  | 328 |  |  | 280 |  |  | — |  |  | — |  |  | 280 |
Derivative instruments (5) | 271 |  |  | — |  |  | 271 |  |  | — |  |  | 591 |  |  | — |  |  | 591 |  |  | — |
Total | $ | 4,182 |  |  | $ | 2,761 |  |  | $ | 1,093 |  |  | $ | 328 |  |  | $ | 3,914 |  |  | $ | 2,516 |  |  | $ | 1,118 |  |  | $ | 280 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments (5) | $ | 335 |  |  | $ | — |  |  | $ | 335 |  |  | $ | — |  |  | $ | 72 |  |  | $ | — |  |  | $ | 72 |  |  | $ | — |
Mortgage and loans payable (6) | 720 |  |  | — |  |  | 720 |  |  | — |  |  | 654 |  |  | — |  |  | 654 |  |  | — |
Senior notes (6) | 16,182 |  |  | 15,671 |  |  | 511 |  |  | — |  |  | 13,342 |  |  | 12,851 |  |  | 491 |  |  | — |
Total | $ | 17,237 |  |  | $ | 15,671 |  |  | $ | 1,566 |  |  | $ | — |  |  | $ | 14,068 |  |  | $ | 12,851 |  |  | $ | 1,217 |  |  | $ | — |

(1)Instruments are included within cash and cash equivalents in our condensed consolidated balance sheets, and are measured at fair value.
(2)Instruments are included within cash and cash equivalents and short-term investments in our condensed consolidated balance sheets, and are measured at amortized cost.
(3)Instruments are included within cash and cash equivalents and short-term investments in our condensed consolidated balance sheets, and are measured at amortized cost. All of our U.S. government securities are held to maturity and mature within one year. As of June 30, 2025, no allowance for credit losses was recorded for these securities and there are insignificant unrecognized gains and losses.
(4)Instrument is included within other assets in our condensed consolidated balance sheets, and is measured at amortized cost. Refer to Note 5.
(5)Instruments are included within other current assets, other assets, other current liabilities and other liabilities in our condensed consolidated balance sheets, and are measured at fair value. Refer to Note 6.
(6)Include current and non-current portions and are measured at amortized cost. Refer to Note 9.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
8. Leases
Lease Expenses
The components of lease expenses were as follows (in millions):

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Finance lease cost |  |  |  |  |  |  |
Amortization of right-of-use assets (1) | $ | 47 |  |  | $ | 43 |  |  | $ | 91 |  |  | $ | 91 |
Interest on lease liabilities | 31 |  |  | 27 |  |  | 61 |  |  | 55 |
Total finance lease cost | 78 |  |  | 70 |  |  | 152 |  |  | 146 |
Operating lease cost | 60 |  |  | 56 |  |  | 118 |  |  | 112 |
Variable lease cost | 19 |  |  | 20 |  |  | 41 |  |  | 37 |
Total lease cost | $ | 157 |  |  | $ | 146 |  |  | $ | 311 |  |  | $ | 295 |

(1) Amortization of right-of-use assets is included within depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in our condensed consolidated statements of operations.
Other Information
Other information related to leases is presented in the following tables (in millions):

| Six Months Ended June 30,
| 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from finance leases | $ | 59 |  |  | $ | 53 |
Operating cash flows from operating leases | 110 |  |  | 101 |
Financing cash flows from finance leases | 72 |  |  | 66 |
Right-of-use assets obtained in exchange for lease obligations: (1) |  |  |
Finance leases | $ | 88 |  |  | $ | 87 |
Operating leases | 70 |  |  | 34 |
| June 30, 2025 |  | December 31, 2024
Weighted-average remaining lease term - finance leases (2) | 14 years |  | 14 years
Weighted-average remaining lease term - operating leases (2) | 13 years |  | 12 years
Weighted-average discount rate - finance leases | 6 | % |  | 6 | %
Weighted-average discount rate - operating leases | 5 | % |  | 5 | %
Finance lease right-of-use assets (3) | $ | 2,263 |  |  | $ | 2,158 |

(1)Represents all non-cash changes in right-of-use assets.
(2)Includes lease renewal options that are reasonably certain to be exercised.
(3)As of June 30, 2025 and December 31, 2024, we have recorded accumulated amortization of finance lease right-of-use assets of $1.1 billion and $964 million, respectively. Finance lease assets are recorded within property, plant and equipment, net in our condensed consolidated balance sheets.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Maturities of Lease Liabilities
The maturities of our lease liabilities as of June 30, 2025 are as follows (in millions):

| Operating Leases |  | Finance Leases |  | Total
2025 (6 months remaining) | $ | 109 |  |  | $ | 189 |  |  | $ | 298 |
2026 | 231 |  |  | 272 |  |  | 503 |
2027 | 212 |  |  | 277 |  |  | 489 |
2028 | 181 |  |  | 265 |  |  | 446 |
2029 | 152 |  |  | 256 |  |  | 408 |
Thereafter | 1,223 |  |  | 2,159 |  |  | 3,382 |
Total lease payments | 2,108 |  |  | 3,418 |  |  | 5,526 |
Less imputed interest | (572) |  |  | (1,038) |  |  | (1,610) |
Total | $ | 1,536 |  |  | $ | 2,380 |  |  | $ | 3,916 |

We entered into agreements with various landlords, primarily to lease data center spaces, which have not yet commenced as of June 30, 2025. These leases are expected to commence between 2025 and 2027, with lease terms of 1 to 15 years and total lease commitments of approximately $103 million.
9. Debt Facilities
Mortgage and Loans Payable
Our mortgage and loans payable balance consisted of the following (in millions):

| June 30, 2025 |  | December 31, 2024
Term loans | $ | 687 |  |  | $ | 628 |
Mortgage payable and other loans payable | 29 |  |  | 21 |
| 716 |  |  | 649 |
Less current portion | (14) |  |  | (5) |
Total | $ | 702 |  |  | $ | 644 |

Senior Credit Facility
In 2022, we entered into a credit agreement (the "2022 Credit Agreement") with a group of lenders for a senior unsecured credit facility, comprised of a $4.0 billion senior unsecured multicurrency revolving credit facility (the "2022 Revolving Facility") and a £500 million senior unsecured term loan facility (the "2022 Term Loan Facility" and, together with the 2022 Revolving Facility, collectively, the "2022 Credit Facilities").
As of June 30, 2025 and December 31, 2024, the total amounts outstanding under the 2022 Term Loan Facility, net of debt issuance costs, were $686 million and $625 million, respectively.
As of June 30, 2025, we had 43 irrevocable letters of credit totaling $63 million issued and outstanding under the 2022 Revolving Facility, with approximately $3.9 billion remaining available to borrow under the 2022 Revolving Facility. As of both June 30, 2025 and December 31, 2024, unamortized debt issuance costs for the 2022 Revolving Facility of $3 million, were presented in other assets in our condensed consolidated balance sheets.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Senior Notes
Our senior notes balance consisted of the following (in millions):

| June 30, 2025 |  | December 31, 2024
| Amount |  | Effective Rate |  | Amount |  | Effective Rate
1.250% Senior Notes due 2025 | $ | 500 |  |  | 1.46 | % |  | $ | 500 |  |  | 1.46 | %
1.000% Senior Notes due 2025 | 700 |  |  | 1.18 | % |  | 700 |  |  | 1.18 | %
1.450% Senior Notes due 2026 | 700 |  |  | 1.64 | % |  | 700 |  |  | 1.64 | %
2.900% Senior Notes due 2026 | 600 |  |  | 3.04 | % |  | 600 |  |  | 3.04 | %
0.250% Euro Senior Notes due 2027 | 589 |  |  | 0.45 | % |  | 518 |  |  | 0.45 | %
1.800% Senior Notes due 2027 | 500 |  |  | 1.96 | % |  | 500 |  |  | 1.96 | %
1.550% Senior Notes due 2028 | 650 |  |  | 1.67 | % |  | 650 |  |  | 1.67 | %
2.000% Senior Notes due 2028 | 400 |  |  | 2.21 | % |  | 400 |  |  | 2.21 | %
2.875% Swiss Franc Senior Notes due 2028 | 378 |  |  | 3.05 | % |  | 331 |  |  | 3.05 | %
3.250% Euro Senior Notes due 2029 | 883 |  |  | 3.45 | % |  | — |  |  | — | %
1.558% Swiss Franc Senior Notes due 2029 | 126 |  |  | 1.79 | % |  | 110 |  |  | 1.79 | %
3.200% Senior Notes due 2029 | 1,200 |  |  | 3.30 | % |  | 1,200 |  |  | 3.30 | %
3.500% Singapore Dollar Senior Notes due 2030 | 393 |  |  | 3.67 | % |  | — |  |  | — | %
2.150% Senior Notes due 2030 | 1,100 |  |  | 2.27 | % |  | 1,100 |  |  | 2.27 | %
3.250% Euro Senior Notes due 2031 | 766 |  |  | 3.46 | % |  | 673 |  |  | 3.46 | %
2.500% Senior Notes due 2031 | 1,000 |  |  | 2.65 | % |  | 1,000 |  |  | 2.65 | %
3.900% Senior Notes due 2032 | 1,200 |  |  | 4.07 | % |  | 1,200 |  |  | 4.07 | %
1.000% Euro Senior Notes due 2033 | 707 |  |  | 1.18 | % |  | 622 |  |  | 1.18 | %
3.650% Euro Senior Notes due 2033 | 707 |  |  | 3.78 | % |  | 622 |  |  | 3.78 | %
4.000% Euro Senior Notes due 2034 | 883 |  |  | 4.17 | % |  | — |  |  | — | %
5.500% Senior Notes due 2034 | 750 |  |  | 5.74 | % |  | 750 |  |  | 5.74 | %
3.625% Euro Senior Notes due 2034 | 589 |  |  | 3.75 | % |  | 518 |  |  | 3.75 | %
2.000% Japanese Yen Senior Notes Series A due 2035 | 261 |  |  | 2.07 | % |  | 239 |  |  | 2.07 | %
2.130% Japanese Yen Senior Notes Series C due 2035 | 103 |  |  | 2.20 | % |  | 94 |  |  | 2.20 | %
2.370% Japanese Yen Senior Notes Series B due 2043 | 71 |  |  | 2.42 | % |  | 65 |  |  | 2.42 | %
2.570% Japanese Yen Senior Notes Series D due 2043 | 32 |  |  | 2.62 | % |  | 29 |  |  | 2.62 | %
2.570% Japanese Yen Senior Notes Series E due 2043 | 69 |  |  | 2.62 | % |  | 64 |  |  | 2.62 | %
3.000% Senior Notes due 2050 | 500 |  |  | 3.09 | % |  | 500 |  |  | 3.09 | %
2.950% Senior Notes due 2051 | 500 |  |  | 3.00 | % |  | 500 |  |  | 3.00 | %
3.400% Senior Notes due 2052 | 500 |  |  | 3.50 | % |  | 500 |  |  | 3.50 | %
| 17,357 |  |  |  |  | 14,685 |  |  |
Less amount representing unamortized debt issuance costs and debt discounts | (138) |  |  |  |  | (123) |  |  |
| 17,219 |  |  |  |  | 14,562 |  |  |
Less current portion | (1,899) |  |  |  |  | (1,199) |  |  |
Total | $ | 15,320 |  |  |  |  | $ | 13,363 |  |  |

3.500% Singapore Dollar Senior Notes due 2030
On March 13, 2025, we issued SGD500 million, or approximately $370 million, at the exchange rate in effect on that date, aggregate principal amount of 3.500% senior notes due March 15, 2030 (the "2030 SGD Notes"). Interest on the notes is payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2025. Total debt issuance costs related to the 2030 SGD Notes were $3 million.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
3.250% Euro Senior Notes due 2029 and 4.000% Euro Senior Notes due 2034
On May 19, 2025, we issued €750 million, or approximately $851 million, at the exchange rate in effect on that date, aggregate principal amount of 3.250% senior notes due May 19, 2029 (the "2029 Euro Notes") and €750 million, or approximately $851 million, at the exchange rate in effect on that date, aggregate principal amount of 4.000% senior notes due May 19, 2034 (the "2034 Euro Notes"). Interest on the 2029 Euro Notes and the 2034 Euro Notes is payable annually in arrears on May 19 of each year, commencing on May 19, 2026. Total debt discounts and debt issuance costs related to the 2029 and 2034 Euro Notes were $6 million and $11 million, respectively.
Maturities of Debt Instruments
The following table sets forth maturities of our debt, including mortgage and loans payable and senior notes, gross of debt issuance costs and debt discounts, as of June 30, 2025 (in millions):

Years ending: |
2025 (6 months remaining) | $ | 1,211 |
2026 | 1,305 |
2027 | 1,780 |
2028 | 1,433 |
2029 | 2,214 |
Thereafter | 10,130 |
Total | $ | 18,073 |

Interest Charges
Other information related to interest is presented in the following tables (in millions):

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Interest expense | $ | 135 |  |  | $ | 110 |  |  | $ | 257 |  |  | $ | 214 |
Interest capitalized | 14 |  |  | 9 |  |  | 25 |  |  | 18 |
Interest charges incurred | $ | 149 |  |  | $ | 119 |  |  | $ | 282 |  |  | $ | 232 |
|  |  | Six Months Ended June 30,
|  |  |  |  | 2025 |  | 2024
Interest paid in cash, net of capitalized interest |  |  |  |  | $ | 212 |  |  | $ | 209 |

10. Commitments and Contingencies
Purchase Commitments
As a result of our various IBX data center expansion projects, as of June 30, 2025, we were contractually committed for approximately $5.8 billion of unaccrued capital expenditures, primarily for IBX infrastructure equipment not yet delivered and labor not yet provided, in connection with the work necessary to open these IBX data centers and make them available to our customers for installation. We also had numerous other, non-capital purchase commitments in place as of June 30, 2025, such as commitments to purchase power in select locations through the remainder of 2025 and thereafter, and other open purchase orders for goods or services to be delivered or provided during the remainder of 2025 and thereafter. Such other miscellaneous purchase commitments totaled approximately $2.1 billion as of June 30, 2025. For further information on our equity method investment commitments and lease commitments, see Note 5 and Note 8, respectively, above.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Contingent Liabilities
We estimate our exposure on certain liabilities, such as indirect and property taxes, based on the best information available at the time of determination. With respect to real and personal property taxes, we record what we can reasonably estimate based on prior payment history, assessed value by the assessor's office, current landlord estimates or estimates based on current or changing fixed asset values in each specific municipality, as applicable. However, there are circumstances beyond our control whereby the underlying value of the property or basis for which the tax is calculated on the property may change, such as a landlord selling the underlying property of one of our IBX data center leases or a municipality changing the assessment value in a jurisdiction and, as a result, our property tax obligations may vary from period to period. Based upon the most current facts and circumstances, we make the necessary property tax accruals for each of our reporting periods. However, revisions in our estimates of the potential or actual liability could materially impact our financial position, results of operations or cash flows.
Our indirect and property tax filings in various jurisdictions are subject to examination by local tax authorities. Although we believe that we have adequately assessed and accounted for our potential tax liabilities, and that our tax estimates are reasonable, there can be no certainty that additional taxes will not be due upon audit of our tax returns or as a result of further changes to the tax laws and interpretations thereof. For example, we are currently undergoing several indirect tax audits and appealing tentative assessments in Brazil and Loudoun County, Virginia. The final settlement of the audits and the outcomes of the appeals are uncertain and may not be resolved in our favor. We regularly assess the likelihood of adverse outcomes resulting from these examinations and appeals that would affect the adequacy of our tax accruals for each of the reporting periods. If any issues arising from the tax examinations and appeals are resolved in a manner inconsistent with our expectations, the revision of the estimates of the potential or actual liabilities could materially impact our financial position, results of operations, or cash flows.
We are and may continue to be party to certain legal and regulatory proceedings with respect to various matters. We evaluate the likelihood of an unfavorable outcome of all legal and regulatory proceedings to which we are a party. Contingent liabilities are accrued when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. These judgments are subjective based on the status of the legal or regulatory proceedings, the merits of our defenses and consultation with in-house and external legal counsel. Loss contingencies are generally recorded in other current liabilities in the consolidated balance sheets and legal costs are expensed as incurred and are recorded in general and administrative expenses in the consolidated statement of operations.
On March 20, 2024, the Company received a subpoena from the U.S. Attorney’s Office for the Northern District of California. On April 30, 2024, the Company received a subpoena from the Securities and Exchange Commission. The Company is cooperating fully with both government agencies.
On May 2, 2024, a putative stockholder class action was filed against the Company and certain of our officers in the United States District Court for the Northern District of California. The named plaintiff alleges violations of Section 10(b) of the Exchange Act and Securities and Exchange Commission Rule 10b-5, and Section 20(a) of the Exchange Act, on the basis that the defendants allegedly made false and misleading statements about our business, results, internal controls, and accounting practices between May 3, 2019 and March 24, 2024. The lawsuit seeks, among other relief, a determination that the alleged claims may be asserted on a class-wide basis, unspecified damages, attorneys' fees, other expenses and costs. We filed a motion to dismiss the lawsuit on October 10, 2024. The motion was granted in part on January 6, 2025. On July 15, 2025, the parties entered a Stipulation of Settlement to resolve the action. The settlement is subject to court approval. We expect the amount paid in settlement to be fully covered by our insurance. As of June 30, 2025, we have recorded a settlement liability and an insurance receivable related to this matter.
On February 14, 2025, and February 26, 2025, respectively, certain of the Company’s current and former directors and officers were named as defendants in two shareholder derivative lawsuits (in which the Company is a nominal defendant) filed in the United States District Court for the Northern District of California. The lawsuits allege, among other things, violations of Section 14(a) of the Exchange Act, breach of fiduciary duty, unjust enrichment, and waste of corporate assets and generally allege the same purported misconduct as alleged in the putative stockholder class action described above. The lawsuits seek, among other relief, unspecified damages, restitution, attorneys’ fees, and other expenses and costs. On April 17, 2025, and April 18, 2025, respectively, the plaintiffs filed
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
notices of voluntary dismissal without prejudice, subject to court approval, to pursue remedies under Delaware law. On April 28, 2025, the Court approved the voluntary dismissal in one of the actions. It has not yet ruled on the voluntary dismissal in the other action.
These matters are subject to uncertainties and we cannot predict the outcome nor reasonably estimate a range of loss or penalties, if any, relating to these matters, except as described above.
In the opinion of management, there are no other pending claims for which the outcome is expected to result in a material adverse effect in the financial position, results of operations or cash flows.
Employment Agreements
We have entered into a severance agreement with certain of our executive officers that provides for a severance payment equal to 100% of the executive officer's annual base salary and maximum bonus in the event his or her employment is terminated for any reason other than cause or he or she voluntarily resigns under certain circumstances as described in the agreement, or 200% of the executive officer's annual base salary and maximum bonus in the event this occurs after a change-in-control of our company. For certain other executive officers, these benefits are only triggered after a change-in-control of our company, in which case the officer is entitled to 200% of the executive officer's annual base salary and maximum bonus. In addition, under these agreements, the executive officer is entitled to the payment of his or her monthly health care premiums under the Consolidated Omnibus Budget Reconciliation Act for up to 24 months.
Indemnification and Guarantor Arrangements
As permitted under Delaware law, we have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is, or was serving, at our request in such capacity. The term of the indemnification period is for the officer's or director's lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, in the event of a legal action, we have purchased insurance that could limit our exposure, depending upon the details of the claim and the coverage provided. As a result, our estimated fair value of these indemnification agreements is minimal. We have no liabilities recorded for these agreements as of June 30, 2025.
We enter into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, we may agree to indemnify, hold harmless, and reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally a business partner or a customer, in connection with matters such as any U.S. patent, or any copyright or other intellectual property infringement claim by any third party with respect to our offerings; a breach of confidentiality obligations and certain other contractual warranties; our gross negligence, willful misconduct, fraud, misrepresentation, or violation of law; and/or if we cause tangible property damage, personal injury or death. The term of any such indemnification agreement is generally perpetual after execution of the agreement. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have never incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. In addition, in the event of a legal action, we have purchased insurance that could limit our exposure, depending upon the details of the claim and the coverage provided. As a result, our estimated fair value of these agreements is minimal. We do not have significant liabilities recorded for these agreements as of June 30, 2025.
We enter into arrangements with certain business partners, whereby the business partner agrees to provide services as a subcontractor for our installations. Accordingly, we enter into standard indemnification agreements with our customers, whereby we indemnify them for certain acts, such as personal property damage, by our subcontractors. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have never incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. In addition, in the event of a legal action, we have purchased insurance that could limit our exposure, depending upon the details of the claim and the coverage provided. As a result, our estimated fair value of these agreements is minimal. We do not have significant liabilities recorded for these agreements as of June 30, 2025.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
We have service level commitment obligations to certain of our customers. As a result, service interruptions or significant equipment damage in our IBX data centers, whether or not within our control, could result in obligations to these customers. While we have purchased insurance that could limit our exposure, our liability insurance may not be adequate to cover those expenses. In addition, any loss of service, equipment damage or inability to meet our service level commitment obligations could reduce the confidence our customers have in us, and could consequently impair our ability to obtain and retain customers, which would adversely affect both our ability to generate revenues and our operating results. We generally have the ability to determine such service level credits prior to the associated revenue being recognized. We do not have significant liabilities in connection with service level credits as of June 30, 2025.
Concurrent with the closing of the EMEA 2 Joint Venture, the EMEA 2 Joint Venture entered into a credit facility agreement with a group of lenders under which it could borrow up to approximately $1.1 billion in total at the exchange rate in effect on June 30, 2025, with such facility maturing in 2026. In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with a guarantee covering 20% of all payments of principal and interest due and payable by the EMEA 2 Joint Venture under the credit facility, up to a limit of $236 million in total at the exchange rate in effect on June 30, 2025. As of June 30, 2025, the maximum potential amount of our future payments under this guarantee was approximately $28 million at the exchange rates in effect on that date. We and our co-investor entered into an ancillary agreement to allocate funding under the credit facility agreement for use by our AMER 1 Joint Venture. As of June 30, 2025, $10 million of the guarantee related to the AMER 1 Joint Venture. Our estimated fair value of this guarantee is minimal as the likelihood of making a payout under the guarantee is remote.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
11. Stockholders' Equity
Stockholders' Equity Rollforward
The following tables provide a rollforward of our stockholders' equity for the three and six months ended June 30, 2025 and 2024 ($ in millions except per share data; share data in thousands):
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

| Common Stock |  | Treasury Stock |  | Additional Paid-in Capital |  | Accumulated Dividends |  | AOCI (Loss) |  | Retained Earnings |  | Common Stockholders' Equity |  | Non-controlling Interests |  | Total Common Stockholders' Equity
| Shares |  | Amount |  | Shares |  | Amount |  |  |  |  |  |
Balance as of December 31, 2024 | 97,390 |  |  | $ | — |  |  | (103) |  |  | $ | (39) |  |  | $ | 20,895 |  |  | $ | (10,342) |  |  | $ | (1,735) |  |  | $ | 4,749 |  |  | $ | 13,528 |  |  | $ | (1) |  |  | $ | 13,527 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 343 |  |  | 343 |  |  | — |  |  | 343 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 176 |  |  | — |  |  | 176 |  |  | — |  |  | 176 |
Issuance of common stock and release of treasury stock for employee equity awards | 406 |  |  | — |  |  | 19 |  |  | 7 |  |  | 42 |  |  | — |  |  | — |  |  | — |  |  | 49 |  |  | — |  |  | 49 |
Issuance of common stock under ATM Program | 107 |  |  | — |  |  | — |  |  | — |  |  | 99 |  |  | — |  |  | — |  |  | — |  |  | 99 |  |  | — |  |  | 99 |
Dividend distribution on common stock, $4.69 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (457) |  |  | — |  |  | — |  |  | (457) |  |  | — |  |  | (457) |
Settlement of accrued dividends on vested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  | — |  |  | 150 |  |  | — |  |  | — |  |  | — |  |  | 150 |  |  | — |  |  | 150 |
Balance as of March 31, 2025 | 97,903 |  |  | — |  |  | (84) |  |  | (32) |  |  | 21,186 |  |  | (10,798) |  |  | (1,559) |  |  | 5,092 |  |  | 13,889 |  |  | (1) |  |  | 13,888 |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 368 |  |  | 368 |  |  | (1) |  |  | 367 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 160 |  |  | — |  |  | 160 |  |  | — |  |  | 160 |
Issuance of common stock and release of treasury stock for employee equity awards | 41 |  |  | — |  |  | 5 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Dividend distribution on common stock, $4.69 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (459) |  |  | — |  |  | — |  |  | (459) |  |  | — |  |  | (459) |
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (14) |  |  | — |  |  | — |  |  | (14) |  |  | — |  |  | (14) |
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  | — |  |  | 138 |  |  | — |  |  | — |  |  | — |  |  | 138 |  |  | — |  |  | 138 |
Balance as of June 30, 2025 | 97,944 |  |  | $ | — |  |  | (79) |  |  | $ | (30) |  |  | $ | 21,324 |  |  | $ | (11,271) |  |  | $ | (1,399) |  |  | $ | 5,460 |  |  | $ | 14,084 |  |  | $ | (2) |  |  | $ | 14,082 |

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

| Common Stock |  | Treasury Stock |  | Additional Paid-in Capital |  | Accumulated Dividends |  | AOCI (Loss) |  | Retained Earnings |  | Common Stockholders' Equity |  | Non-controlling interests |  | Total Common Stockholders' Equity
| Shares |  | Amount |  | Shares |  | Amount |  |  |  |  |  |  |
Balance as of December 31, 2023 | 94,630 |  |  | $ | — |  |  | (151) |  |  | $ | (56) |  |  | $ | 18,596 |  |  | $ | (8,695) |  |  | $ | (1,290) |  |  | $ | 3,934 |  |  | $ | 12,489 |  |  | $ | — |  |  | $ | 12,489 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 231 |  |  | 231 |  |  | — |  |  | 231 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (208) |  |  | — |  |  | (208) |  |  | — |  |  | (208) |
Issuance of common stock and release of treasury stock for employee equity awards | 407 |  |  | — |  |  | 18 |  |  | 6 |  |  | 42 |  |  | — |  |  | — |  |  | — |  |  | 48 |  |  | — |  |  | 48 |
Dividend distribution on common stock, $4.26 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (402) |  |  | — |  |  | — |  |  | (402) |  |  | — |  |  | (402) |
Settlement of accrued dividends on vested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  | — |  |  | 141 |  |  | — |  |  | — |  |  | — |  |  | 141 |  |  | — |  |  | 141 |
Balance as of March 31, 2024 | 95,037 |  |  | — |  |  | (133) |  |  | (50) |  |  | 18,779 |  |  | (9,097) |  |  | (1,498) |  |  | 4,165 |  |  | 12,299 |  |  | — |  |  | 12,299 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 301 |  |  | 301 |  |  | — |  |  | 301 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (43) |  |  | — |  |  | (43) |  |  | — |  |  | (43) |
Issuance of common stock and release of treasury stock for employee equity awards | 35 |  |  | — |  |  | 6 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Dividend distribution on common stock, $4.26 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (405) |  |  | — |  |  | — |  |  | (405) |  |  | — |  |  | (405) |
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12) |  |  | — |  |  | — |  |  | (12) |  |  | — |  |  | (12) |
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  | — |  |  | 136 |  |  | — |  |  | — |  |  | — |  |  | 136 |  |  | — |  |  | 136 |
Balance as of June 30, 2024 | 95,072 |  |  | $ | — |  |  | (127) |  |  | $ | (48) |  |  | $ | 18,915 |  |  | $ | (9,514) |  |  | $ | (1,541) |  |  | $ | 4,466 |  |  | $ | 12,278 |  |  | $ | — |  |  | $ | 12,278 |

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Accumulated Other Comprehensive Loss
The changes in accumulated other comprehensive loss, net of tax, by component were as follows (in millions):

| Balance as of December 31, 2024 |  | Net Change |  |  |  | Balance as of June 30, 2025 |
Foreign currency translation adjustment (“CTA”) loss | $ | (2,360) |  |  | $ | 824 |  |  |  |  | $ | (1,536) |  |
Unrealized gain on cash flow hedges (1) | 47 |  |  | (110) |  |  |  |  | (63) |  |
Net investment hedge CTA gain (1) | 579 |  |  | (378) |  |  |  |  | 201 |  |
Net actuarial loss on defined benefit plans (2) | (1) |  |  | — |  |  |  |  | (1) |  |
| $ | (1,735) |  |  | $ | 336 |  |  |  |  | $ | (1,399) |  |
Accumulated other comprehensive loss attributable to non-controlling interests | — |  |  | — |  |  |  |  | — |  |
Total accumulated other comprehensive loss | $ | (1,735) |  |  | $ | 336 |  |  |  |  | $ | (1,399) |  |

