Equinix (EQIX): what its 10-K says it depends on

Customers

U.S. government

earns fromnamed as a risk

We derive revenues from contracts with the U.S. government, state and local governments and foreign governments.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BA and 46 more

Chinese customers named in U.S. executive orders

earns fromnamed as a risk

In addition, we have several Chinese customers who are named in restrictive executive orders ("EOs") in the United States, and while a majority of these EOs do not apply to the type of services that we currently provide to these Chinese customers, the landscape continues to evolve, and new rules have been broader than what we have historically experienced.Risk factors (Item 1A)

Hyperscale cloud service providers

earns fromnamed as a risk

We have also invested in joint ventures in order to develop capacity to serve the large footprint needs of a targeted set of hyperscale customers by leveraging existing capacity and dedicated hyperscale builds.Risk factors (Item 1A)

Suppliers

Telecommunications carriers

depends onnamed as a risk

The presence of diverse telecommunications carriers' fiber networks in our IBX data centers is critical to our ability to retain and attract new customers.Risk factors (Item 1A)

Also named by DLR, IRM

Utility companies

depends onnamed as a risk

In each of our markets, we contract with and rely on third parties, third party infrastructure, governments, and global suppliers to provide a sufficient amount of power to maintain our IBX data centers and meet the needs of our current and future customers.Risk factors (Item 1A)

Leased data center landlords

depends onnamed as a risk

A failure to renew a lease or termination by a landlord of any lease could force us to exit a building prematurely, which could disrupt our business, harm our customer relationships, impact and harm our joint venture relationships, expose us to liability under our customer contracts or joint venture agreements, cause us to take impairment charges and affect our results of operations negatively.Risk factors (Item 1A)

Partners and platforms

xScale joint ventures

depends onnamed as a risk

The success of these joint ventures will depend, in part, on the successful partnership between Equinix and our joint venture partners.Risk factors (Item 1A)

Places

International operations (outside U.S.)

earns from · approximately 61%named as a risk

For the years ended December 31, 2025, 2024 and 2023, we recognized approximately 61%, 62% and 63%, respectively, of our revenues outside the U.S.Risk factors (Item 1A)

Also named by APG, AXP, CARR, COP, COST, DD, ECL, FIS and 14 more

EMEA

operates in · approximately $285 millionnamed as a risk

With the existing cash flow hedges in place, a hypothetical 10% strengthening of the U.S. dollar during the year ended December 31, 2025 would have resulted in a reduction of our revenues and a reduction of our operating expenses including depreciation and amortization expense by approximately $285 million and $277 million, respectively.Market risk (Item 7A)

Also named by FDS, HLIO, MDB, UCTT

China

depends onnamed as a risk

Current relations between the U.S. and China have created increased supply chain risk due to successive U.S. legislation promoting decoupling from China on semiconductors and specific telecommunications equipment makers as well as the threat of increased tariffs and having to source from alternative suppliers for key components outside of China.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Red Sea

depends onnamed as a risk

Attacks on merchant vessels remain high in the Red Sea which is causing disruptions in shipping routes.Risk factors (Item 1A)

Also named by BBY, DDS, DLTR, PVH, SGI, SHW, TJX

Hazards

California

concentrated innamed as a risk

We purchase earthquake insurance for certain of our IBX data centers, but for our IBX data centers in high-risk zones, including those in California and Japan, we have elected to self-insure.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Japan

concentrated innamed as a risk

We purchase earthquake insurance for certain of our IBX data centers, but for our IBX data centers in high-risk zones, including those in California and Japan, we have elected to self-insure.Risk factors (Item 1A)

Also named by A, AAPL, AFL, AMKR, ANET, BMY, BSX, CAT and 25 more

Commodities and inputs

Power Purchase Agreements (renewable energy)

depends on · 1,472 MW

As of December 31, 2025, we have executed 29 PPAs in 12 countries, which brings our total portfolio to 1,472 MW of new wind and solar capacity in Australia, Brazil, Finland, France, India, Italy, Japan, Portugal, Singapore, Spain, Sweden, and the United States.Business (Item 1)

Also named by DLR, HASI, NI

Steel

exposed to its pricenamed as a risk

At this time, we believe the largest potential tariff impact for us is related to steel and steel derivatives.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Electricity

exposed to its pricenamed as a risk

Any power outages, shortages, capacity constraints, limits on access or significant increases in the cost of power may have an adverse effect on our business and our results of operations.Risk factors (Item 1A)

Also named by AA, AESI, APD, APLD, ATI, ATO, BA, BMNR and 22 more

Water

depends onnamed as a risk

For example, certain facilities are located in regions experiencing water stress or recurring droughts, and evaporative cooling systems can consume millions of gallons annually.Risk factors (Item 1A)

Also named by ADM, BF/B, CDE, CELH, CNX, CRGY, DE, EOG and 9 more

Semiconductor chips

depends onnamed as a risk

Further, as a result of the increase in demand for AI infrastructure, we are anticipating chip shortages relative to those experienced in the market in prior years.Risk factors (Item 1A)

