Equinix Reports Second-Quarter Results, Raises 2026 Guidance and Long-Term Outlook

Rhea-AI Summary

Equinix (Nasdaq: EQIX) reported strong Q2 2026 results, with revenues of $2.625 billion, up 16% year over year, driven by core performance and one-time xScale fees. Operating income rose 35% to $665 million, and net income attributable to common stockholders increased 30% to $479 million or $4.83 per diluted share.

Adjusted EBITDA reached $1.396 billion with a record 53% margin, up 24%, while AFFO rose to $1.168 billion, up 20%, or $11.78 per share. Equinix raised full-year 2026 guidance, now targeting revenues of $10.205–10.285 billion, AFFO of $4.240–4.300 billion, and total capex of $5.0–6.0 billion. The company also upgraded its 2027–2029 outlook, lifting expected annual revenue growth to 10–13%, AFFO per-share growth to 9–12%, and long-term adjusted EBITDA margin to at least 53% in 2029.

Positive

• Q2 2026 revenue $2.625B, up 16% year over year
• Operating income $665M, up 35% year over year
• Adjusted EBITDA $1.396B, margin 53%, up 24% year over year
• AFFO $1.168B and $11.78 per share, up ~20% and 19%
• Annualized gross bookings $424M, up 23% year over year with record backlog
• Raised 2026 guidance to $10.205–10.285B revenue and $4.240–4.300B AFFO
• Long-term revenue growth outlook increased from 7–10% to 10–13% annually
• Long-term AFFO per-share growth raised from 5–9% to 9–12% annually

Negative

• 2026 total capex now expected at $5.0–6.0B, higher capital outlays
• Long-term annual capex outlook raised to $5.0–7.0B from $3.0–4.0B
• Q2 growth metrics partly supported by one-time xScale fees

News Explained

Equinix’s reported demand indicators coincide with 52 capacity projects underway across 33 markets, expanding its operating footprint.

Equinix’s second-quarter disclosure lists 52 capacity projects underway across 33 markets, making expansion activity a current operating condition rather than only a future plan.

The company reported monthly recurring revenue growth of 11% year over year on both an as-reported and normalized, constant-currency basis.

It also reported $424 million of annualized gross bookings and added 9,700 net interconnections during the quarter, providing additional operating indicators alongside the financial outlook already disclosed.

Market Context

Recent insider activity recorded 3,800 shares sold and none bought over the analyzed period. Against...

Analysis

Recent insider activity recorded 3,800 shares sold and none bought over the analyzed period. Against the raised outlook, that net-selling record is a risk factor to monitor; low short positioning provides additional context.

Key Figures

Revenue: $2.625 billion Operating Income: $665 million Net Income: $479 million +5 more

8 metrics

Revenue $2.625 billion Q2 2026; up 16% year over year

Operating Income $665 million Q2 2026; up 35% year over year

Net Income $479 million Q2 2026; up 30% year over year

EPS $4.83 per share Q2 2026; up 29% year over year

Adjusted EBITDA $1.396 billion Q2 2026; 53% margin and up 24% year over year

AFFO $1.168 billion Q2 2026; up 20% year over year

FY2026 Revenue Guidance $10.205-$10.285 billion Revised full-year 2026 guidance

Net Interconnections 9,700 Record additions in Q2 2026

Historical Context

5 past events · Latest: Jun 16 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 16	AI partnership	Positive	+2.9%	Expanded Cisco and NVIDIA collaboration supported enterprise AI deployment across Equinix data centers.
May 14	Data sovereignty launch	Positive	+0.2%	Global expansion of Equinix Fabric Geo Zones added network-level data sovereignty controls.
Apr 29	Dividend declaration	Positive	-0.6%	Company declared a quarterly common-stock cash dividend of $5.16 per share.
Apr 29	Q1 earnings report	Positive	-0.6%	Reported Q1 results and raised full-year financial outlook amid record bookings and AI demand.
Apr 23	Infrastructure contract	Positive	+1.2%	SpinLaunch selected Equinix to host ground infrastructure for its Meridian space constellation.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Positive announcements showed mixed follow-through, with three aligned gains and two divergences, including the prior Q1 outlook event.

Key Terms

adjusted ebitda, affo, normalized and constant currency, annualized gross bookings, +1 more

5 terms

adjusted ebitda financial

"Adjusted EBITDA $1.396 billion, a record adjusted EBITDA margin of 53%"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

affo financial

"AFFO and AFFO per Share $1.168 billion, a 20% increase"

AFFO (Adjusted Funds from Operations) is a measure of how much cash a real estate company or investment trust generates from its core operations after subtracting routine upkeep, leasing costs and other recurring expenses. Investors use it as a rough proxy for the cash available to pay dividends or reinvest, like checking how much money remains in your household budget after paying regular bills to see what you can spend or save.

normalized and constant currency financial

"on both an as-reported basis and a normalized and constant currency basis"

A reporting view that shows a company’s financial results after removing one-time or unusual items (normalized) and after applying fixed exchange rates instead of current rates (constant currency). It matters to investors because it helps compare operating performance across periods by stripping out temporary distortions and foreign-exchange swings, like looking at a recipe using the same measuring cup and ingredients each time to judge how the dish itself has changed.

