10-Q – 2025-10-29 – eqix-20250930.htm

receipt of income and the payment of expenses and the recognition of income and expenses for federal income tax purposes, or the effect of nondeductible expenditures, such as capital expenditures, payments of compensation for which Section 162(m) of the Code denies a deduction, interest expense deductions limited by Section 163(j) of the Code, the settlement of reserves or required debt service or amortization payments.
To the extent that we satisfy the 90% distribution requirement but distribute less than 100% of our REIT taxable income, we will be subject to federal corporate income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax on our undistributed taxable income if the actual amount that we distribute to our stockholders for a calendar year is less than the minimum amount specified under the Code.
Complying with REIT requirements may limit our flexibility or cause us to forgo otherwise attractive opportunities.
To remain qualified for taxation as a REIT for U.S. federal income tax purposes, we must satisfy tests concerning, among other things, the sources of our income, the nature and diversification of our assets and the amounts we distribute to our stockholders. For example, under the Code, no more than 20% (and 25% effective January 1, 2026) of the value of the assets of a REIT may be represented by securities of one or more TRSs. Similar rules apply to other nonqualifying assets. These limitations may affect our ability to make large investments in other non-REIT qualifying operations or assets. In addition, in order to maintain our qualification for taxation as a REIT, we must distribute at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains. Even if we maintain our qualification for taxation as a REIT, we will be subject to U.S. federal income tax at regular corporate income tax rates for our undistributed REIT taxable income, as well as U.S. federal income tax at regular corporate income tax rates for income recognized by our TRSs; we also pay taxes in the foreign jurisdictions in which our international assets and operations are held and conducted regardless of our qualification for taxation as a REIT. Because of these distribution requirements, we will likely not be able to fund future capital needs and investments from operating cash flow. As such, compliance with REIT tests may hinder our ability to make certain attractive investments, including the purchase of significant nonqualifying assets and the material expansion of non-real estate activities.
Our use of TRSs, including for certain of our international operations, may cause us to fail to remain qualified for taxation as a REIT in the U.S.
Our operations utilize TRSs to facilitate our qualification for taxation as a REIT. The net income of our TRSs is not included in our REIT taxable income unless it is distributed by an applicable TRS, and income that is not included in our REIT taxable income generally is not subject to the REIT income distribution requirement. Our ability to receive distributions from our TRSs is limited by the rules with which we must comply to maintain our qualification for taxation as a REIT. In particular, at least 75% of our gross income for each taxable year as a REIT must be derived from real estate. Consequently, no more than 25% of our gross income may consist of dividend income from our TRSs and other nonqualifying types of income. Thus, our ability to receive distributions from our TRSs may be limited and may impact our ability to fund distributions to our stockholders using cash flows from our TRSs.
Further, there may be limitations on our ability to accumulate earnings in our TRSs and the accumulation or reinvestment of significant earnings in our TRSs could result in adverse tax treatment. In particular, if the accumulation of cash in our TRSs causes (1) the fair market value of our securities in our TRSs to exceed 20% of the fair market value of our assets (25% beginning with our 2026 tax year) or (2) the fair market value of our securities in our TRSs and other nonqualifying assets to exceed 25% of the fair market value of our assets, then we will fail to remain qualified for taxation as a REIT. Further, a substantial portion of our TRSs are overseas, and a material change in foreign currency rates could also negatively impact our ability to remain qualified for taxation as a REIT.
The Code imposes limitations on the ability of our TRSs to utilize specified income tax deductions, including limits on the use of net operating losses and limits on the deductibility of interest expense.
Even if we remain qualified for taxation as a REIT, some of our business activities are subject to corporate level income tax and foreign taxes, which will continue to reduce our cash flows, and we will have potential deferred and contingent tax liabilities.
Even if we remain qualified for taxation as a REIT, we may be subject to some federal, state, local and foreign taxes, including taxes on any undistributed income, and state, local or foreign income, franchise, property and transfer taxes. In addition, we could in certain circumstances be required to pay an excise or penalty tax, which
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could be significant in amount, in respect of dealer property income or in order to utilize one or more relief provisions under the Code to maintain our qualification for taxation as a REIT.
A portion of our business is conducted through wholly owned TRSs because certain of our business activities could generate nonqualifying REIT income as currently structured and operated. The income of our U.S. TRSs will continue to be subject to federal and state corporate income taxes. In addition, our international assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. Any of these taxes would decrease our earnings and our available cash.
