Equinix Inc Q2 2025 results

In addition, in light of Regulation Fair Disclosure, it is Equinix's policy not to comment on its financial guidance during the quarter unless it's done through an explicit public disclosure. In Q2, our revenues, adjusted EBITDA, and AFFO were all in line with or better than expectations. This performance was underpinned by strong recurring revenue growth and solid operating flow-through, resulting in adjusted EBITDA margins hitting 50%. We presented the strategy we have defined to unlock these opportunities and against which we are already rapidly executing, and we shared important financial guidance for the next five years.

First, as outlined on slide six, our capital expenditure is about capacity expansion with the aim of accelerating revenue. The vast majority of our investments over the next five years are expected to be allocated to our future growth. As I outlined in my presentation at analyst day, we see a significant addressable market opportunity in front of Equinix, and this opportunity is affirmed by the demand signals from our customers. Our customers are the motivation for the expansion and scale of our capital investments.

Second, only about 1% of our non-recurring capital expenditures will be allocated to the redevelopment of select high-value IBX assets. Our growth investments are intended to skew towards our major markets, where we generate over $100 million in annual revenue. Hence, whilst we guide it through 2029, our near to medium-term investments will support our durable growth beyond 2029. We see a path to drive the business to double-digit revenue growth as our build-bolder strategy becomes fully operational.