{"success":true,"data":{"pressRelease":{"id":"102588","rtpr_id":"nPn3vj2Wha","ticker":"EQIX","exchange":"NASDAQ","all_tickers":["EQIX"],"title":"Equinix Reports Second-Quarter Results, Raises 2026 Guidance and Long-Term Outlook","author":"PR Newswire","published_at":"2026-07-29T20:05:02.134Z","article_body":"Equinix Reports Second-Quarter Results, Raises 2026 Guidance and Long-Term Outlook\n\nPR Newswire\n\nREDWOOD CITY, Calif., July 29, 2026\n\n * Grew monthly recurring revenue 11% on both an as-reported basis and a\nnormalized and constant currency basis year over year\n * Annualized gross bookings grew 23% year over year, marking the second-highest\nvolume on record, contributing to a record backlog\n * Added a record 9,700 net interconnections in the quarter, continuing to extend\nthe company's interconnection leadership\n * Raising full-year 2026 guidance and long-term outlook on stronger demand,\nbookings, presales and continued execution across the business\nREDWOOD CITY, Calif., July 29, 2026 /PRNewswire/ -- Equinix, Inc.\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=1525994450&u=https%3A%2F%2Fwww.equinix.com%2F&a=Equinix%2C+Inc.)\n (Nasdaq: EQIX), the world's digital infrastructure company(®), today\nreported results for the quarter ended June 30, 2026.\n\n\"We delivered an exceptionally strong Q2. Monthly recurring revenue grew\ndouble digits for the third straight quarter, new interconnections on our\nplatform hit a record level, and disciplined execution drove robust profit\ngrowth,\" said Adaire Fox-Martin, CEO and President, Equinix. \"Our revised 2026\nguidance and long-term financial outlook reflect momentum across the business.\nCustomer demand is broad-based and growing, and Equinix is uniquely positioned\nto serve the networking, cloud and AI infrastructure needs of enterprises\naround the world.\"\n\nSecond-Quarter 2026 Results Summary\n\n * Revenues\n* $2.625 billion, a 16% increase over the same quarter of the previous year on\nboth an as-reported basis and a normalized and constant currency basis driven\nby strong underlying performance and one-time xScale(®) fees\n * Operating Income\n* $665 million, a 35% increase over the same quarter of the previous year,\nprimarily from strong underlying operating performance and the impact of\none-time xScale fees\n * Net Income Attributable to Common Stockholders and Net Income per Share\nAttributable to Common Stockholders\n* $479 million, a 30% increase over the same quarter of the previous year,\nprimarily from higher operating income\n * $4.83 per share, a 29% increase over the same quarter of the previous year\n * Adjusted EBITDA\n* $1.396 billion, a record adjusted EBITDA margin of 53%, representing a 24%\nincrease over the same quarter of the previous year on an as-reported basis,\nor a 22% increase on a normalized and constant currency basis\n * AFFO and AFFO per Share\n* $1.168 billion, a 20% increase over the same quarter of the previous year on\nan as-reported basis, or a 19% increase on a normalized and constant currency\nbasis driven by strong operating performance and one-time xScale fees\n * $11.78 per share, a 19% increase over the same quarter of the previous year on\nan as-reported basis, or an 18% increase on a normalized and constant currency\nbasis\nEquinix uses certain non-GAAP financial measures, which are described further\nbelow and reconciled to the most comparable GAAP financial measures after the\npresentation of our GAAP financial statements.\n\nEquinix does not provide forward-looking guidance for certain financial data,\nsuch as depreciation, amortization, accretion, stock-based compensation and\nother components of net income or loss from operations, and as a result, is\nnot able to provide a reconciliation of GAAP to non-GAAP financial measures\nfor forward-looking data without unreasonable effort. The impact of such\nadjustments could be significant. Equinix intends to calculate the various\nnon-GAAP financial measures in future periods consistent with how they were\ncalculated for the periods presented within this press release.\n\nAll per-share results are presented on a fully diluted basis.\n\n2026 Guidance Summary\n ($ in millions, except per share data)           Prior FY 2026     Guidance     Foreign     Revised FY 2026   Q3 2026\n                                                  Guidance          Adjustment   Exchange    Guidance          Guidance\n                                                                                 Impact\n Revenues                                         $10,144 - 10,244  +$100        ($49)       $10,205 - 10,285  $2,525 - 2,575\n Adjusted EBITDA                                  $5,165 - 5,245    +$62         ($27)       $5,210 - 5,270    $1,275 - 1,315\n\nAdjusted EBITDA Margin %\n~51%\n~51%\n~51%\n Recurring Capital Expenditures                   $280 - 300        +$13         ($3)        $290 - 310        $70 - 90\n\n% of Revenues\n~3%\n~3%\n3 - 4%\n Non-recurring Capital Expenditures               ~$3,800           +$1,438      ($38)       $4,710 - 5,690\n\n(Excludes xScale and Real Estate Acquisitions)\n AFFO                                             $4,198 - 4,278    +$50         ($18)       $4,240 - 4,300\n AFFO per Share (Diluted)                         $42.31 - 43.11    +$0.46       ($0.18)     $42.69 - 43.29\n Expected Cash Dividends                          ~$2,037           +$2          $0          ~$2,039\n\nFor the third quarter of 2026, the company expects revenues to range between\n$2.525 and $2.575 billion, an increase of 9 - 11% over the previous year on an\nas-reported basis, or 10 - 12% on a normalized and constant currency basis.\nAdjusted EBITDA is expected to range between $1.275 and $1.315 billion,\nreflecting an adjusted EBITDA margin of approximately 51%.\n\nFor the full year of 2026, total revenues are expected to range between\n$10.205 and $10.285 billion, an increase of approximately 11 - 12% over the\nprevious year on both an as-reported and a normalized and constant currency\nbasis. Adjusted EBITDA is expected to range between $5.210 and $5.270 billion,\nreflecting an adjusted EBITDA margin of approximately 51%, an approximate +2%\nexpansion over the previous year. AFFO is expected to range between $4.240 and\n$4.300 billion, an increase of 13 - 14% over the previous year on an\nas-reported basis, or 12 - 13% on a normalized and constant currency basis.\nAFFO per share is expected to range between $42.69 and $43.29, an increase of\n11 - 13% over the previous year on an as-reported basis, or 10 - 12% on a\nnormalized and constant currency basis. Total capital expenditures are\nexpected to range between $5.000 and $6.000 billion.\n\nLong-Term Outlook Summary (2027-2029)\n\nThe updated outlook reflects stronger-than-expected demand, accelerating\nbookings and presales activity, increased visibility from committed capacity,\nfirm pricing and continued confidence in achieving attractive returns on\ninvested capital.\n ($ in millions)             Prior Outlook ((1))  Updated Outlook\n\n(2027 - 2029)\n Total Revenue Growth        7 - 10%              10 - 13%\n\n(Annual Range) ((2))\n Adjusted EBITDA Margin      52%+                 53%+\n\n(In 2029)\n Total Capital Expenditures  $3,000 - 4,000       $5,000 - 7,000\n\n(Annual Range) ((3))\n AFFO per Share Growth       5 - 9%               9 - 12%\n\n(Annual Range)\n Dividend per Share Growth   8%+                  Approximates AFFO\n\n(Annual Range)                                  per Share Growth\n\n ((1) )  Prior outlook as provided on Wednesday, June 25, 2025.\n ((2) )  Represents range of estimated annual growth rates through 2029. Assumes\n         average currency rates used in our financial results remained the same over\n         comparative periods. Excludes any future M&A activity.\n ((3) )  Capital expenditures exclude any future M&A activity, real estate\n         acquisitions and our investments in the xScale joint ventures.\n\nQ2 2026 Business Highlights\n\n * Delivered $424 million of annualized gross bookings.\n * Added a record 9,700 net interconnections.\n * Announced the global expansion of Equinix\nFabric Geo Zones\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=1183295521&u=https%3A%2F%2Fnewsroom.equinix.com%2F2026-05-14-Equinix-Puts-Enterprises-in-Control-of-Data-Sovereignty-Across-Hybrid-Multicloud-Environments&a=Fabric+Geo+Zones)\n\n, the industry's first network-level data sovereignty solution.\n * Expanded\ncollaboration with Cisco and NVIDIA\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=1740655860&u=https%3A%2F%2Fnewsroom.equinix.com%2F2026-06-16-Equinix-Collaborates-with-Cisco-and-NVIDIA-to-Deploy-Secure-AI-Factories-Across-Global-Data-Center-Footprint&a=collaboration+with+Cisco+and+NVIDIA)\n\n to help enterprises accelerate AI deployment through standardized AI factory\narchitectures, secure infrastructure and real-world testing environments\nacross Equinix's global data center footprint.\n * Accelerated capacity expansion to meet growing customer demand, with nine new\nprojects added since April and 52 projects underway across 33 markets\nworldwide.\n * Published\nU.S. Co\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=1387514553&u=https%3A%2F%2Fequinixtogether.com%2Fcommunity-principles%2F&a=U.S.+Co)\n\nmmunity Principles\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=705414135&u=https%3A%2F%2Fequinixtogether.com%2Fcommunity-principles%2F&a=mmunity+Principles)\n\n and signed the Ratepayer Protection Pledge, reinforcing the company's\nlongtime commitment to investing in communities in ways that address their\nneeds and create lasting value.\n * Further\nstrengthened leadership team\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=1591719757&u=https%3A%2F%2Fnewsroom.equinix.com%2F2026-07-27-Equinix-Appoints-Two-Leaders-to-Executive-Team&a=strengthened+leadership+team)\n\n with the appointment of Chris Audie as Chief Product Officer and Bruce Owen\nas Executive Vice President, Global Markets.\n * Ranked #1 for Innovation in\nThe Wall Street Journal's\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=211103053&u=https%3A%2F%2Fwww.wsj.com%2Flifestyle%2Fcareers%2F2026-best-companies-future-nvidia-f6744e03&a=The+Wall+Street+Journal%27s+)\n\ninaugural B\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=877129901&u=https%3A%2F%2Fwww.wsj.com%2Flifestyle%2Fcareers%2F2026-best-companies-future-nvidia-f6744e03&a=inaugural+B)\n\nest Companies for the\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=4145866120&u=https%3A%2F%2Fwww.wsj.com%2Flifestyle%2Fcareers%2F2026-best-companies-future-nvidia-f6744e03&a=est+Companies+for+the)\n\n Future\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=1541558484&u=https%3A%2F%2Fwww.wsj.com%2Flifestyle%2Fcareers%2F2026-best-companies-future-nvidia-f6744e03&a=%C2%A0Future)\n\n, underscoring the company's strong positioning for long-term success in an\nAI-driven economy.\nQ2 2026 Results Conference Call and Replay Information\n\nEquinix will discuss its quarterly results for the period ended June 30,\n2026, along with its future outlook, in its quarterly conference call on\nWednesday, July 29, 2026, at 5:30 p.m. ET (2:30 p.m. PT). A simultaneous live\nwebcast of the call will be available on the company's Investor Relations\nwebsite at www.equinix.com/investors\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=420423212&u=https%3A%2F%2Fwww.equinix.com%2Finvestors&a=www.equinix.com%2Finvestors)\n. To hear the conference call live, please dial 1-517-308-9482 (domestic and\ninternational) and reference the passcode EQIX.\n\nA replay of the call will be available one hour after the call through\nWednesday, September 30, 2026, by dialing 1-866-427-6395 and referencing the\npasscode 2026. In addition, the webcast will be available at\nwww.equinix.com/investors\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=420423212&u=https%3A%2F%2Fwww.equinix.com%2Finvestors&a=www.equinix.com%2Finvestors)\n (no password required).\n\nInvestor Presentation and Supplemental Financial Information\n\nEquinix has made available on its website a presentation designed to accompany\nthe discussion of Equinix's results and future outlook, along with certain\nsupplemental financial information and other data. Interested parties may\naccess this information through the Equinix Investor Relations website at\nwww.equinix.com/investors\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=420423212&u=https%3A%2F%2Fwww.equinix.com%2Finvestors&a=www.equinix.com%2Finvestors)\n.\n\nAdditional Resources\n\n * Equinix Investor Relations Resources\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=528971970&u=https%3A%2F%2Fwww.equinix.com%2Finvestors&a=Equinix+Investor+Relations+Resources)\nAbout Equinix\n\nEquinix, Inc.\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=1525994450&u=https%3A%2F%2Fwww.equinix.com%2F&a=Equinix%2C+Inc.)\n (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the\nworld. Its digital infrastructure, data center footprint and interconnected\necosystems empower innovations that enhance our work, life and planet. Equinix\nconnects economies, countries, organizations and communities, delivering\nseamless digital experiences and cutting-edge AI—quickly, efficiently and\neverywhere.\n\nNon-GAAP Financial Measures\n\nEquinix provides all information required in accordance with generally\naccepted accounting principles (\"GAAP\"), but it believes that evaluating its\nongoing results of operations may be difficult if limited to reviewing only\nGAAP financial measures. Accordingly, Equinix also uses non-GAAP financial\nmeasures to evaluate its operations.\n\nNon-GAAP financial measures are not a substitute for financial information\nprepared in accordance with GAAP. Non-GAAP financial measures should not be\nconsidered in isolation, but should be considered together with the most\ndirectly comparable GAAP financial measures. As such, Equinix provides a\nreconciliation of the non-GAAP financial measures to the most directly\ncomparable GAAP financial measures.\n\nInvestors should note that the non-GAAP financial measures used by Equinix may\nnot be the same non-GAAP financial measures, and may not be calculated in the\nsame manner, as those of other companies. Investors should therefore exercise\ncaution when comparing non-GAAP financial measures used by Equinix to\nsimilarly titled non-GAAP financial measures of other companies.\n\nEquinix's primary non-GAAP financial measures include Adjusted EBITDA and\nAdjusted Funds from Operations (\"AFFO\") as described below. Equinix presents\nthese measures to provide investors with additional tools to evaluate its\nresults in a manner that focuses on what management believes to be its core,\nongoing business operations. These measures exclude items which Equinix\nbelieves are generally not relevant to assessing its long-term performance.\nBoth measures eliminate the impacts of depreciation and amortization, which\nare derived from historical costs and which Equinix believes are not\nindicative of current or future expenditures, and other items for which the\nfrequency and amount of charges can vary based on the timing and significance\nof individual transactions. Equinix believes that presenting these non-GAAP\nfinancial measures provides consistency and comparability with past reports\nand that if it did not provide such non-GAAP financial information, investors\nwould not have all the necessary data to analyze the company effectively.\n\nAdjusted EBITDA is used by management to evaluate the operating strength and\nperformance of its core, ongoing business, without regard to its capital or\ntax structures. It also aids in assessing the performance of, making operating\ndecisions for, and allocating resources to its operating segments. In addition\nto the uses described above, Equinix believes this measure provides investors\nwith a better understanding of the operating performance of the business and\nits ability to perform in subsequent periods.\n\nEquinix defines adjusted EBITDA as net income excluding:\n\n * income tax expense\n * interest income\n * interest expense\n * other income or expense\n * gain or loss on debt extinguishment\n * depreciation, amortization and accretion expense\n * stock-based compensation expense\n * restructuring and other exit charges, which primarily include employee\nseverance, facility closure costs, lease or other contract termination costs\nand advisory fees related to the realignment of our management structure,\noperations or products and other exit activities\n * impairment charges\n * transaction costs\n * gain or loss on asset sales\nAFFO is derived from Funds from Operations (\"FFO\") calculated in accordance\nwith the standards established by the National Association of Real Estate\nInvestment Trusts. Both FFO and AFFO are non-GAAP measures commonly used in\nthe REIT industry. Although these measures may not be directly comparable to\nsimilar measures used by other companies, Equinix believes that the\npresentation of these measures provides investors with an additional tool for\ncomparing its performance with the performance of other companies in the REIT\nindustry. Additionally, AFFO is a performance measure used in certain of the\ncompany's employee incentive programs, and Equinix believes it is a useful\nmeasure in assessing its dividend-paying capacity, as it isolates the cash\nimpact of certain income and expense items and considers the impact of\nrecurring capital expenditures.\n\nEquinix defines FFO as net income attributable to common stockholders\nexcluding:\n\n * gain or loss from the disposition of real estate assets\n * depreciation and amortization expense on real estate assets\n * adjustments related to unconsolidated joint ventures and non-controlling\ninterests\nEquinix defines AFFO as FFO adjusted for:\n\n * depreciation and amortization expense on non-real estate assets\n * accretion expense\n * stock-based compensation expense\n * stock-based charitable contributions\n * restructuring and other exit charges, as described above\n * impairment charges\n * transaction costs\n * impacts of straight-lining installation revenue\n * impacts of straight-lining rent expense\n * impacts of straight-lining contract costs\n * amortization of deferred financing costs and debt discounts and premiums\n * gain or loss from the disposition of non-real estate assets\n * gain or loss on debt extinguishment\n * an income tax expense adjustment, which represents the non-cash tax impact due\nto changes in valuation allowances, uncertain tax positions and deferred taxes\n * recurring capital expenditures, which represent expenditures to extend the\nuseful life of data centers or other assets that are required to support\ncurrent revenues\n * net income or loss from discontinued operations, net of tax\n * adjustments from FFO to AFFO related to unconsolidated joint ventures and\nnon-controlling interests\nEquinix provides normalized and constant currency growth rates for revenues,\nadjusted EBITDA, AFFO and AFFO per share. These growth rates assume foreign\ncurrency rates remain consistent across comparative periods. Revenue growth\nrates exclude the impact of net power pass-through, acquisitions, divestitures\nand the Equinix Metal(® )wind-down. Adjusted EBITDA growth rates exclude the\nimpact of acquisitions, divestitures and integration costs. AFFO growth rates\nexclude the impact of acquisitions and related financing costs, divestitures,\nintegration costs and balance sheet remeasurements. AFFO per share growth\nrates exclude the impact of integration costs and balance sheet\nremeasurements.