Equinix Q3 2026: Record $533M Bookings, Guidance Raised Again

On October 28, 2026, Equinix, Inc. furnished its third-quarter results on a Form 8-K (Items 2.02 and 9.01) and filed its Form 10-Q the same day. Revenue was $2.571 billion, up 11 percent as reported and 12 percent on a normalized and constant currency basis. Operating income was $600 million, up 27 percent, adjusted EBITDA was $1.321 billion, up 15 percent, and AFFO was $1.156 billion, up 20 percent, or $11.64 per share. The company says it delivered record annualized gross bookings of $533 million, up 35 percent from a year earlier, and grew monthly recurring revenue by double digits for the fourth consecutive quarter. Interconnection revenue rose 10 percent and Fabric revenue 24 percent. These are company figures, and bookings is a company-defined measure.

Equinix raised its full-year 2026 guidance for the third consecutive quarter: revenue of $10.325 billion to $10.365 billion, adjusted EBITDA of $5.290 billion to $5.330 billion at about a 51 percent margin, and AFFO of $4.340 billion to $4.380 billion. Total capital expenditures are expected to be $5 billion to $6 billion, and the company says it plans nearly 40 percent more cabinets for delivery in 2026 than it initially anticipated. Its Q3 highlights also list the completed atNorth investment alongside CPP Investments, the Fabric One connectivity service, an Inference Exchange announced with NVIDIA and Together AI, and a network of liquid cooling test environments. The release says Equinix will fund all grid infrastructure costs for its Hampton data center project in Georgia through a 20-year commitment, and reinforces more than $1.6 billion of long-term investment in Texas.

The record is a demand story that the filings themselves do not tie to AI. The release says the company serves both traditional and AI workloads and gives no AI revenue, AI bookings or AI-related megawatt figure, and the 10-Q reports cabinet utilization of approximately 78 percent at both September 30, 2026 and 2025. By PSV arithmetic on the guidance table, the midpoint of full-year revenue guidance rose about $100 million, from $10.245 billion to $10.345 billion, and the table shows exactly two adjustments for revenue, $84 million for atNorth and $16 million for foreign exchange. The same holds for adjusted EBITDA, where the midpoint rose about $70 million against adjustments of $59 million and $11 million. AFFO is different: the table shows $52 million labeled as an underlying adjustment alongside $31 million and $7 million. PSV reads the revenue raise as acquisition and currency driven, which is PSV analysis of the filed table, not an Equinix statement.

The constraint the company describes is power and delivery. The 10-Q warns that AI is increasing demand for high density computing power, that many of its data centers were built years ago, that demand for power may exceed the designed electrical capacity of those buildings, and that power, not space, is a limiting factor in many of them. It also says growth in certain markets may increasingly depend on the timely delivery of new capacity and supporting power infrastructure. For owners of any building that might host dense compute, that is a primary-source reminder that electrical capacity of record decides the use. Separately, the Hampton commitment shows a utility cost allocation promise appearing in a public company release, and the 10-Q notes Equinix sold the Hampton campus to its AMER 3 joint venture on January 13, 2026 for total consideration of $459 million, in which it holds a 2 percent interest in the parent.

The tool is a reconciliation of a data center operator’s demand claims against its delivery and power facts. Inputs are the earnings release, the 10-Q, the investor presentation and any utility or interconnection documents the operator cites. The output is a one-page table with four rows for every market claim: bookings or leasing stated, capacity delivered or planned, utilization or occupancy stated, and power secured under a binding agreement versus power described as a pipeline. For Equinix, the table would show bookings and planned cabinets as stated, utilization flat at about 78 percent, and AI revenue absent.

The reviewer is the acquisitions or asset management lead who will rely on the claim, and the approval gate is that a demand figure does not enter an underwriting or a lease negotiation unless it is paired with a delivery date and a power source. Figures such as growth rates, guidance midpoints or adjustments are computed from the filed numbers and labeled as computed. PSV has not tested any Equinix product, and nothing here is a statement about its services or performance.