EQIX · Equinix, Inc.

Equinix delivered strong Q1 2026 results with revenues of $2.444 billion, reflecting 10% growth on an as-reported basis and 8% normalized constant currency growth, driven by 12% monthly recurring revenue growth and 9% increase in stabilized assets revenues. Operating income surged 26% to $577 million and net income rose 21% to $415 million or $4.20 per share, fueled by robust underlying performance. Non-GAAP metrics shone with record Adjusted EBITDA of $1.245 billion at 51% margin (up 17% YoY) and AFFO of $1.065 billion or $10.79 per share (up 12% YoY), exceeding guidance midpoints excluding the xScale Hampton lease timing. CEO Adaire Fox-Martin highlighted double-digit recurring revenue growth, margin improvements, and capitalization on AI, cloud, and networking demand. The company achieved its largest Q1 annualized gross bookings at $378 million with record $140 million presales, 60% of largest deals AI-related, alongside launches like Equinix Fabric Intelligence and Distributed AI Hub. In response, Equinix raised FY2026 guidance significantly: revenues up $20 million to $10.144-10.244 billion (10-11% YoY growth), Adjusted EBITDA up $23 million to $5.165-5.245 billion (~51% margin, +2% expansion), AFFO up $40 million to $4.198-4.278 billion (12-14% YoY), and AFFO per share to $42.31-43.11. Q2 guidance shows sequential revenue growth of 6% at midpoint. Business highlights include a definitive agreement to acquire atNorth, enhancing Nordics presence and immediately accretive to AFFO per share, plus strengthened AI ecosystem ties. Total capex outlook at ~$4.1 billion supports growth infrastructure.