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Side-by-side financial comparison of Equinix (EQIX) and State Street Corporation (STT). Click either name above to swap in a different company.
State Street Corporation is the larger business by last-quarter revenue ($3.7B vs $2.4B, roughly 1.5× Equinix). State Street Corporation runs the higher net margin — 20.4% vs 11.0%, a 9.4% gap on every dollar of revenue. On growth, Equinix posted the faster year-over-year revenue change (8.8% vs 7.5%). Over the past eight quarters, State Street Corporation's revenue compounded faster (8.1% CAGR vs 5.9%).
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.
State Street Corporation is an American multinational financial services and bank holding company headquartered at One Congress Street in Boston. It is the second-oldest continuously operating U.S. bank, tracing its roots to Union Bank, chartered in 1792. As of the third quarter of 2025, State Street is one of the world's largest asset managers and custodians, with approximately US$5.4 trillion in assets under management and US$51.7 trillion under custody and administration.
EQIX vs STT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.4B | $3.7B |
| Net Profit | $265.0M | $747.0M |
| Gross Margin | 50.5% | — |
| Operating Margin | 17.4% | 25.0% |
| Net Margin | 11.0% | 20.4% |
| Revenue YoY | 8.8% | 7.5% |
| Net Profit YoY | -22.7% | -4.6% |
| EPS (diluted) | $2.70 | $2.41 |
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.
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.4B | $3.7B | ||
| Q3 25 | $2.3B | $3.5B | ||
| Q2 25 | $2.3B | $3.4B | ||
| Q1 25 | $2.2B | $3.3B | ||
| Q4 24 | $2.3B | $3.4B | ||
| Q3 24 | $2.2B | $3.3B | ||
| Q2 24 | $2.2B | $3.2B |
| Q1 26 | $265.0M | — | ||
| Q4 25 | $265.0M | $747.0M | ||
| Q3 25 | $374.0M | $861.0M | ||
| Q2 25 | $368.0M | $693.0M | ||
| Q1 25 | $343.0M | $644.0M | ||
| Q4 24 | $-14.0M | $783.0M | ||
| Q3 24 | $297.0M | $730.0M | ||
| Q2 24 | $301.0M | $711.0M |
| Q1 26 | 50.5% | — | ||
| Q4 25 | 50.5% | — | ||
| Q3 25 | 50.7% | — | ||
| Q2 25 | 52.0% | — | ||
| Q1 25 | 51.3% | — | ||
| Q4 24 | 47.1% | — | ||
| Q3 24 | 50.1% | — | ||
| Q2 24 | 49.9% | — |
| Q1 26 | 17.4% | — | ||
| Q4 25 | 17.4% | 25.0% | ||
| Q3 25 | 20.5% | 31.1% | ||
| Q2 25 | 21.9% | 25.8% | ||
| Q1 25 | 20.6% | 25.0% | ||
| Q4 24 | 4.6% | 28.1% | ||
| Q3 24 | 19.3% | 28.4% | ||
| Q2 24 | 20.2% | 28.6% |
| Q1 26 | 11.0% | — | ||
| Q4 25 | 11.0% | 20.4% | ||
| Q3 25 | 16.1% | 24.3% | ||
| Q2 25 | 16.3% | 20.1% | ||
| Q1 25 | 15.4% | 19.6% | ||
| Q4 24 | -0.6% | 22.9% | ||
| Q3 24 | 13.5% | 22.4% | ||
| Q2 24 | 13.9% | 22.3% |
| Q1 26 | $2.70 | — | ||
| Q4 25 | $2.70 | $2.41 | ||
| Q3 25 | $3.81 | $2.78 | ||
| Q2 25 | $3.75 | $2.17 | ||
| Q1 25 | $3.50 | $2.04 | ||
| Q4 24 | $-0.19 | $2.43 | ||
| Q3 24 | $3.10 | $2.26 | ||
