Equinix Reports ‘Best Ever’ Quarter to Finish 2025

If there is a data center development bubble, it hasn’t reached Equinix. 

In the final quarter of 2025, the data center developer and manager landed its most-ever annualized gross bookings for its data services at $474 million — well beyond its expectations and an increase of 42 percent year-over-year. Its $1.6 billion in gross bookings for the full year was also up 27 percent over 2024, according to its Wednesday earnings call.

Equinix’s revenue reached nearly $9.22 billion last year, a 6 percent hike over the previous year on a normalized basis. The real estate investment trust also pulled in nearly $1.2 billion in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the fourth quarter, and its full-year EBITDA of $4.53 billion was a 10 percent jump over 2024. Its monthly recurring revenue, which CEO Adaire Fox-Martin called the company’s “most powerful driver of long-term value,” grew by 10 percent year-over-year in the fourth quarter and 8 percent annually.

“Equinix delivered its best quarter ever, by far,” Keith Taylor, Equinix’s chief financial officer (who recently announced his intention to retire in 2026) said during the call. “The magnitude of our quarterly activity, both across a substantial number of diverse deals, but also with over 3,400 customers, underscores that our strategy is working and meeting the opportunity in front of us.”

Equinix now expects full-year 2026 revenue of $10.12 billion to $10.22 billion. 

Equinix also delivered record capacity in 2025, with 23,250 new retail cabinets (which house server and network equipment) and more than 90 megawatts of its hyperscale capacity across the globe, its leaders said on the call. The company is planning to continue expanding, too. Alongside the 16 global data center projects that it opened last year, it has also added 10 new expansion projects since October alone, including investment in the U.K. totaling £3.9 billion, or about $5.3 billion in U.S. currency. Equinix currently has 52 major expansion projects in the pipeline. 

Fox-Martin added during the call that the first quarter of 2026 is already its largest pre-sales quarter ever, with $100 million booked as of mid-February. Equinix’s sheer momentum at the beginning of this year, given global demand for data, was not lost on the CEO, either. 

“I want to leave you with a final thought,” Fox-Martin told investors during the call. “Equinix is at the center of a historic, multiyear infrastructure investment cycle to deploy AI at scale. Enterprises need to connect and manage increasingly complex and distributed technology ecosystems. … It is where we have continued to focus, and our focus is paying off. We were built for this moment. … That’s exactly what we did last quarter, and it’s what you should expect from us going forward.” 

Nick Trombola can be reached at ntrombola@commercialobserver.com.