Equinix Sees AI Demand Driving 10–11% FY2026 Revenue Growth to $10.123–10.223 B
Equinix expects FY2026 revenues of $10.123–10.223 billion, up ~10–11%, with adjusted EBITDA projected at $5.141–5.221 billion and AFFO per share of $41.93–42.74, driven by strong AI data center demand. In Q4 2025, revenues climbed 5% to $9.217 billion, EPS surged 62% to $13.76, and annualized gross bookings reached a record $474 million.
1. Q4 and Full-Year 2025 Results
In Q4 2025, Equinix grew monthly recurring revenue by 10% year-over-year and record annualized gross bookings of $474 million, up 42%, while interconnections surpassed 500,000. For full-year 2025, revenues rose 5% to $9.217 billion, operating income increased 39% to $1.848 billion, net income climbed 66% to $1.350 billion for EPS of $13.76, adjusted EBITDA reached $4.530 billion (49% margin), and AFFO totaled $3.761 billion ($38.33 per share).
2. FY 2026 Outlook
Equinix forecasts FY2026 revenues of $10.123–10.223 billion, reflecting 10–11% growth, with adjusted EBITDA of $5.141–5.221 billion (~51% margin) and AFFO of $4.158–4.238 billion (AFFO per share $41.93–42.74). For Q1 2026, the company projects revenues of $2.496–2.536 billion, adjusted EBITDA of $1.283–1.323 billion (51–52% margin), recurring capital expenditures of $28–48 million, and non-recurring capital expenditures of $3.385–3.865 billion.