Delivered largest first-quarter annualized gross bookings in company's history, leading to a record backlog
Increased stabilized assets' revenues 9% on an as-reported basis and 6% on a constant currency basis year over year, and continued to generate attractive 26% cash-on-cash returns
Raising full-year financial outlook across key metrics
REDWOOD CITY, Calif., April 29, 2026 /PRNewswire/ -- Equinix, Inc. (NASDAQ:EQIX), the world's digital infrastructure company®, today reported results for the quarter ended March 31, 2026.
"Our results reflect continued strength across the business. We delivered double-digit recurring revenue growth whilst improving our margins as we capitalise on robust customer demand for our AI, cloud and networking solutions," said Adaire Fox-Martin, CEO and President, Equinix. "We are raising our 2026 financial outlook based on the underlying strength of our Q1 performance and disciplined execution by our teams. The essential infrastructure we provide is enabling companies to accelerate innovation and enhancing our market position."
First-Quarter 2026 Results Summary
Revenues
$2.444 billion, a 10% increase over the same quarter of the previous year on an as-reported basis, or an 8% increase on a normalized and constant currency basis
Operating Income
$577 million, a 26% increase over the same quarter of the previous year, primarily from strong underlying operating performance
Net Income Attributable to Common Stockholders and Net Income per Share Attributable to Common Stockholders
$415 million, a 21% increase over the same quarter of the previous year, primarily from higher operating income
$4.20 per share, a 20% increase over the same quarter of the previous year
Adjusted EBITDA
$1.245 billion, a record adjusted EBITDA margin of 51%, a 17% increase over the same quarter of the previous year on an as-reported basis, or a 13% increase on a normalized and constant currency basis
AFFO and AFFO per Share
$1.065 billion, a 12% increase over the same quarter of the previous year on an as-reported basis, or an 11% increase on a normalized and constant currency basis driven by strong operating performance
$10.79 per share, a 12% increase over the same quarter of the previous year on an as-reported basis, or a 10% increase on a normalized and constant currency basis
Q1 results do not include the xScale® Hampton lease transaction. Adjusting for the timing of that deal, Q1 results were above the midpoint of the company's Q1 guidance ranges.
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.
All per-share results are presented on a fully diluted basis.
2026 Annual Guidance Summary
(in millions, except per share data)
Prior FY 2026Guidance
Guidance Adjustment
Foreign Exchange Impact
Revised FY 2026 Guidance
Q2 2026Guidance
Revenues
$10,123 - 10,223
+$20
+$1
$10,144 - 10,244
$2,571 - 2,611
Adjusted EBITDA
Adjusted EBITDA Margin %
$5,141 - 5,221
~51%
+$23
+$1
$5,165 - 5,245
~51%
$1,349 - 1,389
52 - 53%
Recurring Capital Expenditures
% of Revenues
$270 - 290
~3%
+$11
($1)
$280 - 300
~3%
$46 - 66
2 - 3%
Non-recurring Capital Expenditures
(Excludes xScale and Land Acquisitions)
$3,385 - 3,865
+$188
($13)
~$3,800
AFFO
$4,158 - 4,238
+$40
($0)
$4,198 - 4,278
AFFO per Share (Diluted)
$41.93 - 42.74
+$0.38
($0.00)
$42.31 - 43.11
Expected Cash Dividends
~$2,036
+$1
$0
~$2,037
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.
For the second quarter of 2026, the company expects revenues to range between $2.571 and $2.611 billion, an increase of 6% at the midpoint over the previous quarter, on both an as-reported and a normalized and constant currency basis. This guidance includes a $6 million foreign currency benefit when compared to the average FX rates in Q1 2026. Adjusted EBITDA is expected to range between $1.349 and $1.389 billion. This guidance includes a $4 million foreign currency benefit when compared to the average FX rates in Q1 2026. Recurring capital expenditures are expected to range between $46 and $66 million.
For the full year of 2026, total revenues are expected to range between $10.144 and $10.244 billion, an increase of approximately 10 - 11% over the previous year on both an as-reported and a normalized and constant currency basis. This guidance includes a $21 million raise from better-than-expected Q1 operating performance. It also includes a minimal foreign currency benefit when compared to prior guidance. Adjusted EBITDA is expected to range between $5.165 and $5.245 billion, reflecting an adjusted EBITDA margin of 51%, an approximate +2% expansion over the previous year. This guidance includes a $24 million raise from better-than-expected Q1 operating performance. It also includes a minimal foreign currency benefit when compared to prior guidance. AFFO is expected to range between $4.198 and $4.278 billion, an increase of 12 - 14% over the previous year on an as-reported basis, or 10 - 12% on a normalized and constant currency basis. This guidance includes a $40 million raise from better-than-expected Q1 operating performance. This guidance also includes a minimal foreign currency impact when compared to prior guidance rates. AFFO per share is expected to range between $42.31 and $43.11, an increase of 10 - 12% over the previous year on an as-reported basis, or 9 - 11% on a normalized and constant currency basis. Total capital expenditures are expected to be approximately $4.100 billion. Non-recurring capital expenditures, excluding on-balance sheet xScale-related spend, are expected to be approximately $3.800 billion. Recurring capital expenditures are expected to range between $280 and $300 million.