\n\nEquinix presents cash cost of revenues and cash operating expenses (also known\nas cash selling, general and administrative expenses or cash SG&A). These\nmeasures exclude depreciation, amortization, accretion and stock-based\ncompensation, which are not good indicators of Equinix's current or future\noperating performance, as described above.\n\nEquinix also presents free cash flow and adjusted free cash flow. Free cash\nflow is defined as net cash provided by (used in) operating activities plus\nnet cash provided by (used in) investing activities excluding the net\npurchases of and distributions from equity investments. Adjusted free cash\nflow is defined as free cash flow excluding any real estate and business\nacquisitions, net of cash and restricted cash acquired. These measures are\npresented in order for lenders, investors and the industry analysts who review\nand report on Equinix to better evaluate Equinix's cash spending levels\nrelative to its industry sector and competitors.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements that involve risks and\nuncertainties. Actual results may differ materially from expectations\ndiscussed in such forward-looking statements. Factors that might cause such\ndifferences include, but are not limited to, risks to our business and\noperating results related to the current inflationary environment; foreign\ncurrency exchange rate fluctuations; stock price fluctuations; increased costs\nto procure power and the general volatility in the global energy market; the\nchallenges of building and operating IBX(® )and xScale(® )data centers,\nincluding those related to sourcing suitable power and land, and any supply\nchain constraints or increased costs of supplies; the challenges of\ndeveloping, deploying and delivering Equinix products and solutions;\nunanticipated costs or difficulties relating to the integration of companies\nwe have acquired or will acquire into Equinix; a failure to receive\nsignificant revenues from customers in recently built out or acquired data\ncenters; failure to complete any financing arrangements contemplated from time\nto time; competition from existing and new competitors; the ability to\ngenerate sufficient cash flow or otherwise obtain funds to repay new or\noutstanding indebtedness; the loss or decline in business from our key\ncustomers; risks related to our taxation as a REIT; risks related to\nregulatory inquiries or litigation; and other risks described from time to\ntime in Equinix filings with the Securities and Exchange Commission. In\nparticular, see recent and upcoming Equinix quarterly and annual reports filed\nwith the Securities and Exchange Commission, copies of which are available\nupon request from Equinix. Equinix does not assume any obligation to update\nthe forward-looking information contained in this press release.\n\n \n EQUINIX, INC.\n\nCondensed Consolidated Statements of Operations\n\n(in millions, except share and per share data)\n\n(unaudited)\n\n \n                                                              Three Months Ended                                                     Six Months Ended\n                                                              June 30,                 March 31,                June 30,             June 30,                   June 30,\n\n2026\n2026\n2025\n2026\n2025\n Recurring revenues                                           $    2,377               $    2,331               $    2,143           $    4,708                 $    4,230\n Non-recurring revenues                                       248                      113                      113                  361                        251\n Revenues                                                     2,625                    2,444                    2,256                5,069                      4,481\n Cost of revenues                                             1,230                    1,186                    1,084                2,416                      2,168\n Gross profit                                                 1,395                    1,258                    1,172                2,653                      2,313\n Operating expenses:\n Sales and marketing                                          239                      241                      221                  480                        450\n General and administrative                                   462                      444                      451                  906                        889\n Restructuring and other exit charges                         6                        6                        2                    12                         12\n Transaction costs                                            3                        8                        3                    11                         9\n Impairment charges                                           17                       2                        1                    19                         1\n (Gain) loss on asset sales                                   3                        (20)                     —                    (17)                       —\n Total operating expenses                                     730                      681                      678                  1,411                      1,361\n Income from operations                                       665                      577                      494                  1,242                      952\n Interest and other income (expense):\n Interest income                                              36                       41                       52                   77                         99\n Interest expense                                             (151)                    (148)                    (135)                (299)                      (257)\n Other income (expense)                                       (28)                     1                        (7)                  (27)                       2\n Gain (loss) on debt extinguishment                           1                        —                        1                    1                          1\n Total interest and other, net                                (142)                    (106)                    (89)                 (248)                      (155)\n Income before income taxes                                   523                      471                      405                  994                        797\n Income tax expense                                           (46)                     (56)                     (38)                 (102)                      (87)\n Net income                                                   477                      415                      367                  892                        710\n Net (income) loss attributable to non-controlling interests  2                        —                        1                    2                          1\n Net income attributable to common stockholders               $      479               $      415               $      368           $      894                 $      711\n Earnings (loss) per share (\"EPS\") attributable to common stockholders:\n Basic EPS                                                    $      4.86              $      4.22              $      3.76          $      9.07                $      7.28\n Diluted EPS                                                  $      4.83              $      4.20              $      3.75          $      9.04                $      7.26\n Weighted-average shares for basic EPS (in thousands)         98,641                   98,392                   97,835               98,516                     97,674\n Weighted-average shares for diluted EPS (in thousands)       99,136                   98,727                   98,050               98,931                     97,968\n\n \n EQUINIX, INC.\n\nCondensed Consolidated Balance Sheets\n\n(in millions, except headcount)\n\n(unaudited)\n\n \n                                                                            June 30,              December 31,\n\n2026\n2025\n Assets\n Cash and cash equivalents                                                  $       979           $    1,727\n Short-term investments                                                     1,245                 1,500\n Accounts receivable, net                                                   1,256                 1,001\n Other current assets                                                       842                   897\n Total current assets                                                       4,322                 5,125\n Property, plant and equipment, net                                         25,222                23,584\n Operating lease right-of-use assets                                        1,296                 1,392\n Goodwill                                                                   5,912                 5,984\n Intangible assets, net                                                     1,204                 1,316\n Other assets                                                               3,120                 2,740\n Total assets                                                               $   41,076            $   40,141\n Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity\n Accounts payable and accrued expenses                                      $    1,263            $    1,350\n Accrued property, plant and equipment                                      723                   564\n Current portion of operating lease liabilities                             156                   155\n Current portion of finance lease liabilities                               176                   168\n Current portion of mortgage and loans payable                              9                     17\n Current portion of senior notes                                            1,170                 1,299\n Other current liabilities                                                  323                   340\n Total current liabilities                                                  3,820                 3,893\n Operating lease liabilities, less current portion                          1,211                 1,304\n Finance lease liabilities, less current portion                            2,104                 2,187\n Mortgage and loans payable, less current portion                           11                    686\n Senior notes, less current portion                                         18,519                16,910\n Other liabilities                                                          1,013                 983\n Total liabilities                                                          26,678                25,963\n Redeemable non-controlling interest                                        25                    25\n Common stockholders' equity:\n Common stock                                                               —                     —\n Additional paid-in capital                                                 22,015                21,642\n Treasury stock                                                             (23)                  (24)\n Accumulated dividends                                                      (13,231)              (12,202)\n Accumulated other comprehensive loss                                       (1,374)               (1,359)\n Retained earnings                                                          6,995                 6,099\n Total common stockholders' equity                                          14,382                14,156\n Non-controlling interests                                                  (9)                   (3)\n Total stockholders' equity                                                 14,373                14,153\n Total liabilities, redeemable non-controlling interest and stockholders'   $   41,076            $   40,141\n equity\n\n Ending headcount by geographic region is as follows:\n Americas headcount                                                         6,009                 5,917\n EMEA headcount                                                             4,719                 4,706\n Asia-Pacific headcount                                                     3,203                 3,093\n Total headcount                                                            13,931                13,716\n\n \n EQUINIX, INC.\n\nSummary of Debt Principal Outstanding\n\n(in millions)\n\n(unaudited)\n\n \n                                               June 30,          December 31,\n\n2026\n2025\n\n Finance lease liabilities                     $    2,280        $    2,355\n\n Term loans                                    1                 673\n Mortgage payable and other loans payable      19                30\n Total mortgage and loans payable principal    20                703\n\n Senior notes                                  19,689            18,209\n Plus: debt issuance costs and debt discounts  164               150\n Total senior notes principal                  19,853            18,359\n\n Total debt principal outstanding              $   22,153        $   21,417\n\n \n                                       EQUINIX, INC.\n\nCondensed Consolidated Statements of Cash Flows\n\n(in millions)\n\n(unaudited)\n\n \n                                                                                                                                Six Months Ended\n                                                                                                                                June 30,                              June 30,\n\n2026\n2025\n\n Cash flows from operating activities:\n                                       Net income                                                                               $       892                           $       710\n                                       Adjustments to reconcile net income to net cash provided by operating\n                                       activities:\n                                       Depreciation, amortization and accretion                                                 1,101                                 982\n                                       Stock-based compensation                                                                 273                                   240\n                                       Impairment charges                                                                       19                                    1\n                                       (Gain) loss on asset sales                                                               (17)                                  —\n                                       Other operating activities                                                               31                                    23\n                                       Changes in operating assets and liabilities:\n                                       Accounts receivable                                                                      (258)                                 (169)\n                                       Income taxes, net                                                                        (24)                                  (45)\n                                       Operating lease right-of-use assets                                                      79                                    79\n                                       Operating lease liabilities                                                              (77)                                  (71)\n                                       Accounts payable and accrued expenses                                                    (80)                                  (149)\n                                       Other assets and liabilities                                                             (155)                                 152\n Net cash provided by operating activities                                                                                      1,784                                 1,753\n Cash flows from investing activities:\n                                       Purchases of equity investments                                                          (264)                                 (48)\n                                       Distributions from equity investments                                                    33                                    4\n                                       Purchases of short-term investments                                                      (789)                                 (795)\n                                       Maturities and sales of short-term investments                                           1,054                                 450\n                                       Business acquisitions, net of cash acquired                                              —                                     (182)\n                                       Real estate acquisitions                                                                 (224)                                 (99)\n                                       Purchases of other property, plant and equipment                                         (2,834)                               (1,739)\n                                       Proceeds from sale of assets, net of cash transferred                                    348                                   —\n                                       Settlement of foreign currency hedges                                                    101                                   50\n                                       Investment in loan receivable                                                            —                                     (45)\n Net cash used in investing activities                                                                                          (2,575)                               (2,404)\n Cash flows from financing