Equinix 8-K
PositiveEarningsGuidance raised
Bookings and presales support higher FY2026 and long-term outlooks and expanded capex plans; one-time xScale fees boost quarterly revenue and profit.
Filed 2026-07-29 16:13 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with raised FY2026 and long-term outlook. Strong demand, bookings and presales supported higher expectations; one-time xScale fees also contributed to quarterly revenue and profit growth.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $2.63B | $2.26B | 16% |
| Operating income | $665M | $494M | 35% |
| Net income attributable to common stockholders | $479M | $368M | 30% |
| Diluted EPS | $4.83 | $3.75 | 29% |
| Adjusted EBITDA (non-GAAP) | $1.40B | $1.13B | 24% |
| AFFO (non-GAAP) | $1.17B | $972M | 20% |
| Diluted AFFO per share (non-GAAP) | $11.78 | $9.91 | 19% |
- Monthly recurring revenue grew 11% Y/Y on both as-reported and normalized constant-currency bases. Annualized gross bookings were $424M, up 23%, contributing to record backlog; net interconnections reached a quarterly record of 9,700.
- For the six months ended 6/30/2026, net income was $892M vs $710M, operating cash flow was $1.78B vs $1.75B, and free cash flow was $(560)M vs $(607)M.
- At 6/30/2026, cash was $979M vs $1.73B at year-end 2025; total debt principal outstanding was $22.2B vs $21.4B.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | Q3 2026 | $2.525B-$2.575B; growth 9%-11% as reported and 10%-12% normalized constant currency | — | — |
| Adjusted EBITDA (non-GAAP) | Q3 2026 | $1.275B-$1.315B; ≈51% margin | — | — |
| Recurring capital expenditures | Q3 2026 | $70M-$90M; 3%-4% of revenue | — | — |
| Revenue | FY2026 | $10.205B-$10.285B; ≈11%-12% growth | $10.144B-$10.244B | Raised |
| Adjusted EBITDA (non-GAAP) | FY2026 | $5.210B-$5.270B; ≈51% margin; ≈2% margin expansion Y/Y | $5.165B-$5.245B; ≈51% margin | Raised |
| Adjusted EBITDA margin (non-GAAP) | FY2026 | ≈51% | ≈51% | Reaffirmed |
| Recurring capital expenditures | FY2026 | $290M-$310M; ≈3% of revenue | $280M-$300M; ≈3% | Raised |
| Non-recurring capital expenditures, excluding xScale and real estate acquisitions | FY2026 | $4.710B-$5.690B | ≈$3.8B | Raised |
| AFFO (non-GAAP) | FY2026 | $4.240B-$4.300B; growth 13%-14% as reported and 12%-13% normalized constant currency | $4.198B-$4.278B | Raised |
| AFFO per share (non-GAAP) | FY2026 | $42.69-$43.29; growth 11%-13% as reported and 10%-12% normalized constant currency | $42.31-$43.11 | Raised |
| Expected cash dividends | FY2026 | ≈$2.039B | ≈$2.037B | Raised |
| Total capital expenditures | FY2026 | $5B-$6B | — | — |
| Revenue growth | 2027-2029, annual range | 10%-13% | 7%-10% | Raised |
| Adjusted EBITDA margin (non-GAAP) | 2029 | 53%+ | 52%+ | Raised |
| Total capital expenditures, annual range | 2027-2029 | $5B-$7B | $3B-$4B | Raised |
| AFFO per share growth (non-GAAP), annual range | 2027-2029 | 9%-12% | 5%-9% | Raised |
| Dividend per share growth, annual range | 2027-2029 | Approximates AFFO per share growth | 8%+ | — |
Investor Takeaways
- Q3 revenue and adjusted EBITDA versus their guided ranges will test whether current demand and execution sustain the reported momentum.
- Watch whether bookings, presales and committed capacity continue to support the raised 2027-2029 growth outlook and expanded capital expenditure plans.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3