Equinix, Inc. (EQIX): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the engine room of the modern internet, and that means understanding Equinix, Inc.'s business model, which is far more than just real estate. As someone who's spent two decades analyzing these giants, I can tell you their strategy hinges on owning the digital on-ramp: operating over 260 data centers across 77 metros while projecting 2025 revenue between $9.21 billion and $9.33 billion. It's a capital-intensive game-expecting CAPEX between $3.792B and $4.292B this year-but their recurring revenue model, targeting churn as low as 2%-2.5%, is the key to their stability. Dive into the full canvas below to see precisely how they partner with hyperscalers and fund that massive global footprint.

Equinix, Inc. (EQIX) - Canvas Business Model: Key Partnerships

You're looking at the critical alliances that power Equinix's global platform, especially as AI workloads demand more power and proximity. These partnerships aren't just handshake agreements; they represent concrete capacity reservations and deep technical integrations.

Major Cloud Service Providers (AWS, Azure, Google Cloud) for direct cloud on-ramps

Equinix International Business Exchange (IBX) colocation data centers serve as the physical meeting point for the world's largest cloud providers. This ecosystem is vital for enabling multicloud strategies, which the data suggests is the norm for large enterprises.

Equinix Fabric, the software-defined global interconnection backbone, provides access to over 220 cloud on-ramps with the major cloud providers globally. Equinix serves more than 10,000 customers, including over 60% of the Fortune 500 companies, who rely on this dense connectivity. As of late 2025, Equinix operates in 260 data centers across 33 countries, spanning 71 major metropolitan areas worldwide. A key prediction for 2025 was that 85% of global companies would have expanded multicloud access across several regions.

AI/ML technology partners like NVIDIA and Groq for high-density deployments

The partnership strategy here is about making Equinix the foundational infrastructure for AI compute, supporting both training and inference at the edge. This requires specialized power and cooling, which is where the hardware partners come in.

Equinix has collaborated with NVIDIA, deploying an "AI factory" with NVIDIA hardware inside an Equinix data center in Silicon Valley. To support distributed inference, Equinix is launching a global AI Solutions Lab across 20 locations in 10 countries. Furthermore, Equinix is enabling access to the GroqCloud platform, which, as of May 2025, had over 1.5 million sign-ups, with access planned for Q1 2026 through the Equinix platform.

The scale of the ecosystem is significant:

• The Equinix AI partner ecosystem includes more than 2,000 partners worldwide.
• Equinix has developed and commercially launched a standardized architecture for delivering liquid cooling, specifically designed for high-density HPC and AI workloads.

Global Network Service Providers (NSPs) for diverse connectivity options

The value proposition for NSPs is the ability to connect directly with hyperscalers and a vast customer base in a neutral environment, minimizing latency and transport costs. Equinix IBX facilities house rich ecosystems of carriers.

All the main global hyperscalers and the top ten global network providers connect with their customers within Equinix IBX colocation data centers. This results in a massive fabric of connectivity, with Equinix reporting over 480,000 interconnections directly linking customers within its facilities. This dense interconnection capability is a core differentiator, especially for latency-sensitive workloads.

System Integrators (e.g., Dell Technologies, Accenture) for joint customer solutions

System Integrators help customers deploy complex hybrid and multicloud architectures by integrating their hardware and services with Equinix's global footprint. Dell Technologies and Equinix team up to offer cloud-adjacent solutions, including deploying the Dell AI Factory with NVIDIA at Equinix locations.

The Dell APEX Flex on Demand offering at Equinix allows for billing and management through a single invoice from Dell Technologies. Accenture, a certified Equinix Partner, provides technology expertise across major platforms, including AWS, Google Cloud, and Microsoft Azure, supporting solution areas like Analytics, Edge, Hybrid, and Network across a vast geographical footprint, including the United States, Germany, and India.

Energy companies (e.g., ULC-Energy) for sustainable power and nuclear SMR development

To combat power constraints driven by AI growth, Equinix is aggressively securing long-term, clean energy capacity through advanced nuclear and fuel cell agreements. This is a direct action against near-term power risk.

Equinix's renewable energy progress shows a 96% renewable energy coverage globally in 2024, with 250 sites operating on 100% renewable electricity, targeting 100% by 2030. Furthermore, the company has agreements covering more than 1 GW of future nuclear capacity.

