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Equinix, Inc.
NASDAQ: EQIX Real Estate IT 🔎 Screen
S&P 500
🏹 Trader: 🎯 Near 52W High 💎 VCP Breakout View all →
$101.7B
Market Cap
55.7
P/E
2.59
PEG
5.2%
ROCE
9.7%
ROE
1.60
D/E
21.7%
OPM
-9.3%
% from 52W High
67
α RS
🔍 EQIX is showing a high-conviction setup because it matches 3 of 39 tracked screener presets, Sector RRG has Real Estate in the Improving quadrant with the trail still strengthening, and RS Rating is 67. The main caution: rising_margins's Backtest win rate is only 46.8%. Net: Mixed signal stack, not a recommendation. ? Conviction RRG RS Rating Backtest
Sources
Conviction 3/39 · Real Estate in Improving quadrant · RS Rating 67 · Backtest win rate 46.8%
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🌏 Global Investor Returns
Currency-adjusted total returns for EQIX including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

Equinix, Inc. shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI quickly, efficiently and everywhere. Equinix, Inc. was established on June 22, 1998 and is based in Redwood City, United States.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding EQIX
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 534.8K $524.2M 0.67% Mar 2026
Jim Simons Renaissance Technologies LLC 600 $588K 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$2.625B
+16% YoY
Operating Income
$665M
+35% YoY
Adjusted EBITDA
$1.396B
+22% YoY (normalized & constant currency)
Net Income
$479M
+30% YoY
AFFO per Share
$11.78
+18% YoY (normalized & constant currency)
What Went Right
  • MRR grew 11% YoY, the third straight quarter of double-digit growth
  • Record 9,700 net interconnections added in Q2, with 4,200 net cabinet billings
  • Annualized gross bookings rose 23% to $424M, and FY26 guidance was raised for the second consecutive quarter
What to Watch
  • Power-constrained metros such as Frankfurt, Amsterdam and Ashburn pose delivery risk; management is pre-purchasing M&E equipment
  • FX was a $49M headwind to revised FY26 revenue guidance
  • Churn of 1.8% included delayed churn, with H2 expected near the lower end of the typical 2%-2.5% range
Management Guidance
  • Q3 2026 revenue guidance: $2.525B-$2.575B (9%-11% YoY as-reported; 10%-12% normalized & constant currency)
  • Q3 2026 adjusted EBITDA guidance: $1.275B-$1.315B, ~51% margin
  • FY26 revenue raised to $10.205B-$10.285B (+11%-12% YoY); adjusted EBITDA $5.210B-$5.270B; AFFO $4.240B-$4.300B; AFFO/share growth 10%-12%; total CapEx $5B-$6B
  • 2027-2029 outlook: revenue growth 10%-13%, AFFO/share growth 9%-12%, adjusted EBITDA margin 53%+ by 2029, annual CapEx $5B-$7B
Investor Lens
The thesis is clearly stronger after this call. Management raised FY26 and through-2029 guidance, citing durable AI/inference demand, firm pricing and a record backlog. The company is deploying $5B-$7B annually into top metros with advanced land, power and supply-chain visibility, while still expecting mid-20% cash-on-cash returns on new capital. A disciplined balance sheet, only a moderate leverage increase, and investment-grade ratings support credibility of the long-term plan.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong Q2: 11% MRR growth, record 9,700 interconnects, FY26 guidance raised
Revenue
Q2 revenue reached $2.625B, up 16% YoY, helped by double-digit MRR growth of 11% and one-time xScale fees of approximately $120M from 134 MW of lease closures. Growth was broad-based, with Americas strong, APAC picking up, and EMEA solid despite constrained metros.
Profitability
Net income attributable to stockholders was $479M, up 30% YoY, and diluted EPS was $4.83, up 29%. AFFO totaled $1.168B, with AFFO per share of $11.78, up 18% YoY on a normalized and constant currency basis.
Margins
Adjusted EBITDA was $1.396B; release-reported margin was 53% (CFO cited 52%), up 300bps YoY, and ex-xScale leasing fees margin was up approximately 150bps. Full-year 2026 adjusted EBITDA margin is guided to ~51%, up about 200bps YoY.
Balance Sheet
Equinix had approximately $7.7B of available liquidity and net leverage of 3.6x annualized adjusted EBITDA. Q2 capex was ~$1.6B, about 90% for capacity expansion, and FY26 capex guidance was raised to $5B-$6B. Management expects only a moderate leverage increase while retaining investment-grade ratings.
Key Risks
Key risks flagged include power constraints in major metros, supply-chain complexity around M&E equipment, and a $49M FX headwind to FY26 revenue. Churn of 1.8% included some delayed churn, with H2 expected near the lower end of the 2%-2.5% typical range.
Outlook
Q3 revenue guidance is $2.525B-$2.575B with adjusted EBITDA of $1.275B-$1.315B (~51% margin). FY26 revenue was raised to $10.205B-$10.285B, AFFO per share growth to 10%-12%, and long-term 2027-2029 revenue growth of 10%-13% targets continue to build.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-29
AI-driven demand and robust execution led to double-digit revenue and AFFO per share growth, record interconnections, and the largest guidance raise in company history. Capacity expansion and CapEx are accelerating, with strong regional performance and a focus on high-return investments.
Q1 2026 Q1 2026 2026-04-29
Q1 2026 saw record sales activity, double-digit recurring revenue growth, and margin expansion, driven by strong AI-related demand and robust customer adoption across all segments. Guidance for revenue, EBITDA, and AFFO was raised, with disciplined capital allocation and continued investment in capacity and innovation.
Q4 2025 Q4 2025 2026-02-11
Q4 and 2025 saw record bookings, strong recurring revenue, and margin expansion, driven by AI demand and disciplined execution. 2026 guidance calls for 9%-10% revenue growth, higher AFFO per share, and increased CapEx, with robust demand and strategic investments supporting continued momentum.
Q3 2025 Q3 2025 2025-10-29
Q3 saw robust revenue and profitability growth, record gross bookings, and strong demand across regions. Strategic land acquisitions and accelerated project delivery support plans to double capacity by 2029, while guidance for adjusted EBITDA and AFFO was raised.
Q2 2025 Q2 2025 2025-07-30
Q2 2025 saw strong recurring revenue, record adjusted EBITDA margins, and robust customer momentum, prompting raised full-year guidance. Major investments in capacity and xScale projects support long-term double-digit growth targets, with continued focus on AI and cloud demand.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
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Information Sources:
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