Key Highlights

  • Consensus EPS of 4.11 compares with second-quarter diluted EPS of 4.83, against 3.75 a year earlier.
  • Consensus revenue of USD 2.56 billion compares with second-quarter revenue of USD 2,625 million, against USD 2,256 million.
  • Management raised 2026 revenue guidance to USD 10.2 billion to USD 10.3 billion, up 11% to 12%.
  • Second-quarter AFFO per share was 11.78, an increase of 18% on a normalized and constant currency basis.

Equinix (NASDAQ:EQIX) reports third-quarter results on Wednesday, Oct. 28, after the market closes. Consensus stands at EPS of 4.11 on revenue of USD 2.56 billion, and the company has a market capitalization of USD 95.48 billion.

Equinix is a digital infrastructure company that operates data centers and interconnection services. Second-quarter revenue was USD 2,625 million against USD 2,256 million, and net income was USD 479 million against USD 368 million.

Estimates Against Second-Quarter Results

The EPS estimate of 4.11 is below the second-quarter diluted EPS of 4.83, which compared with 3.75 a year earlier, and below AFFO per share of 11.78. The estimates table does not state its EPS basis. The revenue estimate of USD 2.56 billion is below the USD 2,625 million reported, which compared with USD 2,256 million.

Management gave no third-quarter range, so the comparison runs to the last reported quarter. Cost of revenue was USD 1,230 million against USD 1,084 million, and operating income was USD 665 million against USD 494 million.

What Management Guided and What It Left Open

Management raised 2026 revenue growth guidance to 11% to 12% and AFFO per share growth to 10% to 12%, with revenue of USD 10.2 billion to USD 10.3 billion and AFFO per share of 42.69 to 43.29. It guided 2026 capital expenditures of USD 5 billion to USD 6 billion and cash dividends of USD 2 billion.

Management guided revenue growth of 10% to 13% annually through 2029 and capital expenditures of USD 5 billion to USD 7 billion annually over the same period. It left open the pace of capacity delivery, saying it expects to double the number of cabinets delivered in the second half of 2026, and the timing of xScale leasing, where the Hampton transaction contributed USD 120 million in fees.

Bookings, Interconnection and Churn Detail

Annualized gross bookings were USD 424 million, up 23%, and net interconnection additions were 9,700. Net cabinet billings added 4,200, and churn was 1.8%. Interconnection revenue was USD 453 million, up 9%.

Recurring revenue was USD 2.4 billion, up 11% on a normalized and constant currency basis, and adjusted EBITDA was USD 1.4 billion at a 53% margin. The filing shows Americas revenues up 25%, EMEA revenues up 10% and Asia-Pacific revenues up 9%.

Capital Projects, Liquidity and Dividend

The company reported 52 major projects underway across 33 global markets and 134 megawatts of xScale leases closed. Available liquidity was USD 7.7 billion, and the filing shows cash and cash equivalents of USD 979 million against USD 1,727 million at the prior year end.

Stabilized assets generated a 27% cash-on-cash yield across 194 assets. Dividends declared were 5.16 per share against 4.69 a year earlier. The estimates table lists a market capitalization of USD 95.48 billion.

Items to Track in the Report

Reported EPS against 4.11 and revenue against USD 2.56 billion are the headline comparisons. Other markers are AFFO per share, bookings, churn and capital expenditures against the 2026 guidance.