(1)Refer to Note 6 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income.
(2)We have two defined benefit pension plans covering all employees in two countries where such plans are mandated by law. We do not have any defined benefit plans in any other countries.
Changes in foreign currencies can have a significant impact on our condensed consolidated balance sheets (as evidenced above in our cumulative foreign currency translation loss), as well as our condensed consolidated results of operations, as amounts in foreign currencies are generally translated into more U.S. dollars when the U.S. dollar weakens or less U.S. dollars when the U.S. dollar strengthens. As of June 30, 2025, the U.S. dollar was generally weaker relative to certain of the currencies of the foreign countries in which we operate as compared to December 31, 2024. Because of this, the U.S. dollar had an overall favorable impact on our condensed consolidated financial position because the foreign denominations translated into more U.S. dollars as evidenced by a decrease in foreign currency translation loss for the six months ended June 30, 2025 as reflected in the above table. The volatility of the U.S. dollar as compared to the other currencies in which we operate could have a significant impact on our condensed consolidated financial position and results of operations including the amount of revenue that we report in future periods.
Common Stock
In November 2022, we established a program under which we may, from time to time, offer and sell on a spot or forward basis up to an aggregate of $1.5 billion of our common stock to or through sales agents in “at the market” transactions (the "2022 ATM Program"). The 2022 ATM Program was fully utilized by the end of the third quarter of 2024.
In October 2024, we established a program to succeed the 2022 ATM Program, under which we may, from time to time, offer and sell on a spot or forward basis up to an aggregate of $2.0 billion of our common stock to or through sales agents in "at the market" transactions (the "2024 ATM Program"). The forward sale agreements provide three settlement alternatives to us: physical settlement, cash settlement or net share settlement. In accordance with ASC 815, the forward sale agreements are classified as equity for balance sheet purposes.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Forward sale activity under the 2022 and 2024 ATM Programs (collectively, the "ATM Programs") is summarized as follows ($ in millions except per share data; shares in thousands):

| Contractual Maturity Dates |  | Execution Date |  | Number of Shares (1) |  | Weighted Average Price per Share (2) |  | Settlement Value (2)
Outstanding, December 31, 2023 | November 2024 |  |  |  | 643 |  |  | $ | 776.23 |  |  | $ | 499 |
Forward Sale Shares Physically Settled | November 2024 to December 2024 |  | September 2024 |  | (643) |  |  | 790.41 |  |  | 509 |
Outstanding, December 31, 2024 |  |  |  |  | — |  |  | $ | — |  |  | $ | — |
Outstanding, June 30, 2025 |  |  |  |  | — |  |  | $ | — |  |  | $ | — |

(1)For agreements settled, the amount represents the actual number of shares issued. For agreements executed and outstanding, the amount represents the number of shares that we would issue upon physical settlement.
(2)For agreements settled, the value represents the actual weighted average settlement value, net of commissions and other offering expenses. For agreements executed and outstanding, the value represents the forward amount that we would receive upon physical settlement as of that date and will be subject to adjustments for a discount rate factor equal to a specified benchmark rate less a spread minus scheduled dividends during the terms of the agreements.
We did not sell any shares on a spot basis under the 2024 ATM Program during the three months ended June 30, 2025. During the six months ended June 30, 2025, we sold 107,493 shares on a spot basis under the 2024 ATM Program for approximately $99 million, net of commissions and other offering expenses. There were no shares sold on a spot basis under the ATM Programs during the three and six months ended June 30, 2024.
As of June 30, 2025, we had approximately $1.2 billion of common stock available for sale under the 2024 ATM Program.
Stock-Based Compensation
For the six months ended June 30, 2025, the Talent, Culture and Compensation Committee and/or the Stock Award Committee of our Board of Directors, as the case may be, granted an aggregate of 696,171 restricted stock units ("RSUs") to certain employees, including executive officers. These equity awards are subject to vesting provisions and have a weighted-average grant date fair value of $840.66 per share and a weighted-average requisite service period of 3.62 years. The valuation of RSUs with only a service condition or a service and performance condition require no significant assumptions as the fair value for these types of equity awards is based solely on the fair value of our stock price on the date of grant. We use revenues and adjusted funds from operations ("AFFO") per share as the performance measurements in the RSUs with both service and performance conditions that were granted in the six months ended June 30, 2025.
We use a Monte Carlo simulation option-pricing model to determine the fair value of RSUs with a service and market condition. We used total shareholder return ("TSR") as the performance measurement in the RSUs with a service and market condition that were granted in the six months ended June 30, 2025. There were no significant changes in the assumptions used to determine the fair value of RSUs with a service and market condition that were granted in 2025 compared to the prior year.
The following table presents, by operating expense category, our stock-based compensation expense recognized in our condensed consolidated statements of operations (in millions):

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenues | $ | 16 |  |  | $ | 15 |  |  | $ | 30 |  |  | $ | 28 |
Sales and marketing | 25 |  |  | 25 |  |  | 47 |  |  | 46 |
General and administrative | 86 |  |  | 85 |  |  | 163 |  |  | 152 |
Total | $ | 127 |  |  | $ | 125 |  |  | $ | 240 |  |  | $ | 226 |

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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Redeemable Non-controlling Interest
On April 3, 2023, we issued additional shares in our Indonesian operating entity to a third party investor for $25 million, which resulted in the third party investor owning a 25% interest in the entity.
The Indonesian operating entity is a VIE because it does not have sufficient funds from its operations to be self-sustaining. We provide certain management services to the entity and earn fees for the performance of such services. We have the power to direct the activities that most significantly impact the economic performance of the entity and have concluded that we are its primary beneficiary.
Under the terms of the stockholders’ agreement, the investor may put its 25% ownership stake in the entity to us for a maximum exercise price of $25 million, subject to certain contingent conditions. Accordingly, we present the investor’s contingently redeemable non-controlling interest ("NCI") outside of permanent equity at the higher of its maximum redemption amount of $25 million and its balance after attribution of gains and losses in our condensed consolidated balance sheets. There were no changes in the carrying value of the redeemable NCI for the three and six months ended June 30, 2025.
The following table presents the assets and liabilities of the Indonesian VIE (in millions):

|  | June 30, 2025 |  | December 31, 2024
Cash and cash equivalents |  | $ | 6 |  |  | $ | 16 |
Property, plant and equipment, net |  | 57 |  |  | 25 |
Other |  | 9 |  |  | 5 |
Total assets |  | $ | 72 |  |  | $ | 46 |
Finance lease liabilities |  | 25 |  |  | — |
Other |  | 10 |  |  | 5 |
Total liabilities |  | $ | 35 |  |  | $ | 5 |

The income and losses attributable to us as well as to the redeemable NCI from the Indonesian VIE were insignificant for the three and six months ended June 30, 2025 and 2024.
12. Restructuring and Other Exit Activities
Q4 2024 Restructuring Plan
In the fourth quarter of 2024, we initiated a restructuring plan to realign the organization and enable further investment in key priority areas (the "Q4 2024 Restructuring Plan"), resulting in costs of $33 million being incurred up to March 31, 2025. The activities under the Q4 2024 Restructuring Plan have been completed with no further costs expected to be incurred under this plan subsequent to March 31, 2025.
Equinix Metal Wind Down
In the fourth quarter of 2024, we announced the decision to make Equinix Metal no longer commercially available as a product and to wind down operations that support this product by June 2026 (the "Equinix Metal Wind Down"). We have incurred restructuring charges of $10 million to date and we expect to incur up to approximately $4 million of incremental costs. We expect substantially all costs under this plan to be incurred and paid by the end of the fourth quarter of 2026. The actual amounts and timing of incremental costs and cash payments may differ from these estimates should we make further decisions which impact the execution of these activities.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
The following tables summarize costs incurred under the Q4 2024 Restructuring Plan and the Equinix Metal Wind Down, which were included in restructuring charges in our condensed consolidated statements of operations (in millions):

|  | Three Months Ended June 30, 2025
Nature of expense |  | Q4 2024 Restructuring Plan |  | Equinix Metal Wind Down |  | Total (1)
Other exit costs |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |
Total |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |
|  | Six Months Ended June 30, 2025
Nature of expense |  | Q4 2024 Restructuring Plan |  | Equinix Metal Wind Down |  | Total (2)
Severance and other employee costs |  | $ | 3 |  |  | $ | 2 |  |  | $ | 5 |
Other exit costs |  | 3 |  |  | 4 |  |  | 7 |
Total |  | $ | 6 |  |  | $ | 6 |  |  | $ | 12 |
|  | Total Costs Incurred to Date
Nature of expense |  | Q4 2024 Restructuring Plan |  | Equinix Metal Wind Down |  | Total
Severance and other employee costs |  | $ | 22 |  |  | $ | 6 |  |  | $ | 28 |
Stock-based compensation expense |  | 3 |  |  | — |  |  | 3 |
Other exit costs |  | 8 |  |  | 4 |  |  | 12 |
Total |  | $ | 33 |  |  | $ | 10 |  |  | $ | 43 |

(1)Restructuring charges were incurred in the Americas region during the three months ended June 30, 2025.
(2)Restructuring charges were incurred in each of our three regions during the six months ended June 30, 2025 with $10 million in the Americas, $1 million in EMEA and $1 million in Asia-Pacific.
The following table summarizes the activity in our restructuring accrual, included in other current liabilities in our condensed consolidated balance sheets (in millions):

| Q4 2024 Restructuring Plan |  | Equinix Metal Wind Down |  | Total
Balance as of December 31, 2024 | $ | 13 |  |  | $ | 2 |  |  | $ | 15 |
Charges | 6 |  |  | 6 |  |  | 12 |
Cash payments | (18) |  |  | (6) |  |  | (24) |
Balance as of June 30, 2025 | $ | 1 |  |  | $ | 2 |  |  | $ | 3 |

We had no restructuring activity during the three and six months ended June 30, 2024.
13. Segment Information
While we have one primary line of business, which is the design, build-out and operation of IBX data centers, we have determined that we have three reportable segments comprised of our Americas, EMEA and Asia-Pacific geographic regions. Each of our three reportable segments are managed by regional presidents and require unique strategies due to the varying microeconomic and macroeconomic conditions within each region. Our chief executive officer is our chief operating decision maker and evaluates performance, makes operating decisions and allocates resources primarily based on our revenues and adjusted EBITDA, both on a consolidated basis and for these three reportable segments. Intercompany transactions between segments are excluded for management reporting purposes.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
We define adjusted EBITDA, our measure of segment profit or loss, as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales. The accounting policies of the three segments are the same as those described in the summary of significant accounting policies, except that segment expenses exclude depreciation, amortization and accretion expense and stock-based compensation expense, consistent with the definition of adjusted EBITDA.
The following tables present segment information, including revenue information disaggregated by product lines and segment adjusted EBITDA, and a reconciliation to total consolidated income before income taxes (in millions):

| Three Months Ended June 30, 2025 |  | Six Months Ended June 30, 2025
| Americas |  | EMEA |  | Asia-Pacific |  | Total |  | Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 654 |  |  | $ | 572 |  |  | $ | 359 |  |  | $ | 1,585 |  |  | $ | 1,290 |  |  | $ | 1,139 |  |  | $ | 701 |  |  | $ | 3,130 |
Interconnection | 231 |  |  | 96 |  |  | 80 |  |  | 407 |  |  | 460 |  |  | 183 |  |  | 157 |  |  | 800 |
Managed infrastructure | 62 |  |  | 38 |  |  | 17 |  |  | 117 |  |  | 125 |  |  | 73 |  |  | 34 |  |  | 232 |
Other (1) | 4 |  |  | 26 |  |  | 4 |  |  | 34 |  |  | 7 |  |  | 53 |  |  | 8 |  |  | 68 |
Recurring revenues | 951 |  |  | 732 |  |  | 460 |  |  | 2,143 |  |  | 1,882 |  |  | 1,448 |  |  | 900 |  |  | 4,230 |
Non-recurring revenues | 53 |  |  | 35 |  |  | 25 |  |  | 113 |  |  | 123 |  |  | 62 |  |  | 66 |  |  | 251 |
Total revenues (2) | 1,004 |  |  | 767 |  |  | 485 |  |  | 2,256 |  |  | 2,005 |  |  | 1,510 |  |  | 966 |  |  | 4,481 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment cost of revenues | 290 |  |  | 264 |  |  | 153 |  |  | 707 |  |  | 580 |  |  | 545 |  |  | 309 |  |  | 1,434 |
Other segment items (3) | 248 |  |  | 104 |  |  | 68 |  |  | 420 |  |  | 516 |  |  | 201 |  |  | 134 |  |  | 851 |
Segment adjusted EBITDA | $ | 466 |  |  | $ | 399 |  |  | $ | 264 |  |  | $ | 1,129 |  |  | $ | 909 |  |  | $ | 764 |  |  | $ | 523 |  |  | $ | 2,196 |
Reconciliation to income before income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, amortization and accretion expense |  |  |  |  |  |  | $ | (502) |  |  |  |  |  |  |  |  | $ | (982) |
Stock-based compensation expense |  |  |  |  |  |  | (127) |  |  |  |  |  |  |  |  | (240) |
Transaction costs |  |  |  |  |  |  | (3) |  |  |  |  |  |  |  |  | (9) |
Restructuring charges |  |  |  |  |  |  | (2) |  |  |  |  |  |  |  |  | (12) |
Impairment charges |  |  |  |  |  |  | (1) |  |  |  |  |  |  |  |  | (1) |
Interest income |  |  |  |  |  |  | 52 |  |  |  |  |  |  |  |  | 99 |
Interest expense |  |  |  |  |  |  | (135) |  |  |  |  |  |  |  |  | (257) |
Other income (expense) |  |  |  |  |  |  | (7) |  |  |  |  |  |  |  |  | 2 |
Gain (loss) on debt extinguishment |  |  |  |  |  |  | 1 |  |  |  |  |  |  |  |  | 1 |
Income before income taxes |  |  |  |  |  |  | $ | 405 |  |  |  |  |  |  |  |  | $ | 797 |

(1) Includes some leasing and hedging activities.
(2) Total revenues attributed to the U.S. were $871 million and $1.7 billion during the three and six months ended June 30, 2025. There was no other country from which we derived revenues that exceeded 10% of our total revenues and no single customer accounted for 10% or greater of our accounts receivable or revenues as at or for the three and six months ended June 30, 2025.
(3) Other segment items for each reportable segment are comprised of general and administrative and sales and marketing expenses, excluding stock-based compensation expense and depreciation, amortization and accretion expense.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

| Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2024
| Americas |  | EMEA |  | Asia-Pacific |  | Total |  | Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 624 |  |  | $ | 543 |  |  | $ | 333 |  |  | $ | 1,500 |  |  | $ | 1,231 |  |  | $ | 1,092 |  |  | $ | 667 |  |  | $ | 2,990 |
Interconnection | 219 |  |  | 84 |  |  | 71 |  |  | 374 |  |  | 434 |  |  | 167 |  |  | 141 |  |  | 742 |
Managed infrastructure | 66 |  |  | 34 |  |  | 16 |  |  | 116 |  |  | 132 |  |  | 69 |  |  | 33 |  |  | 234 |
Other (1) | 7 |  |  | 24 |  |  | 3 |  |  | 34 |  |  | 13 |  |  | 48 |  |  | 7 |  |  | 68 |
Recurring revenues | 916 |  |  | 685 |  |  | 423 |  |  | 2,024 |  |  | 1,810 |  |  | 1,376 |  |  | 848 |  |  | 4,034 |
Non-recurring revenues | 50 |  |  | 36 |  |  | 49 |  |  | 135 |  |  | 95 |  |  | 72 |  |  | 85 |  |  | 252 |
Total revenues (2) | 966 |  |  | 721 |  |  | 472 |  |  | 2,159 |  |  | 1,905 |  |  | 1,448 |  |  | 933 |  |  | 4,286 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment cost of revenues | 273 |  |  | 299 |  |  | 144 |  |  | 716 |  |  | 543 |  |  | 604 |  |  | 283 |  |  | 1,430 |
Other segment items (3) | 242 |  |  | 98 |  |  | 67 |  |  | 407 |  |  | 502 |  |  | 192 |  |  | 134 |  |  | 828 |
Segment adjusted EBITDA | $ | 451 |  |  | $ | 324 |  |  | $ | 261 |  |  | $ | 1,036 |  |  | $ | 860 |  |  | $ | 652 |  |  | $ | 516 |  |  | $ | 2,028 |
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense |  |  |  |  |  |  | $ | (490) |  |  |  |  |  |  |  |  | $ | (1,015) |
Stock-based compensation expense |  |  |  |  |  |  | (125) |  |  |  |  |  |  |  |  | (226) |
Transaction costs |  |  |  |  |  |  | (3) |  |  |  |  |  |  |  |  | (5) |
Gain (loss) on asset sales |  |  |  |  |  |  | 18 |  |  |  |  |  |  |  |  | 18 |
Interest income |  |  |  |  |  |  | 29 |  |  |  |  |  |  |  |  | 53 |
Interest expense |  |  |  |  |  |  | (110) |  |  |  |  |  |  |  |  | (214) |
Other income (expense) |  |  |  |  |  |  | (7) |  |  |  |  |  |  |  |  | (13) |
Gain (loss) on debt extinguishment |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | (1) |
Income before income taxes |  |  |  |  |  |  | $ | 348 |  |  |  |  |  |  |  |  | $ | 625 |

(1) Includes some leasing and hedging activities.
(2) Total revenues attributed to the U.S. were $825 million and $1.6 billion during the three and six months ended June 30, 2024, respectively. There was no other country from which we derived revenues that exceeded 10% of our total revenues and no single customer accounted for 10% or greater of our accounts receivable or revenues as at or for the three and six months ended June 30, 2024.
(3) Other segment items for each reportable segment are comprised of general and administrative and sales and marketing expenses, excluding stock-based compensation expense and depreciation, amortization and accretion expense.
We provide the following additional segment disclosures for the three and six months ended June 30, 2025 and 2024 (in millions):

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and amortization: |  |  |  |  |  |  |
Americas | $ | 272 |  |  | $ | 269 |  |  | $ | 541 |  |  | $ | 576 |
EMEA | 134 |  |  | 133 |  |  | 257 |  |  | 265 |
Asia-Pacific | 93 |  |  | 87 |  |  | 180 |  |  | 174 |
Total | $ | 499 |  |  | $ | 489 |  |  | $ | 978 |  |  | $ | 1,015 |
Capital expenditures: |  |  |  |  |  |  |
Americas | $ | 642 |  |  | $ | 393 |  |  | $ | 1,143 |  |  | $ | 818 |
EMEA | 252 |  |  | 146 |  |  | 423 |  |  | 337 |
Asia-Pacific | 95 |  |  | 109 |  |  | 173 |  |  | 200 |
Total | $ | 989 |  |  | $ | 648 |  |  | $ | 1,739 |  |  | $ | 1,355 |

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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, were located in the following geographic regions (in millions):

| Property, plant and equipment, net |  | Operating lease right-of-use assets
| June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024
Americas | $ | 9,817 |  |  | $ | 9,193 |  |  | $ | 369 |  |  | $ | 389 |
EMEA | 7,359 |  |  | 6,405 |  |  | 459 |  |  | 398 |
Asia-Pacific | 4,031 |  |  | 3,651 |  |  | 653 |  |  | 632 |
Total | $ | 21,207 |  |  | $ | 19,249 |  |  | $ | 1,481 |  |  | $ | 1,419 |

14. Subsequent Events
Declaration of dividends
On July 30, 2025, we declared a quarterly cash dividend of $4.69 per share, which is payable on September 17, 2025 to our common stockholders of record as of the close of business on August 20, 2025.
Enactment of U.S. Tax Legislation
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law. The OBBBA makes permanent or extends key elements of the Tax Cuts and Jobs Act (“TCJA”), including 100% bonus depreciation, domestic research cost expensing, the business interest expense limitation and the eligibility of ordinary REIT dividends for the qualified business income deduction. In addition, the OBBBA modifies the international tax provisions of the TCJA such as the global intangible low-taxed income inclusion and increases the REIT qualification threshold for the value of the REIT’s assets that may be represented by securities of one or more taxable REIT subsidiaries from 20% to 25%, effective for tax years beginning after December 31, 2025. We are currently evaluating the impact of this legislation on our condensed consolidated financial statements.
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Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations

The information in this discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, the words "believes," "anticipates," "plans," "expects," "intends" and similar expressions are intended to identify forward-looking statements. Our actual results and the timing of certain events may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such a discrepancy include, but are not limited to, those discussed in "Liquidity and Capital Resources" below and "Risk Factors" in Item 1A of Part II of this Quarterly Report on Form 10-Q. All forward-looking statements in this document are based on information available to us as of the date of this Report and we assume no obligation to update any such forward-looking statements.
Our management's discussion and analysis of financial condition and results of operations is intended to assist readers in understanding our financial information from our management's perspective and is presented as follows:
•Overview
•Results of Operations
•Non-GAAP Financial Measures
•Liquidity and Capital Resources
•Critical Accounting Policies and Estimates
•Recent Accounting Pronouncements
Overview
We provide a global, vendor-neutral data center, interconnection and edge solutions platform with offerings that aim to enable our customers to reach everywhere, interconnect everyone and integrate everything. Global enterprises, service providers and business ecosystems of industry partners rely on our IBX data centers and expertise around the world for the safe housing of their critical IT equipment and to protect and connect the world's most valued information assets. They also look to Platform Equinix® for the ability to directly and securely interconnect to the networks, clouds and content that enable today's information-driven global digital economy. Our recent IBX data center openings and acquisitions, as well as xScale TM data center investments, have expanded our total global footprint to 272 IBXs, including 21 xScale data centers and the MC1 and SN1 data centers that are held in unconsolidated joint ventures, across 76 markets around the world. We offer the following solutions:
•premium data center colocation;
•interconnection and data exchange solutions;
•edge solutions for deploying networking, security and hardware; and
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•remote expert support and professional services.
Our data centers around the world allow our customers to bring together and interconnect the infrastructure they need to fast-track their digital advantage. With Equinix, they can scale with agility, accelerate the launch of digital offerings, deliver world-class experiences and multiply their value. We enable them to differentiate by distributing infrastructure and removing the distance between clouds, users, and applications in order to reduce latency and deliver a superior customer, partner and employee experience. The Equinix global platform, and the quality of our offerings, have enabled us to establish a critical mass of customers. As more customers choose Platform Equinix for bandwidth cost and performance reasons, it benefits their suppliers and business partners to colocate in the same data centers and connect directly with each other. This adjacency creates a network effect that attracts new customers, continuously enhances our existing customers' value and enables them to capture further economic and performance benefits from our offerings.
Industry Overview:
While a large number of enterprises and service providers, such as hyperscale cloud service providers, own their own data centers, we believe the industry is shifting away from single-tenant solutions to customers outsourcing some or all of their IT housing and interconnection requirements to third-party facilities, such as those operated by Equinix. This shift is being accelerated by the increasing adoption of hybrid multi-cloud architectures and the adoption of artificial intelligence (“AI”).
Historically, the outsourcing market was served by large telecommunications carriers that bundled their products and services with their colocation offerings. The data center market landscape has evolved to include private and carrier-neutral multi-tenant data centers ("MTDC"), public and private cloud providers, managed infrastructure and application hosting providers, large hyperscale cloud providers and systems integrators. It is estimated that Equinix is one of more than 2,400 companies that provide MTDC offerings around the world. The global MTDC market is highly fragmented. Each of these data center solution providers can bundle various colocation, interconnection and network offerings, outsourced IT infrastructure solutions and managed services. We believe that this outsourcing trend has accelerated and is likely to continue to accelerate in the coming years, especially in light of the movement to digital business, the use of multiple cloud service providers, and the adoption of AI. We are able to offer our customers a global platform that reaches 36 countries with the industry’s largest and most active ecosystem of partners in our sites, proven operational reliability, improved application performance and a highly scalable set of offerings.
Capacity Trends:
Our cabinet utilization rate represents the percentage of cabinet space billed versus total cabinet capacity, which is used to measure how efficiently we are managing our cabinet capacity. Our cabinet utilization rate varies from market to market among our IBX data centers across our Americas, EMEA and Asia-Pacific regions. Our cabinet utilization rates were approximately 78% and 77% as of June 30, 2025 and 2024, respectively. We continue to monitor the available capacity in each of our selected markets. To the extent we have limited capacity available in a given market, it may limit our ability for growth in that market. We perform demand studies on an ongoing basis to determine if future expansion is warranted in a market. In addition, power and cooling requirements for most customers are growing on a per unit basis. As a result, customers are consuming an increasing amount of power per cabinet. Although we generally do not control the amount of power our customers draw from installed circuits, we have negotiated power consumption limitations with certain high power-demand customers. This increased power consumption, which we expect to accelerate with the adoption of AI, has driven us to build out our new IBX data centers to support power and cooling needs twice that of previous IBX data centers. We could face power limitations in our existing IBX data centers, even though we may have additional physical cabinet capacity available within a specific IBX data center, and in our ability to expand our footprint in existing and new markets. Additionally, global supply chain challenges could result in a lack of availability or delays in the delivery of data center equipment. These challenges have driven us to invest in and commit to future purchases in advance of our standard practice to mitigate risks associated with these supply chain issues. These constraints could have a negative impact on our ability to grow revenues, affecting our financial performance, results of operations and cash flows and the growth opportunities presented by the adoption of new technologies, including AI.
Expansion Opportunities:
To serve the needs of the growing hyperscale data center market, including the world's largest cloud service providers and increased demand driven in part by the adoption of AI, we have entered into joint venture partnership arrangements across our Americas, EMEA and Asia-Pacific regions to develop and operate xScale data centers.
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Strategically, we will continue to look at attractive opportunities to grow our market share and selectively improve our footprint and offerings. As was the case with our recent expansions and acquisitions, our expansion criteria will be dependent on a number of factors, including but not limited to demand from new and existing customers, power availability and capacity, quality of the design, access to networks, clouds and software partners, capacity availability in the current market location, amount of incremental investment required by us in the targeted property, automation capabilities, developer talent pool, lead-time to break even on a free cash flow basis and in-place customers. Like our recent expansions and acquisitions, the right combination of these factors may be attractive to us. Depending on the circumstances, these transactions may require additional capital expenditures funded by upfront cash payments or through long-term financing arrangements in order to bring these properties up to our standards. Property expansion may be in the form of purchases of real property, long-term leasing arrangements or acquisitions. Future purchases, construction or acquisitions may be completed by us or with partners or potential customers to minimize the outlay of cash, which can be significant.
Revenue:
Our business is primarily based on a recurring revenue model comprised of colocation and related interconnection and managed infrastructure offerings. We consider these offerings recurring because our customers are generally billed on a fixed and recurring basis each month for the duration of their contract, which is generally one to five years in length, and thereafter automatically renews in one-year increments. Our recurring revenues have comprised more than 90% of our total revenues during the past three years. In addition, during the past three years, more than 90% of our monthly recurring revenue bookings came from existing customers, contributing to our revenue growth. Our largest customer accounted for approximately 3% of our recurring revenues for both the three and six months ended June 30, 2025 and 2024. Our 50 largest customers accounted for approximately 36% of our recurring revenues for both the three and six months ended June 30, 2025 and 2024.
Our non-recurring revenues are primarily derived from fees charged from installations related to a customer's initial deployment and professional services we perform for our customers, including our joint ventures. These services are considered to be non-recurring because they are billed typically once, upon completion of the installation or the professional services work performed. The majority of these non-recurring revenues are typically billed on the first invoice distributed to the customer in connection with their initial installation. However, revenues from installations are deferred and recognized ratably over the period of the contract term. Additionally, revenue from contract settlements, when a customer wishes to terminate their contract early, is generally treated as a contract modification and recognized ratably over the remaining term of the contract, if any. As a percentage of total revenues, we expect non-recurring revenues to represent less than 10% of total revenues for the foreseeable future.
Operating Expenses:
Cost of Revenues. The largest components of our cost of revenues are depreciation, rental payments related to our leased IBX data centers, utility costs, including electricity, bandwidth access, IBX data center employees' salaries and benefits, including stock-based compensation, repairs and maintenance, supplies and equipment, and security. A majority of our cost of revenues is fixed in nature and should not vary significantly from period to period, unless we expand our existing IBX data centers or open or acquire new IBX data centers. However, there are certain costs that are considered more variable in nature, including utilities and supplies that are directly related to growth in our existing and new customer base. In addition, the cost of electricity is generally higher in the summer months, as compared to other times of the year. Our costs of electricity may also increase as a result of the physical
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effects of climate change, global energy supply constraints, increased regulations driving alternative electricity generation due to environmental considerations or as a result of our election to use renewable energy sources. To the extent we incur increased utility costs, such increased costs could materially impact our financial condition, results of operations and cash flows.
Sales and Marketing. Our sales and marketing expenses consist primarily of compensation and related costs for sales and marketing personnel, including stock-based compensation, amortization of contract costs, marketing programs, public relations, promotional materials and travel, as well as bad debt expense and amortization of customer relationship intangible assets.
General and Administrative. Our general and administrative expenses consist primarily of salaries and related expenses, including stock-based compensation, accounting, legal and other professional service fees, and other general corporate expenses, such as our corporate regional headquarters office leases and depreciation expense on back office systems.
Taxation as a REIT:
We elected to be taxed as a REIT for U.S. federal income tax purposes beginning with our 2015 taxable year. As of June 30, 2025, our REIT structure included a majority of our data center operations in the Americas and EMEA regions, as well as the data center operations in Japan, Singapore, and Malaysia. Our data center operations in other jurisdictions are operated as taxable REIT subsidiaries ("TRSs"). We have also included our share of the assets in xScale joint ventures (with the exception of Korea) in our REIT structure.
As a REIT, we generally are permitted to deduct from our U.S. federal taxable income the dividends we pay to our stockholders. The taxable income represented by such dividends is not subject to U.S. federal income taxes at the entity level but is taxed in the U.S., if at all, at the stockholder level. Depending on a shareholder’s citizenry and residency, the income could be taxed by other jurisdictions as well. Nevertheless, the income of our TRSs which hold our U.S. operations is subject to U.S. federal and state corporate income taxes, as applicable. Likewise, our foreign subsidiaries continue to be subject to local income taxes in jurisdictions in which they hold assets or conduct operations, regardless of whether held or conducted through TRSs or through qualified REIT subsidiaries ("QRSs") for U.S. income tax purposes. We are also subject to a separate U.S. federal corporate income tax on any gain recognized from a sale of a REIT asset where our basis in the asset is determined by reference to the basis of the asset in the hands of a C corporation (such as an asset held by us or a QRS following the liquidation or other conversion of a former TRS). This built-in-gain tax is generally applicable to any disposition of such an asset during the five-year period after the date we first owned the asset as a REIT asset to the extent of the built-in-gain based on the fair market value of such asset on the date we first held the asset as a REIT asset. In addition, should we recognize any gain from "prohibited transactions," we will be subject to tax on this gain at a 100% rate. "Prohibited transactions," for this purpose, are defined as dispositions of inventory or property held primarily for sale to customers in the ordinary course of a trade or business other than dispositions of foreclosure property and other than dispositions excepted by statutory safe harbors. If we fail to remain qualified for U.S. federal income taxation as a REIT, we will be subject to U.S. federal income taxes at regular corporate income tax rates. Even if we remain qualified for U.S. federal income taxation as a REIT, we may be subject to some federal, state, local and foreign taxes on our income and property in addition to taxes owed with respect to our TRSs' operations. In particular, while state income tax regimes often parallel the U.S. federal income tax regime for REITs, many states do not completely follow federal rules, and some may not follow them at all.
We continue to monitor our REIT compliance in order to maintain our qualification for U.S. federal income taxation as a REIT. For this and other reasons, as necessary, we may convert some of our data center operations in other countries into the REIT structure in future periods.
On June 18, 2025, we paid a quarterly cash dividend of $4.69 per share. On July 30, 2025, we declared a quarterly cash dividend of $4.69 per share, payable on September 17, 2025, to our common stockholders of record as of the close of business on August 20, 2025. We expect all of our 2025 quarterly distributions and other applicable distributions to equal or exceed our REIT taxable income to be recognized in 2025.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law. The OBBBA makes permanent or extends key elements of the Tax Cuts and Jobs Act (“TCJA”), including 100% bonus depreciation, domestic research cost expensing, the business interest expense limitation and the eligibility of ordinary REIT dividends for the qualified business income deduction. In addition, the OBBBA modifies the international tax provisions of the TCJA such as the global intangible low-taxed income inclusion and increases the REIT qualification threshold for the value of the REIT’s assets that may be represented by securities of one or more taxable REIT subsidiaries from
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20% to 25%, effective for tax years beginning after December 31, 2025. We are currently evaluating the impact of this legislation on our condensed consolidated financial statements.
2025 Highlights:
•In February and March, we sold 107,493 shares on a spot basis under the 2024 ATM Program for approximately $99 million, net of commissions and other offering expenses. See Note 11 within the condensed consolidated financial statements.
•In March, we issued SGD500 million, or approximately $370 million, at the exchange rate in effect on issuance, of senior notes due in 2030. See Note 9 within the condensed consolidated financial statements.
•In May, we issued €1.5 billion, or approximately $1.7 billion, at the exchange rate in effect on issuance, of senior notes due in 2029 and 2034. See Note 9 within the condensed consolidated financial statements.
•In June, we completed our acquisition of all outstanding shares of TIM NextGen DC Corporation, consisting of three data centers in the Philippines, for total purchase consideration of $183 million. See Note 4 within the condensed consolidated financial statements.
Results of Operations
In order to provide a framework for assessing our performance excluding the impact of foreign currency fluctuations, we supplement the year-over-year actual change in results of operations with comparative changes on a constant currency basis. Presenting constant currency results of operations is a non-GAAP financial measure. See “Non-GAAP Financial Measures” below for further discussion.
Three Months Ended June 30, 2025 and 2024
Revenues. Our revenues for the three months ended June 30, 2025 and 2024 were generated from the following revenue classifications and geographic regions ($ in millions):

