Equinix’s board has authorized a 7% increase in the quarterly dividend, marking the tenth consecutive annual hike. This raises the annualized payout to $6.48 per share, representing a payout ratio near 35% of projected 2026 AFFO. The company has now returned over $3.5 billion in dividends to shareholders since 2019, underscoring its commitment to steady income growth even as it executes on long-term expansion plans.

During the first nine months of fiscal 2025, Equinix added 9,200 International Business Exchange (IBX) cabinets globally, a 12% increase year-over-year. MMR bookings per cabinet rose by 15%, driven by demand for AI workloads in North America and Europe. The ongoing power and land procurement program has secured over 120 MW of new capacity, positioning the REIT to bring an additional 25 MW online by mid-2026 and supporting management’s target of more than 75 MW of annual growth through 2029.

Equinix reported that interconnection revenues grew 18% year-over-year in the latest quarter, with AI-optimized services contributing approximately 30% of new bookings. The company has launched dedicated AI Exchange nodes in three new markets—Tokyo, Singapore and Amsterdam—boosting on-net presence by 20%. These strategic deployments support the projected CAGR of 10% in service revenues and underpin the guidance to exceed $50 in AFFO per share by fiscal 2029.

As of December 31, Equinix held $4.1 billion of liquidity, including $2.6 billion of cash and undrawn credit lines. Net debt to adjusted EBITDA stood at 3.8x, below the company’s 4.0x target ceiling, providing room for opportunistic acquisitions and xScale data center developments. With $1.2 billion allocated to power infrastructure and land commitments over the next 18 months, management highlights a robust financial framework to support both organic growth and shareholder returns without compromising leverage metrics.