Equinix (EQIX) Q2 FY2026 earnings: revenue $2.6 billion, up 16.4% on the year

Equinix Inc. (EQIX) reported revenue of $2.6 billion for Q2 FY2026, the quarter ended 30 June 2026, up 16.4% on the same quarter a year earlier. Net income was $479 million, up 30.2% on the year, and diluted earnings per share $4.83. The figures are the company's own, from the 10-Q it filed with the SEC on 29 July 2026.

Revenue

$2.6 billion

+16.4% on the year · +7.4% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

25.3%

21.9% a year earlier

Q3 FY2024Q2 FY2026

Net income

$479 million

+30.2% on the year · +15.4% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$4.83

+28.8% on the year · +15.0% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 12 raised, 3 new.

Revenue grew 16% including xScale fees: Revenues were $2.625 billion, against $2.444 billion in the first quarter, with recurring revenues of $2.377 billion and non-recurring revenues of $248 million, which included one-time xScale fees.
Adjusted EBITDA margin reached 53%: Adjusted EBITDA was $1.396 billion, a record 53% margin, up from 50% a year earlier, and up 24% as reported or 22% on a normalized and constant currency basis.
AFFO rose 20% to $1.168 billion: AFFO was $1.168 billion, up 20% as reported or 19% normalized and constant currency, which management linked to operating performance and one-time xScale fees.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	2,625	2,444	2,256	+7.4%	+16.4%
Cost of revenue	1,230	1,186	1,084	+3.7%	+13.5%
Gross profit	1,395	1,258	1,172	+10.9%	+19.0%
Gross margin	53.1%	51.5%	52.0%
Operating income	665	577	494	+15.3%	+34.6%
Operating margin	25.3%	23.6%	21.9%
Interest expense	151	148	135	+2.0%	+11.9%
Pre-tax income	523	471	405	+11.0%	+29.1%
Income tax	46.0	56.0	38.0	-17.9%	+21.1%
Effective tax rate	8.8%	11.9%	9.4%
Net income	479	415	368	+15.4%	+30.2%
Net margin	18.2%	17.0%	16.3%
Diluted EPS	$4.83	$4.20	$3.75	+15.0%	+28.8%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	1,067	717	944	+48.8%	+13.0%
Capital expenditure	1,578	1,256	989	+25.6%	+59.6%
Free cash flow	-511	-539	-45.0
Free cash flow margin	-19.5%	-22.1%	-2.0%
Cash from investing	-1,116	-1,459	-1,440
Cash from financing	-355	349	1,191
Depreciation and amortisation	551	541	499	+1.8%	+10.4%
Share-based compensation	145	128	127	+13.3%	+14.2%
Dividends paid	510	519	460	-1.7%	+10.9%
Dividend per share	$5.16	$5.16	$4.69	0.0%	+10.0%
Diluted shares, weighted	99m	99m	98m	+0.4%	+1.1%
Shares outstanding at period end	99m	99m	98m	+0.0%	+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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	14,382	14,298	14,084	+0.6%	+2.1%
Non-controlling interest	-9.0	-3.0	-2.0
Debt	19,873	19,785	18,073	+0.4%	+10.0%
Operating lease liabilities	1,211	1,256	1,378	-3.6%	-12.1%
Finance lease liabilities	2,104	2,126	2,169	-1.0%	-3.0%
Other liabilities	3,515	3,436	3,147	+2.3%	+11.7%
Total liabilities and equity	41,076	40,898	38,849	+0.4%	+5.7%
Fixed assets	25,222	24,169	21,207	+4.4%	+18.9%
Goodwill	5,912	5,931	5,982	-0.3%	-1.2%
Intangible assets	1,204	1,258	1,389	-4.3%	-13.3%
Investments	1,245	1,692	872	-26.4%	+42.8%
Cash and equivalents	979	1,362	3,660	-28.1%	-73.3%
Receivables	1,256	1,108	1,137	+13.4%	+10.5%
Other assets	5,258	5,378	4,602	-2.2%	+14.3%
Total assets	41,076	40,898	38,849	+0.4%	+5.7%

Questions

What was Equinix's revenue in Q2 FY2026?

Equinix (EQIX) reported revenue of $2.6 billion for Q2 FY2026, the quarter ended 30 June 2026, up 16.4% on the same quarter a year earlier.

How much did Equinix earn in Q2 FY2026?

Net income for Q2 FY2026 was $479 million, up 30.2% on the year, and diluted earnings per share $4.83.

When did Equinix report Q2 FY2026 results?

Equinix filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 29 July 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 30 June 2026, filed 29 July 2026: the filing.