SEC EDGAR · 10-Q

10-Q – 2026-04-29 – eqix-20260331.htm

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Omsättning

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 78
Risks Related to our Operations | • 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. | • Terrorist activity, or other acts of violence, including violence stemming from war or the current climate of political and economic uncertainty, could adversely impact our business.
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 subject 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.
• 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.
Cost of revenues 1,186 1,084 | Sales and marketing 241 229 | General and administrative 444 438
Impairment charges 2 — | (Gain) loss on asset sales ( 20 ) — | Total costs and operating expenses 1,867 1,767
Impairment charges 2 — | (Gain) loss on asset sales ( 20 ) —

Återkommande intäkter

Annualized Gross Bookings | Annualized Gross Bookings represents the annualized revenue impact of stated monthly recurring revenues ("MRR") on newly executed contracts with a term of 12 months or more, net of any MRR decreases from cancellations or terminations associated with the new contracts and adjusted for the impact of pricing changes on existing contracts. This measure excludes contracts for recurring revenue from our joint ventures and the impact of power price adjustments. This measure only includes contracts that | Capacity Trends
Our business is primarily based on a recurring revenue model comprised of colocation, 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 thre | 37

EBITDA

12. 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 evaluate | 31
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 and other exit 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 acc | 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):
272 96 66 434 | Segment adjusted EBITDA $ 516 $ 424 $ 305 $ 1,245 | Reconciliation to income before income taxes:
268 97 66 431 | Segment adjusted EBITDA $ 443 $ 365 $ 259 $ 1,067 | Reconciliation to income before income taxes:
Net Income. Our net income increased by $72 million or 21% in the three months ended March 31, 2026 as compared to the same period in 2025. This increase is driven by the factors described above. | Adjusted EBITDA. We define adjusted EBITDA as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring and other exit charges, impairment charges, transaction costs, and gain or loss on asset sales. See "Non-GAAP Financial Measures" below for more information about adjusted EBITDA and a reconciliation of adjusted EBITDA to net inc
Americas Adjusted EBITDA. During the three months ended March 31, 2026, Americas adjusted EBITDA increased by $73 million or 16% (15% on a constant currency basis), primarily due to higher revenues, as described above, supported by disciplined operating expense management. | EMEA Adjusted EBITDA. During the three months ended March 31, 2026, EMEA adjusted EBITDA increased by $59 million or 16% (10% on a constant currency basis), primarily due to higher revenues, as described above, supported by disciplined operating expense management.
Americas Adjusted EBITDA. During the three months ended March 31, 2026, Americas adjusted EBITDA increased by $73 million or 16% (15% on a constant currency basis), primarily due to higher revenues, as described above, supported by disciplined operating expense management. | EMEA Adjusted EBITDA. During the three months ended March 31, 2026, EMEA adjusted EBITDA increased by $59 million or 16% (10% on a constant currency basis), primarily due to higher revenues, as described above, supported by disciplined operating expense management. | Asia-Pacific Adjusted EBITDA. During the three months ended March 31, 2026, Asia-Pacific adjusted EBITDA increased by $46 million or 18% (14% on a constant currency basis), primarily due to higher revenues, as described above, supported by disciplined operating expense management.
EMEA Adjusted EBITDA. During the three months ended March 31, 2026, EMEA adjusted EBITDA increased by $59 million or 16% (10% on a constant currency basis), primarily due to higher revenues, as described above, supported by disciplined operating expense management. | Asia-Pacific Adjusted EBITDA. During the three months ended March 31, 2026, Asia-Pacific adjusted EBITDA increased by $46 million or 18% (14% on a constant currency basis), primarily due to higher revenues, as described above, supported by disciplined operating expense management.

Periodens resultat

Income tax expense ( 56 ) ( 49 ) | Net income 415 343 | Net (income) loss attributable to non-controlling interests — —
Net (income) loss attributable to non-controlling interests — — | Net income attributable to common stockholders $ 415 $ 343 | Earnings per share (“EPS”) attributable to common stockholders:
(Unaudited) | Net income $ 415 $ 343 | Other comprehensive income (loss), net of tax:
Cash flows from operating activities: | Net income $ 415 $ 343 | Adjustments to reconcile net income to net cash provided by operating activities:
Net income $ 415 $ 343 | Adjustments to reconcile net income to net cash provided by operating activities: | Depreciation, amortization and accretion 544 480
2026 2025 | Net income $ 415 $ 343 | Net (income) loss attributable to non-controlling interests — —
Net (income) loss attributable to non-controlling interests — — | Net income attributable to common stockholders $ 415 $ 343
Net income — — — — — — — 415 415 — 415 | Other comprehensive income — — — — — — 16 — 16 — 16

Resultat per aktie

Net income attributable to common stockholders $ 415 $ 343 | Earnings per share (“EPS”) attributable to common stockholders: | Basic EPS $ 4.22 $ 3.52
Earnings per share (“EPS”) attributable to common stockholders: | Basic EPS $ 4.22 $ 3.52 | Weighted-average shares for basic EPS (in thousands) 98,392 97,514
Basic EPS $ 4.22 $ 3.52 | Weighted-average shares for basic EPS (in thousands) 98,392 97,514 | Diluted EPS $ 4.20 $ 3.50
Weighted-average shares for basic EPS (in thousands) 98,392 97,514 | Diluted EPS $ 4.20 $ 3.50 | Weighted-average shares for diluted EPS (in thousands) 98,727 97,887
Diluted EPS $ 4.20 $ 3.50 | Weighted-average shares for diluted EPS (in thousands) 98,727 97,887
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):
Weighted-average shares used to calculate basic EPS 98,392 97,514 | Effect of dilutive securities:
Employee equity awards 335 373 | Weighted-average shares used to calculate diluted EPS 98,727 97,887

Kassaflöde

• 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.
Net investment hedge CTA gain (loss), net of tax 18 ( 129 ) | Change in unrealized gain (loss) on cash flow hedges: | Unrealized gain (loss) on cash flow hedges 55 ( 29 )
Change in unrealized gain (loss) on cash flow hedges: | Unrealized gain (loss) on cash flow hedges 55 ( 29 ) | Income tax effects ( 12 ) 15
Income tax effects ( 12 ) 15 | Unrealized gain (loss) on cash flow hedges, net of tax 43 ( 14 )
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 t | 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 der
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 der | As of March 31, 2026, our foreign currency forward contracts had maturity dates ranging from April 2026 to December 2028 and we had a net loss of $ 20 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, 2025, our foreign currency forward contracts had maturity dates ranging from January 2026 to December 2027 and we had a net loss of $ 51 million recorded w
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 der | As of March 31, 2026, our foreign currency forward contracts had maturity dates ranging from April 2026 to December 2028 and we had a net loss of $ 20 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, 2025, our foreign currency forward contracts had maturity dates ranging from January 2026 to December 2027 and we had a net loss of $ 51 million recorded w | 15
(loss) to be reclassified to revenues and expenses for cash flow hedges that mature in the 12 months following December 31, 2025. | 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 debt and our U.S. dollar-denominated debt issued by our foreign subsidiaries. As of March 31, 2026, the cross-currency swaps had maturity dates ranging from March 2027 to June 2034. We had a net gain of $ 31 million recorded within accumulated other comprehensive income (loss) to be reclassified to i

Fritt kassaflöde

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 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, p | Revenue

Likvida medel

Current assets: | Cash and cash equivalents $ 1,362 $ 1,727 | Short-term investments 1,692 1,500
Cash and cash equivalents $ 1,362 $ 2,950 | Current portion of restricted cash included in other current assets 59 12
March 31, 2026 December 31, 2025 | Cash and cash equivalents $ 4 $ 12 | Property, plant and equipment, net 77 65
(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.
(1) Instruments are included within cash and cash equivalents in our condensed consolidated balance sheets, and are measured at fair value. | (2) Instruments are included within cash and cash equivalents and short-term investments in our condensed consolidated balance sheets, and are measured at amortized cost. | (3) Instruments are included within cash and cash equivalents and short-term investments in our condensed consolidated balance sheets, and are measured at amortized cost. All of our U.S. government securities classified into this category mature within one year. As of March 31, 2026, no allowance for credit losses was recorded for these securities and there were insignificant unrecognized gains and losses.
(2) Instruments are included within cash and cash equivalents and short-term investments in our condensed consolidated balance sheets, and are measured at amortized cost. | (3) Instruments are included within cash and cash equivalents and short-term investments in our condensed consolidated balance sheets, and are measured at amortized cost. All of our U.S. government securities classified into this category mature within one year. As of March 31, 2026, no allowance for credit losses was recorded for these securities and there were insignificant unrecognized gains and losses. | (4) Instruments are included within cash and cash equivalents and short-term investments in our condensed consolidated balance sheets, and are measured at fair value. All of our U.S. government securities classified into this category mature within one year. As of March 31, 2026, no allowance for credit losses was recorded for these securities and there were insignificant unrealized gains and losses.
(3) Instruments are included within cash and cash equivalents and short-term investments in our condensed consolidated balance sheets, and are measured at amortized cost. All of our U.S. government securities classified into this category mature within one year. As of March 31, 2026, no allowance for credit losses was recorded for these securities and there were insignificant unrecognized gains and losses. | (4) Instruments are included within cash and cash equivalents and short-term investments in our condensed consolidated balance sheets, and are measured at fair value. All of our U.S. government securities classified into this category mature within one year. As of March 31, 2026, no allowance for credit losses was recorded for these securities and there were insignificant unrealized gains and losses. | (5) Instrument is included within other assets in our condensed consolidated balance sheets, and is measured at amortized cost. Refer to Note 11.

Nettoskuld

Net income $ 415 $ 343 | Adjustments to reconcile net income to net cash provided by operating activities: | Depreciation, amortization and accretion 544 480
Other assets and liabilities ( 180 ) 155 | Net cash provided by operating activities 717 809 | Cash flows from investing activities:
Net cash used in investing activities ( 1,459 ) ( 964 ) | Cash flows from financing activities:
Other financing activities 42 ( 4 ) | Net cash provided by financing activities 349 15 | Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash ( 6 ) 20
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. We hold a 2 % interest in the parent company for the AMER 3 Joint Venture and 23 % interests in various asset companies consolidated by the parent. | On January 13, 2026, we sold the assets and liabilities relating to the Hampton data center campus ("Hampton Campus"), which were included within our Americas region, to the AMER 3 Joint Venture for total consideration of $ 459 million. The consideration received was comprised of $ 129 million of net cash proceeds, $ 184 million of receivables, and retained equity interests in the AMER 3 Joint Venture with a fair value of $ 146 million. We recognized a gain of $ 19 million on the sale of the Ham | VIEs
Cash Flow | Our net cash provided by (used in) operating, investing and financing activities for the three months ended March 31, 2026 and 2025 were as follows (in millions):
2026 2025 Change | Net cash provided by operating activities $ 717 $ 809 $ (92) | Net cash used in investing activities (1,459) (964) (495)
Net cash provided by operating activities $ 717 $ 809 $ (92) | Net cash used in investing activities (1,459) (964) (495) | Net cash provided by financing activities 349 15 334

Eget kapital

Total assets $ 40,898 $ 40,141 | Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity | Current liabilities:
Redeemable non-controlling interest 25 25 | Common stockholders’ equity (shares in thousands): | Common stock, $ 0.001 par value per share: 300,000 shares authorized; 98,685 issued and 98,623 outstanding in 2026 and 98,288 issued and 98,226 outstanding in 2025
Retained earnings 6,514 6,099 | Total common stockholders' equity 14,298 14,156 | Non-controlling interests ( 3 ) ( 3 )
Non-controlling interests ( 3 ) ( 3 ) | Total stockholders’ equity 14,295 14,153 | Total liabilities, redeemable non-controlling interest and stockholders’ equity $ 40,898 $ 40,141
Total stockholders’ equity 14,295 14,153 | Total liabilities, redeemable non-controlling interest and stockholders’ equity $ 40,898 $ 40,141
10. Stockholders' Equity | Stockholders' Equity Rollforward
10. Stockholders' Equity | Stockholders' Equity Rollforward | The following tables provide a rollforward of our stockholders' equity for the three months ended March 31, 2026 and 2025 ($ in millions except per share data; share data in thousands):
Stockholders' Equity Rollforward | The following tables provide a rollforward of our stockholders' equity for the three months ended March 31, 2026 and 2025 ($ in millions except per share data; share data in thousands):

Antal aktier

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 April 28, 2026 was 98,624,248 .