Specific nuclear and fuel cell commitments include:

• ULC-Energy: Letter of Intent for up to 250 MWe in the Netherlands, utilizing Rolls-Royce SMR technology (470 MWe design).
• Oklo: Agreement to procure 500 MW from Aurora powerhouses.
• Radiant Nuclear: Preorder agreement for 20 microreactors, each providing 1 MW of energy.
• Stellaria: Pre-order power agreement to secure 500 MW of electricity from its reactors for European data centers.
• Bloom Energy: Scaling solid-oxide fuel cell deployments to more than 100 MW across 19 data centers in 6 U.S. states.

For context, Equinix reported total assets of US$35.1 billion in 2024, underscoring the scale of these long-term infrastructure commitments.

Equinix, Inc. (EQIX) - Canvas Business Model: Key Activities

Operating and maintaining 270 scalable, AI-ready data centers strategically located in 75 major metros around the world to power colocation, interconnection, ecosystem access and unmatched performance. Equinix data center facilities span six continents, with presence in 36 countries.

The company serves more than 10,000 customers, including over 60% of Fortune 500 companies, over 2,000 networks, and approximately 3,000 cloud and IT companies.

Developing and expanding the Equinix Fabric interconnection platform. This software-defined global interconnection backbone is located at over 60 markets across the globe, providing access to over 220 cloud on-ramps with the major cloud providers globally. The platform has over 492,000 total interconnections. Provisioned Fabric capacity has reached over 100+ Tbps. For example, Uber moved 6.5 petabytes of data via Equinix Fabric Cloud Router for multicloud connectivity. Equinix Fabric bookings saw a 57% year-over-year increase in Q3 2025.

Strategic land acquisition and data center construction, with capital expenditures for 2025 projected to range between $3.792 billion and $4.292 billion. This investment supports the goal to double total data center power capacity by 2029. The company has 58 major projects underway globally, including 12 xScale® projects. During the quarter ended September 30, 2025, Equinix bought land in markets including Amsterdam, London, Chicago, Toronto, and Johannesburg, South Africa, planning to add 900 MW of data center capacity within those regions. This brings the total buildable capacity to approximately 3 gigawatts (GW). More than 90% of its development is on owned land or owned buildings with long-term ground leases. The company also tracked a 262-acre acquisition south of Atlanta.

Implementing advanced cooling solutions for high-density AI workloads. Equinix has developed and commercially launched a standardized architecture for delivering liquid cooling, specifically designed to support customer deployments of high-density HPC and AI workloads.

Ensuring global compliance and physical/digital security is supported by sustainability commitments and operational metrics:

• Achieved 96% renewable energy coverage globally.
• 250 sites have 100% renewable energy coverage.
• Committed to sourcing 100% clean and renewable energy across its global portfolio by 2030.

Recurring capital expenditures are expected to range between $134 and $154 million for the fourth quarter of 2025.

Equinix, Inc. (EQIX) - Canvas Business Model: Key Resources

The Key Resources for Equinix, Inc. (EQIX) are centered on its physical global footprint, its proprietary software-defined networking platform, and the specialized infrastructure built to support next-generation high-density computing like AI.

The global physical asset base is extensive, providing the foundation for its carrier-neutral position. As of late 2025, Equinix, Inc. operates approximately 260 data centers across 33 countries on five continents. This physical presence is mapped across 76 metros across 36 countries as of August 2025.

The company's interconnection fabric is a critical digital asset. Equinix Fabric, the software-defined interconnection platform, has deployed more than 499,000 total interconnections across its footprint as of the third quarter of 2025. This platform directly supports the ecosystem, which includes over 10,000 customers as of August 2025.

Future capacity is secured through significant land holdings. Equinix, Inc. recently closed on land deals that bring the total developable capacity to approximately 3 gigawatts, supporting plans to double data center capacity by 2029. The 2025 capital expenditure forecast is set between $3.8 billion and $4.3 billion.

To address the demands of artificial intelligence workloads, Equinix, Inc. is deploying specialized infrastructure. This includes a commitment to expand support for advanced liquid cooling technologies across more than 100 of its global International Business Exchange (IBX) data centers. This is necessary as AI workloads push rack power densities beyond the limits of traditional air cooling, with some pilot deployments in Hong Kong achieving 150kW of cooling per rack.

Here are the key quantitative metrics underpinning the Key Resources:

The carrier-neutral position allows for a dense ecosystem, which is a resource in itself. This ecosystem includes:

• Over 60% of Fortune 500 companies as customers.
• Approximately 3,000 cloud and IT companies.
• Over 2,000 networks.

