Equinix, Inc. (EQIX)

Equinix reported third-quarter 2026 revenue of $2.571 billion on 28 October, up 11 percent from a year earlier 1. Operating income was $600 million and net income attributable to common stockholders was $489 million 1.

The company booked record annualized gross bookings of $533 million, which measure the yearly revenue effect of newly signed recurring contracts 12. It raised its 2026 guidance for the third quarter in a row and now expects full-year revenue of $10.325 billion to $10.365 billion 1.

Chief executive Adaire Fox-Martin said on the earnings call that supply is short of demand, Commercial Observer reported 4. The company plans nearly 40 percent more cabinets for delivery in 2026 than first expected, and more than 13,000 are due in the fourth quarter 14.

On 3 November a financing subsidiary, Equinix Europe 2 Financing Corporation LLC, filed a preliminary prospectus supplement for euro senior notes guaranteed by Equinix, Inc., with the amounts still blank 7. The open question is how fast new capacity opens, because the company says it faces permitting delays in most metros 2.

Equinix was incorporated on 22 June 1998 as a Delaware corporation and has been a network-neutral, multi-tenant data center provider since its start 3. Its name joins the words equality, neutrality and internet exchange 3.

It elected to be taxed as a real estate investment trust, or REIT, beginning with its 2015 tax year 2.

Revenue rose from $8,188 million in 2023 to $8,748 million in 2024 and $9,217 million in 2025, a 5 percent gain in the last year 3. In the Americas, about $99 million of the 2025 growth came from expansion projects finished within the year, while a $29 million fall followed the Equinix Metal wind down 3.

In the fourth quarter of 2024 Equinix decided to stop selling Equinix Metal as a product and to wind down its operations by June 2026 3. The same quarter it began a restructuring plan to realign the organization 3.

Impairment charges were $233 million in 2024, from the Metal wind down and losses at a Hong Kong data center, against $68 million in 2025 3. Operating income rose $520 million, or 39 percent, in 2025, and net income attributable to common stockholders reached $1,350 million from $815 million 3.

A government probe and a lawsuit also ran through this stretch 3. The SEC told the company on 19 November 2025 that it had concluded its investigation and did not intend to recommend an enforcement action 3. A shareholder class action filed in May 2024 was dismissed on 19 December 2025, and the settlement was covered entirely by insurance 3.

On 13 January 2026 Equinix sold its Hampton data center campus to the AMER 3 Joint Venture for total consideration of $459 million 2. On 2 September 2026 it completed its investment in the atNorth joint venture, a Nordic data center provider 2.

What it sells

Equinix calls itself a vendor-neutral data center, interconnection and edge platform, with 282 data centers in 77 markets, 24 of them xScale data centers, reaching 36 countries 2.

Colocation

Colocation means renting space and power in an Equinix building, billed on the space and power a customer uses 3. It brought in $1,826 million of recurring revenue in the third quarter 2.

At the end of 2025 the 255 consolidated IBX data centers had capacity for 392,300 cabinets, of which 299,300 were billed 3.

Interconnection and Fabric

Interconnection covers physical and virtual links between customers inside Equinix sites, and it earned $465 million in the quarter 2. Its revenue grew 10 percent from a year earlier, Equinix Fabric revenue grew 24 percent, and the company added 6,900 net interconnections 1.

Managed infrastructure, xScale and AI services

Managed infrastructure and other recurring services added $108 million and $43 million in the quarter 2. xScale data centers serve hyperscale customers, which the company says include the world's largest cloud service providers 3.

Equinix Inference Exchange, built with NVIDIA and Together AI, runs on an inference layer that supports over 200 open-source models, StorageReview reported 11. Equinix Fabric One is a connectivity service built on open specifications from AWS and Google Cloud 6. Exposure to AI cloud providers is under 2 percent of monthly recurring revenue, Commercial Observer reported 4.

Where the revenue comes from

In 2025 the Americas brought in $4,111 million, EMEA (Europe, the Middle East and Africa) $3,130 million and Asia-Pacific $1,976 million 3.

People, rivals and problems

Adaire Fox-Martin is chief executive and president, and the annual report's exhibit list names Charles Meyers under an executive chairman agreement 13. The company had 13,716 employees at the end of 2025 and more than 10,500 customers 3.

It is estimated that Equinix is one of more than 2,400 companies offering these services, and some rivals may price aggressively 3. Fox-Martin said more than 100 AI cloud providers are chasing business and some will lose out, while power limits and community opposition have delayed projects such as one in Dubai 4.

The umbrella, in words

Equinix sells under the IBX name for its colocation data centers and xScale for hyperscale sites 3. Exhibit 21.1 lists its subsidiaries by place of incorporation, among them Equinix (Germany) GmbH and Equinix (Australia) Enterprises Pty Limited 8.

Equinix owns about 34 percent of the atNorth joint venture, for which it contributed $869 million at closing on 2 September 2026 2. CPP Investments holds about 51 percent and Partners Group about 10 percent 5.

Equinix owns 20 percent of six xScale joint ventures: EMEA 1, EMEA 2, Asia-Pacific 1, 2 and 3, and AMER 1 and 2 2. Its AMER 3 interest is 2 percent of the parent and 23 percent of various asset companies 2.

Some owned sites are IBX and xScale data centers on long-term ground leases 3. Vanguard Capital Management reported 7.55 percent of the common stock and Vanguard Portfolio Management 6.12 percent in their latest Schedule 13G filings 910.

The company expects fourth-quarter revenue of $2.684 billion to $2.724 billion and full-year adjusted EBITDA of $5.290 billion to $5.330 billion 1. It expects AFFO per share, a cash-flow measure per share, of $43.71 to $44.11 1.

Total capital spending is expected at $5 billion to $6 billion for the full year, which Commercial Observer said excludes real estate purchases and xScale joint venture investments 14. About 15 percent of the capacity scheduled for 2027 is already committed, the same report said 4.

At the end of 2025 the annual report listed projects under construction with 51,900 sellable cabinets and about $6,549 million of planned spending 3. The latest opening listed was phase 1 of DA12 in Dallas, due in the second quarter of 2028 3.

StorageReview reported that Inference Exchange is scheduled to be generally available to enterprises in the first quarter of 2027 11. It expects to finish all Equinix Metal wind down activities by the end of the fourth quarter of 2026 3.

The atNorth joint venture has sites under development in Sweden, Finland, Norway and Denmark 5. Equinix also committed to fund all grid infrastructure costs for its Hampton data center project in Georgia through a 20-year commitment 1.

The 3 November note offering plans to allocate an amount equal to the net proceeds to eligible green projects 7.