Equinix (EQIX) Q1 FY25 earnings call

Earnings call· Mar 2025 (Q1 FY25)· Real Estate· Apr 30, 2025

Source: earnings call transcript

Equinix delivered a strong Q1 FY25, outperforming financial metrics and raising full-year guidance, driven by robust bookings and effective sales execution. The company is strategically shifting to larger IBX phases and expanding its xScale portfolio to meet persistent digital infrastructure demand, particularly for AI workloads. While monitoring macroeconomic uncertainties and tariff impacts, Equinix remains confident in its diversified business model and underlying recurring revenue growth for 2025.

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EQIX operating KPIs by quarter

EQIX operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	This call Mar 2025 Q1 FY25	Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Interconnections	482K+ We now have more than 482,000 total interconnections deployed on our industry-leading platform. Source: earnings call transcript	486K+ Interconnection revenues grew a healthy 9% year-over-year on a normalized and constant currency basis with more than 486,000 total interconnections now deployed. Source: earnings call transcript	499K+ We added 7,100 net physical and virtual connections in Q3, bringing our total to more than 499,000. Source: earnings call transcript	500K+ We also crossed an extraordinary milestone in Q4, surpassing 0.5 million interconnections worldwide. Source: earnings call transcript	500K+ This is a structural competitive advantage given the more than 500,000 live interconnections across our ecosystem. Source: earnings call transcript	—	—
Net interconnection additions	6,000 We added an incremental 6,000 underlying interconnections in Q4. Source: earnings call transcript	3,900 And finally, we had strong seasonal gross interconnection additions, resulting in a healthy net 3,900 total interconnections added in Q1. Source: earnings call transcript	7,100 We added 7,100 net physical and virtual connections in Q3, bringing our total to more than 499,000. Source: earnings call transcript	7,800 We added 7,800 net interconnections in the quarter, including our adjustments. Source: earnings call transcript	5,800 We increased physical and virtual net interconnections by 5,800 with particular strength in fabric additions. Source: earnings call transcript	9,700 We added 9,700 net interconnections, our most ever and AFFO per share grew 18% on a normalized and constant currency basis. Source: earnings call transcript	+67.2%
MRR churn rate	2.5% Global Q4 MRR churn was 2.5%, as planned, due to the previously discussed deferral of MRR churn from late September into early October. Source: earnings call transcript	2.4% Global Q1 MRR churn was 2.4%, as expected. Source: earnings call transcript	—	—	1.7% Churn came at 1.7%, primarily due to the benefit of some delayed churn and through focus and execution during our renewal process. Source: earnings call transcript	1.8% Churn was 1.8% primarily due to our renewal process execution and some delayed churn. Source: earnings call transcript	+0.1 pt
Capital expenditures Recurring	$115M For the quarter, capital expenditures were approximately $1 billion, including seasonally higher recurring CapEx of $115 million as planned. Source: earnings call transcript	$26M Capital expenditures were $750 million, including seasonally lower recurring CapEx of $26 million as expected. Source: earnings call transcript	$64M Capital expenditures were approximately $1.14 billion, including a recurring CapEx of $64 million. Source: earnings call transcript	—	—	—	+146.2%
Properties Stabilized assets	177 Our now 177 stabilized assets increased revenues by 3% year-over-year on both an as-reported and constant currency basis. Source: earnings call transcript	190 Our now 190 stabilized assets increased recurring revenues by 3% year-over-year on a constant currency basis and are collectively 82% utilized and generated a 26% cash-on-cash return on the gross PP&E invested. Source: earnings call transcript	188 Our now 188 stabilized assets increased revenues by 4% year-over-year on a constant currency basis and are collectively 82% utilized and generate a 26% cash-on-cash return on the gross PP&E invested. Source: earnings call transcript	187 Related to our now 187 stabilized assets, revenues increased by 6% year-over-year on a constant currency basis. Source: earnings call transcript	192 Our 192 stabilized assets increased recurring revenue by 6% year-over-year, are collectively 82% utilized and generated a 26% cash-on-cash return on growth PP&E Source: earnings call transcript	194 Our 194 stabilized assets are collectively 82% utilized and generated a 27% cash-on-cash yields on gross PP&E We continue to achieve these outsized returns on assets we have delivered in recent years. Source: earnings call transcript	+1%
Occupancy rate Stabilized assets	83% Stabilized assets were collectively 83% utilized and generated a 27% cash-on-cash return on the gross PP&E invested. Source: earnings call transcript	82% Our now 190 stabilized assets increased recurring revenues by 3% year-over-year on a constant currency basis and are collectively 82% utilized and generated a 26% cash-on-cash return on the gross PP&E invested. Source: earnings call transcript	82% Our now 188 stabilized assets increased revenues by 4% year-over-year on a constant currency basis and are collectively 82% utilized and generate a 26% cash-on-cash return on the gross PP&E invested. Source: earnings call transcript	82% These stabilized assets are collectively 82% utilized and generated a 27% cash-on-cash return on the gross PP&E invested on a constant currency basis. Source: earnings call transcript	82% Our 192 stabilized assets increased recurring revenue by 6% year-over-year, are collectively 82% utilized and generated a 26% cash-on-cash return on growth PP&E Source: earnings call transcript	82% Our 194 stabilized assets are collectively 82% utilized and generated a 27% cash-on-cash yields on gross PP&E We continue to achieve these outsized returns on assets we have delivered in recent years. Source: earnings call transcript	0 pt

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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