10-Q – 2025-10-29 – eqix-20250930.htm

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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 September 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 October 28, 2025 was 98,186,078 .

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 September 30, 2025 and December 31, 2024
6

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024
7

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024
8

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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
39

Item 3. Quantitative and Qualitative Disclosures About Market Risk
61

Item 4. Controls and Procedures
62

Part II - Other Information

Item 1. Legal Proceedings
63

Item 1A. Risk Factors
63

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
90

Item 3. Defaults Upon Senior Securities
90

Item 4. Mine Safety Disclosure
90

Item 5. Other Information
91

Item 6. Exhibits
92

Signatures
99

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)

September 30, 2025 December 31, 2024
  (Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 2,077   $ 3,081  
Short-term investments 854   527  
Accounts receivable, net of allowance of $ 17 and $ 19
1,144   949  
Other current assets 891   890  

Total current assets 4,966   5,447  

Property, plant and equipment, net 21,897   19,249  
Operating lease right-of-use assets 1,439   1,419  
Goodwill 5,945   5,504  
Intangible assets, net 1,331   1,417  
Other assets 2,482   2,049  
Total assets $ 38,060   $ 35,085  
Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses $ 1,275   $ 1,193  
Accrued property, plant and equipment 482   387  
Current portion of operating lease liabilities 159   144  
Current portion of finance lease liabilities 157   189  
Current portion of mortgage and loans payable 17   5  
Current portion of senior notes 699   1,199  
Other current liabilities 280   232  

Total current liabilities 3,069   3,349  
Operating lease liabilities, less current portion 1,334   1,331  
Finance lease liabilities, less current portion 2,140   2,086  
Mortgage and loans payable, less current portion 687   644  
Senior notes, less current portion 15,789   13,363  
Other liabilities 861   760  
Total liabilities 23,880   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; 98,250 issued and 98,187 outstanding in 2025 and 97,390 issued and 97,287 outstanding in 2024
—   —  
Additional paid-in capital 21,503   20,895  
Treasury stock, at cost; 63 shares in 2025 and 103 shares in 2024
( 24 ) ( 39 )
Accumulated dividends ( 11,737 ) ( 10,342 )
Accumulated other comprehensive loss ( 1,419 ) ( 1,735 )
Retained earnings 5,834   4,749  
Total common stockholders' equity 14,157   13,528  
Non-controlling interests ( 2 ) ( 1 )
Total stockholders’ equity 14,155   13,527  
Total liabilities, redeemable non-controlling interest and stockholders’ equity $ 38,060   $ 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
September 30, Nine Months Ended
September 30,
  2025 2024 2025 2024
  (Unaudited)
Revenues $ 2,316   $ 2,201   $ 6,797   $ 6,487  
Costs and operating expenses:
Cost of revenues 1,142   1,098   3,310   3,271  
Sales and marketing 219   237   669   682  
General and administrative 470   434   1,359   1,315  
Restructuring charges 5   —   17   —  
Transaction costs 3   7   12   12  
Impairment charges 4   —   5   —  
(Gain) loss on asset sales ( 1 ) —   ( 1 ) ( 18 )
Total costs and operating expenses 1,842   1,776   5,371   5,262  
Income from operations 474   425   1,426   1,225  
Interest income 53   35   152   88  
Interest expense ( 128 ) ( 117 ) ( 385 ) ( 331 )
Other income (expense) —   7   2   ( 6 )
Gain (loss) on debt extinguishment —   —   1   ( 1 )
Income before income taxes 399   350   1,196   975  
Income tax expense ( 25 ) ( 54 ) ( 112 ) ( 147 )
Net income 374   296   1,084   828  
Net (income) loss attributable to non-controlling interests —   1   1   1  
Net income attributable to common stockholders $ 374   $ 297   $ 1,085   $ 829  
Earnings per share (“EPS”) attributable to common stockholders:
Basic EPS $ 3.82   $ 3.11   $ 11.10   $ 8.73  
Weighted-average shares for basic EPS (in thousands) 97,982   95,394   97,777   94,992  
Diluted EPS $ 3.81   $ 3.10   $ 11.07   $ 8.69  
Weighted-average shares for diluted EPS (in thousands) 98,174   95,731   98,037   95,350  

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
September 30, Nine Months Ended
September 30,
  2025 2024 2025 2024
  (Unaudited)
Net income $ 374   $ 296   $ 1,084   $ 828  
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustment ("CTA"):
CTA gain (loss) ( 96 ) 421   728   ( 15 )
Income tax effects —   —   —   —  
CTA gain (loss), net of tax ( 96 ) 421   728   ( 15 )
Change in net investment hedge CTA gain (loss):
Net investment hedge CTA gain (loss) 45   ( 138 ) ( 328 ) 16  
Income tax effects —   —   ( 5 ) —  
Net investment hedge CTA gain (loss), net of tax 45   ( 138 ) ( 333 ) 16  
Change in unrealized gain (loss) on cash flow hedges:
Unrealized gain (loss) on cash flow hedges 42   ( 37 ) ( 116 ) 1  
Income tax effects ( 11 ) 12   37   5  
Unrealized gain (loss) on cash flow hedges, net of tax 31   ( 25 ) ( 79 ) 6  

Total other comprehensive income (loss), net of tax ( 20 ) 258   316   7  
Comprehensive income, net of tax 354   554   1,400   835  
Net (income) loss attributable to non-controlling interests —   1   1   1  

Comprehensive income attributable to common stockholders $ 354   $ 555   $ 1,401   $ 836  

See accompanying notes to condensed consolidated financial statements.