| Three Months Ended June 30, |  | $ Change |  | % Change
| 2025 |  | % |  | 2024 |  | % |  | Actual |  | Actual |  | Constant Currency (1)
Americas: |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring revenues | $ | 951 |  |  | 43 | % |  | $ | 916 |  |  | 42 | % |  | $ | 35 |  |  | 4 | % |  | 5 | %
Non-recurring revenues | 53 |  |  | 2 | % |  | 50 |  |  | 2 | % |  | 3 |  |  | 6 | % |  | 9 | %
| 1,004 |  |  | 45 | % |  | 966 |  |  | 44 | % |  | 38 |  |  | 4 | % |  | 5 | %
EMEA: |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring revenues | 732 |  |  | 32 | % |  | 685 |  |  | 32 | % |  | 47 |  |  | 7 | % |  | 6 | %
Non-recurring revenues | 35 |  |  | 2 | % |  | 36 |  |  | 2 | % |  | (1) |  |  | (3) | % |  | (7) | %
| 767 |  |  | 34 | % |  | 721 |  |  | 34 | % |  | 46 |  |  | 6 | % |  | 5 | %
Asia-Pacific: |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring revenues | 460 |  |  | 20 | % |  | 423 |  |  | 20 | % |  | 37 |  |  | 9 | % |  | 6 | %
Non-recurring revenues | 25 |  |  | 1 | % |  | 49 |  |  | 2 | % |  | (24) |  |  | (49) | % |  | (51) | %
| 485 |  |  | 21 | % |  | 472 |  |  | 22 | % |  | 13 |  |  | 3 | % |  | 1 | %
Total: |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring revenues | 2,143 |  |  | 95 | % |  | 2,024 |  |  | 94 | % |  | 119 |  |  | 6 | % |  | 5 | %
Non-recurring revenues | 113 |  |  | 5 | % |  | 135 |  |  | 6 | % |  | (22) |  |  | (16) | % |  | (17) | %
| $ | 2,256 |  |  | 100 | % |  | $ | 2,159 |  |  | 100 | % |  | $ | 97 |  |  | 4 | % |  | 4 | %

(1)As defined in the "Non-GAAP Financial Measures" section in Item 2 of this Quarterly Report on Form 10-Q.
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Revenues
(in millions)
Americas Revenues. During the three months ended June 30, 2025, Americas revenues increased by $38 million or 4% (5% on a constant currency basis). Growth in Americas revenues was primarily due to:
•approximately $32 million of incremental revenues generated from IBX data center expansion projects which were completed within the twelve months ended June 30, 2025; and
•an increase in orders from both our existing customers and new customers during the period.
The increase was partially offset by a decrease of $9 million in revenues from non-recurring services provided to our joint ventures.
EMEA Revenues. During the three months ended June 30, 2025, EMEA revenues increased by $46 million or 6% (5% on a constant currency basis). Growth in EMEA revenues was primarily due to:
•approximately $11 million of incremental revenues generated from IBX data center expansion projects which were completed within the twelve months ended June 30, 2025; and
•an increase in orders from both our existing customers and new customers during the period.
Asia-Pacific Revenues. During the three months ended June 30, 2025, Asia-Pacific revenues increased by $13 million or 3% (1% on a constant currency basis). Growth in Asia-Pacific revenues was primarily due to:
•approximately $12 million of incremental revenues generated from IBX data center expansion projects which were completed within the twelve months ended June 30, 2025;
•an increase in orders from both our existing customers and new customers during the period.
The increase was partially offset by a decrease of $25 million in revenues from non-recurring services provided to our joint ventures.
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Cost of Revenues. Our cost of revenues for the three months ended June 30, 2025 and 2024 by geographic regions was as follows ($ in millions):

| Three Months Ended June 30, |  | $ Change |  | % Change
| 2025 |  | % |  | 2024 |  | % |  | Actual |  | Actual |  | Constant Currency
Americas | $ | 451 |  |  | 41 | % |  | $ | 430 |  |  | 40 | % |  | $ | 21 |  |  | 5 | % |  | 6 | %
EMEA | 388 |  |  | 36 | % |  | 421 |  |  | 39 | % |  | (33) |  |  | (8) | % |  | (9) | %
Asia-Pacific | 245 |  |  | 23 | % |  | 231 |  |  | 21 | % |  | 14 |  |  | 6 | % |  | 4 | %
Total | $ | 1,084 |  |  | 100 | % |  | $ | 1,082 |  |  | 100 | % |  | $ | 2 |  |  | — | % |  | — | %

Cost of Revenues
($ in millions; percentages indicate expenses as a percentage of revenues)
Americas Cost of Revenues. During the three months ended June 30, 2025, Americas cost of revenues increased by $21 million or 5% (6% on a constant currency basis). The increase in our Americas cost of revenues was primarily due to:
•$7 million of higher utilities costs; and
•$5 million of higher costs to provide non-recurring services.
The remainder of the increase is driven by higher costs in repairs and maintenance, compensation and depreciation.
EMEA Cost of Revenues. During the three months ended June 30, 2025, EMEA cost of revenues decreased by $33 million or 8% (9% on a constant currency basis). The decrease in our EMEA cost of revenues was primarily driven by decreases in power costs.
Asia-Pacific Cost of Revenues. During the three months ended June 30, 2025, Asia-Pacific cost of revenues increased by $14 million or 6% (4% on a constant currency basis) primarily due to $5 million of higher depreciation driven by IBX expansions and higher repairs & maintenance and compensation costs.
We expect cost of revenues to increase across all three regions in line with the growth of our business.
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Sales and Marketing Expenses. Our sales and marketing expenses for the three months ended June 30, 2025 and 2024 by geographic regions were as follows ($ in millions):

| Three Months Ended June 30, |  | $ Change |  | % Change
| 2025 |  | % |  | 2024 |  | % |  | Actual |  | Actual |  | Constant Currency
Americas | $ | 141 |  |  | 64 | % |  | $ | 143 |  |  | 66 | % |  | $ | (2) |  |  | (1) | % |  | (1) | %
EMEA | 51 |  |  | 23 | % |  | 49 |  |  | 22 | % |  | 2 |  |  | 4 | % |  | 4 | %
Asia-Pacific | 29 |  |  | 13 | % |  | 27 |  |  | 12 | % |  | 2 |  |  | 7 | % |  | 5 | %
Total | $ | 221 |  |  | 100 | % |  | $ | 219 |  |  | 100 | % |  | $ | 2 |  |  | 1 | % |  | 1 | %

Sales and Marketing Expenses
($ in millions; percentages indicate expenses as a percentage of revenues)
Americas Sales and Marketing Expenses. Our Americas sales and marketing expense did not materially change during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.
EMEA Sales and Marketing Expenses. Our EMEA sales and marketing expense did not materially change during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.
Asia-Pacific Sales and Marketing Expenses. Our Asia-Pacific sales and marketing expense did not materially change during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.
We anticipate that we will continue to invest in sales and marketing initiatives to support the growth of our business. We expect our Americas sales and marketing expenses as a percentage of revenues to continue to be higher than those of our other regions since certain global sales and marketing functions are located within the U.S.
General and Administrative Expenses. Our general and administrative expenses for the three months ended June 30, 2025 and 2024 by geographic regions were as follows ($ in millions):

| Three Months Ended June 30, |  | $ Change |  | % Change
| 2025 |  | % |  | 2024 |  | % |  | Actual |  | Actual |  | Constant Currency
Americas | $ | 305 |  |  | 67 | % |  | $ | 295 |  |  | 68 | % |  | $ | 10 |  |  | 3 | % |  | 4 | %
EMEA | 88 |  |  | 20 | % |  | 84 |  |  | 19 | % |  | 4 |  |  | 5 | % |  | 2 | %
Asia-Pacific | 58 |  |  | 13 | % |  | 58 |  |  | 13 | % |  | — |  |  | — | % |  | (1) | %
Total | $ | 451 |  |  | 100 | % |  | $ | 437 |  |  | 100 | % |  | $ | 14 |  |  | 3 | % |  | 3 | %

General and Administrative Expenses
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($ in millions; percentages indicate expenses as a percentage of revenues)
Americas General and Administrative Expenses. During the three months ended June 30, 2025, Americas general and administrative expenses increased by $10 million or 3% (4% on a constant currency basis) primarily due to $5 million of higher office expenses due to additional software and support services and depreciation expense associated with back-office systems.
EMEA General and Administrative Expenses. Our EMEA general and administrative expenses did not materially change during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.
Asia-Pacific General and Administrative Expenses. Our Asia-Pacific general and administrative expenses did not materially change during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.
Going forward, although we are carefully monitoring our spending, we will continue to invest in our operations to support our growth, including investments to enhance our technology platform, to maintain our qualification for taxation as a REIT and to integrate recent acquisitions. Additionally, since our corporate headquarters is located in the U.S., we expect the Americas general and administrative expenses as a percentage of revenues to continue to be higher than other regions.
Restructuring Charges. We did not record a significant amount of restructuring charges during the three months ended June 30, 2025 and 2024.
Transaction Costs. We did not record a significant amount of transaction costs during the three months ended June 30, 2025 and 2024.
Gain or Loss on Asset Sales. We did not record a significant gain or loss on asset sales during the three months ended June 30, 2025. During the three months ended June 30, 2024, we recorded a gain of $18 million, primarily related to the sale of the Silicon Valley 12 ("SV12x") data center.
Income from Operations. Our income from operations for the three months ended June 30, 2025 and 2024 by geographic regions was as follows ($ in millions):

| Three Months Ended June 30, |  | $ Change |  | % Change
| 2025 |  | % |  | 2024 |  | % |  | Actual |  | Actual |  | Constant Currency
Americas | $ | 102 |  |  | 21 | % |  | $ | 113 |  |  | 26 | % |  | $ | (11) |  |  | (10) | % |  | (8) | %
EMEA | 239 |  |  | 48 | % |  | 167 |  |  | 38 | % |  | 72 |  |  | 43 | % |  | 44 | %
Asia-Pacific | 153 |  |  | 31 | % |  | 156 |  |  | 36 | % |  | (3) |  |  | (2) | % |  | (4) | %
Total | $ | 494 |  |  | 100 | % |  | $ | 436 |  |  | 100 | % |  | $ | 58 |  |  | 13 | % |  | 13 | %

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Americas Income from Operations. During the three months ended June 30, 2025, Americas income from operations decreased by $11 million or 10% (8% on a constant currency basis), primarily due to the gain recognized on the sale of the SV12x data center in the prior year, and higher utilities costs. This was partially offset by higher revenues as a result of our IBX data center expansion activity and organic growth, as described above.
EMEA Income from Operations. During the three months ended June 30, 2025, EMEA income from operations increased by $72 million or 43% (44% on a constant currency basis), primarily due to higher revenues as a result of IBX data center expansion activity and organic growth, and lower utilities costs as described above.
Asia-Pacific Income from Operations. Our Asia-Pacific income from operations did not materially change during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 due to the increase in revenues being offset by higher costs to support business growth.
Interest Income. Interest income was $52 million for the three months ended June 30, 2025 and was $29 million for the three months ended June 30, 2024. The increase was primarily due to interest income earned on a higher average balance of cash, cash equivalents and short-term investments as well as on the AMER 2 Loan further described in Note 5 within the condensed consolidated financial statements.
Interest Expense. Interest expense increased to $135 million for the three months ended June 30, 2025 from $110 million for the three months ended June 30, 2024, primarily due to the following debt issuances:
•the issuance of the 3.650% Euro Senior Notes due 2033 and the 1.558% Swiss Franc Senior Notes due 2029 in the third quarter of 2024;
•the issuance of the 3.250% Euro Senior Notes due 2031 and the 3.625% Euro Senior Notes due 2034 in the fourth quarter of 2024;
•the issuance of the 3.500% SGD Notes due 2030 in the first quarter of 2025; and
•the issuance of the 3.250% Euro Senior Notes due 2029 and the 4.000% Euro Senior Notes due 2034 in the second quarter of 2025.
The increase to interest expense driven by debt issuances was partially offset by the repayment of the 2.625% Senior Notes in the fourth quarter of 2024.
During the three months ended June 30, 2025 and 2024, we capitalized $14 million and $9 million, respectively, of interest expense to construction in progress. See Note 9 within the condensed consolidated financial statements.
Other Income or Expense. We did not record a significant amount of other income or expense during the three months ended June 30, 2025 and 2024.
Gain or Loss on Debt Extinguishment. We did not record a significant amount of gain or loss on debt extinguishment during the three months ended June 30, 2025 and 2024.
Income Taxes. We operate as a REIT for U.S. federal income tax purposes. As a REIT, we are generally not subject to U.S. federal income taxes on our taxable income distributed to stockholders. We intend to distribute or have distributed the entire taxable income generated by the operations of our REIT and QRSs for the tax years ending December 31, 2025 and 2024, respectively. As such, other than certain state income taxes and foreign income and withholding taxes, no provision for income taxes has been included for our REIT and QRSs in the condensed consolidated financial statements for the three months ended June 30, 2025 and 2024.
We have made TRS elections for some of our subsidiaries in and outside the U.S. In general, a TRS may provide services that would otherwise be considered impermissible for REITs to provide and may hold assets that may not be REIT compliant.
U.S. income taxes for the TRS entities located in the U.S. and foreign income taxes for our foreign operations, regardless of whether the foreign operations are operated as QRSs or TRSs, have been accrued, as necessary, for the three months ended June 30, 2025 and 2024.
For the three months ended June 30, 2025 and 2024, we recorded $38 million and $47 million of income tax expense, respectively. Our effective tax rates were 9.4% and 13.5% for the three months ended June 30, 2025 and 2024, respectively. The decrease in the effective tax rate for the three months ended June 30, 2025 as compared to the same period in 2024 was primarily due to higher income in the U.S. and Canada that did not result in higher tax
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expense in the current period due to the REIT status in the U.S. and the utilization of net operating loss carryforwards in Canada.
Adjusted EBITDA. Adjusted EBITDA is a key factor in how we assess the operating performance of our segments and develop regional growth strategies such as IBX data center expansion decisions. We define adjusted EBITDA as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs, and gain or loss on asset sales. See "Non-GAAP Financial Measures" below for more information about adjusted EBITDA and a reconciliation of adjusted EBITDA to net income. Our adjusted EBITDA for the three months ended June 30, 2025 and 2024 by geographic regions was as follows ($ in millions):

| Three Months Ended June 30, |  | $ Change |  | % Change
| 2025 |  | % |  | 2024 |  | % |  | Actual |  | Actual |  | Constant Currency
Americas | $ | 466 |  |  | 42 | % |  | $ | 451 |  |  | 44 | % |  | $ | 15 |  |  | 3 | % |  | 4 | %
EMEA | 399 |  |  | 35 | % |  | 324 |  |  | 31 | % |  | 75 |  |  | 23 | % |  | 22 | %
Asia-Pacific | 264 |  |  | 23 | % |  | 261 |  |  | 25 | % |  | 3 |  |  | 1 | % |  | (1) | %
Total | $ | 1,129 |  |  | 100 | % |  | $ | 1,036 |  |  | 100 | % |  | $ | 93 |  |  | 9 | % |  | 8 | %

Americas Adjusted EBITDA. During the three months ended June 30, 2025, Americas adjusted EBITDA increased by $15 million or 3% (4% on a constant currency basis), primarily due to higher revenues as a result of IBX data center expansion activity and organic growth, partially offset by an increase in costs to support business growth, as described above.
EMEA Adjusted EBITDA. During the three months ended June 30, 2025, EMEA adjusted EBITDA increased by $75 million or 23% (22% on a constant currency basis), primarily due to higher revenues as a result of our IBX data center expansion activity and organic growth, and lower utilities costs as described above.
Asia-Pacific Adjusted EBITDA. Our Asia-Pacific adjusted EBITDA did not materially change during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.
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Six Months Ended June 30, 2025 and 2024
Revenues. Our revenues for the six months ended June 30, 2025 and 2024 were generated from the following revenue classifications and geographic regions ($ in millions):

| Six Months Ended June 30, |  | $ Change |  | % Change
| 2025 |  | % |  | 2024 |  | % |  | Actual |  | Actual |  | Constant Currency (1)
Americas: |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring revenues | $ | 1,882 |  |  | 43 | % |  | $ | 1,810 |  |  | 42 | % |  | $ | 72 |  |  | 4 | % |  | 5 | %
Non-recurring revenues | 123 |  |  | 3 | % |  | 95 |  |  | 2 | % |  | 28 |  |  | 29 | % |  | 32 | %
| 2,005 |  |  | 46 | % |  | 1,905 |  |  | 44 | % |  | 100 |  |  | 5 | % |  | 7 | %
EMEA: |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring revenues | 1,448 |  |  | 32 | % |  | 1,376 |  |  | 32 | % |  | 72 |  |  | 5 | % |  | 5 | %
Non-recurring revenues | 62 |  |  | 1 | % |  | 72 |  |  | 2 | % |  | (10) |  |  | (14) | % |  | (15) | %
| 1,510 |  |  | 33 | % |  | 1,448 |  |  | 34 | % |  | 62 |  |  | 4 | % |  | 4 | %
Asia-Pacific: |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring revenues | 900 |  |  | 20 | % |  | 848 |  |  | 20 | % |  | 52 |  |  | 6 | % |  | 7 | %
Non-recurring revenues | 66 |  |  | 1 | % |  | 85 |  |  | 2 | % |  | (19) |  |  | (22) | % |  | (22) | %
| 966 |  |  | 21 | % |  | 933 |  |  | 22 | % |  | 33 |  |  | 4 | % |  | 4 | %
Total: |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring revenues | 4,230 |  |  | 95 | % |  | 4,034 |  |  | 94 | % |  | 196 |  |  | 5 | % |  | 6 | %
Non-recurring revenues | 251 |  |  | 5 | % |  | 252 |  |  | 6 | % |  | (1) |  |  | — | % |  | — | %
| $ | 4,481 |  |  | 100 | % |  | $ | 4,286 |  |  | 100 | % |  | $ | 195 |  |  | 5 | % |  | 5 | %

(1)As defined in the "Non-GAAP Financial Measures" section in Item 2 of this Quarterly Report on Form 10-Q.
Revenues
(in millions)
Americas Revenues. During the six months ended June 30, 2025, Americas revenues increased by $100 million or 5% (7% on a constant currency basis). Growth in Americas revenues was primarily due to:
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•approximately $56 million of incremental revenues generated from IBX data center expansion projects which were completed within the twelve months ended June 30, 2025;
•$16 million of incremental revenues from non-recurring services provided to our joint ventures; and
•an increase in orders from both our existing customers and new customers during the period.
EMEA Revenues. During the six months ended June 30, 2025, EMEA revenues increased by $62 million or 4% (4% on a constant currency basis). Growth in EMEA revenues was primarily due to:
•approximately $16 million of incremental revenues generated from IBX data center expansion projects which were completed within the twelve months ended June 30, 2025; and
•an increase in orders from both our existing customers and new customers during the period.
Asia-Pacific Revenues. During the six months ended June 30, 2025, Asia-Pacific revenues increased by $33 million or 4% (4% on a constant currency basis). Growth in Asia-Pacific revenues was primarily due to:
•approximately $21 million of incremental revenues generated from IBX data center expansion projects which were completed within the twelve months ended June 30, 2025; and
•an increase in orders from both our existing customers and new customers during the period.
The increase was partially offset by a decrease of $30 million in revenues from non-recurring services provided to our joint ventures.
Cost of Revenues. Our cost of revenues for the six months ended June 30, 2025 and 2024 by geographic regions was as follows ($ in millions):

| Six Months Ended June 30, |  | $ Change |  | % Change
| 2025 |  | % |  | 2024 |  | % |  | Actual |  | Actual |  | Constant Currency
Americas | $ | 902 |  |  | 42 | % |  | $ | 870 |  |  | 40 | % |  | $ | 32 |  |  | 4 | % |  | 5 | %
EMEA | 781 |  |  | 36 | % |  | 849 |  |  | 39 | % |  | (68) |  |  | (8) | % |  | (8) | %
Asia-Pacific | 485 |  |  | 22 | % |  | 454 |  |  | 21 | % |  | 31 |  |  | 7 | % |  | 7 | %
Total | $ | 2,168 |  |  | 100 | % |  | $ | 2,173 |  |  | 100 | % |  | $ | (5) |  |  | — | % |  | 1 | %

Cost of Revenues
($ in millions; percentages indicate expenses as a percentage of revenues)
Americas Cost of Revenues. During the six months ended June 30, 2025, Americas cost of revenues increased by $32 million or 4% (5% on a constant currency basis). The increase in our Americas cost of revenues was primarily due to:
•$16 million of higher costs to provide non-recurring services; and
•$12 million of higher utilities costs, driven by increases in power costs.
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The remainder of the increase was driven by higher costs across various categories including decommissioning, repairs and maintenance, partially offset by a decrease of $13 million in depreciation expense due to the acceleration of depreciation for certain assets with shortened useful lives during the comparative period.
EMEA Cost of Revenues. During the six months ended June 30, 2025, EMEA cost of revenues decreased by $68 million or 8% (8% on a constant currency basis). The decrease in our EMEA cost of revenues was primarily driven by decreases in power costs, partially offset by higher compensation costs including salaries, bonuses and stock-based compensation, primarily due to headcount growth.
Asia-Pacific Cost of Revenues. During the six months ended June 30, 2025, Asia-Pacific cost of revenues increased by $31 million or 7% (7% on a constant currency basis). The increase in our Asia-Pacific cost of revenues was primarily due to:
•$19 million of higher costs to provide non-recurring services; and
•$5 million of higher depreciation expense driven by IBX data center expansions.
The remainder of the increase is driven by higher compensation costs, including salaries, bonuses and stock-based compensation, primarily due to headcount growth.
We expect cost of revenues to increase across all three regions in line with the growth of our business.
Sales and Marketing Expenses. Our sales and marketing expenses for the six months ended June 30, 2025 and 2024 by geographic regions were as follows ($ in millions):

| Six Months Ended June 30, |  | $ Change |  | % Change
| 2025 |  | % |  | 2024 |  | % |  | Actual |  | Actual |  | Constant Currency
Americas | $ | 294 |  |  | 65 | % |  | $ | 295 |  |  | 66 | % |  | $ | (1) |  |  | — | % |  | 1 | %
EMEA | 102 |  |  | 23 | % |  | 94 |  |  | 21 | % |  | 8 |  |  | 9 | % |  | 7 | %
Asia-Pacific | 54 |  |  | 12 | % |  | 56 |  |  | 13 | % |  | (2) |  |  | (4) | % |  | (1) | %
Total | $ | 450 |  |  | 100 | % |  | $ | 445 |  |  | 100 | % |  | $ | 5 |  |  | 1 | % |  | 2 | %

Sales and Marketing Expenses
($ in millions; percentages indicate expenses as a percentage of revenues)
Americas Sales and Marketing Expenses. Our Americas sales and marketing expense did not materially change during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
EMEA Sales and Marketing Expenses. During the six months ended June 30, 2025, EMEA sales and marketing expense increased by $8 million or 9% (7% on a constant currency basis) primarily due to higher bad debt expense.
Asia-Pacific Sales and Marketing Expenses. Our Asia-Pacific sales and marketing expense did not materially change during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
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We anticipate that we will continue to invest in sales and marketing initiatives to support the growth of our business. We expect our Americas sales and marketing expenses as a percentage of revenues to be higher than those of our other regions since certain global sales and marketing functions are located within the U.S.
General and Administrative Expenses. Our general and administrative expenses for the six months ended June 30, 2025 and 2024 by geographic regions were as follows ($ in millions):

| Six Months Ended June 30, |  | $ Change |  | % Change
| 2025 |  | % |  | 2024 |  | % |  | Actual |  | Actual |  | Constant Currency
Americas | $ | 605 |  |  | 68 | % |  | $ | 604 |  |  | 68 | % |  | $ | 1 |  |  | — | % |  | 1 | %
EMEA | 168 |  |  | 19 | % |  | 164 |  |  | 19 | % |  | 4 |  |  | 2 | % |  | 1 | %
Asia-Pacific | 116 |  |  | 13 | % |  | 113 |  |  | 13 | % |  | 3 |  |  | 3 | % |  | 2 | %
Total | $ | 889 |  |  | 100 | % |  | $ | 881 |  |  | 100 | % |  | $ | 8 |  |  | 1 | % |  | 1 | %