annualized gross bookings financial

"Annualized gross bookings grew 23% year over year"

Annualized gross bookings is the total value of all transactions or orders a business has accepted, scaled up to show what that amount would look like over a full year. It matters to investors because it gives a quick, standardized view of how much customer activity and demand a company is generating (think converting a month’s sales into a yearly figure), but it is not the same as reported revenue or profit because it ignores cancellations, refunds and fees.

recurring capital expenditures financial

"Recurring Capital Expenditures% of Revenues"

Recurring capital expenditures are regular, planned spending on long-lived physical assets—such as machinery, equipment, buildings, or infrastructure—needed to maintain existing operations or replace worn-out items. Think of it like the routine maintenance and parts replacement for a car that keeps it running rather than buying a new model. Investors watch recurring capex because it reduces free cash flow and affects the company’s ability to sustain revenues and long-term asset value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• Grew monthly recurring revenue 11% on both an as-reported basis and a normalized and constant currency basis year over year
• Annualized gross bookings grew 23% year over year, marking the second-highest volume on record, contributing to a record backlog
• Added a record 9,700 net interconnections in the quarter, continuing to extend the company's interconnection leadership
• Raising full-year 2026 guidance and long-term outlook on stronger demand, bookings, presales and continued execution across the business

REDWOOD CITY, Calif., July 29, 2026 /PRNewswire/ -- Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure company^®, today reported results for the quarter ended June 30, 2026.

"We delivered an exceptionally strong Q2. Monthly recurring revenue grew double digits for the third straight quarter, new interconnections on our platform hit a record level, and disciplined execution drove robust profit growth," said Adaire Fox-Martin, CEO and President, Equinix. "Our revised 2026 guidance and long-term financial outlook reflect momentum across the business. Customer demand is broad-based and growing, and Equinix is uniquely positioned to serve the networking, cloud and AI infrastructure needs of enterprises around the world."

Second-Quarter 2026 Results Summary

• Revenues
  • $2.625 billion, a 16% increase over the same quarter of the previous year on both an as-reported basis and a normalized and constant currency basis driven by strong underlying performance and one-time xScale^® fees
• Operating Income
  • $665 million, a 35% increase over the same quarter of the previous year, primarily from strong underlying operating performance and the impact of one-time xScale fees
• Net Income Attributable to Common Stockholders and Net Income per Share Attributable to Common Stockholders
  • $479 million, a 30% increase over the same quarter of the previous year, primarily from higher operating income
  • $4.83 per share, a 29% increase over the same quarter of the previous year
• Adjusted EBITDA
  • $1.396 billion, a record adjusted EBITDA margin of 53%, representing a 24% increase over the same quarter of the previous year on an as-reported basis, or a 22% increase on a normalized and constant currency basis
• AFFO and AFFO per Share
  • $1.168 billion, a 20% increase over the same quarter of the previous year on an as-reported basis, or a 19% increase on a normalized and constant currency basis driven by strong operating performance and one-time xScale fees
  • $11.78 per share, a 19% increase over the same quarter of the previous year on an as-reported basis, or an 18% increase on a normalized and constant currency basis

Equinix uses certain non-GAAP financial measures, which are described further below and reconciled to the most comparable GAAP financial measures after the presentation of our GAAP financial statements.

Equinix does not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation and other components of net income or loss from operations, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant. Equinix intends to calculate the various non-GAAP financial measures in future periods consistent with how they were calculated for the periods presented within this press release.

All per-share results are presented on a fully diluted basis.

2026 Guidance Summary

($ in millions, except per share data)	Prior FY 2026 Guidance	Guidance Adjustment	Foreign Exchange Impact	Revised FY 2026 Guidance	Q3 2026 Guidance
Revenues	$10,144 - 10,244	+$100	($49)	$10,205 - 10,285	$2,525 - 2,575
Adjusted EBITDA Adjusted EBITDA Margin %	$5,165 - 5,245 ~51%	+$62	($27)	$5,210 - 5,270 ~51%	$1,275 - 1,315 ~51%
Recurring Capital Expenditures % of Revenues	$280 - 300 ~3%	+$13	($3)	$290 - 310 ~3%	$70 - 90 3 - 4%
Non-recurring Capital Expenditures (Excludes xScale and Real Estate Acquisitions)	~$3,800	+$1,438	($38)	$4,710 - 5,690
AFFO	$4,198 - 4,278	+$50	($18)	$4,240 - 4,300
AFFO per Share (Diluted)	$42.31 - 43.11	+$0.46	($0.18)	$42.69 - 43.29
Expected Cash Dividends	~$2,037	+$2	$0	~$2,039

For the third quarter of 2026, the company expects revenues to range between $2.525 and $2.575 billion, an increase of 9 - 11% over the previous year on an as-reported basis, or 10 - 12% on a normalized and constant currency basis. Adjusted EBITDA is expected to range between $1.275 and $1.315 billion, reflecting an adjusted EBITDA margin of approximately 51%.