| Q2 24 | $3.16 | $2.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.2B | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $14.2B | $27.8B |
| Total Assets | $40.1B | $366.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $3.7B | — | ||
| Q4 24 | $3.6B | — | ||
| Q3 24 | $3.2B | — | ||
| Q2 24 | $2.0B | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $17.3B | — | ||
| Q2 25 | $18.1B | — | ||
| Q1 25 | $15.9B | — | ||
| Q4 24 | $15.3B | — | ||
| Q3 24 | $15.4B | — | ||
| Q2 24 | $14.5B | — |
| Q1 26 | $14.2B | — | ||
| Q4 25 | $14.2B | $27.8B | ||
| Q3 25 | $14.2B | $27.6B | ||
| Q2 25 | $14.1B | $27.3B | ||
| Q1 25 | $13.9B | $26.7B | ||
| Q4 24 | $13.5B | $25.3B | ||
| Q3 24 | $13.6B | $25.8B | ||
| Q2 24 | $12.3B | $24.8B |
| Q1 26 | $40.1B | — | ||
| Q4 25 | $40.1B | $366.0B | ||
| Q3 25 | $38.1B | $371.1B | ||
| Q2 25 | $38.8B | $376.7B | ||
| Q1 25 | $36.1B | $372.7B | ||
| Q4 24 | $35.1B | $353.2B | ||
| Q3 24 | $35.4B | $338.5B | ||
| Q2 24 | $32.9B | $325.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.22× | — | ||
| Q2 25 | 1.28× | — | ||
| Q1 25 | 1.14× | — | ||
| Q4 24 | 1.13× | — | ||
| Q3 24 | 1.13× | — | ||
| Q2 24 | 1.18× | — |
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 | — | $10.0B |
| Free Cash FlowOCF − Capex | — | $9.8B |
| FCF MarginFCF / Revenue | — | 266.6% |
| Capex IntensityCapex / Revenue | — | 7.3% |
| Cash ConversionOCF / Net Profit | — | 13.44× |
| TTM Free Cash FlowTrailing 4 quarters | — | $10.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $10.0B | ||
| Q3 25 | $1.0B | $7.9B | ||
| Q2 25 | $944.0M | $-8.4B | ||
| Q1 25 | $809.0M | $2.4B | ||
| Q4 24 | $981.0M | $-7.4B | ||
| Q3 24 | $758.0M | $2.7B | ||
| Q2 24 | $912.0M | $-7.6B |
| Q1 26 | — | — | ||
| Q4 25 | $-292.0M | $9.8B | ||
| Q3 25 | $-122.0M | $7.7B | ||
| Q2 25 | $-45.0M | $-8.8B | ||
| Q1 25 | $59.0M | $2.2B | ||
| Q4 24 | $-6.0M | $-7.7B | ||
| Q3 24 | $34.0M | $2.5B | ||
| Q2 24 | $264.0M | $-7.9B |
| Q1 26 | — | — | ||
| Q4 25 | -12.1% | 266.6% | ||
| Q3 25 | -5.3% | 216.0% | ||
| Q2 25 | -2.0% | -254.1% | ||
| Q1 25 | 2.7% | 66.1% | ||
| Q4 24 | -0.3% | -225.1% | ||
| Q3 24 | 1.5% | 75.9% | ||
| Q2 24 | 12.2% | -246.2% |
| Q1 26 | — | — | ||
| Q4 25 | 59.3% | 7.3% | ||
| Q3 25 | 49.1% | 6.9% | ||
| Q2 25 | 43.8% | 9.3% | ||
| Q1 25 | 33.7% | 6.9% | ||
| Q4 24 | 43.7% | 7.3% | ||
| Q3 24 | 32.9% | 7.2% | ||
| Q2 24 | 30.0% | 6.7% |
| Q1 26 | — | — | ||
| Q4 25 | 4.32× | 13.44× | ||
| Q3 25 | 2.71× | 9.18× | ||
| Q2 25 | 2.57× | -12.18× | ||
| Q1 25 | 2.36× | 3.72× | ||
| Q4 24 | — | -9.49× | ||
| Q3 24 | 2.55× | 3.71× | ||
| Q2 24 | 3.03× | -10.75× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EQIX
Segment breakdown not available.
STT
| Other | $2.2B | 59% |
| Investment Management | $729.0M | 20% |
| Management Services | $662.0M | 18% |
| Other Fee Revenue | $56.0M | 2% |
| Securities Financing Services | $54.0M | 1% |
