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Equinix (Nasdaq: EQIX) boosts 2026 and long-term growth outlook after Q2

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Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Equinix reported very strong Q2 2026 results and raised both full‑year 2026 guidance and its 2027‑2029 outlook. Revenue was $2.625 billion, up 16% year over year, driven by strong underlying performance and one‑time xScale fees. Operating income rose 35% to $665 million, while net income attributable to common stockholders increased 30% to $479 million, or $4.83 per diluted share, up 29%.

Profitability was robust on a non‑GAAP basis. Adjusted EBITDA reached $1.396 billion with a record 53% margin, up 24% year over year, and AFFO was $1.168 billion, or $11.78 per share, up 20% and 19%, respectively. Annualized gross bookings grew 23% and the company added a record 9,700 net interconnections, contributing to a record backlog.

Guidance was increased across key metrics. For 2026, Equinix now expects revenue of $10.205–$10.285 billion, adjusted EBITDA of $5.210–$5.270 billion (about 51% margin), AFFO of $4.240–$4.300 billion and AFFO per share of $42.69–$43.29, all showing double‑digit growth, with total capital expenditures of $5.000–$6.000 billion.

Positive

  • Q2 2026 revenue and earnings grew strongly, with revenue up 16% to $2.625 billion and net income attributable to common stockholders up 30% to $479 million, reflecting strong operating performance and one‑time xScale fees.
  • Profitability and cash generation improved materially, as adjusted EBITDA rose 24% to $1.396 billion with a record 53% margin, while AFFO increased 20% to $1.168 billion and diluted AFFO per share rose 19% to $11.78.
  • Outlook was raised for both 2026 and 2027‑2029, with 2026 revenue now guided to $10.205–$10.285 billion (about 11–12% growth) and long‑term annual revenue growth targeted at 10–13% and AFFO per share growth at 9–12%.

Negative

  • None.

Insights

Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $2.625 billion Quarter ended June 30, 2026; 16% increase over same quarter of previous year
Q2 2026 Net Income Attributable to Common Stockholders $479 million Quarter ended June 30, 2026; 30% increase over same quarter of previous year
Q2 2026 Diluted EPS $4.83 Quarter ended June 30, 2026; 29% increase over same quarter of previous year
Q2 2026 Adjusted EBITDA $1.396 billion Quarter ended June 30, 2026; record 53% margin and 24% year-over-year increase
Q2 2026 AFFO $1.168 billion Quarter ended June 30, 2026; 20% increase over same quarter of previous year
FY 2026 Revenue Guidance $10.205–$10.285 billion Expected full-year 2026 revenue; approximately 11–12% increase over previous year
FY 2026 Total Capital Expenditures Guidance $5.000–$6.000 billion Expected total capital expenditures for full year 2026
Total Debt Principal Outstanding $22,153 million Debt principal outstanding as of June 30, 2026
Adjusted EBITDA financial
"Adjusted EBITDA reached $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.
Adjusted Funds from Operations financial
"Equinix’s primary non-GAAP financial measures include Adjusted EBITDA and Adjusted Funds from Operations"
Adjusted funds from operations is a financial measure that shows how much cash a real estate company generates from its property operations, excluding certain non-recurring items and accounting adjustments. It helps investors understand the company’s true cash flow ability to pay dividends or fund growth. This figure offers a clearer picture of ongoing financial performance by removing irregular or one-time factors that can distort regular income.
normalized and constant currency basis financial
"a 16% increase over the same quarter of the previous year on both an as-reported basis and a normalized and constant currency basis"
free cash flow financial
"Free cash flow is defined as net cash provided by operating activities plus net cash used in investing activities"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
recurring capital expenditures financial
"recurring capital expenditures, which represent expenditures to extend the useful life of data centers"
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.
Revenue $2.625 billion 16% increase over the same quarter of the previous year
Net income attributable to common stockholders $479 million 30% increase over the same quarter of the previous year
Diluted EPS $4.83 29% increase over the same quarter of the previous year
Adjusted EBITDA $1.396 billion 24% increase over the same quarter of the previous year; record 53% margin
AFFO $1.168 billion 20% increase over the same quarter of the previous year
Guidance

For full-year 2026, Equinix expects revenue of $10.205–$10.285 billion (approximately 11–12% growth), adjusted EBITDA of $5.210–$5.270 billion with an around 51% margin, AFFO of $4.240–$4.300 billion, AFFO per share of $42.69–$43.29, and total capital expenditures of $5.000–$6.000 billion.

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

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FAQ

How did Equinix (EQIX) perform financially in Q2 2026?
Equinix delivered strong Q2 2026 results, generating $2.625 billion in revenue, a 16% year-over-year increase. Net income attributable to common stockholders was $479 million, up 30%, and diluted EPS rose 29% to $4.83, reflecting higher operating income.