The U.S. dollar exchange rates used for 2026 guidance, taking into consideration the impact of our current foreign currency hedges, have been updated to $1.14 to the Euro, $1.31 to the British Pound, S$1.27 to the U.S. Dollar, ¥159 to the U.S. Dollar, A$1.40 to the U.S. Dollar, R$4.97 to the U.S. Dollar, HK$7.83 to the U.S. Dollar and C$1.37 to the U.S. Dollar. The Q1 2026 global revenue breakdown by currency for the Euro, British Pound, Singapore Dollar, Japanese Yen, Australian Dollar, Brazilian Real, Hong Kong Dollar, and Canadian Dollar is 20%, 9%, 9%, 5%, 3%, 3%, 2% and 2%, respectively.
Business Highlights
Delivered $378 million of annualized gross bookings and record annualized presales of approximately $140 million.
Approximately 60% of the company's largest deals were AI-related.
Introduced Equinix Fabric Intelligence™, an industry-leading solution that embeds AI directly into the network to interpret telemetry in real time and autonomously take action to optimize performance and workflows.
Launched the Distributed AI Hub, a neutral, low-latency on-ramp to AI model companies, GPU clouds, data platforms and security services that enable companies to build their own AI stacks from best-of-breed providers.
Announced definitive agreement with Canada Pension Plan Investment Board to acquire atNorth, a deal that will further enhance the company's position in the Nordics and is expected to be immediately accretive to AFFO per share upon close.
Strengthened position across the AI inferencing ecosystem, with eight of the top 10 AI model providers and four of the top five neoclouds actively expanding with Equinix to enable mission-critical, latency-sensitive elements of their architectures.
Published 11th annual sustainability report, detailing the significant investments Equinix is making to expand critical energy infrastructure without burdening residential ratepayers while also achieving new levels of energy efficiency and environmental stewardship across the company's operations.
Q1 2026 Results Conference Call and Replay Information
Equinix will discuss its quarterly results for the period ended March 31, 2026, along with its future outlook, in its quarterly conference call on Wednesday, April 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 Tuesday, June 30, 2026, by dialing 1-800-308-6785 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 for unconsolidated joint ventures' and non-controlling interests' share of these items
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
an adjustment to remove the impacts of straight-lining installation revenue
an adjustment to remove the impacts of straight-lining rent expense
an adjustment to remove the 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 for unconsolidated joint ventures' and non-controlling interests' share of these items
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
March 31, 2026
December 31, 2025
March 31, 2025
Recurring revenues
$ 2,331
$ 2,294
$ 2,087
Non-recurring revenues
113
126
138
Revenues
2,444
2,420
2,225
Cost of revenues
1,186
1,198
1,084
Gross profit
1,258
1,222
1,141
Operating expenses:
Sales and marketing
241
234
229
General and administrative
444
481
438
Restructuring and other exit charges
6
16
10
Transaction costs
8
6
6
Impairment charges
2
63
—
(Gain) loss on asset sales
(20)
—
—
Total operating expenses
681
800
683
Income from operations
577
422
458
Interest and other income (expense):
Interest income
41
41
47
Interest expense
(148)
(142)
(122)
Other income (expense)
1
(9)
9
Total interest and other, net
(106)
(110)
(66)
Income before income taxes
471
312
392
Income tax expense
(56)
(48)
(49)
Net income from continuing operations
415
264
343
Net (income) loss attributable to non-controlling interests
—
1
—
Net income attributable to common stockholders
$ 415
$ 265
$ 343
Earnings (loss) per share ("EPS") attributable to common stockholders:
Basic EPS
$ 4.22
$ 2.70
$ 3.52
Diluted EPS
$ 4.20
$ 2.69
$ 3.50
Weighted-average shares for basic EPS (in thousands)
98,392
98,200
97,514
Weighted-average shares for diluted EPS (in thousands)
98,727
98,378
97,887
EQUINIX, INC.
Condensed Consolidated Balance Sheets
(in millions, except headcount)
(unaudited)
March 31, 2026
December 31,2025
Assets
Cash and cash equivalents
$ 1,362
$ 1,727
Short-term investments
1,692
1,500
Accounts receivable, net
1,108
1,001
Other current assets
1,184
897
Total current assets
5,346
5,125
Property, plant and equipment, net
24,169
23,584
Operating lease right-of-use assets
1,345
1,392
Goodwill
5,931
5,984
Intangible assets, net
1,258
1,316
Other assets
2,849
2,740
Total assets
$ 40,898
$ 40,141
Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity
Accounts payable and accrued expenses
$ 1,321
$ 1,350
Accrued property, plant and equipment
703
564
Current portion of operating lease liabilities
161
155
Current portion of finance lease liabilities
173
168
Current portion of mortgage and loans payable
16
17
Current portion of senior notes
1,876
1,299
Other current liabilities
288
340
Total current liabilities
4,538
3,893
Operating lease liabilities, less current portion
1,256
1,304
Finance lease liabilities, less current portion
2,126
2,187
Mortgage and loans payable, less current portion
13
686
Senior notes, less current portion
17,715
16,910
Other liabilities
930
983
Total liabilities
26,578
25,963
Redeemable non-controlling interest
25
25
