Equinix (EQIX) Q3 2026 Earnings Report
MX:EQIX Q3 2026 EPS Results
- Actual EPS
- MXN 92.64
- Consensus EPS
- MXN 77.20
- Beat/Miss
- Beat by +MXN 15.45
- One Year Ago EPS
- MXN 71.60
MX:EQIX Q3 2026 Revenue Results
- Actual Revenue
- MXN 48.31B
- Expected Revenue
- MXN 48.17B
- Beat/Miss
- Beat by +MXN 148.89M
- YoY Revenue Growth
- +11.01%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- After Close
- Conference Call
- Wednesday, October 28, 2026
Equinix's next earnings date is estimated for February 17, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive, characterized by double-digit revenue and AFFO growth, record bookings, sustained pricing strength, low churn, capacity expansion ahead of plan, strong returns, a robust balance sheet and raised 2026 guidance. Management acknowledged industry headwinds from power availability, regulation, community sentiment, higher interest rates, a delayed Dubai project and uncertainty among neocloud providers, but expressed confidence in Equinix's diversified pipeline, execution capabilities and long-term outlook.
For the fourth quarter, Equinix expects continuing strength, including year-over-year monthly recurring revenue growth of 10% to 11% and total revenue growth of 12% to 13%; for the full year, it is raising total revenue by $100 million to approximately 12% growth year-over-year, monthly recurring revenue to a range of 10% to 11% growth year-over-year, adjusted EBITDA by $70 million to a margin of approximately 51%, AFFO by $90 million, including a $31 million contribution from atNorth, and AFFO per share of $0.92 to a range of 11% to 12% growth year-over-year. Excluding real estate acquisitions and xScale, total capital expenditures are expected to be $5 billion to $6 billion; churn is expected to remain at 2% to 2.5% for the remainder of this year; Q4 EBITDA margin is expected to be 49% to 50%, with year-on-year EBITDA margin up 140 basis points; EBITDA margin is expected to increase by 2 points in 2026 relative to last year and be over 53% or over by 2029; and the company plans to double the size of its portfolio with only a modest leverage increase.
- Double-Digit Revenue and AFFO GrowthQ3 monthly recurring revenue grew 11% year-over-year on a normalized and constant-currency basis, marking the fourth consecutive quarter of double-digit growth. Total revenue increased 12%, adjusted EBITDA margin was 51.4%, up 180 basis points year-over-year, and normalized AFFO per share increased 12%. Including the atNorth closing, AFFO per share increased 18%.
- Strong Bookings and Sales ActivityAnnualized gross bookings reached a record $533 million, up 35% year-over-year. Total sales activity, including presales, grew 38%, marking the third consecutive quarter above 30% growth. Equinix had already booked 60% of its Q4 bookings target.
- Broad and Diversified Customer DemandEquinix executed more than 25,000 transactions across more than 3,200 customers during the quarter, with no single customer accounting for more than 2.5% of revenue. The ecosystem included more than 0.5 million interconnections, and management described demand as strong, broad-based and durable across industries, geographies and technologies.
- Interconnection MomentumInterconnection revenue grew 10% year-over-year, with Fabric revenue up 24%. Equinix added 6,900 interconnections during the quarter, while stabilized-asset interconnection revenue also grew 10%, ahead of 7% growth in stabilized colocation revenue.
- Low Churn and Customer ExpansionChurn was 1.7%, primarily due to renewal execution and timing. Customers churning out averaged 5 kilowatts per cabinet, compared with 7 kilowatts per cabinet for new customer additions, reflecting rising densities from AI workloads. Net cabinet billing increased by 5,700 during the quarter, and backlog sold but not yet installed reached a record level.
- Pricing Strength and Renewal OpportunityPricing on new deals increased 12% year-over-year. Management said it was proactively reviewing its installed base for higher-priced renewals, upsell opportunities and mark-to-market pricing. Power density and the interconnection portfolio were also identified as incremental pricing opportunities.
- AI and Product InnovationEquinix launched Equinix Inference Exchange with NVIDIA and Together AI, providing access to more than 200 open models, and introduced Equinix Fabric One with AWS and Google Cloud as lead integration partners. Both products were expected to enter beta during the quarter, with general availability planned for early next year. Q3 liquid-cooling bookings increased more than tenfold year-over-year.