For the full year of 2026, total revenues are expected to range between $10.205 and $10.285 billion, an increase of approximately 11 - 12% over the previous year on both an as-reported and a normalized and constant currency basis. Adjusted EBITDA is expected to range between $5.210 and $5.270 billion, reflecting an adjusted EBITDA margin of approximately 51%, an approximate +2% expansion over the previous year. AFFO is expected to range between $4.240 and $4.300 billion, an increase of 13 - 14% over the previous year on an as-reported basis, or 12 - 13% on a normalized and constant currency basis. AFFO per share is expected to range between $42.69 and $43.29, an increase of 11 - 13% over the previous year on an as-reported basis, or 10 - 12% on a normalized and constant currency basis. Total capital expenditures are expected to range between $5.000 and $6.000 billion.

Long-Term Outlook Summary (2027-2029)

The updated outlook reflects stronger-than-expected demand, accelerating bookings and presales activity, increased visibility from committed capacity, firm pricing and continued confidence in achieving attractive returns on invested capital.

($ in millions)	Prior Outlook (1)	Updated Outlook (2027 - 2029)
Total Revenue Growth (Annual Range) (2)	7 - 10%	10 - 13%
Adjusted EBITDA Margin (In 2029)	52%+	53%+
Total Capital Expenditures (Annual Range) (3)	$3,000 - 4,000	$5,000 - 7,000
AFFO per Share Growth (Annual Range)	5 - 9%	9 - 12%
Dividend per Share Growth (Annual Range)	8%+	Approximates AFFO per Share Growth

(1)	Prior outlook as provided on Wednesday, June 25, 2025.
(2)	Represents range of estimated annual growth rates through 2029. Assumes average currency rates used in our financial results remained the same over comparative periods. Excludes any future M&A activity.
(3)	Capital expenditures exclude any future M&A activity, real estate acquisitions and our investments in the xScale joint ventures.

Q2 2026 Business Highlights

• Delivered $424 million of annualized gross bookings.
• Added a record 9,700 net interconnections.
• Announced the global expansion of Equinix Fabric Geo Zones, the industry's first network-level data sovereignty solution.
• Expanded collaboration with Cisco and NVIDIA to help enterprises accelerate AI deployment through standardized AI factory architectures, secure infrastructure and real-world testing environments across Equinix's global data center footprint.
• Accelerated capacity expansion to meet growing customer demand, with nine new projects added since April and 52 projects underway across 33 markets worldwide.
• Published U.S. Community Principles and signed the Ratepayer Protection Pledge, reinforcing the company's longtime commitment to investing in communities in ways that address their needs and create lasting value.
• Further strengthened leadership team with the appointment of Chris Audie as Chief Product Officer and Bruce Owen as Executive Vice President, Global Markets.
• Ranked #1 for Innovation in The Wall Street Journal's inaugural Best Companies for the Future, underscoring the company's strong positioning for long-term success in an AI-driven economy.

Q2 2026 Results Conference Call and Replay Information

Equinix will discuss its quarterly results for the period ended June 30, 2026, along with its future outlook, in its quarterly conference call on Wednesday, July 29, 2026, at 5:30 p.m. ET (2:30 p.m. PT). A simultaneous live webcast of the call will be available on the company's Investor Relations website at www.equinix.com/investors. To hear the conference call live, please dial 1-517-308-9482 (domestic and international) and reference the passcode EQIX.

A replay of the call will be available one hour after the call through Wednesday, September 30, 2026, by dialing 1-866-427-6395 and referencing the passcode 2026. In addition, the webcast will be available at www.equinix.com/investors (no password required).

Investor Presentation and Supplemental Financial Information

Equinix has made available on its website a presentation designed to accompany the discussion of Equinix's results and future outlook, along with certain supplemental financial information and other data. Interested parties may access this information through the Equinix Investor Relations website at www.equinix.com/investors.

Additional Resources

• Equinix Investor Relations Resources

About Equinix

Equinix, Inc. (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI—quickly, efficiently and everywhere.

Non-GAAP Financial Measures

Equinix provides all information required in accordance with generally accepted accounting principles ("GAAP"), but it believes that evaluating its ongoing results of operations may be difficult if limited to reviewing only GAAP financial measures. Accordingly, Equinix also uses non-GAAP financial measures to evaluate its operations.

Non-GAAP financial measures are not a substitute for financial information prepared in accordance with GAAP. Non-GAAP financial measures should not be considered in isolation, but should be considered together with the most directly comparable GAAP financial measures. As such, Equinix provides a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Investors should note that the non-GAAP financial measures used by Equinix may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as those of other companies. Investors should therefore exercise caution when comparing non-GAAP financial measures used by Equinix to similarly titled non-GAAP financial measures of other companies.

Equinix's primary non-GAAP financial measures include Adjusted EBITDA and Adjusted Funds from Operations ("AFFO") as described below. Equinix presents these measures to provide investors with additional tools to evaluate its results in a manner that focuses on what management believes to be its core, ongoing business operations. These measures exclude items which Equinix believes are generally not relevant to assessing its long-term performance. Both measures eliminate the impacts of depreciation and amortization, which are derived from historical costs and which Equinix believes are not indicative of current or future expenditures, and other items for which the frequency and amount of charges can vary based on the timing and significance of individual transactions. Equinix believes that presenting these non-GAAP financial measures provides consistency and comparability with past reports and that if it did not provide such non-GAAP financial information, investors would not have all the necessary data to analyze the company effectively.