We are also subject to a U.S. federal corporate level income tax at the highest regular corporate income tax rate on any gains recognized from the sale of a REIT asset where our basis in the asset is determined by reference to the basis of the asset in the hands of a C corporation (such as an asset that we or our QRSs hold following the liquidation or other conversion of a former TRS). This tax is generally applicable to any disposition of such an asset during the five-year period after the date we first owned the asset as a REIT asset, to the extent of the built-in-gain based on the fair market value of such asset on the date we first held the asset as a REIT asset.
Our certificate of incorporation contains restrictions on the ownership and transfer of our stock, though they may not be successful in preserving our qualification for taxation as a REIT.
In order for us to remain qualified for taxation as a REIT, no more than 50% of the value of outstanding shares of our stock may be owned, beneficially or constructively, by five or fewer individuals at any time during the last half of each taxable year. In addition, rents from "affiliated tenants" will not qualify as qualifying REIT income if we own 10% or more by vote or value of the customer, whether directly or after application of attribution rules under the Code. Subject to certain exceptions, our certificate of incorporation prohibits any stockholder from owning, beneficially or constructively, more than (i) 9.8% in value of the outstanding shares of all classes or series of our capital stock or (ii) 9.8% in value or number, whichever is more restrictive, of the outstanding shares of any class or series of our capital stock. We refer to these restrictions collectively as the "ownership limits" and we included them in our certificate of incorporation to facilitate our compliance with REIT tax rules. The constructive ownership rules under the Code are complex and may cause the outstanding stock owned by a group of related individuals or entities to be deemed to be constructively owned by one individual or entity. As a result, the acquisition of less than 9.8% of our outstanding common stock (or the outstanding shares of any class or series of our stock) by an individual or entity could cause that individual or entity or another individual or entity to own constructively in excess of the relevant ownership limits. Any attempt to own or transfer shares of our common stock or of any of our other capital stock in violation of these restrictions may result in the shares being automatically transferred to a charitable trust or may be void. Even though our certificate of incorporation contains the ownership limits, there can be no assurance that these provisions will be effective to prevent our qualification for taxation as a REIT from being jeopardized, including under the affiliated tenant rule. Furthermore, there can be no assurance that we will be able to monitor and enforce the ownership limits. If the restrictions in our certificate of incorporation are not effective and, as a result, we fail to satisfy the REIT tax rules described above, then absent an applicable relief provision, we will fail to remain qualified for taxation as a REIT.
In addition, the ownership and transfer restrictions could delay, defer or prevent a transaction or a change in control that might involve a premium price for our stock or otherwise be in the best interest of our stockholders. As a result, the overall effect of the ownership and transfer restrictions may be to render more difficult or discourage any attempt to acquire us, even if such acquisition may be favorable to the interests of our stockholders.
General Risk Factors
Inadequate or inaccurate external and internal information, including budget and planning data, could lead to inaccurate financial forecasts and inappropriate financial decisions.
Our financial forecasts are dependent on estimates and assumptions regarding budget and planning data, market growth, foreign exchange rates, our ability to remain qualified for taxation as a REIT, and our ability to generate sufficient cash flow to reinvest in the business, fund internal growth, make acquisitions, pay dividends and meet our debt obligations. Our financial projections are based on historical experience and on various other assumptions that our management believes to be reasonable under the circumstances and at the time they are made.
We continue to evolve our forecasting models as necessary and appropriate but if our predictions are inaccurate and our results differ materially from our forecasts, we could make inappropriate financial decisions.
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Additionally, inaccuracies in our models could adversely impact our compliance with REIT asset tests, future profitability, stock price and/or stockholder confidence.
Fluctuations in foreign currency exchange rates, especially the strength of the U.S. dollar, in the markets in which we operate internationally could harm our results of operations.
We have experienced and may continue to experience gains and losses resulting from fluctuations in foreign currency exchange rates. To date, the majority of revenues and costs in our international operations are denominated in foreign currencies. Where our prices are denominated in U.S. dollars, our sales and revenues could be adversely affected by declines in foreign currencies relative to the U.S. dollar, thereby making our offerings more expensive in local currencies. We are also exposed to risks resulting from fluctuations in foreign currency exchange rates in connection with our international operations. To the extent we are paying contractors in foreign currencies, our operations could cost more than anticipated as a result of declines in the U.S. dollar relative to foreign currencies. In addition, fluctuating foreign currency exchange rates have a direct impact on how our international results of operations translate into U.S. dollars.
