Analyst Consensus ?
ConsensusBuy52 ratings
Bullish3975.0%
Neutral1223.1%
Bearish11.9%
Equinix, Inc. · EQIX · FY2025 Q4 · Calendar Q1 2026
Equinix raises 2026 outlook as AI demand drives record bookings
The current analysis supports a constructive operating thesis for Equinix: AI workloads, interconnection demand and disciplined pricing are supporting growth, while raised 2026 guidance and continued capacity investment reinforce the trajectory. The thesis remains dependent on sustained AI demand and effective execution against expansion and churn risks.
Reported After market closeNASDAQReal Estate
$99.89B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.70
Consensus $3.71
EPS surprise
-27.2%
Reported versus consensus
Reported revenue
$2.42B
Consensus $2.46B
Revenue surprise
-1.6%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+10.4%
Event window
SPY move
-1.5%
Same window
Abnormal move
+12.0%
Stock minus SPY
Volume
5.0×
Versus trailing sessions
Subsequent drift
+1.3%
Up to 20 sessions
EQIXSPY benchmark
Ask FN2 about EQIX FY2025 Q4
Transcript, numbers and history already loaded
Why did EQIX rise 10.4% after missing EPS estimates in FY2025 Q4?What changed in EQIX's guidance and outlook in FY2025 Q4?Give me the bull and bear case for EQIX after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior analysis, the growth signal strengthened: Q4 2025 set records in bookings, cabinets and interconnections, AI workloads represented about 60% of the largest deals, and management raised its 2026 outlook. The investment program also advanced through Hampton xScale expansion, 52 planned major projects and additional powered land.
Guidance delta
Management raised 2026 expectations to 9–10% revenue growth, about a 51% adjusted EBITDA margin and 8–10% AFFO-per-share growth.
Key takeaways
- AI workloads represented about 60% of the largest deals, including substantial non-cloud enterprise demand.
- Management cited record bookings, interconnections and cabinet additions in Q4 2025.
- Expansion plans span retail and xScale projects, including the Hampton facility and new powered land.
- The main counterweight is execution: sustaining demand while funding capacity and managing churn.
Management priorities
- Lease and expand the Hampton xScale facility.
- Execute 52 major retail projects across 35 markets, including nine xScale projects.
- Maintain disciplined pricing and pursue higher interconnection yields.
- Expand powered land and AI-ready, low-latency connectivity capacity.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$1,012.33Previous close
$673Low
$1,028.06Average
$1,400High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 2, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| BTIG | Buy | Buy | Maintain | Sep 10, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Sep 8, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 18, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 5, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 31, 2026 |
| UBS | Buy | Buy | Maintain | Jul 30, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 30, 2026 |
| Stifel | Buy | Buy | Maintain | Jul 30, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jul 30, 2026 |
| Citigroup | Buy | Buy | Maintain | Jun 29, 2026 |
| Guggenheim | Buy | Buy | Maintain | May 20, 2026 |
| Mizuho | Outperform | Outperform | Maintain | May 7, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Apr 30, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 30, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Apr 30, 2026 |
| HSBC | Buy | Buy | Maintain | Apr 27, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Apr 21, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Apr 13, 2026 |
| Jefferies | Buy | Buy | Maintain | Feb 12, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Feb 12, 2026 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Jul 22, 2025 |
| B of A Securities | Buy | Buy | Maintain | Jun 26, 2025 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jun 9, 2025 |
| TD Securities | Buy | Buy | Maintain | May 1, 2025 |
| Oppenheimer | Outperform | Outperform | Maintain | Feb 13, 2025 |
| CFRA | Hold | Buy | Downgrade | Sep 24, 2024 |
| Deutsche Bank | Buy | Buy | Maintain | Aug 13, 2024 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Aug 3, 2023 |
