Quarterly guidance

Monthly recurring revenue growth
10% to 11% year-over-year
Total revenue growth
12% to 13% year-over-year

Annual guidance

Total revenue
Raised by $100 million to approximately 12% growth year-over-year
Monthly recurring revenue
Raised to a range of 10% to 11% growth year-over-year
Adjusted EBITDA
Raised by $70 million to a margin of approximately 51%
AFFO
Raised by $90 million, including a $31 million contribution from atNorth
AFFO per share
Guided to $0.92, representing 11% to 12% growth year-over-year
Capital expenditures
Expected to be $5 billion to $6 billion, excluding real estate acquisitions and scale

Outlook

Demand durability
Demand remains strong, broad-based, and durable across traditional and AI-related infrastructure workloads with no single customer accounting for more than 2.5% of revenue.
Pricing environment
Management expects durable pricing strength to continue as new deal pricing was up 12% year-over-year and renewal spreads create opportunities for installed base mark-to-market adjustments.
Capacity expansion
Equinix expects to exceed its retail capacity plan for the full year by nearly 40%, delivering over 13,000 cabinets in the fourth quarter with strong presales for 2027.
Balance sheet strength
The company maintains a low 4.1x net leverage and $9.1 billion of available liquidity, enabling it to fund growth while preserving investment-grade credit ratings.