Equinix management check
EQIX · Real Estate · Data Center REITs · CEO Adaire Fox-Martin
Filings as of
1 good · 3 to watch · 2 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $118, against $124 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.82 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- n/a
What does the CEO cost owners?
Not enough dataNo pay or net income figure for the latest year.
- Watch
Do they own the stock?
CEO stake ≈ 1.2 years of payThe CEO holds 25,218.661 shares, directly or through trusts (unvested awards not counted): about 1.2 years of pay. 8 insiders sold $20.4m in the last six months and none bought. 59 of 68 sales ran on pre-arranged 10b5-1 plans.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +2.2% a year over the last three fiscal years. Stock-based pay was 5.4% of revenue in the latest year.
- Flag
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Mr. Meyers, Ms. Fox-Martin. 14 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Watch
Are the books clean?
An annual report was amendedNo restatements, auditor changes or late filings since 2021. 1 amended annual report.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 44 | 45 | |
| Pay for performance | 91 | 86 | |
| CEO cost | — | — | 23 |
| Skin in the game | 19 | 32 | |
| Dilution | 23 | 23 | |
| Stable leadership | 15 | 85 | |
| Clean books | 70 | 100 |
Closest peers
Others in Data Center REITs, by management score. Equinix is 27th of 29 in its sector.
Pay versus performance
From the proxy statement filed April 2, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Ms. Fox-Martin | $22.7m | $11.9m | $8.0m | $118 | $124 | — |
| 2024 | Ms. Fox-Martin, Mr. Meyers | $36.6m | $46.0m | $8.3m | $142 | $122 | — |
| 2023 | Mr. Meyers | $23.9m | $33.3m | $8.6m | $119 | $117 | — |
| 2022 | Mr. Meyers | $22.3m | $12.6m | $8.3m | $95 | $105 | — |
| 2021 | Mr. Meyers | $23.2m | $33.6m | $7.0m | $120 | $140 | — |
The board says pay is tied most to AFFO/Share. Its other key measures: Revenue, Total Stockholder Return.
Insiders and the CEO's stake
Adaire Fox-Martin (CEO and President) held 25,218.661 shares directly after their latest Form 4 on Jun 2, 2026, roughly $26.8m at that filing's price.
8 insiders sold $20.4m in the last six months and none bought. 59 of 68 sales ran on pre-arranged 10b5-1 plans.
- SoldCharles J MeyersDirector$5.7mMay 6, 2026
- SoldChristopher B PaisleyDirector$4.3mAug 18, 2026
- SoldBrandi Galvin MorandiChief People Officer · 10b5-1 plan$4.0mJun 8, 2026
- SoldAdaire Fox-MartinCEO and President · 10b5-1 plan$3.1mJun 2, 2026
Leadership and governance on file
- Jul 14, 2026Leadership change8-K 5.02
- May 11, 2026Leadership change8-K 5.02
- Mar 10, 2026Leadership change8-K 5.02
- Feb 18, 2026Leadership change8-K 5.02
- Feb 12, 2026Leadership change8-K 5.02
- Dec 3, 2025Leadership change8-K 5.02
- Nov 4, 2025Leadership change8-K 5.02
- Aug 14, 2025Leadership change8-K 5.02
- Mar 31, 2025Leadership change8-K 5.02
- Feb 11, 2025Leadership change8-K 5.02
- Oct 4, 2024Leadership change8-K/A 5.02
- Sep 13, 2024Leadership change8-K 5.02
Latest shareholder vote results: May 15, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $7.1bn returned to owners in buybacks and dividends, 163% of net income, and $2.1bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $6.6bn | $7.3bn | $8.2bn | $8.7bn | $9.2bn |
| Net income | $500.2m | $705.0m | $969.0m | $815.0m | $1.4bn |
| Stock-based pay | $363.8m | $404.0m | $407.0m | $462.0m | $498.0m |
| Buybacks | — | — | — | — | — |
| Dividends | $1.0bn | $1.2bn | $1.4bn | $1.6bn | $1.9bn |
| Diluted shares | 90m | 92m | 94m | 96m | 98m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.