What were Equinix (EQIX) key non-GAAP metrics in Q2 2026?
Equinix reported Q2 2026 adjusted EBITDA of $1.396 billion with a record 53% margin, up 24% year over year. AFFO reached $1.168 billion, a 20% increase, while diluted AFFO per share rose 19% to $11.78, highlighting strong underlying cash-generating performance.

What 2026 guidance did Equinix (EQIX) provide for revenue and AFFO?
For 2026, Equinix expects revenue of $10.205–$10.285 billion, about 11–12% growth year over year. It guides AFFO of $4.240–$4.300 billion and AFFO per share of $42.69–$43.29, representing 13–14% and 11–13% growth, respectively.

How did Equinix (EQIX) update its long-term 2027–2029 outlook?
Equinix now targets annual revenue growth of 10–13% from 2027–2029, up from 7–10%. The updated outlook also calls for AFFO per share growth of 9–12%, total annual capital expenditures of $5.000–$7.000 billion, and a 2029 adjusted EBITDA margin of at least 53%.

What were Equinix (EQIX) free cash flow and capital expenditures in the first half of 2026?
For the six months ended June 30, 2026, Equinix generated $1.784 billion in operating cash flow. Free cash flow was -$560 million and adjusted free cash flow was -$336 million, reflecting significant growth investments including $2.834 billion in purchases of property, plant and equipment.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549 
 
FORM 8-K 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 29, 2026
 
EQUINIX, INC.
(Exact Name of Registrant as Specified in Charter) 
 
Delaware 001-40205 77-0487526
(State or Other Jurisdiction
of Incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
 
One Lagoon Drive
Redwood City, CA 94065
(Address of Principal Executive Offices, and Zip Code)
 
(650) 598-6000
Registrant’s Telephone Number, Including Area Code
 
(Former Name or Former Address, if Changed Since Last Report) 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 ☐Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 


 ☐Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 ☐Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class Trading Symbol(s) 
Name of each exchange on which registered
Common stock, par value $0.001 per share  EQIX The Nasdaq Stock Market LLC
0.250% Senior Notes due 2027   The Nasdaq Stock Market LLC
3.250% Senior Notes due 2029The Nasdaq Stock Market LLC
3.250% Senior Notes due 2031The Nasdaq Stock Market LLC
1.000% Senior Notes due 2033   The Nasdaq Stock Market LLC
3.650% Senior Notes due 2033The Nasdaq Stock Market LLC
3.625% Senior Notes due 2034The Nasdaq Stock Market LLC
4.000% Senior Notes due 2034The Nasdaq Stock Market LLC
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

  
 




Item 2.02. Results of Operations and Financial Condition

On July 29, 2026, Equinix, Inc. (“Equinix”) issued a press release and will hold a conference call regarding its financial results for the second quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.

This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Equinix is making reference to certain non-GAAP financial information in both the press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.



Item 9.01Financial Statements and Exhibits.
(d) Exhibits

Exhibit No.Description
99.1
Press Release of Equinix, Inc. dated July 29, 2026.
104Cover Page Interactive Data File - the cover page iXBRL tags are embedded within the Inline XBRL document





SIGNATURES


    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



EQUINIX, INC.
DATE: July 29, 2026


By: /s/ Olivier Leonetti
      Olivier Leonetti
      Chief Financial Officer


equinix_logoxverticalxcolo.jpg
FOR IMMEDIATE RELEASE

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

•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 - 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.”









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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
◦$11.78 per share, a 19% increase over the same quarter of the previous year on an as-reported basis, or an 18% increase on a normalized and constant currency basis
Equinix uses certain non-GAAP financial measures, which are described further below and reconciled to the most comparable GAAP financial measures after the presentation of our GAAP financial statements.
Equinix does not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation and other components of net income or loss from operations, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant. Equinix intends to calculate the various non-GAAP financial measures in future periods consistent with how they were calculated for the periods presented within this press release.
All per-share results are presented on a fully diluted basis.
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2026 Guidance Summary
($ in millions, except per share data)Prior FY 2026 GuidanceGuidance AdjustmentForeign Exchange ImpactRevised FY 2026 GuidanceQ3 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
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(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.
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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
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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
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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 Media Relations
Equinix Investor Relations
press@equinix.cominvest@equinix.com



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EQUINIX, INC.
Condensed Consolidated Statements of Operations
(in millions, except share and per share data)
(unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
Recurring revenues$2,377 $2,331 $2,143 $4,708 $4,230 
Non-recurring revenues248 113 113 361 251 
Revenues2,625 2,444 2,256 5,069 4,481 
Cost of revenues1,230 1,186 1,084 2,416 2,168 
Gross profit1,395 1,258 1,172 2,653 2,313 
Operating expenses:
Sales and marketing239 241 221 480 450 
General and administrative462 444 451 906 889 
Restructuring and other exit charges6 6 2 12 12 
Transaction costs3 8 3 11 9 
Impairment charges17 2 1 19 1 
(Gain) loss on asset sales3 (20)— (17)— 
Total operating expenses730 681 678 1,411 1,361 
Income from operations665 577 494 1,242 952 
Interest and other income (expense):
Interest income36 41 52 77 99 
Interest expense(151)(148)(135)(299)(257)
Other income (expense)(28)1 (7)(27)2 
Gain (loss) on debt extinguishment1 — 1 1 1 
Total interest and other, net(142)(106)(89)(248)(155)
Income before income taxes523 471 405 994 797 
Income tax expense(46)(56)(38)(102)(87)
Net income477 415 367 892 710 
Net (income) loss attributable to non-controlling interests2 — 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 
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EQUINIX, INC.
Condensed Consolidated Balance Sheets
(in millions, except headcount)
(unaudited)
June 30, 2026December 31, 2025
Assets
Cash and cash equivalents$979 $1,727 
Short-term investments1,245 1,500 
Accounts receivable, net1,256 1,001 
Other current assets842 897 
Total current assets4,322 5,125 
Property, plant and equipment, net25,222 23,584 
Operating lease right-of-use assets1,296 1,392 
Goodwill5,912 5,984 
Intangible assets, net1,204 1,316 
Other assets3,120 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 equipment723 564 
Current portion of operating lease liabilities156 155 
Current portion of finance lease liabilities176 168 
Current portion of mortgage and loans payable9 17 
Current portion of senior notes1,170 1,299 
Other current liabilities323 340 
Total current liabilities3,820 3,893 
Operating lease liabilities, less current portion1,211 1,304 
Finance lease liabilities, less current portion2,104 2,187 
Mortgage and loans payable, less current portion11 686 
Senior notes, less current portion18,519 16,910 
Other liabilities1,013 983 
Total liabilities26,678 25,963 
Redeemable non-controlling interest25 25 
Common stockholders' equity:
Common stock— — 
Additional paid-in capital22,015 21,642 
Treasury stock(23)(24)
Accumulated dividends(13,231)(12,202)
Accumulated other comprehensive loss(1,374)(1,359)
Retained earnings6,995 6,099 
Total common stockholders' equity14,382 14,156 
Non-controlling interests(9)(3)
Total stockholders' equity14,373 14,153 
Total liabilities, redeemable non-controlling interest and stockholders’ equity$41,076 $40,141 
Ending headcount by geographic region is as follows:
Americas headcount6,009 5,917 
EMEA headcount4,719 4,706 
Asia-Pacific headcount3,203 3,093 
Total headcount13,931 13,716 
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EQUINIX, INC.
Summary of Debt Principal Outstanding
(in millions)
(unaudited)
June 30, 2026December 31, 2025
Finance lease liabilities$2,280 $2,355 
Term loans1 673 
Mortgage payable and other loans payable19 30 
Total mortgage and loans payable principal20 703 
Senior notes19,689 18,209 
Plus: debt issuance costs and debt discounts164 150 
Total senior notes principal19,853 18,359 
Total debt principal outstanding$22,153 $21,417 
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EQUINIX, INC.
Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Six Months Ended
June 30, 2026June 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 accretion1,101 982 
Stock-based compensation273 240 
Impairment charges19 1 
(Gain) loss on asset sales(17)— 
Other operating activities31 23 
Changes in operating assets and liabilities:
Accounts receivable(258)(169)
Income taxes, net(24)(45)
Operating lease right-of-use assets7979
Operating lease liabilities(77)(71)
Accounts payable and accrued expenses(80)(149)
Other assets and liabilities(155)152 
Net cash provided by operating activities1,784 1,753 
Cash flows from investing activities:
Purchases of equity investments(264)(48)
Distributions from equity investments33 4 
Purchases of short-term investments(789)(795)
Maturities and sales of short-term investments1,054 450 
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 transferred348 — 
Settlement of foreign currency hedges101 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 programs49 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 discounts2,419 2,066 
Repayment of finance lease liabilities(89)(72)
Repayment of senior notes(700)— 
Repayment of other debt(682)(1)
Other financing activities26 (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 period1,824 3,082 
Cash, cash equivalents and restricted cash at end of period$1,016 $3,690 
Free cash flow (1)
$(560)$(607)
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Six Months Ended
June 30, 2026June 30, 2025
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 $1,753 
Net cash used in investing activities as presented above(2,575)(2,404)
