Equinix (EQIX) Q3 2026 earnings summary

Executive summary

• Record annualized gross bookings reached $533M, up 35% YoY; MRR grew at a double-digit rate for the fourth consecutive quarter.

• More than 25,000 transactions spanned 3,200+ customers, with no customer exceeding 2.5% of revenue.

• Strong demand and operating results supported a third consecutive quarterly increase to FY26 guidance and accelerated capacity plans.

Financial highlights

• Q3 revenue was $2.571B, up 11% reported and 12% normalized, constant currency YoY; recurring revenue was $2.442B.

• Adjusted EBITDA was $1.321B, up 15% reported and 14% normalized, constant currency; margin was 51.4%, up 180 bps YoY.

• Net income was $489M, up 31% YoY; diluted EPS was $4.93 versus $3.81.

• AFFO was $1.156B and diluted AFFO per share was $11.64; per-share growth was 20% reported, 18% including atNorth, and 12% normalized excluding atNorth.

• Churn was 1.7%; new-deal pricing increased 12% YoY.

Outlook and guidance

• FY26 revenue guidance is $10.325B–$10.365B, with ~12% YoY growth; underlying guidance increased $100M.

• FY26 adjusted EBITDA guidance is $5.290B–$5.330B at ~51% margin, up $70M; AFFO guidance rose $90M to $4.340B–$4.380B.

• FY26 diluted AFFO per share guidance is $43.71–$44.11, with 11%–12% normalized, constant-currency growth; guidance includes a $31M atNorth contribution.

• Q4 revenue guidance is $2.684B–$2.724B, up 11%–13% reported or 12%–13% normalized, constant currency; adjusted EBITDA is $1.328B–$1.368B at 49%–50% margin.

• FY26 total capital expenditures are expected at $5B–$6B, excluding xScale and real estate acquisitions.