The company's commitment to clean energy also forms a key resource for sustainability-focused customers. In 2024, Equinix, Inc. achieved 96% global renewable energy coverage across its portfolio. Furthermore, agreements were announced in August 2025 that could deliver over 1 gigawatt (GW) of clean electricity, including a commitment to procure 500 megawatts (MW) from Oklo's advanced nuclear fission reactors.

Equinix, Inc. (EQIX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why enterprises and service providers choose Equinix, Inc. over the competition, especially now with AI driving infrastructure decisions. It's about access, performance, and financial structure.

Instant, private, and secure interconnection to a vast digital ecosystem is perhaps the biggest hook. This isn't just about plugging in; it's about direct, low-latency access to everyone else you need to talk to. As of the third quarter of 2025, Equinix, Inc. reported having more than 499,000 total interconnections deployed across its footprint. That ecosystem is massive, serving over 10,000 customers, which includes more than 60% of the Fortune 500 companies. The growth in the software-defined backbone is clear: Equinix Fabric^® bookings saw a year-over-year increase of 57% in Q3 2025, driving interconnection revenues to $422 million in that quarter alone. This direct connectivity helps you avoid the unpredictable latency and egress fees of the public internet.

The global scale and reach provide the low-latency operations you need, no matter where your users or data reside. Equinix, Inc. operates its International Business Exchange (IBX) data centers across 77 markets as of late 2025, spanning six continents and 36 countries. They are actively expanding this reach, with 59 major projects underway across 25 countries as of Q2 2025, ensuring proximity to the Metro Edge for performance. This global footprint means you can deploy infrastructure to reach new markets or meet data sovereignty requirements with a consistent experience.

You get carrier-neutrality, which is crucial for avoiding vendor lock-in when dealing with network and cloud services. This neutrality means you aren't forced into a single provider's network path. You can choose from over 2,000 networks and connect to the major cloud providers via more than 220 cloud on-ramps globally through Equinix Fabric. For instance, Uber moved 6.5 petabytes of data using the Equinix Fabric Cloud Router for cost-efficient multicloud connectivity, showing how this neutrality supports complex hybrid environments.

The infrastructure is explicitly AI-ready, supporting the intense demands of modern workloads. Equinix, Inc. is prioritizing investments in liquid cooling systems, which are more efficient for the high-density deployments that next-generation GPU chips require. Through its xScale division, which targets hyperscale customers, the company plans to establish more than 35 facilities with a combined IT capacity exceeding 725MW. This focus on advanced cooling and massive scale is a direct response to the soaring demand from AI and machine learning workloads.

Finally, the structure as a Real Estate Investment Trust (REIT) offers a specific type of financial stability and reliability. As a REIT, Equinix, Inc. must distribute a significant portion of its taxable income to shareholders, which often translates to consistent dividend potential. For the third quarter of 2025, the company reported Funds From Operations (FFO) of $9.83 per share, a healthy increase from $9.05 per share the prior year. The full-year 2025 guidance for FFO per share is projected to be between $37.95 and $38.77. Revenue guidance for the full year 2025 sits between $9.21 billion and $9.33 billion, showing a predictable, asset-backed financial profile.

Here is a quick snapshot of some of those key numbers you need to track:

You can see the core value proposition is built on three pillars:

• Direct access to over 10,000 customers and partners.
• Global platform spanning 36 countries.
• Commitment to AI-ready infrastructure using liquid cooling.
• A financial structure backed by assets with 2025 FFO guidance near $38.00 per share.

Finance: draft 13-week cash view by Friday.

Equinix, Inc. (EQIX) - Canvas Business Model: Customer Relationships

You're looking at the core engine of Equinix, Inc. (EQIX)'s recurring revenue machine-how they keep the lights on and, more importantly, how they keep the biggest digital players connected.

Dedicated account management and technical support for large enterprise clients is clearly in place, evidenced by the sheer volume of high-value customer activity. In the third quarter of 2025 alone, Equinix, Inc. (EQIX) closed over 4,400 deals involving more than 3,400 customers. This level of transaction density suggests tiered service models are necessary to manage the relationship lifecycle effectively.