activities:\n                                       Proceeds from employee equity programs                                                   49                                    50\n                                       Payment of dividends                                                                     (1,029)                               (928)\n                                       Proceeds from public offering of common stock, net of issuance costs                     —                                     99\n                                       Proceeds from senior notes, net of debt discounts                                        2,419                                 2,066\n                                       Repayment of finance lease liabilities                                                   (89)                                  (72)\n                                       Repayment of senior notes                                                                (700)                                 —\n                                       Repayment of other debt                                                                  (682)                                 (1)\n                                       Other financing activities                                                               26                                    (8)\n Net cash provided by (used in) financing activities                                                                            (6)                                   1,206\n Effect of foreign currency exchange rates on cash, cash equivalents and                                                        (11)                                  53\n restricted cash\n Net increase (decrease) in cash, cash equivalents and restricted cash                                                          (808)                                 608\n Cash, cash equivalents and restricted cash at beginning of period                                                              1,824                                 3,082\n Cash, cash equivalents and restricted cash at end of period                                                                    $    1,016                            $    3,690\n\n Free cash flow ((1))                                                                                                           $     (560)                           $     (607)\n\n Adjusted free cash flow ((2))                                                                                                  $     (336)                           $     (326)\n\n (1)                                   We define free cash flow as net cash provided by operating activities plus net\n                                       cash used in investing activities\n\n(excluding the net purchases of and distributions from equity investments) as\n                                       presented below:\n                                       Net cash provided by operating activities as presented above                             $    1,784                            $    1,753\n                                       Net cash used in investing activities as presented above                                 (2,575)                               (2,404)\n                                       Less purchases of equity investments, net of distributions                               231                                   44\n                                       Free cash flow                                                                           $     (560)                           $     (607)\n\n (2)                                   We define adjusted free cash flow as free cash flow as defined above,\n                                       excluding any real estate and business\n\nacquisitions, net of cash and restricted cash acquired as presented below:\n                                       Free cash flow (as defined above)                                                        $     (560)                           $     (607)\n                                       Less business acquisitions, net of cash and restricted cash acquired                     —                                     182\n                                       Less real estate acquisitions                                                            224                                   99\n                                       Adjusted free cash flow                                                                  $     (336)                           $     (326)\n\n \n       EQUINIX, INC.\n\nNon-GAAP Measures and Other Supplemental Data\n\n($ in millions, except per share data)\n\n(unaudited)\n\n \n                                                                                      Three Months Ended                                                                          Six Months Ended\n                                                                                      June 30,                        March 31,                       June 30,                    June 30,                      June 30,\n\n2026\n2026\n2025\n2026\n2025\n       Recurring revenues                                                             $    2,377                      $    2,331                      $    2,143                  $     4,708                   $     4,230\n       Non-recurring revenues                                                         248                             113                             113                         361                           251\n       Revenues ((1))                                                                 2,625                           2,444                           2,256                       5,069                         4,481\n\n       Cash cost of revenues ((2))                                                    790                             765                             707                         1,555                         1,434\n       Cash gross profit ((3))                                                        1,835                           1,679                           1,549                       3,514                         3,047\n\n       Cash operating expenses ((4)):\n       Cash sales and marketing expenses                                              162                             162                             146                         324                           306\n       Cash general and administrative expenses                                       277                             272                             274                         549                           545\n       Total cash operating expenses ((4))                                            439                             434                             420                         873                           851\n\n       Adjusted EBITDA ((5))                                                          $   1,396                       $   1,245                       $   1,129                   $     2,641                   $     2,196\n\n       Cash gross margins ((6))                                                       70 %                            69 %                            69 %                        69 %                          68 %\n\n       Adjusted EBITDA margins ((7))                                                  53 %                            51 %                            50 %                        52 %                          49 %\n\n       FFO ((8))                                                                      $      854                      $      758                      $      689                  $     1,612                   $     1,336\n\n       AFFO ((9)(10))                                                                 $   1,168                       $   1,065                       $      972                  $     2,233                   $     1,919\n\n       Basic FFO per share ((11))                                                     $     8.66                      $     7.70                      $     7.04                  $     16.36                   $     13.68\n\n       Diluted FFO per share ((11))                                                   $     8.61                      $     7.68                      $     7.03                  $     16.29                   $     13.64\n\n       Basic AFFO per share ((11))                                                    $   11.84                       $   10.82                       $     9.94                  $     22.67                   $     19.65\n\n       Diluted AFFO per share ((11))                                                  $   11.78                       $   10.79                       $     9.91                  $     22.57                   $     19.59\n\n (1)   The geographic split of our revenues on a services basis is presented below:\n\n       Americas Revenues:\n\n       Colocation                                                                     $      747                      $      731                      $      654                  $     1,478                   $     1,290\n       Interconnection                                                                256                             251                             231                         507                           460\n       Managed infrastructure                                                         56                              57                              62                          113                           125\n       Other                                                                          8                               7                               4                           15                            7\n       Recurring revenues                                                             1,067                           1,046                           951                         2,113                         1,882\n       Non-recurring revenues                                                         184                             45                              53                          229                           123\n       Revenues                                                                       $    1,251                      $    1,091                      $    1,004                  $     2,342                   $     2,005\n\n       EMEA Revenues:\n\n       Colocation                                                                     $      633                      $      613                      $      572                  $     1,246                   $     1,139\n       Interconnection                                                                105                             106                             96                          211                           183\n       Managed infrastructure                                                         40                              41                              38                          81                            73\n       Other                                                                          28                              29                              26                          57                            53\n       Recurring revenues                                                             806                             789                             732                         1,595                         1,448\n       Non-recurring revenues                                                         39                              38                              35                          77                            62\n       Revenues                                                                       $      845                      $      827                      $      767                  $     1,672                   $     1,510\n\n       Asia-Pacific Revenues:\n\n       Colocation                                                                     $      392                      $      386                      $      359                  $       778                   $       701\n       Interconnection                                                                92                              89                              80                          181                           157\n       Managed infrastructure                                                         16                              17                              17                          33                            34\n       Other                                                                          4                               4                               4                           8                             8\n       Recurring revenues                                                             504                             496                             460                         1,000                         900\n       Non-recurring revenues                                                         25                              30                              25                          55                            66\n       Revenues                                                                       $      529                      $      526                      $      485                  $     1,055                   $       966\n\n       Worldwide Revenues:\n\n       Colocation                                                                     $    1,772                      $    1,730                      $    1,585                  $     3,502                   $     3,130\n       Interconnection                                                                453                             446                             407                         899                           800\n       Managed infrastructure                                                         112                             115                             117                         227                           232\n       Other                                                                          40                              40                              34                          80                            68\n       Recurring revenues                                                             2,377                           2,331                           2,143                       4,708                         4,230\n       Non-recurring revenues                                                         248                             113                             113                         361                           251\n       Revenues                                                                       $    2,625                      $    2,444                      $    2,256                  $     5,069                   $     4,481\n\n (2)   We define cash cost of revenues as cost of revenues less depreciation,\n       amortization, accretion and stock-based compensation as presented below:\n\n       Cost of revenues                                                               $    1,230                      $    1,186                      $    1,084                  $     2,416                   $     2,168\n       Depreciation, amortization and accretion expense                               (421)                           (405)                           (361)                       (826)                         (704)\n       Stock-based compensation expense                                               (19)                            (16)                            (16)                        (35)                          (30)\n       Cash cost of revenues                                                          $      790                      $      765                      $      707                  $     1,555                   $     1,434\n\n (3)   We define cash gross profit as revenues less cash cost of revenues (as defined\n       above).\n\n (4)   We define cash sales and marketing expense as sales and marketing expense less\n       depreciation, amortization and stock-based compensation as presented below. We\n       define cash general and administrative expense as general and administrative\n       expense less depreciation, amortization and stock-based compensation as\n       presented below. We define cash operating expense as selling, general, and\n       administrative expense less depreciation, amortization, and stock-based\n       compensation. We also refer to cash operating expense as cash selling, general\n       and administrative expense or \"cash SG&A\".