Earnings Call
Apr 29, 2026
Q1 FY2026
EPS Estimate
4.30
EPS Actual
4.20
Post-Earnings Close
$1082.83
Earnings Reaction
-0.6%
Equinix's first quarter of 2026 was defined by a record level of total sales activity, up more than 35% year-over-year, and the first time quarterly AFFO has crossed the $1 billion threshold, underscoring the scale the business has reached. Recurring revenues grew 10% on a normalized constant currency basis, marking the second consecutive quarter of double-digit MRR growth, while adjusted EBITDA margins expanded 300 basis points year-over-year to 51%. The headline numbers came in ahead of expectations on an adjusted basis, with the primary moving piece being the timing of the Hampton xScale lease, which slipped from Q1 into Q2 due to ongoing negotiations over expanded terms. Management was explicit that the economics, approximately $80 million of revenue, $65 million of AFFO, and $0.65 of AFFO per share, were already embedded in full-year guidance and the shift carries no annual impact. Full-year guidance was raised across revenue, EBITDA, and AFFO, with revenue growth now guided to 10%-11% and AFFO per share growth to 9%-11%.
Report generated on May 1, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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