Equinix, Inc. (EQIX) Cash Flow Statement
Where EQIX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.91B +20.4% vs 2024
- Capital expenditures
- $4.31B 46.6% of revenue
- Free cash flow
- −$400.0M −4.3% margin
- Returned to shareholders
- $1.86B
- Change in cash
- −$1.26B cash at year-end $1.82B
Cash from operations
$3.91B
Capital expenditures
−$4.31B
Investments (net)
−$962.0M
Acquisitions & other
−$1.21B
Dividends
−$1.86B
Net borrowing (repayment)
+$2.96B
Shares issued
+$99.0M
Other financing
+$73.0M
Currency & other
+$43.0M
Change in cash
−$1.26B
Drawn to scale: where the cash came from and how it was used. Hover for values.
EQIX operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
EQIX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.02B2016 | $3.91B2025 | +16.1%/yr | |
| Capital expenditures | $1.11B2016 | $4.31B2025 | +16.2%/yr | |
| Free cash flow | −$94.0M2016 | −$400.0M2025 | — | |
| Free cash flow margin | −2.6%2016 | −4.3%2025 | −1.7 pts | |
| Operating cash flow / net income | 8.042016 | 2.902025 | −5.14 | |
| Stock-based compensation | $155.6M2016 | $498.0M2025 | +13.8%/yr | |
| Dividends paid | $499.5M2016 | $1.86B2025 | +15.7%/yr | |
| Share buybacks (net) | $02016 | $1.95B2023 | — | |
| Capex / revenue | 30.8%2016 | 46.6%2025 | +15.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EQIX cash flow by activity
OperatingInvestingFinancingChange in cash
EQIX net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
EQIX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.35B | $814.0M | $969.2M | $704.6M | $499.7M | $370.1M | $507.2M | $365.4M | $233.0M | $126.8M |
| Depreciation & amortization | $2.07B | $2.01B | $1.84B | $1.74B | $1.66B | $1.43B | $1.29B | $1.23B | $1.04B | $837.2M |
| Stock-based compensation | $498.0M | $462.0M | $407.5M | $404.0M | $363.8M | $295.0M | $236.5M | $180.7M | $175.5M | $155.6M |
| Change in working capital | −$101.0M | −$340.0M | $51.2M | $26.5M | −$132.7M | $32.2M | −$93.3M | −$44.0M | −$96.3M | −$133.0M |
| Other non-cash items | $100.0M | $304.0M | $71.5M | $88.8M | $155.9M | $185.6M | $57.0M | $85.9M | $84.6M | $32.8M |
| Cash from operating activities | $3.91B | $3.25B | $3.34B | $2.96B | $2.55B | $2.31B | $1.99B | $1.82B | $1.44B | $1.02B |
| Investing activities | ||||||||||
| Capital expenditures | −$4.31B | −$3.07B | −$2.78B | −$2.28B | −$2.75B | −$2.28B | −$2.08B | −$2.10B | −$1.38B | −$1.11B |
| Investments (net) | −$962.0M | −$3.94B | −$3.01B | −$3.36B | −$103.5M | −$98.4M | −$20.5M | $20.6M | −$11.5M | $10.8M |
| Acquisitions & other investing | −$1.21B | $3.07B | $2.57B | $2.28B | −$151.8M | −$1.05B | $155.5M | −$1000.0M | −$4.01B | −$943.1M |
| Cash from investing activities | −$6.48B | −$3.94B | −$3.22B | −$3.36B | −$3.01B | −$3.43B | −$1.94B | −$3.08B | −$5.40B | −$2.05B |
| Financing activities | ||||||||||
| Dividends paid | −$1.86B | −$1.64B | −$1.37B | −$1.15B | −$1.04B | −$947.9M | −$836.2M | −$738.6M | −$621.5M | −$499.5M |
| Share repurchases & issuance (net) | — | — | −$1.95B | $877.6M | $3.96B | $5.24B | $2.85B | $1.40B | $5.73B | $34.2M |
| Net borrowing (repayment) | $2.96B | $1.62B | $747.0M | $1.26B | $1.01B | $664.7M | $451.7M | $770.5M | $2.71B | −$431.8M |
| Shares issued | $99.0M | $1.67B | $300.8M | $796.0M | $497.9M | $1.98B | $1.66B | $388.2M | $0 | $0 |
| Other financing | $73.0M | $72.0M | $2.34B | −$930.2M | −$4.00B | −$6.13B | −$2.92B | −$1.35B | −$3.21B | $0 |
| Cash from financing activities | $1.27B | $1.72B | $59.9M | $856.8M | $413.8M | $815.5M | $1.20B | $470.9M | $4.61B | −$897.1M |
| Summary | ||||||||||
| Net change in cash | −$1.26B | $986.0M | $188.1M | $358.8M | −$76.2M | −$260.9M | $1.26B | −$823.1M | $677.5M | −$1.95B |
| Cash at end of period | $1.82B | $3.08B | $2.10B | $1.91B | $1.55B | $1.63B | $1.89B | $627.6M | $1.45B | $773.2M |
| Free cash flow | −$400.0M | $183.0M | $562.1M | $685.2M | −$204.3M | $27.3M | −$86.8M | −$280.7M | $60.5M | −$94.0M |
| Free cash flow margin | −4.3% | 2.1% | 6.9% | 9.4% | −3.1% | 0.5% | −1.6% | −5.5% | 1.4% | −2.6% |
| Capex / revenue | 46.6% | 35.0% | 34.0% | 31.4% | 41.5% | 38.1% | 37.4% | 41.3% | 31.6% | 30.8% |
| Operating cash flow / net income | 2.90 | 3.99 | 3.45 | 4.21 | 5.10 | 6.24 | 3.93 | 4.97 | 6.18 | 8.04 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $477.0M | $415.0M | $264.0M | $374.0M | $367.0M | $343.0M | −$14.0M | $296.0M | $301.0M | $231.0M | $227.6M | $275.8M |