8

Table of Contents

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

Nine Months Ended
September 30,
2025 2024
  (Unaudited)
Cash flows from operating activities:
Net income $ 1,084   $ 828  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion 1,515   1,509  
Stock-based compensation 370   348  
Impairment charges 5   —  
(Gain) loss on asset sales ( 1 ) ( 18 )

Other operating activities 21   70  
Changes in operating assets and liabilities:
Accounts receivable ( 180 ) ( 153 )
Income taxes, net ( 91 ) ( 14 )
Operating lease right-of-use assets 122   117  
Operating lease liabilities ( 113 ) ( 102 )
Accounts payable and accrued expenses ( 49 ) ( 98 )
Other assets and liabilities 84   ( 219 )
Net cash provided by operating activities 2,767   2,268  
Cash flows from investing activities:
Purchases of equity investments ( 54 ) ( 65 )
Distributions from equity investments 17   —  
Purchases of short-term investments ( 1,092 ) ( 450 )
Maturity of short-term investments 770   —  

Business acquisitions, net of cash acquired ( 182 ) —  
Real estate acquisitions ( 391 ) ( 287 )
Purchases of other property, plant and equipment ( 2,875 ) ( 2,079 )
Proceeds from sale of assets, net of cash transferred —   247  
Settlement of foreign currency hedges 95   —  
Investment in loan receivable ( 62 ) ( 196 )
Loan receivable upfront fee —   4  
Net cash used in investing activities ( 3,774 ) ( 2,826 )
Cash flows from financing activities:
Proceeds from employee equity programs 95   92  
Payment of dividends ( 1,395 ) ( 1,230 )
Proceeds from public offering of common stock, net of issuance costs 99   976  
Proceeds from senior notes, net of debt discounts 2,566   1,524  
Repayment of finance lease liabilities ( 111 ) ( 101 )
Contribution from non-controlling interest 3   4  
Repayment of senior notes ( 1,200 ) —  

Other financing activities ( 10 ) ( 20 )
Net cash provided by financing activities 47   1,245  
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash 43   ( 7 )

Net increase (decrease) in cash, cash equivalents and restricted cash ( 917 ) 680  
Cash, cash equivalents and restricted cash at beginning of period 3,082   2,096  
Cash, cash equivalents and restricted cash at end of period $ 2,165   $ 2,776  

Cash and cash equivalents $ 2,077   $ 2,776  
Current portion of restricted cash included in other current assets 60   —  
Non-current portion of restricted cash included in other assets 28   —  
Total cash, cash equivalents and restricted cash at end of period $ 2,165   $ 2,776  

See accompanying notes to condensed consolidated financial statements.
9

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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.
Certain prior period amounts have been reclassified in the condensed consolidated financial statements to conform with current year presentation.
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 9.4 % and 15.1 % for the nine months ended September 30, 2025 and 2024, respectively.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, making permanent or extending key provisions of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic R&D expensing, business interest expense limitations and the qualified business income deduction for ordinary REIT dividends. The OBBBA also revises international tax rules such as the global intangible low-taxed income inclusion and raises the REIT asset threshold for taxable REIT subsidiaries from 20% to 25%, effective for tax years beginning after December 31, 2025. The legislation does not have a material impact on our income tax position.
Recent Accounting Pronouncements
Accounting Standards Not Yet Adopted
In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-06: Targeted Improvements to the Accounting for Internal-Use Software. The ASU is intended to increase the operability of the recognition guidance for internal-use software considering different methods of software development. The ASU is effective for annual and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The ASU permits prospective, retrospective or modified retrospective application. We are currently evaluating the extent of the impact of this ASU on our condensed consolidated financial statements.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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In November 2024, the FASB issued 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 will 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.
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 September 30, 2025
1,144   61   103   128   173  
Increase (Decrease) $ 195   $ ( 41 ) $ ( 10 ) $ 5   $ 23  

(1)     The net change in our allowance for credit losses was insignificant during the nine months ended September 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 nine months ended September 30, 2025 from the opening deferred revenue balance as of January 1, 2025 was $ 78 million. The amount of revenue recognized during the nine months ended September 30, 2024 from the opening deferred revenue balance as of January 1, 2024 was $ 73 million.
Remaining performance obligations
Approximately $ 12.7 billion of revenues, including deferred installation revenues, are expected to be recognized in future periods related to unsatisfied performance obligations as of September 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
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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.