The self-service and API-driven provisioning via Equinix Fabric and Network Edge is a key driver of scale. Equinix Fabric provisioned capacity surpassed 100 terabits (Tbps) as of the second quarter of 2025. The platform saw significant booking momentum, with Equinix Fabric bookings showing a 57% year-over-year increase in Q3 2025. The company continues to enhance this programmability, with Fabric API release notes indicating updates as recent as October 2025 (R2025.5).

Ecosystem activation and community-building are reflected in the massive interconnection numbers. Equinix, Inc. (EQIX) reported more than 499,000 total interconnections deployed across its global footprint as of Q3 2025. In that quarter, the company added 7,100 net physical and virtual connections. Interconnection revenues for Q3 2025 reached $422 million. This connectivity underpins the digital ecosystem, which includes over 2,100 network providers connected to the platform.

For long-term contract stability, the focus shifts to recurring revenue metrics. Monthly Recurring Revenue (MRR) growth was reported as a healthy 8% year-over-year in Q3 2025. While the specific MRR churn target of 2%-2.5% isn't confirmed in the latest filings, the focus on high-value deal closure and ecosystem growth points to a strategy aimed at maximizing customer lifetime value. The company secured 16,200 deals across more than 6,000 customers in the 2024 fiscal year.

Here is a snapshot of the scale of customer engagement and platform utilization:

The self-service and automation capabilities are critical for managing the long tail of customer needs, allowing account teams to focus on strategic growth areas. You can see the platform's evolution through its regular software updates:

• Fabric API updates including connection upgrades and price search filters.
• Network Edge API updates supporting device resizing and throughput statistics checks.
• Support for partner solutions like F5 Distributed Cloud Customer Edge provisioning via the Network Edge Marketplace.

The channel partner relationship is also a significant customer acquisition channel, delivering nearly 30% of bookings and more than 50% of new logos for the full year 2024. Finance: draft 13-week cash view by Friday.

Equinix, Inc. (EQIX) - Canvas Business Model: Channels

You're looking at how Equinix, Inc. gets its services-the physical space, the digital connections-into the hands of its customers. This isn't just about selling racks; it's about selling access to the world's densest digital ecosystems. The channel strategy is multi-pronged, blending high-touch direct sales with scalable digital platforms and partner networks.

Direct Sales Force managing large enterprise and hyperscaler accounts

The direct sales engine at Equinix, Inc. focuses on the largest, most complex digital infrastructure requirements. This team targets the top tier of the market, which is where the biggest recurring revenue commitments come from. The scale of their direct engagement is evident in their customer base penetration.

• Equinix, Inc. serves more than 10,000 customers globally.
• Direct sales efforts secure relationships with over 60% of Fortune 500 companies.
• The company connects with 'All the main global hyperscalers' directly.
• In the third quarter of 2025, Equinix, Inc. closed 4,400 deals across more than 3,400 customers.

The success of this direct engagement is reflected in the overall financial performance. For the third quarter of 2025, Equinix, Inc. reported total revenues of $2.316 billion. Furthermore, annualized gross bookings for Q3 2025 hit a record $394 million, up 25% year-over-year, showing strong momentum from all sales motions, including direct enterprise and hyperscaler contracts.

Equinix Partner Program (resellers, distributors, system integrators)

The partner ecosystem acts as a force multiplier, extending Equinix, Inc.'s reach into segments and geographies that the direct sales force might not cover as efficiently. While specific revenue splits for the partner channel aren't broken out, the sheer volume of deals indicates broad channel participation.

• The partner network includes over 2,000 networks and approximately 3,000 cloud and IT companies that connect within the Equinix, Inc. ecosystem.
• The 4,400 deals closed in Q3 2025 are supported by this broad ecosystem of partners, including system integrators helping customers deploy hybrid and AI-ready architectures.

This channel is critical for driving adoption of services like Equinix Fabric, as partners often manage the customer's multi-cloud strategy, making the software-defined interconnection a natural component of their solution delivery.

Digital platforms like Equinix Fabric for virtual, on-demand interconnection

Equinix Fabric is the software-defined layer that turns the physical data center footprint into a dynamic, virtual meeting place. This platform is a key differentiator and a major growth driver for interconnection revenues.

• In Q3 2025, interconnection revenues reached $422 million, a 10% year-over-year increase as-reported.
• Equinix Fabric bookings saw a significant 57% year-over-year increase in Q3 2025.
• The total number of interconnections deployed across the global platform stands at more than 499,000.
• In Q2 2025, provisioned Fabric capacity was over 100 Tbps.
• Equinix, Inc. added 7,100 net physical and virtual connections in Q3 2025 alone.