Adjusted EBITDA is used by management to evaluate the operating strength and performance of its core, ongoing business, without regard to its capital or tax structures. It also aids in assessing the performance of, making operating decisions for, and allocating resources to its operating segments. In addition to the uses described above, Equinix believes this measure provides investors with a better understanding of the operating performance of the business and its ability to perform in subsequent periods.

Equinix defines adjusted EBITDA as net income excluding:

• income tax expense
• interest income
• interest expense
• other income or expense
• gain or loss on debt extinguishment
• depreciation, amortization and accretion expense
• stock-based compensation expense
• restructuring and other exit charges, which primarily include employee severance, facility closure costs, lease or other contract termination costs and advisory fees related to the realignment of our management structure, operations or products and other exit activities
• impairment charges
• transaction costs
• gain or loss on asset sales

AFFO is derived from Funds from Operations ("FFO") calculated in accordance with the standards established by the National Association of Real Estate Investment Trusts. Both FFO and AFFO are non-GAAP measures commonly used in the REIT industry. Although these measures may not be directly comparable to similar measures used by other companies, Equinix believes that the presentation of these measures provides investors with an additional tool for comparing its performance with the performance of other companies in the REIT industry. Additionally, AFFO is a performance measure used in certain of the company's employee incentive programs, and Equinix believes it is a useful measure in assessing its dividend-paying capacity, as it isolates the cash impact of certain income and expense items and considers the impact of recurring capital expenditures.

Equinix defines FFO as net income attributable to common stockholders excluding:

• gain or loss from the disposition of real estate assets
• depreciation and amortization expense on real estate assets
• adjustments related to unconsolidated joint ventures and non-controlling interests

Equinix defines AFFO as FFO adjusted for:

• depreciation and amortization expense on non-real estate assets
• accretion expense
• stock-based compensation expense
• stock-based charitable contributions
• restructuring and other exit charges, as described above
• impairment charges
• transaction costs
• impacts of straight-lining installation revenue
• impacts of straight-lining rent expense
• impacts of straight-lining contract costs
• amortization of deferred financing costs and debt discounts and premiums
• gain or loss from the disposition of non-real estate assets
• gain or loss on debt extinguishment
• an income tax expense adjustment, which represents the non-cash tax impact due to changes in valuation allowances, uncertain tax positions and deferred taxes
• recurring capital expenditures, which represent expenditures to extend the useful life of data centers or other assets that are required to support current revenues
• net income or loss from discontinued operations, net of tax
• adjustments from FFO to AFFO related to unconsolidated joint ventures and non-controlling interests

Equinix provides normalized and constant currency growth rates for revenues, adjusted EBITDA, AFFO and AFFO per share. These growth rates assume foreign currency rates remain consistent across comparative periods. Revenue growth rates exclude the impact of net power pass-through, acquisitions, divestitures and the Equinix Metal^® wind-down. Adjusted EBITDA growth rates exclude the impact of acquisitions, divestitures and integration costs. AFFO growth rates exclude the impact of acquisitions and related financing costs, divestitures, integration costs and balance sheet remeasurements. AFFO per share growth rates exclude the impact of integration costs and balance sheet remeasurements.

Equinix presents cash cost of revenues and cash operating expenses (also known as cash selling, general and administrative expenses or cash SG&A). These measures exclude depreciation, amortization, accretion and stock-based compensation, which are not good indicators of Equinix's current or future operating performance, as described above.

Equinix also presents free cash flow and adjusted free cash flow. Free cash flow is defined as net cash provided by (used in) operating activities plus net cash provided by (used in) investing activities excluding the net purchases of and distributions from equity investments. Adjusted free cash flow is defined as free cash flow excluding any real estate and business acquisitions, net of cash and restricted cash acquired. These measures are presented in order for lenders, investors and the industry analysts who review and report on Equinix to better evaluate Equinix's cash spending levels relative to its industry sector and competitors.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; increased costs to procure power and the general volatility in the global energy market; the challenges of building and operating IBX^® and xScale^® data centers, including those related to sourcing suitable power and land, and any supply chain constraints or increased costs of supplies; the challenges of developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT; risks related to regulatory inquiries or litigation; and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release. 