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
September 30, Nine Months Ended
September 30,
  2025 2024 2025 2024
Net income $ 374   $ 296   $ 1,084   $ 828  
Net (income) loss attributable to non-controlling interests —   1   1   1  
Net income attributable to common stockholders $ 374   $ 297   $ 1,085   $ 829  

Weighted-average shares used to calculate basic EPS 97,982   95,394   97,777   94,992  
Effect of dilutive securities:
Employee equity awards 192   337   260   358  
Weighted-average shares used to calculate diluted EPS 98,174   95,731   98,037   95,350  

EPS attributable to common stockholders:
Basic EPS $ 3.82   $ 3.11   $ 11.10   $ 8.73  
Diluted EPS $ 3.81   $ 3.10   $ 11.07   $ 8.69  

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
September 30, Nine Months Ended
September 30,
2025 2024 2025 2024
Common stock related to employee equity awards 272   216   187   473  

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 nine months ended September 30, 2025.
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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 September 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.
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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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 September 30, 2025 December 31, 2024
EMEA 1 Joint Venture 20 % $ 141   $ 131  
VIE Joint Ventures (1)
20 % 446   374  
Other Various 14   14  
Total $ 601   $ 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 nine months ended September 30, 2025 and 2024 and was included in other income (expense) in our condensed consolidated statements of operations.
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.
The following table summarizes our share of income (losses) related to equity method investments from the VIE Joint Ventures, which were included in other income (expense) in our condensed consolidated statements of operations (in millions):

Three Months Ended
September 30, Nine Months Ended
September 30,
2025 2024 2025 2024
Share of income (losses) $ ( 5 ) $ ( 3 ) $ ( 11 ) $ ( 14 )

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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The following table summarizes our maximum exposure to loss related to the VIE Joint Ventures as of September 30, 2025 (in millions):

VIE Joint Ventures
Equity Investment $ 446  
Outstanding Accounts Receivable 42  
Other Receivables 32  
Contract Assets 56  
Loan Commitment (1)
392  
Future Equity Contribution Commitments (2)
92  
Maximum Future Payments under Debt Guarantees (3)
41  
Total $ 1,101  

(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 September 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 September 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 September 30, 2025, the total amount outstanding under the AMER 2 Loan, net of the unamortized upfront fee, was $ 319  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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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
September 30, Nine Months Ended
September 30,
Related Party Nature of Transaction 2025 2024 2025 2024
EMEA 1 Joint Venture Income (1)
$ 7   $ 7   $ 19   $ 19  
EMEA 1 Joint Venture Expenses (2)
6   4   14   11  
VIE Joint Ventures Income (3)
23   73   113   172  
VIE Joint Ventures Expenses (4)
4   1   9   2  

(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 September 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 September 30, 2025 and 2024 of $ 9  million and $ 6  million, respectively, and during the nine months ended September 30, 2025 and 2024 of $ 23  million and $ 11  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 September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024
Accounts receivable, net $ 22   $ 4   $ 42   $ 50  
Other current assets (1)
5   19   73   128  
Property, plant and equipment, net (2)
147   145   70   74  
Operating lease right-of-use assets 2   2   31   2  
Other assets (3)
—   —   337   302  
Other current liabilities 5   5   11   10  
Finance lease liabilities 119   164   76   78  
Operating lease liabilities 2   2   28   2  
Other liabilities (4)
14   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 as of December 31, 2024 primarily relates to the obligation to pay for future construction for certain sites sold as a part of the EMEA 1 Joint Venture transaction. This obligation was settled in the third quarter of 2025 through a non-cash transfer of construction assets to the EMEA 1 Joint Venture. The asset transfer also resulted in a partial settlement of the finance lease liabilities balance with the EMEA 1 Joint Venture.

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
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September 30, 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 September 30, 2025 and December 31, 2024, the total remaining contract value of such customer agreements outstanding under this hedging program was $ 186  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 September 30, 2025, our foreign currency forward contracts had maturity dates ranging from October 2025 to December 2027 and we had a net loss of $ 55  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.
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 September 30, 2025, these cross-currency interest rate swaps had maturity dates ranging from March 2026 to June 2034. We had a net gain of $ 9  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
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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 September 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 both September 30, 2025 and December 31, 2024, we had a net gain of $ 3 million recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the 12 months following September 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).
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):