General and Administrative Expenses
($ in millions; percentages indicate expenses as a percentage of revenues)
Americas General and Administrative Expenses. Our Americas general and administrative expenses did not materially change during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
EMEA General and Administrative Expenses. Our EMEA general and administrative expenses did not materially change during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
Asia-Pacific General and Administrative Expenses. Our Asia-Pacific general and administrative expenses did not materially change during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
Going forward, although we are carefully monitoring our spending, we will continue to invest in our operations to support our growth, including investments to enhance our technology platform, to maintain our qualification for taxation as a REIT and to integrate recent acquisitions. Additionally, given that our corporate headquarters is located in the U.S., we expect the Americas general and administrative expenses as a percentage of revenues to be higher than those of other regions.
Restructuring Charges. During the six months ended June 30, 2025, we recorded restructuring charges of $12 million primarily related to severance and other employee costs. We did not record any restructuring charges during the six months ended June 30, 2024. See Note 12 within the condensed consolidated financial statements.
Transaction costs. During the six months ended June 30, 2025 and 2024, we recorded transaction costs totaling $9 million and $5 million, respectively. These transaction costs were incurred in connection with evaluating acquisition opportunities and the formation of new joint ventures. See Note 5 within the condensed consolidated financial statements.
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Gain or Loss on Asset Sales. During the six months ended June 30, 2025, we did not record a significant amount of gain or loss on asset sales. During the six months ended June 30, 2024, we recorded a gain of $18 million, primarily related to the sale of the Silicon Valley 12 ("SV12") data center. See Note 5 within the condensed consolidated financial statements.
Income from Operations. Our income from operations for the six months ended June 30, 2025 and 2024 by geographic regions was as follows ($ in millions):

| Six Months Ended June 30, |  | $ Change |  | % Change
| 2025 |  | % |  | 2024 |  | % |  | Actual |  | Actual |  | Constant Currency
Americas | $ | 188 |  |  | 20 | % |  | $ | 150 |  |  | 18 | % |  | $ | 38 |  |  | 25 | % |  | 29 | %
EMEA | 454 |  |  | 47 | % |  | 340 |  |  | 43 | % |  | 114 |  |  | 34 | % |  | 33 | %
Asia-Pacific | 310 |  |  | 33 | % |  | 310 |  |  | 39 | % |  | — |  |  | — | % |  | — | %
Total | $ | 952 |  |  | 100 | % |  | $ | 800 |  |  | 100 | % |  | $ | 152 |  |  | 19 | % |  | 19 | %

Americas Income from Operations. During the six months ended June 30, 2025, Americas income from operations increased by $38 million or 25% (29% on a constant currency basis), primarily due to higher revenues as a result of non-recurring services provided to our joint ventures, IBX data center expansion activity and organic growth. This was partially offset by the non-recurring gain recognized on the sale of the SV12x data center in the prior year and higher costs of revenue, as described above .
EMEA Income from Operations. During the six months ended June 30, 2025, EMEA income from operations increased by $114 million or 34% (33% on a constant currency basis), primarily due to higher revenues as a result of IBX data center expansion activity, organic growth and lower utilities costs, as described above.
Asia-Pacific Income from Operations.Our Asia-Pacific income from operations did not materially change during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 due to the increase in revenues being offset by higher costs to support business growth, as described above.
Interest Income. Interest income was $99 million for the six months ended June 30, 2025 and was $53 million for the six months ended June 30, 2024. The increase was primarily due to interest income earned on a higher average balance of cash, cash equivalents and short-term investments as well as on the AMER 2 Loan further described in Note 5 within the condensed consolidated financial statements.
Interest Expense. Interest expense increased to $257 million for the six months ended June 30, 2025 from $214 million for the six months ended June 30, 2024, primarily due to the following debt issuances:
•the issuance of the 5.500% Senior Notes due 2034 in the second quarter of 2024;
•the issuance of the 3.650% Euro Senior Notes due 2033 and the 1.558% Swiss Franc Senior Notes due 2029 in the third quarter of 2024;
•the issuance of the 3.250% Euro Senior Notes due 2031 and the 3.625% Euro Senior Notes due 2034 in the fourth quarter of 2024;
•the issuance of the 3.500% SGD Notes due 2030 in the first quarter of 2025; and
•the issuance of the 3.250% Euro Senior Notes due 2029 and the 4.000% Euro Senior Notes due 2034 in the second quarter of 2025.
The increase to interest expense driven by debt issuances was partially offset by the repayment of the 2.625% Senior Notes in the fourth quarter of 2024.
During the six months ended June 30, 2025 and 2024, we capitalized $25 million and $18 million, respectively, of interest expense to construction in progress. See Note 9 within the condensed consolidated financial statements.
Other Income or Expense. We did not record a significant amount of other income or expense during the six months ended June 30, 2025. We recorded net other expense of $13 million during the six months ended June 30, 2024, which includes $11 million of our share of losses of equity method investments. See Note 5 within the condensed consolidated financial statements.
Gain or Loss on Debt Extinguishment. We did not record a significant amount of gain or loss on debt extinguishment during the six months ended June 30, 2025 and 2024.
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Income Taxes. We operate as a REIT for U.S. federal income tax purposes. As a REIT, we are generally not subject to U.S. federal income taxes on our taxable income distributed to stockholders. We intend to distribute or have distributed the entire taxable income generated by the operations of our REIT and QRSs for the tax years ending December 31, 2025 and 2024, respectively. As such, other than certain state income taxes and foreign income and withholding taxes, no provision for income taxes has been included for our REIT and QRSs in the condensed consolidated financial statements for the six months ended June 30, 2025 and 2024.
We have made TRS elections for some of our subsidiaries in and outside the U.S. In general, a TRS may provide services that would otherwise be considered impermissible for REITs to provide and may hold assets that may not be REIT compliant.
U.S. income taxes for the TRS entities located in the U.S. and foreign income taxes for our foreign operations, regardless of whether the foreign operations are operated as QRSs or TRSs, have been accrued, as necessary, for the six months ended June 30, 2025 and 2024.
For the six months ended June 30, 2025 and 2024, we recorded $87 million and $93 million of income tax expense, respectively. Our effective tax rates were 10.9% and 14.9%, for the six months ended June 30, 2025 and 2024, respectively. The decrease in the effective tax rate for the six months ended June 30, 2025 as compared to the same period in 2024 was primarily due to higher income in the U.S. and Canada that did not result in higher tax expense in the current period due to the REIT status in the U.S. and the utilization of net operating loss carryforwards in Canada.
Adjusted EBITDA. Adjusted EBITDA is a key factor in how we assess the operating performance of our segments and develop regional growth strategies such as IBX data center expansion decisions. We define adjusted EBITDA as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs, and gain or loss on asset sales. See "Non-GAAP Financial Measures" below for more information about adjusted EBITDA and a reconciliation of adjusted EBITDA to net income. Our adjusted EBITDA for the six months ended June 30, 2025 and 2024 by geographic regions was as follows ($ in millions):

| Six Months Ended June 30, |  | $ Change |  | % Change
| 2025 |  | % |  | 2024 |  | % |  | Actual |  | Actual |  | Constant Currency
Americas | $ | 909 |  |  | 41 | % |  | $ | 860 |  |  | 43 | % |  | $ | 49 |  |  | 6 | % |  | 7 | %
EMEA | 764 |  |  | 35 | % |  | 652 |  |  | 32 | % |  | 112 |  |  | 17 | % |  | 17 | %
Asia-Pacific | 523 |  |  | 24 | % |  | 516 |  |  | 25 | % |  | 7 |  |  | 1 | % |  | 2 | %
Total | $ | 2,196 |  |  | 100 | % |  | $ | 2,028 |  |  | 100 | % |  | $ | 168 |  |  | 8 | % |  | 9 | %

Americas Adjusted EBITDA. During the six months ended June 30, 2025, Americas adjusted EBITDA increased by $49 million or 6% (7% on a constant currency basis), primarily due to higher revenues as a result of non-recurring services provided to our joint ventures, IBX data center expansion activity and organic growth, partially offset by higher costs of revenues, as described above.
EMEA Adjusted EBITDA. During the six months ended June 30, 2025, EMEA adjusted EBITDA increased by $112 million or 17% (17% on a constant currency basis), primarily due to higher revenues as a result of IBX data center expansion activity, organic growth and lower costs of revenues, as described above.
Asia-Pacific Adjusted EBITDA. During the six months ended June 30, 2025, Asia-Pacific adjusted EBITDA increased by $7 million or 1% (2% on a constant currency basis), primarily due to IBX data center expansion activity and organic growth, as described above.
Non-GAAP Financial Measures
We provide all information required in accordance with GAAP, but we believe that evaluating our ongoing results of operations may be difficult if limited to reviewing only GAAP financial measures. Accordingly, we use non-GAAP financial measures to evaluate our operations.
Non-GAAP financial measures are not a substitute for financial information prepared in accordance with GAAP. Non-GAAP financial measures should not be considered in isolation, but should be considered together with the
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most directly comparable GAAP financial measures and the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures. We have presented such non-GAAP financial measures to provide investors with an additional tool to evaluate our results of operations in a manner that focuses on what management believes to be our core, ongoing business operations. We believe that the inclusion of these non-GAAP financial measures provides consistency and comparability with past reports and provides a better understanding of the overall performance of the business and ability to perform in subsequent periods. We believe that if we did not provide such non-GAAP financial information, investors would not have all the necessary data to analyze us effectively.
Investors should note that the non-GAAP financial measures used by us may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as those of other companies. Investors should therefore exercise caution when comparing non-GAAP financial measures used by us to similarly titled non-GAAP financial measures of other companies.
Our primary non-GAAP financial measures, adjusted EBITDA and adjusted funds from operations ("AFFO"), exclude depreciation expense as these charges primarily relate to the initial construction costs of our IBX data centers and do not reflect our current or future cash spending levels to support our business. Our IBX data centers are long-lived assets and have an economic life greater than 10 years. The construction costs of an IBX data center do not recur with respect to such data center, and future capital expenditures remain minor relative to our initial investment throughout its useful life. Construction costs in future periods are primarily incurred with respect to additional IBX data centers. This is a trend we expect to continue. In addition, depreciation is also based on the estimated useful lives of our IBX data centers. These estimates could vary from actual performance of the asset, are based on historical costs incurred to build out our IBX data centers and are not indicative of current or expected future capital expenditures. Therefore, we exclude depreciation from our results of operations when evaluating our operations.
In addition, in presenting adjusted EBITDA and AFFO, we exclude amortization expense related to acquired intangible assets. Amortization expense is significantly affected by the timing and magnitude of our acquisitions and these charges may vary in amount from period to period. We exclude amortization expense to facilitate a more meaningful evaluation of our current operating performance and comparisons to our prior periods. We exclude accretion expense, both as it relates to asset retirement obligations as well as accrued restructuring charge liabilities, as these expenses represent costs which we believe are not meaningful in evaluating our current operations. We also exclude restructuring charges. Such charges include employee severance, facility closure costs, lease or other contract termination costs and advisory fees related to the realignment of our management structure, operations or products. We also exclude impairment charges related to goodwill or long-lived assets. We also exclude gain or loss on asset sales as it represents profit or loss that is not meaningful in evaluating the current or future operating performance. Additionally, we exclude transaction costs from AFFO and adjusted EBITDA to enhance the comparability of our financial results to our historical operations. The transaction costs relate to costs we incur in connection with business combinations and the formation of joint ventures, including advisory, legal, accounting, valuation, and other professional or consulting fees. Such charges generally are not relevant to assessing our long-term performance. In addition, the frequency and amount of such charges vary significantly based on the size and timing of the transactions. Management believes items such as restructuring charges, impairment charges, gain or loss on asset dispositions and transaction costs are non-core transactions; however, these types of costs may occur in future periods. Finally, we exclude stock-based compensation expense, as it can vary significantly from period to period based on share price, and the timing, size and nature of equity awards. As such, we, and many investors and analysts, exclude stock-based compensation expense to compare our results of operations with those of other companies.
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Adjusted EBITDA
We define adjusted EBITDA as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales as presented below (in millions):

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income | $ | 367 |  |  | $ | 301 |  |  | $ | 710 |  |  | $ | 532 |
Income tax expense | 38 |  |  | 47 |  |  | 87 |  |  | 93 |
Interest income | (52) |  |  | (29) |  |  | (99) |  |  | (53) |
Interest expense | 135 |  |  | 110 |  |  | 257 |  |  | 214 |
Other (income) expense | 7 |  |  | 7 |  |  | (2) |  |  | 13 |
(Gain) loss on debt extinguishment | (1) |  |  | — |  |  | (1) |  |  | 1 |
Depreciation, amortization, and accretion expense | 502 |  |  | 490 |  |  | 982 |  |  | 1,015 |
Stock-based compensation expense | 127 |  |  | 125 |  |  | 240 |  |  | 226 |
Restructuring charges | 2 |  |  | — |  |  | 12 |  |  | — |
Impairment charges | 1 |  |  | — |  |  | 1 |  |  | — |
Transaction costs | 3 |  |  | 3 |  |  | 9 |  |  | 5 |
(Gain) loss on asset sales | — |  |  | (18) |  |  | — |  |  | (18) |
Adjusted EBITDA | $ | 1,129 |  |  | $ | 1,036 |  |  | $ | 2,196 |  |  | $ | 2,028 |

Our adjusted EBITDA results have increased each year in total dollars due to the factors discussed earlier in "Results of Operations", as well as due to the nature of our business model consisting of a recurring revenue stream and a cost structure which has a large base that is fixed in nature, as also discussed in "Overview".
Funds from Operations ("FFO") and AFFO
We use FFO and AFFO, which are non-GAAP financial measures commonly used in the REIT industry. FFO is calculated in accordance with the standards established by the National Association of Real Estate Investment Trusts. FFO represents net income (loss), excluding gain (loss) from the disposition of real estate assets, depreciation and amortization on real estate assets and adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items.
In presenting AFFO, we exclude certain items that we believe are not good indicators of our current or future operating performance. AFFO represents FFO excluding depreciation and amortization expense on non-real estate assets, accretion, stock-based compensation, stock-based charitable contributions, restructuring charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, gain (loss) from the disposition of non-real estate assets, gain (loss) on debt extinguishment, an income tax expense adjustment, recurring capital expenditures, net income (loss) from discontinued operations, net of tax, and adjustments from FFO to AFFO for unconsolidated joint ventures' and non-controlling interests' share of these items. The adjustments for installation revenue, straight-line rent expense and contract costs are intended to isolate the cash activity included within the straight-lined or amortized results in the condensed consolidated statements of operations. We exclude the amortization of deferred financing costs and debt discounts and premiums as these expenses relate to the initial costs incurred in connection with debt financings that have no current or future cash obligations. We exclude gain (loss) on debt extinguishment since it generally represents the write-off of initial costs incurred in connection with debt financings or a cost that is incurred to reduce future interest costs and is not a good indicator of our current or future operating performance. We include an income tax expense adjustment, which represents the non-cash tax impact due to changes in valuation allowances, uncertain tax positions and deferred taxes that do not relate to current period's operations. We deduct recurring capital expenditures, which represent expenditures to extend the useful life of IBX data centers or other assets that are required to support current revenues. We also exclude net income (loss) from discontinued operations, net of tax, which represents results that may not recur and are not a good indicator of our current or future operating performance.
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Our FFO and AFFO were as follows (in millions):

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income | $ | 367 |  |  | $ | 301 |  |  | $ | 710 |  |  | $ | 532 |
Net (income) loss attributable to non-controlling interests | 1 |  |  | — |  |  | 1 |  |  | — |
Net income attributable to common stockholders | 368 |  |  | 301 |  |  | 711 |  |  | 532 |
Adjustments: |  |  |  |  |  |  |
Real estate depreciation | 312 |  |  | 306 |  |  | 609 |  |  | 622 |
(Gain) loss on disposition of real estate assets | 1 |  |  | (16) |  |  | 1 |  |  | (16) |
Adjustments for FFO from unconsolidated joint ventures | 8 |  |  | 6 |  |  | 15 |  |  | 12 |
FFO attributable to common stockholders | $ | 689 |  |  | $ | 597 |  |  | $ | 1,336 |  |  | $ | 1,150 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
FFO attributable to common stockholders | $ | 689 |  |  | $ | 597 |  |  | $ | 1,336 |  |  | $ | 1,150 |
Adjustments: |  |  |  |  |  |  |
Installation revenue adjustment | 8 |  |  | — |  |  | 10 |  |  | (2) |
Straight-line rent expense adjustment | 5 |  |  | 5 |  |  | 8 |  |  | 11 |
Contract cost adjustment | (10) |  |  | (2) |  |  | (17) |  |  | (10) |
Amortization of deferred financing costs and debt discounts | 6 |  |  | 5 |  |  | 11 |  |  | 10 |
Stock-based compensation expense | 127 |  |  | 125 |  |  | 240 |  |  | 226 |
Stock-based charitable contributions | 3 |  |  | 3 |  |  | 3 |  |  | 3 |
Non-real estate depreciation expense | 137 |  |  | 132 |  |  | 271 |  |  | 290 |
(Gain) loss on disposition of non-real estate assets | — |  |  | — |  |  | 2 |  |  | — |
Amortization expense | 50 |  |  | 51 |  |  | 98 |  |  | 103 |
Accretion expense adjustment | 3 |  |  | 1 |  |  | 4 |  |  | — |
Recurring capital expenditures | (55) |  |  | (45) |  |  | (81) |  |  | (66) |
(Gain) loss on debt extinguishment | (1) |  |  | — |  |  | (1) |  |  | 1 |
Restructuring charges | 2 |  |  | — |  |  | 12 |  |  | — |
Transaction costs | 3 |  |  | 3 |  |  | 9 |  |  | 5 |
Impairment charges | 1 |  |  | — |  |  | 1 |  |  | — |
Income tax expense adjustment | 4 |  |  | 4 |  |  | 10 |  |  | 4 |
Adjustments for AFFO from unconsolidated joint ventures | — |  |  | (2) |  |  | 3 |  |  | (5) |
AFFO attributable to common stockholders | $ | 972 |  |  | $ | 877 |  |  | $ | 1,919 |  |  | $ | 1,720 |

Our AFFO results have improved due to the factors discussed earlier in "Results of Operations," as well as due to the nature of our business model which consists of a recurring revenue stream and a cost structure which has a large base that is fixed in nature as discussed earlier in "Overview."
Constant Currency Presentation
Our revenues and certain operating expenses (cost of revenues, sales and marketing and general and administrative expenses) from our international operations have represented and will continue to represent a significant portion of our total revenues and certain operating expenses. As a result, our revenues and certain operating expenses have been and will continue to be affected by changes in the U.S. dollar against major international currencies. During the three and six months ended June 30, 2025 as compared to the same period in 2024, the U.S. dollar was weaker relative to the British pound and Japanese yen, which resulted in a favorable foreign currency impact on revenue and operating income, and an unfavorable foreign currency impact on operating expenses. During the three and six months ended June 30, 2025 as compared to the same period in 2024, the U.S. dollar was stronger relative to the Australian dollar and Brazilian real, which resulted in an unfavorable foreign currency impact on revenue and operating income, and a favorable foreign currency impact on operating expenses.
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In order to provide a framework for assessing how each of our business segments performed excluding the impact of foreign currency fluctuations, we present period-over-period percentage changes in our revenues and certain operating expenses on a constant currency basis in addition to the historical amounts as reported. Our constant currency presentation excludes the impact of our foreign currency cash flow hedging activities. Presenting constant currency results of operations is a non-GAAP financial measure and is not meant to be considered in isolation or as an alternative to GAAP results of operations. However, we have presented this non-GAAP financial measure to provide investors with an additional tool to evaluate our results of operations. To present this information, our current period revenues and certain operating expenses denominated in currencies other than the U.S. dollar are converted into U.S. dollars at constant exchange rates rather than the actual exchange rates in effect during the respective periods (i.e. average rates in effect for the six months ended June 30, 2024 are used as exchange rates for the six months ended June 30, 2025 when comparing the six months ended June 30, 2025 with the six months ended June 30, 2024).
Liquidity and Capital Resources
Sources and Uses of Cash
Customer collections are our primary source of cash. We believe we have a strong customer base, and have continued to experience relatively strong collections. As of June 30, 2025, our principal sources of liquidity were $4.5 billion of cash, cash equivalents and short-term investments. In addition to our cash balance, we had $3.9 billion of additional liquidity available to us from our $4.0 billion revolving facility and general access to both public and private debt and equity capital markets. We also have additional liquidity available to us from our 2024 ATM program, under which we may offer and sell from time to time our common stock in "at the market" transactions on either a spot or forward basis. As of June 30, 2025, we had approximately $1.2 billion available for sale remaining under the 2024 ATM Program.
We believe we have sufficient cash, coupled with anticipated cash generated from operating activities and external financing sources, to meet our operating requirements, including repayment of the current portion of our debt as it becomes due, distribution of dividends and completion of our publicly announced acquisitions, ordinary costs to operate the business, and expansion projects.
As we continue to grow, we may pursue additional expansion opportunities, primarily the build out of new IBX data centers, in certain of our existing markets which are at or near capacity within the next year, as well as potential acquisitions and joint ventures. If the opportunity to expand is greater than planned we may further increase the level of capital expenditure to support this growth as well as pursue additional business and real estate acquisitions or joint ventures, provided that we have or can access sufficient funding to pursue such expansion opportunities. We may elect to access the equity or debt markets from time to time opportunistically, particularly if financing is available on attractive terms. We will continue to evaluate our operating requirements and financial resources in light of future developments.
Cash Flow
Our net cash provided by (used in) operating, investing and financing activities for the six months ended June 30, 2025 and 2024 were as follows (in millions):

| Six Months Ended June 30,
| 2025 |  | 2024 |  | Change
Net cash provided by operating activities | $ | 1,753 |  |  | $ | 1,510 |  |  | $ | 243 |
Net cash used in investing activities | (2,404) |  |  | (1,461) |  |  | (943) |
Net cash provided by (used in) financing activities | 1,206 |  |  | (103) |  |  | 1,309 |

Operating Activities
Net cash provided by our operations is generated by colocation, interconnection, managed infrastructure and other revenues. Our primary uses of cash from our operating activities include compensation and related costs, interest payments, other general corporate expenditures and taxes. Net cash provided by operating activities increased by $243 million during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily driven by improved results of operations offset by increases in cash paid for costs and operating expenses.
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Investing Activities
Net cash used in investing activities increased by $943 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to:
•$795 million increase in purchases of short-term investments;
•$384 million increase in capital expenditures;
•$247 million decrease in proceeds from the sale of assets; and
•$182 million increase from TIM Acquisition, net of cash acquired (see Note 4 within the condensed consolidated financial statements).
This increase was partially offset by:
•$450 million increase in maturities of short-term investments; and
•$151 million decrease in draw downs on the AMER 2 Loan receivable.
Financing Activities
Net cash provided by (used in) financing activities increased by $1.3 billion for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily driven by:
•$1.3 billion increase in proceeds from senior notes, net of debt discounts; and
•$99 million increase in proceeds from the sale of shares under the 2024 ATM Program.
This increase was partially offset by a $111 million increase in dividend distributions.
Material Cash Commitments
As of June 30, 2025, our principal commitments were primarily comprised of:
•approximately $17.4 billion of principal from our senior notes (gross of debt issuance costs and debt discounts);
•approximately $3.9 billion of interest on mortgage payable, other loans payable, senior notes and term loans, based on their respective interest rates and recognized over the life of these instruments, and the credit facility fee for the revolving credit facility;
•$716 million of principal from our term loans, mortgage payable and other loans payable (gross of debt issuance costs and debt discounts);
•approximately $5.5 billion of total lease payments, which represents lease payments under finance and operating lease arrangements, including renewal options that are reasonably certain to be exercised;
•approximately $5.8 billion of unaccrued capital expenditure contractual commitments, primarily for IBX equipment not yet delivered and labor not yet provided in connection with the work necessary to complete construction and open IBX data center expansion projects prior to making them available to customers for installation, the majority of which is payable within the next 12 months; and
•approximately $2.1 billion of other non-capital purchase commitments, such as commitments to purchase power in select locations and other open purchase orders, which contractually bind us for goods, services or arrangements to be delivered or provided during the remainder of 2025 and beyond, the majority of which is payable within the next two years.
We believe that our sources of liquidity, including our expected future operating cash flows, are sized to adequately meet both the near- and long-term material cash commitments for the foreseeable future. For further information on maturities of lease liabilities and debt instruments, see Notes 8 and 9, respectively, within the condensed consolidated financial statements.
Other Contractual Obligations
We have additional future equity contributions and loan commitments to our joint ventures. For additional information, see the "Equity Method Investments" footnote within the condensed consolidated financial statements.
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Additionally, we entered into lease agreements with various landlords primarily for data center spaces and ground leases which have not yet commenced as of June 30, 2025. For additional information, see “Maturities of Lease Liabilities” in Note 8 within the condensed consolidated financial statements.
Critical Accounting Policies and Estimates
Our condensed consolidated financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of our financial statements requires management to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates the accounting policies, assumptions, estimates and judgments to ensure that our condensed consolidated financial statements are presented fairly and in accordance with U.S. GAAP. Management bases its assumptions, estimates and judgments on historical experience, current trends and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. However, because future events and their effects cannot be determined with certainty, actual results may differ from these assumptions and estimates, and such differences could be material. Critical accounting policies for Equinix that affect our more significant judgment and estimates used in the preparation of our condensed consolidated financial statements include accounting for income taxes, accounting for business combinations, accounting for impairment of goodwill and other intangibles assets, accounting for property, plant and equipment and accounting for leases, which are discussed in more detail under the caption "Critical Accounting Estimates" in Management's Discussion and Analysis of Financial Condition and Results of Operations, set forth in Part II Item 7, of our Annual Report on Form 10-K for the year ended December 31, 2024.
Recent Accounting Pronouncements
See Note 1 of Notes to Condensed Consolidated Financial Statements in Part I Item 1 of this Quarterly Report on Form 10-Q.

Item 3. | Quantitative and Qualitative Disclosures about Market Risk

Market Risk
We may be exposed to market risks related to changes in foreign currency exchange rates and interest rates. There have been no significant changes to our risk exposure management or procedures in relation to these risks during the six months ended June 30, 2025 as compared to the respective risk exposures and procedures disclosed in Quantitative and Qualitative Disclosures About Market Risk, set forth in Part II Item 7A, of our Annual Report on Form 10-K for the year ended December 31, 2024.
We monitor our foreign currency and interest rate risk exposures by evaluating the potential for future losses in earnings due to changes in foreign currency exchange rates and interest rates, as further described below.
Foreign Currency Risk
To help manage the exposure to foreign currency exchange rate fluctuations, we have implemented a number of hedging programs, in particular (i) a cash flow hedging program to hedge the forecasted revenues and expenses in our EMEA region as well as our debt denominated in foreign currencies, (ii) a balance sheet hedging program to hedge the remeasurement of monetary assets and liabilities denominated in foreign currencies, and (iii) a net investment hedging program to hedge the long-term investments in our foreign subsidiaries. Our hedging programs reduce, but do not entirely eliminate, the impact of currency exchange rate movements and their impact on the condensed consolidated statements of operations.
We have entered into various foreign currency debt obligations as described in Note 9 within the condensed consolidated financial statements. Our foreign currency debt obligations that would otherwise remeasure through earnings are designated as net investment hedges against our net investments in foreign subsidiaries or are hedged by cross-currency interest rate swaps designated as cash flow hedges. Additionally, we enter cross-currency interest rate swaps to effectively convert some of our USD-denominated debt into foreign currencies. These derivative instruments are also designated as net investment hedges against our net investments in foreign subsidiaries. Changes in the fair value of hedging instruments designated as net investment hedges are recorded as a component of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets.
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As a result, we do not have a significant exposure to future losses in earnings resulting from our foreign currency debt obligations or cross-currency interest rate swaps. Further information about our use of foreign currency derivative instruments is described in Note 6 within the condensed consolidated financial statements.
The U.S. dollar was generally weaker relative to certain of the currencies of the foreign countries in which we operate during the six months ended June 30, 2025. This has impacted our condensed consolidated financial position and results of operations during this period, including the amount of revenues that we reported. Continued strengthening or weakening of the U.S. dollar will continue to impact us in future periods.
With the existing cash flow hedges in place, a hypothetical 10% strengthening of the U.S. dollar for the six months ended June 30, 2025 would have resulted in a reduction of our revenues and a reduction of our operating expenses including depreciation and amortization expense by approximately $136 million and $123 million, respectively.
With the existing cash flow hedges in place, a hypothetical 10% weakening of the U.S. dollar for the six months ended June 30, 2025 would have resulted in an increase of our revenues and an increase of our operating expenses including depreciation and amortization expense by approximately $178 million and $158 million, respectively.
Interest Rate Risk
We are exposed to interest rate risk related to our outstanding debt. An immediate increase or decrease in current interest rates from their position as of June 30, 2025 would not have a material impact on our interest expense due to the fixed coupon rate on the majority of our debt obligations.
We periodically enter into interest rate locks to hedge the interest rate exposure created by anticipated fixed rate debt issuances, which are designated as cash flow hedges. When interest rate locks are settled, any accumulated gain or loss included as a component of accumulated other comprehensive income (loss) will be amortized to interest expense over the term of the forecasted hedged transaction which is equivalent to the term of the interest rate locks.