 

EQUINIX, INC. Condensed Consolidated Statements of Operations (in millions, except share and per share data) (unaudited)
	Three Months Ended						Six Months Ended
	June 30, 2026		March 31, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Recurring revenues	$    2,377		$    2,331		$    2,143		$    4,708		$    4,230
Non-recurring revenues	248		113		113		361		251
Revenues	2,625		2,444		2,256		5,069		4,481
Cost of revenues	1,230		1,186		1,084		2,416		2,168
Gross profit	1,395		1,258		1,172		2,653		2,313
Operating expenses:
Sales and marketing	239		241		221		480		450
General and administrative	462		444		451		906		889
Restructuring and other exit charges	6		6		2		12		12
Transaction costs	3		8		3		11		9
Impairment charges	17		2		1		19		1
(Gain) loss on asset sales	3		(20)		—		(17)		—
Total operating expenses	730		681		678		1,411		1,361
Income from operations	665		577		494		1,242		952
Interest and other income (expense):
Interest income	36		41		52		77		99
Interest expense	(151)		(148)		(135)		(299)		(257)
Other income (expense)	(28)		1		(7)		(27)		2
Gain (loss) on debt extinguishment	1		—		1		1		1
Total interest and other, net	(142)		(106)		(89)		(248)		(155)
Income before income taxes	523		471		405		994		797
Income tax expense	(46)		(56)		(38)		(102)		(87)
Net income	477		415		367		892		710
Net (income) loss attributable to non-controlling interests	2		—		1		2		1
Net income attributable to common stockholders	$      479		$      415		$      368		$      894		$      711
Earnings (loss) per share ("EPS") attributable to common stockholders:
Basic EPS	$      4.86		$      4.22		$      3.76		$      9.07		$      7.28
Diluted EPS	$      4.83		$      4.20		$      3.75		$      9.04		$      7.26
Weighted-average shares for basic EPS (in thousands)	98,641		98,392		97,835		98,516		97,674
Weighted-average shares for diluted EPS (in thousands)	99,136		98,727		98,050		98,931		97,968

 

EQUINIX, INC. Condensed Consolidated Balance Sheets (in millions, except headcount) (unaudited)
	June 30, 2026		December 31, 2025
Assets
Cash and cash equivalents	$       979		$    1,727
Short-term investments	1,245		1,500
Accounts receivable, net	1,256		1,001
Other current assets	842		897
Total current assets	4,322		5,125
Property, plant and equipment, net	25,222		23,584
Operating lease right-of-use assets	1,296		1,392
Goodwill	5,912		5,984
Intangible assets, net	1,204		1,316
Other assets	3,120		2,740
Total assets	$   41,076		$   40,141
Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity
Accounts payable and accrued expenses	$    1,263		$    1,350
Accrued property, plant and equipment	723		564
Current portion of operating lease liabilities	156		155
Current portion of finance lease liabilities	176		168
Current portion of mortgage and loans payable	9		17
Current portion of senior notes	1,170		1,299
Other current liabilities	323		340
Total current liabilities	3,820		3,893
Operating lease liabilities, less current portion	1,211		1,304
Finance lease liabilities, less current portion	2,104		2,187
Mortgage and loans payable, less current portion	11		686
Senior notes, less current portion	18,519		16,910
Other liabilities	1,013		983
Total liabilities	26,678		25,963
Redeemable non-controlling interest	25		25
Common stockholders' equity:
Common stock	—		—
Additional paid-in capital	22,015		21,642
Treasury stock	(23)		(24)
Accumulated dividends	(13,231)		(12,202)
Accumulated other comprehensive loss	(1,374)		(1,359)
Retained earnings	6,995		6,099
Total common stockholders' equity	14,382		14,156
Non-controlling interests	(9)		(3)
Total stockholders' equity	14,373		14,153
Total liabilities, redeemable non-controlling interest and stockholders' equity	$   41,076		$   40,141
Ending headcount by geographic region is as follows:
Americas headcount	6,009		5,917
EMEA headcount	4,719		4,706
Asia-Pacific headcount	3,203		3,093
Total headcount	13,931		13,716

 

EQUINIX, INC. Summary of Debt Principal Outstanding (in millions) (unaudited)
	June 30, 2026		December 31, 2025
Finance lease liabilities	$    2,280		$    2,355
Term loans	1		673
Mortgage payable and other loans payable	19		30
Total mortgage and loans payable principal	20		703
Senior notes	19,689		18,209
Plus: debt issuance costs and debt discounts	164		150
Total senior notes principal	19,853		18,359
Total debt principal outstanding	$   22,153		$   21,417

 