September 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 $ 1,648   $ 23   $ 6   $ 966   $ 39   $ 17  
Cross-currency interest rate swaps 771   6   32   1,986   189   1  
Cash flow hedges:
Foreign currency forward contracts 1,631   1   91   1,365   53   —  
Cross-currency interest rate swaps 1,030   55   48   1,030   48   —  
Non-designated derivatives:
Foreign currency forward contracts 2,204   4   17   3,536   80   9  
Cross-currency interest rate swaps 1,211   142   9   1,395   182   45  
Total $ 8,495   $ 231   $ 203   $ 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.
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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
September 30, Nine Months Ended
September 30,
2025 2024 2025 2024
Net investment hedges:
Foreign currency debt $ 11   $ ( 39 ) $ ( 141 ) $ ( 5 )
Foreign currency forward contracts (included component) 28   ( 36 ) ( 17 ) ( 1 )
Foreign currency forward contracts (excluded component) 1   3   1   3  
Cross-currency interest rate swaps (included component) —   ( 82 ) ( 190 ) 2  
Cross-currency interest rate swaps (excluded component) 5   16   19   17  
Total $ 45   $ ( 138 ) $ ( 328 ) $ 16  

Cash flow hedges:
Foreign currency forward contracts $ 42   $ ( 46 ) $ ( 143 ) $ ( 17 )
Cross-currency interest rate swaps (excluded component) 2   9   28   17  
Interest rate locks ( 2 ) —   ( 1 ) 1  
Total $ 42   $ ( 37 ) $ ( 116 ) $ 1  

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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
September 30, Nine Months Ended
September 30,
Location of gain (loss) 2025 2024 2025 2024
Net investment hedges:
Foreign currency forward contracts (excluded component) Interest expense $ 6   $ 3   $ 11   $ 8  
Cross-currency interest rate swaps (excluded component) Interest expense 2   6   10   21  
Total $ 8   $ 9   $ 21   $ 29  

Cash flow hedges:
Foreign currency forward contracts Revenues $ ( 27 ) $ 3   $ ( 21 ) $ 8  
Foreign currency forward contracts Costs and operating expenses 12   ( 2 ) 9   ( 4 )
Cross-currency interest rate swaps (excluded component) Interest expense 3   3   10   4  
Cross-currency interest rate swaps (included component) Other income (expense) ( 4 ) ( 10 ) ( 68 ) ( 3 )
Interest rate locks Interest expense 1   —   2   —  
Total $ ( 15 ) $ ( 6 ) $ ( 68 ) $ 5  

Non designated hedges:
Foreign currency forward contracts Other income (expense) $ ( 6 ) $ ( 70 ) $ ( 109 ) $ ( 4 )
Cross-currency interest rate swaps Other income (expense) 22   ( 18 ) ( 32 ) ( 8 )
Total $ 16   $ ( 88 ) $ ( 141 ) $ ( 12 )

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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
September 30, 2025
Derivative assets $ 248   $ —   $ 248   $ ( 82 ) $ 166  
Derivative liabilities 217   —   217   ( 82 ) 135  

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 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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The fair values of certain financial assets and liabilities were as follows (in millions):

September 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)
$ 1,369   $ 1,369   $ —   $ —   $ 2,401   $ 2,401   $ —   $ —  
Time deposits (2)
600   44   556   —   642   115   527   —  
U.S. government securities (3)
299   —   299   —   —   —   —   —  
Loan receivable (4)
345   —   —   345   280   —   —   280  
Derivative instruments (5)
231   —   231   —   591   —   591   —  
Total $ 2,844   $ 1,413   $ 1,086   $ 345   $ 3,914   $ 2,516   $ 1,118   $ 280  
Liabilities:
Derivative instruments (5)
$ 203   $ —   $ 203   $ —   $ 72   $ —   $ 72   $ —  
Mortgage and loans payable (6)
706   —   706   —   654   —   654   —  
Senior notes (6)
15,605   15,124   481   —   13,342   12,851   491   —  
Total $ 16,514   $ 15,124   $ 1,390   $ —   $ 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 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 September 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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8.     Leases
Lease Expenses
The components of lease expenses were as follows (in millions):

Three Months Ended
September 30, Nine Months Ended
September 30,
2025 2024 2025 2024
Finance lease cost
Amortization of right-of-use assets (1)
$ 47   $ 44   $ 138   $ 135  
Interest on lease liabilities 30   28   91   83  
Total finance lease cost 77   72   229   218  

Operating lease cost 60   57   178   169  
Variable lease cost 26   21   67   58  
Total lease cost $ 163   $ 150   $ 474   $ 445  

(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):

Nine Months Ended
September 30,
2025 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases $ 88   $ 80  
Operating cash flows from operating leases 169   154  
Financing cash flows from finance leases 111   101  

Right-of-use assets obtained in exchange for lease obligations: (1)

Finance leases $ 121   $ 228  
Operating leases 74   144  

September 30, 2025 December 31, 2024
Weighted-average remaining lease term - finance leases (2)
13 years 14 years
Weighted-average remaining lease term - operating leases (2)
12 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)
$ 2,225   $ 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 September 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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Maturities of Lease Liabilities
The maturities of our lease liabilities as of September 30, 2025 are as follows (in millions):

Operating Leases Finance Leases Total
2025 (3 months remaining) $ 49   $ 62   $ 111  
2026 232   274   506  
2027 214   278   492  
2028 182   266   448  
2029 152   257   409  
Thereafter 1,216   2,173   3,389  
Total lease payments 2,045   3,310   5,355  

Less imputed interest ( 552 ) ( 1,013 ) ( 1,565 )

Total $ 1,493   $ 2,297   $ 3,790  

We entered into agreements with various landlords, primarily to lease data center spaces and ground leases, which have not yet commenced as of September 30, 2025. These leases are expected to commence between 2025 and 2027, with lease terms of 2 to 99 years and total lease commitments of approximately $ 94 million.

