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Side-by-side financial comparison of APi Group Corp (APG) and Equinix (EQIX). Click either name above to swap in a different company.
Equinix is the larger business by last-quarter revenue ($2.4B vs $2.0B, roughly 1.2× APi Group Corp). APi Group Corp runs the higher net margin — 2.9% vs 0.0%, a 2.9% gap on every dollar of revenue. On growth, APi Group Corp posted the faster year-over-year revenue change (11.7% vs 9.0%). APi Group Corp produced more free cash flow last quarter ($67.0M vs $-596.0M). Over the past eight quarters, APi Group Corp's revenue compounded faster (7.0% CAGR vs 5.4%).
X.AI Corp., doing business as xAI, is an American company working in the area of artificial intelligence (AI), social media and technology that is a wholly owned subsidiary of American aerospace company SpaceX. Founded by Elon Musk in 2023, the company's flagship products are the generative AI chatbot named Grok and the social media platform X, the latter of which they acquired in March 2025.
Equinix Inc. is an American multinational company headquartered in Redwood City, California. It specialized in internet connectivity and data center colocation centers, commonly known as carrier hotels until the company converted to a real estate investment trust (REIT) in January 2015.
APG vs EQIX — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $2.4B |
| Net Profit | $57.0M | $415.0K |
| Gross Margin | 31.3% | 0.1% |
| Operating Margin | 5.2% | 0.0% |
| Net Margin | 2.9% | 0.0% |
| Revenue YoY | 11.7% | 9.0% |
| Net Profit YoY | — | 21.0% |
| EPS (diluted) | $0.12 | $0.00 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q2 26 | — | $2.4B | ||
| Q1 26 | $2.0B | $2.4B | ||
| Q4 25 | $2.1B | $2.4B | ||
| Q3 25 | $2.1B | $2.3B | ||
| Q2 25 | $2.0B | $2.3B | ||
| Q1 25 | $1.7B | $2.2B | ||
| Q4 24 | $1.9B | $2.3B | ||
| Q3 24 | $1.8B | $2.2B |
| Q2 26 | — | $415.0K | ||
| Q1 26 | $57.0M | $265.0M | ||
| Q4 25 | $97.0M | $265.0M | ||
| Q3 25 | $93.0M | $374.0M | ||
| Q2 25 | $77.0M | $368.0M | ||
| Q1 25 | $35.0M | $343.0M | ||
| Q4 24 | $67.0M | $-14.0M | ||
| Q3 24 | $69.0M | $297.0M |
| Q2 26 | — | 0.1% | ||
| Q1 26 | 31.3% | 50.5% | ||
| Q4 25 | 32.0% | 50.5% | ||
| Q3 25 | 31.3% | 50.7% | ||
| Q2 25 | 30.9% | 52.0% | ||
| Q1 25 | 31.5% | 51.3% | ||
| Q4 24 | 30.9% | 47.1% | ||
| Q3 24 | 31.1% | 50.1% |
| Q2 26 | — | 0.0% | ||
| Q1 26 | 5.2% | 17.4% | ||
| Q4 25 | 7.7% | 17.4% | ||
| Q3 25 | 7.8% | 20.5% | ||
| Q2 25 | 7.2% | 21.9% | ||
| Q1 25 | 4.9% | 20.6% | ||
| Q4 24 | 6.2% | 4.6% | ||
| Q3 24 | 7.8% | 19.3% |
| Q2 26 | — | 0.0% | ||
| Q1 26 | 2.9% | 11.0% | ||
| Q4 25 | 4.6% | 11.0% | ||
| Q3 25 | 4.5% | 16.1% | ||
| Q2 25 | 3.9% | 16.3% | ||
| Q1 25 | 2.0% | 15.4% | ||
| Q4 24 | 3.6% | -0.6% | ||
| Q3 24 | 3.8% | 13.5% |
| Q2 26 | — | $0.00 | ||
| Q1 26 | $0.12 | $2.70 | ||
| Q4 25 | $-1.16 | $2.70 | ||
| Q3 25 | $0.20 | $3.81 | ||
| Q2 25 | $0.16 | $3.75 | ||
| Q1 25 | $0.11 | $3.50 | ||
| Q4 24 | $0.05 | $-0.19 | ||
| Q3 24 | $0.23 | $3.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $645.0M | $3.1B |
| Total DebtLower is stronger | $2.8B | — |
| Stockholders' EquityBook value | $3.5B | $14.3B |
| Total Assets | $9.0B | $40.9B |
| Debt / EquityLower = less leverage | 0.79× | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | — | $3.1B | ||
| Q1 26 | $645.0M | $3.2B | ||
| Q4 25 | $912.0M | $3.2B | ||
| Q3 25 | $555.0M | $2.9B | ||
| Q2 25 | $432.0M | $4.5B | ||
| Q1 25 | $460.0M | $3.7B | ||
| Q4 24 | $499.0M | $3.6B | ||
| Q3 24 | $487.0M | $3.2B |
| Q2 26 | — | — | ||
| Q1 26 | $2.8B | — | ||
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.8B | $17.3B | ||
| Q2 25 | $2.8B | $18.1B | ||
| Q1 25 | $2.8B | $15.9B | ||
| Q4 24 | $2.8B | $15.3B | ||
| Q3 24 | $2.9B | $15.4B |
| Q2 26 | — | $14.3B | ||
| Q1 26 | $3.5B | $14.2B | ||
| Q4 25 | $3.4B | $14.2B | ||
| Q3 25 | $3.3B | $14.2B | ||
| Q2 25 | $3.2B | $14.1B | ||
| Q1 25 | $3.0B | $13.9B | ||
| Q4 24 | $3.0B | $13.5B | ||
| Q3 24 | $3.0B | $13.6B |
| Q2 26 | — | $40.9B | ||
| Q1 26 | $9.0B | $40.1B | ||
| Q4 25 | $8.9B | $40.1B | ||
| Q3 25 | $8.7B | $38.1B | ||
| Q2 25 | $8.5B | $38.8B | ||
| Q1 25 | $8.1B | $36.1B | ||
| Q4 24 | $8.2B | $35.1B | ||
| Q3 24 | $8.2B | $35.4B |
| Q2 26 | — | — | ||
| Q1 26 | 0.79× | — | ||
| Q4 25 | 0.81× | — | ||
| Q3 25 | 0.84× | 1.22× | ||
| Q2 25 | 0.87× | 1.28× | ||
| Q1 25 | 0.92× | 1.14× | ||
| Q4 24 | 0.93× | 1.13× | ||
| Q3 24 | 0.96× | 1.13× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $85.0M | $717.0M |
| Free Cash FlowOCF − Capex | $67.0M | $-596.0M |
| FCF MarginFCF / Revenue | 3.4% | -24.4% |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 1.49× | 1727.71× |
| TTM Free Cash FlowTrailing 4 quarters | $680.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | — | $717.0M | ||
| Q1 26 | $85.0M | — | ||
| Q4 25 | $382.0M | $1.1B | ||
| Q3 25 | $232.0M | $1.0B | ||
| Q2 25 | $83.0M | $944.0M | ||
| Q1 25 | $62.0M | $809.0M | ||
| Q4 24 | $283.0M | $981.0M | ||
| Q3 24 | $220.0M | $758.0M |
| Q2 26 | — | $-596.0M | ||
| Q1 26 | $67.0M | — | ||
| Q4 25 | $356.0M | $-292.0M | ||
| Q3 25 | $201.0M | $-122.0M | ||
| Q2 25 | $56.0M | $-45.0M | ||
| Q1 25 | $50.0M | $59.0M | ||
| Q4 24 | $265.0M | $-6.0M | ||
| Q3 24 | $198.0M | $34.0M |
| Q2 26 | — | -24.4% | ||
| Q1 26 | 3.4% | — | ||
| Q4 25 | 16.8% | -12.1% | ||
| Q3 25 | 9.6% | -5.3% | ||
| Q2 25 | 2.8% | -2.0% | ||
| Q1 25 | 2.9% | 2.7% | ||
| Q4 24 | 14.2% | -0.3% | ||
| Q3 24 | 10.8% | 1.5% |
| Q2 26 | — | 0.0% | ||
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 59.3% | ||
| Q3 25 | 1.5% | 49.1% | ||
| Q2 25 | 1.4% | 43.8% | ||
| Q1 25 | 0.7% | 33.7% | ||
| Q4 24 | 1.0% | 43.7% | ||
| Q3 24 | 1.2% | 32.9% |
| Q2 26 | — | 1727.71× | ||
| Q1 26 | 1.49× | — | ||
| Q4 25 | 3.94× | 4.32× | ||
| Q3 25 | 2.49× | 2.71× | ||
| Q2 25 | 1.08× | 2.57× | ||
| Q1 25 | 1.77× | 2.36× | ||
| Q4 24 | 4.22× | — | ||
| Q3 24 | 3.19× | 2.55× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APG
Segment breakdown not available.
EQIX
| Recurring revenues | $1.0B | 43% |
| Colocation | $731.0M | 30% |
| Other | $314.0M | 13% |
| Interconnection | $251.0M | 10% |
| Managed infrastructure | $57.0M | 2% |
| Non-recurring revenues | $45.0M | 2% |