\n\n       Sales and marketing expense                                                    $      239                      $      241                      $      221                  $       480                   $       450\n       Depreciation and amortization expense                                          (51)                            (52)                            (50)                        (103)                         (97)\n       Stock-based compensation expense                                               (26)                            (27)                            (25)                        (53)                          (47)\n       Cash sales and marketing expense                                               162                             162                             146                         324                           306\n       General and administrative expense                                             462                             444                             451                         906                           889\n       Depreciation and amortization expense                                          (85)                            (87)                            (91)                        (172)                         (181)\n       Stock-based compensation expense                                               (100)                           (85)                            (86)                        (185)                         (163)\n       Cash general and administrative expenses                                       277                             272                             274                         549                           545\n       Cash operating expense                                                         $      439                      $      434                      $      420                  $       873                   $       851\n\n (5)   We define adjusted EBITDA as net income excluding income tax expense or\n       benefit, interest income, interest expense, other income or expense, gain or\n       loss on debt extinguishment, depreciation, amortization, accretion,\n       stock-based compensation expense, restructuring and other exit charges,\n       impairment charges, transaction costs, and gain or loss on asset sales as\n       presented below:\n\n       Net income                                                                     $      477                      $      415                      $      367                  $       892                   $       710\n       Income tax expense (benefit)                                                   46                              56                              38                          102                           87\n       Interest income                                                                (36)                            (41)                            (52)                        (77)                          (99)\n       Interest expense                                                               151                             148                             135                         299                           257\n       Other (income) expense                                                         28                              (1)                             7                           27                            (2)\n       (Gain) loss on debt extinguishment                                             (1)                             —                               (1)                         (1)                           (1)\n       Depreciation, amortization and accretion expense                               557                             544                             502                         1,101                         982\n       Stock-based compensation expense                                               145                             128                             127                         273                           240\n       Restructuring and other exit charges                                           6                               6                               2                           12                            12\n       Impairment charges                                                             17                              2                               1                           19                            1\n       Transaction costs                                                              3                               8                               3                           11                            9\n       (Gain) loss on asset sales                                                     3                               (20)                            —                           (17)                          —\n       Adjusted EBITDA                                                                $    1,396                      $    1,245                      $    1,129                  $     2,641                   $     2,196\n       Americas                                                                       641                             516                             466                         1,157                         909\n       EMEA                                                                           456                             424                             399                         880                           764\n       Asia-Pacific                                                                   299                             305                             264                         604                           523\n       Adjusted EBITDA                                                                $    1,396                      $    1,245                      $    1,129                  $     2,641                   $     2,196\n\n (6)   We define cash gross margins as cash gross profit divided by revenues.\n\n (7)   We define adjusted EBITDA margins as adjusted EBITDA divided by revenues.\n\n (8)   FFO is defined as net income or loss attributable to common stockholders,\n       excluding gain or loss from the disposition of real estate assets,\n       depreciation and amortization expense on real estate assets and adjustments\n       for unconsolidated joint ventures' and non-controlling interests' share of\n       these items.\n\n       Net income                                                                     $      477                      $      415                      $      367                  $       892                   $       710\n       Net (income) loss attributable to non-controlling interests                    2                               —                               1                           2                             1\n       Net income (loss) attributable to common stockholders                          479                             415                             368                         894                           711\n       Adjustments:\n       Real estate depreciation                                                       361                             351                             312                         712                           609\n       (Gain) loss on disposition of real estate assets                               3                               (20)                            1                           (17)                          1\n       Adjustments for FFO from unconsolidated joint ventures                         11                              12                              8                           23                            15\n       FFO attributable to common stockholders                                        $      854                      $      758                      $      689                  $     1,612                   $     1,336\n\n (9)   AFFO is defined as FFO adjusted for depreciation and amortization expense on\n       non-real estate assets, accretion, stock-based compensation, stock-based\n       charitable contributions, restructuring and other exit charges, impairment\n       charges, transaction costs, an installation revenue adjustment, a\n       straight-line rent expense adjustment, a contract cost adjustment,\n       amortization of deferred financing costs and debt discounts and premiums, gain\n       or loss from the disposition of non-real estate assets, gain or loss on debt\n       extinguishment, an income tax expense adjustment, recurring capital\n       expenditures, net income or loss from discontinued operations, net of tax, and\n       adjustments from FFO to AFFO for unconsolidated joint ventures' and\n       non-controlling interests' share of these items.\n\n       FFO attributable to common stockholders                                        $      854                      $      758                      $      689                  $     1,612                   $     1,336\n       Adjustments:\n       Installation revenue adjustment                                                8                               8                               8                           16                            10\n       Straight-line rent expense adjustment                                          (4)                             4                               5                           —                             8\n       Contract cost adjustment                                                       (11)                            (15)                            (10)                        (26)                          (17)\n       Amortization of deferred financing costs and debt discounts                    7                               7                               6                           14                            11\n       Stock-based compensation expense                                               145                             128                             127                         273                           240\n       Stock-based charitable contributions                                           3                               —                               3                           3                             3\n       Non-real estate depreciation expense                                           139                             138                             137                         277                           271\n       (Gain) loss on disposition of non-real estate assets                           —                               —                               —                           —                             2\n       Amortization expense                                                           51                              52                              50                          103                           98\n       Accretion expense adjustment                                                   6                               3                               3                           9                             4\n       Recurring capital expenditures                                                 (49)                            (32)                            (55)                        (81)                          (81)\n       (Gain) loss on debt extinguishment                                             (1)                             —                               (1)                         (1)                           (1)\n       Restructuring and other exit charges                                           6                               6                               2                           12                            12\n       Transaction costs                                                              3                               8                               3                           11                            9\n       Impairment charges                                                             17                              2                               1                           19                            1\n       Income tax expense adjustment                                                  (8)                             —                               4                           (8)                           10\n       Adjustments for AFFO from unconsolidated joint ventures                        2                               (2)                             —                           —                             3\n       AFFO attributable to common stockholders                                       $    1,168                      $    1,065                      $      972                  $     2,233                   $     1,919\n\n (10)   Following is how we reconcile from adjusted EBITDA to AFFO:\n\n       Adjusted EBITDA                                                                $    1,396                      $    1,245                      $    1,129                  $     2,641                   $     2,196\n       Adjustments:\n       Interest expense, net of interest income                                       (115)                           (107)                           (83)                        (222)                         (158)\n       Amortization of deferred financing costs and debt discounts                    7                               7                               6                           14                            11\n       Income tax expense                                                             (46)                            (56)                            (38)                        (102)                         (87)\n       Income tax expense adjustment                                                  (8)                             —                               4                           (8)                           10\n       Straight-line rent expense adjustment                                          (4)                             4                               5                           —                             8\n       Stock-based charitable contributions                                           3                               —                               3                           3                             3\n       Contract cost adjustment                                                       (11)                            (15)                            (10)                        (26)                          (17)\n       Installation revenue adjustment                                                8                               8                               8                           16                            10\n       Recurring capital expenditures                                                 (49)                            (32)                            (55)                        (81)                          (81)\n       Other income (expense)                                                         (28)                            1                               (7)                         (27)                          2\n       Adjustments for (gain) loss on asset dispositions                              —                               —                               1                           —                             3\n       Adjustments for unconsolidated JVs and non-controlling interests               15                              10                              9                           25                            19\n       AFFO attributable to common stockholders                                       $    1,168                      $    1,065                      $      972                  $     2,233                   $     1,919\n\n (11)  The shares used in the computation of basic and diluted FFO and AFFO per share\n       attributable to common stockholders is presented below:\n\n       Shares used in computing basic net income per share, FFO per share and AFFO    98,641                          98,392                          97,835                      98,516                        97,674\n       per share (in thousands)\n       Effect of dilutive securities:\n       Employee equity awards (in thousands)                                          495                             335                             215                         415                           294\n       Shares used in computing diluted net income per share, FFO per share and AFFO  99,136                          98,727                          98,050                      98,931                        97,968\n       per share (in thousands)\n\n       Basic FFO per share                                                            $     8.66                      $     7.70                      $     7.04                  $     16.36                   $     13.68\n       Diluted FFO per share                                                          $     8.61                      $     7.68                      $     7.03                  $     16.29                   $     13.64\n\n       Basic AFFO per share                                                           $    11.84                      $    10.82                      $     9.94                  $     22.67                   $     19.65\n       Diluted AFFO per share                                                         $    11.78                      $    10.79                      $     9.91                  $     22.57                   $     19.59\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/equinix-reports-second-quarter-results-raises-2026-guidance-and-long-term-outlook-302838047.html\n(https://www.prnewswire.com/news-releases/equinix-reports-second-quarter-results-raises-2026-guidance-and-long-term-outlook-302838047.html)\n\nSOURCE Equinix, Inc.\n\n\n\nEquinix Media Relations, press@equinix.com; Equinix Investor Relations, invest@equinix.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS198028/MM39832LOGO.jpg?id=OA2799120\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn3vj2Wha","title":"Equinix Reports Second-Quarter Results, Raises 2026 Guidance and Long-Term Outlook","author":"PR Newswire","ticker":"EQIX","created":"2026-07-29T20:05:02.134Z","tickers":["EQIX"],"exchange":"NASDAQ","article_body":"Equinix Reports Second-Quarter Results, Raises 2026 Guidance and Long-Term Outlook\n\nPR Newswire\n\nREDWOOD CITY, Calif., July 29, 2026\n\n * Grew monthly recurring revenue 11% on both an as-reported basis and a\nnormalized and constant currency basis year over year\n * Annualized gross bookings grew 23% year over year, marking the second-highest\nvolume on record, contributing to a record backlog\n * Added a record 9,700 net interconnections in the quarter, continuing to extend\nthe company's interconnection leadership\n * Raising full-year 2026 guidance and long-term outlook on stronger demand,\nbookings, presales and continued execution across the business\nREDWOOD CITY, Calif., July 29, 2026 /PRNewswire/ -- Equinix, Inc.\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=1525994450&u=https%3A%2F%2Fwww.equinix.com%2F&a=Equinix%2C+Inc.)\n (Nasdaq: EQIX), the world's digital infrastructure company(®), today\nreported results for the quarter ended June 30, 2026.\n\n\"We delivered an exceptionally strong Q2. Monthly recurring revenue grew\ndouble digits for the third straight quarter, new interconnections on our\nplatform hit a record level, and disciplined execution drove robust profit\ngrowth,\" said Adaire Fox-Martin, CEO and President, Equinix. \"Our revised 2026\nguidance and long-term financial outlook reflect momentum across the business.\nCustomer demand is broad-based and growing, and Equinix is uniquely positioned\nto serve the networking, cloud and AI infrastructure needs of enterprises\naround the world.\"\n\nSecond-Quarter 2026 Results Summary\n\n * Revenues\n* $2.625 billion, a 16% increase over the same quarter of the previous year on\nboth an as-reported basis and a normalized and constant currency basis driven\nby strong underlying performance and one-time xScale(®) fees\n * Operating Income\n* $665 million, a 35% increase over the same quarter of the previous year,\nprimarily from strong underlying operating performance and the impact of\none-time xScale fees\n * Net Income Attributable to Common Stockholders and Net Income per Share\nAttributable to Common Stockholders\n* $479 million, a 30% increase over the same quarter of the previous year,\nprimarily from higher operating income\n * $4.83 per share, a 29% increase over the same quarter of the previous year\n * Adjusted EBITDA\n* $1.396 billion, a record adjusted EBITDA margin of 53%, representing a 24%\nincrease over the same quarter of the previous year on an as-reported basis,\nor a 22% increase on a normalized and constant currency basis\n * AFFO and AFFO per Share\n* $1.168 billion, a 20% increase over the same quarter of the previous year on\nan as-reported basis, or a 19% increase on a normalized and constant currency\nbasis driven by strong operating performance and one-time xScale fees\n * $11.78 per share, a 19% increase over the same quarter of the previous year on\nan as-reported basis, or an 18% increase on a normalized and constant currency\nbasis\nEquinix uses certain non-GAAP financial measures, which are described further\nbelow and reconciled to the most comparable GAAP financial measures after the\npresentation of our GAAP financial statements.