Antal anställda

(1) Refer to Note 5 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 March 31, 2026, the U.S. dollar was generally weaker relative to certain of the currencie
Stock-Based Compensation | For the three months ended March 31, 2026, the Talent, Culture and Compensation Committee and/or the Stock Awards Committee of our Board of Directors, as the case may be, granted an aggregate of 767,481 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 $ 952.72 per share and a weighted-average requisite service period of 3.65 years. The valuation of RSUs wi | 29
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 | 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.
Each new facility requires access to significant quantities of electricity. Limitations on generation, transmission and distribution may limit our ability to obtain sufficient power capacity for potential expansion sites in new or existing markets. Utility companies and other third-party power providers may impose onerous operating conditions to any agreement to provision power or we may experience significant delays, unfavorable contractual terms, new industry regulations and substantial increa | Our IBX data centers are affected by problems accessing electricity sources, such as planned or unplanned power outages and limitations on transmission or distribution of power. Unplanned power outages, including, but not limited to those relating to natural disasters, cyber-attacks, physical attacks on utility infrastructure, war, and any failures of electrical power grids or internal systems, and planned power outages by public utilities, could harm our customers and our business. Remote non-I | We are currently experiencing inflation and volatility pressures in the energy market globally. Various macroeconomic factors are contributing to the instability and global power shortage including inadequate power generation and transmission to meet market demand in certain locations, severe weather events, governmental regulations, government relations and inflation. While we have aimed to minimize our risk, via hedging, conservation, and other efficiencies, we expect the cost for power to con
• global pandemics; | • inability of our operations employees to access our IBX data centers for any reason; and | • failure of business partners who provide our resale products.
Furthermore, we are dependent upon internet service providers, telecommunications carriers and other website operators in the Americas, Asia-Pacific and EMEA regions and elsewhere, some of which have experienced significant system failures and electrical outages in the past. We also rely on a number of third-party software providers in order to deliver our offerings and operate our business. Our customers may in the future experience difficulties due to system failures unrelated to our systems a | Our IBX data center employees are critical to our ability to maintain our business operations and reach our service level commitments. Although we have redundancies built into our workforce, if our IBX employees are unable to access our IBX data centers for any reason, we could experience operational issues at the affected site. Pandemics, weather and climate related crises or any other social, political, or economic disruption in the U.S. or abroad could prevent sufficient staffing at our IBX d | Terrorist activity, or other acts of violence, including violence stemming from war or the current climate of political and economic uncertainty, could adversely impact our business.
Terrorist activity, or other acts of violence, including violence stemming from war or 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 concerns around threats to U.S. technology and defense companies with critical infrastructure such as data centers, we may need to incur additional co | We experienced cybersecurity incidents 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.
We offer professional solutions to our customers where we consult on data center solutions and assist with implementations. We also offer managed services in certain locations where we manage the data center infrastructure for our customers. The access to our clients' networks and data, which is gained from these solutions, creates some risk that our clients' networks or data could be improperly accessed. We may also design our clients' cloud storage systems in such a way that exposes our client | As techniques used to breach security change frequently and are generally not recognized until launched against a target, we may not be able to promptly detect that a cyber breach has occurred, or implement security measures in a timely manner or, if and when implemented, we may not be able to determine the extent to which these measures could be circumvented. Recent developments in the cyber threat landscape include use of AI and machine learning, as well as an increased number of cyber extorti | 56

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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 March 31, 2026
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
3.250% Senior Notes due 2029 The Nasdaq Stock Market LLC
3.250% Senior Notes due 2031 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
3.625% Senior Notes due 2034 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 April 28, 2026 was 98,624,248 .

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 March 31, 2026 and December 31, 2025
6

Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025
7

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2026 and 2025
8

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025
9

Notes to Condensed Consolidated Financial Statements
10

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
35

Item 3. Quantitative and Qualitative Disclosures About Market Risk
51

Item 4. Controls and Procedures
52

Part II - Other Information

Item 1. Legal Proceedings
53

Item 1A. Risk Factors
53

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
78

Item 3. Defaults Upon Senior Securities
78

Item 4. Mine Safety Disclosure
78

Item 5. Other Information
79

Item 6. Exhibits
80

Signatures
82

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 tensions contribute to an already complex landscape, and could have a negative effect on our global business operations.
• The current uncertain economic environment, including challenges related to power and supply chains, could impact our business and the businesses of our customers.
• Our business could be harmed by increased costs to procure power, prolonged power outages, shortages or capacity constraints.
Risks Related to our Operations
• 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.
• Terrorist activity, or other acts of violence, including violence stemming from war or the current climate of political and economic uncertainty, could adversely impact our business.
• We experienced cybersecurity incidents 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.
• 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.
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 subject 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.
Risks Related to our Financial Results and Stock Price
• The market price of our stock may continue to be highly volatile, and the value of an investment in our common stock may decline.
4

Table of Contents

• 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.
• Our results of operations may fluctuate.
• We have incurred substantial losses in the past and may incur additional losses in the future.
• 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.
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.
Risks Related to Sustainability, Environmental Laws and Climate Change
• Environmental and sustainability laws and regulations may impose upon us new or unexpected costs.
• Our business may be adversely affected by physical risks related to climate change and our response to it.
• We may fail to execute our sustainability initiatives, including reaching our climate targets, or may encounter objections to them, 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)

March 31, 2026 December 31, 2025
  (Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 1,362   $ 1,727  
Short-term investments 1,692   1,500  
Accounts receivable, net of allowance of $ 13 and $ 16
1,108   1,001  
Other current assets 1,184   897  

Total current assets 5,346   5,125  

Property, plant and equipment, net 24,169   23,584  
Operating lease right-of-use assets 1,345   1,392  
Goodwill 5,931   5,984  
Intangible assets, net 1,258   1,316  
Other assets 2,849   2,740  
Total assets $ 40,898   $ 40,141  
Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses $ 1,321   $ 1,350  
Accrued property, plant and equipment 703   564  
Current portion of operating lease liabilities 161   155  
Current portion of finance lease liabilities 173   168  
Current portion of mortgage and loans payable 16   17  
Current portion of senior notes 1,876   1,299  
Other current liabilities 288   340  

Total current liabilities 4,538   3,893  
Operating lease liabilities, less current portion 1,256   1,304  
Finance lease liabilities, less current portion 2,126   2,187  
Mortgage and loans payable, less current portion 13   686  
Senior notes, less current portion 17,715   16,910  
Other liabilities 930   983  
Total liabilities 26,578   25,963  
Commitments and contingencies (Note 9)

Redeemable non-controlling interest 25   25  
Common stockholders’ equity (shares in thousands):
Common stock, $ 0.001 par value per share: 300,000 shares authorized; 98,685 issued and 98,623 outstanding in 2026 and 98,288 issued and 98,226 outstanding in 2025
—   —  
Additional paid-in capital 21,858   21,642  
Treasury stock, at cost; 62 shares in 2026 and 62 shares in 2025
( 24 ) ( 24 )
Accumulated dividends ( 12,707 ) ( 12,202 )
Accumulated other comprehensive loss ( 1,343 ) ( 1,359 )
Retained earnings 6,514   6,099  
Total common stockholders' equity 14,298   14,156  
Non-controlling interests ( 3 ) ( 3 )
Total stockholders’ equity 14,295   14,153  
Total liabilities, redeemable non-controlling interest and stockholders’ equity $ 40,898   $ 40,141  

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
March 31,
  2026 2025
  (Unaudited)
Revenues $ 2,444   $ 2,225  
Costs and operating expenses:
Cost of revenues 1,186   1,084  
Sales and marketing 241   229  
General and administrative 444   438  
Restructuring and other exit charges 6   10  
Transaction costs 8   6  
Impairment charges 2   —  
(Gain) loss on asset sales ( 20 ) —  
Total costs and operating expenses 1,867   1,767  
Income from operations 577   458  
Interest income 41   47  
Interest expense ( 148 ) ( 122 )
Other income (expense) 1   9  

Income before income taxes 471   392  
Income tax expense ( 56 ) ( 49 )
Net income 415   343  
Net (income) loss attributable to non-controlling interests —   —  
Net income attributable to common stockholders $ 415   $ 343  
Earnings per share (“EPS”) attributable to common stockholders:
Basic EPS $ 4.22   $ 3.52  
Weighted-average shares for basic EPS (in thousands) 98,392   97,514  
Diluted EPS $ 4.20   $ 3.50  
Weighted-average shares for diluted EPS (in thousands) 98,727   97,887  

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
March 31,
  2026 2025
  (Unaudited)
Net income $ 415   $ 343  
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustment ("CTA"):
CTA gain (loss) ( 45 ) 319  
Income tax effects —   —  
CTA gain (loss), net of tax ( 45 ) 319  
Change in net investment hedge CTA gain (loss):
Net investment hedge CTA gain (loss) 21   ( 128 )
Income tax effects ( 3 ) ( 1 )
Net investment hedge CTA gain (loss), net of tax 18   ( 129 )
Change in unrealized gain (loss) on cash flow hedges:
Unrealized gain (loss) on cash flow hedges 55   ( 29 )
Income tax effects ( 12 ) 15  
Unrealized gain (loss) on cash flow hedges, net of tax 43   ( 14 )

Total other comprehensive income, net of tax 16   176  
Comprehensive income, net of tax 431   519  
Net (income) loss attributable to non-controlling interests —   —  

Comprehensive income attributable to common stockholders $ 431   $ 519  

See accompanying notes to condensed consolidated financial statements.

