Equinix, Inc.

Name: Equinix, Inc. financial statements and ratios
Creator: Annalist

EQIX · Nasdaq · Technology, data centres · United States · US GAAP · Fiscal year ends December

Latest report: Q3 FY2026, the quarter ended 30 September 2026, released 28 October 2026. Snapshot FY2026Q3_0d91a767.

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Overview

Revenue, quarter

+11.0% year on year

Operating income, quarter

+26.6% year on year

Net income, quarter

+30.7% year on year

Diluted EPS, quarter

+29.4% year on year

Operating margin, last 4 quarters

+5.6pp year on year

Return on equity, last 4 quarters

+3.8pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 30 September 2026 was US$2.6 billion, 11.0% higher than in the same quarter a year earlier.
Weakenedin Q3 FY2026 · stated since Q3 FY202411.0% from 16.4% in Q2 FY2026
Rule: Revenue against a year earlier · Sources 10-Q 2026-09
History of this finding, 9 records
1. Q3 FY2026 WeakenedRevenue for the quarter ended 30 September 2026 was US$2.6 billion, 11.0% higher than in the same quarter a year earlier.Recorded from FY2026Q3_0d91a767 · data update
2. Q2 FY2026 StrengthenedRevenue for the quarter ended 30 June 2026 was US$2.6 billion, 16.4% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q1 FY2026 StrengthenedRevenue for the quarter ended 31 March 2026 was US$2.4 billion, 9.8% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q4 FY2025 StrengthenedRevenue for the quarter ended 31 December 2025 was US$2.4 billion, 7.0% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q3 FY2025 ConfirmedRevenue for the quarter ended 30 September 2025 was US$2.3 billion, 5.2% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q2 FY2025 ConfirmedRevenue for the quarter ended 30 June 2025 was US$2.3 billion, 4.5% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q1 FY2025 WeakenedRevenue for the quarter ended 31 March 2025 was US$2.2 billion, 4.6% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q4 FY2024 ConfirmedRevenue for the quarter ended 31 December 2024 was US$2.3 billion, 7.2% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q3 FY2024 NewRevenue for the quarter ended 30 September 2024 was US$2.2 billion, 6.8% higher than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$489 million, 30.7% higher than in the same quarter a year earlier.
Confirmedin Q3 FY2026 · stated since Q1 FY202630.7% from 30.2% in Q2 FY2026
Rule: Net income against a year earlier · Sources 10-Q 2026-09
History of this finding, 13 records
1. Q3 FY2026 ConfirmedNet income attributable to the company was US$489 million, 30.7% higher than in the same quarter a year earlier.Recorded from FY2026Q3_0d91a767 · data update
2. Q2 FY2026 StrengthenedNet income attributable to the company was US$479 million, 30.2% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q1 FY2026 NewNet income attributable to the company was US$415 million, 21.0% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q1 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. Q4 FY2025 NewNet income attributable to the company was US$265 million, against a net loss of US$14 million in the same quarter a year earlier.Reconstructed · data update
6. Q4 FY2025 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
7. Q3 FY2025 StrengthenedNet income attributable to the company was US$374 million, 25.9% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q2 FY2025 WeakenedNet income attributable to the company was US$368 million, 22.3% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q1 FY2025 NewNet income attributable to the company was US$343 million, 48.5% higher than in the same quarter a year earlier.Reconstructed · data update
10. Q1 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
11. Q4 FY2024 NewThe company reported a net loss of US$14 million, against net income of US$227 million in the same quarter a year earlier.Reconstructed · data update
12. Q4 FY2024 RetiredThe finding changed to a loss.Reconstructed · data update
13. Q3 FY2024 NewNet income attributable to the company was US$297 million, 7.6% higher than in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was 22.5%, 5.6 percentage points higher than a year earlier.
Strengthenedin Q3 FY2026 · stated since Q4 FY2025
Rule: Operating margin against a year earlier · Sources 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03 and 2 more
History of this finding, 11 records
1. Q3 FY2026 StrengthenedThe operating margin over the last 4 quarters was 22.5%, 5.6 percentage points higher than a year earlier.Recorded from FY2026Q3_0d91a767 · data update
2. Q2 FY2026 StrengthenedThe operating margin over the last 4 quarters was 21.8%, 5.3 percentage points higher than a year earlier.Reconstructed · data update
3. Q1 FY2026 ConfirmedThe operating margin over the last 4 quarters was 20.8%, 4.8 percentage points higher than a year earlier.Reconstructed · data update
4. Q4 FY2025 NewThe operating margin over the last 4 quarters was 20.0%, 4.9 percentage points higher than a year earlier.Reconstructed · data update
5. Q4 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
6. Q3 FY2025 ConfirmedThe operating margin over the last 4 quarters was 16.9%, 1.4 percentage points lower than a year earlier.Reconstructed · data update
7. Q2 FY2025 StrengthenedThe operating margin over the last 4 quarters was 16.5%, 1.5 percentage points lower than a year earlier.Reconstructed · data update
8. Q1 FY2025 WeakenedThe operating margin over the last 4 quarters was 16.1%, 1.0 percentage points lower than a year earlier.Reconstructed · data update
9. Q4 FY2024 NewThe operating margin over the last 4 quarters was 15.2%, 2.4 percentage points lower than a year earlier.Reconstructed · data update
10. Q4 FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
11. Q3 FY2024 NewThe operating margin over the last 4 quarters was 18.3%, 0.9 percentage points higher than a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 11.5%, against 7.7% a year earlier.
Strengthenedin Q3 FY2026 · stated since Q4 FY2025
Rule: Return on equity against a year earlier · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 3 more
History of this finding, 11 records
1. Q3 FY2026 StrengthenedReturn on equity over the last 4 quarters was 11.5%, against 7.7% a year earlier.Recorded from FY2026Q3_0d91a767 · data update
2. Q2 FY2026 ConfirmedReturn on equity over the last 4 quarters was 10.8%, against 7.5% a year earlier.Reconstructed · data update
3. Q1 FY2026 ConfirmedReturn on equity over the last 4 quarters was 10.1%, against 7.1% a year earlier.Reconstructed · data update
4. Q4 FY2025 NewReturn on equity over the last 4 quarters was 9.8%, against 6.3% a year earlier.Reconstructed · data update
5. Q4 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
6. Q3 FY2025 ConfirmedReturn on equity over the last 4 quarters was 7.7%, against 8.3% a year earlier.Reconstructed · data update
7. Q2 FY2025 ConfirmedReturn on equity over the last 4 quarters was 7.5%, against 8.5% a year earlier.Reconstructed · data update
8. Q1 FY2025 WeakenedReturn on equity over the last 4 quarters was 7.1%, against 7.7% a year earlier.Reconstructed · data update
9. Q4 FY2024 NewReturn on equity over the last 4 quarters was 6.3%, against 8.1% a year earlier.Reconstructed · data update
10. Q4 FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
11. Q3 FY2024 NewReturn on equity over the last 4 quarters was 8.3%, against 7.6% a year earlier.Reconstructed · initial
Cash and short-term investments exceeded total debt by US$3.6 billion at 30 September 2026.
Strengthenedin Q3 FY2026 · stated since Q3 FY2024
Rule: Net debt or net cash · Sources 10-Q 2026-09
History of this finding, 9 records
1. Q3 FY2026 StrengthenedCash and short-term investments exceeded total debt by US$3.6 billion at 30 September 2026.Recorded from FY2026Q3_0d91a767 · data update
2. Q2 FY2026 WeakenedCash and short-term investments exceeded total debt by US$2.2 billion at 30 June 2026.Reconstructed · data update
3. Q1 FY2026 StrengthenedCash and short-term investments exceeded total debt by US$3.0 billion at 31 March 2026.Reconstructed · data update
4. Q4 FY2025 WeakenedCash and short-term investments exceeded total debt by US$1.2 billion at 31 December 2025.Reconstructed · data update
5. Q3 FY2025 WeakenedCash and short-term investments exceeded total debt by US$2.2 billion at 30 September 2025.Reconstructed · data update
6. Q2 FY2025 StrengthenedCash and short-term investments exceeded total debt by US$3.8 billion at 30 June 2025.Reconstructed · data update
7. Q1 FY2025 StrengthenedCash and short-term investments exceeded total debt by US$3.0 billion at 31 March 2025.Reconstructed · data update
8. Q4 FY2024 WeakenedCash and short-term investments exceeded total debt by US$1.8 billion at 31 December 2024.Reconstructed · data update
9. Q3 FY2024 NewCash and short-term investments exceeded total debt by US$2.5 billion at 30 September 2024.Reconstructed · initial

Records before Q3 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Findings No Longer Stated

Rules whose findings applied in earlier quarters but not in the latest one.

Free cash flow · retired in Q2 FY2026
1. Q2 FY2026 RetiredThe rule did not apply to the figures as at Q2 FY2026.Reconstructed · data update
2. Q1 FY2026 StrengthenedPurchases of property, plant and equipment exceeded operating cash flow by US$998 million over the last 4 quarters.Reconstructed · data update
3. Q4 FY2025 StrengthenedPurchases of property, plant and equipment exceeded operating cash flow by US$400 million over the last 4 quarters.Reconstructed · data update
4. Q3 FY2025 NewPurchases of property, plant and equipment exceeded operating cash flow by US$114 million over the last 4 quarters.Reconstructed · data update
5. Q3 FY2025 RetiredThe finding changed to negative.Reconstructed · data update
6. Q2 FY2025 WeakenedFree cash flow over the last 4 quarters was US$42 million, and operating cash flow was 3.5 times net income attributable to the company.Reconstructed · data update
7. Q1 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$351 million, and operating cash flow was 3.7 times net income attributable to the company.Reconstructed · data update
8. Q4 FY2024 ConfirmedFree cash flow over the last 4 quarters was US$183 million, and operating cash flow was 4.0 times net income attributable to the company.Reconstructed · data update
9. Q3 FY2024 NewFree cash flow over the last 4 quarters was US$192 million, and operating cash flow was 3.1 times net income attributable to the company.Reconstructed · initial

Data

Source documents27 documents, latest Form 10-Q, period ended 30 September 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026Q3_0d91a767

Corporate Events

No corporate event found in the filings since 2020.

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q3 FY2026

Form 10-Q, period ended 30 September 2026, filed 28 October 2026. Changes are against the previous report, and each figure shows its period.

4changes1threshold crossed

Changes in This Report 4

WeakenedRevenue Against a Year Earlier10-Q 2026-09
Revenue for the quarter ended 30 September 2026 was US$2.6 billion, 11.0% higher than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Revenue for the quarter ended 30 June 2026 was US$2.6 billion, 16.4% higher than in the same quarter a year earlier.
StrengthenedOperating Margin Against a Year Earlier10-Q 2026-09
The operating margin over the last 4 quarters was 22.5%, 5.6 percentage points higher than a year earlier.
Earlier record, Q2 FY2026
The operating margin over the last 4 quarters was 21.8%, 5.3 percentage points higher than a year earlier.
StrengthenedReturn on Equity Against a Year Earlier10-Q 2026-09
Return on equity over the last 4 quarters was 11.5%, against 7.7% a year earlier.
Earlier record, Q2 FY2026
Return on equity over the last 4 quarters was 10.8%, against 7.5% a year earlier.
StrengthenedNet Debt or Net Cash10-Q 2026-09
Cash and short-term investments exceeded total debt by US$3.6 billion at 30 September 2026.
Earlier record, Q2 FY2026
Cash and short-term investments exceeded total debt by US$2.2 billion at 30 June 2026.

Thresholds Crossed 1

ConfirmedLiquidity Cover
Cash, short-term investments and operating cash flow over the 4 quarters ended 31 March 2026 equalled 0.9 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow fall short of the debt due in the next 12 months, capital expenditure and dividends. The company pays the difference with new borrowing, its undrawn credit lines, asset sales or lower spending.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

These ratios are not computed for this company; the method below gives the reason.

Method

Not computed: the company is a real estate investment trust (SIC 6798), where debt to EBITDA and the related ratios do not measure credit; financial companies need a template of their own.
Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesUses above sourcesLiquidity cover 0.88x, Debt due within 12 months $1.1bn · Q1 FY2026

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Cash, short-term investments and operating cash flow over the 4 quarters ended 31 March 2026 equalled 0.9 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow fall short of the debt due in the next 12 months, capital expenditure and dividends. The company pays the difference with new borrowing, its undrawn credit lines, asset sales or lower spending.
Confirmedin Q1 FY2026 · stated since Q3 FY20250.88x from 0.95x in Q4 FY2025
Rule: Liquidity cover · Sources 10-Q 2026-03, 10-Q 2025-06, 10-Q 2026-06 and 3 more
History of this finding, 9 records
1. Q1 FY2026 ConfirmedCash, short-term investments and operating cash flow over the 4 quarters ended 31 March 2026 equalled 0.9 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · restatement
2. Q1 FY2026 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.9 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. Q4 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.0 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
4. Q3 FY2025 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.0 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
5. Q3 FY2025 RetiredThe finding changed to sources of cash that fall short of the uses.Reconstructed · data update
6. Q2 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
7. Q1 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
8. Q4 FY2024 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
9. Q3 FY2024 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.1 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2025

Sources	Amount
Cash and short-term investments	$3.2bn
Operating cash flow	$3.9bn
Sources	$7.1bn

Uses	Amount
Debt due within 12 months	$1.3bn
Capital expenditure	$4.3bn
Dividends paid	$1.9bn
Uses	$7.5bn

Liquidity cover 0.95x

Debt Maturities at 31 December 2025

Principal due by fiscal year, US dollars

FY2026	FY2027	FY2028	FY2029	FY2030	After FY2030	Total
$1.3bn	$1.8bn	$1.4bn	$2.2bn	$2.7bn	$9.6bn	$19.1bn

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included						n/a
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings
Maturity concentrationThe largest amount of debt due in a single year of the next 5, as a share of the debt in the schedule. A high share means the repayments are concentrated in 1 year.Largest single year of debt maturing within 5 years / total debt in the maturity schedule						n/a

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −6.1%, Operating cash flow to EBITDA 0.94x · Q3 FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.1% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Confirmedin Q3 FY2026 · stated since Q3 FY2024−6.1% from −6.0% in Q2 FY2026
Rule: Cash backing of earnings · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 2 more
History of this finding, 9 records
1. Q3 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.1% of average total assets.Recorded from FY2026Q3_0d91a767 · data update
2. Q2 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.0% of average total assets.Reconstructed · data update
3. Q1 FY2026 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.2% of average total assets.Reconstructed · data update
4. Q4 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.8% of average total assets.Reconstructed · data update
5. Q3 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.3% of average total assets.Reconstructed · data update
6. Q2 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.0% of average total assets.Reconstructed · data update
7. Q1 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.4% of average total assets.Reconstructed · data update
8. Q4 FY2024 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.2% of average total assets.Reconstructed · data update
9. Q3 FY2024 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.6% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company						n/a
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 1.58, Beneish −2.76 · Piotroski 6 of 9 · Last 4 quarters 1.59 at Q3 FY2026 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 1.58, between the distress threshold of 1.10 and the safe threshold of 2.60.
Interpretation. By this model, the company is between the 2 groups of its original study: below 1.10 the profile resembles companies that went bankrupt, above 2.60 companies that did not. Large share buybacks lower book equity and so lower the score.
Confirmedin FY2025 · stated since FY20231.58 from 1.75 in FY2024
Rule: Altman Z'' zone · Sources 10-Q 2026-09, 10-K 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 1.58, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · data update
2. FY2024 ConfirmedThe Altman Z'' score for fiscal 2024 was 1.75, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 1.42, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 2.76, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Weakenedin FY2025 · stated since FY2023−2.76 from −2.88 in FY2024
Rule: Beneish M-score against its threshold · Sources 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-09 and 1 more
History of this finding, 3 records
1. FY2025 WeakenedThe Beneish M-score for fiscal 2025 was minus 2.76, below the model threshold of minus 1.78.Reconstructed · data update
2. FY2024 ConfirmedThe Beneish M-score for fiscal 2024 was minus 2.88, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.98, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were current ratio higher than a year earlier, no common equity issued and asset turnover higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 4 to 6 is the middle group: Piotroski (2000) placed 7 to 9 in the strongest group and 0 to 3 in the weakest.
Confirmedin FY2025 · stated since FY20236.00 from 6.00 in FY2024
Rule: Piotroski F-score · Sources 10-K 2024-12, 10-K 2025-12, 10-Q 2025-09 and 1 more
History of this finding, 3 records
1. FY2025 ConfirmedThe Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were current ratio higher than a year earlier, no common equity issued and asset turnover higher than a year earlier.Reconstructed · data update
2. FY2024 ConfirmedThe Piotroski F-score for fiscal 2024 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, no common equity issued and asset turnover higher than a year earlier.Reconstructed · data update
3. FY2023 NewThe Piotroski F-score for fiscal 2023 was 6 of 9. The 3 signals not met were long-term debt to assets lower than a year earlier, current ratio higher than a year earlier and no common equity issued.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	grey zone	grey zone	grey zone	grey zone	grey zone	grey zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold	n/a
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a					n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a					n/a