| Depreciation & amortization | $557.0M | $544.0M | $551.0M | $537.0M | $499.0M | $480.0M | $498.0M | $496.0M | $489.0M | $525.0M | $462.4M | $466.6M |
| Stock-based compensation | $145.0M | $128.0M | $128.0M | $130.0M | $127.0M | $113.0M | $114.0M | $122.0M | $125.0M | $101.0M | $105.8M | $98.4M |
| Change in working capital | −$166.0M | −$383.0M | $126.0M | −$24.0M | −$77.0M | −$126.0M | $129.0M | $287.0M | −$16.0M | −$271.0M | $210.1M | −$69.5M |
| Other non-cash items | $54.0M | $13.0M | $75.0M | −$3.0M | $28.0M | −$1.0M | $254.0M | −$443.0M | $13.0M | $12.0M | $20.4M | $13.9M |
| Cash from operating activities | $1.07B | $717.0M | $1.14B | $1.01B | $944.0M | $809.0M | $981.0M | $758.0M | $912.0M | $598.0M | $1.03B | $785.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.26B | −$1.26B | −$1.44B | −$1.14B | −$989.0M | −$750.0M | −$987.0M | −$724.0M | −$648.0M | −$707.0M | −$995.7M | −$617.5M |
| Investments (net) | $454.0M | −$189.0M | −$586.0M | −$1.37B | −$1.44B | −$964.0M | −$1.11B | −$1.36B | −$734.0M | −$727.0M | −$1.28B | −$752.4M |
| Acquisitions & other investing | −$314.0M | −$14.0M | −$688.0M | $1.14B | $989.0M | $750.0M | $987.0M | $724.0M | $648.0M | $707.0M | $995.7M | $617.5M |
| Cash from investing activities | −$1.12B | −$1.46B | −$2.71B | −$1.37B | −$1.44B | −$964.0M | −$1.11B | −$1.36B | −$734.0M | −$727.0M | −$1.28B | −$752.4M |
| Financing activities | ||||||||||||
| Dividends paid | −$510.0M | −$519.0M | −$461.0M | −$467.0M | −$460.0M | −$468.0M | −$413.0M | −$413.0M | −$405.0M | −$412.0M | −$403.2M | −$324.6M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | −$784.7M | −$42.4M |
| Net borrowing (repayment) | $171.0M | $777.0M | $1.70B | −$739.0M | $1.66B | $337.0M | $204.0M | $745.0M | — | — | — | $303.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $99.0M | $697.0M | $976.0M | $0 | $0 | $432.9M | $0 |
| Other financing | −$16.0M | $91.0M | −$15.0M | $47.0M | −$6.0M | $47.0M | −$10.0M | $40.0M | $699.0M | $15.0M | $705.9M | $81.9M |
| Cash from financing activities | −$355.0M | $349.0M | $1.23B | −$1.16B | $1.19B | $15.0M | $478.0M | $1.35B | $294.0M | −$397.0M | −$49.1M | $17.9M |
| Summary | ||||||||||||
| Net change in cash | −$409.0M | −$399.0M | −$341.0M | −$1.52B | $728.0M | −$120.0M | $306.0M | $780.0M | $466.0M | −$566.2M | −$262.0M | $15.7M |
| Cash at end of period | $1.02B | $1.43B | $1.82B | $2.17B | $3.69B | $2.96B | $3.08B | $2.78B | $2.00B | $1.53B | $2.10B | $2.36B |
| Free cash flow | $2.32B | −$539.0M | −$292.0M | −$122.0M | −$45.0M | $59.0M | −$6.0M | $34.0M | $264.0M | −$109.0M | $30.6M | $167.6M |
| Free cash flow margin | 88.5% | −22.1% | −12.0% | −5.3% | −2.0% | 2.7% | −0.3% | 1.5% | 12.2% | −5.1% | 1.4% | 8.1% |
| Capex / revenue | 47.8% | 51.4% | 58.8% | 49.1% | 43.8% | 33.7% | 43.7% | 32.9% | 30.0% | 33.2% | 47.2% | 30.0% |
| Operating cash flow / net income | 2.24 | 1.73 | 4.33 | 2.71 | 2.57 | 2.36 | — | 2.56 | 3.03 | 2.59 | 4.51 | 2.85 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
EQIX cash generation
In fiscal 2025 (ended December 31, 2025), Equinix generated $3.9 billion of cash from operations (up 20.4%) and spent $4.3 billion on capital expenditures, leaving free cash flow of -$400.0 million, −4.3% of revenue. It returned $1.9 billion to shareholders through dividends ($1.9 billion) and net share buybacks ($0). Cash and equivalents fell by $1.3 billion over the year.
Related: EQIX income statement, EQIX balance sheet, EQIX dividend history. See the EQIX stock overview for the latest quote and news.
EQIX cash flow FAQ
What is Equinix's free cash flow?
Equinix's free cash flow was -$400.0 million in fiscal 2025: $3.9 billion of operating cash flow minus $4.3 billion of capital expenditures It was $183.0 million a year earlier..
How much cash does Equinix generate from operations?
Equinix generated $3.9 billion of cash from operating activities in fiscal 2025, 2.90 times its net income of $1.3 billion.
How much does Equinix spend on capital expenditures?
Equinix spent $4.3 billion on capital expenditures in fiscal 2025, 46.6% of revenue, compared with $3.1 billion the year before.
How much does Equinix pay in dividends?
Equinix paid $1.9 billion in dividends in fiscal 2025.