Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Cash and cash equivalents and short-term investments consisted of the following as of December 31 (in millions):


	2025		2024
Cash	$	368	$	565
Cash equivalents:
Money market funds	1,333		2,401
Time deposits	26		115
Total cash and cash equivalents	1,727		3,081
Short-term investments:
Time deposits	1,245		527
U.S. government securities	255		—
Total short-term investments	1,500		527
Total cash, cash equivalents and short-term investments	$	3,227	$	3,608

Schedule of Accounts Receivable, Net

Accounts receivable, net, consisted of the following as of December 31 (in millions):


	2025		2024
Accounts receivable	$	1,017	$	968
Allowance for credit losses	(16)		(19)
Accounts receivable, net	$	1,001	$	949

Schedule of Allowance for Credit Loss

The following table summarizes the activity of our allowance for credit losses (in millions):


Balance as of December 31, 2022	$	12
Provision for credit losses	15
Net write-offs	(9)
Impact of foreign currency exchange	(1)
Balance as of December 31, 2023	17
Provision for credit losses	21
Net write-offs	(20)
Impact of foreign currency exchange	1
Balance as of December 31, 2024	19
Provision for credit losses	10
Net write-offs	(13)

Balance as of December 31, 2025	$	16

Schedule of Other Current Assets

Other current assets consisted of the following as of December 31 (in millions):


	2025		2024
Taxes receivable	$	284	$	223
Derivative assets, current	235		296
Prepaid expenses, current	134		91
Other receivables (1)	82		106
Contract assets, current	56		102
Other (2)	106		72
Total other current assets	$	897	$	890

(1)Includes receivables due from our joint ventures. See Note 15.

(2)The balance as of December 31, 2025 included $60 million of restricted cash, current, primarily comprised of temporary cash collateral.

Schedule of Property, Plant and Equipment

Our estimated useful lives of property, plant and equipment are generally as follows:


Core systems	3	-	40 years
Buildings	12	-	60 years
Leasehold improvements	12	-	40 years
Personal Property	3	-	10 years
Capitalized internal-use software	3	-	5 years

Property, plant and equipment, net consisted of the following as of December 31 (in millions):


	2025		2024
Core systems	$	15,100	$	12,890
Buildings	11,170		9,475
Construction in progress	2,827		2,204
Land	2,757		1,652
Internal-use software	2,472		2,149
Leasehold improvements	2,210		1,980
Personal property	436		373
	36,972		30,723
Less accumulated depreciation	(13,388)		(11,474)
Property, plant and equipment, net	$	23,584	$	19,249

Schedule of Goodwill and Other Intangible Assets

The following table presents goodwill and other intangible assets, net, for the years ended December 31, 2025 and 2024 (in millions):


	2025		2024
Goodwill:
Americas	$	2,615	$	2,559
EMEA	2,629		2,349
Asia-Pacific	740		596
	$	5,984	$	5,504
Intangible assets:
Customer relationships	$	2,906	$	2,745
Other	117		116
	3,023		2,861
Less accumulated amortization	(1,707)		(1,444)
Total intangible assets, net	$	1,316	$	1,417

Schedule of Carrying Amount of Goodwill by Geographic Regions

Changes in the carrying amount of goodwill by geographic regions are as follows (in millions):


	Americas		EMEA		Asia-Pacific		Total
Balance as of December 31, 2022	$	2,631	$	2,378	$	645	$	5,654
Impact of foreign currency exchange	—		89		(6)		83
Balance as of December 31, 2023	2,631		2,467		639		5,737
Impact of foreign currency exchange	(72)		(118)		(43)		(233)
Balance as of December 31, 2024	2,559		2,349		596		5,504
Additions	—		11		127		138
Impact of foreign currency exchange	56		269		17		342
Balance as of December 31, 2025	$	2,615	$	2,629	$	740	$	5,984

Schedule of Net Book Value of Intangible Assets by Geographic Regions

Changes in the net book value of intangible assets by geographic regions are as follows (in millions):


	Americas		EMEA		Asia-Pacific		Total
Balance as of December 31, 2022	$	1,349	$	402	$	147	$	1,898
Additions	7		—		1		8
Amortization of intangibles	(140)		(54)		(14)		(208)
Impact of foreign currency exchange	—		10		(3)		7
Balance as of December 31, 2023	1,216		358		131		1,705
Impairment charges (1)	(29)		—		—		(29)
Amortization of intangibles	(140)		(54)		(14)		(208)
Impact of foreign currency exchange	(25)		(16)		(10)		(51)
Balance as of December 31, 2024	1,022		288		107		1,417
Additions	—		29		21		50
Amortization of intangibles	(130)		(56)		(14)		(200)
Impact of foreign currency exchange	15		30		4		49
Balance as of December 31, 2025	$	907	$	291	$	118	$	1,316

(1)Refer to Note 17.

Schedule of Estimated Future Amortization Expense Related to Intangibles

Estimated future amortization expense related to these intangibles is as follows (in millions):


Years ending:
2026	$	204
2027	202
2028	200
2029	179
2030	157
Thereafter	374
Total	$	1,316

Schedule of Other Assets

Other assets consisted of the following as of December 31 (in millions):


	2025		2024
Prepaid assets, non-current	$	726	$	109
Equity method investments	551		519
Contract costs	503		436
Loan receivable	328		258
Deferred CCA implementation costs	142		115
Contract assets, non-current	126		113
Prepaid expenses, non-current	107		62
Deferred tax assets, net	100		48
Deposits	62		60
Derivative assets, non-current	20		295
Debt issuance costs, net	2		3
Other (1)	73		31
Total other assets	$	2,740	$	2,049

(1)The balance as of December 31, 2025 included $37 million restricted cash, non-current, primarily comprised of security deposits.

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following as of December 31 (in millions):


	2025		2024
Accrued compensation and benefits	$	473	$	421
Accrued taxes (1)	235		196
Accrued interest	176		96
Accrued utilities and security	154		164
Accounts payable	127		133
Other	185		183
Total accounts payable and accrued expenses	$	1,350	$	1,193

(1)Accrued taxes included income taxes payable of $114 million and $109 million as of December 31, 2025 and 2024, respectively.

Schedule of Other Current Liabilities

Other current liabilities consisted of the following as of December 31 (in millions):


	2025		2024
Deferred revenue, current	$	133	$	123
Derivative liabilities, current	116		27
Dividends payable, current	18		16
Customer deposits	16		16
Asset retirement obligations, current	3		1
Other	54		49
Total other current liabilities	$	340	$	232

Schedule of Other Liabilities

Other liabilities consisted of the following as of December 31 (in millions):


	2025		2024
Deferred tax liabilities, net	$	367	$	339
Asset retirement obligations, non-current	225		108
Deferred revenue, non-current	170		150
Derivative liabilities, non-current	113		46
Accrued taxes	47		42
Dividends payable, non-current	14		13
Other non-current liabilities	47		62
Total other liabilities	$	983	$	760

Schedule of Asset Retirement Obligation Liability

The following table summarizes the activities of our asset retirement obligations ("ARO") (in millions):


Asset retirement obligations as of December 31, 2022	$	118
Additions and adjustments	(12)
Accretion expense	7

Asset retirement obligations as of December 31, 2023	113
Additions and adjustments	(6)
Accretion expense	6
Impact of foreign currency exchange	(4)
Asset retirement obligations as of December 31, 2024	109
Additions and adjustments	108
Accretion expense	7
Impact of foreign currency exchange	4
Asset retirement obligations as of December 31, 2025	$	228

EQUINIX INC 10-K