Although we currently undertake, and may decide in the future to further undertake, foreign exchange hedging transactions to reduce foreign currency transaction exposure, not every market is appropriate for a hedging strategy and we do not currently intend to eliminate all foreign currency transaction exposure. In addition, REIT compliance rules may restrict our ability to enter into hedging transactions. Therefore, any weakness of the U.S. dollar may have a positive impact on our consolidated results of operations because the currencies in the foreign countries in which we operate may translate into more U.S. dollars. However, as we have experienced more recently, if the U.S. dollar strengthens relative to the currencies of the foreign countries in which we operate, our consolidated financial position and results of operations may be negatively impacted as amounts in foreign currencies will generally translate into fewer U.S. dollars. For additional information on foreign currency risks, refer to our discussion of foreign currency risk in "Quantitative and Qualitative Disclosures about Market Risk" included in Item 3 of this Quarterly Report on Form 10-Q.
If our internal controls are found to be ineffective, our financial results or our stock price may be adversely affected.
Our most recent evaluation of our controls resulted in our conclusion that, as of September 30, 2025, in compliance with Section 404 of the Sarbanes-Oxley Act of 2002, our internal controls over financial reporting were effective. Our ability to manage our operations and growth through, for example, the integration of recently acquired businesses, the entry into new joint venture structures, the adoption of new accounting principles and tax laws, and our overhaul of our back-office systems that, for example, support the customer experience from initial quote to customer billing and our revenue recognition process, will require us to further develop our controls and reporting systems and implement or amend new or existing controls and reporting systems in those areas where the implementation and integration is still ongoing. All of these changes to our financial systems and the implementation and integration of acquisitions create an increased risk of deficiencies in our internal controls over financial reporting. If, in the future, our internal control over financial reporting is found to be ineffective, or if a material weakness is identified in our controls over financial reporting, our financial results may be adversely affected. Investors may also lose confidence in the reliability of our financial statements which could adversely affect our stock price.
Terrorist activity, or other acts of violence, including violence stemming from the current climate of political and economic uncertainty, could adversely impact our business.
The continued threat of terrorist activity and other acts of war or hostility both domestically and abroad by terrorist organizations, organized crime organizations, or other criminals along with violence stemming from political unrest, contribute to a climate of political and economic uncertainty in many of the regions in which we operate. Due to existing or developing circumstances, we may need to incur additional costs in the future to provide enhanced security, including cybersecurity and physical security, which could have a material adverse effect on our business and results of operations. These circumstances may also adversely affect our ability to attract and retain customers and employees, our ability to raise capital and the operation and maintenance of our IBX data centers.
We may not be able to protect our intellectual property rights.
We cannot make assurances that the steps taken by us to protect our intellectual property rights will be adequate to deter misappropriation of proprietary information or that we will be able to detect unauthorized use and take appropriate steps to enforce our intellectual property rights. We also are subject to the risk of litigation alleging
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infringement of third-party intellectual property rights. Any such claims could require us to spend significant sums in litigation, pay damages, develop non-infringing intellectual property or acquire licenses to the intellectual property that is the subject of the alleged infringement.
We have various mechanisms in place that may discourage takeover attempts.
Certain provisions of our certificate of incorporation and bylaws may discourage, delay or prevent a third party from acquiring control of us in a merger, acquisition or similar transaction that a stockholder may consider favorable. Such provisions include:
• ownership limitations and transfer restrictions relating to our stock that are intended to facilitate our compliance with certain REIT rules relating to share ownership;
• authorization for the issuance of "blank check" preferred stock;
• the prohibition of cumulative voting in the election of directors;
• limits on the persons who may call special meetings of stockholders;
• limits on stockholder action by written consent; and
• advance notice requirements for nominations to the Board of Directors or for proposing matters that can be acted on by stockholders at stockholder meetings.
In addition, Section 203 of the Delaware General Corporation Law, which restricts certain business combinations with interested stockholders in certain situations, may also discourage, delay or prevent someone from acquiring or merging with us.
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosure

Not applicable.
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Item 5. Other Information

Rule 10b5-1 Trading Plans

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

Name and Title Date Action Start Date End Date Total Shares to be Sold
Charles Meyers , Executive Chairman
8/18/2025 Adoption 11/17/2025 4/30/2026 See footnote (1)

Christopher Paisley , Director
8/6/2025 Adoption 11/18/2025 8/18/2026 See footnote (2)

Michael Shane Paladin , Chief Customer and Revenue Officer
8/27/2025 Adoption 1/16/2025 4/30/2026 See footnote (3)

(1) Mr. Meyers’ plan includes (a) 5,087 shares and (b) subject to the achievement of performance conditions, the potential sale of shares for tax withholding relating to awards totaling up to 19,997 shares on a grant-by-grant basis. This plan also includes any shares to be granted under the 2025 Annual Incentive Plan, as determined based on final company performance, to be sold for tax withholding and/or diversification purposes.
(2) Mr. Paisley’s plan includes the potential sale of 500 shares, previously acquired via Restricted Stock Unit(s), for diversification purposes.
(3) Mr. Paladin’s plan includes, subject to the achievement of performance conditions, the potential sale of shares for tax withholding relating to awards totaling up to 4,607 shares on a grant-by-grant basis. This plan also includes any shares to be granted under the 2025 Annual Incentive Plan, as determined based on final company performance, to be sold for tax withholding.
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Item 6. Exhibits

Incorporated by Reference
Exhibit Number Exhibit Description Form Filing Date/
Period End Date Exhibit Filed
Herewith

2.1
Rule 2.7 Announcement, dated as of May 29, 2015. Recommended Cash and Share Offer for Telecity Group plc by Equinix, Inc.
8-K
5/29/2015
2.1

2.2
Cooperation Agreement, dated as of May 29, 2015, by and between Equinix, Inc. and Telecity Group plc.
8-K
5/29/2015
2.2

2.3
Amendment to Cooperation Agreement, dated as of November 24, 2015, by and between Equinix, Inc. and Telecity Group plc.
10-K
12/31/2015
2.3

2.4
Transaction Agreement, dated as of December 6, 2016, by and between Verizon Communications Inc. and Equinix, Inc.
8-K
12/6/2016
2.1

2.5
Amendment No. 1 to the Transaction Agreement, dated February 23, 2017, by and between Verizon Communications Inc. and Equinix, Inc.
10-K
12/31/2016
2.5

2.6
Amendment No. 2 to the Transaction Agreement, dated April 30, 2017, by and between Verizon Communications Inc. and Equinix, Inc.
8-K
5/1/2017
2.1

