Q1 26 EPS
$N/A
Q1 26 Revenue
N/A
vs S&P Since Q1 26
+9.9%
BEATING MARKET
EQIX +15.7% vs S&P +5.8%
Market Reaction
Did EQIX Beat Earnings? Q1 2026 Results
Equinix closed Q4 2025 with a mixed report that fell short on both top and bottom lines, even as the underlying business showed genuine momentum. The data center giant posted revenue of $2.42 billion for the quarter, up 7.0% year over year but slight… Read more Equinix closed Q4 2025 with a mixed report that fell short on both top and bottom lines, even as the underlying business showed genuine momentum. The data center giant posted revenue of $2.42 billion for the quarter, up 7.0% year over year but slightly below the $2.45 billion consensus estimate, while GAAP diluted EPS of $2.69 missed the $3.71 analyst expectation by 27.49%, a gap the company largely attributed to timing around its xScale Hampton lease transaction, which slipped into early 2026. That single deal's delay cast a shadow over results that were otherwise marked by record annualized gross bookings of $474 million, a 42% jump from a year earlier, with roughly 60% of the largest deals tied to AI workloads. Monthly recurring revenue climbed 10% year over year, and adjusted EBITDA reached $1.19 billion at a 49% margin. Morgan Stanley responded by lifting its price target to $1,075, citing accelerating AFFO growth. Looking ahead, Equinix guided 2026 revenues of $10.12–$10.22 billion, representing 10–11% growth, with AFFO per share of $41.93–$42.74 and a 10% dividend increase, signals that management views the quarter's shortfall as a timing blip rather than a structural concern.
Key Takeaways
- • Record annualized gross bookings of $474 million in Q4, up 42% YoY
- • MRR increased 10% YoY in Q4 on as-reported and normalized constant currency basis
- • Approximately 60% of largest Q4 deals driven by AI workloads
- • More than 60% of existing customers added new services in 2025
- • Surpassed 500,000 interconnections globally
- • Delivered record capacity in 2025 with 23,250 retail cabinets and 90+ MW of xScale capacity
EQIX Forward Guidance & Outlook
For full year 2026, Equinix guided total revenues of $10.123–$10.223 billion (10–11% as-reported growth, 9–10% normalized and constant currency), adjusted EBITDA of $5.141–$5.221 billion (~51% margin, ~200 bps expansion), AFFO of $4.158–$4.238 billion (11–13% as-reported growth), and AFFO per share of $41.93–$42.74 (9–12% as-reported growth). Expected cash dividends of approximately $2.036 billion. Total capex guided at $3.655–$4.155 billion. For Q1 2026, revenues are expected at $2.496–$2.536 billion (4% sequential growth at midpoint) and adjusted EBITDA of $1.283–$1.323 billion.
EQIX YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
EQIX Revenue by Segment
With YoY comparisons, source: SEC Filings
EQIX Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our team executed exceptionally well in Q4, marking a very strong close to a pivotal year for Equinix. Demand for our solutions has never been higher, as demonstrated by accelerated growth in both bookings and recurring revenue, and we are confident in our plan to deliver robust revenue and AFFO per share growth in 2026.”
— Adaire Fox-Martin, Q1 2026 Earnings Press Release
EQIX Earnings Trends
EQIX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
EQIX EPS Trend
Earnings per share: estimate vs actual
EQIX Revenue Trend
Quarterly revenue: estimate vs actual
EQIX Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 25 MISS FY | $3.71 | $2.69 | -27.49% | $2.42B | — |
| FY Full Year | $14.98 | $13.76 | -8.14% | $9.22B | -0.33% |
| Q3 25 BEAT | $3.43 | $3.81 | +10.94% | $2.32B | -0.46% |
| Q2 25 BEAT | $3.47 | $3.75 | +8.17% | $2.26B | -0.06% |
| Q1 25 BEAT | $2.99 | $3.50 | +17.22% | $2.23B | -0.21% |