	EQUINIX, INC. Condensed Consolidated Statements of Cash Flows (in millions) (unaudited)
			Six Months Ended
			June 30, 2026		June 30, 2025
Cash flows from operating activities:
	Net income		$       892		$       710
	Adjustments to reconcile net income to net cash provided by operating activities:
	Depreciation, amortization and accretion		1,101		982
	Stock-based compensation		273		240
	Impairment charges		19		1
	(Gain) loss on asset sales		(17)		—
	Other operating activities		31		23
	Changes in operating assets and liabilities:
	Accounts receivable		(258)		(169)
	Income taxes, net		(24)		(45)
	Operating lease right-of-use assets		79		79
	Operating lease liabilities		(77)		(71)
	Accounts payable and accrued expenses		(80)		(149)
	Other assets and liabilities		(155)		152
Net cash provided by operating activities			1,784		1,753
Cash flows from investing activities:
	Purchases of equity investments		(264)		(48)
	Distributions from equity investments		33		4
	Purchases of short-term investments		(789)		(795)
	Maturities and sales of short-term investments		1,054		450
	Business acquisitions, net of cash acquired		—		(182)
	Real estate acquisitions		(224)		(99)
	Purchases of other property, plant and equipment		(2,834)		(1,739)
	Proceeds from sale of assets, net of cash transferred		348		—
	Settlement of foreign currency hedges		101		50
	Investment in loan receivable		—		(45)
Net cash used in investing activities			(2,575)		(2,404)
Cash flows from financing activities:
	Proceeds from employee equity programs		49		50
	Payment of dividends		(1,029)		(928)
	Proceeds from public offering of common stock, net of issuance costs		—		99
	Proceeds from senior notes, net of debt discounts		2,419		2,066
	Repayment of finance lease liabilities		(89)		(72)
	Repayment of senior notes		(700)		—
	Repayment of other debt		(682)		(1)
	Other financing activities		26		(8)
Net cash provided by (used in) financing activities			(6)		1,206
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash			(11)		53
Net increase (decrease) in cash, cash equivalents and restricted cash			(808)		608
Cash, cash equivalents and restricted cash at beginning of period			1,824		3,082
Cash, cash equivalents and restricted cash at end of period			$    1,016		$    3,690
Free cash flow (1)			$     (560)		$     (607)
Adjusted free cash flow (2)			$     (336)		$     (326)
(1)	We define free cash flow as net cash provided by operating activities plus net cash used in investing activities (excluding the net purchases of and distributions from equity investments) as presented below:
	Net cash provided by operating activities as presented above		$    1,784		$    1,753
	Net cash used in investing activities as presented above		(2,575)		(2,404)
	Less purchases of equity investments, net of distributions		231		44
	Free cash flow		$     (560)		$     (607)
(2)	We define adjusted free cash flow as free cash flow as defined above, excluding any real estate and business acquisitions, net of cash and restricted cash acquired as presented below:
	Free cash flow (as defined above)		$     (560)		$     (607)
	Less business acquisitions, net of cash and restricted cash acquired		—		182
	Less real estate acquisitions		224		99
	Adjusted free cash flow		$     (336)		$     (326)

 