Also named by AME, BWA, CTOS, CVLG, GEV, RBRK, RMD, THO

Generators and switchgear

depends onnamed as a risk

In addition, the lead-time to procure certain pieces of equipment, such as generators, is substantial.Market risk (Item 7A)

Regulators

Office of Foreign Assets Control (OFAC)

subject tonamed as a risk

compliance with economic and trade sanctions enforced by the Office of Foreign Assets Control of the U.S. Department of Treasury, the Bureau of Industry and Security of the US Department of Commerce and other enforcement agencies in other jurisdictions around the world including those related to the Russian and Ukrainian war;Risk factors (Item 1A)

Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

Regulations or other governmental actions taken or implemented by federal executive branch officials (including U.S. Presidents) and agencies (such as the U.S. EPA), state environmental and health and safety agencies, regulators in other countries or judicial opinions or orders could limit or impact standards for air emissions from fossil fuel-fired power plants.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

Laws and programs

OECD Pillar Two global minimum tax

subject to · 15%named as a risk

For example, it has proposed a framework to implement a global minimum tax of 15% for businesses with global revenues and profits above certain thresholds (referred to as Pillar Two).Risk factors (Item 1A)

Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more

U.S. REIT rules (Internal Revenue Code)

subject to · at least 90% of our REIT taxable incomenamed as a risk

To remain qualified for taxation as a REIT, we are generally required to distribute at least 90% of our REIT taxable income (determined without regard to the dividends paid deduction and excluding net capital gain) each year, or in limited circumstances, the following year, to our stockholders.Risk factors (Item 1A)

U.S. tariffs

subject tonamed as a risk

Moreover, actual or proposed U.S. tariffs and potential counter tariffs may increase costs and disrupt our supply chain, with their scope and duration dependent on evolving negotiations and exemptions, making their impact difficult to predict.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

EU Artificial Intelligence Act

subject tonamed as a risk

We expect there may also be forthcoming regulation in areas of regulating the responsible use of AI, such as the proposed EU Artificial Intelligence Act and the introduction of heightened measures to be adopted with respect to cybersecurity, operational resilience, data privacy, sustainability, taxation and data security, any of which could impact us and our customers.Risk factors (Item 1A)

Also named by ABNB, ADP, AIOT, AKAM, ALAB, AMG, APP, AVAV and 24 more

EU Digital Operational Resilience Act (DORA)

subject tonamed as a risk

For example, we have recently been designated as a “Critical ICT Third-Party Information and Communications Technology ("ICT") Service Provider" under DORA.Risk factors (Item 1A)

Also named by BKNG, BLK, CRM, CRWD, DDOG, FDS, MCO, MDB and 3 more

EU NIS 2 Directive

subject tonamed as a risk

Regulations such as the US Cyber Incident Reporting for Critical Infrastructure Act of 2022 (“CIRCIA 2022”), the SEC Cybersecurity Disclosure Rule, the EU Network and Information Security Directive No.2 (“NIS 2”), the EU Digital Operational Resilience Act (“DORA”), and Australia’s Security of Critical Infrastructure Act 2018 make it mandatory for Equinix to comply with more stringent requirements related to cybersecurity, data privacy, controls on data storage and cross border data transfer and operational resilience, more so, in countries where our entities and/or IBXs are designated as critical information or critical national infrastructure.Risk factors (Item 1A)

Also named by CSGP

Cyber Incident Reporting for Critical Infrastructure Act of 2022 (CIRCIA)

subject tonamed as a risk

Regulations such as the US Cyber Incident Reporting for Critical Infrastructure Act of 2022 (“CIRCIA 2022”), the SEC Cybersecurity Disclosure Rule, the EU Network and Information Security Directive No.2 (“NIS 2”), the EU Digital Operational Resilience Act (“DORA”), and Australia’s Security of Critical Infrastructure Act 2018 make it mandatory for Equinix to comply with more stringent requirements related to cybersecurity, data privacy, controls on data storage and cross border data transfer and operational resilience, more so, in countries where our entities and/or IBXs are designated as critical information or critical national infrastructure.Risk factors (Item 1A)

Australia Security of Critical Infrastructure Act 2018

subject tonamed as a risk

Regulations such as the US Cyber Incident Reporting for Critical Infrastructure Act of 2022 (“CIRCIA 2022”), the SEC Cybersecurity Disclosure Rule, the EU Network and Information Security Directive No.2 (“NIS 2”), the EU Digital Operational Resilience Act (“DORA”), and Australia’s Security of Critical Infrastructure Act 2018 make it mandatory for Equinix to comply with more stringent requirements related to cybersecurity, data privacy, controls on data storage and cross border data transfer and operational resilience, more so, in countries where our entities and/or IBXs are designated as critical information or critical national infrastructure.Risk factors (Item 1A)