Equinix (EQIX) Q2 2026 earnings summary

Executive summary

• Achieved 16% year-over-year revenue growth to $2.63 billion in Q2 2026, driven by robust AI-driven demand, record interconnections, and strong operating performance across all regions.

• Annualized gross bookings rose 23% year-over-year, with presales activity up over 50% and a record backlog supporting future growth.

• Raised full-year and long-term guidance, with 2026 revenue growth now expected at 11–12% and AFFO per share growth at 11–13%, marking the largest single guidance raise in company history.

• Accelerated capacity expansion, including plans to double cabinet deliveries in the second half of the year and 52 major projects underway across 33 markets.

• Expanded partnerships with Cisco, NVIDIA, and Presidio to accelerate AI infrastructure solutions and innovation.

Financial highlights

• Q2 2026 revenues reached $2.63 billion, up 16% year-over-year; adjusted EBITDA was $1.40 billion, up 24% year-over-year, with a margin of 53%.

• AFFO for Q2 2026 was $1.168 billion, up 20% year-over-year; AFFO per share (diluted) was $11.78, up 19%.

• Net income attributable to common stockholders increased 30% year-over-year to $479 million; diluted EPS up 29% to $4.83.

• Operating cash flow for the first half of 2026 was $1.78 billion.

• Stabilized assets achieved a 27% cash-on-cash yield and 70% cash gross profit margin.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $10.205–$10.285 billion (11–12% YoY growth); AFFO per share guidance increased to $42.69–$43.29 (11–13% YoY growth).

• Adjusted EBITDA for 2026 guided to $5.210–$5.270 billion (~51% margin); dividend expected to be ~$2.039 billion, or $20.64 per share, up 10% year-over-year.

• 2027–2029 outlook: annual revenue growth of 10–13%, AFFO per share growth of 9–12%, adjusted EBITDA margin 52%+ by 2029.

• Annual CapEx of $5B–$7B planned through 2029, with more than 80% focused on top 25 global metros.

• Dividend growth expected to approximate AFFO per share growth.