	EQUINIX, INC. Non-GAAP Measures and Other Supplemental Data ($ in millions, except per share data) (unaudited)
		Three Months Ended						Six Months Ended
		June 30, 2026		March 31, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	Recurring revenues	$    2,377		$    2,331		$    2,143		$     4,708		$     4,230
	Non-recurring revenues	248		113		113		361		251
	Revenues (1)	2,625		2,444		2,256		5,069		4,481
	Cash cost of revenues (2)	790		765		707		1,555		1,434
	Cash gross profit (3)	1,835		1,679		1,549		3,514		3,047
	Cash operating expenses (4):
	Cash sales and marketing expenses	162		162		146		324		306
	Cash general and administrative expenses	277		272		274		549		545
	Total cash operating expenses (4)	439		434		420		873		851
	Adjusted EBITDA (5)	$   1,396		$   1,245		$   1,129		$     2,641		$     2,196
	Cash gross margins (6)	70 %		69 %		69 %		69 %		68 %
	Adjusted EBITDA margins (7)	53 %		51 %		50 %		52 %		49 %
	FFO (8)	$      854		$      758		$      689		$     1,612		$     1,336
	AFFO (9)(10)	$   1,168		$   1,065		$      972		$     2,233		$     1,919
	Basic FFO per share (11)	$     8.66		$     7.70		$     7.04		$     16.36		$     13.68
	Diluted FFO per share (11)	$     8.61		$     7.68		$     7.03		$     16.29		$     13.64
	Basic AFFO per share (11)	$   11.84		$   10.82		$     9.94		$     22.67		$     19.65
	Diluted AFFO per share (11)	$   11.78		$   10.79		$     9.91		$     22.57		$     19.59
(1)	The geographic split of our revenues on a services basis is presented below:
	Americas Revenues:
	Colocation	$      747		$      731		$      654		$     1,478		$     1,290
	Interconnection	256		251		231		507		460
	Managed infrastructure	56		57		62		113		125
	Other	8		7		4		15		7
	Recurring revenues	1,067		1,046		951		2,113		1,882
	Non-recurring revenues	184		45		53		229		123
	Revenues	$    1,251		$    1,091		$    1,004		$     2,342		$     2,005
	EMEA Revenues:
	Colocation	$      633		$      613		$      572		$     1,246		$     1,139
	Interconnection	105		106		96		211		183
	Managed infrastructure	40		41		38		81		73
	Other	28		29		26		57		53
	Recurring revenues	806		789		732		1,595		1,448
	Non-recurring revenues	39		38		35		77		62
	Revenues	$      845		$      827		$      767		$     1,672		$     1,510
	Asia-Pacific Revenues:
	Colocation	$      392		$      386		$      359		$       778		$       701
	Interconnection	92		89		80		181		157
	Managed infrastructure	16		17		17		33		34
	Other	4		4		4		8		8
	Recurring revenues	504		496		460		1,000		900
	Non-recurring revenues	25		30		25		55		66
	Revenues	$      529		$      526		$      485		$     1,055		$       966
	Worldwide Revenues:
	Colocation	$    1,772		$    1,730		$    1,585		$     3,502		$     3,130
	Interconnection	453		446		407		899		800
	Managed infrastructure	112		115		117		227		232
	Other	40		40		34		80		68
	Recurring revenues	2,377		2,331		2,143		4,708		4,230
	Non-recurring revenues	248		113		113		361		251
	Revenues	$    2,625		$    2,444		$    2,256		$     5,069		$     4,481
(2)	We define cash cost of revenues as cost of revenues less depreciation, amortization, accretion and stock-based compensation as presented below:
	Cost of revenues	$    1,230		$    1,186		$    1,084		$     2,416		$     2,168
	Depreciation, amortization and accretion expense	(421)		(405)		(361)		(826)		(704)
	Stock-based compensation expense	(19)		(16)		(16)		(35)		(30)
	Cash cost of revenues	$      790		$      765		$      707		$     1,555		$     1,434
(3)	We define cash gross profit as revenues less cash cost of revenues (as defined above).
(4)	We define cash sales and marketing expense as sales and marketing expense less depreciation, amortization and stock-based compensation as presented below. We define cash general and administrative expense as general and administrative expense less depreciation, amortization and stock-based compensation as presented below. We define cash operating expense as selling, general, and administrative expense less depreciation, amortization, and stock-based compensation. We also refer to cash operating expense as cash selling, general and administrative expense or "cash SG&A".
	Sales and marketing expense	$      239		$      241		$      221		$       480		$       450
	Depreciation and amortization expense	(51)		(52)		(50)		(103)		(97)
	Stock-based compensation expense	(26)		(27)		(25)		(53)		(47)
	Cash sales and marketing expense	162		162		146		324		306
	General and administrative expense	462		444		451		906		889
	Depreciation and amortization expense	(85)		(87)		(91)		(172)		(181)
	Stock-based compensation expense	(100)		(85)		(86)		(185)		(163)
	Cash general and administrative expenses	277		272		274		549		545
	Cash operating expense	$      439		$      434		$      420		$       873		$       851
(5)	We define adjusted EBITDA as net income excluding income tax expense or benefit, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring and other exit charges, impairment charges, transaction costs, and gain or loss on asset sales as presented below:
	Net income	$      477		$      415		$      367		$       892		$       710
	Income tax expense (benefit)	46		56		38		102		87
	Interest income	(36)		(41)		(52)		(77)		(99)
	Interest expense	151		148		135		299		257
	Other (income) expense	28		(1)		7		27		(2)
	(Gain) loss on debt extinguishment	(1)		—		(1)		(1)		(1)
	Depreciation, amortization and accretion expense	557		544		502		1,101		982
	Stock-based compensation expense	145		128		127		273		240
	Restructuring and other exit charges	6		6		2		12		12
	Impairment charges	17		2		1		19		1
	Transaction costs	3		8		3		11		9
	(Gain) loss on asset sales	3		(20)		—		(17)		—
	Adjusted EBITDA	$    1,396		$    1,245		$    1,129		$     2,641		$     2,196
	Americas	641		516		466		1,157		909
	EMEA	456		424		399		880		764
	Asia-Pacific	299		305		264		604		523
	Adjusted EBITDA	$    1,396		$    1,245		$    1,129		$     2,641		$     2,196
(6)	We define cash gross margins as cash gross profit divided by revenues.
(7)	We define adjusted EBITDA margins as adjusted EBITDA divided by revenues.
(8)	FFO is defined as net income or loss attributable to common stockholders, excluding gain or loss from the disposition of real estate assets, depreciation and amortization expense on real estate assets and adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items.
	Net income	$      477		$      415		$      367		$       892		$       710
	Net (income) loss attributable to non-controlling interests	2		—		1		2		1
	Net income (loss) attributable to common stockholders	479		415		368		894		711
	Adjustments:
	Real estate depreciation	361		351		312		712		609
	(Gain) loss on disposition of real estate assets	3		(20)		1		(17)		1
	Adjustments for FFO from unconsolidated joint ventures	11		12		8		23		15
	FFO attributable to common stockholders	$      854		$      758		$      689		$     1,612		$     1,336
(9)	AFFO is defined as FFO adjusted for depreciation and amortization expense on non-real estate assets, accretion, stock-based compensation, stock-based charitable contributions, restructuring and other exit charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, gain or loss from the disposition of non-real estate assets, gain or loss on debt extinguishment, an income tax expense adjustment, recurring capital expenditures, net income or loss from discontinued operations, net of tax, and adjustments from FFO to AFFO for unconsolidated joint ventures' and non-controlling interests' share of these items.
	FFO attributable to common stockholders	$      854		$      758		$      689		$     1,612		$     1,336
	Adjustments:
	Installation revenue adjustment	8		8		8		16		10
	Straight-line rent expense adjustment	(4)		4		5		—		8
	Contract cost adjustment	(11)		(15)		(10)		(26)		(17)
	Amortization of deferred financing costs and debt discounts	7		7		6		14		11
	Stock-based compensation expense	145		128		127		273		240
	Stock-based charitable contributions	3		—		3		3		3
	Non-real estate depreciation expense	139		138		137		277		271
	(Gain) loss on disposition of non-real estate assets	—		—		—		—		2
	Amortization expense	51		52		50		103		98
	Accretion expense adjustment	6		3		3		9		4
	Recurring capital expenditures	(49)		(32)		(55)		(81)		(81)
	(Gain) loss on debt extinguishment	(1)		—		(1)		(1)		(1)
	Restructuring and other exit charges	6		6		2		12		12
	Transaction costs	3		8		3		11		9
	Impairment charges	17		2		1		19		1
	Income tax expense adjustment	(8)		—		4		(8)		10
	Adjustments for AFFO from unconsolidated joint ventures	2		(2)		—		—		3
	AFFO attributable to common stockholders	$    1,168		$    1,065		$      972		$     2,233		$     1,919
(10)	Following is how we reconcile from adjusted EBITDA to AFFO:
	Adjusted EBITDA	$    1,396		$    1,245		$    1,129		$     2,641		$     2,196
	Adjustments:
	Interest expense, net of interest income	(115)		(107)		(83)		(222)		(158)
	Amortization of deferred financing costs and debt discounts	7		7		6		14		11
	Income tax expense	(46)		(56)		(38)		(102)		(87)
	Income tax expense adjustment	(8)		—		4		(8)		10
	Straight-line rent expense adjustment	(4)		4		5		—		8
	Stock-based charitable contributions	3		—		3		3		3
	Contract cost adjustment	(11)		(15)		(10)		(26)		(17)
	Installation revenue adjustment	8		8		8		16		10
	Recurring capital expenditures	(49)		(32)		(55)		(81)		(81)
	Other income (expense)	(28)		1		(7)		(27)		2
	Adjustments for (gain) loss on asset dispositions	—		—		1		—		3
	Adjustments for unconsolidated JVs and non-controlling interests	15		10		9		25		19
	AFFO attributable to common stockholders	$    1,168		$    1,065		$      972		$     2,233		$     1,919
(11)	The shares used in the computation of basic and diluted FFO and AFFO per share attributable to common stockholders is presented below:
	Shares used in computing basic net income per share, FFO per share and AFFO per share (in thousands)	98,641		98,392		97,835		98,516		97,674
	Effect of dilutive securities:
	Employee equity awards (in thousands)	495		335		215		415		294
	Shares used in computing diluted net income per share, FFO per share and AFFO per share (in thousands)	99,136		98,727		98,050		98,931		97,968
	Basic FFO per share	$     8.66		$     7.70		$     7.04		$     16.36		$     13.68
	Diluted FFO per share	$     8.61		$     7.68		$     7.03		$     16.29		$     13.64
	Basic AFFO per share	$    11.84		$    10.82		$     9.94		$     22.67		$     19.65
	Diluted AFFO per share	$    11.78		$    10.79		$     9.91		$     22.57		$     19.59