Item 4. | Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, conducted an evaluation, pursuant to Rule 13a-15 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), of the effectiveness of our "disclosure controls and procedures" as of the end of the period covered by this quarterly report. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.
(b) Changes in Internal Control over Financial Reporting. There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the three months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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(c) Limitations on the Effectiveness of Controls. Our management, including our Chief Executive Officer and Chief Financial Officer, believes that our disclosure controls and procedures and internal control over financial reporting are designed and operated to be effective at the reasonable assurance level. However, our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
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PART II - OTHER INFORMATION

Item 1. | Legal Proceedings

On March 20, 2024, the Company received a subpoena from the U.S. Attorney’s Office for the Northern District of California. On April 30, 2024, the Company received a subpoena from the Securities and Exchange Commission. The Company is cooperating fully with both government agencies.
On May 2, 2024, a putative stockholder class action was filed against the Company and certain of our officers in the United States District Court for the Northern District of California. The named plaintiff alleges violations of Section 10(b) of the Exchange Act and Securities and Exchange Commission Rule 10b-5, and Section 20(a) of the Exchange Act, on the basis that the defendants allegedly made false and misleading statements about our business, results, internal controls, and accounting practices between May 3, 2019 and March 24, 2024. The lawsuit seeks, among other relief, a determination that the alleged claims may be asserted on a class-wide basis, unspecified damages, attorneys' fees, other expenses and costs. We filed a motion to dismiss the lawsuit on October 10, 2024. The motion was granted in part on January 6, 2025. On July 15, 2025, the parties entered a Stipulation of Settlement to resolve the action. The settlement is subject to court approval. We expect the amount paid in settlement to be fully covered by our insurance.
On February 14, 2025, and February 26, 2025, respectively, certain of the Company’s current and former directors and officers were named as defendants in two shareholder derivative lawsuits (in which the Company is a nominal defendant) filed in the United States District Court for the Northern District of California. The lawsuits allege, among other things, violations of Section 14(a) of the Exchange Act, breach of fiduciary duty, unjust enrichment, and waste of corporate assets and generally allege the same purported misconduct as alleged in the putative stockholder class action described above. The lawsuits seek, among other relief, unspecified damages, restitution, attorneys’ fees, and other expenses and costs. On April 17, 2025, and April 18, 2025, respectively, the plaintiffs filed notices of voluntary dismissal without prejudice, subject to court approval, to pursue remedies under Delaware law. On April 28, 2025, the Court approved the voluntary dismissal in one of the actions. It has not yet ruled on the voluntary dismissal in the other action.
These matters are subject to uncertainties and we cannot predict the outcome nor reasonably estimate a range of loss or penalties, if any, relating to these matters prior to resolution.

