Equinix Raises 2026 Guidance as Q3 Bookings Hit Record $533 Million

Equinix (EQIX ) reported third-quarter 2026 results on October 28, 2026, posting revenue of $2.571 billion, an 11% increase over the same quarter of the previous year on an as-reported basis, and raised its full-year 2026 guidance for the third consecutive quarter, according to the company’s earnings release. The company said annualized gross bookings reached a record $533 million, up 35% year over year.

For the quarter ended September 30, 2026, operating income was $600 million, a 27% increase over the same quarter of the previous year. Net income attributable to common stockholders was $489 million, up 31%, which Equinix attributed primarily to higher operating income and a non-recurring fee earned in connection with its investment in the atNorth joint venture. Diluted earnings per share were $4.93, up 29%.

Adjusted EBITDA was $1.321 billion, up 15% as reported and 14% on a normalized and constant currency basis, with an adjusted EBITDA margin of 51%. Adjusted funds from operations, or AFFO, was $1.156 billion, up 20% as reported, or up 14% on a normalized and constant currency basis excluding the benefit of the atNorth joint venture fee. AFFO per share was $11.64, up 18% as reported, or up 12% excluding the fee. Revenue growth of 12% on a normalized and constant currency basis was driven by what the company described as strong underlying performance. Recurring revenues were $2.442 billion and non-recurring revenues were $129 million. Equinix’s normalized and constant currency growth rates assume foreign currency rates remain consistent across comparative periods; its revenue growth rates exclude the impact of net power pass-through, acquisitions, divestitures and the Equinix Metal wind-down.

Full-Year and Fourth-Quarter Guidance

Equinix raised full-year 2026 revenue guidance to a range of $10.325 billion to $10.365 billion, approximately 12% growth over the previous year, from prior guidance of $10.205 billion to $10.285 billion, or 11% to 12% growth. The revision reflects an $84 million positive underlying adjustment and a $16 million foreign-exchange impact.

Full-year adjusted EBITDA guidance moved to $5.290 billion to $5.330 billion from $5.210 billion to $5.270 billion, reflecting a $59 million underlying adjustment and an $11 million foreign-exchange impact. The revised range reflects an adjusted EBITDA margin of approximately 51%, which the company described as an approximate 200 basis-point expansion over the previous year.

AFFO guidance increased to $4.340 billion to $4.380 billion from $4.240 billion to $4.300 billion, reflecting a $52 million underlying adjustment, a $31 million contribution from the atNorth joint venture, and a $7 million foreign-exchange impact. AFFO per share guidance moved to a range of $43.71 to $44.11, an increase of 14% to 15% as reported, or 11% to 12% on a normalized and constant currency basis, from prior guidance of $42.69 to $43.29.

For the fourth quarter of 2026, Equinix expects revenue of $2.684 billion to $2.724 billion, an increase of 11% to 13% as reported, or 12% to 13% on a normalized and constant currency basis, and adjusted EBITDA of $1.328 billion to $1.368 billion at a margin of 49% to 50%.

Recurring capital expenditure guidance was unchanged at $290 million to $310 million, approximately 3% of revenue, while non-recurring capital expenditures, excluding xScale and real estate acquisitions, remain guided at $4.710 billion to $5.690 billion. Total capital expenditures are expected to range between $5 billion and $6 billion, and expected cash dividends are approximately $2.037 billion.

Bookings, Capacity and Business Activity

Equinix attributed the record bookings to robust demand and strengthening pricing, and its investor relations page states that third-quarter annualized gross bookings crossed the half-billion-dollar mark for the first time. Monthly recurring revenue grew by double digits year over year for the fourth consecutive quarter; the investor relations page states third-quarter MRR grew 11% on a normalized and constant currency basis.

Interconnection revenue grew 10% year over year on both an as-reported and a normalized and constant currency basis, with Fabric revenue up 24% on both bases. The company added 6,900 net interconnections in the quarter and said it accelerated new capacity delivery, with nearly 40% more cabinets planned for delivery in 2026 than initially anticipated.

“We delivered double-digit growth across the key metrics that drive long-term value creation, including interconnection and monthly recurring revenue, and we accelerated capacity to meet broad-based demand,” said Adaire Fox-Martin, Equinix’s CEO and president.

During the quarter, Equinix introduced Fabric One, an any-to-any connectivity service designed to simplify how enterprises connect distributed cloud, network and AI environments, with AWS and Google Cloud serving as lead integration partners. The company announced Equinix Inference Exchange, in collaboration with NVIDIA and Together AI, to help enterprises deploy and scale AI inferencing workloads, and launched Equinix Enhanced Performance Innovation Centers, a global network of production-ready liquid-cooling environments that enables customers to test, validate and deploy high-density AI infrastructure.

Equinix also completed its investment in atNorth alongside CPP Investments, a transaction the company said strengthens its position in the Nordic data center market. It cited support for state standards on grid costs, water stewardship, community impact and transparency in Texas while reinforcing more than $1.6 billion in long-term investment across the state, and established what the company described as a first-of-its-kind partnership in Georgia that protects ratepayers by having Equinix fund all grid infrastructure costs associated with its Hampton data center project through a 20-year commitment.

By region, third-quarter revenue was $1.148 billion in the Americas, $878 million in EMEA, and $545 million in Asia-Pacific, while worldwide interconnection revenue was $465 million. Regional adjusted EBITDA was $560 million in the Americas, $456 million in EMEA, and $305 million in Asia-Pacific.

For the first nine months of 2026, revenue was $7.640 billion versus $6.797 billion in the same period of 2025. Net income attributable to common stockholders was $1.383 billion, diluted EPS was $13.96, and AFFO was $3.389 billion versus $2.884 billion a year earlier. Third-quarter FFO was $858 million versus $707 million in the prior-year quarter. The release defines AFFO as derived from funds from operations calculated in accordance with standards established by the National Association of Real Estate Investment Trusts.

Total assets were $44.445 billion at September 30, 2026, compared with $40.141 billion at December 31, 2025. Total debt principal outstanding was $25.217 billion, compared with $21.417 billion at year-end 2025, and cash and cash equivalents were $2.362 billion. Headcount was 14,042, compared with 13,716 at the end of 2025.

Equinix scheduled its quarterly conference call for 5:30 p.m. ET on October 28, 2026, with a replay available through December 31, 2026. The company’s financial results page lists the earnings release, webcast, presentation and Form 10-Q for the quarter ended September 30, 2026.