Less purchases of equity investments, net of distributions231 44 
Free cash flow$(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)$(607)
Less business acquisitions, net of cash and restricted cash acquired— 182 
Less real estate acquisitions224 99 
Adjusted free cash flow$(336)$(326)
12
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EQUINIX, INC.
Non-GAAP Measures and Other Supplemental Data
($ in millions, except per share data)
(unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
Recurring revenues$2,377$2,331$2,143$4,708$4,230
Non-recurring revenues248113113361251
Revenues (1)
2,6252,4442,2565,0694,481
Cash cost of revenues (2)
7907657071,5551,434
Cash gross profit (3)
1,8351,6791,5493,5143,047
Cash operating expenses (4):
Cash sales and marketing expenses 162162146324306
Cash general and administrative expenses 277272274549545
Total cash operating expenses (4)
439434420873851
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
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Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(1)The geographic split of our revenues on a services basis is presented below:
Americas Revenues:
Colocation$747$731$654$1,478$1,290
Interconnection256251231507460
Managed infrastructure565762113125
Other874157
Recurring revenues1,0671,0469512,1131,882
Non-recurring revenues1844553229123
Revenues$1,251$1,091$1,004$2,342$2,005
EMEA Revenues:
Colocation$633$613$572$1,246$1,139
Interconnection10510696211183
Managed infrastructure4041388173
Other2829265753
Recurring revenues8067897321,5951,448
Non-recurring revenues3938357762
Revenues$845$827$767$1,672$1,510
Asia-Pacific Revenues:
Colocation$392$386$359$778$701
Interconnection928980181157
Managed infrastructure1617173334
Other44488
Recurring revenues5044964601,000900
Non-recurring revenues2530255566
Revenues$529$526$485$1,055$966
Worldwide Revenues:
Colocation$1,772$1,730$1,585$3,502$3,130
Interconnection453446407899800
Managed infrastructure112115117227232
Other4040348068
Recurring revenues2,3772,3312,1434,7084,230
Non-recurring revenues248113113361251
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
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Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
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 expense162162146324306
General and administrative expense462444451906889
Depreciation and amortization expense(85)(87)(91)(172)(181)
Stock-based compensation expense(100)(85)(86)(185)(163)
Cash general and administrative expenses277272274549545
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)46563810287
Interest income(36)(41)(52)(77)(99)
Interest expense151148135299257
Other (income) expense28(1)727(2)
(Gain) loss on debt extinguishment(1)—(1)(1)(1)
Depreciation, amortization and accretion expense5575445021,101982
Stock-based compensation expense145128127273240
Restructuring and other exit charges6621212
Impairment charges1721191
Transaction costs383119
(Gain) loss on asset sales3(20)—(17)—
Adjusted EBITDA$1,396$1,245$1,129$2,641$2,196
Americas6415164661,157909
EMEA456424399880764
Asia-Pacific299305264604523
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.
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Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(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 interests2—121
Net income (loss) attributable to common stockholders479415368894711
Adjustments:
Real estate depreciation361351312712609
(Gain) loss on disposition of real estate assets3(20)1(17)1
Adjustments for FFO from unconsolidated joint ventures1112823 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 adjustment8881610
Straight-line rent expense adjustment(4)45—8
Contract cost adjustment(11)(15)(10)(26)(17)
Amortization of deferred financing costs and debt discounts 7761411
Stock-based compensation expense145128127273240
Stock-based charitable contributions3—333
Non-real estate depreciation expense139138137277271
(Gain) loss on disposition of non-real estate assets————2
Amortization expense51525010398
Accretion expense adjustment63394
Recurring capital expenditures(49)(32)(55)(81)(81)
(Gain) loss on debt extinguishment(1)—(1)(1)(1)
Restructuring and other exit charges6621212
Transaction costs383119
Impairment charges 1721191
Income tax expense adjustment(8)—4(8)10
Adjustments for AFFO from unconsolidated joint ventures2(2)——3
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Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
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 7761411
Income tax expense(46)(56)(38)(102)(87)
Income tax expense adjustment(8)—4(8)10
Straight-line rent expense adjustment(4)45—8
Stock-based charitable contributions3—333
Contract cost adjustment(11)(15)(10)(26)(17)
Installation revenue adjustment8881610
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 interests151092519
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)98,64198,39297,83598,51697,674
Effect of dilutive securities:
Employee equity awards (in thousands)495335215415294
Shares used in computing diluted net income per share, FFO per share and AFFO per share (in thousands)99,13698,72798,05098,93197,968
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
17

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