Item 1A. | Risk Factors

In addition to the other information contained in this report, the following risk factors should be considered carefully in evaluating our business. Additional risks which we do not presently consider material, or of which we are not currently aware, may also have an adverse impact on us. The information discussed below is at the time of this filing. This section contains forward-looking statements.
Risk Factors
Risks Related to the Macro Environment
Geopolitical events and political changes contribute to an already complex and evolving regulatory landscape. If we cannot comply with the evolving laws and regulations in the countries in which we operate, we may be subject to litigation and/or sanctions, adverse revenue impacts and increased costs, and our business and results of operations could be negatively impacted.
In light of the change in administration in the U.S., there is considerable uncertainty on the legality and enforceability of new and existing laws, judicial orders and bans, new presidential executive orders, regulatory frameworks, leadership changes and enforcement priorities and strategies. We cannot guarantee compliance with all such laws and regulations at all times, and violations of any applicable domestic or international laws and regulations could result in significant fines, penalties, costly and expensive investigations, criminal sanctions against us, our officers or our employees, prohibitions on our ability to provide our offerings in one or more countries, or the
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delay or prevention of potential acquisitions, and could also materially damage our reputation, brand, international expansion efforts, ability to attract and retain employees, and our business and results of operations.
Additionally, geopolitical events, such as a trade war between the U.S. and China, the war between Russia and Ukraine, and the ongoing conflict in the Middle East including the recent involvement and conflict with Iran, could have a negative effect on our global business operations. While some time has passed since some of these events first occurred, it remains unpredictable how these events will continue to develop and impact the environment in which we do business. Laws and regulations related to economic sanctions, export controls, anti-bribery and anti-corruption, and other international activities may restrict or limit our ability to engage in transactions or dealings with certain counterparties, in or with certain countries or territories, or in certain activities. For example, we have several Chinese customers who are named in restrictive executive orders ("EOs"), and while a majority of these EOs do not apply to the type of services that we currently provide to these Chinese customers, it is uncertain if the U.S. administration would further expand the applicability of such EOs that may restrict our ability to continue serving such Chinese customers. If we are required to cease business with these companies, or additional companies in the future, our revenues could be adversely affected.
Furthermore, the U.S. has increasingly adopted a restrictive and often unpredictable posture toward Chinese technology, data flows, and cross-border digital infrastructure, which could materially impact our business. Current relations between the U.S. and China have created increased supply chain risk due to successive U.S. legislation promoting decoupling from China on semiconductors and specific telecommunications equipment makers, and having to source for alternative suppliers for key components outside of China. Proposed tariffs to be imposed by the U.S. on imports from certain countries and potential counter-tariffs in response, could also lead to increased costs and supply chain disruptions. The proposed tariffs and positioning by the U.S. and other countries remain unsettled and it is unclear how or to what extent these changes could impact our business at this time and if we are not able to effectively navigate these changes, it could have a material adverse effect on our business and results of operations, as well as on the price of our common stock.
The validity, extent of application and duration of tariffs and the resulting impact on general economic conditions and on our business, financial condition and results of operation are uncertain and depend on various factors, such as negotiations between the U.S. and affected countries, the responses of other countries or regions, and exemptions or exclusions that may be granted.
Inflation in the global economy, increased interest rates and adverse global economic conditions, like the ones we are currently experiencing, could negatively affect our business and financial condition.
Inflation is impacting various aspects of our business and it is unclear if we will enter a period of further inflation. We are also experiencing an increase in our costs to procure power and supply chain issues globally. Rising prices for materials related to our IBX data center construction and our data center offerings, energy and gas prices, as well as rising wages and benefits costs negatively impact our business by increasing our operating costs. Further, disagreement in the U.S. Congress on government spending levels could increase the possibility of a government shutdown, further adversely affecting global economic conditions. The adverse economic conditions we are currently experiencing, including from the impact of increased tariffs, may cause a decrease in sales as some customers may need to take cost cutting measures or scale back their operations. This could result in churn in our customer base, reductions in revenues from our offerings, adverse effects to our days of sales outstanding in accounts receivable ("DSO"), longer sales cycles, slower adoption of new technologies and increased price competition, which could adversely affect our liquidity. Customers, vendors and/or partners filing for bankruptcy could also lead to costly and time-intensive actions with adverse effects, including greater difficulty or delay in accounts receivable collection. The uncertain economic environment could also have an impact on our foreign exchange forward contracts if our counterparties' credit deteriorates or if they are otherwise unable to perform their obligations. Further, volatility in the financial markets and rising interest rates could affect our ability to access the capital markets at a time when we desire, or need, to do so which could have an impact on our flexibility to pursue additional expansion opportunities and maintain our desired level of revenue growth in the future. We also could be exposed to hyperinflation in certain economies as a result of potential expansion into developing countries.
Our efforts to mitigate the risks associated with these adverse conditions may not be successful and our business and growth could be adversely affected.
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Our business could be harmed by increased costs to procure power, prolonged power outages, shortages or capacity constraints as well as insufficient access to power.
Any power outages, shortages, capacity constraints, limits on access or significant increases in the cost of power may have an adverse effect on our business and our results of operations.
In each of our markets, we contract with and rely on third parties, third party infrastructure, governments, and global suppliers to provide a sufficient amount of power to maintain our IBX data centers and meet the needs of our current and future customers. In certain instances, we have experienced difficulties in securing the energy supply we have contracted for or that we need for our expansion plans. In certain markets, there are specific requirements to cover our operations with power procured from renewable energy resources and the availability of such alternative energy resources may be limited. Any such limitations may have a negative impact on a given IBX data center and may limit our ability to grow our business which could negatively affect our financial performance and results of operations. Furthermore, the inability to supply customers with their contracted power for any reason could harm customer and/or joint venture relationships as well as cause reputational harm.
Each new facility requires access to significant quantities of electricity. Limitations on generation, transmission and distribution may limit our ability to obtain sufficient power capacity for potential expansion sites in new or existing markets. Utility companies and other third-party power providers may impose onerous operating conditions to any agreement to provision power or we may experience significant delays, unfavorable contractual terms, new industry regulations and substantial increased costs to obtain the level of electrical service required by our current or future IBX data center designs. Our ability to find reliable partners and appropriate sites for expansion may also be limited by access to power, especially as we design our data centers to the specifications of new and evolving technologies, such as AI, which are more power-intensive, and further prepare to serve the power demands we expect in the future.
Our IBX data centers are affected by problems accessing electricity sources, such as planned or unplanned power outages and limitations on transmission or distribution of power. Unplanned power outages, including, but not limited to those relating to large storms, earthquakes, fires, tsunamis, cyber-attacks, physical attacks on utility infrastructure, war, and any failures of electrical power grids or internal systems more generally, and planned power outages by public utilities, such as Pacific Gas and Electric Company's practice of planned outages in California to minimize fire risks, could harm our customers and our business. Employees working from home could be subjected to power outages at home which could be difficult to track and could affect the day-to-day operations of our non-IBX data center employees. Our international operations are sometimes located outside of developed, reliable electricity markets, where we are exposed to some insecurity in supply associated with technical, regulatory and reliability problems, as well as transmission constraints. Some of our IBX data centers are located in leased buildings where, depending upon the lease requirements and number of tenants involved, we may or may not control some or all of the infrastructure including generators and fuel tanks. As a result, in the event of a power outage, we could be dependent upon the landlord, as well as the utility company, to restore the power. We attempt to limit our exposure to system downtime by using backup generators, which are in turn supported by onsite fuel storage and through contracts with fuel suppliers, but these measures may not always prevent downtime or solve for long-term or large-scale outages. Any outage or supply disruption could adversely affect our business, customer experience and revenues.
We are currently experiencing inflation and volatility pressures in the energy market globally. Various macroeconomic factors are contributing to the instability and global power shortage including inadequate power generation and transmission to meet market demand in certain locations, severe weather events, governmental regulations, government relations and inflation. While we have aimed to minimize our risk, via hedging, conservation, and other efficiencies, we expect the cost for power to continue to be volatile and unpredictable and subject to inflationary pressures. We believe we have made appropriate estimates for these costs in our forecasting, but the current unpredictable energy market could materially affect our financial forecasting, results of operations and financial condition.
The ongoing military conflicts between Russia and Ukraine and in the Middle East could negatively affect our business and financial condition.
The war in Ukraine has led to market disruptions, including significant volatility in commodity prices, credit and capital markets, an increase in cybersecurity incidents as well as supply chain disruptions.
Additionally, various Russian actions have led to sanctions and other penalties being levied by the U.S., the European Union, the United Kingdom, and other countries, as well as other public and private actors and
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companies, against Russia and certain other geographic areas, including agreement to remove certain Russian financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system and restrictions on imports of Russian oil, liquified natural gas and coal. We do not have operations in Russia or Ukraine and historically we have had a limited number of Russian and Ukrainian customers, which we continue to screen against applicable sanctions lists per our standard processes. Although we continue to devote resources to this screening effort, including the use of software solutions, the sanctions screening process remains partially manual, and the sanctions lists continue to evolve and vary by country. We continue to address necessary changes in global sanctions laws and modify our processes as necessary in light of these evolving laws. A material failure to comply with global sanctions laws could have a negative effect on our reputation, business and financial condition.
In addition to compliance with applicable sanctions laws, we are currently limiting the ability of Russian customers to place orders for our offerings unless, after reviewing these orders, we believe they are aligned with our stated objectives in support of Ukraine. We do not allow purchases from Russian partners or suppliers and have committed to not make any direct or indirect investment in Russia absent an end to this conflict. In addition, for our customers located in Ukraine, we are currently providing offerings free of charge and may continue to do so in the future.
The associated disruptions in the oil and gas markets have caused, and could continue to cause, significant increases in energy prices, which could have a material effect on our business. Additional potential sanctions and penalties have also been proposed and/or threatened. If Russia further reduces or turns off energy supplies to Europe, our EMEA operations could be adversely affected. Russian military actions and the resulting sanctions could further affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets, potentially making it more difficult for us to obtain additional debt or equity financing on attractive terms in the future.
In the case of the Middle East conflict, the current situation continues to be volatile and has recently expanded to actively include Iran. It is possible that such events will continue to adversely impact the level of economic activity globally and that we will face increased regulatory and legal complexities in the regions affected thus impacting our business and employees, our financial condition and results of operations. Additionally, any sustained military action in the area of the Red Sea or the Persian Gulf could contribute to supply chain challenges as well as potential issues with subsea cables.
Prolonged unfavorable economic conditions or uncertainty, including as a result of the military conflict between Russia and Ukraine or in the Middle East, may adversely affect our business, financial condition, and results of operations. Any of the foregoing may also magnify the impact of other risks described in this Quarterly Report on Form 10-Q.
Risks Related to our Operations
We experienced a cybersecurity incident in the past and may be vulnerable to future security breaches, which could disrupt our operations and have a material adverse effect on our business, results of operation and financial condition.
Despite our efforts to protect against cyber-attacks, we are not fully insulated from such threats. We have experienced cybersecurity attacks and security incidents to varying degrees, and in some cases threat actors have gained unauthorized access to our systems and data. For example, in September 2020, we discovered ransomware on certain of our internal systems. While this and other incidents have been resolved, and their impacts have been immaterial, we expect we will continue to face risks associated with unauthorized access to our computer systems, loss or destruction of data, computer viruses, ransomware, malware, distributed denial-of-service attacks or other malicious activities, and the impact of such events in the future may be material. In the course of our business, we utilize vendors and other partners who are also sources of cyber risks to us. In addition, our adaptation to a hybrid working model, that includes both work from home and in office, could expose us to new security risks.
We offer professional solutions to our customers where we consult on data center solutions and assist with implementations. We also offer managed services in certain of our foreign jurisdictions outside of the U.S. where we manage the data center infrastructure for our customers. The access to our clients' networks and data, which is gained from these solutions, creates some risk that our clients' networks or data could be improperly accessed. We may also design our clients' cloud storage systems in such a way that exposes our clients to increased risk of data breach. If we were held responsible for any such breach, it could result in a significant loss to us, including damage to our client relationships, harm to our brand and reputation, and legal liability.
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As techniques used to breach security change frequently and are generally not recognized until launched against a target, we may not be able to promptly detect that a cyber breach has occurred, or implement security measures in a timely manner or, if and when implemented, we may not be able to determine the extent to which these measures could be circumvented. Recent developments in the cyber threat landscape include use of AI and machine learning, as well as an increased number of cyber extortion and ransomware attacks, with the potential for higher financial ransom demand amounts and increasing sophistication and variety of ransomware techniques and methodology. Further, any adoption of AI by us or by third parties may pose new security challenges. A party who is able to compromise the security measures on our networks or the security of our infrastructure could misappropriate the proprietary or sensitive information of Equinix, our customers, including government customers, or the personal information of our employees, or cause interruptions or malfunctions in our operations or our customers' operations. As we provide assurances to our customers that we provide a high level of security, such a compromise could be particularly harmful to our brand and reputation. We also may be required to expend significant capital and resources to protect against such threats or to alleviate problems caused by cyber breaches in our physical or virtual security systems. Any breaches that may occur in the future could expose us to increased risk of lawsuits, regulatory penalties, loss of existing or potential customers, damage relating to loss of proprietary information, harm to our reputation and increases in our security costs, which could have a material adverse effect on our financial performance and results of operations. The international cybersecurity regulatory landscape continues to evolve and compliance with the proposed reporting requirements could further complicate our ability to resolve cyber-attacks. We maintain insurance coverage for cyber risks, but such coverage may be unavailable or insufficient to cover our losses.
Any failure of our physical infrastructure or negative impact on our ability to meet our obligations to our customers, or damage to customer infrastructure within our IBX data centers, could lead to significant costs and disruptions that could reduce our revenue and harm our business reputation and financial condition.
Our business depends on providing customers with highly reliable solutions. We must safeguard our customers' infrastructure and equipment located in our IBX data centers and ensure our IBX data centers and non-IBX business operations remain operational at all times. We own certain of our IBX data centers, but others are leased by us, and we rely on the landlord for basic maintenance of our leased IBX data centers and office buildings and, in some cases, the landlord is responsible for the infrastructure that runs the building such as power connections, UPSs and backup power generators. If such landlord has not maintained a leased property sufficiently, we may be forced into an early exit from the center which could be disruptive to our business. Furthermore, we continue to acquire IBX data centers not built by us and we may be required to incur substantial additional costs to repair or upgrade the IBX data centers. Newly acquired data centers also may not have the same power infrastructure and design in place as our own IBX data centers. These legacy designs could require upgrades in order to meet our standards and our customers’ expectations. Until the legacy systems are brought up to our standards, customers in these IBX data centers could be exposed to higher risks of unexpected power outages. We have experienced power outages because of these legacy design issues in the past and we could experience these in the future.
Problems at one or more of our IBX data centers or corporate offices, whether or not within our control, could result in service interruptions or significant infrastructure or equipment damage. These could result from numerous factors, including but not limited to:
•human error;
•equipment failure;
•physical, electronic and cybersecurity breaches;
•fire, earthquake, hurricane, flood, tornado and other natural disasters;
•extreme temperatures;
•water damage;
•fiber failures, subsea cable damage and other network damage/interruptions;
•software updates;
•power loss;
•terrorist acts;
•sabotage and vandalism;
•global pandemics such as the COVID-19 pandemic;
•inability of our operations employees to access our IBX data centers for any reason; and
•failure of business partners who provide our resale products.
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We have service level commitment obligations to most customers. As a result, service interruptions or significant equipment damage in our IBX data centers could result in difficulty maintaining service level commitments to these customers and potential claims related to such failures. Because our IBX data centers are critical to many of our customers' businesses, service interruptions or significant equipment damage in our IBX data centers could also result in lost profits or other indirect or consequential damages to our customers. We cannot guarantee that a court would enforce any contractual limitations on our liability in the event that one of our customers brings a lawsuit against us as a result of a problem at one of our IBX data centers and we have in the past and may decide in the future to reach settlements with affected customers irrespective of any such contractual limitations. Any such settlement may result in a reduction of revenue under U.S. generally accepted accounting principles ("GAAP"). In addition, any loss of service, equipment damage or inability to meet our service level commitment obligations could reduce the confidence of our customers and could consequently impair our ability to obtain and retain customers, which would adversely affect both our ability to generate revenues and our results of operations.
Furthermore, we are dependent upon internet service providers, telecommunications carriers and other website operators in the Americas, Asia-Pacific and EMEA regions and elsewhere, some of which have experienced significant system failures and electrical outages in the past. We also rely on a number of third-party software providers in order to deliver our offerings and operate our business. Our customers may in the future experience difficulties due to system failures unrelated to our systems and offerings. If, for any reason, these providers fail to provide the required services, our business, financial condition and results of operations could be materially and adversely impacted.
Our IBX data center employees are critical to our ability to maintain our business operations and reach our service level commitments. Although we have redundancies built into our workforce, if our IBX employees are unable to access our IBX data centers for any reason, we could experience operational issues at the affected site. Pandemics, weather and climate related crises or any other social, political, or economic disruption in the U.S. or abroad could prevent sufficient staffing at our IBX data centers, or at our corporate offices, and have a material adverse impact on our operations.
We are currently making significant investments in our back-office information technology systems and processes. Difficulties from or disruptions to these efforts may interrupt our normal operations and adversely affect our business and results of operations.
We have been investing heavily in our back-office information technology systems and processes for a number of years and expect such investment to continue for the foreseeable future in support of our pursuit of global, scalable solutions across all geographies and functions that we operate in. These continuing investments include ongoing improvements to the customer experience from initial quote to customer billing and our revenue recognition process; integration of recently acquired operations onto our various information technology systems; and implementation of new tools and technologies to either further streamline and automate processes, or to support our compliance with evolving U.S. GAAP and international accounting standards. As a result of our continued work on these projects, we may experience difficulties with our systems, management distraction and significant business disruptions. For example, difficulties with our systems may interrupt our ability to accept and deliver customer orders and may adversely impact our overall financial operations, including our accounts payable, accounts receivables, general ledger, fixed assets, revenue recognition, close processes, internal financial controls and our ability to otherwise run and track our business. We may need to expend significant attention, time and resources to correct problems or find alternative sources for performing these functions. All of these changes to our financial systems also create an increased risk of deficiencies in our internal controls over financial reporting until such systems are stabilized. Such significant investments in our back-office systems may take longer to complete and cost more than originally planned. In addition, we may not realize the full benefits we hoped to achieve and there is a risk of an impairment charge if we decide that portions of these projects will not ultimately benefit us or are de-scoped. Finally, the collective impact of these changes to our business has placed significant demands on impacted employees across multiple functions, increasing the risk of errors and control deficiencies in our financial statements, distraction from the effective operation of our business and difficulty in attracting and retaining employees. Any such difficulties or disruptions may adversely affect our business and results of operations.
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The level of insurance coverage that we purchase may prove to be inadequate.
We carry liability, property, business interruption and other insurance policies to cover insurable risks to our company. We select the types of insurance, the limits and the deductibles based on our specific risk profile, the cost of the insurance coverage versus its perceived benefit and general industry standards. Our insurance policies contain industry standard exclusions for events such as war and nuclear reaction. We purchase earthquake insurance for certain of our IBX data centers, but for our IBX data centers in high-risk zones, including those in California and Japan, we have elected to self-insure. The earthquake and flood insurance that we do purchase would be subject to high deductibles. Any of the limits of insurance that we purchase, including those for flood or cyber risks, could prove to be inadequate, which could materially and adversely impact our business, financial condition and results of operations.
If we are unable to recruit or retain key qualified personnel, our business could be harmed.
Our future performance depends on the leadership of our executive team and other key employees to execute on our strategic plans, and certain key roles remain to be hired. Our talent strategy could continue to evolve with the future direction of the business. We must continue to identify, hire, train and retain key personnel who maintain relationships with our customers and who can provide the technical, strategic and marketing skills required for our company's growth. There is a shortage of qualified personnel in these fields, and we compete with other companies for the limited pool of talent. The failure to recruit and retain necessary key personnel could cause disruption, harm our business and hamper our ability to grow our company.
The failure to obtain favorable terms when we renew our IBX data center leases, or the failure to renew such leases, could harm our business and results of operations.
While we own certain of our IBX data centers, others are leased under long-term arrangements. These leased IBX data centers have all been subject to significant development by us in order to convert them from, in most cases, vacant buildings or warehouses into IBX data centers. Most of our IBX data center leases have renewal options available to us. However, many of these renewal options provide for the rent to be set at then-prevailing market rates. To the extent that then-prevailing market rates or negotiated rates are higher than present rates, these higher costs may adversely impact our business and results of operations, or we may decide against renewing the lease. There may also be changes in shared operating costs in connection with our leases, which are commonly referred to as common area maintenance expenses. In the event that an IBX data center lease does not have a renewal option, or we fail to exercise a renewal option in a timely fashion and lose our right to renew the lease, we may not be successful in negotiating a renewal of the lease with the landlord. A failure to renew a lease or termination by a landlord of any lease could force us to exit a building prematurely, which could disrupt our business, harm our customer relationships, impact and harm our joint venture relationships, expose us to liability under our customer contracts or joint venture agreements, cause us to take impairment charges and affect our results of operations negatively.
We depend on a number of third parties to provide internet connectivity to our IBX data centers; if connectivity is interrupted or terminated, our results of operations and cash flow could be materially and adversely affected.
The presence of diverse telecommunications carriers' fiber networks in our IBX data centers is critical to our ability to retain and attract new customers. We are not a telecommunications carrier, and as such, we rely on third parties to provide our customers with carrier services. We believe that the availability of carrier capacity will directly affect our ability to achieve our projected results. We rely primarily on revenue opportunities from the telecommunications carriers' customers to encourage them to invest the capital and operating resources required to connect from their data centers to our IBX data centers. Carriers will likely evaluate the revenue opportunity of an IBX data center based on the assumption that the environment will be highly competitive. We cannot provide assurance that each and every carrier will elect to offer its services within our IBX data centers or that once a carrier has decided to provide internet connectivity to our IBX data centers that it will continue to do so for any period of time.
Our new IBX data centers require construction and operation of a sophisticated redundant fiber network. The construction required to connect multiple carrier facilities to our IBX data centers is complex and involves factors outside of our control, including regulatory processes and the availability of construction resources.
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Any hardware or fiber failures on these networks, either on land or subsea, may result in significant loss of connectivity to our new IBX data center expansions. This could affect our ability to attract new customers to these IBX data centers or retain existing customers.
To date, the network neutrality of our IBX data centers and the variety of networks available to our customers has often been a competitive advantage for us. In certain of our markets, the limited number of carriers available reduces that advantage. As a result, we may need to adapt our key revenue-generating offerings and pricing to be competitive in those markets.
If the establishment of highly diverse internet connectivity to our IBX data centers does not occur, is materially delayed, disrupted or is discontinued, or is subject to failure, our results of operations and financial condition will be adversely affected.
The use of high-power density equipment may limit our ability to fully utilize the space in our older IBX data centers.
Server technologies continue to evolve and in some instances these changes can result in customers increasing their use of high-power density equipment in our IBX data centers which can increase the demand for power on a per cabinet basis. Additionally, the workloads related to new and evolving technologies such as AI are increasing the demand for high density computing power. Because many of our IBX data centers were built a number of years ago, the current demand for power may exceed the designed electrical capacity in these IBX data centers. As power, not space, is a limiting factor in many of our IBX data centers, our ability to fully utilize the space in those IBX data centers may be impacted. The ability to increase the power capacity of an IBX data center, should we decide to, is dependent on several factors including, but not limited to, the local utility's ability to provide additional power; the length of time required to provide such power; and/or whether it is feasible to upgrade the electrical and mechanical infrastructure of an IBX data center to deliver additional power and cooling to customers. Although we are currently designing and building to a higher power specification than that of many of our older IBX data centers, and are considering redevelopment of certain sites where appropriate, there is a risk that demand could continue to increase, or our redevelopment may not be successful, and the space inside our IBX data centers could become underutilized sooner than expected.
The development and use of artificial intelligence in the workplace presents risks and challenges that may adversely impact our business and operating results.
We have begun leveraging AI and machine learning capabilities for our employees to use in their day-to-day operations. Failure to invest adequately in such capabilities may result in us lagging behind our competitors in terms of improving operational efficiency and achieving superior outcomes for our business and our customers. As we embark on these initiatives, we may encounter challenges such as a shortage of appropriate data to train internal AI models, a lack of skilled talent to effectively execute our strategy of leveraging AI internally, or the possibility that the tools we utilize may not deliver the intended value. Use of third-party AI tools can also bring information security, data privacy and legal risks. Failure to successfully harness these AI tools could negatively impact our business and operating results.
We have been, and in the future may be, subject to securities class action and other litigation, which may harm our business and results of operations.
We have been, and in the future may be, subject to securities class action or other litigation. For example, in May 2024, a putative stockholder class action was filed against us and certain of our officers in the United States District Court for the Northern District of California alleging that the defendants made false and misleading statements about our business, results, internal controls, and accounting practices between May 3, 2019 and March 24, 2024. On July 15, 2025, the parties entered a Stipulation of Settlement to resolve the action. The settlement is subject to court approval. In addition, in February 2025, certain of the Company’s current and former directors and officers were named as defendants in two shareholder derivative lawsuits (in which we are a nominal defendant) filed in the United States District Court for the Northern District of California. The lawsuits allege, among other things, violations of Section 14(a) of the Exchange Act, breach of fiduciary duty, unjust enrichment, and waste of corporate assets and generally allege the same purported misconduct as alleged in the putative stockholder class action described above. Securities class action litigation has often been brought against a company following periods of volatility in the market price of its securities. Litigation can be lengthy, expensive, and divert management's attention and resources. Results cannot be predicted with certainty and an adverse outcome in litigation could result in monetary damages or injunctive relief. Further, any payments made in settlement may directly reduce our revenue under U.S. GAAP and could negatively impact our results of operations for the period.
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While we maintain insurance coverage, we cannot be certain that such coverage will continue to be available on acceptable terms or in sufficient amounts to cover potential losses. For all of these reasons, litigation could seriously harm our business, results of operations, financial condition or cash flows.
Risks Related to our Offerings and Customers
Our offerings have a long sales cycle that may harm our revenue and results of operations.
A customer's decision to purchase our offerings typically involves a significant commitment of resources. In addition, some customers will be reluctant to commit to locating in our IBX data centers until they are confident that the IBX data center has adequate carrier connections. As a result, we have a long sales cycle. Furthermore, we may devote significant time and resources to pursuing a particular sale or customer that does not result in revenues.
Instability in the markets and the current macroeconomic environment could also increase delays in our sales cycle. Delays due to the length of our sales cycle may materially and adversely affect our revenues and results of operations, which could harm our ability to meet our forecasts and cause volatility in our stock price.
We may not be able to compete successfully against current and future competitors.
The global multi-tenant data center market is highly fragmented. It is estimated that we are one of more than 2,400 companies that provide these offerings around the world. We compete with these firms which vary in terms of their data center offerings and the geographies in which they operate. We must continue to evolve our product strategy and be able to differentiate our IBX data centers and product offerings from those of our competitors.
Some of our competitors may adopt aggressive pricing policies, especially if they are not highly leveraged or have lower return thresholds than we do. As a result, we may suffer from pricing pressure that would adversely affect our ability to generate revenues. Some of these competitors may also provide our target customers with additional benefits, including bundled communication services or cloud services, and may do so in a manner that is more attractive to our potential customers than obtaining space in our IBX data centers. Similarly, with growing acceptance of cloud-based technologies, we are at risk of losing customers that may decide to fully leverage cloud infrastructure offerings instead of managing their own. Competitors could also operate more successfully or form alliances to acquire significant market share. Regional competitors may also consolidate to become a global competitor. Consolidation of our customers and/or our competitors may present a risk to our business model and have a negative impact on our revenues. Further, because of the expected growth and opportunity related to AI, we anticipate significant investments in the data center industry by both current competitors and new investors and companies looking to capture this opportunity. If Equinix is unable to compete against these new market entrants, or capture a proportionate share of these investments, we could lose market share during this expected period of growth.
Failure to compete successfully may materially adversely affect our financial condition, cash flows and results of operations.
If we cannot continue to develop, acquire, market and provide new offerings or enhancements to existing offerings that meet customer requirements and differentiate us from our competitors, our results of operations could suffer.
As our customers evolve their IT strategies, we must remain flexible and evolve along with new technologies and industry and market shifts. The process of developing and acquiring new offerings and enhancing existing offerings is complex. If we fail to anticipate customers’ evolving needs and expectations or do not adapt to technological and IT trends, our results of operations could suffer. Ineffective planning and execution in our cloud, AI and product development strategies may cause difficulty in sustaining our competitive advantages. Additionally, any delay in the development, acquisition, marketing or launch of a new offering could result in customer dissatisfaction or attrition. If we cannot continue adapting our products and strategies, or if our competitors can adapt their products more quickly than us, our business could be harmed.
In order to adapt effectively, we sometimes must make long-term investments and commit significant resources before knowing whether our predictions will accurately reflect customer demand for the new offerings. This kind of investment may include real estate expansion or developing, acquiring and obtaining intellectual property. We also must remain flexible and change strategies quickly if our predictions are not accurate. We are currently investing in our AI strategy to serve the large footprint we foresee needed for customers’ AI workloads. The future of AI is still uncertain and as it continues to evolve, our predictions about the market may prove inaccurate. Market news and
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speculation about the future of AI and/or its impact on the data center industry have caused volatility in our stock price in the past. We cannot guarantee our investments and predictions will be accurate around AI or any other customer demand.
We have also been making investments of resources in expanding our product portfolio in recent years. New offerings may come with additional risks and may not always be successful, and certain past offerings have been discontinued including the Equinix Metal product. New offerings may also require additional capital, have lower margins and higher customer churn as compared to our data center offerings, thus adversely impacting our results. These offerings may also introduce us to different competition and faster development cycles as compared to our data center business. If we cannot develop or partner to quickly and efficiently meet market demands, we may also see adverse results. While we believe these product offerings and others we may implement in the future will be desirable to our customers and will complement our other offerings on Platform Equinix, we cannot guarantee the success of any product or any other new product offering.
We have also invested in joint ventures in order to develop capacity to serve the large footprint needs of a targeted set of hyperscale customers by leveraging existing capacity and dedicated hyperscale builds. We believe these hyperscale customers will also play a large role in the growth of the market for AI. We have announced our intention to seek additional joint ventures for certain of our hyperscale builds. There can be no assurances that our joint ventures will be successful or that we find appropriate partners, or that we will be able to successfully meet the needs of these customers through our hyperscale offerings.
Failure to successfully execute on our product strategy or hyperscale strategy could materially adversely affect our financial condition, cash flows and results of operations.
We have government contracts, which subjects us to revenue risk and certain other risks including early termination, audits, investigations, sanctions and penalties, any of which could have a material adverse effect on our results of operations.
We derive revenues from contracts with the U.S. government, state and local governments and foreign governments. Some of these customers may terminate all or part of their contracts at any time, without cause. There is increased pressure for governments and their agencies, both domestically and internationally, to reduce spending. Some of our federal government contracts are subject to the approval of appropriations being made by the U.S. Congress to fund the expenditures under these contracts. Similarly, some of our contracts at the state and local levels are subject to government funding authorizations.
Government contracts often have unique terms and conditions, such as most favored customer obligations, and are generally subject to audits and investigations. Being out of compliance with the terms of such contracts could result in various civil and criminal penalties and administrative sanctions, including termination of contracts, refund of a portion of fees received, forfeiture of profits, suspension of payments, fines and suspensions, or debarment from future government business. On occasion, we have been out of compliance with contractual terms of certain government contracts and have remedied as necessary.
Because we depend on the development and growth of a balanced customer base, including key magnet customers, failure to attract, grow and retain this base of customers could harm our business and results of operations.
Our ability to maximize revenues depends on our ability to develop and grow a balanced customer base, consisting of a variety of companies, including enterprises, cloud, digital content and financial companies, and network service providers. We consider certain of these customers to be key magnets in that they draw in other customers. In many instances, the more balanced the customer base within each IBX data center, the better we will be able to generate significant interconnection revenues, which in turn increases our overall revenues. Our ability to attract customers to our IBX data centers will depend on a variety of factors, including the presence of multiple carriers, the mix of our offerings, the overall mix of customers, the presence of key customers attracting business through vertical market ecosystems, the IBX data center's operating reliability and security and our ability to effectively market our offerings. However, some of our customers may face competitive pressures and may ultimately not be successful or may be consolidated through merger or acquisition. If these customers do not continue to use our IBX data centers it may be disruptive to our business. If customers combine businesses, they may require less colocation space, which could lead to churn in our customer base. Finally, any uncertain global economic climate, including the one we are currently experiencing, could harm our ability to attract and retain customers if customers slow spending, or delay decision-making on our offerings, or if customers begin to have difficulty paying us or seek bankruptcy protection and we experience increased churn in our customer base. Any of
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these factors may hinder the development, growth and retention of a balanced customer base and adversely affect our business, financial condition and results of operations.
Risks Related to our Financial Results
The market price of our stock may continue to be highly volatile, and the value of an investment in our common stock may decline.
The market price of the shares of our common stock has recently been and may continue to be highly volatile. General economic and market conditions, like the ones we are currently experiencing, and market conditions for technology, data center and REIT stocks in general, may affect the market price of our common stock.
Announcements by us or others, or speculations about our future plans, may also have a significant impact on the market price of our common stock. These may relate to:
•our results of operations or forecasts;
•new issuances of equity, debt or convertible debt by us, including issuances through any existing ATM Program;
•increases in market interest rates and changes in other general market and economic conditions, including inflationary concerns;
•changes to our capital allocation, tax planning or business strategy;
•our qualification for taxation as a REIT and our declaration of distributions to our stockholders;
•changes in U.S. or foreign tax laws;
•changes in management or key personnel;
•developments in our relationships with customers;
•announcements by our customers or competitors;
•changes in regulatory policy or interpretation;
•market speculation involving us or other companies in our industry, which may include short seller reports;
•litigation and governmental investigations;
•changes in the ratings of our debt or stock by rating agencies or securities analysts;
•our purchase or development of real estate and/or additional IBX data centers;
•our acquisitions of complementary businesses; or
•the operational performance of our IBX data centers.
The stock market has from time-to-time experienced extreme price and volume fluctuations, which have particularly affected the market prices for technology, data center and REIT stocks, and which have often been unrelated to their operating performance. These broad market fluctuations may adversely affect the market price of our common stock. One of the factors that investors may consider in deciding whether to buy or sell our common stock is our distribution rate as a percentage of our stock price relative to market interest rates. If market interest rates increase, prospective investors may demand a higher distribution rate or seek alternative investments paying higher dividends or interest. As a result, interest rate fluctuations and conditions in the capital markets may affect the market value of our common stock. Furthermore, companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation. We have been the target of this type of litigation and we may be the target of this type of litigation in the future. Securities litigation against us could result in substantial costs and/or damages, and divert management's attention from other business concerns, which could seriously harm our business.
Furthermore, short sellers may engage in activity intended to drive down the market price of our common stock, which could also result in related regulatory and governmental scrutiny, among other effects. Short selling is the practice of selling securities that the seller does not own but rather has borrowed or intends to borrow from a third party with the intention of later buying lower priced identical securities to return to the lender. Accordingly, it is in the interest of a short seller of our common stock for the price to decline. At any time, short sellers may also publish, or arrange for the publication of, opinions or characterizations that are intended to create negative market momentum in our common stock. Short selling reports can cause downward pressure and increased volatility in an issuer’s stock price. In particular, on March 20, 2024, a short seller report was published about us, which contained certain allegations related to components of our operating results and other strategic matters. As a result, the Audit Committee of our Board of Directors commenced an independent investigation to review the matters referenced in the report. Shortly after the release of the report, we received a subpoena from the U.S. Attorney’s Office for the Northern District of California and on April 30, 2024, we also received a subpoena from the Securities and Exchange Commission. We are cooperating fully with both. The foregoing subpoenas, or any inquiries or
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investigations conducted by a governmental organization or other regulatory body or internal investigation, could result in a material diversion of our management’s time and result in substantial cost and, in the event of an adverse finding, could have a material adverse effect on our business and results of operations.
Our results of operations may fluctuate.
We have experienced fluctuations in our results of operations on a quarterly and annual basis. The fluctuations in our results of operations may cause the market price of our common stock to be volatile. We may experience significant fluctuations in our results of operations in the foreseeable future due to a variety of factors, many of which are listed in this Risk Factors section. Additional factors could include, but are not limited to:
•the timing and magnitude of depreciation and interest expense or other expenses related to the acquisition, purchase or construction of additional IBX data centers or the upgrade of existing IBX data centers;
•demand for space, power and solutions at our IBX data centers;
•the availability of power and the associated cost of procuring the power;
•changes in general economic conditions, such as those stemming from pandemics or other economic downturns, or specific market conditions in the telecommunications and internet industries, any of which could have a material impact on us or on our customer base;
•additions and changes in product offerings and our ability to ramp up and integrate new products within the time period we have forecasted;
•restructuring charges incurred in the event of a realignment of our management structure, operations or products;
•the financial condition and credit risk of our customers;
•the provision of customer discounts and credits;
•the mix of current and proposed products and offerings and the gross margins associated with our products and offerings;
•increasing repair and maintenance expenses in connection with aging IBX data centers;
•lack of available capacity in our existing IBX data centers to generate new revenue or delays in opening new or acquired IBX data centers that delay our ability to generate new revenue in markets which have otherwise reached capacity;
•changes in employee stock-based compensation;
•changes in our tax planning strategies or failure to realize anticipated benefits from such strategies;
•changes in income tax benefit or expense; and
•changes in or new GAAP as periodically released by the Financial Accounting Standards Board ("FASB").
Any of the foregoing factors, or other factors discussed elsewhere in this report, could have a material adverse effect on our business, results of operations and financial condition. Although we have experienced growth in revenues in recent quarters, this growth rate is not necessarily indicative of future results of operations. It is possible that we may not be able to generate net income on a quarterly or annual basis in the future. In addition, a relatively large portion of our expenses are fixed in the short-term, particularly with respect to lease and personnel expenses, depreciation and amortization and interest expenses. Therefore, our results of operations are particularly sensitive to fluctuations in revenues. As such, comparisons to prior reporting periods should not be relied upon as indications of our future performance. In addition, our results of operations in one or more future quarters may fail to meet the expectations of securities analysts or investors.
We may incur goodwill and other intangible asset impairment charges, or impairment charges to our property, plant and equipment, which could result in a significant reduction to our earnings.
In accordance with U.S. GAAP, we are required to assess our goodwill and other intangible assets annually, or more frequently whenever events or changes in circumstances indicate potential impairment, such as changing market conditions or any changes in key assumptions. If the testing performed indicates that an asset may not be recoverable, we are required to record a non-cash impairment charge for the difference between the carrying value of the goodwill or other intangible assets and the implied fair value of the goodwill or other intangible assets in the period the determination is made.
We also periodically monitor the remaining net book values of our property, plant and equipment, generally at the individual IBX data center level. Although our individual IBX data centers are generally performing in accordance with our expectations, our IBX data centers could under-perform relative to our expectations which may result in additional non-cash impairment charges.
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These charges could be significant, which could have a material adverse effect on our business, results of operations or financial condition.
We have incurred substantial losses in the past and may incur additional losses in the future.
As of June 30, 2025, our retained earnings were $5.5 billion. We are currently investing heavily in our future growth through the build out of multiple additional IBX data centers, expansions of IBX data centers and acquisitions of complementary businesses. As a result, we will incur higher depreciation and other operating expenses, as well as transaction costs and interest expense, that may negatively impact our ability to sustain profitability in future periods unless and until these new IBX data centers generate enough revenue to exceed their operating costs and cover the additional overhead needed to scale our business for this anticipated growth. The current global financial uncertainty may also impact our ability to sustain profitability if we cannot generate sufficient revenue to offset the increased costs of our recently opened IBX data centers or IBX data centers currently under construction. In addition, costs associated with the acquisition and integration of any acquired companies, as well as the additional interest expense associated with debt financing, we have undertaken to fund our growth initiatives, may also negatively impact our ability to sustain profitability. Finally, given the competitive and evolving nature of the industry in which we operate, we may not be able to sustain or increase profitability on a quarterly or annual basis.
Risks Related to Our Expansion Plans
Our construction of new IBX data centers, IBX data center expansions or IBX data center redevelopment could involve significant risks to our business.
In order to sustain our growth in certain of our existing and new markets, we may have to expand an existing data center, lease a new facility or acquire suitable land, with or without structures, to build new IBX data centers from the ground up. Expansions or new builds are currently underway, or being contemplated, in new and existing markets. Construction projects expose us to many risks which could have an adverse effect on our results of operations, financial condition and/or on customer demand and satisfaction. The current global supply chain, tariffs and inflation issues have exacerbated many of these construction risks and created additional risks for our business. Some of the risks associated with construction projects include:
•construction delays and/or quality issues;
•power and power grid constraints;
•lack of availability and delays for data center equipment, including items such as generators and switchgear;
•unexpected budget changes;
•increased prices for and delays in obtaining building supplies, raw materials and data center equipment;
•labor availability, labor disputes and work stoppages with contractors, subcontractors and other third parties;
•unanticipated environmental issues and geological problems;
•delays related to permitting and approvals to open from public agencies and utility companies;
•unexpected lack or reduction of power access;
•adverse impacts on existing customers in the IBX data center;
•delays in site readiness leading to our failure to meet commitments made to customers planning to expand into a new build; and
•unanticipated customer requirements that would necessitate alternative data center design, making our sites less desirable or leading to increased costs in order to make necessary modifications or retrofits.
We are currently experiencing rising construction costs which reflect the increase in cost of labor and raw materials, supply chain and logistic challenges, and high demand in our sector. While we have invested in creating a reserve of materials to mitigate supply chain issues and inflation, it may not be sufficient and ongoing delays, difficulty finding replacement products and continued high inflation could affect our business and growth and could have a material effect on our business. In certain instances we have elected to pre-buy certain equipment and materials to mitigate supply chain issues before our construction plans are finalized. If our estimates are wrong, we may be liable to pay for goods we no longer need.
Current relations between the U.S. and China have created increased supply chain risk due to successive U.S. legislation promoting decoupling from China on semiconductors and specific telecommunications equipment makers, and having to source for alternative suppliers for key components outside of China. We are currently using our global supply chain to manage the evolving tariff environment and reduce impacts on our business and customers. At this time, we believe the largest potential tariff impact for us is related to steel and steel derivatives. Tariffs on steel and steel derivatives could lead to significant building cost increases for us if we are unable to
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source alternative options. Any proposed tariffs to be imposed by the U.S. on imports from certain countries and potential counter-tariffs in response, could lead to increased costs and supply chain disruptions.
Attacks on merchant vessels remain high in the Red Sea which is causing disruptions in shipping routes. Although alternative routes are available, including routes via the Cape of Good Hope, these routes can add additional transit time and lead to delayed deliveries and increased fuel costs. We anticipate the disruptions in the Red Sea could continue to escalate. Any additional or unexpected disruptions to our supply chain, including in the event of any sustained regional escalation of the current conflict in the Middle East in the area around the Red Sea or more broadly, or inflationary pressures could significantly affect the cost of our planned expansion projects and interfere with our ability to meet commitments to customers who have contracted for space in new IBX data centers under construction.
Construction projects are dependent on permitting from public agencies and utility companies. Any delay in permitting could affect our growth. We are currently experiencing permitting delays in most metros. While we don't currently anticipate any material long-term negative impact to our business because of these construction delays, these types of delays and stoppages related to permitting from public agencies and utility companies could worsen and have an adverse effect on our bookings, revenue or growth.
All construction related projects require us to carefully select and rely on the experience of one or more designers, general contractors, and associated subcontractors during the design and construction process. Additionally, we specify performance and quality requirements for our products. Constraints to component availability, restrictions on permitted suppliers, import and export controls and supplier backlogs could lead suppliers to source from alternative providers. This could lead to increased quality defects and a failure of Equinix to meet our performance and quality requirements. Further, should a designer, general contractor, significant subcontractor or key supplier experience financial problems or other problems during the design or construction process, we could experience significant delays, increased costs to complete the project and/or other negative impacts to our expected returns.
