10-Q · July 30, 2025
Equinix reported Q2 revenue of $2,256 million (vs. $2,159M in Q2 2024) and diluted EPS of $3.75 (vs. $3.16 in Q2 2024). Gross margin expanded to ~52.0% and operating margin to 21.9% year-over-year, while the company…
Earnings analysis · 10-Q
EQIX earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
Equinix reported Q1 2026 revenue of $2.444 billion, missing estimates slightly but exceeding EPS expectations with a reported EPS of $10.79, a 9.5% surprise. The company maintains a strong gross margin at 50.5% and…
Read full summary
Equinix reported Q1 2026 revenue of $2.444 billion, missing estimates slightly but exceeding EPS expectations with a reported EPS of $10.79, a 9.5% surprise. The company maintains a strong gross margin at 50.5% and continues to show strong performance across its key markets despite a slight decline in revenue compared to Q4 2025.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $10.79
- Gross margin
- 50.5%
What stood out
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EPS Exceeded Estimates
Reported EPS of $10.79 beats estimates by 9.5%.
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Strong Gross Margin
Gross margin for Q1 2026 was 50.5%, indicating stability.
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Record Backlog and Bookings
Management noted a record level of bookings, indicating strong demand.
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Operational Cash Flow Improvement
Operating cash flow increased to $273 million compared to the prior quarter.
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Segment Growth
Significant growth noted in interconnection revenue, reflecting increased demand.
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Strong Market Position
Continued expansion in data centers with a total of 281 globally, enhancing market presence.
What to watch
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Geopolitical Risks
Ongoing geopolitical tensions, including U.S.-China trade issues, may negatively impact operations.
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Currency Fluctuation Exposure
A hypothetical 10% strengthening of the U.S. dollar could reduce revenues by approximately $79 million.
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Interest Rate Exposure
Fixed rate debt could hinder flexibility in favorable interest rate environments.
Management's outlook
Full-year financial outlook raised based on Q1 performance.
Earlier filings 4
10-K · February 12, 2025
Equinix reports continued platform expansion and recurring revenue strength with total 2024 revenues of $8,748 million, up $560 million or 7% year-over-year, driven by recurring revenues of $8,184 million (94% of…
10-Q · May 8, 2024
Equinix reported quarter revenue of $2,127 million (up from $1,998 million a year ago) but operating income and diluted EPS declined versus the prior-year quarter. Operating cash flow was solid at $598 million but heavy…
10-Q · October 27, 2023
Equinix reported quarterly revenue of $2,061,030 (in thousands) for the three months ended September 30, 2023, up from $1,840,659 (in thousands) a year earlier, with operating income of $380,351 (in thousands) and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.