\n\nEquinix does not provide forward-looking guidance for certain financial data,\nsuch as depreciation, amortization, accretion, stock-based compensation and\nother components of net income or loss from operations, and as a result, is\nnot able to provide a reconciliation of GAAP to non-GAAP financial measures\nfor forward-looking data without unreasonable effort. The impact of such\nadjustments could be significant. Equinix intends to calculate the various\nnon-GAAP financial measures in future periods consistent with how they were\ncalculated for the periods presented within this press release.\n\nAll per-share results are presented on a fully diluted basis.\n\n2026 Guidance Summary\n ($ in millions, except per share data)           Prior FY 2026     Guidance     Foreign     Revised FY 2026   Q3 2026\n                                                  Guidance          Adjustment   Exchange    Guidance          Guidance\n                                                                                 Impact\n Revenues                                         $10,144 - 10,244  +$100        ($49)       $10,205 - 10,285  $2,525 - 2,575\n Adjusted EBITDA                                  $5,165 - 5,245    +$62         ($27)       $5,210 - 5,270    $1,275 - 1,315\n\nAdjusted EBITDA Margin %\n~51%\n~51%\n~51%\n Recurring Capital Expenditures                   $280 - 300        +$13         ($3)        $290 - 310        $70 - 90\n\n% of Revenues\n~3%\n~3%\n3 - 4%\n Non-recurring Capital Expenditures               ~$3,800           +$1,438      ($38)       $4,710 - 5,690\n\n(Excludes xScale and Real Estate Acquisitions)\n AFFO                                             $4,198 - 4,278    +$50         ($18)       $4,240 - 4,300\n AFFO per Share (Diluted)                         $42.31 - 43.11    +$0.46       ($0.18)     $42.69 - 43.29\n Expected Cash Dividends                          ~$2,037           +$2          $0          ~$2,039\n\nFor the third quarter of 2026, the company expects revenues to range between\n$2.525 and $2.575 billion, an increase of 9 - 11% over the previous year on an\nas-reported basis, or 10 - 12% on a normalized and constant currency basis.\nAdjusted EBITDA is expected to range between $1.275 and $1.315 billion,\nreflecting an adjusted EBITDA margin of approximately 51%.\n\nFor the full year of 2026, total revenues are expected to range between\n$10.205 and $10.285 billion, an increase of approximately 11 - 12% over the\nprevious year on both an as-reported and a normalized and constant currency\nbasis. Adjusted EBITDA is expected to range between $5.210 and $5.270 billion,\nreflecting an adjusted EBITDA margin of approximately 51%, an approximate +2%\nexpansion over the previous year. AFFO is expected to range between $4.240 and\n$4.300 billion, an increase of 13 - 14% over the previous year on an\nas-reported basis, or 12 - 13% on a normalized and constant currency basis.\nAFFO per share is expected to range between $42.69 and $43.29, an increase of\n11 - 13% over the previous year on an as-reported basis, or 10 - 12% on a\nnormalized and constant currency basis. Total capital expenditures are\nexpected to range between $5.000 and $6.000 billion.\n\nLong-Term Outlook Summary (2027-2029)\n\nThe updated outlook reflects stronger-than-expected demand, accelerating\nbookings and presales activity, increased visibility from committed capacity,\nfirm pricing and continued confidence in achieving attractive returns on\ninvested capital.\n ($ in millions)             Prior Outlook ((1))  Updated Outlook\n\n(2027 - 2029)\n Total Revenue Growth        7 - 10%              10 - 13%\n\n(Annual Range) ((2))\n Adjusted EBITDA Margin      52%+                 53%+\n\n(In 2029)\n Total Capital Expenditures  $3,000 - 4,000       $5,000 - 7,000\n\n(Annual Range) ((3))\n AFFO per Share Growth       5 - 9%               9 - 12%\n\n(Annual Range)\n Dividend per Share Growth   8%+                  Approximates AFFO\n\n(Annual Range)                                  per Share Growth\n\n ((1) )  Prior outlook as provided on Wednesday, June 25, 2025.\n ((2) )  Represents range of estimated annual growth rates through 2029. Assumes\n         average currency rates used in our financial results remained the same over\n         comparative periods. Excludes any future M&A activity.\n ((3) )  Capital expenditures exclude any future M&A activity, real estate\n         acquisitions and our investments in the xScale joint ventures.\n\nQ2 2026 Business Highlights\n\n * Delivered $424 million of annualized gross bookings.\n * Added a record 9,700 net interconnections.\n * Announced the global expansion of Equinix\nFabric Geo Zones\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=1183295521&u=https%3A%2F%2Fnewsroom.equinix.com%2F2026-05-14-Equinix-Puts-Enterprises-in-Control-of-Data-Sovereignty-Across-Hybrid-Multicloud-Environments&a=Fabric+Geo+Zones)\n\n, the industry's first network-level data sovereignty solution.\n * Expanded\ncollaboration with Cisco and NVIDIA\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=1740655860&u=https%3A%2F%2Fnewsroom.equinix.com%2F2026-06-16-Equinix-Collaborates-with-Cisco-and-NVIDIA-to-Deploy-Secure-AI-Factories-Across-Global-Data-Center-Footprint&a=collaboration+with+Cisco+and+NVIDIA)\n\n to help enterprises accelerate AI deployment through standardized AI factory\narchitectures, secure infrastructure and real-world testing environments\nacross Equinix's global data center footprint.\n * Accelerated capacity expansion to meet growing customer demand, with nine new\nprojects added since April and 52 projects underway across 33 markets\nworldwide.\n * Published\nU.S. Co\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=1387514553&u=https%3A%2F%2Fequinixtogether.com%2Fcommunity-principles%2F&a=U.S.+Co)\n\nmmunity Principles\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=705414135&u=https%3A%2F%2Fequinixtogether.com%2Fcommunity-principles%2F&a=mmunity+Principles)\n\n and signed the Ratepayer Protection Pledge, reinforcing the company's\nlongtime commitment to investing in communities in ways that address their\nneeds and create lasting value.\n * Further\nstrengthened leadership team\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=1591719757&u=https%3A%2F%2Fnewsroom.equinix.com%2F2026-07-27-Equinix-Appoints-Two-Leaders-to-Executive-Team&a=strengthened+leadership+team)\n\n with the appointment of Chris Audie as Chief Product Officer and Bruce Owen\nas Executive Vice President, Global Markets.\n * Ranked #1 for Innovation in\nThe Wall Street Journal's\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=211103053&u=https%3A%2F%2Fwww.wsj.com%2Flifestyle%2Fcareers%2F2026-best-companies-future-nvidia-f6744e03&a=The+Wall+Street+Journal%27s+)\n\ninaugural B\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=877129901&u=https%3A%2F%2Fwww.wsj.com%2Flifestyle%2Fcareers%2F2026-best-companies-future-nvidia-f6744e03&a=inaugural+B)\n\nest Companies for the\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=4145866120&u=https%3A%2F%2Fwww.wsj.com%2Flifestyle%2Fcareers%2F2026-best-companies-future-nvidia-f6744e03&a=est+Companies+for+the)\n\n Future\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=1541558484&u=https%3A%2F%2Fwww.wsj.com%2Flifestyle%2Fcareers%2F2026-best-companies-future-nvidia-f6744e03&a=%C2%A0Future)\n\n, underscoring the company's strong positioning for long-term success in an\nAI-driven economy.\nQ2 2026 Results Conference Call and Replay Information\n\nEquinix will discuss its quarterly results for the period ended June 30,\n2026, along with its future outlook, in its quarterly conference call on\nWednesday, July 29, 2026, at 5:30 p.m. ET (2:30 p.m. PT). A simultaneous live\nwebcast of the call will be available on the company's Investor Relations\nwebsite at www.equinix.com/investors\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=420423212&u=https%3A%2F%2Fwww.equinix.com%2Finvestors&a=www.equinix.com%2Finvestors)\n. To hear the conference call live, please dial 1-517-308-9482 (domestic and\ninternational) and reference the passcode EQIX.\n\nA replay of the call will be available one hour after the call through\nWednesday, September 30, 2026, by dialing 1-866-427-6395 and referencing the\npasscode 2026. In addition, the webcast will be available at\nwww.equinix.com/investors\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=420423212&u=https%3A%2F%2Fwww.equinix.com%2Finvestors&a=www.equinix.com%2Finvestors)\n (no password required).\n\nInvestor Presentation and Supplemental Financial Information\n\nEquinix has made available on its website a presentation designed to accompany\nthe discussion of Equinix's results and future outlook, along with certain\nsupplemental financial information and other data. Interested parties may\naccess this information through the Equinix Investor Relations website at\nwww.equinix.com/investors\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=420423212&u=https%3A%2F%2Fwww.equinix.com%2Finvestors&a=www.equinix.com%2Finvestors)\n.\n\nAdditional Resources\n\n * Equinix Investor Relations Resources\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=528971970&u=https%3A%2F%2Fwww.equinix.com%2Finvestors&a=Equinix+Investor+Relations+Resources)\nAbout Equinix\n\nEquinix, Inc.\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4741258-1&h=1525994450&u=https%3A%2F%2Fwww.equinix.com%2F&a=Equinix%2C+Inc.)\n (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the\nworld. Its digital infrastructure, data center footprint and interconnected\necosystems empower innovations that enhance our work, life and planet. Equinix\nconnects economies, countries, organizations and communities, delivering\nseamless digital experiences and cutting-edge AI—quickly, efficiently and\neverywhere.\n\nNon-GAAP Financial Measures\n\nEquinix provides all information required in accordance with generally\naccepted accounting principles (\"GAAP\"), but it believes that evaluating its\nongoing results of operations may be difficult if limited to reviewing only\nGAAP financial measures. Accordingly, Equinix also uses non-GAAP financial\nmeasures to evaluate its operations.\n\nNon-GAAP financial measures are not a substitute for financial information\nprepared in accordance with GAAP. Non-GAAP financial measures should not be\nconsidered in isolation, but should be considered together with the most\ndirectly comparable GAAP financial measures. As such, Equinix provides a\nreconciliation of the non-GAAP financial measures to the most directly\ncomparable GAAP financial measures.\n\nInvestors should note that the non-GAAP financial measures used by Equinix may\nnot be the same non-GAAP financial measures, and may not be calculated in the\nsame manner, as those of other companies. Investors should therefore exercise\ncaution when comparing non-GAAP financial measures used by Equinix to\nsimilarly titled non-GAAP financial measures of other companies.\n\nEquinix's primary non-GAAP financial measures include Adjusted EBITDA and\nAdjusted Funds from Operations (\"AFFO\") as described below. Equinix presents\nthese measures to provide investors with additional tools to evaluate its\nresults in a manner that focuses on what management believes to be its core,\nongoing business operations. These measures exclude items which Equinix\nbelieves are generally not relevant to assessing its long-term performance.\nBoth measures eliminate the impacts of depreciation and amortization, which\nare derived from historical costs and which Equinix believes are not\nindicative of current or future expenditures, and other items for which the\nfrequency and amount of charges can vary based on the timing and significance\nof individual transactions. Equinix believes that presenting these non-GAAP\nfinancial measures provides consistency and comparability with past reports\nand that if it did not provide such non-GAAP financial information, investors\nwould not have all the necessary data to analyze the company effectively.\n\nAdjusted EBITDA is used by management to evaluate the operating strength and\nperformance of its core, ongoing business, without regard to its capital or\ntax structures. It also aids in assessing the performance of, making operating\ndecisions for, and allocating resources to its operating segments. In addition\nto the uses described above, Equinix believes this measure provides investors\nwith a better understanding of the operating performance of the business and\nits ability to perform in subsequent periods.\n\nEquinix defines adjusted EBITDA as net income excluding:\n\n * income tax expense\n * interest income\n * interest expense\n * other income or expense\n * gain or loss on debt extinguishment\n * depreciation, amortization and accretion expense\n * stock-based compensation expense\n * restructuring and other exit charges, which primarily include employee\nseverance, facility closure costs, lease or other contract termination costs\nand advisory fees related to the realignment of our management structure,\noperations or products and other exit activities\n * impairment charges\n * transaction costs\n * gain or loss on asset sales\nAFFO is derived from Funds from Operations (\"FFO\") calculated in accordance\nwith the standards established by the National Association of Real Estate\nInvestment Trusts. Both FFO and AFFO are non-GAAP measures commonly used in\nthe REIT industry. Although these measures may not be directly comparable to\nsimilar measures used by other companies, Equinix believes that the\npresentation of these measures provides investors with an additional tool for\ncomparing its performance with the performance of other companies in the REIT\nindustry. Additionally, AFFO is a performance measure used in certain of the\ncompany's employee incentive programs, and Equinix believes it is a useful\nmeasure in assessing its dividend-paying capacity, as it isolates the cash\nimpact of certain income and expense items and considers the impact of\nrecurring capital expenditures.\n\nEquinix defines FFO as net income attributable to common stockholders\nexcluding:\n\n * gain or loss from the disposition of real estate assets\n * depreciation and amortization expense on real estate assets\n * adjustments related to unconsolidated joint ventures and non-controlling\ninterests\nEquinix defines AFFO as FFO adjusted for:\n\n * depreciation and amortization expense on non-real estate assets\n * accretion expense\n * stock-based compensation expense\n * stock-based charitable contributions\n * restructuring and other exit charges, as described above\n * impairment charges\n * transaction costs\n * impacts of straight-lining installation revenue\n * impacts of straight-lining rent expense\n * impacts of straight-lining contract costs\n * amortization of deferred financing costs and debt discounts and premiums\n * gain or loss from the disposition of non-real estate assets\n * gain or loss on debt extinguishment\n * an income tax expense adjustment, which represents the non-cash tax impact due\nto changes in valuation allowances, uncertain tax positions and deferred taxes\n * recurring capital expenditures, which represent expenditures to extend the\nuseful life of data centers or other assets that are required to support\ncurrent revenues\n * net income or loss from discontinued operations, net of tax\n * adjustments from FFO to AFFO related to unconsolidated joint ventures and\nnon-controlling interests\nEquinix provides normalized and constant currency growth rates for revenues,\nadjusted EBITDA, AFFO and AFFO per share. These growth rates assume foreign\ncurrency rates remain consistent across comparative periods. Revenue growth\nrates exclude the impact of net power pass-through, acquisitions, divestitures\nand the Equinix Metal(® )wind-down. Adjusted EBITDA growth rates exclude the\nimpact of acquisitions, divestitures and integration costs. AFFO growth rates\nexclude the impact of acquisitions and related financing costs, divestitures,\nintegration costs and balance sheet remeasurements. AFFO per share growth\nrates exclude the impact of integration costs and balance sheet\nremeasurements.\n\nEquinix presents cash cost of revenues and cash operating expenses (also known\nas cash selling, general and administrative expenses or cash SG&A). These\nmeasures exclude depreciation, amortization, accretion and stock-based\ncompensation, which are not good indicators of Equinix's current or future\noperating performance, as described above.\n\nEquinix also presents free cash flow and adjusted free cash flow. Free cash\nflow is defined as net cash provided by (used in) operating activities plus\nnet cash provided by (used in) investing activities excluding the net\npurchases of and distributions from equity investments. Adjusted free cash\nflow is defined as free cash flow excluding any real estate and business\nacquisitions, net of cash and restricted cash acquired. These measures are\npresented in order for lenders, investors and the industry analysts who review\nand report on Equinix to better evaluate Equinix's cash spending levels\nrelative to its industry sector and competitors.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements that involve risks and\nuncertainties. Actual results may differ materially from expectations\ndiscussed in such forward-looking statements. Factors that might cause such\ndifferences include, but are not limited to, risks to our business and\noperating results related to the current inflationary environment; foreign\ncurrency exchange rate fluctuations; stock price fluctuations; increased costs\nto procure power and the general volatility in the global energy market; the\nchallenges of building and operating IBX(® )and xScale(® )data centers,\nincluding those related to sourcing suitable power and land, and any supply\nchain constraints or increased costs of supplies; the challenges of\ndeveloping, deploying and delivering Equinix products and solutions;\nunanticipated costs or difficulties relating to the integration of companies\nwe have acquired or will acquire into Equinix; a failure to receive\nsignificant revenues from customers in recently built out or acquired data\ncenters; failure to complete any financing arrangements contemplated from time\nto time; competition from existing and new competitors; the ability to\ngenerate sufficient cash flow or otherwise obtain funds to repay new or\noutstanding indebtedness; the loss or decline in business from our key\ncustomers; risks related to our taxation as a REIT; risks related to\nregulatory inquiries or litigation; and other risks described from time to\ntime in Equinix filings with the Securities and Exchange Commission. In\nparticular, see recent and upcoming Equinix quarterly and annual reports filed\nwith the Securities and Exchange Commission, copies of which are available\nupon request from Equinix. Equinix does not assume any obligation to update\nthe forward-looking information contained in this press release.