This digital channel allows for near-instant provisioning of private, on-demand connections, which is essential for distributed AI workloads and hybrid cloud deployments.

Global network of data centers (IBX facilities) as the physical point of presence

The physical assets-the International Business Exchange (IBX) data centers-are the foundation upon which all digital services are delivered. This global footprint is what enables low-latency access and data sovereignty compliance.

Here's a snapshot of the physical reach as of late 2025:

The company continues to invest heavily in expanding this physical channel, with land acquisitions in Q3 2025 set to support over 900 megawatts of retail and xScale capacity at full build-out across metros like Amsterdam, Chicago, London, and Toronto.

Equinix, Inc. (EQIX) - Canvas Business Model: Customer Segments

You're looking at the core engine of Equinix, Inc. (EQIX)'s platform, which is its diverse, interconnected customer base. This segment is what drives the recurring revenue engine, which hit $8.18 B in fiscal year 2024 and is expected to continue growing in 2025. As of late 2025, Equinix, Inc. (EQIX) serves a client base exceeding 10,000 customers globally.

The company's strategy centers on enabling digital ecosystems, which means the quality and density of connections matter more than just the sheer number of tenants. In the third quarter of 2025, Equinix, Inc. (EQIX) reported having more than 499,000 total interconnections deployed across its footprint. That quarter alone saw the addition of 7,100 net physical and virtual connections, a direct reflection of ecosystem expansion.

Cloud Service Providers (Hyperscalers) for direct cloud on-ramps

This group is critical for driving the high-value interconnection services. The demand from these providers, alongside AI workloads, is fueling capacity expansion. Provisioned capacity on Equinix Fabric, the software-defined interconnection service, was over 100 terabits as of the second quarter of 2025. Bookings for Equinix Fabric in Q3 2025 were up 57% year-over-year, showing the direct impact of hyperscaler and hybrid-cloud adoption.

Network Service Providers (NSPs) for core network presence

Network Service Providers form a foundational layer of the ecosystem. Equinix, Inc. (EQIX) serves approximately 2,100 network providers within its client base. The carrier-neutral environment allows these NSPs to establish core network presence and peer efficiently, which directly contributes to the Interconnection revenue stream. Interconnection revenues reached $422 million in the third quarter of 2025.

Large Enterprises (Financial Services, Healthcare, Automotive) for hybrid multi-cloud

Enterprises across key verticals like Financial Services, Healthcare, and Automotive are a major focus for hybrid and multi-cloud deployments. Equinix, Inc. (EQIX) closed 4,100 deals across more than 3,300 customers in Q2 2025, a clear indicator of enterprise engagement. The company serves five main verticals, including financial services and enterprise customers. The annualized gross bookings metric, which was $394 million in Q3 2025, reflects the value secured from these large, complex deployments.

AI/ML companies and GPU vendors requiring high-density, low-latency compute

This is a significant near-term growth driver. The demand for AI infrastructure is directly translating into increased interconnection and capacity needs. For instance, major customer wins in Q1 2025 included NVIDIA and other AI-focused companies like Grok. The company is actively underwriting investments expected to yield approximately 25% at stabilization to meet this demand.

Content and Digital Media companies needing edge distribution

Content providers are a distinct vertical served by Equinix, Inc. (EQIX). Their need for low-latency edge distribution is met by the global footprint, which spans 71 markets worldwide across 260 data centers as of late 2025. The company generated 20% of its Q3 2025 revenue from the Euro, 10% from the British Pound, and 9% from the Singapore Dollar, showing the global nature of this customer base.

Here's a quick look at the customer engagement and interconnection metrics driving the $9.208 to $9.328 billion full-year 2025 revenue guidance.

The focus on digital ecosystems is clear, with interconnection revenues making up about 17.03% of total revenue in fiscal year 2024, slightly down from 17.46% in fiscal year 2022, but the growth in Fabric bookings suggests a shift in the mix. You can see the direct impact of customer activity in the bookings figures; Q3 2025 annualized gross bookings were $394 million, a 25% increase year-over-year. If onboarding takes 14+ days, churn risk rises, but the company is focused on accelerating capacity delivery under the Build Bolder initiative.

Finance: draft 13-week cash view by Friday.

Equinix, Inc. (EQIX) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that fuel Equinix, Inc.'s global platform, which is heavily weighted toward physical assets and massive power consumption. Honestly, the cost structure is dominated by building and running these hyperscale facilities.

