Equinix (EQIX) stock
Real Estate · Data Center REITs
Equinix (EQIX) is a Data Center REITs company in the Real Estate sector, headquartered in Redwood City, California. As of October 23, 2026, EQIX closed at $955.03, a market capitalization of $94.23 billion, the 127th largest company in the S&P 500. Over the last twelve months it generated $9.90 billion in revenue (+17% year over year) and -$1.46 billion in free cash flow. The stock trades at 61.5x trailing earnings and 51.5x forward earnings.
- 1-year total return: +17.3% (dividends reinvested)
- 5-year return: +5.1% a year
- 52-week range: $720.62 – $1,128.68
- Gross margin 52.0%, operating margin 27.0%
- Dividend yield: 2.16%, 10 straight years of increases
- FI Handbook report card: D+ across 10 metrics
- 3rd largest of 30 Real Estate stocks in the S&P 500
EQIX price chart
1Y price change: +14.8% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| EQIX | -8.0% | +26.6% | +17.3% | +13.3% | +5.1% | +12.1% | +4.4% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2000.
EQIX key statistics
- Market cap
- $94.2B
- #127 in S&P 500
- P/E (TTM)
- 61.5x
- Forward P/E
- 51.5x
- EPS (TTM)
- $15.54
- Revenue (TTM)
- $9.9B
- +17%
- Free cash flow
- -$1.5B
- Gross margin
- 52.0%
- Operating margin
- 27.0%
- Return on equity
- 10.7%
- Dividend yield
- 2.16%
- 52-week range
- $720.62 – $1,129
- Beta
- 0.97
- Price / sales
- 9.5x
- EV / EBITDA
- 25.7x
- Debt / equity
- 1.62x
- Employees
- 13,716
EQIX report card
D+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth16.7%B
- Gross margin52.0%B
- Operating margin27.0%B
- FCF margin-14.8%F
- Return on equity10.7%C
- Net debt / EBITDA4.9xF
- Forward P/E51.5xF
- PEG ratio3.0xD
- Shareholder yield2.2%C
- Share count change / yr2.1%F
Equinix financials
Revenue went from $3.6B in fiscal 2016 to $9.2B in fiscal 2025, growing 11.0% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.6B | $4.4B | $5.1B | $5.6B | $6.0B | $6.6B | $7.3B | $8.2B | $8.7B | $9.2B |
| Gross profit | $1.8B | $2.2B | $2.5B | $2.8B | $2.9B | $3.2B | $3.5B | $4.0B | $4.3B | $4.7B |
| Operating income | $618.7M | $809.0M | $977.4M | $1.2B | $1.1B | $1.1B | $1.2B | $1.4B | $1.3B | $1.8B |
| Net income | $126.8M | $233.0M | $365.4M | $507.4M | $369.8M | $500.2M | $705.0M | $969.0M | $815.0M | $1.4B |
| EPS (diluted) | $1.79 | $3.00 | $4.56 | $5.99 | $4.18 | $5.53 | $7.67 | $10.31 | $8.50 | $13.76 |
| Free cash flow | -$94.0M | $60.5M | -$280.7M | -$86.8M | $27.3M | -$204.3M | $685.0M | $436.0M | $183.0M | -$400.0M |
| Buybacks | $0 | — | — | — | — | — | — | — | — | — |
| Dividends paid | $499.5M | $621.5M | $738.6M | $836.2M | $947.9M | $1.0B | $1.2B | $1.4B | $1.6B | $1.9B |
| Diluted shares | 70.8M | 77.5M | 80.2M | 84.7M | 88.4M | 90.4M | 91.8M | 94.0M | 95.8M | 98.1M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into EQIX?
A reverse DCF asks what growth the current price requires. With an enterprise value of $116.6B and -$1.5B of trailing free cash flow, Equinix needs to grow free cash flow at a rate outside our model for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 69.4x vs. median 108.2x (10th–90th percentile 53.4x–173.4x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
EQIX dividend
- Dividend yield
- 2.16%
- Annual dividend
- $20.64
- Years of increases
- 10
- 5-yr dividend growth
- 12.0%
- per year
- Payout ratio
- 127%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
EQIX analyst price targets
32 analysts' average 12-month target is $1,232 (+29% vs. $955.03). Targets range from $1,060 to $1,380. 86% rate it a buy.
EQIX earnings
Next report: October 28, 2026. Equinix has beaten EPS estimates 1 quarters in a row. Last quarter's revenue was $2.6B (+16% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 29, 2026 | $4.80 | $5.10 | +6.3% |
| Apr 29, 2026 | $4.33 | $4.17 | -3.8% |
| Feb 11, 2026 | $3.88 | $3.37 | -13.0% |
| Oct 29, 2025 | $3.43 | $3.89 | +13.2% |
| Jul 30, 2025 | $3.44 | $3.79 | +10.3% |
| Apr 30, 2025 | $2.97 | $3.59 | +20.8% |
| Feb 12, 2025 | $2.74 | $2.97 | +8.4% |
| Oct 30, 2024 | $2.96 | $3.10 | +4.6% |
Stocks like EQIX
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 DLR Digital Realty Trust | +0.84% | +1% | $65.1B | 83.7x | Compare |
 WELL Welltower | -0.03% | +37% | $171.0B | 106.4x | Compare |
 PLD Prologis | -0.17% | +4% | $122.9B | 28.1x | Compare |
 AMT American Tower Corporation (REI | +4.08% | +3% | $88.1B | 26.0x | Compare |
 SPG Simon Property | -0.19% | +24% | $80.3B | 14.9x | Compare |
 PSA Public Storage | +0.25% | +5% | $57.9B | 29.6x | Compare |
 O Realty Income | -0.30% | -0% | $53.8B | 41.2x | Compare |
 VMRK Vivmark Residential | -0.85% | +4% | $48.8B | 24.1x | Compare |
EQIX news
- Equinix Earnings Preview: What to Expect · Oct 24, 2026
- Is Equinix (EQIX) Cheap On Its EPIC Rollout Or Is The AI Story Priced In? · Oct 22, 2026
- Equinix Opens Innovation Centers Globally to Accelerate Enterprise Infrastructure Deployments · Oct 21, 2026
- Will Interest Rates or Chips Decide the AI Trade? · Oct 20, 2026
- iShares Select U.S. REIT ETF (ICF) Sells Welltower and Equinix on Oct. 16 · Oct 20, 2026
EQIX stock FAQ
What is EQIX's market cap?
Equinix's market capitalization is $94.23 billion as of October 23, 2026, ranking 127th in the S&P 500.
What is EQIX's P/E ratio?
EQIX trades at a trailing price-to-earnings ratio of 61.5x and a forward P/E of 51.5x. Its median P/E over the period we track is 108.2x.
Does EQIX pay a dividend?
Yes. Equinix pays $20.64 per share a year, a 2.16% yield. It has raised its dividend 10 years in a row. Dividends grew 12.0% a year over the last five years.
How much has EQIX stock returned?
Including reinvested dividends, EQIX returned +17.3% over one year, +5.1% a year over five years, +12.1% a year over ten years through October 23, 2026.
What is the EQIX price target?
32 analysts cover EQIX with an average 12-month price target of $1,231.88, +29% from the current price. 86% of them rate it a buy.
When does EQIX report earnings?
Equinix is expected to report earnings on October 28, 2026. It has beaten EPS estimates 1 quarters in a row.
How many employees does Equinix have?
Equinix has about 13,716 full-time employees, or $722,076 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology