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Side-by-side financial comparison of Equinix (EQIX) and Waste Connections, Inc. (WCN). Click either name above to swap in a different company.
Equinix is the larger business by last-quarter revenue ($2.4B vs $2.4B, roughly 1.0× Waste Connections, Inc.). Equinix runs the higher net margin — 11.0% vs 10.9%, a 0.1% gap on every dollar of revenue. On growth, Equinix posted the faster year-over-year revenue change (8.8% vs 5.0%). Over the past eight quarters, Waste Connections, Inc.'s revenue compounded faster (7.0% 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.
Waste Connections, Inc. is a North American integrated waste services company that provides waste collection, transfer, disposal and recycling services, primarily of solid waste. It has operations in both the United States and Canada. Its headquarters is located in The Woodlands, Texas. It is the third largest waste management company in North America.
EQIX vs WCN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.4B | $2.4B |
| Net Profit | $265.0M | $258.5M |
| Gross Margin | 50.5% | 42.5% |
| Operating Margin | 17.4% | 17.7% |
| Net Margin | 11.0% | 10.9% |
| Revenue YoY | 8.8% | 5.0% |
| Net Profit YoY | -22.7% | 231.9% |
| EPS (diluted) | $2.70 | $1.01 |
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 | $2.4B | ||
| Q3 25 | $2.3B | $2.5B | ||
| Q2 25 | $2.3B | $2.4B | ||
| Q1 25 | $2.2B | $2.2B | ||
| Q4 24 | $2.3B | $2.3B | ||
| Q3 24 | $2.2B | $2.3B | ||
| Q2 24 | $2.2B | $2.2B |
| Q1 26 | $265.0M | — | ||
| Q4 25 | $265.0M | $258.5M | ||
| Q3 25 | $374.0M | $286.3M | ||
| Q2 25 | $368.0M | $290.3M | ||
| Q1 25 | $343.0M | $241.5M | ||
| Q4 24 | $-14.0M | $-196.0M | ||
| Q3 24 | $297.0M | $308.0M | ||
| Q2 24 | $301.0M | $275.5M |
| Q1 26 | 50.5% | — | ||
| Q4 25 | 50.5% | 42.5% | ||
| Q3 25 | 50.7% | 42.8% | ||
| Q2 25 | 52.0% | 42.1% | ||
| Q1 25 | 51.3% | 42.0% | ||
| Q4 24 | 47.1% | 41.4% | ||
| Q3 24 | 50.1% | 42.5% | ||
| Q2 24 | 49.9% | 42.1% |
| Q1 26 | 17.4% | — | ||
| Q4 25 | 17.4% | 17.7% | ||
| Q3 25 | 20.5% | 17.9% | ||
| Q2 25 | 21.9% | 19.1% | ||
| Q1 25 | 20.6% | 17.5% | ||
| Q4 24 | 4.6% | -8.8% | ||
| Q3 24 | 19.3% | 20.3% | ||
| Q2 24 | 20.2% | 18.9% |
| Q1 26 | 11.0% | — | ||
| Q4 25 | 11.0% | 10.9% | ||
| Q3 25 | 16.1% | 11.6% | ||
| Q2 25 | 16.3% | 12.1% | ||
| Q1 25 | 15.4% | 10.8% | ||
| Q4 24 | -0.6% | -8.7% | ||
| Q3 24 | 13.5% | 13.2% | ||
| Q2 24 | 13.9% | 12.3% |
| Q1 26 | $2.70 | — | ||
| Q4 25 | $2.70 | $1.01 | ||
| Q3 25 | $3.81 | $1.11 | ||
| Q2 25 | $3.75 | $1.12 | ||
| Q1 25 | $3.50 | $0.93 | ||
| Q4 24 | $-0.19 | $-0.76 | ||
| Q3 24 | $3.10 | $1.19 | ||
| Q2 24 | $3.16 | $1.07 |
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 | $46.0M |
| Total DebtLower is stronger | — | $8.8B |
| Stockholders' EquityBook value | $14.2B | $8.2B |
| Total Assets | $40.1B | $21.1B |
| Debt / EquityLower = less leverage | — | 1.07× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $46.0M | ||
| Q3 25 | $2.9B | $117.6M | ||
| Q2 25 | $4.5B | $110.2M | ||
| Q1 25 | $3.7B | $111.2M | ||
| Q4 24 | $3.6B | $62.4M | ||
| Q3 24 | $3.2B | $115.3M | ||
| Q2 24 | $2.0B | $78.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $8.8B | ||
| Q3 25 | $17.3B | $8.6B | ||
| Q2 25 | $18.1B | $8.3B | ||
| Q1 25 | $15.9B | $8.4B | ||
| Q4 24 | $15.3B | $8.1B | ||
| Q3 24 | $15.4B | $8.2B | ||
| Q2 24 | $14.5B | $7.7B |
| Q1 26 | $14.2B | — | ||
| Q4 25 | $14.2B | $8.2B | ||
| Q3 25 | $14.2B | $8.1B | ||
| Q2 25 | $14.1B | $8.4B | ||
| Q1 25 | $13.9B | $8.0B | ||
| Q4 24 | $13.5B | $7.9B | ||
| Q3 24 | $13.6B | $8.3B | ||
| Q2 24 | $12.3B | $8.0B |
| Q1 26 | $40.1B | — | ||
| Q4 25 | $40.1B | $21.1B | ||
| Q3 25 | $38.1B | $20.8B | ||
| Q2 25 | $38.8B | $20.7B | ||
| Q1 25 | $36.1B | $20.3B | ||
| Q4 24 | $35.1B | $19.8B | ||
| Q3 24 | $35.4B | $20.1B | ||
| Q2 24 | $32.9B | $19.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.07× | ||
| Q3 25 | 1.22× | 1.07× | ||
| Q2 25 | 1.28× | 1.00× | ||
| Q1 25 | 1.14× | 1.05× | ||
| Q4 24 | 1.13× | 1.03× | ||
| Q3 24 | 1.13× | 0.99× | ||
| Q2 24 | 1.18× | 0.96× |
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 | — | $556.9M |
| Free Cash FlowOCF − Capex | — | $172.6M |
| FCF MarginFCF / Revenue | — | 7.3% |
| Capex IntensityCapex / Revenue | — | 16.2% |
| Cash ConversionOCF / Net Profit | — | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $556.9M | ||
| Q3 25 | $1.0B | $677.4M | ||
| Q2 25 | $944.0M | $638.2M | ||
| Q1 25 | $809.0M | $541.5M | ||
| Q4 24 | $981.0M | $568.9M | ||
| Q3 24 | $758.0M | $558.3M | ||
| Q2 24 | $912.0M | $611.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-292.0M | $172.6M | ||
| Q3 25 | $-122.0M | $380.3M | ||
| Q2 25 | $-45.0M | $352.9M | ||
| Q1 25 | $59.0M | $329.1M | ||
| Q4 24 | $-6.0M | $172.2M | ||
| Q3 24 | $34.0M | $286.2M | ||
| Q2 24 | $264.0M | $394.2M |
| Q1 26 | — | — | ||
| Q4 25 | -12.1% | 7.3% | ||
| Q3 25 | -5.3% | 15.5% | ||
| Q2 25 | -2.0% | 14.7% | ||
| Q1 25 | 2.7% | 14.8% | ||
| Q4 24 | -0.3% | 7.6% | ||
| Q3 24 | 1.5% | 12.2% | ||
| Q2 24 | 12.2% | 17.5% |
| Q1 26 | — | — | ||
| Q4 25 | 59.3% | 16.2% | ||
| Q3 25 | 49.1% | 12.1% | ||
| Q2 25 | 43.8% | 11.9% | ||
| Q1 25 | 33.7% | 9.5% | ||
| Q4 24 | 43.7% | 17.6% | ||
| Q3 24 | 32.9% | 11.6% | ||
| Q2 24 | 30.0% | 9.7% |
| Q1 26 | — | — | ||
| Q4 25 | 4.32× | 2.15× | ||
| Q3 25 | 2.71× | 2.37× | ||
| Q2 25 | 2.57× | 2.20× | ||
| Q1 25 | 2.36× | 2.24× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.55× | 1.81× | ||
| Q2 24 | 3.03× | 2.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EQIX
Segment breakdown not available.
WCN
| Southern | $552.9M | 23% |
| Central | $450.9M | 19% |
| Landfill | $386.5M | 16% |
| Transfer | $370.6M | 16% |
| Other | $347.9M | 15% |
| Exploration And Production Waste Treatment Recovery And Disposal | $171.1M | 7% |
| Solid Waste Recycling | $51.2M | 2% |
| Intermodal And Other | $42.3M | 2% |
