Equinix 8-K

Summary

Q3 2026 results and raised FY2026 guidance. Equinix reported record annualized gross bookings and continued growth in recurring revenue and interconnection as demand from traditional and AI workloads strengthened. It introduced Fabric One, an any-to-any connectivity service, and Equinix Inference Exchange, for deploying and connecting AI inference workloads, while accelerating capacity to address demand.

Key Figures

• Adjusted EBITDA, a non-GAAP measure: $1.32B in Q3, +15% Y/Y; $3.96B for 9M, +18%. AFFO, a non-GAAP measure: $1.16B in Q3, +20% Y/Y, and $3.39B for 9M, +18%. Q3 AFFO growth was 14% on a normalized and constant currency basis excluding the atNorth joint venture fee; the fee also contributed to the increase in net income alongside higher operating income.
• Annualized gross bookings reached a record $533M, +35% Y/Y. Monthly recurring revenue grew by double digits for a fourth consecutive quarter; interconnection revenue grew 10% and Fabric revenue 24% Y/Y, both as reported and on a normalized and constant currency basis. Equinix added 6,900 net interconnections.
• Equinix plans to deliver nearly 40% more cabinets in 2026 than initially anticipated. For 9M, purchases of property, plant and equipment were $4.39B and free cash flow was $(801)M. Cash was $2.36B at 9/30/2026; total debt principal was $25.22B, up from $21.42B at 12/31/2025.

Against earlier guidance (derived from earlier filings)

Guidance

Guidance changes, derived from earlier filings

Metric	Period	Earlier guidance	Guidance now	Change
Revenue	FY2026	$10.205B-$10.285B; ≈11%-12% growth	$10.325B-$10.365B; ≈12% Y/Y as reported and normalized and constant currency	raised
Adjusted EBITDA, non-GAAP; margin	FY2026	$5.210B-$5.270B; ≈51% margin; ≈2% margin expansion Y/Y	$5.290B-$5.330B; ≈51% margin	raised
Recurring capital expenditures	FY2026	$290M-$310M; ≈3% of revenue	$290M-$310M; ≈3% of revenue	reaffirmed
Non-recurring capital expenditures, excluding xScale and real estate acquisitions	FY2026	$4.710B-$5.690B	$4.710B-$5.690B	reaffirmed
AFFO, non-GAAP	FY2026	$4.240B-$4.300B; growth 13%-14% as reported and 12%-13% normalized constant currency	$4.340B-$4.380B	raised
Diluted AFFO per share, non-GAAP	FY2026	$42.69-$43.29; growth 11%-13% as reported and 10%-12% normalized constant currency	$43.71-$44.11; +14%-15% as reported, +11%-12% normalized and constant currency	raised
Expected cash dividends	FY2026	≈$2.039B	≈$2.037B	lowered
Total capital expenditures	FY2026	$5B-$6B	$5B-$6B	reaffirmed

Investor Takeaways

• Watch annualized gross bookings and net interconnections for evidence that demand is holding: Q3 bookings were a record $533M and Equinix added 6,900 net interconnections.
• Q4 revenue and adjusted EBITDA versus their guided ranges, alongside delivery of the planned increase in 2026 cabinet capacity, will indicate whether Equinix is converting demand into operating growth.
• Customer uptake of Fabric One and Equinix Inference Exchange will test the company’s effort to support distributed cloud and AI workloads.