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FY2026 Q2
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Equinix, Inc. earnings call
Buzzberg read
Largest single guidance raise in company history
Equinix reported a strong Q2 with MRR growth accelerating to 11%, record net interconnections, and a substantial guidance raise. The company outlined a $5-7bn annual capex plan through 2029, driven by surging AI inference demand from enterprises and cloud providers. Management emphasized its unique neutral interconnections ecosystem and disciplined execution across top 25 metros. Q2 MRR growth accelerated to 11% YoY (third straight double-digit quarter); total revenue up 16% YoY.
Buzzberg read Largest single guidance raise in company history Equinix reported a strong Q2 with MRR growth accelerating to 11%, record net interconnections, and a substantial guidance raise. The company outlined a $5-7bn annual capex plan through 2029, driven by surging AI inference demand from enterprises and cloud providers. Management emphasized its unique neutral interconnections ecosystem and disciplined execution across top 25 metros. Q2 MRR growth accelerated to 11% YoY (third straight double-digit quarter); total revenue up 16% YoY. Read full analysisCollapse analysis
Equinix reported a strong Q2 with MRR growth accelerating to 11%, record net interconnections, and a substantial guidance raise. The company outlined a $5-7bn annual capex plan through 2029, driven by surging AI inference demand from enterprises and cloud providers. Management emphasized its unique neutral interconnections ecosystem and disciplined execution across top 25 metros. Q2 MRR growth accelerated to 11% YoY (third straight double-digit quarter); total revenue up 16% YoY.
- Record 9,700 net interconnections added; annualized gross bookings up 23% to $424M.
- FY2026 guidance raised: total revenue growth 11-12%, AFFO per share growth 10-12%, capex $5-6bn.
- New long-term outlook (2027-2029): revenue growth 10-13% annually, AFFO per share growth 9-12%, annual capex $5-7bn.
Revenue$2.625B+7% QoQ
EPS$4.83+15% QoQ
Gross margin53.14%Reported
Operating margin25.33%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Capex
Doubling cabinet deliveries in second half
Demand
Record 9,700 net interconnections added
Show 3 more callouts
Capex
2026 capex raised to $5-6 billion
Capex
Long-term capex plan of $5-7 billion annually
Demand
30% of 2026 retail capacity already pre-sold
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $2.625B | +7% QoQ |
| EPS | $4.83 | +15% QoQ |
| Gross margin | 53.14% | Reported |
| Operating margin | 25.33% | Reported |
| Free cash flow | $2.323B | Reported |
| Capex | $1.256B | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Capex | FY2029 | $5B–$7B | $6B | Initiated |
| Capex | FY2026 | $5B–$6B | $5.5B | Raised |
| EPS | FY2026 | 10%–12% | 11% | Raised |
| EPS | FY2029 | 9%–12% | 10.5% | Initiated |
| Operating margin | FY2029 | 53% | 53% | Initiated |
| Revenue | FY2029 | 10%–13% | 11.5% | Initiated |
| Revenue | FY2026 | 11%–12% | 11.5% | Raised |
AI, capex & demand read
Management read
upbeat
Management's tone was highly upbeat and confident, driven by record bookings, a record backlog, and the largest single guidance raise in company history, reflecting a marked shift in conviction from prior periods.
Management AI read
Management said the AI-driven infrastructure cycle continues to accelerate, with inference and agentic AI driving demand for neutral, interconnected infrastructure. They noted that eight of the top 10 model providers and eight of the top 10 neoclouds already run key networking workloads on Equinix.
Investment and capacity
Management raised 2026 capex to $5-6 billion and plans $5-7 billion annually through 2029 to accelerate capacity expansion, doubling cabinet deliveries in the second half of 2026. They emphasized these are high conviction investments expected to deliver mid-20% yields.
all 4 named companies below
Companiesreturns since call
Customers
Customers
Adaire Fox-Martin
Raymond James expanding its multi-cloud infrastructure with Equinix, indicating ongoing modernization and investment in their IT platform.
Evidence
“Raymond James, one of the leading financial services firms, selected Equinix to augment their on-premise model to our multi-cloud infrastructure.”
Partners
Partners
Adaire Fox-Martin
NVIDIA is partnering to standardize AI factory blueprints on Equinix infrastructure, expanding its enterprise AI deployment ecosystem.
Evidence
“Our expanded collaboration with Cisco and NVIDIA tackles this head on by bringing standardized AI factory blueprints and automation across our global IBX network.”
Partners
Adaire Fox-Martin
Verizon is partnering with Equinix to offer integrated enterprise connectivity, strengthening its service portfolio and network reach.
Evidence
“We are working with Verizon to deliver enhanced enterprise connectivity by combining their adaptive network fabric with Equinix's neutral interconnection hubs.”
Methodology & coverage
Management-only analysis. All 4 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.