Equinix

Equinix is a real estate investment trust that owns and runs data centers around the world. Customers rent space, power and cooling for their IT equipment in its International Business Exchange (IBX) data centers. They also connect directly to networks, clouds and other companies in the same buildings, and Equinix sells these links as interconnection services. At September 30, 2026, its footprint had 282 data centers in 77 markets and 36 countries.

This includes 24 xScale data centers for very large cloud customers, which Equinix builds with joint venture partners. It had more than 500,000 interconnections at the end of 2025. Revenue was $2.571 billion in Q3 2026.

The market prices Equinix for the risk that its larger build program earns lower returns than its existing data centers. Equinix plans total capital spending of $5 billion to $7 billion each year from 2027 to 2029, up from $3 billion to $4 billion in its earlier outlook. It funds part of this spending with debt: senior notes rose from $18.36 billion at the end of 2025 to $22.82 billion at September 30, 2026. Investors also question how much AI demand comes to Equinix and how much goes to large campuses that cloud providers build for themselves.

For the gap to close, three things must be true. AFFO per share must grow 9% to 12% each year through 2029, as the July 2026 outlook says. New capacity must fill at returns near those of stabilized data centers, which earned 26% cash-on-cash returns in Q1 2026. Interconnection revenue must keep growing near the 10% of Q3 2026, because these services are the core of the platform.

The Q4 2026 report and the 2027 guidance, expected in February 2027, give the next test. If these checks pass, the gap can close over two to three years. The main reason it may not close is a slowdown in AI or cloud demand while the large build program continues.

1. Oct 28, 2026Passed

   Q3 2026 results: bookings and guidanceDouble-digit growth in recurring revenue and a raised 2026 guidance pass; lower bookings or a guidance cut fail.Outcome: Annualized gross bookings reached a record $533 million, up 35%, and Equinix raised its 2026 AFFO per share guidance to $43.71 to $44.11.
2. Feb 10, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2027 guidance for AFFO per share growth of 9% or more passes; growth below the 9% to 12% range of the long-term outlook fails.

Every passed and failed checkpoint across all picks

• October 28, 2026Equinix reported Q3 2026 results. Revenue rose 11% to $2.571 billion, adjusted EBITDA rose 15% to $1.321 billion and AFFO per share was $11.64. Annualized gross bookings reached a record $533 million, up 35%. Equinix raised its 2026 guidance for the third time, to AFFO per share of $43.71 to $44.11. It plans to deliver nearly 40% more cabinets in 2026 than it first expected. It also announced Fabric One and Equinix Inference Exchange.
• September 2, 2026Equinix completed its investment in a joint venture with CPP Investments that bought atNorth, a Nordic data center provider. Equinix paid $869 million for about 34% of the joint venture.
• August 6, 2026Equinix sold $3.0 billion of senior notes: $850 million due 2029, $850 million due 2031, $650 million due 2033 and $650 million due 2036.

Last earnings

October 28, 2026 (8-K on sec.gov)

Next earnings

Expected about February 10, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 28, 2026 · eqix-20260930
• 8-KEarnings releaseFiled October 28, 2026 · eqix-20261028
• 8-KOther company newsFiled August 6, 2026 · Read it on sec.gov
• 8-KNew material agreement and End of a material agreementFiled July 29, 2026 · eqix-20260727
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 29, 2026 · eqix-20260630
• 8-KEarnings releaseFiled July 29, 2026 · eqix-20260729
• 8-KChange of directors or officersFiled July 14, 2026 · eqix-20260708
• 8-KShareholder vote resultsFiled May 15, 2026 · eqix-20260513
• 8-KChange of directors or officersFiled May 11, 2026 · eqix-20260505
• 8-KOther company newsFiled May 7, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1101239)

• Equinix plans capital spending of $5 billion to $7 billion each year from 2027 to 2029. If demand slows, new data centers can fill slowly and earn lower returns.
• Total debt was $25.22 billion at September 30, 2026, and about $1.85 billion is due within one year. Higher interest rates raise the cost of refinancing and of new debt for the build program.
• Data centers need large amounts of power. Some governments limit new data centers because of their effect on power prices, land or water, and power shortages can delay projects.
• Large cloud providers build their own data centers. If AI workloads move to these campuses, demand for Equinix capacity can grow more slowly.
• Much of the revenue is in currencies other than the US dollar. A stronger dollar lowers reported revenue and AFFO.

Equinix funds itself mainly with senior unsecured notes. Total debt principal was $25.22 billion at September 30, 2026, up from $21.42 billion at December 31, 2025. Read more

Dividend yield

2.0% (last 12 months, at today’s price of $1,007.66)

Paid per share

$20.17 in the last 12 months (4 payments)

Current annual rate

$20.64 ($5.16 × 4 a year)

Payout ratio

136% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 19, 2026, $5.16 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 12.3% a year. Over the last 10 years, the dividend grew by about 11.3% a year.

Source: company filings and market data, read on October 29, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.