Skip to content
Newsletter
Equinix logo
Cloud ComputingPublic

Equinix

Our readThe largest guidance raise in company history rests on a quarter whose headline was bought — $120M of one-off xScale JV fees are the whole of the revenue acceleration and effectively the whole of the record 53% margin, and management's own Q3 guide takes it back; underneath, recurring revenue is a steady +9-11% and capex has doubled into a debt-funded build, so the thesis is intact but the print was flattered and the market was right to sell it.

Website
Ticker
EQIX
Beat
datacenters
Size
Public Company
Revenue
$2.6B
as of Sep 2026
Cash
$2.4B
as of Sep 2026
Researched · Fresh
2 days ago

The interconnection monopoly the AI bears mis-modeled — Hindenburg's accounting case is legally dead, recurring revenue is re-accelerating into the AI inference build-out, and the 24.6x forward AFFO is a fair price for the one data-center asset with a real network-effect moat; the live risk is that AI's center of gravity sits in wholesale, where EQIX is structurally light.

Orbit · who it trades with and competes with
9 on the rings · 5 trade · 6 rival
17 mentions across our dossiers
Focus · Datacenters
Equinix
EQIX · public
No published house view
Trades and competes with
Trades with
Competes with
Next prints in its web
Links · 9 companies · 5 trade · 6 rival
“- Customers / demand book: Equinix — 20-unit pre-order with deposits (Aug 2025); U.S.”Radiant Nuclear · BOTH · from Radiant Nuclear’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

EQIX · weekly close
1013.70 USD+6.1%
Friday 30 Oct 2026 · last 52 Fridays 741.58–1108.76
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 1,620,496 sh · 3.71 days to cover, FINRA · settled 15 Oct 2026
  2. Next print: in 104 days, Scheduled · 16 Feb 2027, scheduled
1013.70USD+6.1%datacenters +1.3%EQIX · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 15 Oct 2026
1,620,496 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
3.71
see the whole series
Financials

The reported figures

Revenue · quarterly
$2.6B
latest, Q3 ’26 · 12 periods stored
Filed · primary
Q3 ’26
$2.6B USD
as of 30 Sept 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Equinix, quarterly figures held, Q4 ’23 to Q3 ’26
PeriodAs ofRevenueGross marginOperating marginFree cash flowCapexCashNet debtShares outstandingGradingSource
Q4 ’2331 Dec 2023$2.1B USD—16.4% share of revenue$3.0M USD$996M USD$2.1B USD——Filed · primarysec.gov
Q1 ’2431 Mar 2024$2.1B USD—17.1% share of revenue-$109M USD$707M USD$1.5B USD—94.9M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$2.2B USD—20.2% share of revenue$264M USD$648M USD$2.0B USD—94.9M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$2.2B USD—19.3% share of revenue$34.0M USD$724M USD$2.8B USD—96.5M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$2.3B USD—4.6% share of revenue-$6.0M USD$987M USD$3.1B USD—97.3M sharesFiled · primarysec.gov
Q1 ’2531 Mar 2025$2.2B USD—20.6% share of revenue$59.0M USD$750M USD$3.0B USD—97.8M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$2.3B USD—21.9% share of revenue-$45.0M USD$989M USD$3.7B USD—97.9M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$2.3B USD—20.5% share of revenue-$122M USD$1.1B USD$2.1B USD—98.2M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$2.4B USD—17.4% share of revenue-$292M USD$1.4B USD$1.7B USD—98.3M sharesFiled · primarysec.gov
Q1 ’2631 Mar 2026$2.4B USD51.5% share of revenue23.6% share of revenue-$662M USD$1.4B USD$1.4B USD$18.9B USD98.6M sharesFiled · primaryfilings/10-q-2026-q1.md
Q2 ’2630 Jun 2026$2.6B USD53.1% share of revenue25.3% share of revenue-$612M USD$1.7B USD$979M USD$19.8B USD98.7M sharesFiled · primaryfilings/10-q-2026-q2.md
Q3 ’2630 Sept 2026$2.6B USD—23.3% share of revenue——$2.4B USD—99.0M sharesFiled · primarysec.gov

Equinix’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ4 ’23 – Q3 ’26
$2.6B+11% vs Q3 ’25