8

Table of Contents

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

Three Months Ended
March 31,
2026 2025
  (Unaudited)
Cash flows from operating activities:
Net income $ 415   $ 343  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion 544   480  
Stock-based compensation 128   113  
Impairment charges 2   —  
(Gain) loss on asset sales ( 20 ) —  

Other operating activities ( 3 ) ( 1 )
Changes in operating assets and liabilities:
Accounts receivable ( 106 ) ( 133 )
Income taxes, net ( 7 ) ( 2 )
Operating lease right-of-use assets 41   42  
Operating lease liabilities ( 35 ) ( 39 )
Accounts payable and accrued expenses ( 62 ) ( 149 )
Other assets and liabilities ( 180 ) 155  
Net cash provided by operating activities 717   809  
Cash flows from investing activities:
Purchases of equity investments ( 146 ) ( 43 )
Distributions from equity investments —   4  
Purchases of short-term investments ( 784 ) ( 190 )
Maturity of short-term investments 595   —  

Real estate acquisitions ( 123 ) ( 17 )
Purchases of other property, plant and equipment ( 1,256 ) ( 750 )
Proceeds from sale of assets, net of cash transferred 258   —  
Settlement of foreign currency hedges ( 3 ) 32  

Net cash used in investing activities ( 1,459 ) ( 964 )
Cash flows from financing activities:
Proceeds from employee equity programs 49   50  
Payment of dividends ( 519 ) ( 468 )
Proceeds from public offering of common stock, net of issuance costs —   99  
Proceeds from senior notes, net of debt discounts 1,492   370  
Repayment of finance lease liabilities ( 41 ) ( 32 )
Repayment of other debt ( 674 ) —  

Other financing activities 42   ( 4 )
Net cash provided by financing activities 349   15  
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash ( 6 ) 20  

Net decrease in cash, cash equivalents and restricted cash ( 399 ) ( 120 )
Cash, cash equivalents and restricted cash at beginning of period 1,824   3,082  
Cash, cash equivalents and restricted cash at end of period $ 1,425   $ 2,962  

Cash and cash equivalents $ 1,362   $ 2,950  
Current portion of restricted cash included in other current assets 59   12  
Non-current portion of restricted cash included in other assets 4   —  
Total cash, cash equivalents and restricted cash at end of period $ 1,425   $ 2,962  

See accompanying notes to condensed consolidated financial statements.
9

Table of Contents
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.     Basis of Presentation and Significant Accounting Policies
Basis of Presentation and Consolidation
Equinix, Inc. ("Equinix," the "Company," "we," "our," or "us") was incorporated in Delaware on June 22, 1998. We have been operating as a real estate investment trust ("REIT") for U.S. federal income tax purposes since 2015.
The accompanying unaudited condensed consolidated financial statements 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, 2025 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 11, 2026. 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 accrue for income taxes during interim periods based on the estimated annual effective tax rate. 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 11.9 % and 12.5 % for the three months ended March 31, 2026 and 2025, respectively.
Recent Accounting Pronouncements
Accounting Standards Not Yet Adopted
In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03: Disaggregation of Income Statement Expenses ("DISE"). The ASU requires additional disclosure of the nature of expenses included in the income statement. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. We are currently evaluating the extent of the impact of this ASU on disclosures in our condensed consolidated financial statements.
In September 2025, the FASB issued 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.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The ASU is intended to improve the guidance in Topic 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The ASU is effective for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The ASU permits
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prospective or retrospective application. We are currently evaluating the extent of the impact of this ASU on disclosures in our consolidated financial statements.

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, 2026
$ 1,001   $ 56   $ 126   $ 133   $ 170  
Closing balances as of March 31, 2026
1,108   45   123   146   226  
Increase (Decrease) $ 107   $ ( 11 ) $ ( 3 ) $ 13   $ 56  

(1) The net change in our allowance for credit losses was insignificant during the three months ended March 31, 2026.
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 three months ended March 31, 2026 from the opening deferred revenue balance as of January 1, 2026 was $ 46 million. The amount of revenue recognized during the three months ended March 31, 2025 from the opening deferred revenue balance as of January 1, 2025 was $ 34 million.
Remaining Performance Obligations
Approximately $ 14.2 billion of revenues, including deferred installation revenues, are expected to be recognized in future periods related to unsatisfied performance obligations as of March 31, 2026. Most of our revenue contracts have an initial term varying from one to five years , and thereafter automatically renew in one-year increments. Included in the remaining performance obligations are contracts that are either under the initial term or under one-year renewal periods. We expect to recognize approximately 65 % of our remaining performance obligations as revenues over the next two years , with more revenues expected to be recognized in the first year due to the impact of contract renewals. The remainder of the balance is generally expected to be recognized over the next three to five years . We estimate our remaining performance obligations at a point in time. Actual amounts and timing of revenue recognition may differ from these estimates due to changes in actual deployment dates, contract modifications, scheduled price increases, renewals and/or terminations.
The remaining performance obligations do not include variable consideration related to unsatisfied performance obligations such as the usage of metered power, service fees from xScale ® data centers that are based on future events or actual costs incurred in the future, or any contracts that could be terminated without any significant penalties including the majority of interconnection revenues. The remaining performance obligations above include revenues to be recognized in the future related to arrangements where we are considered the lessor.
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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
March 31,
  2026 2025
Net income $ 415   $ 343  
Net (income) loss attributable to non-controlling interests —   —  
Net income attributable to common stockholders $ 415   $ 343  

Weighted-average shares used to calculate basic EPS 98,392   97,514  
Effect of dilutive securities:
Employee equity awards 335   373  
Weighted-average shares used to calculate diluted EPS 98,727   97,887  

EPS attributable to common stockholders:
Basic EPS $ 4.22   $ 3.52  
Diluted EPS $ 4.20   $ 3.50  

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
March 31,
2026 2025
Common stock related to employee equity awards 214   71  

4.     Equity Method Investments and Variable Interest Entities
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").
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The following table summarizes our equity method investments, which are included in other assets on the condensed consolidated balance sheets (in millions):

Investee VIE Ownership Percentage March 31, 2026 December 31, 2025
xScale Joint Ventures
EMEA 1 Joint Venture 20 % $ 138   $ 141  
EMEA 2 Joint Venture X 20 % 250   253  
Asia-Pacific 1 Joint Venture X 20 % 47   47  
Asia-Pacific 2 Joint Venture X 20 % 38   37  
Asia-Pacific 3 Joint Venture X 20 % 22   23  
AMER 1 Joint Venture X 20 % 9   8  
AMER 2 Joint Venture X 20 % 28   27  
AMER 3 Joint Venture (1)
X Various (1)
146   —  
Total xScale Joint Ventures 678   536  
Other Joint Ventures Various Various 15   15  
Total Equity Method Investments $ 693   $ 551  

(1) We have investments at various levels of the AMER 3 Joint Venture structure, including a 2 % interest in the parent company and 23 % interests in various asset companies consolidated by the parent. Our effective interest in the AMER 3 Joint Venture assets is 25 %.
The following table summarizes our share of income (losses) related to equity method investments, which were included in other income (expense) in our condensed consolidated statements of operations (in millions):

Three Months Ended
March 31,
2026 2025
Share of income (losses) $ 4   $ —  

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. We hold a 2 % interest in the parent company for the AMER 3 Joint Venture and 23 % interests in various asset companies consolidated by the parent.
On January 13, 2026, we sold the assets and liabilities relating to the Hampton data center campus ("Hampton Campus"), which were included within our Americas region, to the AMER 3 Joint Venture for total consideration of $ 459  million. The consideration received was comprised of $ 129  million of net cash proceeds, $ 184  million of receivables, and retained equity interests in the AMER 3 Joint Venture with a fair value of $ 146  million. We recognized a gain of $ 19  million on the sale of the Hampton Campus in the first quarter of 2026.
VIEs
Unconsolidated VIEs
The unconsolidated VIE equity method investments 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, we do not have unilateral power to direct the activities of these joint ventures that most significantly impact economic performance. These activities primarily include data center construction and operations, sales and marketing, financing, real estate purchases or sales and monetization. Decisions about these activities generally require the consent of both Equinix and our partners. We concluded that Equinix does not have predominant control over the unconsolidated VIEs and that Equinix is not considered to be the primary beneficiary.
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The following table summarizes our maximum exposure to loss related to the unconsolidated VIEs as of March 31, 2026 (in millions):

Equity Investment $ 540  
Outstanding Accounts Receivable 17  
Other Receivables 322  
Contract Assets 32  
Loan Commitment (1)
392  
Future Equity Contribution Commitments (2)
208  
Maximum Future Payments under Debt Guarantees (3)
44  
Total $ 1,555  

(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. Refer to Note 11.
(2) The joint ventures' partners are required to make additional equity contributions proportionately to fund capital necessary to complete the construction of approved developments. In addition, the partners may be required to make additional equity contributions upon certain occurrences such as shortfalls in capital to fund cost overruns or to make interest payments on 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 9.
In addition to the above, we have entered into an agreement with the AMER 3 Joint Venture that requires us to reimburse the AMER 3 Joint Venture for non-recoverable costs incurred relating to ongoing customer negotiations. While a material loss is not probable, due to the uncertainty of costs that may qualify for reimbursement, our maximum exposure to loss under this agreement cannot be estimated.
Consolidated VIEs
Our 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.
The following table presents the assets and liabilities of the Indonesian VIE (in millions):

March 31, 2026 December 31, 2025
Cash and cash equivalents $ 4   $ 12  
Property, plant and equipment, net 77   65  
Other 11   11  
Total assets $ 92   $ 88  

Finance lease liabilities $ 22   $ 24  
Other 22   12  
Total liabilities $ 44   $ 36  

The losses from the Indonesian VIE were insignificant for the three months ended March 31, 2026 and 2025.
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5.     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 December 31, 2025, the total principal amount of foreign currency debt obligations designated as net investment hedges was $ 923  million. As of March 31, 2026, no foreign currency debt obligations were designated as net investment hedges.
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 some of 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 March 31, 2026 and December 31, 2025, the total remaining contract value of such customer agreements under this hedging program was $ 38  million and $ 230  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 March 31, 2026, our foreign currency forward contracts had maturity dates ranging from April 2026 to December 2028 and we had a net loss of $ 20  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, 2025, our foreign currency forward contracts had maturity dates ranging from January 2026 to December 2027 and we had a net loss of $ 51  million recorded within accumulated other comprehensive income
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(loss) to be reclassified to revenues and expenses for cash flow hedges that mature in the 12 months following December 31, 2025.
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 debt and our U.S. dollar-denominated debt issued by our foreign subsidiaries. As of March 31, 2026, the cross-currency swaps had maturity dates ranging from March 2027 to June 2034. We had a net gain of $ 31  million recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the next 12 months. As of December 31, 2025, 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, 2025. We use the spot method to assess hedge effectiveness. Fair value changes from spot rates are recognized in other comprehensive income (loss) 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 March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, we had a net gain of $ 3 million and $ 4 million, respectively, recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the 12 months following March 31, 2026 and December 31, 2025, respectively, for interest rate locks.
Derivatives Not Designated as Hedging Instruments
Foreign Currency Forward Contracts: We use foreign currency forward contracts to manage the foreign exchange risk associated with certain foreign currency-denominated monetary assets and liabilities. 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.
We also use foreign currency forward contracts to manage the foreign exchange risk associated with undesignated embedded derivatives. Gains and losses on these contracts are included in revenue, on a net basis, along with the foreign currency gains and losses of the embedded derivatives associated with these foreign currency forward contracts.
Embedded Derivatives: We may, from time to time, elect to dedesignate a portion of our foreign currency forward contracts embedded within our customer arrangements and previously designated as hedging instruments. Gains and losses subsequent to the dedesignation are recognized in revenues with the hedged item.
Cross-currency Interest Rate Swaps: We may, from time to time, elect to dedesignate a portion of our cross-currency interest rate swaps previously designated as hedging instruments. Gains and losses subsequent to the dedesignation are recognized in other income (expense).
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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):

