Equinix earnings: date, guidance and what to watch
Equinix reports its next results on October 28, 2026. Watch whether newly delivered capacity becomes recurring revenue.
What has Equinix guided for 2026 and 2027–2029?
Management guides to 2026 revenue of $10,205–10,285 million and AFFO per diluted share of $42.69–43.29. For 2027–2029, it targets revenue growth of 10.0–13.0% and AFFO-per-share growth of 9.0–12.0%, alongside annual capital expenditure of $5,000–7,000 million.
Has Equinix kept its past promises?
Management forecast AFFO per share of US$36.69–US$37.51 and delivered US$38.33. That deserves credit, but the central ownership question remains longer term: whether completed projects produce returns strong enough to overcome their financing, stock pay and dilution.
What is Equinix’s trend over the last eight quarters?
Revenue and net operating income rose through 2025 even as occupancy fell from 82.0% in 2022 to 76.0% in 2025. AFFO per share climbed from $27.11 in 2021 to $38.33 in 2025. Diluted shares grew 2.4% in 2025, while the AFFO payout ratio was 49.0%; net debt to EBITDAre was 3.8x.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,625 | 2,444 | 2,420 | 2,316 | 2,256 | 2,225 | 2,261 | 2,201 |
| Net operating income | 1,540 | 1,507 | 1,437 | 1,405 | 1,366 | 1,311 | 1,221 | 1,226 |
| FFO per share | 8.61 | 7.68 | 6.35 | 7.20 | 7.03 | 6.61 | 3.11 | 6.36 |
| AFFO per share (company's measure) | 11.78 | 10.79 | 8.91 | 9.83 | 9.91 | 9.67 | 7.92 | 9.05 |
| Dividend per share | 5.16 | 5.16 | 4.69 | 4.69 | 4.69 | 4.69 | 4.26 | 4.26 |
What this means. The company’s adjusted profit per share is higher than the standard funds-from-operations profit per share because it uses its own definition and makes different adjustments.
What should you watch in Equinix’s next results?
The next decisive evidence is recurring revenue from newly delivered capacity. Equinix reports third-quarter results on October 28, 2026, when investors can compare recurring customer revenue with the July forecast and separate it from exceptional fees.