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EQIX · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
An exceptionally strong quarter for Equinix as revenue grew 16% and operating income jumped 35% on broad-based demand plus one-time xScale fees, though rising interest expense from heavier debt issuance is a growing drag on profit conversion.
Net Income (attrib. common)
$479M
up 30.2% y/y
Revenue
$2,625M
up 16.4% y/y
Operating Income
$665M
up 34.6% y/y
Gross Profit
$1,395M
up 19.0% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Americas | $1,251 · +24.6% |
| EMEA | $845 · +10.2% |
| Asia-Pacific | $529 · +9.1% |
| Revenue | $2,625 · +16.4% |
| Cost of Revenue | $1,230 · +13.5% |
| Gross Profit | $1,395 · +19.0% · 53.1% margin |
| Opex (SG&A, R&O, Impair.) | $730 · +7.7% |
| Operating Income | $665 · +34.6% · 25.3% margin |
| Net Interest & Other Exp.* | $142 · +59.6% |
| Pre-Tax Income | $523 · +29.1% |
| Income Tax | $44 · +15.8% |
| Net Income (attrib. common) | $479 · +30.2% · $4.83 diluted EPS |
Verdict: An exceptionally strong quarter for Equinix as revenue grew 16% and operating income jumped 35% on broad-based demand plus one-time xScale fees, though rising interest expense from heavier debt issuance is a growing drag on profit conversion.
OCF $1,784M (6mo); dividends paid $1,029M (6mo); raised FY2026 revenue guidance to $10.205-10.285B and long-term outlook (2027-2029 revenue growth raised to 10-13%).
Source and notation
* marks non-cash / ≈ estimated. Source: Equinix press release / 10-Q (SEC EDGAR).
Open as an image: EQIX, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “EQIX Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/eqix/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/eqix/q2-2026"><img src="https://whoreportstoday.com/t/eqix/q2-2026/sankey.png" alt="EQIX Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/eqix/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/eqix/q2-2026">EQIX Q2 2026 earnings chart (Who Reports Today)</a>
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- Revenue growth of 16% was boosted by one-time xScale fees embedded in non-recurring revenue, which jumped to $248M from $113M q/q.
- Operating income rose 35% y/y, outpacing revenue growth, reflecting operating leverage and the xScale fee benefit.
- Interest expense rose to $151M (+12% y/y) as total debt principal grew to $22.15B, driven by $2.4B of new senior notes issuance in 1H26.
- Adjusted EBITDA margin hit a record 53%, and AFFO grew 20% y/y, both non-GAAP measures stripping out D&A, stock-based comp and one-time items.
- Net income attributable to common stockholders was $479M (+30% y/y), effective tax rate of ~8.4% reflecting favorable discrete items and REIT structure benefits.
- Free cash flow remained negative (-$560M for 1H26) due to elevated capex for data center capacity expansion (52 projects underway across 33 markets).
What distorts the picture in this report and what to watch beyond the headlines.
EQIX — Equinix operates a global platform of data centers that support digital infrastructure for enterprises and cloud companies.
It is headquartered in Redwood City, California, and serves customers in numerous countries.
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