Equinix Inc

Equinix closed Q4 2025 with a mixed report that fell short on both top and bottom lines, even as the underlying business showed genuine momentum. The data center giant posted revenue of $2.42 billion for the quarter, up 7.0% year over year but slightly below the $2.45 billion consensus estimate, while GAAP diluted EPS of $2.69 missed the $3.71 analyst expectation by 27.49% — a gap the company largely attributed to timing around its xScale Hampton lease transaction, which slipped into early 2026. That single deal's delay cast a shadow over results that were otherwise marked by record annualized gross bookings of $474 million, a 42% jump from a year earlier, with roughly 60% of the largest deals tied to AI workloads. Monthly recurring revenue climbed 10% year over year, and adjusted EBITDA reached $1.19 billion at a 49% margin. Morgan Stanley responded by lifting its price target to $1,075, citing accelerating AFFO growth. Looking ahead, Equinix guided 2026 revenues of $10.12–$10.22 billion, representing 10–11% growth, with AFFO per share of $41.93–$42.74 and a 10% dividend increase — signals that management views the quarter's shortfall as a timing blip rather than a structural concern.