| Argus Research | Buy | Buy | Maintain | May 18, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | May 4, 2023 |
| Exane BNP Paribas | Outperform | Outperform | Maintain | Dec 14, 2022 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | Dec 13, 2022 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jul 30, 2020 |
| Nomura | Buy | Buy | Maintain | Apr 17, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Feb 13, 2020 |
| FBN Securities | Outperform | Outperform | Maintain | Nov 4, 2019 |
| Mitsubishi UFJ | Overweight | Overweight | Maintain | Sep 10, 2019 |
| Berenberg | Buy | Buy | Maintain | Jan 8, 2019 |
| KeyBanc | Equal Weight | Sector Weight | Maintain | Oct 23, 2018 |
| Moffett Nathanson | Buy | Buy | Maintain | Apr 9, 2018 |
| Canaccord Genuity | Buy | Buy | Maintain | May 11, 2017 |
| Macquarie | Outperform | Outperform | Maintain | Apr 7, 2017 |
| Pacific Crest | Overweight | Overweight | Maintain | Nov 16, 2015 |
| Stephens & Co. | Equal Weight | Overweight | Downgrade | Jul 31, 2014 |
| Evercore Partners | Overweight | Overweight | Maintain | Apr 29, 2014 |
| PiperJaffray | Neutral | Overweight | Downgrade | Feb 20, 2014 |
| Piper Sandler | Neutral | Overweight | Downgrade | Feb 20, 2014 |
| Bank of America | Buy | Buy | Maintain | Aug 20, 2012 |
| Benchmark | Buy | Buy | Maintain | Jun 21, 2012 |
| Dougherty & Co. | Neutral | Buy | Downgrade | Mar 22, 2012 |
| Dougherty | Neutral | Neutral | Maintain | Mar 22, 2012 |
| Oxen Group | Sell | Sell | Maintain | Mar 14, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $1,012.33. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Redburn Partners | Alex Haissl | $1,261 | $1,021.34 | +24.6% | Sep 21, 2026 |
| BTIG | Thomas Catherwood | $1,240 | $1,043.06 | +22.5% | Sep 10, 2026 |
| Barclays | Analyst unavailable | $1,135 | $1,035.98 | +12.1% | Sep 8, 2026 |
| Evercore ISI | Analyst unavailable | $1,270 | $1,096.95 | +25.5% | Aug 18, 2026 |
| HSBC | Analyst unavailable | $1,400 | $1,073.78 | +38.3% | Aug 14, 2026 |
| RBC Capital | Analyst unavailable | $1,225 | $1,051.53 | +21.0% | Aug 5, 2026 |
| Deutsche Bank | Benjamin Soff | $1,270 | $1,019.29 | +25.5% | Aug 3, 2026 |
| UBS | John Hodulik | $1,265 | $1,052.56 | +25.0% | Jul 30, 2026 |
| Jefferies | Analyst unavailable | $1,340 | $1,054.63 | +32.4% | Jul 30, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $1,211 | $1,055.46 | +19.6% | Jul 30, 2026 |
| Scotiabank | Maher Yaghi | $1,208 | $1,008.02 | +19.3% | Jul 30, 2026 |
| Stifel Nicolaus | Analyst unavailable | $1,265 | $1,008.02 | +25.0% | Jul 30, 2026 |
| BTIG | Analyst unavailable | $1,210 | $1,034.87 | +19.5% | Jul 10, 2026 |
| Barclays | Analyst unavailable | $1,130 | $1,042.39 | +11.6% | Jul 1, 2026 |
| Deutsche Bank | Analyst unavailable | $1,207 | $1,073.68 | +19.2% | May 5, 2026 |
| Truist Financial | Analyst unavailable | $1,215 | $1,091.38 | +20.0% | May 1, 2026 |
| Scotiabank | Maher Yaghi | $1,120 | $1,074.48 | +10.6% | Apr 30, 2026 |
| Oppenheimer | Timothy Horan | $1,200 | $1,055 | +18.5% | Apr 30, 2026 |
| Evercore ISI | Analyst unavailable | $1,240 | $1,089.85 | +22.5% | Apr 28, 2026 |
| Guggenheim | Analyst unavailable | $1,235 | $1,108.89 | +22.0% | Apr 27, 2026 |
| HSBC | Analyst unavailable | $1,250 | $1,108.89 | +23.5% | Apr 27, 2026 |
| Wells Fargo | Analyst unavailable | $1,200 | $1,103.97 | +18.5% | Apr 21, 2026 |
| Barclays | Analyst unavailable | $1,109 | $1,052.98 | +9.5% | Apr 16, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $1,173 | $1,031.57 | +15.9% | Apr 9, 2026 |
| Morgan Stanley | Analyst unavailable | $1,075 | $961.68 | +6.2% | Feb 13, 2026 |
| Scotiabank | Maher Yaghi | $997 | $957.49 | -1.5% | Feb 12, 2026 |
| Stifel Nicolaus | Erik Rasmussen | $1,075 | $982.27 | +6.2% | Feb 12, 2026 |
| BMO Capital | Analyst unavailable | $1,050 | $978.61 | +3.7% | Feb 12, 2026 |
| Goldman Sachs | Michael Ng | $894 | $960.74 | -11.7% | Feb 12, 2026 |
| UBS | Analyst unavailable | $1,010 | $867.52 | -0.2% | Feb 12, 2026 |
| Guggenheim | Analyst unavailable | $985 | $867.52 | -2.7% | Feb 12, 2026 |
| Wells Fargo | Analyst unavailable | $975 | $867.52 | -3.7% | Feb 12, 2026 |
| HSBC | Analyst unavailable | $1,050 | $799.02 | +3.7% | Jan 15, 2026 |