Q3 ’26 · as of Sep 2026

Revenue Q4 ’23: $2.1B, as of Dec 2023Revenue Q1 ’24: $2.1B, as of Mar 2024Revenue Q2 ’24: $2.2B, as of Jun 2024Revenue Q3 ’24: $2.2B, as of Sep 2024Revenue Q4 ’24: $2.3B, as of Dec 2024Revenue Q1 ’25: $2.2B, as of Mar 2025Revenue Q2 ’25: $2.3B, as of Jun 2025Revenue Q3 ’25: $2.3B, as of Sep 2025Revenue Q4 ’25: $2.4B, as of Dec 2025Revenue Q1 ’26: $2.4B, as of Mar 2026Revenue Q2 ’26: $2.6B, as of Jun 2026Revenue Q3 ’26: $2.6B, as of Sep 2026
Operating margin · quarterlyQ4 ’23 – Q3 ’26
23.3%+2.9 pts vs Q3 ’25

Q3 ’26 · as of Sep 2026

Operating margin Q4 ’23: 16.4%, as of Dec 2023Operating margin Q1 ’24: 17.1%, as of Mar 2024Operating margin Q2 ’24: 20.2%, as of Jun 2024Operating margin Q3 ’24: 19.3%, as of Sep 2024Operating margin Q4 ’24: 4.6%, as of Dec 2024Operating margin Q1 ’25: 20.6%, as of Mar 2025Operating margin Q2 ’25: 21.9%, as of Jun 2025Operating margin Q3 ’25: 20.5%, as of Sep 2025Operating margin Q4 ’25: 17.4%, as of Dec 2025Operating margin Q1 ’26: 23.6%, as of Mar 2026Operating margin Q2 ’26: 25.3%, as of Jun 2026Operating margin Q3 ’26: 23.3%, as of Sep 2026
Free cash flow · quarterlyQ4 ’23 – Q3 ’26
-$612M

Q2 ’26 · as of Jun 2026

Free cash flow Q4 ’23: $3.0M, as of Dec 2023Free cash flow Q1 ’24: -$109M, as of Mar 2024Free cash flow Q2 ’24: $264M, as of Jun 2024Free cash flow Q3 ’24: $34.0M, as of Sep 2024Free cash flow Q4 ’24: -$6.0M, as of Dec 2024Free cash flow Q1 ’25: $59.0M, as of Mar 2025Free cash flow Q2 ’25: -$45.0M, as of Jun 2025Free cash flow Q3 ’25: -$122M, as of Sep 2025Free cash flow Q4 ’25: -$292M, as of Dec 2025Free cash flow Q1 ’26: -$662M, as of Mar 2026Free cash flow Q2 ’26: -$612M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ4 ’23 – Q3 ’26
$2.4Bdebt $22.8B

Q3 ’26 · as of Sep 2026

Cash Q4 ’23: $2.1B, as of Dec 2023Cash Q1 ’24: $1.5B, as of Mar 2024Cash Q2 ’24: $2.0B, as of Jun 2024Cash Q3 ’24: $2.8B, as of Sep 2024Cash Q4 ’24: $3.1B, as of Dec 2024Cash Q1 ’25: $3.0B, as of Mar 2025Cash Q2 ’25: $3.7B, as of Jun 2025Cash Q3 ’25: $2.1B, as of Sep 2025Cash Q4 ’25: $1.7B, as of Dec 2025Cash Q1 ’26: $1.4B, as of Mar 2026Cash Q2 ’26: $979M, as of Jun 2026Cash Q3 ’26: $2.4B, as of Sep 2026Debt Q4 ’23: $13.8B, as of Dec 2023Debt Q1 ’24: $13.7B, as of Mar 2024Debt Q2 ’24: $14.5B, as of Jun 2024Debt Q3 ’24: $15.4B, as of Sep 2024Debt Q4 ’24: $15.3B, as of Dec 2024Debt Q1 ’25: $15.9B, as of Mar 2025Debt Q2 ’25: $18.1B, as of Jun 2025Debt Q3 ’25: $17.3B, as of Sep 2025Debt Q1 ’26: $21.9B, as of Mar 2026Debt Q2 ’26: $22.0B, as of Jun 2026Debt Q3 ’26: $22.8B, as of Sep 2026