2.7
Amendment No. 3 to the Transaction Agreement, dated June 29, 2018, by and between Verizon Communications Inc. and Equinix, Inc.
10-Q
8/8/2018
2.7

3.1
Amended and Restated Certificate of Incorporation of the Registrant, as amended to date.
10-K/A
12/31/2002
3.1

3.2
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant.
8-K
6/14/2011
3.1

3.3
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant.
8-K
6/11/2013
3.1

3.4
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant.
10-Q
6/30/2014
3.4

3.5
Certificate of Designation of Series A and Series A-1 Convertible Preferred Stock.
10-K/A
12/31/2002
3.3

3.6
Amended and Restated Bylaws of the Registrant.
8-K
3/13/2023
3.1

4.1 Reference is made to Exhibits 3.1, 3.2, 3.3, 3.4, 3.5 and 3.6.

4.2
Indenture, dated as of December 12, 2017, between Equinix, Inc. and U.S. Bank National Association, as Trustee.
8-K
12/5/2017
4.1

4.3
Fifth Supplemental Indenture, dated as of November 18, 2019, among Equinix, Inc. and U.S. Bank National Association, as Trustee.
8-K
11/18/2019
4.4

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4.4 Form of 2.900% Senior Note due 2026 (See Exhibit 4.3)

4.5
Sixth Supplemental Indenture, dated as of November 18, 2019, among Equinix, Inc. and U.S. Bank National Association, as Trustee.
8-K
11/18/2019
4.6

4.6 Form of 3.200% Senior Note due 2029 (See Exhibit 4.5)
8-K
6/22/2020

4.7
Seventh Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee.
8-K
6/22/2020
4.2

4.8 Form of 1.250% Senior Note due 2025 (See Exhibit 4.7)

4.9
Eighth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee.
8-K
6/22/2020
4.4

4.10 Form of 1.800% Senior Note due 2027 (See Exhibit 4.9)

4.11
Ninth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee.
8-K
6/22/2020
4.6

4.12 Form of 2.150% Senior Note due 2030 (see Exhibit 4.11)

4.13
Tenth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee.
8-K
6/22/2020
4.8

4.14 Form of 3.000% Senior Note due 2050 (See Exhibit 4.13)

4.15
Eleventh Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee.
8-K 10/7/2020 4.2

4.16 Form of 1.000% Senior Note due 2025 (included in Exhibit 4.15)

4.17
Twelfth Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee.
8-K 10/7/2020 4.4

4.18 Form of 1.550% Senior Note due 2028 (included in Exhibit 4.17)

4.19
Thirteenth Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as Trustee.
8-K 10/7/2020 4.6

4.20 Form of 2.950% Senior Note due 2051 (included in Exhibit 4.19)

4.21
Fourteenth Supplemental Indenture, dated as of March 10, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee.
8-K 3/11/2021 4.2

4.22 Form of 0.250% Senior Note due 2027 (included in Exhibit 4.21)

4.23
Fifteenth Supplemental Indenture, dated as of March 10, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee.
8-K 3/11/2021 4.4

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4.24 Form of 1.000% Senior Note due 2033 (included in Exhibit 4.23)

4.25
Sixteenth Supplemental Indenture, dated as of May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee.
8-K 5/17/2021 4.2

4.26 Form of 1.450% Senior Note due 2026 (included in Exhibit 4.25)

4.27
Seventeenth Supplemental Indenture, dated as of May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee.
8-K 5/17/2021 4.4

4.28 Form of 2.000% Senior Note due 2028 (included in Exhibit 4.27)

4.29
Eighteenth Supplemental Indenture, dated May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee.
8-K 5/17/2021 4.6

4.30 Form of 2.500% Senior Note due 2031 (included in Exhibit 4.29)

4.31
Nineteenth Supplemental Indenture, dated May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee.
8-K 5/17/2021 4.8

