Equinix
ConvictionModerate
Carrier-neutral colocation + interconnection: recurring rent on cabinets/space/power plus high-margin interconnection fees; capital-intensive owned-and-leased facilities financed as a REIT (dividend-paying, AFFO-driven), with a hyperscale JV arm (xScale) built off-balance-sheet via partner capital.
Revenue
$9.217B FY2025$2.444B Q1 FY26; FY26 guide $10.144-$10.244BRev growth
+5% as-reported / +6% normalized cc FY2025+10% as-reported / +8% normalized cc Q1 FY26 YoY; FY26 guide +10-11%Gross margin
~51.4%Q1 FY26, gross profit $1.258B / revenue $2.444BOp margin
~23.6%Q1 FY26 op income $577M); ~20% FY2025 ($1.848B / $9.217BCapex intensity
High: ~$4.1B total capex FY26 guide on ~$10.2B revenue~40%), overwhelmingly growth/expansion; recurring maintenance capex ~3% of thatMarket cap
~$106.6BJul 6 2026); traded ~$720-$1,129 over the trailing 52 weeksThe read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence