Equinix delivered another record-breaking year in 2024, reporting $8.75 billion in revenue, a 7% increase on an as-reported basis and 8% growth on a normalized and constant-currency basis excluding power pass-through. The company maintained its 22-year streak of consecutive quarterly revenue growth, driven by strong bookings, expanding AI infrastructure demand, and high-performance compute workloads. However, GAAP operating income declined 8% to $1.33 billion, impacted by $314 million in non-recurring asset impairments, restructuring, and transaction costs.
Net income attributable to common stockholders fell 16% year-over-year to $815 million, with GAAP earnings per share (EPS) dropping 18% to $8.50. Despite this, Equinix expanded adjusted EBITDA margins by 160 basis points, reaching 47%, and reported adjusted EBITDA of $4.1 billion. The company also increased its annualized funds from operations (AFFO) by 11% to $3.36 billion, with AFFO per share rising 9% to $35.02, underlining the strength of its recurring revenue model.
The AI infrastructure boom played a key role in Equinix’s success, with over half of its top 25 retail business deals focused on AI workloads. The xScale portfolio continued to expand, with over 400 megawatts leased globally, including new deals in Paris and Singapore. Additionally, Equinix tripled its capital investment in xScale through a $15 billion joint venture with CPP Investments and GIC, ensuring capacity expansion to support AI and hyperscale cloud workloads. The company’s global interconnection footprint grew to 482,000 total interconnections, with interconnection revenue increasing 9% year-over-year.
For 2025, Equinix expects revenue between $9.03 billion and $9.13 billion, an as-reported 3-4% increase, or 7-8% growth on a normalized basis. Adjusted EBITDA is projected to rise to $4.39 billion – $4.47 billion, with an improved 49% margin due to operating leverage. AFFO is forecasted to grow 7-10% to $3.61 billion – $3.69 billion, and AFFO per share is expected to reach $36.69 – $37.51, an increase of 5-7%. With 62 major projects in 36 markets across 25 countries, Equinix remains at the forefront of global digital infrastructure expansion.
• Q4 & Full-Year 2024 Financial Highlights:
• Revenue: $8.75 billion (+7% YoY, +8% normalized)
• GAAP Operating Income: $1.33 billion (-8% YoY, impacted by restructuring costs)
• Net Income Attributable to Common Stockholders: $815 million (-16% YoY)
• GAAP EPS: $8.50 (-18% YoY)
• Adjusted EBITDA: $4.1 billion (+160 bps margin expansion, 47% EBITDA margin)
• AFFO: $3.36 billion (+11% YoY)
• AFFO per share: $35.02 (+9% YoY)
• Quarterly dividend increase: 10% to $4.69 per share (10th consecutive year of increases)
• 2025 Outlook:
• Full-Year 2025 Guidance:
• Revenue: $9.03B – $9.13B (+3-4% as-reported, +7-8% normalized)
• Adjusted EBITDA: $4.39B – $4.47B (49% margin, +190 bps YoY)
• AFFO: $3.61B – $3.69B (+7-10% YoY)
• AFFO per share: $36.69 – $37.51 (+5-7% YoY)
• Q1 2025 Guidance:
• Revenue: $2.19B – $2.23B (flat on normalized basis)
• Adjusted EBITDA: $1.01B – $1.05B
• Recurring capital expenditures: $24M – $47M
Business Highlights:
• AI Infrastructure & xScale Expansion:
• Over 50% of top Q4 deals were AI-related.
• xScale portfolio leasing exceeded 400MW, with new deployments in Paris and Singapore.
• $15 billion JV with CPP Investments & GIC to expand multi-hundred MW AI and hyperscale data centers.
• Global Expansion & Interconnection Growth:
• 62 major projects in 36 markets across 25 countries.
• 482,000 total interconnections, adding 6,000 in Q4.
• 9% YoY interconnection revenue growth, representing 19% of recurring revenue.
• Sustainability & Green Initiatives:
• Power Usage Effectiveness (PUE) improved by 6%.
• Recognized in CDP’s Climate Change A List and received MSCI AAA-rating.
• Issued €1.15 billion in green bonds, bringing total green bond issuance to $6.9 billion.
