Equinix Inc
EQIX - Insider Information
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+ FollowMarket Cap$100.34B
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Earnings Call Q3 2026
October 28, 2026 - AI Summary
Strong Q3 performance & demand durability (good)
- MRR +11% YoY (normalized/constant currency) for the 4th straight quarter of double-digit growth; Total revenue +12% YoY.
- Interconnection revenue +10% YoY with Fabric +24%; churn 1.7% (low, supports durability).
- AFFO per share +12% YoY normalized; +18% including atNorth (atNorth was a key contributor).
- Operational momentum: ~25,000 portal transactions across ~3,200 customers, breadth supports “not dependent on any single customer/industry/geography.”
Bookings & pricing power strengthening (good/surprising)
- Record annualized gross bookings: $533M, +35% YoY; indicates strong conversion pipeline and supports confidence in near-term growth.
- Sales activity +38% YoY, and ~60% of Q4 bookings target already closed.
- New deal pricing +12% YoY—management frames this as the early stage of durable pricing strength, helped by constrained supply conditions.
- Pricing upside mechanisms: renewal “mark-to-market,” upsell/cross-sell (power densities, interconnection), and (to a lesser extent) potential structural shifts in interconnection packaging (not yet quantified).
Capacity expansion ahead of plan; capital needed but execution strong (good)
- Despite industry headwinds (power, regulation, community sentiment), Equinix raised delivery expectations:
- Now expects to exceed full-year retail capacity plan by ~40%.
- >13,000 cabinets in Q4 (highest delivery quarter on record); >20% of Q4 capacity presold.
- 3.0 GW developable capacity (including in-progress projects), ~80% in top metros, land/power/permitting largely secured.
- Strategy emphasizes “yield not megawatts” (hub locations worth more) and portfolio diversification: 48 projects across 32 markets.
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$-73.26
107.3% downside
Current Fair Value
107.3% downsideOvervalued by 107.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $100.34 Billion |
|---|---|
| Enterprise Value | $122.72 Billion |
| Annual dividend | $20.17 |
| Dividend yield | 1.99% |
| Earnings per Share | $13.79 |
| Beta | 0.97 |
| Outstanding Shares | 98,787,000 |
Return
| Return on Equity | 11.46% |
|---|---|
| Return on Assets | 4.01% |
| Return on Invested Capital | 6.40% |
Valuation & Multiples
| P/E Ratio | 60.59 |
|---|---|
| PEG | 197.05 |
| Price to Sales | 9.87 |
| Price to Book Ratio | 6.88 |
| Enterprise Value to Revenue | 12.2 |
| Enterprise Value to EBIT | 51.46 |
| Enterprise Value to Net Income | 74 |
| Total Debt to Enterprise | 0.19 |
| Debt to Equity | 1.62 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$4.14
Consensus analyst estimateRevenue Estimate
$2.57 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 10, 2027
EPS Estimate
$4.20
Consensus analyst estimateRevenue Estimate
$2.70 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 344.35% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.09%▼ 95.34% |
|---|---|
| Total Invested | $4.08B▼ 95.98% |
| Investors Holding | 473▼ 933.00% |
About Equinix Inc
13,716 employees
CEO: Adaire Rita Fox-Martin
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...