At a glance
- Revenue was $2.571 billion, up 11%.
- Operating income rose 27% to $600 million and adjusted EBITDA rose 15% to $1.321 billion.
- For allocators underwriting the build, the presold share sets the near-term revenue test: Equinix must lease the remaining cabinets against a delivery plan that now overshoots by nearly 40%.
Equinix reported record annualized gross bookings of $533 million in the third quarter, up 35% from a year earlier, and raised full-year 2026 guidance for the third consecutive quarter. Revenue was $2.571 billion, up 11%.
Bookings grew three times faster than revenue
Annualized gross bookings and quarterly results, change vs. Q3 2025
Operating income rose 27% to $600 million and adjusted EBITDA rose 15% to $1.321 billion. Equinix said it has significantly increased the number of cabinets it plans to deliver in the second half of 2026 and expects to exceed its retail capacity plan for the full year by nearly 40%. More than 13,000 cabinets are scheduled for the fourth quarter, which the company describes as its highest quarter of delivery on record. More than 20% of that fourth-quarter capacity is presold, and 15% of the retail capacity coming online in 2027 is presold.
For allocators underwriting the build, the presold share sets the near-term revenue test: Equinix must lease the remaining cabinets against a delivery plan that now overshoots by nearly 40%.
Little of the new build is already leased
Share of planned capacity presold, as disclosed on the Q3 2026 call
Q4 2026 cabinets
>20%
2027 retail capacity
15%
The remainder must be leased against a delivery plan running nearly 40% above the full-year retail capacity plan.
Adaire Fox-Martin put developable capacity at 3GW, including projects in progress, with about 80% in Equinix's top 25 metros and land, power and permitting largely secured. The atNorth transaction completed in the quarter with CPP Investments brings an active development pipeline of 800MW due online over the next five years, plus a further 1GW of expansion opportunity.
"Capacity isn't simply a numbers game," Fox-Martin said on the earnings call. "A megawatt in a major interconnection hub is worth more than one elsewhere." New retail builds are generally sized at 60MW or less, she said, substantially smaller than the large-scale campuses drawing the most regulatory attention, and she noted that Equinix does not depend on any single build to meet its growth objectives. atNorth's Espoo addition, built under a €100 million Skanska contract, is due for completion in the third quarter of 2027, as Private Wealth Daily previously reported.
A megawatt in a major interconnection hub is worth more than one elsewhere.Adaire Fox-Martin, chief executive and president of Equinix
No single client accounts for more than 2.5% of total revenue, Fox-Martin said, meaning results do not rest on any one customer, industry, geography or technology trend.
Reported by the Data centers & fiber desk from Data Center Dynamics and Private Wealth Daily archive. Published . Corrections