\n\n \n EQUINIX, INC.\n\nCondensed Consolidated Statements of Operations\n\n(in millions, except share and per share data)\n\n(unaudited)\n\n \n                                                              Three Months Ended                                                     Six Months Ended\n                                                              June 30,                 March 31,                June 30,             June 30,                   June 30,\n\n2026\n2026\n2025\n2026\n2025\n Recurring revenues                                           $    2,377               $    2,331               $    2,143           $    4,708                 $    4,230\n Non-recurring revenues                                       248                      113                      113                  361                        251\n Revenues                                                     2,625                    2,444                    2,256                5,069                      4,481\n Cost of revenues                                             1,230                    1,186                    1,084                2,416                      2,168\n Gross profit                                                 1,395                    1,258                    1,172                2,653                      2,313\n Operating expenses:\n Sales and marketing                                          239                      241                      221                  480                        450\n General and administrative                                   462                      444                      451                  906                        889\n Restructuring and other exit charges                         6                        6                        2                    12                         12\n Transaction costs                                            3                        8                        3                    11                         9\n Impairment charges                                           17                       2                        1                    19                         1\n (Gain) loss on asset sales                                   3                        (20)                     —                    (17)                       —\n Total operating expenses                                     730                      681                      678                  1,411                      1,361\n Income from operations                                       665                      577                      494                  1,242                      952\n Interest and other income (expense):\n Interest income                                              36                       41                       52                   77                         99\n Interest expense                                             (151)                    (148)                    (135)                (299)                      (257)\n Other income (expense)                                       (28)                     1                        (7)                  (27)                       2\n Gain (loss) on debt extinguishment                           1                        —                        1                    1                          1\n Total interest and other, net                                (142)                    (106)                    (89)                 (248)                      (155)\n Income before income taxes                                   523                      471                      405                  994                        797\n Income tax expense                                           (46)                     (56)                     (38)                 (102)                      (87)\n Net income                                                   477                      415                      367                  892                        710\n Net (income) loss attributable to non-controlling interests  2                        —                        1                    2                          1\n Net income attributable to common stockholders               $      479               $      415               $      368           $      894                 $      711\n Earnings (loss) per share (\"EPS\") attributable to common stockholders:\n Basic EPS                                                    $      4.86              $      4.22              $      3.76          $      9.07                $      7.28\n Diluted EPS                                                  $      4.83              $      4.20              $      3.75          $      9.04                $      7.26\n Weighted-average shares for basic EPS (in thousands)         98,641                   98,392                   97,835               98,516                     97,674\n Weighted-average shares for diluted EPS (in thousands)       99,136                   98,727                   98,050               98,931                     97,968\n\n \n EQUINIX, INC.\n\nCondensed Consolidated Balance Sheets\n\n(in millions, except headcount)\n\n(unaudited)\n\n \n                                                                            June 30,              December 31,\n\n2026\n2025\n Assets\n Cash and cash equivalents                                                  $       979           $    1,727\n Short-term investments                                                     1,245                 1,500\n Accounts receivable, net                                                   1,256                 1,001\n Other current assets                                                       842                   897\n Total current assets                                                       4,322                 5,125\n Property, plant and equipment, net                                         25,222                23,584\n Operating lease right-of-use assets                                        1,296                 1,392\n Goodwill                                                                   5,912                 5,984\n Intangible assets, net                                                     1,204                 1,316\n Other assets                                                               3,120                 2,740\n Total assets                                                               $   41,076            $   40,141\n Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity\n Accounts payable and accrued expenses                                      $    1,263            $    1,350\n Accrued property, plant and equipment                                      723                   564\n Current portion of operating lease liabilities                             156                   155\n Current portion of finance lease liabilities                               176                   168\n Current portion of mortgage and loans payable                              9                     17\n Current portion of senior notes                                            1,170                 1,299\n Other current liabilities                                                  323                   340\n Total current liabilities                                                  3,820                 3,893\n Operating lease liabilities, less current portion                          1,211                 1,304\n Finance lease liabilities, less current portion                            2,104                 2,187\n Mortgage and loans payable, less current portion                           11                    686\n Senior notes, less current portion                                         18,519                16,910\n Other liabilities                                                          1,013                 983\n Total liabilities                                                          26,678                25,963\n Redeemable non-controlling interest                                        25                    25\n Common stockholders' equity:\n Common stock                                                               —                     —\n Additional paid-in capital                                                 22,015                21,642\n Treasury stock                                                             (23)                  (24)\n Accumulated dividends                                                      (13,231)              (12,202)\n Accumulated other comprehensive loss                                       (1,374)               (1,359)\n Retained earnings                                                          6,995                 6,099\n Total common stockholders' equity                                          14,382                14,156\n Non-controlling interests                                                  (9)                   (3)\n Total stockholders' equity                                                 14,373                14,153\n Total liabilities, redeemable non-controlling interest and stockholders'   $   41,076            $   40,141\n equity\n\n Ending headcount by geographic region is as follows:\n Americas headcount                                                         6,009                 5,917\n EMEA headcount                                                             4,719                 4,706\n Asia-Pacific headcount                                                     3,203                 3,093\n Total headcount                                                            13,931                13,716\n\n \n EQUINIX, INC.\n\nSummary of Debt Principal Outstanding\n\n(in millions)\n\n(unaudited)\n\n \n                                               June 30,          December 31,\n\n2026\n2025\n\n Finance lease liabilities                     $    2,280        $    2,355\n\n Term loans                                    1                 673\n Mortgage payable and other loans payable      19                30\n Total mortgage and loans payable principal    20                703\n\n Senior notes                                  19,689            18,209\n Plus: debt issuance costs and debt discounts  164               150\n Total senior notes principal                  19,853            18,359\n\n Total debt principal outstanding              $   22,153        $   21,417\n\n \n                                       EQUINIX, INC.\n\nCondensed Consolidated Statements of Cash Flows\n\n(in millions)\n\n(unaudited)\n\n \n                                                                                                                                Six Months Ended\n                                                                                                                                June 30,                              June 30,\n\n2026\n2025\n\n Cash flows from operating activities:\n                                       Net income                                                                               $       892                           $       710\n                                       Adjustments to reconcile net income to net cash provided by operating\n                                       activities:\n                                       Depreciation, amortization and accretion                                                 1,101                                 982\n                                       Stock-based compensation                                                                 273                                   240\n                                       Impairment charges                                                                       19                                    1\n                                       (Gain) loss on asset sales                                                               (17)                                  —\n                                       Other operating activities                                                               31                                    23\n                                       Changes in operating assets and liabilities:\n                                       Accounts receivable                                                                      (258)                                 (169)\n                                       Income taxes, net                                                                        (24)                                  (45)\n                                       Operating lease right-of-use assets                                                      79                                    79\n                                       Operating lease liabilities                                                              (77)                                  (71)\n                                       Accounts payable and accrued expenses                                                    (80)                                  (149)\n                                       Other assets and liabilities                                                             (155)                                 152\n Net cash provided by operating activities                                                                                      1,784                                 1,753\n Cash flows from investing activities:\n                                       Purchases of equity investments                                                          (264)                                 (48)\n                                       Distributions from equity investments                                                    33                                    4\n                                       Purchases of short-term investments                                                      (789)                                 (795)\n                                       Maturities and sales of short-term investments                                           1,054                                 450\n                                       Business acquisitions, net of cash acquired                                              —                                     (182)\n                                       Real estate acquisitions                                                                 (224)                                 (99)\n                                       Purchases of other property, plant and equipment                                         (2,834)                               (1,739)\n                                       Proceeds from sale of assets, net of cash transferred                                    348                                   —\n                                       Settlement of foreign currency hedges                                                    101                                   50\n                                       Investment in loan receivable                                                            —                                     (45)\n Net cash used in investing activities                                                                                          (2,575)                               (2,404)\n Cash flows from financing activities:\n                                       Proceeds from employee equity programs                                                   49                                    50\n                                       Payment of dividends                                                                     (1,029)                               (928)\n                                       Proceeds from public offering of common stock, net of issuance costs                     —                                     99\n                                       Proceeds from senior notes, net of debt discounts                                        2,419                                 2,066\n                                       Repayment of finance lease liabilities                                                   (89)                                  (72)\n                                       Repayment of senior notes                                                                (700)                                 —\n                                       Repayment of other debt                                                                  (682)                                 (1)\n                                       Other financing activities                                                               26                                    (8)\n Net cash provided by (used in) financing activities                                                                            (6)                                   1,206\n Effect of foreign currency exchange rates on cash, cash equivalents and                                                        (11)                                  53\n restricted cash\n Net increase (decrease) in cash, cash equivalents and restricted cash                                                          (808)                                 608\n Cash, cash equivalents and restricted cash at beginning of period                                                              1,824                                 3,082\n Cash, cash equivalents and restricted cash at end of period                                                                    $    1,016                            $    3,690\n\n Free cash flow ((1))                                                                                                           $     (560)                           $     (607)\n\n Adjusted free cash flow ((2))                                                                                                  $     (336)                           $     (326)\n\n (1)                                   We define free cash flow as net cash provided by operating activities plus net\n                                       cash used in investing activities\n\n(excluding the net purchases of and distributions from equity investments) as\n                                       presented below:\n                                       Net cash provided by operating activities as presented above                             $    1,784                            $    1,753\n                                       Net cash used in investing activities as presented above                                 (2,575)                               (2,404)\n                                       Less purchases of equity investments, net of distributions                               231                                   44\n                                       Free cash flow                                                                           $     (560)                           $     (607)\n\n (2)                                   We define adjusted free cash flow as free cash flow as defined above,\n                                       excluding any real estate and business\n\nacquisitions, net of cash and restricted cash acquired as presented below:\n                                       Free cash flow (as defined above)                                                        $     (560)                           $     (607)\n                                       Less business acquisitions, net of cash and restricted cash acquired                     —                                     182\n                                       Less real estate acquisitions                                                            224                                   99\n                                       Adjusted free cash flow                                                                  $     (336)                           $     (326)\n\n \n       EQUINIX, INC.