# EQIX Quarterly Extraction — Independent Verification Report

**Run:** `auto-continue-20260607T140730Z-repair-loop02`  
**Window:** 2Q24–1Q26 (8 quarters)  
**Validator:** `validate_eqix_quarterly.py` → exit 0 expected  
**Row count:** 24 (3 metrics x 8 periods)
**sampled_row_count:** 12
**pass_count:** 12
**fail_count:** 0

## Machine-readable verification artifacts

- Verification CSV: `eqix_verification_samples.csv`
- Summary JSON: `eqix_validation_summary.json`
- Machine-readable sample count: 12 sampled canonical rows, 12 PASS, 0 FAIL

## Verification samples

### Sample A — 2Q25 `capex_actuals` (primary earnings release PDF; derived quarterly value)

| Field | Value |
|-------|-------|
| period | 2Q25 |
| metric_name | capex_actuals |
| raw_value | 989 |
| normalized_value | 989 |
| unit | USD_millions |
| forecast_or_actual | actual_capex_spend |
| is_derived | true |
| source_url | https://d1io3yog0oux5.cloudfront.net/_9f22c81eceb2edbbc5ca2b7301fbd5b0/equinix/db/2183/23659/earnings_release/EQIX-06.30.25-Press+Release-v2.pdf |

**Primary snippet (cash flow, Six Months Ended):**

> Six Months Ended June 30 2025: Purchases of other property, plant and equipment (1,739); less 1Q25 (750) = 2Q25 989

**Verdict:** PASS with derivation — the 1,739 value is cumulative 1H25 PP&E purchases, not standalone 2Q25 capex. Quarterly 2Q25 capex is 1,739 - 750 = 989.

---

### Sample B — 3Q25 `capex_actuals` (primary earnings release PDF; derived quarterly value)

| Field | Value |
|-------|-------|
| period | 3Q25 |
| metric_name | capex_actuals |
| raw_value | 1,136 |
| normalized_value | 1136 |
| unit | USD_millions |
| forecast_or_actual | actual_capex_spend |
| is_derived | true |
| source_url | https://d1io3yog0oux5.cloudfront.net/_9f22c81eceb2edbbc5ca2b7301fbd5b0/equinix/db/2183/26994/earnings_release/Equinix+Q3+2025+Press+Release+and+Financials.pdf |

**Primary snippet (cash flow, Nine Months Ended):**

> Nine Months Ended September 30 2025: Purchases of other property, plant and equipment (2,875); less Six Months Ended June 30 2025 (1,739) = 3Q25 1,136

**Verdict:** PASS with derivation — 2,875 is a 9M cumulative PP&E value, not 3Q25 quarterly capex. Quarterly 3Q25 capex is 2,875 - 1,739 = 1,136.

---

### Sample C — 4Q25 `capex_actuals` (presentation fallback; release is annual-only cash flow)

| Field | Value |
|-------|-------|
| period | 4Q25 |
| metric_name | capex_actuals |
| raw_value | 1,436 |
| normalized_value | 1436 |
| unit | USD_millions |
| source_url | https://d1io3yog0oux5.cloudfront.net/_9f22c81eceb2edbbc5ca2b7301fbd5b0/equinix/db/2183/27011/earnings_presentation/Equinix+Q4+25+Earnings+Presentation+Final.pdf |

**Primary snippet (Capital Expenditures slide):**

> Total Capital Expenditures $987 $750 $989 $1,136 $1,436

**Independent cross-check (release PDF, Twelve Months Ended):**

> Purchases of other property, plant and equipment (4,311) ... Nine Months Ended Sep 30 2025 (2,875)

Derived Q4 = 4,311 - 2,875 = 1,436, matching the presentation’s fifth quarterly column.

**Verdict:** PASS with caveat — Q4 release lacks a quarterly cash-flow column; quarterly actual is supported by the presentation series and FY-9M arithmetic.

