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Equinix (EQIX)
NASDAQ:EQIX
Earnings Data
Report Date
Apr 29, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
4.28Last Year’s EPS
3.5Same Quarter Last Year
Strong Buy
Based on 20 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong positive momentum: accelerating bookings (annualized bookings +27% YoY; Q4 bookings +42% YoY), robust MRR growth (Q4 +10%, FY +8%), record capacity delivery and pipeline, improving profitability (Q4 adjusted EBITDA margin ~49%, guidance to ~51% in 2026), and a large ecosystem advantage (500k+ interconnections). Management raised 2026 guidance for revenue, margins and AFFO per share and highlighted disciplined pricing, healthy pre-sales, and major customer wins—especially AI-driven demand. Offsetting items include timing variability from xScale lease signings (Hampton moved to Q1), significant ongoing CapEx and expansion drag, modest FX headwinds, MRR churn that management is working to reduce, and leverage near 3.8x. On balance the positive operational momentum, booking strength, and improved profitability guidance outweigh the timing, capital intensity, and execution risks.Company Guidance
Recurring Revenue and MRR Growth
Monthly recurring revenue (MRR) grew 10% in Q4 and 8% for the full year on a normalized and constant-currency basis, supporting durable recurring revenue growth and long-term value creation.
Record Bookings Acceleration
Annualized gross bookings for 2025 totaled $1,600,000,000, up 27% year-over-year. Q4 bookings were $474,000,000, up 42% year-over-year and 20% sequentially; incremental pre-sales balance was $170,000,000 with more than $60,000,000 in Q4 and already ~45% of Q1 2026 target booked plus $100,000,000+ additional pre-sales to date.
Revenue and Profitability Improvement
Q4 revenues were $2,400,000,000, up 7% year-over-year. Q4 adjusted EBITDA was $1,200,000,000 (~49% margin), up 15% year-over-year. Q4 AFFO was $877,000,000, up 13% year-over-year. 2026 guidance targets revenue growth of 9–10%, adjusted EBITDA margin ~51% (200 bps improvement vs. 2025), AFFO growth 9–11%, and AFFO per share growth of 8–10%. Quarterly cash dividend expected to increase ~10% year-over-year.
Interconnection and Ecosystem Strength
Interconnection revenue grew 9% year-over-year (normalized, constant currency). The company added 7,800 net interconnections in Q4 and surpassed 500,000 interconnections globally—more than double the nearest competitor—reinforcing a differentiated ecosystem advantage.
Capacity Delivery and Development Pipeline
Delivered 23,250 cabinets in the retail footprint and more than 19 megawatts in xScale for 2025, with over 30% of retail capacity delivered ahead of schedule. Development pipeline includes 52 major projects across 35 markets (including 9 xScale projects), added ~1 GW to powered land under control, and a ~3 GW developable land pipeline.
Key Customer Wins and Broad Transaction Growth
Completed >17,200 transactions in 2025 (up 6% YoY) across 6,100+ unique customers; Q4 was a record quarter with >4,500 deals and 3,400+ unique customers. Notable wins include large engagements with Salesforce (Fabric Cloud Router across 14 countries / 21 metros), Alimbic (NVIDIA DGX SuperPOD deployments), Hudson River Trading, and Honeywell. More than 60% of existing customers added new services in 2025.
Cabinet Billing, Density and Pricing Momentum
Added 4,300 net cabinets billing in Q4 (including MainOne portfolio), the highest underlying net cabinets addition in three years. MRR-per-cabinet yields increased by $65 quarter-over-quarter on a normalized and constant-currency basis, driven by favorable pricing, higher power densities, and stronger interconnection attach rates; AI-related deals showed ~33% higher density (~10 kVA per cabinet) versus non-AI deals.
Strong Capital and Balance Sheet Execution
Year-end balance sheet approx. $40,000,000,000 with cash and short-term investments of ~$3,200,000,000. Issued $1,800,000,000 of senior notes at ~3.2%, enabling attractive funding. Management highlights improved capital efficiency, targeted CapEx returns, and guidance of $3.7–4.2 billion CapEx for 2026 while expecting to be reimbursed for on-balance-sheet xScale spend as assets transfer to JVs.
EQIX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
EQIX Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 11, 2026 | $862.82 | $952.68 | +10.41% |
Oct 29, 2025 | $788.63 | $823.65 | +4.44% |
Jul 30, 2025 | $783.17 | $771.51 | -1.49% |
Apr 30, 2025 | $841.24 | $842.43 | +0.14% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Equinix (EQIX) report earnings?
Equinix (EQIX) is schdueled to report earning on Apr 29, 2026, After Close (Confirmed).
What is Equinix (EQIX) earnings time?
Equinix (EQIX) earnings time is at Apr 29, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is EQIX EPS forecast?
EQIX EPS forecast for the fiscal quarter 2026 (Q1) is 4.28.