CashDebt

Shares outstanding · quarterlyQ1 ’24 – Q3 ’26
99.0M+4.3% since Q1 ’24

Q3 ’26 · as of Sep 2026

Shares outstanding Q1 ’24: 94.9M, as of Mar 2024Shares outstanding Q2 ’24: 94.9M, as of Jun 2024Shares outstanding Q3 ’24: 96.5M, as of Sep 2024Shares outstanding Q4 ’24: 97.3M, as of Dec 2024Shares outstanding Q1 ’25: 97.8M, as of Mar 2025Shares outstanding Q2 ’25: 97.9M, as of Jun 2025Shares outstanding Q3 ’25: 98.2M, as of Sep 2025Shares outstanding Q4 ’25: 98.3M, as of Dec 2025Shares outstanding Q1 ’26: 98.6M, as of Mar 2026Shares outstanding Q2 ’26: 98.7M, as of Jun 2026Shares outstanding Q3 ’26: 99.0M, as of Sep 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateWhat happened
3 Nov 2026424B5 preliminary: Equinix Europe 2 Financing euro green senior notesPreliminary prospectus supplement dated 3 Nov 2026: Equinix Europe 2 Financing Corp LLC offering four series of euro senior notes, guaranteed by Equinix, Inc. Amounts, rates and maturities are blank in this copy. Net proceeds to be allocated to Eligible Green Projects.funding round · SEC 424B5 · 3 Nov 2026
28 Oct 202610-Q: Equinix, quarter ended 30 Sep 2026Quarterly report; 98,988,318 common shares outstanding at 27 Oct 2026.filing · SEC 10-Q · 28 Oct 2026
28 Oct 20268-K: Equinix Q3 2026 revenue $2.571bn; FY2026 guidance revisedQ3 2026 revenues $2,571m (+11%); operating income $600m; diluted EPS $4.93; adjusted EBITDA $1,321m. Revised FY2026 revenue guidance $10,325m-$10,365m.guidance · SEC 8-K · 28 Oct 2026
10 Aug 2026Verdict changed: The interconnection monopoly the AI bears mis-modeled — Hindenburg's accounting case is legally dead, recurring revenue is re-accelerating into the AI inference build-out, and the 24…Before: The interconnection monopoly the AI bears mis-modeled — Hindenburg's accounting case is legally dead, recurring revenue is re-accelerating into the AI inference build-out, and the 24.6x forward AFFO is a fair price for the one data-center asset with a real network-effect moat; the live risk is that AI's center of gravity sits in wholesale, where EQIX is structurally light. After: The largest guidance raise in company history rests on a quarter whose headline was bought — $120M of one-off xScale JV fees are the whole of the revenue acceleration and effectively the whole of the record 53% margin, and management's own Q3 guide takes it back; underneath, recurring revenue is a steady +9-11% and capex has doubled into a debt-funded build, so the thesis is intact but the print was flattered and the market was right to sell it.editorial note · the dossier
dossier age
2 days
researched 2 Nov 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 17 mentions across 2 sections. A dashed foot names none.
Primary sources
1 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-08-10), 495 words, 17 filing mentions
  2. The dossier: What held, 57 words, no filing mention
Research

The Equinix dossier

The verdict

The largest guidance raise in company history rests on a quarter whose headline was bought — $120M of one-off xScale JV fees are the whole of the revenue acceleration and effectively the whole of the record 53% margin, and management's own Q3 guide takes it back; underneath, recurring revenue is a steady +9-11% and capex has doubled into a debt-funded build, so the thesis is intact but the print was flattered and the market was right to sell it.

Primary sources

SEC filings

Earnings calls

Source documents — open to read in full

Refresh delta (since 2026-08-10)

