Publicly listed data center firms Equinix, Digital Realty, American Tower, and Iron Mountain have all published their Q3 2025 quarterly earnings results.

All four posted healthy numbers, continuing a long-standing trend of growth across the industry.

Equinix: Looks to double capacity by 2029

Equinix announced Q3 2025 revenues of $2.316 billion, a five percent increase over the same quarter of the previous year. The firm posted operating income of $474 million, a 12 percent increase over the same quarter of the previous year. The company posted Adjusted EBITDA of $1.148bn, a 10 percent increase over the same quarter of the previous year.

“Our strong Q3 performance is a clear signal of accelerating momentum, for Q4 and into 2026,” said Adaire Fox-Martin, CEO and President, Equinix.

“We continue to serve the significant and sustained demand for our differentiated infrastructure and interconnection capabilities in support of our customers’ AI and non-AI workloads. We were built and continue to build for this opportunity, increasing our top-line revenue growth, improving profitability, and scaling our metro-proximate capacity.”

The company noted that it had closed on land deals in several metros, including Amsterdam, Chicago, Johannesburg, London, and Toronto, totaling 900MW and bringing its overall developable capacity to approximately 3GW. The firm said it plans to double its data center capacity by 2029.

Equinix said it currently has 58 major projects underway globally, including 12 xScale projects.

In Q3, the company added seven new projects, including its Dallas 12 development, which is expected to deliver 67MW across 3,700 racks. SP7 in São Paulo, Brazil, was also approved by the board, and will add 600 racks from Q4 2026.

During the quarter, Equinix also closed its SH1 data center in Shanghai.

Under its xScale hyperscale brand, this quarter saw Equinix lease 4MW at its São Paulo site in Brazil. To date, Equinix has some 21 live xScale facilities live, with around 415MW leased.

In the earnings call, CEO Fox-Martin said a “significant proportion” of the London and Chicago land purchases will be earmarked for xScale business, though she didn’t provide more details. She later acknowledged the possibility of colocating xScale hyperscale capacity alongside IBX retail colocation capacity.

Digital Realty: $1.6 billion revenue

Digital Realty reported revenues of $1.6 billion in the third quarter of 2025, a six percent increase from the previous quarter and a 10 percent increase from the same quarter last year.

The company delivered net income of $64 million in the third quarter of 2025, and Adjusted EBITDA of $868m in the third quarter of 2025, a five percent increase from the previous quarter and a 14 percent increase over the same quarter last year.

“Digital Realty delivered strong financial results this quarter, featuring record Core FFO per share and double-digit revenue and Adjusted EBITDA growth. These achievements are supported by a substantial backlog, providing clear visibility into 2026,” said Digital Realty president and CEO, Andy Power. “Robust enterprise demand continues to drive our 0-1 megawatt plus interconnection offering, with companies expanding on PlatformDIGITAL. With five gigawatts of buildable IT capacity worldwide, we are well-positioned to meet our customers’ evolving needs.”

Across the quarter, Digital signed bookings totaling $201m, including $65m in the up-to-1MW category and $20m from interconnection. The firm signed renewal leases representing $192m.

During the quarter, Digital Realty sold data centers in Atlanta ($65.5m), Boston, and Miami ($8m), totalling $90m across the deals. It also sold a data center in the Dallas area for approximately $33m .

Q3 also saw Digital Realty acquire a five-acre property in the Vernon area of Los Angeles, California, for approximately $49m that is expected to support 32MW of IT capacity. The company also acquired two land parcels near its Franklin Park campus in Chicago for approximately $18m that, together with previously acquired land parcels, are expected to support over 40MW of IT capacity.

During the earnings call, CEO Power noted that the “preponderance of gigawatt campus announcements to date have generally fallen outside of the major metro markets in Digital Realty’s strategic footprint” due to the need for large amounts of power.

However, he said that he was “increasingly confident that connectivity will become increasingly important over time,” and that the firm had “landed a meaningful share of AI-oriented deployments over the last two years.”

“We continue to expect that the 5GW of IT load we have in our power bank will be significantly weighted toward AI workloads over the next several years,” he added.

When asked about dealing with neoclouds versus traditional hyperscalers, Power said Digital is supporting the new AI cloud players with 1-2MW Edge-type locations, but the larger deals are still mainly revolving around the larger cloud providers.