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SOURCE Equinix, Inc.

FAQ

What were Equinix (EQIX) Q2 2026 financial results for revenue, earnings and AFFO?

Equinix reported Q2 2026 revenue of $2.625 billion, net income of $479 million ($4.83 per diluted share), and AFFO of $1.168 billion ($11.78 per share). According to Equinix, these rose 16%, 30% and about 20% year over year, respectively.

How did Equinix (EQIX) change its full-year 2026 guidance after Q2 2026 results?

Equinix raised 2026 revenue guidance to $10.205–10.285 billion and AFFO to $4.240–4.300 billion. According to Equinix, this implies revenue growth of about 11–12% and AFFO growth of 13–14% year over year, with adjusted EBITDA margin around 51%.

What is Equinix’s updated long-term outlook for 2027–2029 revenue and AFFO growth (EQIX)?

Equinix now targets annual revenue growth of 10–13% and AFFO per-share growth of 9–12% from 2027–2029. According to Equinix, the 2029 adjusted EBITDA margin is expected to be at least 53%, supported by sustained demand and firm pricing.

How did Equinix’s interconnections and bookings perform in Q2 2026?

Equinix added a record 9,700 net interconnections and delivered $424 million of annualized gross bookings in Q2 2026. According to Equinix, annualized gross bookings grew 23% year over year and contributed to a record backlog, reflecting strong customer demand.

What capital expenditure levels is Equinix (EQIX) guiding for 2026 and beyond?

For 2026, Equinix expects total capital expenditures of $5.0–6.0 billion, including recurring and non-recurring spend. According to Equinix, its updated 2027–2029 outlook calls for annual capex of $5.0–7.0 billion, excluding future M&A, real estate acquisitions and xScale investments.

How is Equinix’s dividend outlook affected by the new long-term guidance for EQIX?

Equinix expects dividend per-share growth to approximate AFFO per-share growth over 2027–2029. According to Equinix, this replaces the prior outlook of at least 8% annual dividend growth and aligns payouts more closely with projected 9–12% AFFO per-share growth.

What is Equinix’s Q3 2026 guidance for revenue and adjusted EBITDA (EQIX)?

For Q3 2026, Equinix guides revenue of $2.525–2.575 billion and adjusted EBITDA of $1.275–1.315 billion. According to Equinix, this implies 9–11% reported revenue growth and an adjusted EBITDA margin of about 51%, continuing recent performance trends.