March 31, 2026 December 31, 2025
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 $ 1,224   $ 34   $ 9   $ 1,224   $ 14   $ 8  
Cross-currency interest rate swaps 350   —   20   373   7   32  
Cash flow hedges:
Foreign currency forward contracts 1,692   16   40   1,577   1   72  
Cross-currency interest rate swaps 3,603   22   26   2,972   65   58  
Non-designated hedges:
Foreign currency forward contracts 2,439   34   19   2,134   2   31  
Cross-currency interest rate swaps 2,026   175   25   2,003   166   28  
Total $ 11,334   $ 281   $ 139   $ 10,283   $ 255   $ 229  

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

Three Months Ended
March 31,
2026 2025
Net investment hedges:
Foreign currency debt $ 2   $ ( 41 )
Foreign currency forward contracts (included component) 10   ( 6 )
Foreign currency forward contracts (excluded component) ( 3 ) —  
Cross-currency interest rate swaps (included component) 11   ( 96 )
Cross-currency interest rate swaps (excluded component) 1   15  
Total $ 21   $ ( 128 )

Cash flow hedges:
Foreign currency forward contracts $ 48   $ ( 57 )
Cross-currency interest rate swaps (excluded component) 8   28  
Interest rate locks ( 1 ) —  
Total $ 55   $ ( 29 )

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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
March 31,
Location of gain (loss) 2026 2025
Net investment hedges:
Foreign currency forward contracts (excluded component) Interest expense $ 3   $ 2  
Cross-currency interest rate swaps (excluded component) Interest expense 1   5  
Total $ 4   $ 7  

Cash flow hedges:
Foreign currency forward contracts Revenues $ ( 28 ) $ 18  
Foreign currency forward contracts Costs and operating expenses 14   ( 9 )
Cross-currency interest rate swaps (excluded component) Interest expense 5   4  
Cross-currency interest rate swaps (included component) Other income (expense) 37   ( 22 )
Interest rate locks Interest expense 1   —  
Total $ 29   $ ( 9 )

Non-designated hedges:
Foreign currency forward contracts Other income (expense) $ ( 4 ) $ ( 44 )
Foreign currency forward contracts Revenues ( 1 ) —  
Cross-currency interest rate swaps Other income (expense) 2   2  
Total $ ( 3 ) $ ( 42 )

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 Sheet Net Amounts Gross Amounts Not Offset in the Balance Sheet Net
March 31, 2026
Derivative assets $ 325   $ —   $ 325   $ ( 141 ) $ 184  
Derivative liabilities 178   —   178   ( 141 ) 37  

December 31, 2025
Derivative assets $ 267   $ —   $ 267   $ ( 80 ) $ 187  
Derivative liabilities 241   —   241   ( 80 ) 161  

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6.     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.
The fair values of certain financial assets and liabilities were as follows (in millions):

March 31, 2026
December 31, 2025

  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)
$ 769   $ 769   $ —   $ —   $ 1,333   $ 1,333   $ —   $ —  
Time deposits (2)
1,710   —   1,710   —   1,271   —   1,271   —  
U.S. government securities - held to maturity (3)
171   50   121   —   256   —   256   —  
U.S. government securities - available for sale (4)
10   —   10   —   —   —   —   —  
Loan receivable (5)
347   —   —   347   351   —   —   351  
Derivative instruments (6)
281   —   281   —   255   —   255   —  
Total $ 3,288   $ 819   $ 2,122   $ 347   $ 3,466   $ 1,333   $ 1,782   $ 351  
Liabilities:
Derivative instruments (6)
$ 139   $ —   $ 139   $ —   $ 229   $ —   $ 229   $ —  
Mortgage and loans payable (7)
29   —   29   —   706   —   706   —  
Senior notes (7)
18,433   18,010   423   —   17,297   16,847   450   —  
Total $ 18,601   $ 18,010   $ 591   $ —   $ 18,232   $ 16,847   $ 1,385   $ —  

(1) Instruments are included within cash and cash equivalents in our condensed consolidated balance sheets, and are measured at fair value.
(2) Instruments are included within cash and cash equivalents and short-term investments in our condensed consolidated balance sheets, and are measured at amortized cost.
(3) Instruments are included within cash and cash equivalents and short-term investments in our condensed consolidated balance sheets, and are measured at amortized cost. All of our U.S. government securities classified into this category mature within one year. As of March 31, 2026, no allowance for credit losses was recorded for these securities and there were insignificant unrecognized gains and losses.
(4) Instruments are included within cash and cash equivalents and short-term investments in our condensed consolidated balance sheets, and are measured at fair value. All of our U.S. government securities classified into this category mature within one year. As of March 31, 2026, no allowance for credit losses was recorded for these securities and there were insignificant unrealized gains and losses.
(5) Instrument is included within other assets in our condensed consolidated balance sheets, and is measured at amortized cost. Refer to Note 11.
(6) 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 5.
(7) Instruments include both current and non-current portions which are measured at their amortized cost. Refer to Note 8.
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7.     Leases
Lease Expenses
The components of lease expenses were as follows (in millions):

Three Months Ended
March 31,
2026 2025
Finance lease cost
Amortization of right-of-use assets (1)
$ 51   $ 44  
Interest on lease liabilities 29   30  
Total finance lease cost 80   74  

Operating lease cost 59   58  
Variable lease cost 20   22  
Total lease cost $ 159   $ 154  

(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):

Three Months Ended
March 31,
2026 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases $ 28   $ 29  
Operating cash flows from operating leases 56   55  
Financing cash flows from finance leases 41   32  

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

Finance leases $ 1   $ 84  
Operating leases 4   70  

March 31, 2026 December 31, 2025
Weighted-average remaining lease term - finance leases (2)
13 years 13 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   $ 2,277  

(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 March 31, 2026 and December 31, 2025, we recorded accumulated amortization of finance lease right-of-use assets of $ 1.2 billion and $ 1.1 billion, 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 March 31, 2026 are as follows (in millions):

Operating Leases Finance Leases Total
2026 (9 months remaining) $ 167   $ 208   $ 375  
2027 216   290   506  
2028 183   279   462  
2029 154   271   425  
2030 143   256   399  
Thereafter 1,070   1,952   3,022  
Total lease payments 1,933   3,256   5,189  

Less imputed interest ( 516 ) ( 957 ) ( 1,473 )

Total $ 1,417   $ 2,299   $ 3,716  

We entered into agreements with various landlords, primarily to lease data center spaces and ground leases, which have not yet commenced as of March 31, 2026. These leases are expected to commence between 2026 and 2029, with lease terms of 2 to 99 years and total lease commitments of approximately $ 716 million.

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

March 31,
2026 December 31, 2025
Term loans $ 1   $ 673  
Mortgage payable and other loans payable 28   30  
29   703  

Less current portion ( 16 ) ( 17 )
$ 13   $ 686  

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 December 31, 2025, the total amount outstanding under the 2022 Term Loan Facility, net of debt issuance costs, was $ 673 million. We repaid the total amount outstanding under the 2022 Term Loan Facility on March 31, 2026.
As of March 31, 2026, we had  25  irrevocable letters of credit totaling $ 19 million issued and outstanding, with approximately $ 4.0 billion remaining available to borrow, under the 2022 Revolving Facility. As of March 31, 2026 and December 31, 2025, unamortized debt issuance costs for the 2022 Revolving Facility of $ 1 million and $ 2 million, respectively, were presented in other assets in our condensed consolidated balance sheets.

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Senior Notes
Our senior notes balance consisted of the following (in millions):

March 31, 2026 December 31, 2025
Amount Effective Rate Amount Effective Rate
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
577   0.45   % 587   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
375   3.05   % 378   3.05   %
3.250 % Euro Senior Notes due 2029
866   3.45   % 881   3.45   %
1.558 % Swiss Franc Senior Notes due 2029
125   1.79   % 126   1.79   %
3.200 % Senior Notes due 2029
1,200   3.30   % 1,200   3.30   %
3.500 % Singapore Dollar Senior Notes due 2030
389   3.67   % 389   3.67   %
2.150 % Senior Notes due 2030
1,100   2.27   % 1,100   2.27   %
4.600 % Senior Notes due 2030
1,250   4.81   % 1,250   4.81   %
3.250 % Euro Senior Notes due 2031
751   3.46   % 763   3.46   %
4.400 % Senior Notes due 2031
700   4.71   % —   —   %
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
505   3.01   % 505   3.01   %
4.000 % Canadian Dollar Senior Notes due 2032
502   4.29   % 510   4.29   %
1.000 % Euro Senior Notes due 2033
693   1.18   % 705   1.18   %
4.700 % Senior Notes due 2033
800   4.95   % —   —   %
3.650 % Euro Senior Notes due 2033
693   3.78   % 705   3.78   %
4.000 % Euro Senior Notes due 2034
866   4.17   % 881   4.17   %
5.500 % Senior Notes due 2034
750   5.74   % 750   5.74   %
3.625 % Euro Senior Notes due 2034
577   3.75   % 587   3.75   %
2.000 % Japanese Yen Senior Notes Series A due 2035
237   2.07   % 240   2.07   %
2.130 % Japanese Yen Senior Notes Series C due 2035
93   2.20   % 94   2.20   %
2.370 % Japanese Yen Senior Notes Series B due 2043
65   2.42   % 65   2.42   %
2.570 % Japanese Yen Senior Notes Series D due 2043
29   2.62   % 29   2.62   %
2.570 % Japanese Yen Senior Notes Series E due 2043
63   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   %
19,756   18,359  
Less amount representing unamortized debt issuance costs and debt discounts ( 165 ) ( 150 )
19,591   18,209  
Less current portion ( 1,876 ) ( 1,299 )
Total
$ 17,715   $ 16,910  

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4.400 % Senior Notes due 2031 and 4.700 % Senior Notes due 2033
On March 5, 2026, we issued $ 700  million aggregate principal amount of 4.400 % senior notes due March 15, 2031 (the "2031 Notes") and $ 800  million aggregate principal amount of 4.700 % senior notes due March 15, 2033 (the "2033 Notes"). Interest on both series of notes is payable semi-annually in arrears on March 15 and September 15 of each year, commencing on September 15, 2026. Total debt discounts and debt issuance costs related to the 2031 Notes and the 2033 Notes were $ 10  million and $ 12  million, respectively.
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 March 31, 2026 (in millions):