9.     Debt Facilities
Mortgage and Loans Payable
Our mortgage and loans payable balance consisted of the following (in millions):

September 30,
2025 December 31, 2024
Term loans $ 674   $ 628  
Mortgage payable and other loans payable 30   21  
704   649  

Less current portion ( 17 ) ( 5 )
Total $ 687   $ 644  

Senior Credit Facility
In 2022, we entered into a 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").
As of September 30, 2025, we had  42  irrevocable letters of credit totaling $ 45 million issued and outstanding under the 2022 Revolving Facility, with approximately $ 4.0 billion remaining available to borrow under the 2022 Revolving Facility. As of September 30, 2025 and December 31, 2024, unamortized debt issuance costs for the 2022 Revolving Facility of $ 2 million and $ 3 million, respectively, were presented in other assets in our condensed consolidated balance sheets.
As of September 30, 2025 and December 31, 2024, the total amounts outstanding under the 2022 Term Loan Facility, net of debt issuance costs, were $ 672 million and $ 625 million, respectively.
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Senior Notes
Our senior notes balance consisted of the following (in millions):

September 30, 2025 December 31, 2024
Amount Effective Rate Amount Effective Rate
1.250 % Senior Notes due 2025
$ —   —   % $ 500   1.46   %
1.000 % Senior Notes due 2025
—   —   % 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
587   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
377   3.05   % 331   3.05   %
3.250 % Euro Senior Notes due 2029
881   3.45   % —   —   %
1.558 % Swiss Franc Senior Notes due 2029
125   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
388   3.67   % —   —   %
2.150 % Senior Notes due 2030
1,100   2.27   % 1,100   2.27   %
3.250 % Euro Senior Notes due 2031
763   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   %
2.900 % Singapore Dollar Senior Notes due 2032
504   3.01   % —   —   %
1.000 % Euro Senior Notes due 2033
704   1.18   % 622   1.18   %
3.650 % Euro Senior Notes due 2033
704   3.78   % 622   3.78   %
4.000 % Euro Senior Notes due 2034
881   4.17   % —   —   %
5.500 % Senior Notes due 2034
750   5.74   % 750   5.74   %
3.625 % Euro Senior Notes due 2034
587   3.75   % 518   3.75   %
2.000 % Japanese Yen Senior Notes Series A due 2035
255   2.07   % 239   2.07   %
2.130 % Japanese Yen Senior Notes Series C due 2035
100   2.20   % 94   2.20   %
2.370 % Japanese Yen Senior Notes Series B due 2043
69   2.42   % 65   2.42   %
2.570 % Japanese Yen Senior Notes Series D due 2043
31   2.62   % 29   2.62   %
2.570 % Japanese Yen Senior Notes Series E due 2043
68   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   %
16,624   14,685  
Less amount representing unamortized debt issuance costs and debt discounts ( 136 ) ( 123 )
16,488   14,562  
Less current portion ( 699 ) ( 1,199 )
Total
$ 15,789   $ 13,363  

3.500 % Singapore Dollar Senior Notes due 2030
On March 13, 2025, we issued SGD 500  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
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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.
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.
2.900 % Singapore Dollar Senior Notes due 2032
On August 21, 2025, we issued SGD 650  million, or approximately $ 500  million, at the exchange rate in effect on that date, aggregate principal amount of 2.900 % senior notes due September 15, 2032 (the "2032 SGD Notes"). Interest on the notes is payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2026. Total debt discounts and debt issuance costs related to the 2032 SGD Notes were $ 3  million.
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 September 30, 2025 (in millions):

Years ending:
2025 (3 months remaining) $ 13  
2026 1,305  
2027 1,764  
2028 1,432  
2029 2,210  
Thereafter 10,604  
Total $ 17,328  

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

  Three Months Ended
September 30, Nine Months Ended
September 30,
  2025 2024 2025 2024
Interest expense $ 128   $ 117   $ 385   $ 331  
Interest capitalized 26   9   51   27  
Interest charges incurred $ 154   $ 126   $ 436   $ 358  

Nine Months Ended
September 30,
2025 2024
Interest paid in cash, net of capitalized interest $ 324   $ 313  