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

1.58Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 1.58 is in the grey zone of the model, between 1.10 and 2.60. The largest part is equity against liabilities, at 0.57.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.031	6.560	0.201
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.152	3.260	0.495
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.046	6.720	0.309
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.545	1.050	0.572
Score			1.578

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2025

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.76Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.76 is below the model threshold of minus 1.78.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	1.001	0.920	0.921
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	0.958	0.528	0.506
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.962	0.404	0.389
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.054	0.892	0.940
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.070	0.115	0.123
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.000	−0.172	−0.172
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.064	4.679	−0.299
Leverage indexDebt against total assets, against a year earlier.	1.002	−0.327	−0.328
Score			−2.760

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.61 means a probability of a misstatement 0.61 times the average rate in the Dechow sample: 0.23% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.053	0.790	0.042
Change in receivables / average total assetsThe growth of receivables against average assets.	0.001	2.518	0.003
Change in inventories / average total assetsThe growth of stock against average assets.	0.000	1.191	0.000
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.369	1.979	0.731
Change in cash salesThe growth of sales collected in cash.	0.041	0.171	0.007
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.012	−0.932	−0.011
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	1.000	1.029	1.029
Predicted value			−6.092
Probability of a misstatement			0.23%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

6 of the 9 tests are met, in the middle group of 4 to 6.

