Equinix reported strong fourth-quarter 2025 results and issued a 2026 outlook that targets double-digit revenue growth, supported by higher bookings, expanding recurring revenue, and continued capacity buildouts. The company said Q4 monthly recurring revenue (MRR) rose 10% year over year (YoY), while annualized gross bookings hit a record $474 million, up 42% YoY. Equinix also said it surpassed 500,000 global interconnections, positioning interconnection and ecosystem density as a core driver for AI- and cloud-related deployments.
For full-year 2025, Equinix reported $9.217 billion in revenue (+5% YoY as-reported), $4.530 billion in adjusted EBITDA (49% margin), and $3.761 billion in adjusted funds from operations (AFFO), up 12% YoY, with diluted AFFO per share of $38.33. For 2026, Equinix guided to $10.123–$10.223 billion in revenue (about 10–11% as-reported growth) and $5.141–$5.221 billion in adjusted EBITDA (about 51% margin), alongside AFFO of $4.158–$4.238 billion and diluted AFFO per share of $41.93–$42.74. The company also raised its quarterly dividend 10% to $5.16 per share and projected roughly $2.036 billion in cash dividends for 2026.
In its earnings presentation, Equinix pointed to operating indicators that it says support the outlook: more than 17,200 transactions in Q4 (+6% YoY) across 6,100+ unique customers, MRR churn of 2.2% in Q4, and net interconnection additions and adjustments of 7,800 (physical and virtual). Equinix also highlighted ongoing expansion activity, including 52 major retail projects underway across 35 markets and 24 countries, and an xScale program it describes as scaling toward ~2,000 MW of capacity when fully built out.
- Record annualized gross bookings of $474 million in Q4 2025 (+42% YoY), and $1.6 billion for FY2025 (+27% YoY).
- Q4 MRR up 10% YoY; FY2025 MRR up 7% as-reported (8% normalized/constant currency).
- 507,000+ total interconnections reported in the presentation (including 437,700 cross connects and 69,500 virtual connections at Q4 quarter-end).
- Interconnection revenue grew 9% YoY on a normalized and constant currency basis, driven by increased adoption of Equinix Fabric.
- Global MRR per cabinet increased by $65 QoQ and $188 YoY on a normalized/constant-currency basis (to $2,518 in the presentation’s Q4 metric table), attributed to pricing, higher power densities, and interconnection attach.
- Portfolio scale snapshot: 280 data centers across 77 markets in 36 countries, with 35.6 million gross square feet (3.31 million gross square meters) and 96% renewable energy coverage (as stated in the presentation).
- Capacity and expansion: 52 major retail projects underway; 16 project openings in 14 metros called out in 2025; and ~3 GW of developable capacity supported by retail and xScale land under control.
- xScale status: 23 operational facilities across 13 metros, with 430+ MW leased; the broader xScale program is described as >$23 billion of total investment and ~2 GW of power capacity when fully built out.
- Financial posture: $7.2 billion of available liquidity and 3.8x net leverage ratio, plus recent debt issuance activity highlighted in the presentation.
“Equinix plays an essential role helping businesses connect and manage increasingly distributed AI, cloud and networking infrastructure. This is a source of long-term competitive advantage that positions us well to meet our customers’ greatest needs and create shareholder value.”
🌐 Analysis: Equinix’s guidance leans heavily on interconnection density and multi-region customer behavior—metrics the company explicitly tracks (interconnections, churn, MRR per cabinet)—as enterprises spread AI workloads across clouds, metros, and on-ramps. The capex profile (including large non-recurring spend and the xScale roadmap) also underscores how competition among global colocation and hyperscale-capacity platforms increasingly hinges on powered land, delivery velocity, and the ability to interconnect ecosystems at scale