Equinix (EQIX) 2Q26: Watt a guide!

Research evidence excerpt

Equinix (EQIX) 2Q26: Watt a guide!

Madison Rezaei +1 917 344 8622 madison.rezaei@bernsteinsg.com 29 July 2026

DETAILS

WHAT WE LEARNED.

Equinix delivered an exceptionally strong second quarter, marked by accelerating double-digit recurring revenue growth, record

profitability, and the largest single guidance raise in company history, alongside a significantly upsized long-term outlook through

2029. Management emphasized broad-based and durable AI-driven demand, record bookings and backlog, and continued

operating leverage, raising full-year 2026 revenue, adjusted EBITDA, and AFFO guidance for the second consecutive quarter

while nearly doubling its 2027-29 CapEx plan to capture what it called a materially stronger market opportunity than a year ago.

Underlying demand accelerated further across the core retail colocation and interconnection franchise. 2Q26

revenues totaled $2.625B (+2% vs $2.585B consensus), up 16% YoY on both an as-reported and normalized and constant-

currency basis, reflecting strong underlying performance plus one-time xScale fees, including 134 megawatts of xScale leases

(including Hampton and Anton) that contributed approximately $120M in nonrecurring fees. Recurring revenues of $2.377B

grew 11% YoY on a normalized and constant-currency basis, marking the third consecutive quarter of double-digit monthly

recurring revenue (MRR) growth. In-quarter, Equinix delivered $424M of annualized gross bookings, up 23% YoY and its

second-highest volume on record, along with approximately $110M of presales activity, for total sales activity growth of over

30% and a record backlog. Management noted the Hampton xScale lease, previously expected in 1Q26, closed in 2Q26 as