10.     Commitments and Contingencies
Purchase Commitments
As a result of our various IBX data center developments, as of September 30, 2025 we were contractually committed for approximately $ 6.7 billion of unaccrued capital expenditures, primarily for real estate purchases, IBX infrastructure equipment not yet delivered and labor not yet provided. We also had numerous other non-capital
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purchase commitments in place as of September 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 $ 2.0 billion as of September 30, 2025. For further information on our equity method investment commitments and lease commitments, see Note 5 and Note 8, respectively, above.
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 Court granted preliminary approval of the settlement on September 4, 2025. The settlement remains subject to final court approval, to be addressed at a hearing on December 18, 2025. We expect the amount paid in settlement to be fully covered by our insurance. As of September 30, 2025, we have recorded a settlement liability and an insurance receivable related to this matter.
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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 alleged, 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 alleged the same purported misconduct as alleged in the putative stockholder class action described above. The lawsuits sought, 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. The cases were dismissed on April 28, 2025 and August 19, 2025, respectively.
On August 6, 2025, certain of the Company's current and former directors and officers were named as defendants in an additional shareholder derivative lawsuit (in which the Company is a nominal defendant) filed in the United States District Court for the District of Delaware. The lawsuit makes generally the same types of allegations and seeks the same types of relief as the derivative lawsuits above, and makes some additional allegations that certain directors' and officers' alleged knowledge of the purported misconduct constituted insider trading. We filed a motion to dismiss the lawsuit on October 20, 2025.
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 September 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
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result, our estimated fair value of these agreements is minimal. We do not have significant liabilities recorded for these agreements as of September 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 September 30, 2025.
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 September 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 September 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 $ 235  million in total at the exchange rate in effect on September 30, 2025. As of September 30, 2025, the maximum potential amount of our future payments under this guarantee was approximately $ 41  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 September 30, 2025, $ 11  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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11.     Stockholders' Equity
Stockholders' Equity Rollforward
The following tables provide a rollforward of our stockholders' equity for the three and nine months ended September 30, 2025 and 2024 ($ in millions except per share data; share data in thousands):

Common Stock Treasury Stock Additional
Paid-in Capital Accumulated
Dividends AOCI (Loss) Retained
Earnings Common
Stockholders'
Equity Non-controlling Interests Total 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  

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Balance as of June 30, 2025 97,944   —   ( 79 ) ( 30 ) 21,324   ( 11,271 ) ( 1,399 ) 5,460   14,084   ( 2 ) 14,082  

Net income —  —  —  —  —  —  —  374   374   —   374  
Other comprehensive loss —  —  —  —  —  —  ( 20 ) —  ( 20 ) —  ( 20 )
Issuance of common stock and release of treasury stock for employee equity awards 306   —  16   6   38   —  —  —  44   —  44  

Dividend distribution on common stock, $ 4.69 per share
—  —  —  —  —  ( 459 ) —  —  ( 459 ) —  ( 459 )
Settlement of accrued dividends on vested equity awards —  —  —  —  —  ( 1 ) —  —  ( 1 ) —  ( 1 )
Accrued dividends on unvested equity awards —  —  —  —  —  ( 6 ) —  —  ( 6 ) —  ( 6 )
Stock-based compensation, net of estimated forfeitures —  —  —  —  139   —  —  —  139   —  139  

Contribution from non-controlling interest —  —  —  —  2   —  —  —  2   —  2  
Balance as of September 30, 2025 98,250   $ —   ( 63 ) $ ( 24 ) $ 21,503   $ ( 11,737 ) $ ( 1,419 ) $ 5,834   $ 14,157   $ ( 2 ) $ 14,155  

Common Stock Treasury Stock Additional
Paid-in Capital Accumulated
Dividends AOCI (Loss) Retained
Earnings Common
Stockholders'
Equity Non-controlling interests Total 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  

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EQUINIX, INC.
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 Stockholders' Equity
Shares Amount Shares Amount
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  

Net income (loss) —  —  —  —  —  —  —  297   297   ( 1 ) 296  
Other comprehensive income —  —  —  —  —  —  258   —  258   —  258  
Issuance of common stock and release of treasury stock for employee equity awards 309   —  21   8   36   —  —  —  44   —  44  
Issuance of common stock under ATM Program 1,213   —  —  —  976   —  —  —  976   —  976  
Dividend distribution on common stock, $ 4.26 per share
—  —  —  —  —  ( 405 ) —  —  ( 405 ) —  ( 405 )
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 —  —  —  —  138   —  —  —  138   —  138  
Contribution from non-controlling interest —  —  —  —  4   —  —  —  4   —  4  

Balance as of September 30, 2024 96,594   $ —   ( 106 ) $ ( 40 ) $ 20,069   $ ( 9,921 ) $ ( 1,283 ) $ 4,763   $ 13,588   $ ( 1 ) $ 13,587  

