Digital Realty vs Equinix
Equinix reported revenue of $9.2 billion in fiscal 2025, 1.5 times Digital Realty's $6.1 billion in fiscal 2025. Digital Realty's revenue grew 10.0% in its latest year, and Equinix's grew 5.4%. Digital Realty had an operating margin of 10.8%, against 20.1% at Equinix. Free cash flow was −$769 million at Digital Realty and −$400 million at Equinix.
Side by side
| Digital Realty | Equinix | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $6.1B | $9.2B |
| Revenue growth | 10.0% | 5.4% |
| Revenue growth a year, last 5 years | 9.4% | 9.0% |
| Gross margin | — | 51.1% |
| Operating margin | 10.8% | 20.1% |
| Net margin | 21.4% | 14.7% |
| Free cash flow | −$769M | −$400M |
| Free cash flow margin | −12.6% | −4.3% |
| Return on capital | — | 5.6% |
| Net debt to EBITDA | — | 4.5x |
| Dividends and buybacks | $1.7B | $1.9B |
| Change in diluted share count | 4.9% | 2.4% |
| Last close | $174.53 | $967.65 |
| P/E at the last close | 46.2× | 62.3× |
| Insider trades, last 12 months | sold $694,604 | sold $61.2 million |
| Piotroski F-score | — | 5 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Digital RealtyEquinix
Operating margin
Percent of revenue
Digital RealtyEquinix
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Digital RealtyEquinix
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Digital Realty and Equinix pages.