Equinix, Inc. stock research
FY2025 Q3
Equinix (EQIX) Gross Margin — Quarter Ended Sep 30, 2025
Revenue and gross profit were both higher than a year earlier but stable compared to the prior quarter. Gross margin improved from the same quarter last year but weakened sequentially, reflecting a mixed performance.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue and gross profit were both higher than a year earlier but stable compared to the prior quarter. Gross margin improved from the same quarter last year but weakened sequentially, reflecting a mixed performance.
- Gross margin improved year-over-year, the strongest observable directional change among the metrics. However, the sequential decline indicates a recent shift in the balance between revenue and cost of revenue.
- Compared to the prior quarter, revenue and gross profit were unchanged while gross margin was lower. Year-over-year, revenue and gross profit were higher with gross margin also higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
50.7%
Gross profit
$1.2B
Revenue
$2.3B
Cost of revenue
$1.1B
Quarter-over-quarter change
-1.3 pts
Year-over-year change
+0.6 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2024 | $2.3B | $1.1B | $1.2B | 47.1% |
| Mar 31, 2025 | $2.2B | $1.1B | $1.1B | 51.3% |
| Jun 30, 2025 | $2.3B | $1.2B | $1.1B | 52.0% |
| Sep 30, 2025 | $2.3B | $1.2B | $1.1B | 50.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-1.3 pts
Year-over-year change
Sep 30, 2024
+0.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross margin improved year-over-year, the strongest observable directional change among the metrics. However, the sequential decline indicates a recent shift in the balance between revenue and cost of revenue.
Compared to the prior quarter, revenue and gross profit were unchanged while gross margin was lower. Year-over-year, revenue and gross profit were higher with gross margin also higher.
Monitor whether gross margin continues to weaken sequentially or stabilizes in coming quarters.