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EQUINIX, INC.
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 September 30,
2025
Foreign CTA gain (loss) $ ( 2,360 ) $ 728   $ ( 1,632 )
Net investment hedge CTA gain (loss) (1)
579   ( 333 ) 246  
Unrealized gain (loss) on cash flow hedges (1)
47   ( 79 ) ( 32 )
Net actuarial gain (loss) on defined benefit plans (2)
( 1 ) —   ( 1 )

Total accumulated other comprehensive loss $ ( 1,735 ) $ 316   $ ( 1,419 )

(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 September 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 nine months ended September 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.
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, September 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.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

(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 September 30, 2025. During the nine months ended September 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. During the three and nine months ended September 30, 2024, we sold 569,382 shares on a spot basis under the 2022 ATM Program for approximately $ 467  million, net of commissions and other offering expenses.
As of September 30, 2025, we had approximately $ 1.2 billion of common stock available for sale under the 2024 ATM Program.
Stock-Based Compensation
For the nine months ended September 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 777,399 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 $ 833.47 per share and a weighted-average requisite service period of 3.61 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 nine months ended September 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 nine months ended September 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
September 30, Nine Months Ended
September 30,
  2025 2024 2025 2024
Cost of revenues $ 15   $ 15   $ 45   $ 43  
Sales and marketing 25   25   72   71  
General and administrative 90   82   253   234  
Total $ 130   $ 122   $ 370   $ 348  

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
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

consolidated balance sheets. There were no changes in the carrying value of the redeemable NCI for the three and nine months ended September 30, 2025.
The following table presents the assets and liabilities of the Indonesian VIE (in millions):

September 30, 2025 December 31, 2024
Cash and cash equivalents $ 11   $ 16  
Property, plant and equipment, net 56   25  
Other 11   5  
Total assets $ 78   $ 46  
Finance lease liabilities 24   —  
Other 9   5  
Total liabilities $ 33   $ 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 nine months ended September 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"). We incurred total restructuring charges of $ 33 million under this plan, primarily related to severance and other employee costs, with $ 6 million of these costs incurred during the nine months ended September 30, 2025. The activities under the Q4 2024 Restructuring Plan were completed by March 31, 2025 with no further costs expected to be incurred after that date.
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 under this initiative, primarily related to severance and other employee costs, with $ 6 million of these costs incurred during the nine months ended September 30, 2025. No costs were incurred under this initiative during the three months ended September 30, 2025. We expect incremental costs incurred under the Equinix Metal Wind Down to be insignificant and we expect all activities under this initiative to be completed 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.
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 Other Total
Balance as of December 31, 2024 $ 13   $ 2   $ —   $ 15  
Charges 6   6   5   17  

Cash payments ( 19 ) ( 8 ) ( 3 ) ( 30 )
Balance as of September 30, 2025 $ —   $ —   $ 2   $ 2  

We had no restructuring activity during the three and nine months ended September 30, 2024.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

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.
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 September 30, 2025 Nine Months Ended September 30, 2025
Americas EMEA Asia-Pacific Total Americas EMEA Asia-Pacific Total
Colocation (1)
$ 682   $ 588   $ 367   $ 1,637   $ 1,972   $ 1,727   $ 1,068   $ 4,767  
Interconnection 239   100   83   422   699   283   240   1,222  
Managed infrastructure 61   39   18   118   186   112   52   350  
Other (1)
5   29   4   38   12   82   12   106  
Recurring revenues 987   756   472   2,215   2,869   2,204   1,372   6,445  
Non-recurring revenues 48   28   25   101   171   90   91   352  
Total revenues (2)
1,035   784   497   2,316   3,040   2,294   1,463   6,797  
Less:
Segment cost of revenues 297   299   156   752   877   844   465   2,186  
Other segment items (3)
249   101   66   416   765   302   200   1,267  
Segment adjusted EBITDA $ 489   $ 384   $ 275   $ 1,148   $ 1,398   $ 1,148   $ 798   $ 3,344  
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense $ ( 533 ) $ ( 1,515 )
Stock-based compensation expense ( 130 ) ( 370 )
Transaction costs ( 3 ) ( 12 )
Restructuring charges ( 5 ) ( 17 )
Impairment charges ( 4 ) ( 5 )
Gain (loss) on asset sales 1   1  
Interest income 53   152  
Interest expense ( 128 ) ( 385 )
Other income (expense) —   2  
Gain (loss) on debt extinguishment —   1  
Income before income taxes $ 399   $ 1,196  

(1)      Includes some leasing and hedging activities.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

(2)     Total revenues attributed to the U.S. were $ 892 million and $ 2.6 billion during the three and nine months ended September 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 nine months ended September 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.

Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024
Americas EMEA Asia-Pacific Total Americas EMEA Asia-Pacific Total
Colocation (1)
$ 617   $ 566   $ 337   $ 1,520   $ 1,848   $ 1,658   $ 1,004   $ 4,510  
Interconnection 224   86   74   384   658   253   215   1,126  
Managed infrastructure 66   35   17   118   198   104   50   352  
Other (1)
7   26   4   37   20   74   11   105  
Recurring revenues 914   713   432   2,059   2,724   2,089   1,280   6,093  
Non-recurring revenues 44   30   68   142   139   102   153   394  
Total revenues (2)
958   743   500   2,201   2,863   2,191   1,433   6,487  
Less:
Segment cost of revenues 289   270   173   732   832   874   456   2,162  
Other segment items (3)
242   101   78   421   744   293   212   1,249  
Segment adjusted EBITDA $ 427   $ 372   $ 249   $ 1,048   $ 1,287   $ 1,024   $ 765   $ 3,076  
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense $ ( 494 ) $ ( 1,509 )
Stock-based compensation expense ( 122 ) ( 348 )
Transaction costs ( 7 ) ( 12 )

Gain (loss) on asset sales —   18  
Interest income 35   88  
Interest expense ( 117 ) ( 331 )
Other income (expense) 7   ( 6 )
Gain (loss) on debt extinguishment —   ( 1 )
Income before income taxes $ 350   $ 975  

(1)      Includes some leasing and hedging activities.
(2)     Total revenues attributed to the U.S. were $ 819 million and $ 2.4 billion during the three and nine months ended September 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 nine months ended September 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.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

  We provide the following additional segment disclosures for the three and nine months ended September 30, 2025 and 2024 (in millions):

  Three Months Ended
September 30, Nine Months Ended
September 30,
  2025 2024 2025 2024
Depreciation and amortization:
Americas $ 298   $ 272   $ 839   $ 848  
EMEA 137   132   394   397  
Asia-Pacific 95   92   275   266  
Total $ 530   $ 496   $ 1,508   $ 1,511  
Capital expenditures:
Americas $ 762   $ 412   $ 1,905   $ 1,230  
EMEA 217   204   640   541  
Asia-Pacific 157   108   330   308  
Total $ 1,136   $ 724   $ 2,875   $ 2,079  

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
September 30,
2025 December 31, 2024 September 30,
2025 December 31, 2024
Americas $ 10,364   $ 9,193   $ 357   $ 389  
EMEA 7,446   6,405   446   398  
Asia-Pacific 4,087   3,651   636   632  
Total $ 21,897   $ 19,249   $ 1,439   $ 1,419  

14.     Subsequent Events
Declaration of dividends
On October 29, 2025, we declared a quarterly cash dividend of $ 4.69 per share, which is payable on December 17, 2025 to our common stockholders of record as of the close of business on November 19, 2025.
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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 273 IBXs, including 21 xScale data centers and the MC1 and SN1 data centers that are held in unconsolidated joint ventures, across 77 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% as of September 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 nine months ended September 30, 2025 and 2024. Our 50 largest customers accounted for approximately 36% of our recurring revenues for both the three and nine months ended September 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 subject to seasonal fluctuations.
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Our costs of electricity may also increase as a result of the physical 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 September 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 July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, making permanent or extending key provisions of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic R&D expensing, business interest expense limitations and the qualified business income deduction for ordinary REIT dividends. The OBBBA also revises international tax rules such as the global intangible low-taxed income inclusion and raises the REIT asset threshold for taxable REIT subsidiaries from 20% to 25%, effective for tax years beginning after December 31, 2025. The legislation does not have a material impact on our income tax position.
On September 17, 2025, we paid a quarterly cash dividend of $4.69 per share. On October 29, 2025, we declared a quarterly cash dividend of $4.69 per share, payable on December 17, 2025, to our common stockholders of record as of the close of business on November 19, 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.
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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.
• In August, we issued SGD650 million, or approximately $500 million, at the exchange rate in effect on issuance, of senior notes due in 2032. See Note 9 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 September 30, 2025 and 2024
Revenues.  Our revenues for the three months ended September 30, 2025 and 2024 were generated from the following revenue classifications and geographic regions ($ in millions):

  Three Months Ended September 30, $ Change % Change
  2025 % 2024 % Actual Actual Constant
Currency (1)

Americas:
Recurring revenues $ 987  43  % $ 914  42  % $ 73  8  % 8  %
Non-recurring revenues 48  2  % 44  2  % 4  9  % 9  %
1,035  45  % 958  44  % 77  8  % 8  %
EMEA:
Recurring revenues 756  33  % 713  32  % 43  6  % 4  %
Non-recurring revenues 28  1  % 30  1  % (2) (7) % (10) %
784  34  % 743  33  % 41  6  % 3  %
Asia-Pacific:
Recurring revenues 472  20  % 432  20  % 40  9  % 8  %
Non-recurring revenues 25  1  % 68  3  % (43) (63) % (65) %
497  21  % 500  23  % (3) (1) % (2) %
Total:
Recurring revenues 2,215  96  % 2,059  94  % 156  8  % 6  %
Non-recurring revenues 101  4  % 142  6  % (41) (29) % (30) %
$ 2,316  100  % $ 2,201  100  % $ 115  5  % 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)