Years ending:
2026 (9 months remaining) $ 1,315  
2027 1,082  
2028 1,430  
2029 2,195  
2030 2,739  
Thereafter 11,024  
Total $ 19,785  

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

  Three Months Ended
March 31,
  2026 2025
Interest expense $ 148   $ 122  
Interest capitalized 32   11  
Interest charges incurred $ 180   $ 133  

Three Months Ended
March 31,
2026 2025
Interest paid in cash, net of capitalized interest $ 109   $ 93  

9.     Commitments and Contingencies
Purchase Commitments
As a result of our various IBX data center developments, as of March 31, 2026 we were contractually committed for 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 purchase commitments in place as of March 31, 2026, such as commitments to purchase power in select locations through the remainder of 2026 and thereafter, and other open purchase orders for goods or services to be delivered or provided during the remainder of 2026 and thereafter. Certain of our multi-year commitments to purchase power are subject to variable pricing or do not specify a fixed or minimum volume commitment. Due to the indeterminable nature of the spend under these commitments, they are not included in the amounts below.
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Total future purchase commitments as of March 31, 2026 are as follows (in millions):

Years ending:
2026 (9 months remaining) 3,944  
2027 2,046  
2028 790  
2029 223  
2030 142  
Thereafter 595  
$ 7,740  

Other Commitments
On February 26, 2026, we entered into an equity commitment letter with a subsidiary of Canadian Pension Plan Investment Board to contribute up to $ 963  million in exchange for approximately 40 % ownership of the subsidiary, in connection with the subsidiary's planned acquisition of atNorth, a Nordic high-density colocation and built-to-suit data center provider. Our contribution is subject to customary closing conditions, including regulatory approvals, for the joint purchase of atNorth.
Please refer to Note 4 for information about our equity method investment commitments and Note 7 for our lease commitments.
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. 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 statements of operations.
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On August 6, 2025, certain of the Company's current and former directors and officers were named as defendants in a 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 alleges, among other things, violations of Section 14(a) of the Exchange Act, breaches of fiduciary duty, unjust enrichment and waste of corporate assets related to allegations that the Company or its representatives made false and misleading statements about our business, results, internal controls and accounting practices between May 3, 2019 and March 24, 2024. The lawsuit also makes additional allegations that certain directors' and officers' alleged knowledge of the purported misconduct constituted insider trading. The lawsuit seeks, among other relief, findings of misconduct, an award of damages to Equinix, and attorneys’ fees and costs. We filed a motion to dismiss the lawsuit on October 20, 2025, which remains pending with the Court.
This matter is subject to uncertainties, and we cannot predict the outcome, nor reasonably estimate a range of loss or penalties, if any, relating to this matter prior to resolution.
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
In February 2026, our Board approved an Executive Severance Plan for our executive officers, excluding our Chief Executive Officer. Additionally in February 2026, we entered into an Amended and Restated Severance Agreement with our Chief Executive Officer which provides similar benefits to those in the Executive Severance Plan (collectively the “Executive Severance Benefits”). Generally, in the event that an executive officer is terminated by the Company without cause or resigns from the Company for good reason, the Executive Severance Benefits provide for severance equal to 100 % of the executive officer’s annual base salary and target annual bonus and continued vesting of the executive officer’s outstanding equity awards during the 12 months following the termination date. In addition, if the termination or resignation occurs in the three months prior to or 12 months following a change in control, the Executive Severance Benefits provide for severance equal to 200 % of the executive officer’s annual base salary and target annual bonus and accelerated vesting of 100 % of the executive officer’s outstanding equity awards as of the termination date, subject to certain exceptions.
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 March 31, 2026.
We enter into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, we may agree to indemnify, hold harmless, and reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally a business partner or a customer, in connection with matters such as any U.S. patent, or any copyright or other intellectual property infringement claim by any third party with respect to our offerings; a breach of confidentiality obligations and certain other contractual warranties; our gross negligence, willful misconduct, fraud, misrepresentation, or violation of law; and/or if we cause tangible property damage, personal injury or death. The term of any such indemnification agreement is generally perpetual after execution of the agreement. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have never incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. In addition, in the event of a legal action, we have purchased insurance that could limit our exposure, depending upon the details of the claim and the coverage provided. As a result, our estimated fair value of these agreements is minimal. We do not have significant liabilities recorded for these agreements as of March 31, 2026.
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
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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 March 31, 2026.
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 March 31, 2026.
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 March 31, 2026, 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 $ 231  million in total at the exchange rate in effect on March 31, 2026. As of March 31, 2026, the maximum potential amount of our future payments under this guarantee was approximately $ 44  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 March 31, 2026, $ 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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10.     Stockholders' Equity
Stockholders' Equity Rollforward
The following tables provide a rollforward of our stockholders' equity for the three months ended March 31, 2026 and 2025 ($ 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, 2025 98,288   $ —   ( 62 ) $ ( 24 ) $ 21,642   $ ( 12,202 ) $ ( 1,359 ) $ 6,099   $ 14,156   $ ( 3 ) $ 14,153  

Net income —  —  —  —  —  —  —  415   415   —  415  
Other comprehensive income —  —  —  —  —  —  16   —  16   —  16  
Issuance of common stock and release of treasury stock for employee equity awards 397   —  —  —  49   —  —  —  49   —  49  

Dividend distribution on common stock, $ 5.16 per share
—  —  —  —  —  ( 508 ) —  —  ( 508 ) —  ( 508 )
Settlement of accrued dividends on vested equity awards —  —  —  —  —  ( 1 ) —  —  ( 1 ) —  ( 1 )
Accrued dividends on unvested equity awards —  —  —  —  —  4   —  —  4   —  4  
Stock-based compensation, net of estimated forfeitures —  —  —  —  167   —  —  —  167   —  167  
Balance as of March 31, 2026 98,685   $ —   ( 62 ) $ ( 24 ) $ 21,858   $ ( 12,707 ) $ ( 1,343 ) $ 6,514   $ 14,298   $ ( 3 ) $ 14,295  

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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  

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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, 2025 Net
Change Balance as of March 31,
2026
Foreign CTA gain (loss) $ ( 1,607 ) $ ( 45 ) $ ( 1,652 )
Net investment hedge CTA gain (loss) (1)
257   18   275  
Unrealized gain (loss) on cash flow hedges (1)
( 8 ) 43   35  
Net actuarial gain (loss) on defined benefit plans (2)
( 1 ) —   ( 1 )
$ ( 1,359 ) $ 16   $ ( 1,343 )

(1) Refer to Note 5 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 March 31, 2026, 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, 2025. Because of this, the U.S. dollar had an overall unfavorable impact on our condensed consolidated financial position because the foreign denominations translated into fewer U.S. dollars as evidenced by an increase in foreign currency translation loss for the three months ended March 31, 2026 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 October 2024, 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 $ 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.
There was no forward sale activity during the three months ended March 31, 2026 and 2025 and there were no outstanding forward agreements as of March 31, 2026 and December 31, 2025 under the 2024 ATM Program.
We did not sell any shares on a spot basis under the 2024 ATM Program during the three months ended March 31, 2026. During the three months ended March 31, 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.
As of March 31, 2026, we had approximately $ 1.2 billion of common stock available for sale under the 2024 ATM Program.
Stock-Based Compensation
For the three months ended March 31, 2026, the Talent, Culture and Compensation Committee and/or the Stock Awards Committee of our Board of Directors, as the case may be, granted an aggregate of 767,481 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 $ 952.72 per share and a weighted-average requisite service period of 3.65 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
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("AFFO") per share as the performance measurements in the RSUs with both service and performance conditions that were granted in the three months ended March 31, 2026.
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 three months ended March 31, 2026. 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 2026 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
March 31,
  2026 2025
Cost of revenues $ 16   $ 14  
Sales and marketing 27   22  
General and administrative 85   77  
Total $ 128   $ 113  

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.
Under the terms of the stockholders’ agreement, the investor may put its 25 % ownership stake in the entity to us for a maximum exercise price of $ 25  million, subject to certain contingent conditions. Accordingly, we present the investor’s contingently redeemable non-controlling interest ("NCI") outside of permanent equity at the higher of its maximum redemption amount of $ 25  million and its balance after attribution of gains and losses in our condensed consolidated balance sheets. There were no changes in the carrying value of the redeemable NCI for the three months ended March 31, 2026.

11.     Related Party Transactions
We have lease arrangements and provide various services to our equity method investees 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.
The following table presents the income and expenses from these arrangements with equity method investees in our condensed consolidated statements of operations (in millions):

Three Months Ended
March 31,
Nature of Transaction 2026 2025
Income (1)
$ 47   $ 68  
Expenses (2)
7   6  

(1) 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 March 31, 2026 and 2025 of $ 9  million and $ 7  million, respectively.
(2) Primarily consists of rent expenses for lease arrangements with equity method investees.
We have also sold certain data center facilities to our Joint Ventures and recognized gains or losses on asset sales as described in Note 4.
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The following table presents the assets and liabilities from related party transactions with the equity method investees in our condensed consolidated balance sheets (in millions):

Balance Sheet March 31, 2026 December 31, 2025
Accounts receivable, net $ 29   $ 35  
Other current assets (1)
345   58  
Property, plant and equipment, net (2)
292   306  
Operating lease right-of-use assets 31   32  
Other assets (3)
350   350  
Other current liabilities 21   17  
Finance lease liabilities 277   287  
Operating lease liabilities 28   29  
Other liabilities 77   24  

(1) The balance primarily relates to contract assets and other receivables.
(2) The balance relates to finance lease right-of-use assets. As of both March 31, 2026 and December 31, 2025, the weighted-average lease term for the finance leases was approximately ten years .
(3) The balance primarily relates to contract assets and the AMER 2 Loan receivable.
AMER 2 Loan
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. 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 March 31, 2026 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 March 31, 2026, the total amount outstanding under the AMER 2 Loan, net of the unamortized upfront fee, was $ 328  million. Additional amounts may be drawn down by the borrower periodically as needed for the continuation of development and other working capital needs.
There have been no material changes in the nature or volume of transactions with other related parties since December 31, 2025. For further information on such transactions, refer to our Form 10-K as filed with the SEC on February 11, 2026.

