Equinix Q3 FY2026: EPS beats consensus, guidance raised again
Equinix beat on earnings and raised full-year 2026 revenue guidance for the third consecutive quarter, but the beat leaned partly on a one-off gain and recurring revenue grew slower than the headline. Read the scorecard as a growth story that is still working, with the caveat that the quarter's $4.93 EPS includes a non-recurring fee from the atNorth joint venture.
1 · Expected vs. Actual
Free preview belowDiluted EPS of $4.93 beat the $4.1856 consensus by $0.74, or 17.8%, and rose 29.4% from $3.81 a year ago. Part of that came from a $54 million other-income line tied to the atNorth joint venture, so operating income of $600 million, up 26.6%, is the cleaner yardstick. Even on that basis margins held: operating income was 23.3% of revenue versus 20.5% a year earlier.
Revenue of $2.571 billion rose 11.0% from $2.316 billion a year earlier, and gross margin widened to 51.1% from 50.7%. The sequential picture is softer: revenue slipped 2.1% from $2.625 billion in Q2 and gross margin fell from 53.1%, because non-recurring revenue dropped to $129 million from $248 million. Recurring revenue, the base that actually compounds, rose to $2.442 billion from $2.377 billion.
Q4 revenue is guided to $2.684–$2.724 billion, a $2.704 billion midpoint that is 5.2% above this quarter but $28 million below the $2.732 billion consensus. Full-year revenue guidance was lifted to $10.325–$10.365 billion with AFFO per share of $43.71–$44.11. The raise is the third in a row, which matters more than its absolute size.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.