\n\nNon-GAAP Measures and Other Supplemental Data\n\n($ in millions, except per share data)\n\n(unaudited)\n\n \n                                                                                      Three Months Ended                                                                          Six Months Ended\n                                                                                      June 30,                        March 31,                       June 30,                    June 30,                      June 30,\n\n2026\n2026\n2025\n2026\n2025\n       Recurring revenues                                                             $    2,377                      $    2,331                      $    2,143                  $     4,708                   $     4,230\n       Non-recurring revenues                                                         248                             113                             113                         361                           251\n       Revenues ((1))                                                                 2,625                           2,444                           2,256                       5,069                         4,481\n\n       Cash cost of revenues ((2))                                                    790                             765                             707                         1,555                         1,434\n       Cash gross profit ((3))                                                        1,835                           1,679                           1,549                       3,514                         3,047\n\n       Cash operating expenses ((4)):\n       Cash sales and marketing expenses                                              162                             162                             146                         324                           306\n       Cash general and administrative expenses                                       277                             272                             274                         549                           545\n       Total cash operating expenses ((4))                                            439                             434                             420                         873                           851\n\n       Adjusted EBITDA ((5))                                                          $   1,396                       $   1,245                       $   1,129                   $     2,641                   $     2,196\n\n       Cash gross margins ((6))                                                       70 %                            69 %                            69 %                        69 %                          68 %\n\n       Adjusted EBITDA margins ((7))                                                  53 %                            51 %                            50 %                        52 %                          49 %\n\n       FFO ((8))                                                                      $      854                      $      758                      $      689                  $     1,612                   $     1,336\n\n       AFFO ((9)(10))                                                                 $   1,168                       $   1,065                       $      972                  $     2,233                   $     1,919\n\n       Basic FFO per share ((11))                                                     $     8.66                      $     7.70                      $     7.04                  $     16.36                   $     13.68\n\n       Diluted FFO per share ((11))                                                   $     8.61                      $     7.68                      $     7.03                  $     16.29                   $     13.64\n\n       Basic AFFO per share ((11))                                                    $   11.84                       $   10.82                       $     9.94                  $     22.67                   $     19.65\n\n       Diluted AFFO per share ((11))                                                  $   11.78                       $   10.79                       $     9.91                  $     22.57                   $     19.59\n\n (1)   The geographic split of our revenues on a services basis is presented below:\n\n       Americas Revenues:\n\n       Colocation                                                                     $      747                      $      731                      $      654                  $     1,478                   $     1,290\n       Interconnection                                                                256                             251                             231                         507                           460\n       Managed infrastructure                                                         56                              57                              62                          113                           125\n       Other                                                                          8                               7                               4                           15                            7\n       Recurring revenues                                                             1,067                           1,046                           951                         2,113                         1,882\n       Non-recurring revenues                                                         184                             45                              53                          229                           123\n       Revenues                                                                       $    1,251                      $    1,091                      $    1,004                  $     2,342                   $     2,005\n\n       EMEA Revenues:\n\n       Colocation                                                                     $      633                      $      613                      $      572                  $     1,246                   $     1,139\n       Interconnection                                                                105                             106                             96                          211                           183\n       Managed infrastructure                                                         40                              41                              38                          81                            73\n       Other                                                                          28                              29                              26                          57                            53\n       Recurring revenues                                                             806                             789                             732                         1,595                         1,448\n       Non-recurring revenues                                                         39                              38                              35                          77                            62\n       Revenues                                                                       $      845                      $      827                      $      767                  $     1,672                   $     1,510\n\n       Asia-Pacific Revenues:\n\n       Colocation                                                                     $      392                      $      386                      $      359                  $       778                   $       701\n       Interconnection                                                                92                              89                              80                          181                           157\n       Managed infrastructure                                                         16                              17                              17                          33                            34\n       Other                                                                          4                               4                               4                           8                             8\n       Recurring revenues                                                             504                             496                             460                         1,000                         900\n       Non-recurring revenues                                                         25                              30                              25                          55                            66\n       Revenues                                                                       $      529                      $      526                      $      485                  $     1,055                   $       966\n\n       Worldwide Revenues:\n\n       Colocation                                                                     $    1,772                      $    1,730                      $    1,585                  $     3,502                   $     3,130\n       Interconnection                                                                453                             446                             407                         899                           800\n       Managed infrastructure                                                         112                             115                             117                         227                           232\n       Other                                                                          40                              40                              34                          80                            68\n       Recurring revenues                                                             2,377                           2,331                           2,143                       4,708                         4,230\n       Non-recurring revenues                                                         248                             113                             113                         361                           251\n       Revenues                                                                       $    2,625                      $    2,444                      $    2,256                  $     5,069                   $     4,481\n\n (2)   We define cash cost of revenues as cost of revenues less depreciation,\n       amortization, accretion and stock-based compensation as presented below:\n\n       Cost of revenues                                                               $    1,230                      $    1,186                      $    1,084                  $     2,416                   $     2,168\n       Depreciation, amortization and accretion expense                               (421)                           (405)                           (361)                       (826)                         (704)\n       Stock-based compensation expense                                               (19)                            (16)                            (16)                        (35)                          (30)\n       Cash cost of revenues                                                          $      790                      $      765                      $      707                  $     1,555                   $     1,434\n\n (3)   We define cash gross profit as revenues less cash cost of revenues (as defined\n       above).\n\n (4)   We define cash sales and marketing expense as sales and marketing expense less\n       depreciation, amortization and stock-based compensation as presented below. We\n       define cash general and administrative expense as general and administrative\n       expense less depreciation, amortization and stock-based compensation as\n       presented below. We define cash operating expense as selling, general, and\n       administrative expense less depreciation, amortization, and stock-based\n       compensation. We also refer to cash operating expense as cash selling, general\n       and administrative expense or \"cash SG&A\".\n\n       Sales and marketing expense                                                    $      239                      $      241                      $      221                  $       480                   $       450\n       Depreciation and amortization expense                                          (51)                            (52)                            (50)                        (103)                         (97)\n       Stock-based compensation expense                                               (26)                            (27)                            (25)                        (53)                          (47)\n       Cash sales and marketing expense                                               162                             162                             146                         324                           306\n       General and administrative expense                                             462                             444                             451                         906                           889\n       Depreciation and amortization expense                                          (85)                            (87)                            (91)                        (172)                         (181)\n       Stock-based compensation expense                                               (100)                           (85)                            (86)                        (185)                         (163)\n       Cash general and administrative expenses                                       277                             272                             274                         549                           545\n       Cash operating expense                                                         $      439                      $      434                      $      420                  $       873                   $       851\n\n (5)   We define adjusted EBITDA as net income excluding income tax expense or\n       benefit, interest income, interest expense, other income or expense, gain or\n       loss on debt extinguishment, depreciation, amortization, accretion,\n       stock-based compensation expense, restructuring and other exit charges,\n       impairment charges, transaction costs, and gain or loss on asset sales as\n       presented below:\n\n       Net income                                                                     $      477                      $      415                      $      367                  $       892                   $       710\n       Income tax expense (benefit)                                                   46                              56                              38                          102                           87\n       Interest income                                                                (36)                            (41)                            (52)                        (77)                          (99)\n       Interest expense                                                               151                             148                             135                         299                           257\n       Other (income) expense                                                         28                              (1)                             7                           27                            (2)\n       (Gain) loss on debt extinguishment                                             (1)                             —                               (1)                         (1)                           (1)\n       Depreciation, amortization and accretion expense                               557                             544                             502                         1,101                         982\n       Stock-based compensation expense                                               145                             128                             127                         273                           240\n       Restructuring and other exit charges                                           6                               6                               2                           12                            12\n       Impairment charges                                                             17                              2                               1                           19                            1\n       Transaction costs                                                              3                               8                               3                           11                            9\n       (Gain) loss on asset sales                                                     3                               (20)                            —                           (17)                          —\n       Adjusted EBITDA                                                                $    1,396                      $    1,245                      $    1,129                  $     2,641                   $     2,196\n       Americas                                                                       641                             516                             466                         1,157                         909\n       EMEA                                                                           456                             424                             399                         880                           764\n       Asia-Pacific                                                                   299                             305                             264                         604                           523\n       Adjusted EBITDA                                                                $    1,396                      $    1,245                      $    1,129                  $     2,641                   $     2,196\n\n (6)   We define cash gross margins as cash gross profit divided by revenues.