Equinix: Across the Board Better Trends Drive Upsized Development Plan for Top 25 Metros; Strong 2027-2029 Outlook for Revenue, Adj. EBITDA and AFFOPS

Research evidence excerpt

Equinix: Across the Board Better Trends Drive Upsized Development Plan for Top 25 Metros; Strong 2027-2029 Outlook for Revenue, Adj. EBITDA and AFFOPS

J P M O R G A N North America Equity Research

30 July 2026

Equinix

Across the Board Better Trends Drive Upsized Overweight

Development Plan for Top 25 Metros; Strong 2027-2029 EQIX, EQIX US

Outlook for Revenue, Adj. EBITDA and AFFOPS Price (29 Jul 26):$1,008.02

▲Price Target (Dec-27):$1,300.00

Prior (Dec-26):$1,200.00

Equinix reported strong 2Q26 results and issued longer-term guidance for 2027-

2029. Management is seeing better trends across the board than at its analyst day Communications Infrastructure

last year and now looks for total revenue growth of 10-13% (vs. 7-10% previously), Richard Choe AC

adj. EBITDA margin of 53%+ in 2029 (vs. 52%+), and AFFOPS guidance of 9- (1-212) 622-6708

12% annually (vs. 5-9%). The company sees supply-demand constraints driving richard.choe@jpmorgan.com

positive pricing, enterprise adoption of inference picking up, continued digital Braden Nguyen

transformation trends, and increased interconnection requirements from AI. To (1-212) 622-1861

braden.nguyen@jpmorgan.com

address the demand, Equinix is accelerating its build program and expects to spend J.P. Morgan Securities LLC

$5-7b in total capex annually ($3-4b expected at 2025 Analyst Day with another

$1b for xScale and land). Management expects this spend to drive total revenue

growth beginning at the low-end of the range and accelerating to the top-end as the Key Changes (FYE Dec)

company benefits from the expansion builds. We see the 10-13% total revenue Prev Cur Δ

guidance consisting of 5-7 ppts from new signings, 4-5 ppts from renewal pricing AFFO per share - 26E ($) 42.71 43.07 0.9%

AFFO per share - 27E ($) 46.87 47.10 0.5%