Equinix (EQIX) Q1 FY2026 earnings: revenue $2.4 billion, up 9.8% on the year

Equinix Inc. (EQIX) reported revenue of $2.4 billion for Q1 FY2026, the quarter ended 31 March 2026, up 9.8% on the same quarter a year earlier. Net income was $415 million, up 21.0% on the year, and diluted earnings per share $4.20. The figures are the company's own, from the 10-Q it filed with the SEC on 29 April 2026.

Revenue

$2.4 billion

+9.8% on the year · +1.0% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

23.6%

20.6% a year earlier

Q2 FY2024Q1 FY2026

Net income

$415 million

+21.0% on the year · +56.6% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$4.20

+20.0% on the year · +56.1% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 6 raised, 1 narrowed, 4 new, 1 kept.

Revenue grew 10% as reported: Revenue was $2.444 billion, up 10% as reported and 8% on a normalized and constant currency basis; recurring revenue was $2,331 million against $2,087 million a year earlier.
Bookings were the largest first quarter: The company booked $378 million of annualized gross bookings and about $140 million of annualized presales, described as the largest first-quarter annualized gross bookings in its history and a record backlog.
Hampton lease sits outside Q1: Q1 results exclude the xScale Hampton lease transaction. Adjusting for its timing, Q1 results were above the midpoint of the company's Q1 guidance ranges.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	2,444	2,420	2,225	+1.0%	+9.8%
Cost of revenue	1,186	1,198	1,084	-1.0%	+9.4%
Gross profit	1,258	1,222	1,141	+2.9%	+10.3%
Gross margin	51.5%	50.5%	51.3%
Operating income	577	422	458	+36.7%	+26.0%
Operating margin	23.6%	17.4%	20.6%
Interest expense	148	142	122	+4.2%	+21.3%
Pre-tax income	471	312	392	+51.0%	+20.2%
Income tax	56.0	48.0	49.0	+16.7%	+14.3%
Effective tax rate	11.9%	15.4%	12.5%
Net income	415	265	343	+56.6%	+21.0%
Net margin	17.0%	11.0%	15.4%
Diluted EPS	$4.20	$2.69	$3.50	+56.1%	+20.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	717	1,144	809	-37.3%	-11.4%
Capital expenditure	1,256	1,436	750	-12.5%	+67.5%
Free cash flow	-539	-292	59.0
Free cash flow margin	-22.1%	-12.1%	2.7%
Cash from investing	-1,459	-2,710	-964
Cash from financing	349	1,225	15.0	-71.5%	+2,226.7%
Depreciation and amortisation	541	542	479	-0.2%	+12.9%
Share-based compensation	128	128	113	0.0%	+13.3%
Dividends paid	519	461	468	+12.6%	+10.9%
Dividend per share	$5.16	$4.69	$4.69	+10.0%	+10.0%
Diluted shares, weighted	99m	98m	98m	+0.4%	+0.9%
Shares outstanding at period end	99m	98m	98m	+0.4%	+0.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	14,298	14,156	13,889	+1.0%	+2.9%
Non-controlling interest	-3.0	-3.0	-1.0
Debt	19,785	18,912	15,887	+4.6%	+24.5%
Operating lease liabilities	1,256	1,304	1,380	-3.7%	-9.0%
Finance lease liabilities	2,126	2,187	2,155	-2.8%	-1.3%
Other liabilities	3,436	3,585	2,769	-4.2%	+24.1%
Total liabilities and equity	40,898	40,141	36,079	+1.9%	+13.4%
Fixed assets	24,169	23,584	20,017	+2.5%	+20.7%
Goodwill	5,931	5,984	5,633	-0.9%	+5.3%
Intangible assets	1,258	1,316	1,388	-4.4%	-9.4%
Investments	1,692	1,500	723	+12.8%	+134.0%
Cash and equivalents	1,362	1,727	2,950	-21.1%	-53.8%
Receivables	1,108	1,001	1,089	+10.7%	+1.7%
Other assets	5,378	5,029	4,279	+6.9%	+25.7%
Total assets	40,898	40,141	36,079	+1.9%	+13.4%

Questions

What was Equinix's revenue in Q1 FY2026?

Equinix (EQIX) reported revenue of $2.4 billion for Q1 FY2026, the quarter ended 31 March 2026, up 9.8% on the same quarter a year earlier.

How much did Equinix earn in Q1 FY2026?

Net income for Q1 FY2026 was $415 million, up 21.0% on the year, and diluted earnings per share $4.20.

When did Equinix report Q1 FY2026 results?

Equinix filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 29 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,706	1,734	1,817	1,841	1,871	1,998	2,018	2,061	2,110	2,127	2,159	2,201	2,261	2,225	2,256	2,316	2,420	2,444	2,625	2,571
Cost of revenue	910	916	930	935	971	1,006	1,061	1,069	1,092	1,091	1,082	1,098	1,196	1,084	1,084	1,142	1,198	1,186	1,230	1,257
Gross profit	796	819	887	906	900	992	958	992	1,019	1,036	1,077	1,103	1,065	1,141	1,172	1,174	1,222	1,258	1,395	1,314
Gross margin	47%	47%	49%	49%	48%	50%	47%	48%	48%	49%	50%	50%	47%	51%	52%	51%	50%	51%	53%	51%
Operating income	250	267	318	333	282	384	332	380	346	364	436	425	103	458	494	474	422	577	665	600
Operating margin	15%	15%	17%	18%	15%	19%	16%	18%	16%	17%	20%	19%	5%	21%	22%	20%	17%	24%	25%	23%
Interest expense	80.2	80.0	90.8	91.3	94.2	97.0	100.0	101	103	104	110	117	126	122	135	128	142	148	151	163
Pre-tax income	165	180	225	246	178	314	244	296	270	277	348	350	0.0	392	405	399	312	471	523	537
Tax rate	25%	18%	4%	14%	27%	18%	15%	7%	16%	17%	14%	15%	n/a	12%	9%	6%	15%	12%	9%	9%
Net income	123	147	216	212	129	259	207	276	228	231	301	297	-14.0	343	368	374	265	415	479	489
Net margin	7%	9%	12%	12%	7%	13%	10%	13%	11%	11%	14%	13%	-1%	15%	16%	16%	11%	17%	18%	19%
Diluted EPS	$1.35	$1.62	$2.37	$2.30	$1.39	$2.77	$2.21	$2.93	$2.40	$2.43	$3.16	$3.10	-$0.14	$3.50	$3.75	$3.81	$2.69	$4.20	$4.83	$4.93
Operating cash flow	892	581	802	820	760	691	741	785	999	598	912	758	981	809	944	1,014	1,144	717	1,067	1,243
Capital expenditure	817	413	485	553	828	530	638	618	996	707	648	724	987	750	989	1,136	1,436	1,256	1,578	1,558
Free cash flow	74.7	169	317	268	-67.7	162	103	168	3.0	-109	264	34.0	-6.0	59.0	-45.0	-122	-292	-539	-511	-315
Dividends paid	259	290	283	291	288	326	320	325	403	412	405	413	413	468	460	467	461	519	510	518
Shares outstanding	91m	91m	91m	93m	93m	94m	94m	94m	94m	95m	95m	96m	97m	98m	98m	98m	98m	99m	99m	99m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 29 April 2026: the filing.