Site selection is also a critical factor in our expansion plans. There may not be suitable properties available in our markets with the necessary combination of high-power capacity and fiber connectivity, or selection may be limited. We expect that we will continue to experience limited availability of power and grid constraints in many markets as well as shortages of associated equipment because of the current high demands and finite nature of these resources. These shortages could result in site selection challenges, construction delays or increased costs. Government limitations or moratoriums placed on data center construction in a given market may also negatively impact our ability to expand according to our plans. Thus, while we may prefer to locate new IBX data centers adjacent to our existing locations, it may not always be possible. In the event we decide to build new IBX data centers separate from our existing IBX data centers, we may provide metro connect solutions to connect these two IBX data centers. Should these solutions not provide the necessary reliability to sustain connection, or if they do not meet the needs of our customers, this could result in lower interconnection revenue and lower margins and could have a negative impact on customer retention over time.
Acquisitions present many risks, and we may not realize the financial or strategic goals that were contemplated at the time of any transaction.
We have completed numerous acquisitions, including most recently that of three data centers in Manila, Philippines, from Total Information Management ("TIM") in 2025. We expect to make additional acquisitions in the future, which may include (i) acquisitions of businesses, products, solutions or technologies that we believe to be complementary, (ii) acquisitions of new IBX data centers or real estate for development of new IBX data centers; (iii) acquisitions through investments in local data center operators; or (iv) acquisitions in new markets with higher risk profiles. We may pay for future acquisitions by using our existing cash resources (which may limit other potential uses of our cash), incurring additional debt (which may increase our interest expense, leverage and debt service requirements) and/or issuing shares (which may dilute our existing stockholders and have a negative effect on our earnings per share). Acquisitions expose us to potential risks, including:
•the possible disruption of our ongoing business and diversion of management's attention by acquisition, transition and integration activities, particularly when multiple acquisitions and integrations are occurring at the same time or when we are entering an emerging market with a higher risk profile;
•our potential inability to successfully pursue or realize some or all of the anticipated revenue opportunities associated with an acquisition or investment;
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•the possibility that we may not be able to successfully integrate acquired businesses, or businesses in which we invest, or achieve anticipated operating efficiencies or cost savings;
•the possibility that announced acquisitions may not be completed, due to failure to satisfy the conditions to closing as a result of:
•an injunction, law or order that makes unlawful the consummation of the acquisition;
•inaccuracy or breach of the representations and warranties of, or the non-compliance with covenants by, either party;
•the nonreceipt of closing documents; or
•for other reasons;
•the possibility that there could be a delay in the completion of an acquisition, which could, among other things, result in additional transaction costs, loss of revenue or other adverse effects resulting from such uncertainty;
•the possibility that our projections about the success of an acquisition could be inaccurate and any such inaccuracies could have a material adverse effect on our financial projections;
•the dilution of our existing stockholders as a result of our issuing stock as consideration in a transaction or selling stock in order to fund the transaction;
•the possibility of customer dissatisfaction if we are unable to achieve levels of quality and stability on par with past practices;
•the possibility that we will be unable to retain relationships with key customers, landlords and/or suppliers of the acquired businesses, some of which may terminate their contracts with the acquired business as a result of the acquisition or which may attempt to negotiate changes in their current or future business relationships with us;
•the possibility that we could lose key employees from the acquired businesses;
•the possibility that we may be unable to integrate certain IT systems that do not meet Equinix's standard requirements with respect to security, privacy or any other standard;
•the potential deterioration in our ability to access credit markets due to increased leverage;
•the possibility that our customers may not accept either the existing equipment infrastructure or the "look-and-feel" of a new or different IBX data center;
•the possibility that additional capital expenditures may be required or that transaction expenses associated with acquisitions may be higher than anticipated;
•the possibility that required financing to fund an acquisition may not be available on acceptable terms or at all;
•the possibility that we may be unable to obtain required approvals from governmental authorities under antitrust and competition laws on a timely basis or at all, which could, among other things, delay or prevent us from completing an acquisition, limit our ability to realize the expected financial or strategic benefits of an acquisition or have other adverse effects on our current business and operations;
•the possible loss or reduction in value of acquired businesses;
•the possibility that future acquisitions may present new complexities in deal structure, related complex accounting and coordination with new partners, particularly in light of our desire to maintain our qualification for taxation as a REIT;
•the possibility that we may not be able to prepare and issue our financial statements and other public filings in a timely and accurate manner, and/or maintain an effective control environment, due to the strain on the finance organization when multiple acquisitions and integrations are occurring at the same time;
•the possibility that future acquisitions may trigger property tax reassessments resulting in a substantial increase to our property taxes beyond that which we anticipated;
•the possibility that future acquisitions may be in geographies and regulatory environments to which we are unaccustomed and we may become subject to complex requirements and risks with which we have limited experience;
•the possibility that future acquisitions may appear less attractive due to fluctuations in foreign currency rates;
•the possibility that carriers may find it cost-prohibitive or impractical to bring fiber and networks into a new IBX data center;
•the possibility of litigation or other claims in connection with, or as a result of, an acquisition, or inherited from the acquired company, including claims from terminated employees, customers, former stockholders or other third parties;
•the possibility that asset divestments may be required in order to obtain regulatory clearance for a transaction;
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•the possibility of pre-existing undisclosed liabilities, including, but not limited to, lease or landlord related liability, tax liability, environmental liability or asbestos liability, for which insurance coverage may be insufficient or unavailable, or other issues not discovered in the diligence process;
•the possibility that we receive limited or incorrect information about the acquired business in the diligence process; and
•the possibility that we do not have full visibility into customer agreements and customer termination rights during the diligence process which could expose us to additional liabilities after completing the acquisition.
The occurrence of any of these risks could have a material adverse effect on our business, results of operations, financial condition or cash flows. If an acquisition does not proceed or is materially delayed for any reason, the price of our common stock may be adversely impacted, and we will not recognize the anticipated benefits of the acquisition.
We cannot assure that the price of any future acquisitions of IBX data centers or businesses will be similar to prior IBX data center acquisitions and businesses. In fact, we expect costs required to build or render new IBX data centers operational to increase in the future. If our revenue does not keep pace with these potential acquisition and expansion costs, we may not be able to maintain our current or expected margins as we absorb these additional expenses. There is no assurance we would successfully overcome these risks, or any other problems encountered with these acquisitions.
The anticipated benefits of our joint ventures may not be fully realized, or take longer to realize than expected.
We have entered into joint ventures to develop and operate data centers. Certain sites that are intended to be utilized in joint ventures require investment for development. The success of these joint ventures will depend, in part, on our ability to find suitable land and power as well as the successful development of the data center sites. Such development may be more difficult, time-consuming or costly than expected and could result in increased costs, decreases in the amount of expected revenues and diversion of management's time and energy, which could materially impact our business, financial condition and results of operations. Additionally, if it is determined these sites are no longer desirable for the joint ventures, we would need to adapt such sites for other purposes.
We may not realize all of the anticipated benefits from our joint ventures. The success of these joint ventures will depend, in part, on the successful partnership between Equinix and our joint venture partners. Such a partnership is subject to risks as outlined below, and more generally, to the same types of business risks as would impact our IBX data center business. A failure to successfully partner, or a failure to realize our expectations for the joint ventures, including any contemplated exit strategy from a joint venture, could materially impact our business, financial condition and results of operations. These joint ventures could also be negatively impacted by inflation, supply chain issues, an inability to obtain financing on favorable terms or at all, an inability to fill the data center sites with customers as planned, unexpected power constraints, and development and construction delays, including those we are currently experiencing in many markets globally.
Joint venture investments could expose us to risks and liabilities in connection with the formation of the new joint ventures, the operation of such joint ventures without sole decision-making authority, and our reliance on joint venture partners who may have economic and business interests that are inconsistent with our business interests.
In addition to our current and proposed joint ventures, we may co-invest with other third parties through partnerships, joint ventures or other entities in the future. These joint ventures could result in our acquisition of non-controlling interests in, or shared responsibility for, managing the affairs of a property or portfolio of properties, partnership, joint venture or other entity. We may be subject to additional risks, including:
•we may not have the right to exercise sole decision-making authority regarding the properties, partnership, joint venture or other entity;
•if our partners become bankrupt or fail to fund their share of required capital contributions, we may choose to or be required to contribute such capital or be otherwise adversely impacted;
•our partners may have economic, tax or other business interests or goals which are inconsistent with our business interests or goals, and may be in a position to take actions contrary to our policies or objectives;
•our joint venture partners may take actions that are not within our control, which could require us to dispose of the joint venture asset, transfer it to a taxable REIT subsidiary ("TRS") in order to maintain our qualification for taxation as a REIT, or purchase the partner's interests or assets at an above-market price;
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•our joint venture partners may take actions unrelated to our business agreement but which reflect poorly on us because of our joint venture relationship;
•disputes between us and our partners may result in litigation or arbitration that would increase our expenses and prevent our management from focusing their time and effort on our day-to-day business;
•we may in certain circumstances be liable for the actions of our third-party partners or guarantee all or a portion of the joint venture's liabilities, which may require us to pay an amount greater than its investment in the joint venture;
•we may fail to maintain the complex tax structure of the joint ventures and, as a result, become liable for additional tax liabilities of the joint ventures;
•our joint venture partner may have contractual exit rights under certain circumstances, and may force us to buy them out on terms and timing unfavorable to us;
•we may need to change the structure of an established joint venture or create new complex structures to meet our business needs or the needs of our partners which could prove challenging; and
•a joint venture partner's decision to exit the joint venture may not be at an opportune time for us or in our business interests.
Each of these factors may result in returns on these investments being less than we expect or in losses, and our financial and results of operations may be adversely affected.
If we cannot effectively manage our international operations and successfully implement our international expansion plans, our business and results of operations would be adversely impacted.
For the years ended December 31, 2024, 2023 and 2022, we recognized approximately 62%, 63% and 61%, respectively, of our revenues outside the U.S. We currently operate outside of the U.S. in Canada, Mexico, South America, the Asia-Pacific region and the EMEA region.
In addition, we are currently undergoing expansions or evaluating expansion opportunities outside of the U.S., which include entering into emerging and high-risk markets. Undertaking and managing expansions in foreign jurisdictions may present unanticipated challenges to us.
Our international operations are generally subject to a number of additional risks, including:
•the costs of customizing IBX data centers for foreign countries;
•protectionist laws and business practices favoring local competition;
•greater difficulty or delay in accounts receivable collection;
•difficulties in staffing and managing foreign operations, including negotiating with foreign labor unions or workers' councils;
•difficulties in managing across cultures and in foreign languages;
•political and economic instability;
•difficulties in managing varying business standards and construction speeds across markets;
•fluctuations in currency exchange rates;
•difficulties in repatriating funds from certain countries;
•our ability to obtain, transfer or maintain licenses required by governmental entities with respect to our business;
•unexpected changes in regulatory, tax and political environments;
•difficulties in procuring power and/ or in obtaining stable sources of power;
•trade wars;
•changes in the government and public administration in emerging markets that may impact the stability of foreign investment policies;
•our ability to secure and maintain the necessary physical and telecommunications infrastructure;
•compliance with anti-bribery and corruption laws;
•compliance with economic and trade sanctions enforced by the Office of Foreign Assets Control of the U.S. Department of Treasury, the Bureau of Industry and Security of the US Department of Commerce and other enforcement agencies in other jurisdictions around the world including those related to the Russian and Ukrainian war;
•compliance with changing laws, policies and requirements related to sustainability;
•increasing scrutiny on the operational resilience of data centers, especially in countries where data centers are designated as critical national infrastructure and/or essential ICT service providers;
•increasing resistance to data center presence and expansion by local communities;
•compliance with evolving cybersecurity laws including reporting requirements; and
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•compliance with evolving governmental regulation.
Further, if we cannot effectively manage the challenges associated with our international operations and expansion plans, we could experience a delay in our expansion projects or a failure to grow. Expansion challenges and international operations failures could also materially damage our reputation, our brand, our business and results of operations. Our success depends, in part, on our ability to anticipate and address these risks and manage these difficulties.
We continue to invest in our expansion efforts, but may not have sufficient customer demand in the future to realize expected returns on these investments.
We are considering the acquisition or lease of additional properties and the construction of new IBX data centers beyond those expansion projects already announced. We will be required to commit substantial operational and financial resources to these IBX data centers in advance of securing customer contracts and we may not have sufficient customer demand in those markets to support these IBX data centers once they are built. In addition, unanticipated technological changes could affect customer requirements for data centers, and we may not have built such requirements into our new IBX data centers. Either of these contingencies, if they were to occur, could make it difficult for us to realize expected or reasonable returns on these investments.
Risks Related to Our Capital Needs and Capital Strategy
Our substantial debt could adversely affect our cash flows and limit our flexibility to raise additional capital.
We have a significant amount of debt and have announced our need to incur additional debt to support our planned growth. Additional debt may also be incurred to fund future acquisitions, any future special distributions, regular distributions or the other cash outlays associated with maintaining our qualification for taxation as a REIT. As of June 30, 2025, our total indebtedness (inclusive of finance lease liabilities and gross of debt issuance costs and debt discounts) was approximately $20.5 billion, our stockholders' equity was $14.1 billion and our cash, cash equivalents and short-term investments totaled $4.5 billion. In addition, as of June 30, 2025, we had approximately $3.9 billion of additional liquidity available to us from our $4.0 billion revolving credit facility. In addition to our substantial debt, we lease many of our IBX data centers and certain equipment under lease agreements, some of which are accounted for as operating leases. As of June 30, 2025, we recorded operating lease liabilities of $1.5 billion, which represents our obligation to make lease payments under those lease arrangements.
Our substantial amount of debt and related covenants, our off-balance sheet commitments, and our intent to raise additional debt could have important consequences. For example, they could:
•require us to dedicate a substantial portion of our cash flow from operations to make interest and principal payments on our debt and in respect of other off-balance sheet arrangements, reducing the availability of our cash flow to fund future capital expenditures, working capital, execution of our expansion strategy and other general corporate requirements;
•increase the likelihood of negative outlook from our credit rating agencies, or of a downgrade to our current rating;
•make it more difficult for us to satisfy our obligations under our various debt instruments;
•increase our cost of borrowing and even limit our ability to access additional debt to fund future growth;
•increase our vulnerability to general adverse economic and industry conditions and adverse changes in governmental regulations;
•limit our flexibility in planning for, or reacting to, changes in our business and industry, which may place us at a competitive disadvantage compared with our competitors;
•limit our operating flexibility through covenants with which we must comply;
•limit our ability to borrow additional funds, even when necessary to maintain adequate liquidity, which would also limit our ability to further expand our business; and
•make us more vulnerable to increases in interest rates because of the variable interest rates on some of our borrowings to the extent we have not entirely hedged such variable-rate debt.
The occurrence of any of the foregoing factors could have a material adverse effect on our business, results of operations and financial condition.
We may also need to refinance a portion of our outstanding debt as it matures. There is a risk that we may not be able to refinance existing debt or that the terms of any refinancing may not be as favorable as the terms of our existing debt. Furthermore, if prevailing interest rates or other factors at the time of refinancing result in higher
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interest rates upon refinancing, then the interest expense relating to that refinanced indebtedness would increase. These risks could materially adversely affect our financial condition, cash flows and results of operations.
Sales or issuances of shares of our common stock may adversely affect the market price of our common stock.
Future sales or issuances of common stock or other equity related securities may adversely affect the market price of our common stock, including any shares of our common stock issued to finance capital expenditures, finance acquisitions or repay debt. In October 2024, we established an "at the market" equity offering program (the "2024 ATM Program") to replace a previous program from 2022 which had been exhausted (the "2022 ATM Program”). Under the $2.0 billion 2024 ATM Program, we may, from time to time, issue and sell shares of our common stock to or through sales agents up to established limits. As of June 30, 2025, we had approximately $1.2 billion available for sale under the 2024 ATM Program. We have refreshed our ATM program in the past and may refresh our ATM program in the future, which may lead to additional dilution for our stockholders. We may also seek authorization to sell additional shares of common stock through other means which could lead to additional dilution for our stockholders. Please see Note 11 within the condensed consolidated financial statements of this Quarterly Report on Form 10-Q for sales of our common stock under our ATM programs.
If we are not able to generate sufficient operating cash flows or obtain external financing, our ability to fund incremental expansion plans may be limited.
Our capital expenditures, together with ongoing operating expenses, obligations to service our debt and the cash outlays associated with our REIT distribution requirements, are, and will continue to be, a substantial burden on our cash flow and may decrease our cash balances. Additional debt or equity financing may not be available when needed or, if available, may not be available on satisfactory terms. Our inability to obtain additional debt and/or equity financing or to generate sufficient cash from operations may require us to prioritize projects or curtail capital expenditures which could adversely affect our results of operations.
Our derivative transactions expose us to counterparty credit risk.
Our derivative transactions expose us to risk of financial loss if a counterparty fails to perform under a derivative contract. Disruptions in the financial markets could lead to sudden decreases in a counterparty's liquidity, which could make them unable to perform under the terms of their derivative contract and we may not be able to realize the benefit of the derivative contract.
Risks Related to Environmental Laws and Climate Change
Environmental laws and regulations may impose upon us new or unexpected costs.
We are subject to various federal, state and local environmental and health and safety laws and regulations in the United States and at our non-U.S. locations, including those relating to the generation, storage, handling and disposal of hazardous substances, regulated materials and wastes. Certain of these laws and regulations also impose joint and several liability, without regard to fault, for investigation and cleanup costs on current and former owners and operators of real property and persons who have arranged for, disposed of or released hazardous substances into the environment. Our operations involve the use of hazardous substances and other regulated materials such as petroleum fuel for emergency generators, as well as batteries, cleaning solutions, refrigerants and other materials. At some of our locations, hazardous substances or regulated materials are known to be present in soil or groundwater, and there may be additional unknown hazardous substances, or regulated materials present at sites that we own, operate or lease. At some of our locations, there are land use restrictions in place relating to earlier environmental cleanups that do not materially limit our use of the sites. To the extent any hazardous substances or any other substance or material must be investigated, cleaned up or removed from our property, we may be responsible under applicable laws, permits or leases for the investigation, removal or cleanup of such substances or materials, the cost of which could be substantial.
Regulations announced by federal agencies (such as the U.S. EPA), state environmental and health and safety agencies or regulators in other countries could limit air emissions from fossil fuel-fired power plants, restrict discharges of cooling water, limit the availability of potable water and otherwise impose new operational restraints on power plants that could increase costs and reliability of electricity. Regulatory programs intended to promote increased generation of electricity from renewable sources may also increase our costs of procuring electricity. In addition, we are directly subject to environmental, health and safety laws regulating air emissions, storm water management and other environmental matters arising in our business. For example, our emergency generators are
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subject to state, federal and country-specific regulations governing air pollutants, which could limit the operation of those generators or require the installation of new pollution control technologies. While environmental regulations do not normally impose material costs upon our operations, unexpected events, equipment malfunctions, human error and changes in law or regulations, among other factors, can lead to additional capital requirements, limitations upon our operations and unexpected increased costs.
Further, greenhouse gas ("GHG") emissions regulations, carbon taxes, carbon pricing mechanisms and removal of incentives for renewable energy development and GHG reductions could also increase expenses, create unexpected costs and require investments in new technologies. To date, regulations aimed at reducing GHG emissions have not had a material adverse effect on our electricity costs, but potential new regulatory requirements and the market-driven nature of some of the programs could have a material adverse effect on our operating expenses. Non-U.S. regulations related to the environment and sustainability are expected to continue to increase and evolve and may impose upon us new or unexpected costs. The course of future and existing legislation and regulation in the U.S. and abroad remains difficult to predict, and the potential increased costs associated with national or supra-national GHG regulation and other government policies cannot be estimated at this time.
We also purchase significant amounts of electricity from generating facilities and utility companies. These facilities and utility companies are subject to environmental laws, regulations, permit requirements and policy decisions that could be subject to material change, which could result in increases in our electricity suppliers' compliance costs that may be passed through to us in the form of higher electricity costs.
Our business may be harmed by any instability in energy availability and power supply.
Potential disruptions in power supply or increased operational costs related to power may be caused by changes in energy availability, market fluctuations, regulatory changes and climatic events affecting power prices and commodities markets. Interruptions in power transmission and grid constraints could disrupt operations and increase our costs. The growing demand for data centers and power in energy constrained areas exacerbate these risks. These limitations in power supply, transmission, combined with higher energy costs, may have an adverse effect on our business.
Our business may be adversely affected by physical risks related to climate change and our response to it.
Acute physical risks and severe weather events, such as heatwaves, droughts, flooding, wildfires and storms, pose threats to our data centers by causing physical damages, power disruptions, and rising electricity costs, which may impact our ability to operate, maintain service and attract and retain customers, thereby affecting our costs and revenues. The frequency and intensity of severe weather events are reportedly increasing as part of broader climate changes. Changes in global weather patterns may also pose long-term risks of physical impacts to our business.
Interruptions in power transmission and grid constraints due to severe weather events can disrupt operations and increase costs, potentially resulting in adverse effects on our reputation or demand for our services and products. While we maintain disaster recovery and business continuity plans to allow us to recover from natural disasters or other events that can interrupt our business, we cannot be certain that our plans will work as intended to mitigate the impacts of such disasters or events. Failure to prevent impact to customers from such events could adversely affect our business.
We may fail to achieve our sustainability objectives, or may encounter objections to them, either of which may adversely affect public perception of our business and affect our relationship with our customers, regulators, our stockholders and/or other stakeholders.
We face pressure from our customers, stockholders and other stakeholders, such as the communities in which we operate, who are increasingly focused on sustainability, to prioritize clean and renewable energy procurement, reduce our carbon footprint, promote resource efficiency practices and demonstrate economic benefits to society. To address these stakeholder goals and concerns, where possible, we have established science-aligned sustainability objectives, including long-term goals of achieving 100% clean and renewable energy coverage and reducing our GHG emissions from our operations and supply chain. We also plan to continue to scale our clean and renewable energy strategy, use refrigerants that pose fewer risks of environmental impact and pursue opportunities to improve energy and water efficiency. As a result of these and other initiatives, we intend to make progress towards reducing our environmental impact, meet our sustainability objectives, as well as ensuring that our business remains viable in a low-carbon economy.
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While we believe these initiatives are beneficial to our business, pursuing these sustainability objectives may involve additional costs for conducting our business. For example, developing and acting on sustainability initiatives, including collecting, measuring, and reporting sustainability data and information can be costly. Further, we have undertaken efforts to support availability of new clean and renewable energy development. These efforts may increase our costs of electricity above those that would be incurred through procurement of conventional electricity from existing sources or through conventional grids. Reducing our carbon footprint may also require physical or operational modifications that may be costly. These initiatives could adversely affect our financial position and results of operations.
There is also a risk that our sustainability objectives will not be met. It is possible that we may fail to reach our sustainability objectives in a timely manner or that our customers, stockholders, members of our communities and/or other stakeholders might not be satisfied with our sustainability efforts or the speed of their adoption. Our customers, stockholders or other stakeholders may object to our sustainability objectives or the way we seek to achieve such objectives. A failure to meet our sustainability goals, or significant controversy regarding these goals and how we achieve them, could adversely affect public perception of our business, employee morale or customer, stockholder or community support. If we do not meet our customers' or stockholders' expectations regarding those initiatives, or lose support in our communities, our business and/or our share price could be harmed.
There is some indication that sustainability goals are becoming more controversial, as some governmental entities in the U.S. and certain investor constituencies question the appropriateness of or object to sustainability initiatives. Some investors may use sustainability-related factors to guide their investment strategies and may choose not to invest in us, a factor that could tend to reduce demand for our shares and possibly affect our share price adversely. In addition, the recent change to the United States presidential administration could impact our ability to achieve our sustainability goals. We may face increased governmental scrutiny, potential enforcement actions or private litigation challenging our sustainability goals, or our disclosure of those goals. New or changing regulation or public opinion regarding our sustainability goals or our actions to achieve them may result in adverse effects on our financial performance, reputation or demand for our services and products, or may otherwise result in obligations and liabilities that cannot be predicted or estimated at this time.
Risks Related to Certain Regulations and Laws, Including Tax Laws
Government regulation related to our business or failure to comply with laws and regulations may adversely affect our business.
Various laws and governmental regulations, both in the U.S. and abroad, governing internet-related services, related communications services and information technologies are evolving rapidly to address technological advancements, shifting consumer behaviors and the rise of new services. Changes to these laws and regulations could have a material adverse effect on us and our customers. We expect there may also be forthcoming regulation in areas of regulating the responsible use of AI, such as the proposed EU Artificial Intelligence Act and the introduction of heightened measures to be adopted with respect to cybersecurity, operational resilience, data privacy, sustainability, taxation and data security, any of which could impact us and our customers.
We remain focused on whether and how existing and changing laws, such as those governing intellectual property, privacy, libel, telecommunications services, data flows/data localization, carbon emissions impact, competition and antitrust, and taxation apply to our business and those which might have a material effect on our customers’ decisions to purchase our solutions. Substantial resources may be required to comply with regulations or bring any non-compliant business practices into compliance with such regulations. In addition, the continuing development of the market for online commerce and the displacement of traditional telephony service by the internet and related communications services may prompt an increased call for more stringent consumer protection laws or other regulation both in the U.S. and abroad that may impose additional burdens on companies conducting business online and their service providers.
Many countries and states have increasingly taken a more proactive approach on sustainability through the adoption of regulations that oblige corporations to make disclosures on their corporate sustainability efforts through mandatory reporting and to decarbonize their operations and supply chain. Despite there being some developments in the U.S. and the EU to deregulate or scale back the requirements on corporate sustainability efforts, it is uncertain if the regulations on corporate sustainability will be revoked permanently. For example, while the EU Stop-the-Clock Directive seeks to delay the enforcement and reduce the scale of corporate sustainability reporting under the EU Corporate Sustainability Reporting Directive (“CSRD”), the obligations under the CSRD remains valid and will have to be complied with albeit at a later date. Additionally, the global regulatory landscape on corporate
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sustainability reporting continues to expand in both size and complexity across other parts of the world. It is possible that compliance with the sustainability-related regulations and directives will require us to re-evaluate and make changes to our current operations and our supply chain and thus increase our cost of doing business in the relevant affected regions or countries. We may incur incremental costs to enhance our internal systems to collect the data needed to meet these regulatory requirements, including attestation standards.
In countries where there are shortages of power, land and water resources, local governments have and/or will be imposing more stringent regulations and requirements to control the growth and development of data centers in their countries. New builds and further expansion of data center operations in such markets are increasingly being evaluated and approvals (where required) may only be granted where a data center operator is not only able to demonstrate that it is efficient in its use of energy and water but also that its operations have and/or will bring positive and significant environmental, economic and social impact to the country and the local community. Our data center operations increasingly have to accommodate thermal demands of high-performance computing infrastructure at scale. Using evaporative cooling to meet these demands introduces significant water-related risks that could impact our operations, costs, and reputation. For example, many of our facilities are located in regions experiencing water stress or recurring droughts, and evaporative cooling systems can consume millions of gallons annually. In water-scarce areas, this can lead to regulatory restrictions, community opposition, or operational limitations.
Digitalization has been accelerated in many countries as a direct consequence of the pandemic and regulators are increasingly aware and recognizing the importance of data centers in ensuring the availability, resiliency, security and stability of digitalized critical services such as national security, healthcare and financial and banking services. Our business was designated "critical infrastructure" or "essential services" which allowed our data centers to remain open in many jurisdictions during the COVID-19 pandemic. Regulations such as the US Cyber Incident Reporting for Critical Infrastructure Act of 2022 (“CIRCIA 2022”), the SEC Cybersecurity Disclosure Rule, the EU Network and Information Security Directive No.2 (“NIS 2”), the EU Digital Operational Resilience Act (“DORA”), and Australia’s Security of Critical Infrastructure Act 2018 make it mandatory for Equinix to comply with more stringent requirements related to cybersecurity, controls on data storage and cross border data transfer and operational resilience, more so, in countries where our entities and/or IBXs are designated as critical information or critical national infrastructure. Any regulations restricting our ability to operate our business for any reason could have a material adverse effect on our business. Additionally, these "essential services" and "critical infrastructure" designations could lead countries or local regulators to impose additional regulations on the data center industry in order to have better visibility and control over our industry for future events and crises. Compliance with these regulations may also lead to additional costs and impact returns on investments in the relevant jurisdictions.
We strive to comply with all laws and regulations that apply to our business. However, as these laws evolve, they can be subject to varying interpretations and regulatory discretion. To the extent a regulator or court disagrees with our interpretation of these laws and determines that our practices are not in compliance with applicable laws and regulations, we could be subject to civil and criminal penalties that could adversely affect our business operations. The adoption, or modification of laws or regulations relating to the internet and our business, or interpretations of existing laws, could have a material adverse effect on our business, financial condition and results of operations.
Changes in U.S. or foreign tax laws, regulations, or interpretations thereof, including changes to tax rates, may adversely affect our financial statements and cash taxes.
We are a U.S. company with global subsidiaries and are subject to income and other taxes in the U.S. (although currently limited due to our taxation as a REIT) and many foreign jurisdictions. Significant judgment is required in determining our worldwide provision for income and other taxes. Although we believe that we have adequately assessed and accounted for our potential tax liabilities, and that our tax estimates are reasonable, there can be no certainty that additional taxes will not be due upon audit of our tax returns or as a result of changes to the tax laws and interpretations thereof. For example, we are currently undergoing audits in a number of jurisdictions where we operate. The final results of these audits are uncertain and may not be resolved in our favor.
The Organization for Economic Co-operation and Development ("OECD") is an international association made up of over 30 countries including the U.S. The OECD has proposed and made numerous changes to long-standing tax principles, which, if adopted by the member countries, could have a materially adverse effect on our tax liabilities. For example, it has proposed a framework to implement a global minimum tax of 15% for businesses with global revenues and profits above certain thresholds (referred to as Pillar Two). The framework includes a mechanism empowering foreign jurisdictions to levy a top-up tax on our profits in the U.S. Certain aspects of Pillar Two became effective January 1, 2024, and the rest of the new tax regime became generally effective January 1,
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2025, if the rules were adopted and ratified by the legislatures in the OECD countries. While it is uncertain whether the U.S. will enact legislation to adopt Pillar Two, certain countries in which we operate have partially adopted Pillar Two, and other countries are in the process of introducing legislation to adopt the new tax regime. We are continuing to evaluate the impacts of the development in the jurisdictions in which we operate.
Our business could be adversely affected if we are unable to maintain our complex global legal entity structure.
We maintain a complex global organizational structure, containing numerous legal entities of varied types and serving various purposes, in each country in which we operate. For example, to maintain our qualification for taxation as a REIT for U.S. federal income tax purposes, we use TRSs and qualified REIT subsidiaries ("QRSs") in order to segregate our income between net income from real estate and net income from other non-real estate activities. This results in significantly more entities than we might otherwise utilize if we were not having to maintain our qualification for taxation as a REIT in the U.S.
Additionally, we maintain certain other regional and/or business specific organizational structures for various tax, legal and other business purposes. The organization, maintenance and reporting requirements for our entity structure are complex and require coordination amongst many teams within Equinix and the use of outside service providers. While we use automation tools and software where possible to manage this process, a meaningful amount of work continues to be manual. We believe we have adequate controls in place to manage these complex structures, but if our controls fail, there could be significant legal and tax implications to our business and our operations including but not limited to material tax and legal liabilities.
Risks Related to Our REIT Status in the U.S.
We may not remain qualified for taxation as a REIT.
We elected to be taxed as a REIT for U.S. federal income tax purposes beginning with our 2015 taxable year. We believe that our organization and method of operation comply with the rules and regulations promulgated under the Internal Revenue Code of 1986, as amended (the "Code"), such that we will continue to qualify for taxation as a REIT. However, we cannot assure you that we have qualified for taxation as a REIT or that we will remain so qualified. Qualification for taxation as a REIT involves the application of highly technical and complex provisions of the Code to our operations as well as various factual determinations concerning matters and circumstances not entirely within our control. There are limited judicial or administrative interpretations of applicable REIT provisions of the Code.
If, in any taxable year, we fail to remain qualified for taxation as a REIT and are not entitled to relief under the Code:
•we will not be allowed a deduction for distributions to stockholders in computing our taxable income;
•we will be subject to U.S. federal and state income tax on our taxable income at regular corporate income tax rates; and
•we would not be eligible to elect REIT status again until the fifth taxable year that begins after the first year for which we failed to qualify for taxation as a REIT.
Any such corporate tax liability could be substantial and would reduce the amount of cash available for other purposes. If we fail to remain qualified for taxation as a REIT, we may need to borrow additional funds or liquidate some investments to pay any additional tax liability. Accordingly, funds available for investment and distributions to stockholders could be reduced.
As a REIT, failure to make required distributions would subject us to federal corporate income tax.
We paid a quarterly distribution on June 18, 2025 and have declared a quarterly distribution for the third quarter of 2025 to be paid on September 17, 2025. The amount, timing and form of any future distributions will be determined, and will be subject to adjustment, by our Board of Directors. To remain qualified for taxation as a REIT, we are generally required to distribute at least 90% of our REIT taxable income (determined without regard to the dividends paid deduction and excluding net capital gain) each year, or in limited circumstances, the following year, to our stockholders. Generally, we expect to distribute all or substantially all of our REIT taxable income. If our cash available for distribution falls short of our estimates, we may be unable to maintain distributions that approximate our REIT taxable income and may fail to remain qualified for taxation as a REIT. In addition, our cash flows from operations may be insufficient to fund required distributions as a result of differences in timing between the actual
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receipt of income and the payment of expenses and the recognition of income and expenses for federal income tax purposes, or the effect of nondeductible expenditures, such as capital expenditures, payments of compensation for which Section 162(m) of the Code denies a deduction, interest expense deductions limited by Section 163(j) of the Code, the settlement of reserves or required debt service or amortization payments.
To the extent that we satisfy the 90% distribution requirement but distribute less than 100% of our REIT taxable income, we will be subject to federal corporate income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax on our undistributed taxable income if the actual amount that we distribute to our stockholders for a calendar year is less than the minimum amount specified under the Code.
Complying with REIT requirements may limit our flexibility or cause us to forgo otherwise attractive opportunities.
To remain qualified for taxation as a REIT for U.S. federal income tax purposes, we must satisfy tests concerning, among other things, the sources of our income, the nature and diversification of our assets and the amounts we distribute to our stockholders. For example, under the Code, no more than 20% (and 25% effective January 1, 2026) of the value of the assets of a REIT may be represented by securities of one or more TRSs. Similar rules apply to other nonqualifying assets. These limitations may affect our ability to make large investments in other non-REIT qualifying operations or assets. In addition, in order to maintain our qualification for taxation as a REIT, we must distribute at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains. Even if we maintain our qualification for taxation as a REIT, we will be subject to U.S. federal income tax at regular corporate income tax rates for our undistributed REIT taxable income, as well as U.S. federal income tax at regular corporate income tax rates for income recognized by our TRSs; we also pay taxes in the foreign jurisdictions in which our international assets and operations are held and conducted regardless of our qualification for taxation as a REIT. Because of these distribution requirements, we will likely not be able to fund future capital needs and investments from operating cash flow. As such, compliance with REIT tests may hinder our ability to make certain attractive investments, including the purchase of significant nonqualifying assets and the material expansion of non-real estate activities.
Our use of TRSs, including for certain of our international operations, may cause us to fail to remain qualified for taxation as a REIT in the U.S.
Our operations utilize TRSs to facilitate our qualification for taxation as a REIT. The net income of our TRSs is not included in our REIT taxable income unless it is distributed by an applicable TRS, and income that is not included in our REIT taxable income generally is not subject to the REIT income distribution requirement. Our ability to receive distributions from our TRSs is limited by the rules with which we must comply to maintain our qualification for taxation as a REIT. In particular, at least 75% of our gross income for each taxable year as a REIT must be derived from real estate. Consequently, no more than 25% of our gross income may consist of dividend income from our TRSs and other nonqualifying types of income. Thus, our ability to receive distributions from our TRSs may be limited and may impact our ability to fund distributions to our stockholders using cash flows from our TRSs.
Further, there may be limitations on our ability to accumulate earnings in our TRSs and the accumulation or reinvestment of significant earnings in our TRSs could result in adverse tax treatment. In particular, if the accumulation of cash in our TRSs causes (1) the fair market value of our securities in our TRSs to exceed 20% of the fair market value of our assets (25% beginning with our 2026 tax year) or (2) the fair market value of our securities in our TRSs and other nonqualifying assets to exceed 25% of the fair market value of our assets, then we will fail to remain qualified for taxation as a REIT. Further, a substantial portion of our TRSs are overseas, and a material change in foreign currency rates could also negatively impact our ability to remain qualified for taxation as a REIT.
The Code imposes limitations on the ability of our TRSs to utilize specified income tax deductions, including limits on the use of net operating losses and limits on the deductibility of interest expense.
Even if we remain qualified for taxation as a REIT, some of our business activities are subject to corporate level income tax and foreign taxes, which will continue to reduce our cash flows, and we will have potential deferred and contingent tax liabilities.
Even if we remain qualified for taxation as a REIT, we may be subject to some federal, state, local and foreign taxes, including taxes on any undistributed income, and state, local or foreign income, franchise, property and transfer taxes. In addition, we could in certain circumstances be required to pay an excise or penalty tax, which
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could be significant in amount, in respect of dealer property income or in order to utilize one or more relief provisions under the Code to maintain our qualification for taxation as a REIT.
A portion of our business is conducted through wholly owned TRSs because certain of our business activities could generate nonqualifying REIT income as currently structured and operated. The income of our U.S. TRSs will continue to be subject to federal and state corporate income taxes. In addition, our international assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. Any of these taxes would decrease our earnings and our available cash.
We are also subject to a U.S. federal corporate level income tax at the highest regular corporate income tax rate on any gains recognized from the sale of a REIT asset where our basis in the asset is determined by reference to the basis of the asset in the hands of a C corporation (such as an asset that we or our QRSs hold following the liquidation or other conversion of a former TRS). This tax is generally applicable to any disposition of such an asset during the five-year period after the date we first owned the asset as a REIT asset, to the extent of the built-in-gain based on the fair market value of such asset on the date we first held the asset as a REIT asset.
Our certificate of incorporation contains restrictions on the ownership and transfer of our stock, though they may not be successful in preserving our qualification for taxation as a REIT.
In order for us to remain qualified for taxation as a REIT, no more than 50% of the value of outstanding shares of our stock may be owned, beneficially or constructively, by five or fewer individuals at any time during the last half of each taxable year. In addition, rents from "affiliated tenants" will not qualify as qualifying REIT income if we own 10% or more by vote or value of the customer, whether directly or after application of attribution rules under the Code. Subject to certain exceptions, our certificate of incorporation prohibits any stockholder from owning, beneficially or constructively, more than (i) 9.8% in value of the outstanding shares of all classes or series of our capital stock or (ii) 9.8% in value or number, whichever is more restrictive, of the outstanding shares of any class or series of our capital stock. We refer to these restrictions collectively as the "ownership limits" and we included them in our certificate of incorporation to facilitate our compliance with REIT tax rules. The constructive ownership rules under the Code are complex and may cause the outstanding stock owned by a group of related individuals or entities to be deemed to be constructively owned by one individual or entity. As a result, the acquisition of less than 9.8% of our outstanding common stock (or the outstanding shares of any class or series of our stock) by an individual or entity could cause that individual or entity or another individual or entity to own constructively in excess of the relevant ownership limits. Any attempt to own or transfer shares of our common stock or of any of our other capital stock in violation of these restrictions may result in the shares being automatically transferred to a charitable trust or may be void. Even though our certificate of incorporation contains the ownership limits, there can be no assurance that these provisions will be effective to prevent our qualification for taxation as a REIT from being jeopardized, including under the affiliated tenant rule. Furthermore, there can be no assurance that we will be able to monitor and enforce the ownership limits. If the restrictions in our certificate of incorporation are not effective and, as a result, we fail to satisfy the REIT tax rules described above, then absent an applicable relief provision, we will fail to remain qualified for taxation as a REIT.
In addition, the ownership and transfer restrictions could delay, defer or prevent a transaction or a change in control that might involve a premium price for our stock or otherwise be in the best interest of our stockholders. As a result, the overall effect of the ownership and transfer restrictions may be to render more difficult or discourage any attempt to acquire us, even if such acquisition may be favorable to the interests of our stockholders.
General Risk Factors
Inadequate or inaccurate external and internal information, including budget and planning data, could lead to inaccurate financial forecasts and inappropriate financial decisions.
Our financial forecasts are dependent on estimates and assumptions regarding budget and planning data, market growth, foreign exchange rates, our ability to remain qualified for taxation as a REIT, and our ability to generate sufficient cash flow to reinvest in the business, fund internal growth, make acquisitions, pay dividends and meet our debt obligations. Our financial projections are based on historical experience and on various other assumptions that our management believes to be reasonable under the circumstances and at the time they are made.
We continue to evolve our forecasting models as necessary and appropriate but if our predictions are inaccurate and our results differ materially from our forecasts, we could make inappropriate financial decisions.
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Additionally, inaccuracies in our models could adversely impact our compliance with REIT asset tests, future profitability, stock price and/or stockholder confidence.
Fluctuations in foreign currency exchange rates, especially the strength of the U.S. dollar, in the markets in which we operate internationally could harm our results of operations.
We have experienced and may continue to experience gains and losses resulting from fluctuations in foreign currency exchange rates. To date, the majority of revenues and costs in our international operations are denominated in foreign currencies. Where our prices are denominated in U.S. dollars, our sales and revenues could be adversely affected by declines in foreign currencies relative to the U.S. dollar, thereby making our offerings more expensive in local currencies. We are also exposed to risks resulting from fluctuations in foreign currency exchange rates in connection with our international operations. To the extent we are paying contractors in foreign currencies, our operations could cost more than anticipated as a result of declines in the U.S. dollar relative to foreign currencies. In addition, fluctuating foreign currency exchange rates have a direct impact on how our international results of operations translate into U.S. dollars.
Although we currently undertake, and may decide in the future to further undertake, foreign exchange hedging transactions to reduce foreign currency transaction exposure, not every market is appropriate for a hedging strategy and we do not currently intend to eliminate all foreign currency transaction exposure. In addition, REIT compliance rules may restrict our ability to enter into hedging transactions. Therefore, any weakness of the U.S. dollar may have a positive impact on our consolidated results of operations because the currencies in the foreign countries in which we operate may translate into more U.S. dollars. However, as we have experienced more recently, if the U.S. dollar strengthens relative to the currencies of the foreign countries in which we operate, our consolidated financial position and results of operations may be negatively impacted as amounts in foreign currencies will generally translate into fewer U.S. dollars. For additional information on foreign currency risks, refer to our discussion of foreign currency risk in "Quantitative and Qualitative Disclosures about Market Risk" included in Item 3 of this Quarterly Report on Form 10-Q.
If our internal controls are found to be ineffective, our financial results or our stock price may be adversely affected.
Our most recent evaluation of our controls resulted in our conclusion that, as of June 30, 2025, in compliance with Section 404 of the Sarbanes-Oxley Act of 2002, our internal controls over financial reporting were effective. Our ability to manage our operations and growth through, for example, the integration of recently acquired businesses, the entry into new joint venture structures, the adoption of new accounting principles and tax laws, and our overhaul of our back-office systems that, for example, support the customer experience from initial quote to customer billing and our revenue recognition process, will require us to further develop our controls and reporting systems and implement or amend new or existing controls and reporting systems in those areas where the implementation and integration is still ongoing. All of these changes to our financial systems and the implementation and integration of acquisitions create an increased risk of deficiencies in our internal controls over financial reporting. If, in the future, our internal control over financial reporting is found to be ineffective, or if a material weakness is identified in our controls over financial reporting, our financial results may be adversely affected. Investors may also lose confidence in the reliability of our financial statements which could adversely affect our stock price.
Terrorist activity, or other acts of violence, including violence stemming from the current climate of political and economic uncertainty, could adversely impact our business.
The continued threat of terrorist activity and other acts of war or hostility both domestically and abroad by terrorist organizations, organized crime organizations, or other criminals along with violence stemming from political unrest, contribute to a climate of political and economic uncertainty in many of the regions in which we operate. Due to existing or developing circumstances, we may need to incur additional costs in the future to provide enhanced security, including cybersecurity and physical security, which could have a material adverse effect on our business and results of operations. These circumstances may also adversely affect our ability to attract and retain customers and employees, our ability to raise capital and the operation and maintenance of our IBX data centers.
We may not be able to protect our intellectual property rights.
We cannot make assurances that the steps taken by us to protect our intellectual property rights will be adequate to deter misappropriation of proprietary information or that we will be able to detect unauthorized use and take appropriate steps to enforce our intellectual property rights. We also are subject to the risk of litigation alleging infringement of third-party intellectual property rights. Any such claims could require us to spend significant sums in
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litigation, pay damages, develop non-infringing intellectual property or acquire licenses to the intellectual property that is the subject of the alleged infringement.
We have various mechanisms in place that may discourage takeover attempts.
Certain provisions of our certificate of incorporation and bylaws may discourage, delay or prevent a third party from acquiring control of us in a merger, acquisition or similar transaction that a stockholder may consider favorable. Such provisions include:
•ownership limitations and transfer restrictions relating to our stock that are intended to facilitate our compliance with certain REIT rules relating to share ownership;
•authorization for the issuance of "blank check" preferred stock;
•the prohibition of cumulative voting in the election of directors;
•limits on the persons who may call special meetings of stockholders;
•limits on stockholder action by written consent; and
•advance notice requirements for nominations to the Board of Directors or for proposing matters that can be acted on by stockholders at stockholder meetings.
In addition, Section 203 of the Delaware General Corporation Law, which restricts certain business combinations with interested stockholders in certain situations, may also discourage, delay or prevent someone from acquiring or merging with us.
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Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. | Defaults Upon Senior Securities

None.

Item 4. | Mine Safety Disclosure

Not applicable.
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Item 5. | Other Information

Rule 10b5-1 Trading Plans
During the three months ended June 30, 2025, each of the following directors and/or officers adopted a “Rule 10b5-1 trading arrangement”, as each term is defined in Item 408(a) of Regulation S-K. All trading plans were entered into during an open insider trading window and are intended to satisfy the affirmative defense of Rule 10b5- (c) under the Securities Exchange Act of 1934, as amended, and our policies regarding transactions in our securities.

Name and Title |  | Date |  | Action |  | Start Date |  | End Date |  | Total Shares to be Sold
Raouf Abdel, EVP, Global Operations |  | 5/7/2025 |  | Adoption |  | 12/2/2025 |  | 6/30/2026 |  | See footnote (1)
Adaire Fox-Martin, CEO & President |  | 5/15/2025 |  | Adoption |  | 12/2/2025 |  | 6/30/2026 |  | See footnote (2)
Jonathan Lin, Chief Business Officer |  | 5/15/2025 |  | Adoption |  | 12/2/2025 |  | 6/30/2026 |  | See footnote (3)
Brandi Galvin Morandi, Chief People Officer |  | 5/21/2025 |  | Adoption |  | 8/21/2025 |  | 4/30/2026 |  | See footnote (4)
Kurt Pletcher, Chief Legal Officer |  | 5/5/2025 |  | Adoption |  | 12/2/2025 |  | 6/30/2026 |  | See footnote (5)
Keith Taylor, Chief Financial Officer |  | 5/21/2025 |  | Adoption |  | 8/25/2025 |  | 4/30/2026 |  | See footnote (6)

(1)Mr. Abdel’s plan includes, subject to the achievement of performance conditions, the potential sale of shares for tax withholding relating to awards totaling up to 9,756 shares on a grant-by-grant basis. This plan also includes any shares to be granted under the 2025 Annual Incentive Plan, as determined based on final company performance, to be sold for tax withholding and/or diversification purposes.
(2)Ms. Fox-Martin’s plan includes, subject to the achievement of performance conditions, the potential sale of shares for tax withholding relating to awards totaling up to 29,932 shares on a grant-by-grant basis. This plan also includes any shares to be granted under the 2025 Annual Incentive Plan, as determined based on final company performance, to be sold for tax withholding.
(3)Mr. Lin’s plan includes, subject to the achievement of performance conditions, the potential sale of shares for tax withholding purposes relating to awards totaling up to 8,828 shares on a grant-by-grant basis. This plan also includes any shares to be granted under the 2025 Annual Incentive Plan, as determined based on final company performance, to be sold for tax withholding and/or diversification purposes.
(4)Ms. Morandi’s plan includes (a) 1,124 shares and (b) subject to the achievement of performance conditions, the potential sale of shares for tax withholding relating to awards totaling up to 10,515 shares on a grant-by-grant basis. This plan also includes any shares to be granted under the 2025 Annual Incentive Plan, as determined based on final company performance, to be sold for tax withholding and/or diversification purposes.
(5)Mr. Pletcher’s plan includes, subject to the achievement of performance conditions, the potential sale of shares for tax withholding purposes relating to awards totaling up to 6,690 shares on a grant-by-grant basis. This plan also includes any shares to be granted under the 2025 Annual Incentive Plan, as determined based on final company performance, to be sold for tax withholding and/or diversification purposes.
(6)Mr. Taylor’s plan includes (a) 2,000 shares and (b) subject to the achievement of performance conditions, the potential sale of shares for tax withholding relating to awards totaling up to 16,474 shares on a grant-by-grant basis. This plan also includes any shares to be granted under the 2025 Annual Incentive Plan, as determined based on final company performance, to be sold for tax withholding and/or diversification purposes.
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Item 6. | Exhibits

|  |  |  | Incorporated by Reference |  |
Exhibit Number |  | Exhibit Description |  | Form |  | Filing Date/ Period End Date |  | Exhibit |  | Filed Herewith
2.1 |  | Rule 2.7 Announcement, dated as of May 29, 2015. Recommended Cash and Share Offer for Telecity Group plc by Equinix, Inc. |  | 8-K |  | 5/29/2015 |  | 2.1 |  |
2.2 |  | Cooperation Agreement, dated as of May 29, 2015, by and between Equinix, Inc. and Telecity Group plc. |  | 8-K |  | 5/29/2015 |  | 2.2 |  |
2.3 |  | Amendment to Cooperation Agreement, dated as of November 24, 2015, by and between Equinix, Inc. and Telecity Group plc. |  | 10-K |  | 12/31/2015 |  | 2.3 |  |
2.4 |  | Transaction Agreement, dated as of December 6, 2016, by and between Verizon Communications Inc. and Equinix, Inc. |  | 8-K |  | 12/6/2016 |  | 2.1 |  |
2.5 |  | Amendment No. 1 to the Transaction Agreement, dated February 23, 2017, by and between Verizon Communications Inc. and Equinix, Inc. |  | 10-K |  | 12/31/2016 |  | 2.5 |  |
2.6 |  | Amendment No. 2 to the Transaction Agreement, dated April 30, 2017, by and between Verizon Communications Inc. and Equinix, Inc. |  | 8-K |  | 5/1/2017 |  | 2.1 |  |
2.7 |  | Amendment No. 3 to the Transaction Agreement, dated June 29, 2018, by and between Verizon Communications Inc. and Equinix, Inc. |  | 10-Q |  | 8/8/2018 |  | 2.7 |  |
3.1 |  | Amended and Restated Certificate of Incorporation of the Registrant, as amended to date. |  | 10-K/A |  | 12/31/2002 |  | 3.1 |  |
3.2 |  | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant. |  | 8-K |  | 6/14/2011 |  | 3.1 |  |
3.3 |  | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant. |  | 8-K |  | 6/11/2013 |  | 3.1 |  |
3.4 |  | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant. |  | 10-Q |  | 6/30/2014 |  | 3.4 |  |
3.5 |  | Certificate of Designation of Series A and Series A-1 Convertible Preferred Stock. |  | 10-K/A |  | 12/31/2002 |  | 3.3 |  |
3.6 |  | Amended and Restated Bylaws of the Registrant. |  | 8-K |  | 3/13/2023 |  | 3.1 |  |
4.1 |  | Reference is made to Exhibits 3.1, 3.2, 3.3, 3.4, 3.5 and 3.6. |  |  |  |  |  |  |  |
4.2 |  | Indenture, dated as of December 12, 2017, between Equinix, Inc. and U.S. Bank National Association, as Trustee. |  | 8-K |  | 12/5/2017 |  | 4.1 |  |
4.3 |  | Fifth Supplemental Indenture, dated as of November 18, 2019, among Equinix, Inc. and U.S. Bank National Association, as Trustee. |  | 8-K |  | 11/18/2019 |  | 4.4 |  |

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4.4 |  | Form of 2.900% Senior Note due 2026 (See Exhibit 4.3) |  |  |  |  |  |  |  |
4.5 |  | Sixth Supplemental Indenture, dated as of November 18, 2019, among Equinix, Inc. and U.S. Bank National Association, as Trustee. |  | 8-K |  | 11/18/2019 |  | 4.6 |  |
4.6 |  | Form of 3.200% Senior Note due 2029 (See Exhibit 4.5) |  | 8-K |  | 6/22/2020 |  |  |  |
4.7 |  | Seventh Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee. |  | 8-K |  | 6/22/2020 |  | 4.2 |  |
4.8 |  | Form of 1.250% Senior Note due 2025 (See Exhibit 4.7) |  |  |  |  |  |  |  |
4.9 |  | Eighth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee. |  | 8-K |  | 6/22/2020 |  | 4.4 |  |
4.10 |  | Form of 1.800% Senior Note due 2027 (See Exhibit 4.9) |  |  |  |  |  |  |  |
4.11 |  | Ninth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee. |  | 8-K |  | 6/22/2020 |  | 4.6 |  |
4.12 |  | Form of 2.150% Senior Note due 2030 (see Exhibit 4.11) |  |  |  |  |  |  |  |
4.13 |  | Tenth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee. |  | 8-K |  | 6/22/2020 |  | 4.8 |  |
4.14 |  | Form of 3.000% Senior Note due 2050 (See Exhibit 4.13) |  |  |  |  |  |  |  |
4.15 |  | Eleventh Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee. |  | 8-K |  | 10/7/2020 |  | 4.2 |  |
4.16 |  | Form of 1.000% Senior Note due 2025 (included in Exhibit 4.15) |  |  |  |  |  |  |  |
4.17 |  | Twelfth Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee. |  | 8-K |  | 10/7/2020 |  | 4.4 |  |
4.18 |  | Form of 1.550% Senior Note due 2028 (included in Exhibit 4.17) |  |  |  |  |  |  |  |
4.19 |  | Thirteenth Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee. |  | 8-K |  | 10/7/2020 |  | 4.6 |  |
4.20 |  | Form of 2.950% Senior Note due 2051 (included in Exhibit 4.19) |  |  |  |  |  |  |  |
4.21 |  | Fourteenth Supplemental Indenture, dated as of March 10, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee. |  | 8-K |  | 3/11/2021 |  | 4.2 |  |
4.22 |  | Form of 0.250% Senior Note due 2027 (included in Exhibit 4.21) |  |  |  |  |  |  |  |
4.23 |  | Fifteenth Supplemental Indenture, dated as of March 10, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee. |  | 8-K |  | 3/11/2021 |  | 4.4 |  |

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4.24 |  | Form of 1.000% Senior Note due 2033 (included in Exhibit 4.23) |  |  |  |  |  |  |  |
4.25 |  | Sixteenth Supplemental Indenture, dated as of May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee. |  | 8-K |  | 5/17/2021 |  | 4.2 |  |
4.26 |  | Form of 1.450% Senior Note due 2026 (included in Exhibit 4.25) |  |  |  |  |  |  |  |
4.27 |  | Seventeenth Supplemental Indenture, dated as of May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee. |  | 8-K |  | 5/17/2021 |  | 4.4 |  |
4.28 |  | Form of 2.000% Senior Note due 2028 (included in Exhibit 4.27) |  |  |  |  |  |  |  |
4.29 |  | Eighteenth Supplemental Indenture, dated May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee. |  | 8-K |  | 5/17/2021 |  | 4.6 |  |
4.30 |  | Form of 2.500% Senior Note due 2031 (included in Exhibit 4.29) |  |  |  |  |  |  |  |
4.31 |  | Nineteenth Supplemental Indenture, dated May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee. |  | 8-K |  | 5/17/2021 |  | 4.8 |  |
4.32 |  | Form of 3.400% Senior Note due 2052 (included in Exhibit 4.31) |  |  |  |  |  |  |  |
4.33 |  | Twentieth Supplemental Indenture, dated as of April 5, 2022, between Equinix, Inc. and U.S. Bank Trust Company National Association, as Trustee. |  | 8-K |  | 4/5/2022 |  | 4.2 |  |
4.34 |  | Form of 3.900% Senior Notes due 2032 (included in Exhibit 4.33) |  |  |  |  |  |  |  |
4.35 |  | Notes Purchase Agreement, dated February 7, 2023, and issued by Equinix Japan K.K. and Equinix, Inc. as Parent Guarantor. |  | 10-Q |  | 3/31/2023 |  | 4.39 |  |
4.36 |  | Terms and Conditions of the Swiss Francs bonds due September 12, 2028, issued by Equinix Europe 1 Financing Corporation LLC and guaranteed by Equinix, Inc. as Guarantor. |  | 10-Q |  | 9/30/2023 |  | 4.40 |  |
4.37 |  | Indenture, dated as of March 18, 2024, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, and U.S. Bank Trust Company, National Association, as trustee. |  | POSASR |  | 3/18/2024 |  | 4.40 |  |
4.38 |  | First Supplemental Indenture, dated as of May 30, 2024, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, and U.S. Bank Trust Company, National Association, as trustee. |  | 8-K |  | 5/30/2024 |  | 4.20 |  |
4.39 |  | Form of 5.500% Senior Note due 2034 (included in Exhibit 4.38) |  |  |  |  |  |  |  |
4.40 |  | Bond Purchase and Paying Agency Agreement dated September 2, 2024 between Equinix Europe 1 Financing Corporation LLC and Equinix, Inc. as Guarantor and BNP Paribas (Suisse) SA as Swiss Paying Agent and Deutsche Bank AG London Branch as Joint Lead Managers. |  | 10-Q |  | 9/30/2024 |  | 4.42 |  |

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4.41 |  | Second Supplemental Indenture, dated as of September 3, 2024, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, Elavon Financial Services DAC, UK Branch, as paying agent, and U.S. Bank Trust Company, National Association, as registrar and trustee. |  | 8-K |  | 9/3/2024 |  | 4.2 |  |
4.42 |  | Form of 3.650% Senior Note due 2033 (included in Exhibit 4.41) |  | 8-K |  | 9/3/2024 |  | 4.3 |  |
4.43 |  | Third Supplemental Indenture, dated as of November 22, 2024, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, U.S. Bank Europe DAC, U.K. Branch, as paying agent, and U.S. Bank Trust Company, National Association, as registrar and trustee. |  | 8-K |  | 11/22/2024 |  | 4.2 |  |
4.44 |  | Form of 3.250% Senior Note due 2031 (included in Exhibit 4.43) |  | 8-K |  | 11/22/2024 |  | 4.3 |  |
4.45 |  | Fourth Supplemental Indenture, dated as of November 22, 2024, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, U.S. Bank Europe DAC, U.K. Branch, as paying agent, and U.S. Bank Trust Company, National Association, as registrar and trustee. |  | 8-K |  | 11/22/2024 |  | 4.4 |  |
4.46 |  | Form of 3.625% Senior Note due 2034 (included in Exhibit 4.45) |  | 8-K |  | 11/22/2024 |  | 4.5 |  |
4.47 |  | Fifth Supplemental Indenture, dated as of May 19, 2025, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, U.S. Bank Europe DAC, U.K. Branch, as paying agent, and U.S. Bank Trust Company, National Association, as registrar and trustee. |  | 8-K |  | 5/19/2025 |  | 4.2 |  |
4.48 |  | Form of 3.250% Senior Note due 2029 (included in Exhibit 4.47) |  | 8-K |  | 5/19/2025 |  | 4.3 |  |
4.49 |  | Sixth Supplemental Indenture, dated as of May 19, 2025, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, U.S. Bank Europe DAC, U.K. Branch, as paying agent, and U.S. Bank Trust Company, National Association, as registrar and trustee. |  | 8-K |  | 5/19/2025 |  | 4.4 |  |
4.50 |  | Form of 4.000% Senior Note due 2034 (included in Exhibit 4.49) |  | 8-K |  | 5/19/2025 |  | 4.5 |  |
4.51 |  | Terms and Conditions of the U.S. $3,000,000,000 Euro Medium Term Note Program, established February 28, 2025, by Equinix Asia Financing Corporation Pte. Ltd. and guaranteed by Equinix, Inc. |  | 10-Q |  | 3/31/2025 |  | 4.47 |  |
4.52 |  | Pricing Supplement, dated March 6, 2025, for the 3.500% Singapore Dollar Senior Notes due 2030 issued under the U.S. $3,000,000,000 Euro Medium Term Note Program. |  | 10-Q |  | 3/31/2025 |  | 4.48 |  |
4.53 |  | Form of Registrant's Common Stock Certificate. |  | 10-K |  | 12/31/2014 |  | 4.13 |  |
4.54 |  | Description of Securities. |  | 10-K |  | 12/31/2024 |  | 4.5 |  |

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10.1 |  | Agreement for Purchase and Sale of Shares Among RW Brasil Fundo de Investimentos em Participação, Antônio Eduardo Zago De Carvalho and Sidney Victor da Costa Breyer, as Sellers, and Equinix Brasil Participaçãoes Ltda., as Purchaser, and Equinix South America Holdings LLC., as a Party for Limited Purposes and ALOG Soluções de Tecnologia em Informática S.A. as Intervening Consenting Party dated July 18, 2014. |  | 10-Q |  | 9/30/2014 |  | 10.67 |  |
10.2 |  | Credit Agreement dated January 7, 2022 by and among Equinix, Inc., as borrower, a syndicate of financial institutions, as lenders, Bank of America, N.A., as administrative agent, Citibank, N.A., JPMorgan Chase Bank, N.A., MUFG Bank, Ltd., RBC Capital Markets, Goldman Sachs Bank USA and HSBC Securities (USA) Inc., as co-syndication agents, Barclays Bank PLC, BNP Paribas, Deutsche Bank AG New York Branch, ING Bank N.V., Dublin Branch, Morgan Stanley Senior Funding, Inc., Sumitomo Mitsui Banking Corporation, The Bank of Nova Scotia and TD Securities (USA) LLC, as co-documentation agents, and BofA Securities, Inc., Citibank, N.A., JPMorgan Chase Bank, N.A., MUFG Bank, Ltd., RBC Capital Markets, Goldman Sachs Bank USA and HSBC Securities (USA) Inc., as joint lead arrangers and book runners. |  | 10-K |  | 12/31/2021 |  | 10.22 |  |
10.3 |  | First Amendment and Joinder to Credit Agreement dated April 4, 2025 by and among Equinix, Inc., Bank of America, N.A., as administrative agent, lender and L/C issuer, the lenders, Equinix Europe 1 Financing Corporation LLC and Equinix Europe 2 Financing Corporation LLC Securities. |  | 10-Q |  | 3/31/2025 |  | 10.3 |  |
10.4** |  | Form of Indemnification Agreement between the Registrant and each of its officers and directors. |  | S-4 (File No. 333-93749) |  | 12/29/1999 |  | 10.5 |  |
10.5** |  | 2000 Equity Incentive Plan, as amended. |  | 10-K |  | 12/31/2021 |  | 10.2 |  |
10.6** |  | 2020 Equity Incentive Plan. |  | DEF 14A |  | 4/10/2025 |  | Appendix B |  |
10.7** |  | Equinix, Inc. 2004 Employee Stock Purchase Plan. |  | DEF 14A |  | 4/12/2024 |  | Appendix B |  |
10.8** |  | 2023 Form of Revenue/AFFO per Share/Digital Services Performance Restricted Stock Unit Agreement for Executives. |  | 10-Q |  | 3/31/2023 |  | 10.15 |  |
10.9** |  | 2023 Form of TSR Restricted Stock Unit Agreement for Executives. |  | 10-Q |  | 3/31/2023 |  | 10.16 |  |
10.10** |  | 2023 Form of Time-Based Restricted Stock Unit Agreement for Executives. |  | 10-Q |  | 3/31/2023 |  | 10.17 |  |
10.11** |  | 2024 Form of Revenue/AFFO per Share Performance Restricted Stock Unit Agreement for Executives. |  | 10-Q |  | 3/31/2024 |  | 10.34 |  |
10.12** |  | 2024 Form of TSR Restricted Stock Unit Agreement for Executives. |  | 10-Q |  | 3/31/2024 |  | 10.35 |  |

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10.13** |  | 2024 Form of Time-Based Restricted Stock Unit Agreement for Executives. |  | 10-Q |  | 3/31/2024 |  | 10.36 |  |
10.14** |  | 2024 Form of Revenue/AFFO per Share Performance Restricted Stock Unit Agreement for Charles Meyers. |  | 10-Q |  | 6/30/2024 |  | 10.33 |  |
10.15** |  | 2024 Form of TSR Restricted Stock Unit Agreement for Charles Meyers. |  | 10-Q |  | 6/30/2024 |  | 10.34 |  |
10.16** |  | 2024 Form of Time-Based Restricted Stock Unit Agreement for Charles Meyers. |  | 10-Q |  | 6/30/2024 |  | 10.35 |  |
10.17** |  | 2025 Form of Revenue/AFFO per Share Performance Restricted Stock Unit Agreement for Executives. |  | 10-Q |  | 3/31/2025 |  | 10.20 |  |
10.18** |  | 2025 Form of TSR Restricted Stock Unit Agreement for Executives. |  | 10-Q |  | 3/31/2025 |  | 10.21 |  |
10.19** |  | 2025 Form of Time-Based Restricted Stock Unit Agreement for Executives. |  | 10-Q |  | 3/31/2025 |  | 10.22 |  |
10.20** |  | 2025 Form of Revenue/AFFO per Share Performance Restricted Stock Unit Agreement for Adaire Fox-Martin. |  | 10-Q |  | 3/31/2025 |  | 10.23 |  |
10.21** |  | 2025 Form of TSR Restricted Stock Unit Agreement for Adaire Fox-Martin. |  | 10-Q |  | 3/31/2025 |  | 10.24 |  |
10.22** |  | 2025 Form of Time-Based Restricted Stock Unit Agreement for Adaire Fox-Martin. |  | 10-Q |  | 3/31/2025 |  | 10.25 |  |
10.23** |  | 2025 Equinix, Inc. Annual Incentive Plan. |  | 10-Q |  | 3/31/2025 |  | 10.27 |  |
10.24** |  | Offer Letter between Equinix, Inc. and Adaire Fox-Martin, dated as of March 7, 2024. |  | 8-K |  | 3/7/2024 |  | 10.1 |  |
10.25** |  | Form of Severance Agreement between Equinix, Inc. and Adaire Fox-Martin. |  | 8-K |  | 3/7/2024 |  | 10.2 |  |
10.26** |  | Executive Chairman Agreement between Equinix, Inc. and Charles Meyers, dated as of March 7, 2024. |  | 8-K |  | 3/7/2024 |  | 10.3 |  |
10.27** |  | Amendment to Executive Chairman Agreement between Equinix, Inc. and Charles Meyers, dated as of March 11, 2025. |  | 10-Q |  | 3/31/2025 |  | 10.31 |  |
10.28** |  | Special Advisor to the Board Agreement between Equinix, Inc. and Peter Van Camp, dated March 7, 2024. |  | 10-Q |  | 3/31/2024 |  | 10.45 |  |
10.29** |  | Severance Agreement between Equinix, Inc. and Keith Taylor dated October 3, 2019. |  | 10-Q |  | 9/30/2019 |  | 10.31 |  |
10.30** |  | Severance Agreement between Equinix, Inc. and Brandi Galvin Morandi dated October 3, 2019. |  | 10-Q |  | 9/30/2019 |  | 10.26 |  |
10.31** |  | Change in Control Severance Agreement between Equinix, Inc and Jon Lin dated January 2, 2022. |  | 10-K |  | 12/31/2022 |  | 10.24 |  |
10.32** |  | Change in Control Severance Agreement between Equinix, Inc and Kurt Pletcher, dated September 27, 2022. |  | 10-Q |  | 9/30/2024 |  | 10.36 |  |
10.33** |  | Change in Control Severance Agreement between Equinix, Inc and Raouf Abdel, dated October 3, 2019. |  | 10-Q |  | 9/30/2024 |  | 10.37 |  |

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10.34** |  | Offer Letter between Equinix, Inc. and Michael Shane Paladin, dated June, 26, 2025. |  |  |  |  |  |  |  | X
19.1 |  | Equinix, Inc. Securities Trading Policy. |  | 10-K |  | 12/31/2024 |  | 19.1 |  |
21.1 |  | Subsidiaries of Equinix, Inc. |  |  |  |  |  |  |  | X
23.1 |  | Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm. |  | 10-K |  | 12/31/2024 |  | 23.1 |  |
31.1 |  | Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  | X
31.2 |  | Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  | X
32.1 |  | Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  | X
32.2 |  | Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  | X
97.1 |  | Equinix, Inc. Compensation Recoupment Policy. |  | 10-K |  | 12/31/2023 |  | 97.1 |  |
101.INS |  | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |  |  |  |  |  |  |  | X
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document. |  |  |  |  |  |  |  | X
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |  |  |  |  |  |  |  | X
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document. |  |  |  |  |  |  |  | X
101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase Document. |  |  |  |  |  |  |  | X
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |  |  |  |  |  |  |  | X
104 |  | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |  |  |  |  |  |  |  | X

** Management contracts or compensation plans or arrangements in which directors or executive officers are eligible to participate.
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EQUINIX, INC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| EQUINIX, INC.
Date: July 30, 2025 |  |
| By: | /s/ KEITH D. TAYLOR
|  | Chief Financial Officer
|  | (Principal Financial Officer)

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