12.     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. Revenues are attributed to countries based on the geographic location of the entity that enters into the contract.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

We define adjusted EBITDA, our measure of segment profit or loss, as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring and other exit 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 March 31, 2026
Americas EMEA Asia-Pacific Total
Colocation (1)
$ 731   $ 613   $ 386   $ 1,730  
Interconnection 251   106   89   446  
Managed infrastructure 57   41   17   115  
Other (1)
7   29   4   40  
Recurring revenues 1,046   789   496   2,331  
Non-recurring revenues 45   38   30   113  
Total revenues (2)
1,091   827   526   2,444  
Less:
Segment cost of revenues 303   307   155   765  
Other segment items (3)
272   96   66   434  
Segment adjusted EBITDA $ 516   $ 424   $ 305   $ 1,245  
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense $ ( 544 )
Stock-based compensation expense ( 128 )
Transaction costs ( 8 )
Restructuring and other exit charges ( 6 )
Impairment charges ( 2 )
Gain (loss) on asset sales 20  
Interest income 41  
Interest expense ( 148 )
Other income (expense) 1  

Income before income taxes $ 471  

(1) Includes some leasing and hedging activities.
(2) Total revenues attributed to the U.S. were $ 935 million during the three months ended March 31, 2026. 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 months ended March 31, 2026.
(3) Other segment items for each reportable segment are comprised of general and administrative and sales and marketing expenses, excluding stock-based compensation expense and depreciation, amortization and accretion expense.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

Three Months Ended March 31, 2025
Americas EMEA Asia-Pacific Total
Colocation (1)
$ 636   $ 567   $ 342   $ 1,545  
Interconnection 229   87   77   393  
Managed infrastructure 63   35   17   115  
Other (1)
3   27   4   34  
Recurring revenues 931   716   440   2,087  
Non-recurring revenues 70   27   41   138  
Total revenues (2)
1,001   743   481   2,225  
Less:
Segment cost of revenues 290   281   156   727  
Other segment items (3)
268   97   66   431  
Segment adjusted EBITDA $ 443   $ 365   $ 259   $ 1,067  
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense $ ( 480 )
Stock-based compensation expense ( 113 )
Transaction costs ( 6 )
Restructuring and other exit charges ( 10 )

Interest income 47  
Interest expense ( 122 )
Other income (expense) 9  

Income before income taxes $ 392  

(1) Includes some leasing and hedging activities.
(2) Total revenues attributed to the U.S. were $ 873 million during the three months ended March 31, 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 months ended March 31, 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.
  We provide the following additional segment disclosures for the three months ended March 31, 2026 and 2025 (in millions):

  Three Months Ended
March 31,
  2026 2025
Depreciation and amortization:
Americas $ 287   $ 269  
EMEA 149   123  
Asia-Pacific 105   87  
Total $ 541   $ 479  
Capital expenditures:
Americas $ 705   $ 501  
EMEA 329   171  
Asia-Pacific 222   78  
Total $ 1,256   $ 750  

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

Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, were located in the following geographic regions (in millions):

Property, plant and equipment, net Operating lease right-of-use assets
March 31,
2026 December 31, 2025 March 31,
2026 December 31, 2025
Americas $ 11,185   $ 10,840   $ 327   $ 340  
EMEA 8,437   8,314   433   449  
Asia-Pacific 4,547   4,430   585   603  
Total $ 24,169   $ 23,584   $ 1,345   $ 1,392  

13.     Subsequent Events
Declaration of dividends
On April 29, 2026, we declared a quarterly cash dividend of $ 5.16 per share, which is payable on June 17, 2026 to our common stockholders of record as of the close of business on May 20, 2026.
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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 Estimates
• Recent Accounting Pronouncements
Overview

We provide a global, vendor-neutral data center, interconnection and edge solutions platform with offerings that enable our customers to reach everywhere, interconnect everyone and integrate everything. We connect economies, countries, enterprises and communities, delivering seamless digital experiences and cutting-edge artificial intelligence (“AI")— quickly, efficiently and with high service reliability.
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 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 281 data centers, including 23 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;
• physical and virtual 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 seamlessly operate their business. With Equinix, they can scale with speed and agility, accelerate the launch of new digital offerings while safeguarding data, and implement AI applications at scale to achieve business success. We enable customers to simplify their digital infrastructure, ensure interoperability across platforms, and maximize speed, efficiency and security to deliver superior customer, partner and employee experiences. The Equinix global platform, and the quality of our offerings, have enabled us to establish a critical mass of customers. As more customers choose Equinix for high connectivity and performance reliability at the metro edge, 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 while continuously enhancing our value proposition to existing customers and enabling them to capture further economic and performance benefits from our offerings.
Competitive Landscape
While a large number of enterprises and service providers, such as hyperscale cloud service providers, own their own data centers, we believe enterprises are shifting away from single-tenant solutions toward those that enable customers to outsource some or all of their IT infrastructure and interconnection requirements to third-party facilities, such as those operated by Equinix. This shift is being accelerated by the proliferation of hybrid multi-cloud architectures and the adoption of 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 since 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. As a result, the global MTDC market is large and remains highly fragmented—with significant long-term growth opportunities for providers that can bundle various colocation, interconnection and network offerings, outsourced IT infrastructure solutions and managed services.
Equinix has a highly differentiated offering in this large and growing market. Our global platform reaches 36 countries and connects the industry’s largest and most active ecosystem of partners across our sites, including access to a leading share of cloud on-ramps and an increasingly diverse ecosystem of networks and cloud and IT service providers. This ecosystem creates a network effect that improves performance and lowers the cost for our customers, enabling them to innovate and fast-track digital transformation. This is a significant source of competitive advantage for Equinix—particularly as AI and cloud innovations fuel workload demands for hyperscale infrastructure and optimization across enterprises. Our scalable, neutral, global platform offers one-of-a-kind solutions to the most pressing digital challenges customers face. Our platform enables customers to bring together physical and programmable technologies like compute, storage, network, AI and applications to build the foundation for their company's digital success.
Annualized Gross Bookings
Annualized Gross Bookings represents the annualized revenue impact of stated monthly recurring revenues ("MRR") on newly executed contracts with a term of 12 months or more, net of any MRR decreases from cancellations or terminations associated with the new contracts and adjusted for the impact of pricing changes on existing contracts. This measure excludes contracts for recurring revenue from our joint ventures and the impact of power price adjustments. This measure only includes contracts that we anticipate will start generating revenue within 90 days. During the three months ended March 31, 2026, we had total Annualized Gross Bookings of $378 million, up 9% from three months ended March 31, 2025. This growth reflects an increase in customer demand and in our ability to capture that demand across our global platform.
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 77% and 78% as of March 31, 2026 and 2025, 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
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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 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. In addition, to serve the growing hyperscale requirements, we have entered into joint venture partnership arrangements across our Americas, EMEA and Asia-Pacific regions to develop and operate xScale data centers. 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, 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 2% of our recurring revenues for the three months ended March 31, 2026 and 3% for the three months ended March 31, 2025. Our 50 largest customers accounted for approximately 36% of our recurring revenues for both the three months ended March 31, 2026 and 2025.
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Our non-recurring revenues are primarily derived from fees charged on installations related to a customer's initial deployment and professional services we perform for our customers, including our joint ventures. Non-recurring installation fees, although generally paid upfront upon installation, are deferred and recognized ratably over the contract term. Professional service fees are recognized in the period when the services are provided. 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. 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. Our costs of electricity may also increase as a result of the physical effects of climate change, global energy supply constraints including those caused by geopolitical activities, 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 March 31, 2026, 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 TRSs. We have also included our share of the assets in xScale joint ventures (with the exception of South 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
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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 March 18, 2026, we paid a quarterly cash dividend of $5.16 per share. On April 29, 2026, we declared a quarterly cash dividend of $5.16 per share, payable on June 17, 2026, to our common stockholders of record as of the close of business on May 20, 2026. We expect all of our 2026 quarterly distributions and other applicable distributions to equal or exceed our REIT taxable income to be recognized in 2026.

2026 Highlights
• In January, we sold the assets and liabilities relating to the Hampton data center campus ("Hampton Campus"), which were included within our Americas region, to the AMER 3 Joint Venture for total consideration of $459 million. See Note 4 within the condensed consolidated financial statements.
• In February, we entered into an equity commitment letter with a subsidiary of Canadian Pension Plan Investment Board to contribute up to $963 million in exchange for approximately 40% ownership of the subsidiary, in connection with the subsidiary's planned acquisition of atNorth, a Nordic high-density colocation and built-to-suit data center provider. Our contribution is subject to customary closing conditions, including regulatory approvals, for the joint purchase of atNorth. See Note 9 within the condensed consolidated financial statements.
• In March, we issued $1.5 billion of senior notes due between 2031 and 2033. The issuances were denominated in U.S. dollars. See Note 8 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.
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Three Months Ended March 31, 2026 and 2025
Revenues.  Our revenues for the three months ended March 31, 2026 and 2025 were generated from the following revenue classifications and geographic regions ($ in millions):

  Three Months Ended March 31, $ Change % Change
  2026 % 2025 % Actual Actual  Constant
Currency (1)

Americas:
Recurring revenues $ 1,046  43  % $ 931  42  % $ 115  12  % 11  %
Non-recurring revenues 45  2  % 70  3  % (25) (36) % (36) %
1,091  45  % 1,001  45  % $ 90  9  % 8  %
EMEA:
Recurring revenues 789  32  % 716  32  % 73  10  % 5  %
Non-recurring revenues 38  2  % 27  1  % 11  41  % 24  %
827  34  % 743  33  % $ 84  11  % 6  %
Asia-Pacific:
Recurring revenues 496  20  % 440  20  % 56  13  % 9  %
Non-recurring revenues 30  1  % 41  2  % (11) (27) % (28) %
526  21  % 481  22  % $ 45  9  % 6  %
Total:
Recurring revenues 2,331  95  % 2,087  94  % 244  12  % 8  %
Non-recurring revenues 113  5  % 138  6  % (25) (18) % (22) %
$ 2,444  100  % $ 2,225  100  % $ 219  10  % 7  %

(1) As defined in the "Non-GAAP Financial Measures" section in Item 2 of this Quarterly Report on Form 10-Q.
Revenues
(in millions)

Americas Revenues.  During the three months ended March 31, 2026, Americas revenues increased by $90 million or 9% (8% on a constant currency basis). Growth in Americas revenues was primarily due to:
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• approximately $52 million of incremental revenues generated from IBX data center expansion projects which were completed within the twelve months ended March 31, 2026; and
• an increase in orders from both our existing customers and new customers during the period, driven by the realization of strong bookings.
The increase was partially offset by a decrease of $16 million in revenues from non-recurring services provided to our joint ventures.
EMEA Revenues.  During the three months ended March 31, 2026, EMEA revenues increased by $84 million or 11% (6% on a constant currency basis). Growth in EMEA revenues was primarily due to:
• approximately $24 million of incremental revenues generated from IBX data center expansion projects which were completed within the twelve months ended March 31, 2026; and
• an increase in orders from both our existing customers and new customers during the period, driven by the realization of strong bookings.
Asia-Pacific Revenues.  During the three months ended March 31, 2026, Asia-Pacific revenues increased by $45 million or 9% (6% on a constant currency basis). Growth in Asia-Pacific revenues was primarily due to:
• approximately $10 million of incremental revenues generated from IBX data center expansion projects which were completed within the twelve months ended March 31, 2026; and
• an increase in orders from both our existing customers and new customers during the period, driven by the realization of strong bookings.
Cost of Revenues. Our cost of revenues for the three months ended March 31, 2026 and 2025 by geographic regions was as follows ($ in millions):

  Three Months Ended March 31, $ Change % Change
  2026 % 2025 % Actual Actual Constant
Currency
Americas $ 483  41  % $ 451  42  % $ 32  7  % 5  %
EMEA 444  37  % 393  36  % 51  13  % 6  %
Asia-Pacific 259  22  % 240  22  % 19  8  % 5  %
Total $ 1,186  100  % $ 1,084  100  % $ 102  9  % 5  %