4.32 Form of 3.400% Senior Note due 2052 (included in Exhibit 4.31)

4.33
Twentieth Supplemental Indenture, dated as of April 5, 2022, between Equinix, Inc. and U.S. Bank Trust Company National Association, as Trustee.
8-K 4/5/2022 4.2

4.34 Form of 3.900% Senior Notes due 2032 (included in Exhibit 4.33)

4.35
Notes Purchase Agreement, dated February 7, 2023, and issued by Equinix Japan K.K. and Equinix, Inc. as Parent Guarantor.
10-Q 3/31/2023 4.39

4.36
Terms and Conditions of the Swiss Francs bonds due September 12, 2028, issued by Equinix Europe 1 Financing Corporation LLC and guaranteed by Equinix, Inc. as Guarantor.
10-Q 9/30/2023 4.40

4.37
Indenture, dated as of March 18, 2024, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, and U.S. Bank Trust Company, National Association, as trustee.
POSASR 3/18/2024 4.40

4.38
First Supplemental Indenture, dated as of May 30, 2024, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, and U.S. Bank Trust Company, National Association, as trustee.
8-K 5/30/2024 4.20

4.39 Form of 5.500% Senior Note due 2034 (included in Exhibit 4.38)

4.40
Bond Purchase and Paying Agency Agreement dated September 2, 2024 between Equinix Europe 1 Financing Corporation LLC and Equinix, Inc. as Guarantor and BNP Paribas (Suisse) SA as Swiss Paying Agent and Deutsche Bank AG London Branch as Joint Lead Managers.
10-Q 9/30/2024 4.42

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4.41
Second Supplemental Indenture, dated as of September 3, 2024, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, Elavon Financial Services DAC, UK Branch, as paying agent, and U.S. Bank Trust Company, National Association, as registrar and trustee.
8-K 9/3/2024 4.2

4.42 Form of 3.650% Senior Note due 2033 (included in Exhibit 4.41)
8-K 9/3/2024 4.3

4.43
Third Supplemental Indenture, dated as of November 22, 2024, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, U.S. Bank Europe DAC, U.K. Branch, as paying agent, and U.S. Bank Trust Company, National Association, as registrar and trustee.
8-K 11/22/2024 4.2

4.44 Form of 3.250% Senior Note due 2031 (included in Exhibit 4.43)
8-K 11/22/2024 4.3

4.45
Fourth Supplemental Indenture, dated as of November 22, 2024, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, U.S. Bank Europe DAC, U.K. Branch, as paying agent, and U.S. Bank Trust Company, National Association, as registrar and trustee.
8-K 11/22/2024 4.4

4.46 Form of 3.625% Senior Note due 2034 (included in Exhibit 4.45)
8-K 11/22/2024 4.5

4.47
Fifth Supplemental Indenture, dated as of May 19, 2025, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, U.S. Bank Europe DAC, U.K. Branch, as paying agent, and U.S. Bank Trust Company, National Association, as registrar and trustee.
8-K 5/19/2025 4.2

4.48 Form of 3.250% Senior Note due 2029 (included in Exhibit 4.47)
8-K 5/19/2025 4.3

4.49
Sixth Supplemental Indenture, dated as of May 19, 2025, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, U.S. Bank Europe DAC, U.K. Branch, as paying agent, and U.S. Bank Trust Company, National Association, as registrar and trustee.
8-K 5/19/2025 4.4

4.50 Form of 4.000% Senior Note due 2034 (included in Exhibit 4.49)
8-K 5/19/2025 4.5

4.51
Terms and Conditions of the U.S. $3,000,000,000 Euro Medium Term Note Program, established February 28, 2025, by Equinix Asia Financing Corporation Pte. Ltd. and guaranteed by Equinix, Inc.
10-Q 3/31/2025 4.47