---

### Sample D — 3Q25 `future_capacity_pipeline` (primary earnings release PDF)

| Field | Value |
|-------|-------|
| period | 3Q25 |
| metric_name | future_capacity_pipeline |
| raw_value | 58 |
| normalized_value | 58 |
| unit | projects |
| forecast_or_actual | forecast_pipeline_estimate |
| source_url | https://d1io3yog0oux5.cloudfront.net/_9f22c81eceb2edbbc5ca2b7301fbd5b0/equinix/db/2183/26994/earnings_release/Equinix+Q3+2025+Press+Release+and+Financials.pdf |

**Primary snippet (Business Highlights):**

> 58 major projects underway globally, including 12 xScale projects

**Verdict:** PASS — pipeline breadth count; not labeled as live MW/cabinet capacity.

---

### Sample E — 1Q26 `revenue_conversion` (primary earnings release PDF + HTML cross-check)

| Field | Value |
|-------|-------|
| period | 1Q26 |
| metric_name | revenue_conversion |
| raw_value | 2,444 |
| normalized_value | 2.444 |
| unit | USD_billions |
| forecast_or_actual | actual_reported_quarter |
| source_url | https://d1io3yog0oux5.cloudfront.net/_9f22c81eceb2edbbc5ca2b7301fbd5b0/equinix/db/2183/27031/earnings_release/Equinix+Q1+2026+Press+Release+and+Financials.pdf |

**Primary snippets:**

> First-Quarter 2026 Results Summary — Revenues $2.444 billion

> Revenues 2,444 2,420 2,225

**Verdict:** PASS — ops table reports USD millions; summary reports USD billions; normalized_value applies explicit millions-to-billions conversion.

## Cumulative capex control

The package now treats cumulative cash-flow rows as source evidence for a derived quarterly figure, not as the quarterly figure itself.

| Period | Source cash-flow basis | Source PP&E value | Quarterly calculation | Final quarterly capex |
|--------|------------------------|-------------------|-----------------------|-----------------------|
| 1Q25 | Three Months Ended Mar 31 2025 | 750 | directly reported | 750 |
| 2Q25 | Six Months Ended Jun 30 2025 | 1,739 | 1,739 - 750 | 989 |
| 3Q25 | Nine Months Ended Sep 30 2025 | 2,875 | 2,875 - 1,739 | 1,136 |
| 4Q25 | Presentation quarterly series; release FY cross-check | 4,311 FY / 2,875 9M | 4,311 - 2,875 | 1,436 |

This resolves the prior blocker: 2,875 is a 9M cumulative PP&E value, not 3Q25 quarterly capex.

## Classification controls verified

- All `capex_actuals` rows: `actual_capex_spend` / `consolidated_company_capex_table`
- Cumulative PP&E source rows for 2Q25 and 3Q25: `is_derived=true`, source location states cumulative period, snippet includes arithmetic
- 4Q25 capex: presentation quarterly series with FY-9M cross-check caveat
- All `future_capacity_pipeline` rows: `forecast_pipeline_estimate` with no live-capacity labeling
- All `revenue_conversion` rows: `actual_reported_quarter`
- No secondary-discovery hosts in `source_url` fields

## EQIX disclosure caveats

| EQIX disclosure style | Used in this package | Caveat |
|-----------------------|----------------------|--------|
| Major projects underway (count) | 2Q24-4Q25 pipeline rows | Cabinets/MW mentioned in prose are not extracted into the same row |
| GW developable land under control | 1Q26 pipeline row only | Approximate GW-to-MW normalization; not comparable to project-count quarters without adjustment |
| PP&E purchases (USD millions) | All capex_actuals rows | 2Q25 and 3Q25 releases are cumulative cash-flow periods; quarterly rows use explicit derivation |
| Revenues (USD millions in tables) | All revenue_conversion rows | Converted to USD billions in `normalized_value` only when unit field is USD_billions |

## Production gate status

| Gate | Status |
|------|--------|
| 8-row primary manifest with direct URLs | PASS |
| 16-field canonical rows for 3 metrics x 8 quarters | PASS |
| Latest-eight-quarter capex series is quarterly and comparable | PASS |
| Offline repeatable extractor | PASS (`extract_eqix_quarterly.py`) |
| Validator catches cumulative-versus-quarterly capex misuse | PASS |
| Independent snippet verification (>=3 samples) | PASS (12 samples in `eqix_verification_samples.csv`; 5 representative samples above) |
| Verification CSV artifact present | PASS (`eqix_verification_samples.csv`) |
| Summary JSON artifact present | PASS (`eqix_validation_summary.json`) |