Cost of Revenues
($ in millions; percentages indicate expenses as a percentage of revenues)

Americas Cost of Revenues.   During the three months ended March 31, 2026, Americas cost of revenues increased by $32 million or 7% (5% on a constant currency basis). The increase in our Americas cost of revenues was primarily due to:
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• $19 million of higher depreciation expense driven by IBX data center expansions;
• $12 million of higher utilities expense, primarily driven by higher usage; and
• $10 million of higher compensation cost.
The remainder of the increase was driven by higher property tax and consulting expense, offset by lower costs to provide non-recurring services.
EMEA Cost of Revenues.   During the three months ended March 31, 2026, EMEA cost of revenues increased by $51 million or 13% (6% on a constant currency basis). The increase in our EMEA cost of revenues was primarily due to:
• $20 million of higher depreciation expense driven by IBX data center expansions; and
• $12 million of higher compensation costs.
The remainder of the increase was driven by higher costs across various categories including utilities expense and repairs and maintenance.
Asia-Pacific Cost of Revenues.  During the three months ended March 31, 2026, Asia-Pacific cost of revenues increased by $19 million or 8% (5% on a constant currency basis). The increase in our Asia-Pacific cost of revenues was primarily due to:
• $17 million of higher depreciation expense driven by IBX data center expansions; and
• $8 million of higher utilities expense, primarily driven by higher usage.
The increase was offset by lower costs to provide non-recurring services.
We expect cost of revenues to increase across all three regions in line with the growth of our business.
Sales and Marketing Expenses . Our sales and marketing expenses for the three months ended March 31, 2026 and 2025 by geographic regions were as follows ($ in millions):

  Three Months Ended March 31, $ Change % Change
  2026 % 2025 % Actual Actual Constant
Currency
Americas $ 159  66  % $ 153  67  % $ 6  4  % 3  %
EMEA 53  22  % 51  22  % 2  4  % (1) %
Asia-Pacific 29  12  % 25  11  % 4  16  % 12  %
Total $ 241  100  % $ 229  100  % $ 12  5  % 3  %

Sales and Marketing Expenses
($ in millions; percentages indicate expenses as a percentage of revenues)

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Americas Sales and Marketing Expenses . Our Americas sales and marketing expense did not materially change during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.
EMEA Sales and Marketing Expens es. Our EMEA sales and marketing expense did not materially change during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.
Asia-Pacific Sales and Marketing Expenses.  Our Asia-Pacific sales and marketing expense did not materially change during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.
We anticipate that we will continue to invest in sales and marketing initiatives to support the growth of our business. We expect our Americas sales and marketing expenses as a percentage of revenues to be higher than those of our other regions since certain global sales and marketing functions are located within the U.S.
General and Administrative Expenses . Our general and administrative expenses for the three months ended March 31, 2026 and 2025 by geographic regions were as follows ($ in millions):

  Three Months Ended March 31, $ Change % Change
  2026 % 2025 % Actual Actual Constant
Currency
Americas $ 306  69  % $ 300  69  % $ 6  2  % 1  %
EMEA 82  18  % 80  18  % 2  3  % (2) %
Asia-Pacific 56  13  % 58  13  % (2) (3) % (6) %
Total $ 444  100  % $ 438  100  % $ 6  1  % (1) %

General and Administrative Expenses
($ in millions; percentages indicate expenses as a percentage of revenues)

Americas General and Administrative Expense s. Our Americas general and administrative expenses did not materially change during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.
EMEA General and Administrative Expenses.  Our EMEA general and administrative expenses did not materially change during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.
Asia-Pacific General and Administrative Expenses. Our Asia-Pacific general and administrative expenses did not materially change during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.
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Going forward, although we are carefully monitoring our spending, we will continue to invest in our operations to support our growth, including investments to enhance our technology platform, to maintain our qualification for taxation as a REIT and to integrate recent acquisitions. Additionally, given that our corporate headquarters is located in the U.S., we expect the Americas general and administrative expenses as a percentage of revenues to continue to be higher than those of other regions.
Restructuring and Other Exit Charges. During the three months ended March 31, 2026 and 2025, we recorded restructuring and other exit charges of $6 million and $10 million, respectively, primarily related to severance and other employee costs.
Transaction Costs.  During the three months ended March 31, 2026 and 2025, we recorded transaction costs totaling $8 million and $6 million, respectively. These transaction costs were incurred in connection with evaluating and completing acquisitions and the formation of joint ventures. See Note 4 within the condensed consolidated financial statements.
Impairment Charges. We did not record a significant amount of impairment charges during the three months ended March 31, 2026 and 2025.
Gain or Loss on Asset Sales.  During the three months ended March 31, 2026, we recorded a net gain on asset sales of $20 million, primarily related to the sale of the Hampton Campus to the AMER 3 Joint Venture. During the three months ended March 31, 2025, we did not record a significant amount of gain or loss on asset sales. See Note 4 within the condensed consolidated financial statements.
Income from Operations. Our income from operations increased by $119 million or 26% during the three months ended March 31, 2026 as compared to the same period in 2025. This increase is driven by the factors described above.
Interest Income.  During the three months ended March 31, 2026 and 2025, we recorded interest income of $41 million and $47 million, respectively, primarily related to interest income earned on cash, cash equivalents and short-term investments as well as on the AMER 2 Loan further described in Note 11 within the condensed consolidated financial statements.
Interest Expense.  Interest expense increased to $148 million for the three months ended March 31, 2026 from $122 million for the three months ended March 31, 2025. The increase was primarily due to the issuance of senior notes in 2026 and 2025.
During the three months ended March 31, 2026 and 2025, we capitalized $32 million and $11 million, respectively, of interest expense to construction in progress. See Note 8 within the condensed consolidated financial statements.
Other Income or Expense. We did not record a significant amount of other income or expense during the three months ended March 31, 2026 and 2025. See Note 4 within the condensed consolidated financial statements.
Gain or Loss on Debt Extinguishment. We did not record a significant amount of gain or loss on debt extinguishment during the three months ended March 31, 2026 and 2025.
Income Taxes.  We operate as a REIT for U.S. federal income tax purposes. As a REIT, we are generally not subject to U.S. federal income taxes on our taxable income distributed to stockholders. We intend to distribute or have distributed the entire taxable income generated by the operations of our REIT and QRSs for the tax years ending December 31, 2026 and 2025, respectively. As such, other than certain state income taxes and foreign income and withholding taxes, no provision for income taxes has been included for our REIT and QRSs in the condensed consolidated financial statements for the three months ended March 31, 2026 and 2025.
We have made TRS elections for some of our subsidiaries in and outside the U.S. In general, a TRS may provide services that would otherwise be considered impermissible for REITs to provide and may hold assets that may not be REIT compliant.
U.S. income taxes for the TRS entities located in the U.S. and foreign income taxes for our foreign operations, regardless of whether the foreign operations are operated as QRSs or TRSs, have been accrued, as necessary, for the three months ended March 31, 2026 and 2025.
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For the three months ended March 31, 2026 and 2025, we recorded $56 million and $49 million of income tax expense, respectively. Our effective tax rates were 11.9% and 12.5% for the three months ended March 31, 2026 and 2025, respectively.
Net Income. Our net income increased by $72 million or 21% in the three months ended March 31, 2026 as compared to the same period in 2025. This increase is driven by the factors described above.
Adjusted EBITDA. We define adjusted EBITDA as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring and other exit charges, impairment charges, transaction costs, and gain or loss on asset sales. See "Non-GAAP Financial Measures" below for more information about adjusted EBITDA and a reconciliation of adjusted EBITDA to net income. Our adjusted EBITDA for the three months ended March 31, 2026 and 2025 by geographic regions was as follows ($ in millions):

  Three Months Ended March 31, $ Change % Change
  2026 % 2025 % Actual Actual Constant
Currency
Americas $ 516  42  % $ 443  42  % $ 73  16  % 15  %
EMEA 424  34  % 365  34  % 59  16  % 10  %
Asia-Pacific 305  24  % 259  24  % 46  18  % 14  %
Total $ 1,245  100  % $ 1,067  100  % $ 178  17  % 13  %

Americas Adjusted EBITDA. During the three months ended March 31, 2026, Americas adjusted EBITDA increased by $73 million or 16% (15% on a constant currency basis), primarily due to higher revenues, as described above, supported by disciplined operating expense management.
EMEA Adjusted EBITDA. During the three months ended March 31, 2026, EMEA adjusted EBITDA increased by $59 million or 16% (10% on a constant currency basis), primarily due to higher revenues, as described above, supported by disciplined operating expense management.
Asia-Pacific Adjusted EBITDA. During the three months ended March 31, 2026, Asia-Pacific adjusted EBITDA increased by $46 million or 18% (14% on a constant currency basis), primarily due to higher revenues, as described above, supported by disciplined operating expense management.

Non-GAAP Financial Measures
We provide all information required in accordance with GAAP, but we believe that evaluating our ongoing results of operations may be difficult if limited to reviewing only GAAP financial measures. Accordingly, we also use non-GAAP financial measures to evaluate our operations.
Non-GAAP financial measures are not a substitute for financial information prepared in accordance with GAAP. Non-GAAP financial measures should not be considered in isolation, but should be considered together with the most directly comparable GAAP financial measures. As such, we provide a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
Investors should note that the non-GAAP financial measures used by us may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as those of other companies. Investors should therefore exercise caution when comparing non-GAAP financial measures used by us to similarly titled non-GAAP financial measures of other companies.
Our primary non-GAAP financial measures include Adjusted EBITDA and Adjusted Funds from Operations (“AFFO”), as described below. We present these measures to provide investors with additional tools to evaluate our results in a manner that focuses on what management believes to be our core, ongoing business operations. These measures exclude items which we believe are generally not relevant to assessing our long-term performance. Both measures eliminate the impacts of depreciation and amortization, which are derived from historical costs and we believe are not indicative of current or future expenditures, and other items for which the frequency and amount of charges can vary based on the timing and significance of individual transactions. We believe that presenting these non-GAAP financial measures provides consistency and comparability with past reports and that if we did not provide such non-GAAP financial information, investors would not have all the necessary data to analyze our business effectively.
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Adjusted EBITDA
Adjusted EBITDA is used by management to evaluate the operating strength and performance of our core, ongoing business, without regard to our capital or tax structures. It also aids in assessing the performance of, making operating decisions for, and allocating resources to our operating segments. In addition to the uses described above, we believe this measure provides investors with a better understanding of the operating performance of the business and its ability to perform in subsequent periods.
We define adjusted EBITDA as net income excluding:
• income tax expense
• interest income
• interest expense
• other income or expense
• gain or loss on debt extinguishment
• depreciation, amortization and accretion expense
• stock-based compensation expense
• restructuring and other exit charges, which primarily include employee severance, facility closure costs, lease or other contract termination costs and advisory fees related to the realignment of our management structure, operations or products and other exit activities
• impairment charges
• transaction costs
• gain or loss on asset sales
The following table presents a reconciliation of Adjusted EBITDA to net income (in millions):