4.52
Pricing Supplement, dated March 6, 2025, for the 3.500% Singapore Dollar Senior Notes due 2030 issued under the U.S. $3,000,000,000 Euro Medium Term Note Program.
10-Q 3/31/2025 4.48

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4.53
Pricing Supplement, dated August 14 , 2025, for the 2.9 00% Singapore Dollar Senior Notes due 203 2 issued under the U.S. $3,000,000,000 Euro Medium Term Note Program.
X

4.54
Form of Registrant's Common Stock Certificate.
10-K
12/31/2014
4.13

4.55
Description of Securities.
10-K 12/31/2024 4.5

10.1
Agreement for Purchase and Sale of Shares Among RW Brasil Fundo de Investimentos em Participação, Antônio Eduardo Zago De Carvalho and Sidney Victor da Costa Breyer, as Sellers, and Equinix Brasil Participaçãoes Ltda., as Purchaser, and Equinix South America Holdings LLC., as a Party for Limited Purposes and ALOG Soluções de Tecnologia em Informática S.A. as Intervening Consenting Party dated July 18, 2014.
10-Q
9/30/2014
10.67

10.2
Credit Agreement dated January 7, 2022 by and among Equinix , Inc. , as borrower, a syndicate of financial institutions, as lenders, Bank of America, N.A., as administrative agent, Citibank, N.A., JPMorgan Chase Bank, N.A., MUFG Bank, Ltd., RBC Capital Markets, Goldman Sachs Bank USA and HSBC Securities (USA) Inc., as co-syndication agents, Barclays Bank PLC, BNP Paribas, Deutsche Bank AG New York Branch, ING Bank N.V., Dublin Branch, Morgan Stanley Senior Funding, Inc., Sumitomo Mitsui Banking Corporation, The Bank of Nova Scotia and TD Securities (USA) LLC, as co-documentation agents, and BofA Securities, Inc., Citibank, N.A., JPMorgan Chase Bank, N.A., MUFG Bank, Ltd., RBC Capital Markets, Goldman Sachs Bank USA and HSBC Securities (USA) Inc., as joint lead arrangers and book runners.
10-K 12/31/2021 10.22

10.3
First Amendment and Joinder to Credit Agreement dated April 4, 2025 by and among Equinix, Inc., Bank of America, N.A., as administrative agent, lender and L/C issuer, the lenders, Equinix Europe 1 Financing Corporation LLC and Equinix Europe 2 Financing Corporation LLC Securities.
10-Q
3/31/2025 10.3

10.4 **
Form of Indemnification Agreement between the Registrant and each of its officers and directors.
S-4 (File No. 333-93749)
12/29/1999
10.5

10.5 **
2000 Equity Incentive Plan, as amended.
10-K
12/31/2021
10.2

10.6 **
2020 Equity Incentive Plan.
DEF 14A
4/10/2025
Appendix B

10.7 **
Equinix, Inc. 2004 Employee Stock Purchase Plan.
DEF 14A
4/12/2024 Appendix B

10.8 **
2023 Form of Revenue/AFFO per Share/Digital Services Performance Restricted Stock Unit Agreement for Executives.
10-Q 3/31/2023 10.15

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10.9 **
2023 Form of TSR Restricted Stock Unit Agreement for Executives.
10-Q 3/31/2023 10.16

10.10 **
2023 Form of Time-Based Restricted Stock Unit Agreement for Executives.
10-Q 3/31/2023 10.17

10.11 **
2024 Form of Revenue/AFFO per Share Performance Restricted Stock Unit Agreement for Executives.
10-Q 3/31/2024 10.34

10.12 **
2024 Form of TSR Restricted Stock Unit Agreement for Executives.
10-Q 3/31/2024 10.35