“That doesn’t mean we don’t do business with, I would say, the neoclouds, but we’ve not been involved with major one-off projects [with] those names to date,” he noted.

The quarter saw around $700 million in capex investment, delivering around 50MW of new capacity (85 percent of which was pre-leased) and starting 50MW of new data center projects – for a total of 730MW in development.

American Tower – record quarter for data center leasing

American Tower’s data center revenue, including from CoreSite, totaled $267 million for the quarter. The unit’s profit for the quarter totaled $140m.

For Q3 2024, the company posted data center revenues of $234m and profit of $113m.

Overall, total company revenue increased 7.7 percent to $2.717 billion. Net income increased 216.9 percent. to $913m, primarily due to foreign currency losses in the prior year period. Adjusted EBITDA increased 7.6 percent to $1.816bn.

Steven Vondran, American Tower’s CEO, said: “We delivered another strong quarter, resulting in mid-to-high single-digit growth in revenue and Adjusted EBITDA, and double-digit growth in AFFO per Share, as adjusted.

“Our unmatched portfolio of digital infrastructure continues to benefit from rapid growth in global data demand. Leasing activity across our US and international towers remains robust as carriers invest in network coverage and capacity, and in our data center business, strong hybrid-cloud demand, favorable pricing, and rising AI-related workloads drove a strong quarter, including a record quarter of signed retail new leasing. As we close out 2025, we remain confident that our strategic focus on maximizing organic growth, expanding margins, prudently allocating capital, and maintaining balance sheet strength will continue to deliver durable growth and strong returns into 2026 and beyond.”

In the company’s earnings call, American Tower said it saw a “record quarter” of new leasing revenue in its data center segment.

The company operates 30 facilities across the US, totaling some four million sq ft (371,612 sqm) and 305MW.

American Tower has some 42MW of data center capacity under construction, totaling 489,245 sq ft (45,452 sqm). Just under 300MW is being held for future construction, totaling nearly 2.5 million sq ft (232,257 sqm)

Iron Mountain: One customer set to lease entire Chicago facility

Iron Mountain posted data center revenue of $204 million in Q3 2025, up from $153m in Q3 2024. Adjusted EBITDA for the quarter was $107m, up from $66.8m last year.

Across the whole company, total reported revenues for the third quarter were $1.8 billion, up 12.6 percent compared with $1.6 billion in the third quarter of 2024. Net income for the third quarter was $86.2m, compared with a $33.7m loss in the third quarter of 2024. Adjusted EBITDA for the third quarter was $660.4m, compared with $568.1m in the third quarter of 2024.

“We are pleased to report another quarter of very strong performance in the third quarter, achieving all-time record Revenue, Adjusted EBITDA, and AFFO with strength across all of our key metrics. Our continued success is the result of our team’s consistent execution of our growth strategy and unwavering focus on meeting our customers’ needs with innovative solutions,” said William L. Meaney, President and CEO of Iron Mountain. “We have clear business momentum and are committed to sustaining industry-leading revenue and earnings growth for the foreseeable future.”

Iron Mountain signed 13MW of new leases in Q3. Subsequent to quarter-end, the firm signed an incremental 11MW, transferring a customer’s previous 25MW lease in London to an expanded 36MW lease for the entirety of its Chicago data center site.

2.6MW of new leasing commenced during the quarter. Two hundred and seventy-four leases, totaling 10.7MW, were renewed over Q3.

The company currently operates around 452MW of capacity across some 30 facilities in 21 markets, and is set to energize another 250MW in the next 18 months and a total of 450MW in the next 24 months.

During Q4 2025, the 18MW AZP-3 Phase I in Arizona is set to go live, as is the first 12MW phase of CHI-2 in Chicago.

During the earnings call, CEO Meaney noted that a global company headquartered in Germany has engaged Iron Mountain to support a decommissioning and remarketing program across six data centers in the US, Europe, and the Asia Pacific region. The unnamed company currently uses Iron Mountain for records management, digital, and data center colocation services.

On the types of data center build-out Iron Mountain is targeting, Meaney noted: “Our target focus is for the inference and the cloud build-out. Could someone come in and say they want to develop large language models? That is a possibility.

“But we are not chasing that market because the nature of our customers and ours is really about building out cloud infrastructure and inference.”