Equinix Inc (EQIX · NASDAQ)

Equinix posted June-quarter revenue of $2.62B, up from $2.44B the prior quarter, with net income of $479.0M and EBITDA of $1.23B, and beat consensus EPS of $10.14 with $11.78 reported. Trailing revenue grew 16.7% YoY to $9.90B with earnings up 28.8%, though free cash flow was negative $189.0M in the quarter as capex of $1.26B exceeded operating cash flow of $1.07B, and leverage stands at 5.1x debt/EBITDA on $23.36B of total debt. The stock closed at $1,026.06, up 1.5% on the day but down 7.6% from its 52-week high, with an analyst target of $1,234.19 and a P/E of 66.03. Recent coverage has been somewhat bullish, citing AI-driven data center demand, though Toth Financial Advisory cut its stake by 96.6% in Q3.