10.13 **
2024 Form of Time-Based Restricted Stock Unit Agreement for Executives.
10-Q 3/31/2024 10.36
10.14 **
2024 Form of Revenue/AFFO per Share Performance Restricted Stock Unit Agreement for Charles Meyers.
10-Q 6/30/2024 10.33
10.15 **
2024 Form of TSR Restricted Stock Unit Agreement for Charles Meyers.
10-Q 6/30/2024 10.34

10.16 **
2024 Form of Time-Based Restricted Stock Unit Agreement for Charles Meyers.
10-Q 6/30/2024 10.35

10.17 **
2025 Form of Revenue/AFFO per Share Performance Restricted Stock Unit Agreement for Executives.
10-Q 3/31/2025 10.20

10.18 **
2025 Form of TSR Restricted Stock Unit Agreement for Executives.
10-Q 3/31/2025 10.21

10.19 **
2025 Form of Time-Based Restricted Stock Unit Agreement for Executives.
10-Q 3/31/2025 10.22

10.20 **
2025 Form of Revenue/AFFO per Share Performance Restricted Stock Unit Agreement for Adaire Fox-Martin.
10-Q 3/31/2025 10.23

10.21 **
2025 Form of TSR Restricted Stock Unit Agreement for Adaire Fox-Martin.
10-Q 3/31/2025 10.24

10.22 **
2025 Form of Time-Based Restricted Stock Unit Agreement for Adaire Fox-Martin.
10-Q 3/31/2025 10.25

10.23 **
2025 Equinix, Inc. Annual Incentive Plan.
10-Q 3/31/2025 10.27

10.24 **
Offer Letter between Equinix, Inc. and Adaire Fox-Martin, dated as of March 7, 2024 .
8-K 3/7/2024 10.1

10.25 **
Form of Severance Agreement between Equinix, Inc. and Adaire Fox-Martin .
8-K 3/7/2024 10.2

10.26 **
Executive Chairman Agreement between Equinix, Inc. and Charles Meyers, dated as of March 7, 2024 .
8-K 3/7/2024 10.3

10.27 **
Amendment to Executive Chairman Agreement between Equinix, Inc. and Charles Meyers, dated as of March 11, 2025.
10-Q 3/31/2025 10.31

10.28 **
Severance Agreement between Equinix, Inc. and Keith Taylor dated October 3, 2019.
10-Q
9/30/2019
10.31

10.29 **
Severance Agreement between Equinix, Inc. and Brandi Galvin Morandi dated October 3, 2019.
10-Q
9/30/2019
10.26

10.30 **
Change in Control Severance Agreement between Equinix, Inc and Jon Lin dated January 2, 2022.
10-K
12/31/2022
10.24

97

Table of Contents

10.31 **
Change in Control Severance Agreement between Equinix, Inc and Kurt Pletcher, dated September 27, 2022.
10-Q 9/30/2024 10.36

10.32 **
Change in Control Severance Agreement between Equinix, Inc and Raouf Abdel, dated October 3, 2019.
10-Q 9/30/2024 10.37

10.33 **
Offer Letter between Equinix, Inc. and Michael Shane Paladin, dated June, 26, 2025.
10-Q 6/30/2025 10.34

19.1
Equinix, Inc. Securities Trading Policy.
10-K 12/31/2024 19.1

21.1
Subsidiaries of Equinix, Inc.
X

23.1
Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm.
10-K 12/31/2024 23.1

31.1
Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
X

31.2
Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
X

32.1
Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
X

32.2
Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
X

97.1
Equinix, Inc. Compensation Recoupment Policy.
10-K 12/31/2023 97.1

101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
X

101.SCH Inline XBRL Taxonomy Extension Schema Document.
X

101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document.
X

101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document.
X

101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.
X

101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document.
X

104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. X

** Management contracts or compensation plans or arrangements in which directors or executive officers are eligible to participate.
98

Table of Contents

EQUINIX, INC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EQUINIX, INC.
Date: October 29, 2025
By: /s/    K EITH D. T AYLOR        

Chief Financial Officer
(Principal Financial Officer)

99