| UBS | Analyst unavailable | $959 | $792.62 | -5.3% | Jan 14, 2026 |
| Barclays | Brendan Lynch | $870 | $793.57 | -14.1% | Jan 13, 2026 |
| Deutsche Bank | Analyst unavailable | $915 | $772.02 | -9.6% | Jan 6, 2026 |
| Goldman Sachs | Michael Ng | $795 | $747.88 | -21.5% | Dec 18, 2025 |
| Truist Financial | Anthony Hau | $973 | $779.17 | -3.9% | Nov 18, 2025 |
| BMO Capital | Ari Klein | $900 | $847.46 | -11.1% | Oct 30, 2025 |
| Daiwa | Analyst unavailable | $917 | $822 | -9.4% | Oct 22, 2025 |
| Truist Financial | Anthony Hau | $961 | $779.34 | -5.1% | Aug 7, 2025 |
| BMO Capital | Market Perform | $850 | $824.31 | -16.0% | Jun 26, 2025 |
| Wolfe Research | Andrew Rosivach | $978 | $831.05 | -3.4% | Mar 26, 2025 |
| RBC Capital | Jonathan Atkin | $1,025 | $973.57 | +1.3% | Dec 11, 2024 |
| CFRA | Kenneth Leon | $985 | $980.9 | -2.7% | Dec 3, 2024 |
| Truist Financial | Anthony Hau | $1,090 | $980.9 | +7.7% | Nov 29, 2024 |
| BMO Capital | Ari Klein | $1,020 | $910.22 | +0.8% | Oct 31, 2024 |
| HSBC | Phani Kanumuri | $1,000 | $876.22 | -1.2% | Oct 4, 2024 |
| BMO Capital | Ari Klein | $975 | $883 | -3.7% | Oct 1, 2024 |
| Stifel Nicolaus | Erik Rasmussen | $960 | $883 | -5.2% | Oct 1, 2024 |
| CFRA | Kenneth Leon | $900 | $877.48 | -11.1% | Sep 23, 2024 |
| Mizuho Securities | Omotayo Okusanya | $971 | $861.44 | -4.1% | Sep 12, 2024 |
| Argus Research | Marie Ferguson | $900 | $817.98 | -11.1% | Aug 28, 2024 |
| Truist Financial | Anthony Hau | $935 | $824 | -7.6% | Aug 21, 2024 |
| Wells Fargo | Eric Luebchow | $875 | $798.86 | -13.6% | Jul 23, 2024 |
| Mizuho Securities | Vikram Malhotra | $873 | $775.96 | -13.8% | Jul 10, 2024 |
| Goldman Sachs | James Schneider | $870 | $756.6 | -14.1% | Jul 1, 2024 |
| Stifel Nicolaus | Erik Rasmussen | $920 | $761.06 | -9.1% | Jun 6, 2024 |
| RBC Capital | Jonathan Atkin | $922 | $766.12 | -8.9% | May 28, 2024 |
| BMO Capital | Ari Klein | $965 | $811.64 | -4.7% | Mar 21, 2024 |
| Truist Financial | Anthony Hau | $815 | $766.48 | -19.5% | Jun 27, 2023 |
| Loop Capital Markets | Ari Klein | $870 | $785.79 | -14.1% | Jun 16, 2023 |
| BNP Paribas | Analyst unavailable | $886 | $715.55 | -12.5% | Dec 14, 2022 |
| Deutsche Bank | Analyst unavailable | $680 | $639.92 | -32.8% | Nov 17, 2022 |
| RBC Capital | Analyst unavailable | $720 | $660.6 | -28.9% | Nov 14, 2022 |
| Oppenheimer | Timothy Horan | $750 | $652.21 | -25.9% | Jul 28, 2022 |
| Goldman Sachs | Analyst unavailable | $765 | $647.31 | -24.4% | Jul 12, 2022 |
| Jefferies | Jonathan Petersen | $790 | $648.57 | -22.0% | Jul 11, 2022 |
| Argus Research | Jacob Kilstein | $700 | $651.79 | -30.9% | May 23, 2022 |
| Credit Suisse | Analyst unavailable | $718 | $740.64 | -29.1% | Apr 28, 2022 |
| Credit Suisse | Analyst unavailable | $714 | $745.41 | -29.5% | Apr 25, 2022 |
| Citigroup | Michael Rollins | $950 | $763 | -6.2% | Apr 3, 2022 |
| Credit Suisse | Sami Badri | $673 | $688.64 | -33.5% | Feb 17, 2022 |
| Wells Fargo | Eric Luebchow | $775 | $688.64 | -23.4% | Feb 17, 2022 |
| J.P. Morgan | Richard Choe | $860 | $688.64 | -15.0% | Feb 17, 2022 |
| Stifel Nicolaus | Erik Rasmussen | $825 | $688.64 | -18.5% | Feb 17, 2022 |
| Goldman Sachs | Brett Feldman | $840 | $688.64 | -17.0% | Feb 17, 2022 |
| UBS | John Hodulik | $845 | $688.64 | -16.5% | Feb 17, 2022 |
| Jefferies | Jonathan Petersen | $750 | $670.68 | -25.9% | Feb 16, 2022 |
| Raymond James | Frank Louthan | $950 | $797.26 | -6.2% | Nov 4, 2021 |
| Truist Financial | Gregory P Miller | $925 | $777.46 | -8.6% | Jul 29, 2021 |
Track every rating change on EQIX the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationEquinix, 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 economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI quickly, efficiently and everywhere. Equinix, Inc. was established on June 22, 1998 and is based in Redwood City, United States.
Historical context
All EQIX earningsLatest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the EQIX recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-10-02T06:36:08.397783+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-02T06:36:08.394911+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-02. For educational purposes only; not investment advice.