Equinix, Inc. (EQIX) Earnings
Equinix, Inc. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $4.78. EQIX has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +2.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $4.30 | $4.22 | -1.9% | $2.4B | -2.8% |
| Feb 11, 2026 | $9.07 | $8.91 | -1.8% | $2.4B | -2.1% |
| Oct 29, 2025 | $9.26 | $9.83 | +6.2% | $2.3B | -5.8% |
| Jul 30, 2025 | $9.19 | $9.91 | +7.8% | $2.3B | -0.1% |
| Apr 30, 2025 | $8.96 | $9.67 | +7.9% | $2.2B | -1.5% |
| Feb 12, 2025 | $2.75 | $7.92 | +188.0% | $2.3B | -0.6% |
| Oct 30, 2024 | $8.70 | $9.05 | +4.0% | $2.2B | -3.7% |
| Feb 14, 2024 | $7.25 | $7.30 | +0.7% | $2.1B | -0.2% |
| Oct 25, 2023 | $7.79 | $8.19 | +5.1% | $2.1B | +0.2% |
| Aug 2, 2023 | $7.51 | $8.04 | +7.1% | $2.0B | -0.0% |
| May 3, 2023 | $7.92 | $8.59 | +8.5% | $2.0B | +0.9% |
| Feb 15, 2023 | $6.82 | $7.09 | +4.0% | $1.9B | +0.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Adair Fox-Martin noted continued strength across the business with broad-based and durable demand. AI is fueling infrastructure investments. Q1 was the largest quarter of total sales activity in history. They are expanding capacity and bringing new products to market. Wins include Cupid Pharmaceuticals, Yamlin Construction, Options IT, and Maersk. Serve Better had annualized growth bookings of $378 million in Q1, up 9% year-over-year. Solve Smarter's Equinix Distributed AI Hub and Fabric Intelligence are addressing AI infrastructure fragmentation and network complexity. Capital investments continue to deliver strong returns, with the annual refresh of the stabilized pool increasing by five IBX data centers.
Guidance
Raised guidance across key metrics. For Q2, anticipate MRR growth of 10% to 11% year-over-year. Raised total revenue guidance by $21 million, improving expected total revenue growth range to 10% to 11%. Raised adjusted EBITDA guidance by $24 million, resulting in adjusted EBITDA margins of approximately 51%. Raised AFFO guidance by approximately $40 million, improving expected AFFO growth range to 10 to 12% and AFFO per share growth range to 9 to 11%. Now expect total capital expenditures to approximate the top end of prior range at $4.1 billion.
Segment performance
Recurring revenue grew 10% on a normalized and constant currency basis in Q1. Total revenue was $2.4 billion, up 8% year-over-year. Adjusted EBITDA was $1.2 billion, up 13% year-over-year with a 51% adjusted EBITDA margin. Quarterly AFFO surpassed $1 billion for the first time, increasing 11% year-over-year and AFFO per share was $10.79, up 10% year-over-year. Total interconnection revenue was up 9% year-over-year in Q1, boosted by fabric revenue growth of 26% year-over-year. Fabric bookings were up 70% year-over-year. Physical and virtual net interconnections increased by 5,800, with 4,100 net cabinets billing. Churn was 1.7%. MRR per cabinet increased to $2,524, up 7% year-over-year.
Risks & headwinds
Market events in the Middle East have limited operational impact on Equinix's facilities in the region, with a small portion of revenues from there. Some transactions related to X-scale leases are fluid and complex, with timing and terms subject to change.
Analyst Q&A
Q: Ari Klein with BMO Capital Markets asked about eight top ten AI model providers and four top five neoclouds expanding with Equinix and interconnectivity demand.
A: Mike from Equinix explained about the deployed network nodes, role of NEOs, and types of interconnectivity demand.
Q: Cameron McVey with Morgan Stanley asked about $140 million in pre-leasing activity and tenant terms.
A: Pricing remains firm and pre-sales provide security for customers.
Q: Analyst asked about macro dynamics and energy costs affecting customer behavior.
A: Hedging program means minimum impact on 2026 even with elevated energy prices and demand is durable.
Q: Frank Lauben with Raymond James asked about incremental capital for AI inferencing.
A: No difference in capital required, and higher densities are being built with mid-20s percent cash-on-cash returns.
Q: Cameron McVey with Morgan Stanley asked about pre-leasing activity and tenant terms.
A: Pricing firm and pre-sales provide security.
Q: Analyst asked about bookings dipping sequentially and interconnection growth.
A: Q1 is seasonally lower but performance good, interconnection revenue and bookings growing.
Q: Jonathan Atkin with RBC asked about interconnection growth exceeding revenue composition.
A: Potential for upside but not factored into plan.
Q: Urban Liu with Evercore asked about Middle East geopolitical impact.
A: Limited operational impact, facilities operational, watching situation.
Q: Nick DelDeo with Moffitt Nathanson asked about capital allocation and operating philosophies.
A: Use debt for growth, impressed by team and culture.
Q: Richard Cho with J.P. Morgan asked about churn.
A: 1.7% churn, aim to keep in 2 to 2.5% range.
Q: David Guarino with Green Street asked about X-scale leases and Minoka campus.
A: Transactions complex, Manuka project still working on, X scale deals rest of year relatively small.
Q: Michael Ng with Goldman Sachs asked about agentic workloads and customer decision tree.
A: Hybrid multi-cloud environment, conversation about compliance and sovereignty.
Q: Madison Rosaya with Bernstein asked about CapEx and cash-on-cash return.
A: At top end of CapEx range, mid 25% cash-on-cash return target.
Q: Eric Rasmussen with Stiefel asked about liquid cooling and constraints.
A: 50% growth in liquid cooling deployments, power availability a constraint.