Signal	FY2025	FY2024
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Not met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Met	Met
Current ratio higher than a year earlier	Not met	Met
No common equity issued	Not met	Not met
Margin higher than a year earlier	Met	Met
Asset turnover higher than a year earlier	Not met	Not met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 30 September 2026	28 Oct 2026	10-Q:0001101239-26-000180
Form 10-Q, period ended 30 June 2026	29 Jul 2026	10-Q:0001101239-26-000147
Form 10-Q, period ended 31 March 2026	29 Apr 2026	10-Q:0001101239-26-000091
Form 10-K, period ended 31 December 2025	11 Feb 2026	10-K:0001101239-26-000032
Form 10-Q, period ended 30 September 2025	29 Oct 2025	10-Q:0001101239-25-000062
Form 10-Q, period ended 30 June 2025	30 Jul 2025	10-Q:0001101239-25-000029
Form 10-Q, period ended 31 March 2025	30 Apr 2025	10-Q:0001628280-25-021086
Form 10-K, period ended 31 December 2024	12 Feb 2025	10-K:0001628280-25-005126
Form 10-Q, period ended 30 September 2024	30 Oct 2024	10-Q:0001628280-24-044355
Form 10-Q, period ended 30 June 2024	7 Aug 2024	10-Q:0001628280-24-035638
Form 10-Q, period ended 31 March 2024	8 May 2024	10-Q:0001628280-24-021647
Form 10-K, period ended 31 December 2023	16 Feb 2024	10-K:0001628280-24-005350
Form 10-Q, period ended 30 September 2023	27 Oct 2023	10-Q:0001628280-23-035406
Form 10-Q, period ended 30 June 2023	4 Aug 2023	10-Q:0001628280-23-027511
Form 10-Q, period ended 31 March 2023	5 May 2023	10-Q:0001628280-23-016073
Form 10-K, period ended 31 December 2022	17 Feb 2023	10-K:0001628280-23-004039
Form 10-Q, period ended 30 September 2022	4 Nov 2022	10-Q:0001628280-22-028466
Form 10-Q, period ended 30 June 2022	29 Jul 2022	10-Q:0001628280-22-019818
Form 10-Q, period ended 31 March 2022	29 Apr 2022	10-Q:0001628280-22-011503
Form 10-K, period ended 31 December 2021	18 Feb 2022	10-K:0001628280-22-003171
Form 10-Q, period ended 30 September 2021	4 Nov 2021	10-Q:0001628280-21-021707
Form 10-Q, period ended 30 June 2021	30 Jul 2021	10-Q:0001628280-21-015030
Form 10-Q, period ended 31 March 2021	30 Apr 2021	10-Q:0001628280-21-008434
Form 10-K, period ended 31 December 2020	19 Feb 2021	10-K:0001628280-21-002563
Form 10-Q, period ended 30 September 2020	30 Oct 2020	10-Q:0001628280-20-015158
Form 10-Q, period ended 30 June 2020	31 Jul 2020	10-Q:0001628280-20-011187
Form 10-Q, period ended 31 March 2020	7 May 2020	10-Q:0001628280-20-006896

Checks

341280 of 341 checks passed, 61 warnings

Fiscal calendar70 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year111 of 134 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level; a difference that a later report explains is a warning, which does not stop publication.

Revenue, FY2022: $7,263m against $7,263m

Cost of revenue, FY2022: $3,752m against $3,751m

Operating income, FY2022: $1,201m against $1,200m

Income before income taxes, FY2022: $829m against $829m

Income tax expense, FY2022: $125m against $124m

Net income including noncontrolling interests, FY2022: $705m against $705m

Withheld values1 value withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Proceeds from issuance of long-term debt, Q2 FY2023: withheld, negative where the item cannot be negative

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity27 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Balance sheet structure13 of 27 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.

30 Jun 2023: $31,567m against $31,542m

30 Sep 2023: $31,685m against $31,660m

31 Dec 2023: $32,651m against $32,626m

31 Mar 2024: $31,937m against $31,912m

30 Jun 2024: $32,854m against $32,829m

30 Sep 2024: $35,438m against $35,413m

Lease liabilities27 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

Debt maturities0 of 20 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.

31 Mar 2020: $9,818m against $0

30 Jun 2020: $10,307m against $0

30 Sep 2020: $8,690m against $0

31 Dec 2020: $10,634m against $0

31 Mar 2021: $11,043m against $0

30 Jun 2021: $11,787m against $0

Quarters and 9 months18 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Gross profit1 passedRevenue less cost of revenue equals reported gross profit. Checked at warning level.

Earnings per share6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

Interest and debt0 of 3 passedInterest expense of a fiscal year is between 0.5% and 15% of the average total debt at its opening and closing dates, so that the debt captured carries the interest reported. Checked at warning level.

FY2023: interest expense equals 24.2% of average total debt

FY2024: interest expense equals 26.1% of average total debt

FY2025: interest expense equals 27.5% of average total debt

Primary statements6 passedEach key figure of the latest fiscal year is a line of the income statement, the balance sheet or the cash flow statement of the annual report. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,739
Confirmed by other figures	37.6%, 654 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	16.6%, 288 values
Values withheld	1
Restated figures tracked	165
Changes compared on one basis	19
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Equinix, Inc., snapshot equinix/FY2026Q3_0d91a767 (as of FY2026 Q3); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026Q3_0d91a767 · dataset SHA-256 0d91a767b07d9db661f9bad0f1c3aa93f98be8600cfcb359514646c110debb17 · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json