Three Months Ended
March 31,
  2026 2025
Net income $ 415  $ 343 
Income tax expense 56  49 
Interest income (41) (47)
Interest expense 148  122 
Other (income) expense (1) (9)

Depreciation, amortization, and accretion expense 544  480 
Stock-based compensation expense 128  113 
Restructuring and other exit charges 6  10 
Impairment charges 2  — 
Transaction costs 8  6 
(Gain) loss on asset sales (20) — 
Adjusted EBITDA $ 1,245  $ 1,067 

Funds from Operations ("FFO") and AFFO
AFFO is derived from Funds from Operations (FFO) calculated in accordance with the standards established by the National Association of Real Estate Investment Trusts. Both FFO and AFFO are non-GAAP measures commonly used in the REIT industry. Although our measures may not be directly comparable to similar measures used by other companies, we believe that the presentation of these measures provides investors with an additional tool for comparing our performance with the performance of other companies in the REIT industry. Additionally, AFFO is a performance measure used in certain of our employee incentive programs and we believe it is a useful measure in assessing our dividend paying capacity as it isolates the cash impact of certain income and expense items and considers the impact of recurring capital expenditures.
We define FFO as net income attributable to common stockholders excluding:
• gain or loss from the disposition of real estate assets
• depreciation and amortization expense on real estate assets
• adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items
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We define AFFO as FFO adjusted for:
• depreciation and amortization expense on non-real estate assets
• accretion expense
• stock-based compensation expense
• stock-based charitable contributions
• restructuring and other exit charges, as described above
• impairment charges
• transaction costs
• an adjustment to remove the impacts of straight-lining installation revenue
• an adjustment to remove the impacts of straight-lining rent expense
• an adjustment to remove the impacts of straight-lining contract costs
• amortization of deferred financing costs and debt discounts and premiums
• gain or loss from the disposition of non-real estate assets
• gain or loss on debt extinguishment
• an income tax expense adjustment, which represents the non-cash tax impact due to changes in valuation allowances, uncertain tax positions and deferred taxes
• recurring capital expenditures, which represent expenditures to extend the useful life of data centers or other assets that are required to support current revenues
• net income or loss from discontinued operations, net of tax
• adjustments from FFO to AFFO for unconsolidated joint ventures' and non-controlling interests' share of these items
The following tables present reconciliations of FFO and AFFO to net income (in millions):

Three Months Ended
March 31,
  2026 2025
Net income $ 415  $ 343 
Net (income) loss attributable to non-controlling interests —  — 
Net income attributable to common stockholders 415  343 
Adjustments:
Real estate depreciation 351  297 
(Gain) loss on disposition of real estate assets (20) — 
Adjustments for FFO from unconsolidated joint ventures 12  7 
FFO attributable to common stockholders $ 758  $ 647 
 

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  Three Months Ended
March 31,
  2026 2025
FFO attributable to common stockholders $ 758  $ 647 
Adjustments:
Installation revenue adjustment 8  2 
Straight-line rent expense adjustment 4  3 
Contract cost adjustment (15) (7)
Amortization of deferred financing costs and debt discounts 7  5 
Stock-based compensation expense 128  113 

Non-real estate depreciation expense 138  134 
(Gain) loss on disposition of non-real estate assets —  2 
Amortization expense 52  48 
Accretion expense adjustment 3  1 
Recurring capital expenditures (32) (26)

Restructuring and other exit charges 6  10 
Transaction costs 8  6 
Impairment charges 2  — 
Income tax expense adjustment —  6 
Adjustments for AFFO from unconsolidated joint ventures (2) 3 
AFFO attributable to common stockholders $ 1,065  $ 947 

Constant Currency Presentation
Our revenues and certain operating expenses (cost of revenues, sales and marketing and general and administrative expenses) from our international operations have represented and will continue to represent a significant portion of our total revenues and certain operating expenses. As a result, our revenues and certain operating expenses have been and will continue to be affected by changes in the U.S. dollar against major international currencies. During the three months ended March 31, 2026 as compared to the same period in 2025, the U.S. dollar was weaker relative to the British pound and euro, which resulted in a favorable foreign currency impact on revenue and operating income, and an unfavorable foreign currency impact on operating expenses. There were no significant impacts from currencies that the U.S. dollar was comparably stronger to during the three months ended March 31, 2026 as compared to the same period in 2025. In order to provide a framework for assessing how each of our business segments performed excluding the impact of foreign currency fluctuations, we present period-over-period percentage changes in our revenues and certain operating expenses on a constant currency basis in addition to the historical amounts as reported. Our constant currency presentation excludes the impact of our foreign currency cash flow hedging activities. Presenting constant currency results of operations is a non-GAAP financial measure and is not meant to be considered in isolation or as an alternative to GAAP results of operations. However, we have presented this non-GAAP financial measure to provide investors with an additional tool to evaluate our results of operations. To present this information, our current period revenues and certain operating expenses denominated in currencies other than the U.S. dollar are converted into U.S. dollars at constant exchange rates rather than the actual exchange rates in effect during the respective periods (i.e. average rates in effect for the three months ended March 31, 2025 are used as exchange rates for the three months ended March 31, 2026 when comparing the three months ended March 31, 2026 with the three months ended March 31, 2025).

Liquidity and Capital Resources

Sources and Uses of Cash
Customer collections are our primary source of cash. We believe we have a strong customer base, and have continued to experience relatively strong collections. As of March 31, 2026, our principal sources of liquidity were $3.1 billion of cash, cash equivalents and short-term investments. In addition to our cash balance, we had approximately $4.0 billion of additional liquidity available to us from our $4.0 billion revolving facility and general access to both public and private debt and equity capital markets. We also have additional liquidity available to us from our 2024 ATM Program, under which we may offer and sell from time to time our common stock in "at the
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market" transactions on either a spot or forward basis. As of March 31, 2026, we had approximately $1.2 billion available for sale remaining under the 2024 ATM Program.
We believe we have sufficient cash, coupled with anticipated cash generated from operating activities and external financing sources, to meet our operating requirements, including repayment of the current portion of our debt as it becomes due, distribution of dividends and completion of our publicly announced acquisitions, ordinary costs to operate the business, and expansion projects.
As we continue to grow, we may pursue additional expansion opportunities, primarily the build out of new IBX data centers, in certain of our existing markets which are at or near capacity within the next year, as well as potential acquisitions and joint ventures. If the opportunity to expand is greater than planned, we may further increase the level of capital expenditure to support this growth as well as pursue additional business and real estate acquisitions or joint ventures, provided that we have or can access sufficient funding to pursue such expansion opportunities. We may elect to access the equity or debt markets from time to time opportunistically, particularly if financing is available on attractive terms. We will continue to evaluate our operating requirements and financial resources in light of future developments.

Cash Flow
Our net cash provided by (used in) operating, investing and financing activities for the three months ended March 31, 2026 and 2025 were as follows (in millions):

  Three Months Ended March 31,
  2026 2025 Change
Net cash provided by operating activities $ 717  $ 809  $ (92)
Net cash used in investing activities (1,459) (964) (495)
Net cash provided by financing activities 349  15  334 

Operating Activities
Net cash provided by our operations is generated by colocation, interconnection, managed infrastructure and other revenues. Our primary uses of cash from our operating activities include compensation and related costs, interest payments, other general corporate expenditures and taxes. Net cash provided by operating activities decreased by $92 million during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily driven by increases in cash paid for costs and operating expenses, partially offset by improved results of operations.
Investing Activities
Net cash used in investing activities increased by $495 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to:
• $594 million increase in purchases of short-term investments;
• $506 million increase in capital expenditures;
• $106 million increase in real estate acquisitions; and
• $103 million increase in purchases of equity investments.
This increase was partially offset by:
• $595 million increase in maturities of short-term investments; and
• $258 million increase in proceeds from the sale of assets.
Financing Activities
Net cash provided by financing activities increased by $334 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily driven by a $1.1 billion increase in proceeds from senior notes, net of debt discounts.
This increase was partially offset by:
• $674 million repayment of other debt; and
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• $99 million decrease in proceeds from the sale of shares under the 2024 ATM Program.

Material Cash Commitments
As of March 31, 2026, our principal commitments were primarily comprised of:
• approximately $19.8 billion of principal from our senior notes (gross of debt issuance costs and debt discounts);
• approximately $4.5 billion of interest on senior notes, mortgage payable, other loans payable and term loans, based on their respective interest rates and recognized over the life of these instruments, and the credit facility fee for the revolving credit facility;
• $29 million of principal from our mortgage payable, other loans payable and term loans (gross of debt issuance costs and debt discounts);
• approximately $5.2 billion of total lease payments, which represents lease payments under finance and operating lease arrangements, including renewal options that are reasonably certain to be exercised;
• approximately $5.5 billion of unaccrued capital expenditure contractual commitments, primarily for IBX equipment not yet delivered and labor not yet provided in connection with the work necessary to complete construction and open IBX data center expansion projects prior to making them available to customers for installation, the majority of which is payable within the next 12 months; and
• approximately $2.2 billion of other non-capital purchase commitments, such as commitments to purchase power in select locations and other open purchase orders, which contractually bind us for goods, services or arrangements to be delivered or provided during the remainder of 2026 and beyond, the majority of which is payable within the next two years.
We believe that our sources of liquidity, including our expected future operating cash flows, are sized to adequately meet both the near- and long-term material cash commitments for the foreseeable future. For further information on maturities of lease liabilities and debt instruments, see Notes 7 and 8, respectively, within the condensed consolidated financial statements.
Other Contractual Obligations
We have additional future equity contributions and loan commitments to our joint ventures. For additional information, see the "Equity Method Investments" footnote within the condensed consolidated financial statements.
Additionally, we entered into lease agreements with various landlords primarily for data center spaces and ground leases which have not yet commenced as of March 31, 2026. For additional information, see “Maturities of Lease Liabilities” in Note 7 within the condensed consolidated financial statements.
Critical Accounting Estimates
Our condensed consolidated financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of our financial statements requires management to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates the accounting policies, assumptions, estimates and judgments to ensure that our condensed consolidated financial statements are presented fairly and in accordance with U.S. GAAP. Management bases its assumptions, estimates and judgments on historical experience, current trends and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. However, because future events and their effects cannot be determined with certainty, actual results may differ from these assumptions and estimates, and such differences could be material. Critical accounting policies for Equinix that affect our more significant judgment and estimates used in the preparation of our condensed consolidated financial statements include accounting for income taxes, accounting for business combinations, accounting for impairment of goodwill and other intangibles assets, accounting for property, plant and equipment and accounting for leases, which are discussed in more detail under the caption "Critical Accounting Estimates" in Management's Discussion and Analysis of Financial Condition and Results of Operations, set forth in Part II Item 7, of our Annual Report on Form 10-K for the year ended December 31, 2025.
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Recent Accounting Pronouncements
See Note 1 of Notes to Condensed Consolidated Financial Statements in Part I Item 1 of this Quarterly Report on Form 10-Q.

Item 3. Quantitative and Qualitative Disclosures about Market Risk