Q1 26 EPS
$N/A
Est. $4.33
Q1 26 Revenue
$2.44B
MISS 2.62%
Est. $2.51B
vs S&P Since Q1 26
-5.5%
TRAILING MARKET
EQIX +2.1% vs S&P +7.6%
Market Reaction
Did EQIX Beat Earnings? Q1 2026 Results
Equinix posted a mixed but broadly strong first quarter for 2026, with revenues climbing 9.8% year over year to $2.44 billion, falling just short of the $2.51 billion consensus estimate, while adjusted EBITDA margins hit 51% and AFFO per diluted shar… Read more Equinix posted a mixed but broadly strong first quarter for 2026, with revenues climbing 9.8% year over year to $2.44 billion, falling just short of the $2.51 billion consensus estimate, while adjusted EBITDA margins hit 51% and AFFO per diluted share reached $10.79, well ahead of the $4.33 adjusted EPS consensus. The single most compelling driver of the quarter was AI-fueled demand, with approximately 60% of the company's largest deals tied to AI workloads and eight of the top ten AI model providers actively expanding on its platform, helping deliver what management called its largest first-quarter annualized gross bookings in company history at $378 million. For investors questioning the data center rally's staying power, the raised full-year guidance offered a pointed response, with revenue now expected between $10.14 billion and $10.24 billion and AFFO guidance lifted by $40 million to a range of $4.20 billion to $4.28 billion, reflecting continued confidence in demand visibility heading into the second half of the year.
Key Takeaways
- • Double-digit recurring revenue growth (12% YoY as-reported, 10% normalized and constant currency)
- • Record adjusted EBITDA margin of 51%, up from 48% a year ago
- • Largest first-quarter annualized gross bookings in company history ($378 million), leading to record backlog
- • Record annualized presales of approximately $140 million
- • Approximately 60% of largest deals were AI-related
- • Stabilized assets generating 26% cash-on-cash returns
- • Strong demand from AI, cloud and networking customers
EQIX YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
EQIX Revenue by Segment
With YoY comparisons, source: SEC Filings
EQIX Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our results reflect continued strength across the business. We delivered double-digit recurring revenue growth whilst improving our margins as we capitalise on robust customer demand for our AI, cloud and networking solutions.”
— Adaire Fox-Martin, Q1 2026 Earnings Press Release
EQIX Earnings Trends
EQIX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
EQIX EPS Trend
Earnings per share: estimate vs actual
EQIX Revenue Trend
Quarterly revenue: estimate vs actual
EQIX Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $4.80 | $4.83 | +0.73% | $2.63B | +1.68% |
| Q1 26 | $4.33 | — | — | $2.44B | -2.62% |
| Q4 25 MISS FY | $3.88 | $2.69 | -30.64% | $2.42B | -1.46% |
| FY Full Year | $14.98 | $13.76 | -8.14% | $9.22B | -0.33% |
| Q3 25 BEAT | $3.43 | $3.81 | +10.94% | $2.32B | -0.46% |
| Q2 25 BEAT | $3.47 | $3.75 | +8.17% | $2.26B | -0.06% |
| Q1 25 BEAT | $2.99 | $3.50 | +17.22% | $2.23B | -0.21% |