  1. Q3 2026 revenue (actual) $2,571M, +11% reported, +12% normalized and constant currency (Q3 2025: $2,316M) [Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. Q3]. It is below Q2's $2,625M, as the Q3 guide of $2.525–2.575B implied, and at the top of that range. Recurring revenue $2,442M (Q2 $2,377M; Q3 2025 $2,215M), +10.2% reported; non-recurring $129M (Q2 $248M; Q3 2025 $101M) [Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. Q3, statement of operations]. The release says monthly recurring revenue grew "by double digits" for the fourth straight quarter [8-K Q3]; a constant-currency recurring growth figure is not in the text read.
  2. Adjusted EBITDA (actual) $1,321M, margin 51.4%, +15% reported, +14% normalized cc (Q2 $1,396M; Q3 2025 $1,148M). By region: Americas $560M (Q2 $641M), EMEA $456M, Asia-Pacific $305M [8-K Q3]. GAAP operating income $600M (+27%); net income to common $489M, $4.93 per share (+29%) [8-K Q3].
  3. A second JV fee, this time below EBITDA. The release attributes part of net income growth to "a non-recurring fee earned in connection with our investment in the atNorth joint venture"; other income was $54M in Q3 against nil a year earlier [8-K Q3]. AFFO was $1,156M, $11.64 per share (+18% reported; +12% normalized cc excluding the atNorth fee) [8-K Q3]. The guidance bridge credits the atNorth JV with +$31M of FY AFFO and +$0.31 per share [8-K Q3, guidance table].
  4. atNorth investment: on 2026-09-02 Equinix contributed $869M for about 34% of a new JV (with CPP Investments) that bought atNorth, a Nordic high-density data center provider; carried at $847M at 2026-09-30; it also committed to lease a minimum level of atNorth capacity by 2030-12-31, an amount "not currently determinable" [Form 10-QThe quarterly version of the annual report. Lighter, and not audited., Note 4].
  5. Interconnection (actual): $465M, +10% reported and normalized cc (Q2 $453M; Q3 2025 $422M); Fabric revenue +24% [8-K Q3]. Net interconnection adds 6,900 (Q2: 9,700 per the prior dossier). Record annualized gross bookings $533M, +35%, which the release ties to "strengthening pricing" [8-K Q3].
  6. FY2026 guidance raised a third time (guidance): revenue $10,325–10,365M (from $10,205–10,285M), about +12%; adjusted EBITDA $5,290–5,330M, about 51%; AFFO $4,340–4,380M; AFFO per share $43.71–44.11 (from $42.69–43.29); total Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. $5–6B unchanged; dividends about $2,037M. Q4 2026: revenue $2,684–2,724M, adjusted EBITDA $1,328–1,368M, margin 49–50% [8-K Q3]. The raise splits into +$84M underlying, +$16M FX on revenue, and +$0.54 underlying, +$0.31 atNorth, +$0.07 FX on AFFO per share [8-K Q3].
  7. Cash and funding, nine months to 2026-09-30 [8-K Q3, cash flow statement]: operating cash flow $3,027M ($2,767M); purchases of other PP&E $4,392M ($2,875M) plus real estate $234M; equity investments $1,153M; Free cash flowCash left after paying to run and maintain the business. Unlike profit, it is hard to flatter with accounting choices. −$801M, adjusted FCF −$567M (company definitions); senior notes issued $5,399M net; dividends paid $1,547M.
  8. Balance sheet, 2026-09-30 against 2025-12-31 [8-K Q3]: cash $2,362M ($1,727M) and short-term investments $1,235M; total debt principal $25,217M ($21,417M), of which senior notes $22,820M; the $686M of term loans and other debt was repaid; total assets $44,445M; equity $14,528M. The 10-Q says a revolving facility replaced the $4.0B 2022 facility and added $1.5B of capacity [10-Q, MD&A]. Two S-3ASR shelf registrations were filed on 2026-10-28 (not read).

What held

  • Recurring revenue kept compounding at about 10% and the quarter's non-recurring line fell back to a normal $129M (fact 1).
  • Margin held near the guided ~51% without an xScale fee in revenue (fact 2).
  • The build is still debt-funded: free cash flow negative and $3.8B more debt principal in nine months (facts 7, 8).

How our view changed

3 dossiers

Every dossier we have written on Equinix, newest first.

  1. current

    The largest guidance raise in company history rests on a quarter whose headline was bought

  2. The largest guidance raise in company history rests on a quarter whose headline was bought

  3. The interconnection monopoly the AI bears mis-modeled

Research trail

The research around Equinix

Covered in the Knowledge Base

Datacenters & Digital Infrastructure

Company details

IndustryCloud Computing
SizePublic Company
WebsiteVisit Equinix

Others in datacenters

5 names

Where Equinix sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.