High Capital Expenditures (CAPEX) for data center construction is the most visible cost driver. This is the money Equinix, Inc. spends to acquire land, build new IBX data centers, and expand existing capacity to meet the insatiable demand for colocation and interconnection services. For the full year 2025, the company projected total capital expenditures to range between \$3.792 and \$4.292 billion. This massive outlay is strategically segmented.

The bulk of this investment falls under non-recurring capital expenditures, which includes the on-balance sheet xScale spend. For the full year 2025, this non-recurring CAPEX was guided to be between \$3.520 and \$4.000 billion. The remaining portion covers recurring capital expenditures, which were expected to be in the range of \$272 to \$292 million for 2025. That's a lot of concrete, cooling equipment, and fiber.

Next up, you have the ongoing operational costs, which are significant because these facilities run 24/7/365. The total operating expenses for Equinix, Inc. for the twelve months ending September 30, 2025, hit \$7.529B. For the third quarter of 2025 specifically, reported operating expenses were \$1.83B. This aggregate number covers everything from the power bill to the security team salaries.

The components driving these operating expenses are predictable for a real estate and infrastructure play like Equinix, Inc. You're definitely looking at significant utility and power costs for keeping those servers cool and running reliably. Also baked into that OpEx are the day-to-day costs for maintenance, security, and global staffing needed to manage the footprint across dozens of countries. Finally, the underlying real estate costs-things like property taxes, ground leases for the land the facilities sit on, and any new land acquisitions-form a critical, fixed layer of the cost base.

Here's a quick look at how the major financial components stack up based on the latest guidance and reported figures:

The company's ability to manage power costs is key, especially given their focus on sustainability; for instance, as of June 30, 2025, Equinix, Inc. allocated \$2.3 billion to projects supporting renewable energy and energy savings. That's a long-term cost mitigation strategy built into the capital plan.

You can see the scale of the ongoing costs when you compare them to revenue generation. For example, Q3 2025 Sales Revenues were \$2.32B, against which the \$1.83B in Operating Expenses for that period shows the high operational leverage required.

The cost structure is fundamentally asset-heavy, meaning the real estate and the initial build-out dictate the long-term financial profile. You're paying for prime locations and the infrastructure to support high-density computing.

• Real estate costs are embedded within OpEx (property taxes, leases) and CAPEX (land acquisition).
• Utility and power costs are a major variable component within Cost of Sales or Operating Expenses.
• Global staffing and security are necessary fixed costs for a worldwide footprint.
• The high CAPEX is what allows for the premium pricing on interconnection services.

Finance: draft 13-week cash view by Friday.

Equinix, Inc. (EQIX) - Canvas Business Model: Revenue Streams

The revenue streams for Equinix, Inc. (EQIX) are heavily weighted toward recurring services, which provides a defintely stable financial base.

Colocation Revenue represents the core of the business, stemming from renting physical space, cabinets, and power within Equinix, Inc. (EQIX)'s global data centers. For the third quarter of 2025, this stream was approximately $1.6 billion. This is a component of the total recurring revenue, which for Q3 2025 reached $2.22 billion.

Interconnection Revenue, which includes revenue from cross-connects and the software-defined Equinix Fabric platform, is a high-growth area. In Q3 2025, this segment generated $422 million. This figure reflects strong demand, with interconnection revenue growing 10 percent year over year in Q3 2025 on an as-reported basis.

You can see a snapshot of the Q3 2025 revenue composition below:

Monthly Recurring Revenue (MRR) from long-term contracts is the bedrock of the financial model. This revenue type accounts for approximately 94 percent of total revenue. To be specific, in Q3 2025, recurring revenues of $2.22 billion represented about 95.7 percent of the total $2.32 billion in quarterly revenue, showing the high stickiness of Equinix, Inc. (EQIX)'s customer base.

Beyond the core recurring charges, Equinix, Inc. (EQIX) generates revenue from supporting services:

• Managed and Professional Services for deployment, migration, and ongoing support of customer infrastructure.
• Revenue from these services falls under the non-recurring category, which was $101 million in Q3 2025.

Looking at the full year, Equinix, Inc. (EQIX) has a clear top-line expectation. Full-year 2025 total revenue is projected to be between $9.21 billion and $9.33 billion, which represents an as-reported increase of approximately 5 - 7 percent over the previous year.

Finance: draft 13-week cash view by Friday.