Digital infrastructure company Equinix, Inc. (NASDAQ:EQIX) has reported its financial results for the quarter ended March 31, 2025.

Revenues for the first quarter of 2025 amounted to $2.225 billion, a 5% increase over the same quarter of the previous year on an as-reported basis, or an 8% increase on a normalized and constant currency basis, excluding the impact of power pass-through.

Operating Income reached $458 million, a 26% increase over the same quarter of the previous year, primarily due to strong underlying operating performance.

Net Income Attributable to Common Stockholders amounted to $343 million, a 48% increase over the same quarter of the previous year, primarily due to higher underlying income from operations.

Adjusted EBITDA was $1.067 billion, adjusted EBITDA margin was 48%, an 8% increase over the same quarter of the previous year on an as-reported basis or a 9% increase on a normalized and constant currency basis, and above the top-end of our guidance range due to strong operating performance.

For the second quarter of 2025, the company expects revenues to range between $2.244 and $2.264 billion, an increase of 1% at the mid-point over the previous quarter or flat on a normalized and constant currency basis, excluding the quarter-over-quarter impact of the power pass-through. This guidance includes a $37 million step-up from recurring revenues and a $38 million foreign currency benefit when compared to the average FX rates in Q1 2025, offset by $38 million of lower sequential non-recurring revenues related to completion of xScale fit-out activity in Q1 2025.