\n\n (7)   We define adjusted EBITDA margins as adjusted EBITDA divided by revenues.\n\n (8)   FFO is defined as net income or loss attributable to common stockholders,\n       excluding gain or loss from the disposition of real estate assets,\n       depreciation and amortization expense on real estate assets and adjustments\n       for unconsolidated joint ventures' and non-controlling interests' share of\n       these items.\n\n       Net income                                                                     $      477                      $      415                      $      367                  $       892                   $       710\n       Net (income) loss attributable to non-controlling interests                    2                               —                               1                           2                             1\n       Net income (loss) attributable to common stockholders                          479                             415                             368                         894                           711\n       Adjustments:\n       Real estate depreciation                                                       361                             351                             312                         712                           609\n       (Gain) loss on disposition of real estate assets                               3                               (20)                            1                           (17)                          1\n       Adjustments for FFO from unconsolidated joint ventures                         11                              12                              8                           23                            15\n       FFO attributable to common stockholders                                        $      854                      $      758                      $      689                  $     1,612                   $     1,336\n\n (9)   AFFO is defined as FFO adjusted for depreciation and amortization expense on\n       non-real estate assets, accretion, stock-based compensation, stock-based\n       charitable contributions, restructuring and other exit charges, impairment\n       charges, transaction costs, an installation revenue adjustment, a\n       straight-line rent expense adjustment, a contract cost adjustment,\n       amortization of deferred financing costs and debt discounts and premiums, gain\n       or loss from the disposition of non-real estate assets, gain or loss on debt\n       extinguishment, an income tax expense adjustment, recurring capital\n       expenditures, net income or loss from discontinued operations, net of tax, and\n       adjustments from FFO to AFFO for unconsolidated joint ventures' and\n       non-controlling interests' share of these items.\n\n       FFO attributable to common stockholders                                        $      854                      $      758                      $      689                  $     1,612                   $     1,336\n       Adjustments:\n       Installation revenue adjustment                                                8                               8                               8                           16                            10\n       Straight-line rent expense adjustment                                          (4)                             4                               5                           —                             8\n       Contract cost adjustment                                                       (11)                            (15)                            (10)                        (26)                          (17)\n       Amortization of deferred financing costs and debt discounts                    7                               7                               6                           14                            11\n       Stock-based compensation expense                                               145                             128                             127                         273                           240\n       Stock-based charitable contributions                                           3                               —                               3                           3                             3\n       Non-real estate depreciation expense                                           139                             138                             137                         277                           271\n       (Gain) loss on disposition of non-real estate assets                           —                               —                               —                           —                             2\n       Amortization expense                                                           51                              52                              50                          103                           98\n       Accretion expense adjustment                                                   6                               3                               3                           9                             4\n       Recurring capital expenditures                                                 (49)                            (32)                            (55)                        (81)                          (81)\n       (Gain) loss on debt extinguishment                                             (1)                             —                               (1)                         (1)                           (1)\n       Restructuring and other exit charges                                           6                               6                               2                           12                            12\n       Transaction costs                                                              3                               8                               3                           11                            9\n       Impairment charges                                                             17                              2                               1                           19                            1\n       Income tax expense adjustment                                                  (8)                             —                               4                           (8)                           10\n       Adjustments for AFFO from unconsolidated joint ventures                        2                               (2)                             —                           —                             3\n       AFFO attributable to common stockholders                                       $    1,168                      $    1,065                      $      972                  $     2,233                   $     1,919\n\n (10)   Following is how we reconcile from adjusted EBITDA to AFFO:\n\n       Adjusted EBITDA                                                                $    1,396                      $    1,245                      $    1,129                  $     2,641                   $     2,196\n       Adjustments:\n       Interest expense, net of interest income                                       (115)                           (107)                           (83)                        (222)                         (158)\n       Amortization of deferred financing costs and debt discounts                    7                               7                               6                           14                            11\n       Income tax expense                                                             (46)                            (56)                            (38)                        (102)                         (87)\n       Income tax expense adjustment                                                  (8)                             —                               4                           (8)                           10\n       Straight-line rent expense adjustment                                          (4)                             4                               5                           —                             8\n       Stock-based charitable contributions                                           3                               —                               3                           3                             3\n       Contract cost adjustment                                                       (11)                            (15)                            (10)                        (26)                          (17)\n       Installation revenue adjustment                                                8                               8                               8                           16                            10\n       Recurring capital expenditures                                                 (49)                            (32)                            (55)                        (81)                          (81)\n       Other income (expense)                                                         (28)                            1                               (7)                         (27)                          2\n       Adjustments for (gain) loss on asset dispositions                              —                               —                               1                           —                             3\n       Adjustments for unconsolidated JVs and non-controlling interests               15                              10                              9                           25                            19\n       AFFO attributable to common stockholders                                       $    1,168                      $    1,065                      $      972                  $     2,233                   $     1,919\n\n (11)  The shares used in the computation of basic and diluted FFO and AFFO per share\n       attributable to common stockholders is presented below:\n\n       Shares used in computing basic net income per share, FFO per share and AFFO    98,641                          98,392                          97,835                      98,516                        97,674\n       per share (in thousands)\n       Effect of dilutive securities:\n       Employee equity awards (in thousands)                                          495                             335                             215                         415                           294\n       Shares used in computing diluted net income per share, FFO per share and AFFO  99,136                          98,727                          98,050                      98,931                        97,968\n       per share (in thousands)\n\n       Basic FFO per share                                                            $     8.66                      $     7.70                      $     7.04                  $     16.36                   $     13.68\n       Diluted FFO per share                                                          $     8.61                      $     7.68                      $     7.03                  $     16.29                   $     13.64\n\n       Basic AFFO per share                                                           $    11.84                      $    10.82                      $     9.94                  $     22.67                   $     19.65\n       Diluted AFFO per share                                                         $    11.78                      $    10.79                      $     9.91                  $     22.57                   $     19.59\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/equinix-reports-second-quarter-results-raises-2026-guidance-and-long-term-outlook-302838047.html\n(https://www.prnewswire.com/news-releases/equinix-reports-second-quarter-results-raises-2026-guidance-and-long-term-outlook-302838047.html)\n\nSOURCE Equinix, Inc.\n\n\n\nEquinix Media Relations, press@equinix.com; Equinix Investor Relations, invest@equinix.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS198028/MM39832LOGO.jpg?id=OA2799120\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-07-29T20:05:04.284538469Z","server_sent_at_ms":1785355504284},"received_at":"2026-07-29T20:05:04.342Z","source_url":"https://www.prnewswire.com/news-releases/equinix-reports-second-quarter-results-raises-2026-guidance-and-long-term-outlook-302838047.html"},"analysis":{"id":"91601","press_release_id":"102588","analysis_json":{"industry":{"label":"Specialized REITs","sector":"Real Estate"},"redFlags":["Free cash flow was negative $560 million for the six months ended June 30, 2026, reflecting heavy capital expenditures as the company ramps capacity."],"eventType":"earnings","narrative":"Equinix reported Q2 revenue of $2.625 billion, a 16% year-over-year increase, with adjusted EBITDA reaching a record $1.396 billion and a 53% margin.\n\nThe company raised its full-year 2026 revenue guidance to $10.205 billion to $10.285 billion and updated its long-term outlook to target 10-13% annual revenue growth through 2029.\n\nOperational strength was evident with $424 million in annualized gross bookings and a record 9,700 net interconnections added during the quarter.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Equinix crushes Q2 and raises the bar: 16% revenue growth and a major long-term outlook upgrade to 10-13% growth fueled by AI demand."},"keyFigures":{"eps":4.83,"revenue":2625000000,"guidance":"FY26 revenue $10.205B-$10.285B, Adj EBITDA $5.210B-$5.270B; Long-term rev growth 10-13% (2027-2029)","revenueYoy":"16%","customDimensions":{"affo":1168000000,"adj_ebitda":1396000000,"affo_per_share":11.78,"gross_bookings":424000000,"interconnections":9700,"adj_ebitda_margin":"53%"}},"quotedText":"We delivered an exceptionally strong Q2. Monthly recurring revenue grew double digits for the third straight quarter, new interconnections on our platform hit a record level, and disciplined execution drove robust profit growth","namedEntities":{"people":[{"name":"Adaire Fox-Martin","role":"CEO and President"},{"name":"Chris Audie","role":"Chief Product Officer"},{"name":"Bruce Owen","role":"Executive Vice President, Global Markets"}],"products":["Equinix Fabric Geo Zones","xScale","Equinix Metal"],"companies":[{"name":"Equinix, Inc.","ticker":"EQIX"},{"name":"Cisco","relationship":"partner"},{"name":"NVIDIA","relationship":"partner"}],"dollarAmounts":[{"amount":"$2.625 billion","context":"Q2 2026 revenues"},{"amount":"$665 million","context":"Q2 2026 Operating Income"},{"amount":"$479 million","context":"Q2 2026 Net Income Attributable to Common Stockholders"},{"amount":"$1.396 billion","context":"Q2 2026 Adjusted EBITDA"},{"amount":"$1.168 billion","context":"Q2 2026 AFFO"},{"amount":"$424 million","context":"Q2 2026 annualized gross bookings"}]},"materialImpact":{"score":5,"reasoning":"Equinix delivered a top and bottom-line beat with 16% revenue growth and 29% EPS growth, fueled by record interconnections and bookings. The company significantly raised its full-year 2026 guidance and accelerated its long-term outlook, projecting higher revenue growth (10-13%) and expanded margins (53%+) through 2029."},"tickerRelevance":{"others":[],"primary":"EQIX"},"globalImportance":65,"audienceRelevance":75,"eventTypeSecondary":["guidance_update"],"importanceComponents":{"tickerTier":"large-cap","eventGravity":"beat-and-raise-with-long-term-acceleration","sectorWeight":"digital-infrastructure-ai-proxy","householdBrandBoost":"b2b-infrastructure-leader"}},"event_type":"earnings","event_type_secondary":["guidance_update"],"sentiment":"bullish","material_impact_score":5,"narrative":"Equinix reported Q2 revenue of $2.625 billion, a 16% year-over-year increase, with adjusted EBITDA reaching a record $1.396 billion and a 53% margin.\n\nThe company raised its full-year 2026 revenue guidance to $10.205 billion to $10.285 billion and updated its long-term outlook to target 10-13% annual revenue growth through 2029.\n\nOperational strength was evident with $424 million in annualized gross bookings and a record 9,700 net interconnections added during the quarter.","key_figures":{"eps":4.83,"revenue":2625000000,"guidance":"FY26 revenue $10.205B-$10.285B, Adj EBITDA $5.210B-$5.270B; Long-term rev growth 10-13% (2027-2029)","revenueYoy":"16%","customDimensions":{"affo":1168000000,"adj_ebitda":1396000000,"affo_per_share":11.78,"gross_bookings":424000000,"interconnections":9700,"adj_ebitda_margin":"53%"}},"named_entities":{"people":[{"name":"Adaire Fox-Martin","role":"CEO and President"},{"name":"Chris Audie","role":"Chief Product Officer"},{"name":"Bruce Owen","role":"Executive Vice President, Global Markets"}],"products":["Equinix Fabric Geo Zones","xScale","Equinix Metal"],"companies":[{"name":"Equinix, Inc.","ticker":"EQIX"},{"name":"Cisco","relationship":"partner"},{"name":"NVIDIA","relationship":"partner"}],"dollarAmounts":[{"amount":"$2.625 billion","context":"Q2 2026 revenues"},{"amount":"$665 million","context":"Q2 2026 Operating Income"},{"amount":"$479 million","context":"Q2 2026 Net Income Attributable to Common Stockholders"},{"amount":"$1.396 billion","context":"Q2 2026 Adjusted EBITDA"},{"amount":"$1.168 billion","context":"Q2 2026 AFFO"},{"amount":"$424 million","context":"Q2 2026 annualized gross bookings"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-07-29T23:20:38.137Z","global_importance":65,"audience_relevance":75,"importance_components":{"tickerTier":"large-cap","eventGravity":"beat-and-raise-with-long-term-acceleration","sectorWeight":"digital-infrastructure-ai-proxy","householdBrandBoost":"b2b-infrastructure-leader"}},"durationMs":112141,"modelName":"glm-4.7"}}