Key Highlights

  • Diluted EPS of USD 4.93 rose from USD 3.81 and topped the USD 4.11 consensus estimate.
  • Revenue of USD 2.57 billion grew 11% from USD 2.32 billion and edged past the USD 2.56 billion consensus estimate.
  • Annualized gross bookings hit a record USD 533 million, up 35%, while pricing on new deals rose 12%.
  • Management raised 2026 guidance for revenue, adjusted EBITDA and AFFO, citing demand and the atNorth contribution.

Equinix, Inc. (NASDAQ:EQIX) reported third-quarter 2026 diluted earnings per share of USD 4.93, up from USD 3.81 a year earlier and above a consensus estimate of USD 4.11. Revenue climbed to USD 2,571 million from USD 2,316 million, slightly above a consensus estimate of USD 2.56 billion. Net income attributable to common stockholders rose to USD 489 million from USD 374 million, and income from operations increased to USD 600 million from USD 474 million.

Other income of USD 54 million came largely from compensation tied to the atNorth joint venture, which closed on September 2 with a USD 869 million contribution for roughly 34% of the voting shares. Interest expense rose to USD 163 million from USD 128 million. On a normalized, constant-currency basis, total revenue grew 12%, monthly recurring revenue grew 11% and adjusted EBITDA margin rose 180 basis points.

Demand, Pricing and Capacity

CEO Adaire Fox-Martin said demand is broad-based, noting that no customer exceeds 2.5% of revenue and that more than 3,200 customers completed over 25,000 transactions. Interconnection revenue grew 10%, with Fabric up 24%, and churn was 1.7%. Annualized gross bookings reached USD 533 million, up 35%, and 60% of the fourth-quarter bookings target is already closed.

Pricing on new deals rose 12% year over year, and management said renewals are a growing lever. The stabilized portfolio of 193 assets was 83% utilized and generated a 27% cash-on-cash return. Capital spending was about USD 1.6 billion, roughly 90% for capacity, and the company anticipates delivering more than 13,000 cabinets in the fourth quarter, with over 20% already presold.

Raised Guidance and Balance Sheet

Management raised 2026 guidance, lifting total revenue by USD 100 million to about 12% growth, adjusted EBITDA by USD 70 million to a margin near 51%, and AFFO by USD 90 million, including a USD 31 million contribution from atNorth. Monthly recurring revenue growth is guided to 10% to 11%. Fourth-quarter total revenue growth is guided to 12% to 13%, and capital expenditures excluding real estate acquisitions and xScale remain at USD 5 billion to USD 6 billion.

Net leverage was 4.1x, with USD 9.1 billion of available liquidity. The filing shows USD 3.6 billion of cash, cash equivalents and short-term investments, a USD 5.5 billion revolver and about USD 700 million available under the at-the-market program. Operating cash flow for nine months was USD 3,027 million, up USD 260 million.

Indicators Still in Focus

Four items frame the next report. Capacity delivery is first, with the 13,000-cabinet quarter and 15% of 2027 retail capacity already presold. Churn is second: the 1.7% rate compares with the 2% to 2.5% the company still uses for planning. Pricing is third, as renewals reprice against a 12% rise on new deals. The fourth is the dividend of USD 5.16 per share, payable December 16 to holders of record on November 18, alongside the atNorth pipeline of 800 megawatts over five years. Updated guidance is scheduled for February.