- Capacity Expansion Ahead of PlanEquinix increased the number of cabinets planned for delivery in the second half of the year and expects to exceed its full-year retail capacity plan by nearly 40%. More than 13,000 cabinets are expected to be delivered in Q4, the company's highest quarterly delivery on record, with more than 20% of that Q4 capacity already presold. Additionally, 15% of retail capacity coming online in 2027 was already presold.
- Large and Diversified Development PipelineEquinix has 3 gigawatts of developable capacity, including projects in progress, with approximately 80% located in its top 25 metros and land, power and permitting largely secured. The atNorth transaction added an active 800-megawatt development pipeline expected to come online over the next five years, plus an additional 1 gigawatt of future expansion opportunity. Equinix had 48 projects in progress across 32 markets.
- Strong Returns and Capital PositionThe stabilized portfolio generated a 27% cash-on-cash return during the quarter, with management reporting consistently mid-20% returns and expecting similar returns on new capacity. Net leverage was 4.1x, available liquidity was $9.1 billion, the blended in-place borrowing rate was 3.2%, primarily fixed, and average debt maturity exceeded six years. Management expects to double the portfolio with only a modest increase in leverage while maintaining investment-grade credit ratings.
- Continued Investment in CapacityTotal Q3 capital expenditures were approximately $1.6 billion, with roughly 90% directed toward capacity expansion. Equinix opened six new projects across six metros, including Dubai, Frankfurt, Miami, Paris and Sydney. Full-year capital expenditures excluding real estate acquisitions and xScale remained expected at $5 billion to $6 billion.
- Raised 2026 GuidanceEquinix raised its 2026 guidance, increasing total revenue guidance by $100 million to approximately 12% year-over-year growth, monthly recurring revenue guidance to 10% to 11% growth, adjusted EBITDA guidance by $70 million to an approximately 51% margin, AFFO guidance by $90 million including a $31 million contribution from atNorth, and AFFO per share guidance to a range of 11% to 12% year-over-year growth. Q4 guidance called for monthly recurring revenue growth of 10% to 11% and total revenue growth of 12% to 13%.
- Community and Utility PartnershipsEquinix announced a 20-year agreement with Central Georgia Electric Membership Corporation under which it will fund a new substation and transmission lines and cover utility costs undertaken on its behalf. The investment is expected to generate up to $20 million annually in local property tax revenue and nearly 1,000 local jobs.
- Margin Expansion PlanManagement expects adjusted EBITDA margin to increase by 2 percentage points in 2026 relative to the prior year and to reach approximately 51% for the year. The long-term target is a margin of 53% or higher by 2029, supported by pricing, renewal and upsell execution, SG&A functionalization, standardization, automation and cost management in data-center construction.
- Growing Role of Neocloud ProvidersEquinix added 31 neocloud network nodes during the quarter, bringing the total to 150. Neocloud providers represented less than 2% of total Equinix monthly recurring revenue, and management said the company was applying strict credit protections while using Fabric and network connectivity to support their expansion into inference and enterprise workloads.
MX:EQIX Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 17, 2027 | 2026 (Q4) | 78.87- | 50.55 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 77.2092.64 | 71.6 | 29.40% (+21.05) | |
| Jul 29, 2026 | 2026 (Q2) | 88.8390.77 | 70.47 | 28.80% (+20.30) | |
| Apr 29, 2026 | 2026 (Q1) | 80.9078.93 | 65.77 | 20.00% (+13.15) | |
| Feb 11, 2026 | 2025 (Q4) | 69.7250.55 | -2.63 | 2021.43% (+53.18) | |
| Oct 29, 2025 | 2025 (Q3) | 67.5471.60 | 58.26 | 22.90% (+13.34) | |
| Jul 30, 2025 | 2025 (Q2) | 65.4070.47 | 59.38 | 18.67% (+11.09) | |
| Apr 30, 2025 | 2025 (Q1) | 55.7665.77 | 45.66 | 44.03% (+20.11) | |
| Feb 12, 2025 | 2024 (Q4) | 50.25-2.63 | 45.1 | -105.83% (-47.73) | |
| Oct 30, 2024 | 2024 (Q3) | 55.2558.26 | 55.06 | 5.80% (+3.19) |
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.
