EQUINIX INC

Previous wording

Global enterprises, service providers and business ecosystems of industry partners rely on our IBX data centers and expertise around the world for the safe housing of their critical IT equipment and to protect and connect the world's most valued information assets. They also look to Equinix for the ability to directly and securely interconnect to the networks, clouds and content that enable today's information-driven global digital economy. Our recent IBX data center openings and acquisitions, as well as xScale TM data center investments, have expanded our total global footprint to 282 data centers, including 23 xScale data centers and the MC1 and SN1 data centers that are held in unconsolidated joint ventures, across 77 markets around the world. We offer the following solutions:

Current wording

Global enterprises, service providers and business ecosystems of industry partners rely on our IBX data centers and expertise around the world for the safe housing of their critical IT equipment and to protect and connect the world's most valued information assets. They also look to Equinix for the ability to directly and securely interconnect to the networks, clouds and content that enable today's information-driven global digital economy. Our recent IBX data center openings and acquisitions, as well as xScale TM data center investments, have expanded our total global footprint to 282 data centers, including 24 xScale data centers and the MC1 and SN1 data centers that are held in unconsolidated joint ventures, across 77 markets around the world. We offer the following solutions:

Previous wording

Annualized Gross Bookings represents the annualized revenue impact of stated monthly recurring revenues ("MRR") on newly executed contracts with a term of 12 months or more, net of any MRR decreases from cancellations or terminations associated with the new contracts and adjusted for the impact of pricing changes on existing contracts. This measure excludes contracts for recurring revenue from our joint ventures and the impact of power price adjustments. This measure only includes contracts that we anticipate will start generating revenue within 90 days. During the three and six months ended June 30, 2026, we had total Annualized Gross Bookings of $424 million and $802 million, up 23% and 16% from the three and six months ended June 30, 2025, respectively. This growth reflects an increase in customer demand and in our ability to capture that demand across our global platform.

Current wording

Annualized Gross Bookings represents the annualized revenue impact of stated monthly recurring revenues ("MRR") on newly executed contracts with a term of 12 months or more, net of any MRR decreases from cancellations or terminations associated with the new contracts and adjusted for the impact of pricing changes on existing contracts. This measure excludes contracts for recurring revenue from our joint ventures and the impact of power price adjustments. This measure only includes contracts that we anticipate will start generating revenue within 90 days. During the three and nine months ended September 30, 2026, we had total Annualized Gross Bookings of $533 million and $1.3 billion, up 35% and 23% from the three and nine months ended September 30, 2025, respectively. This growth reflects an increase in customer demand and in our ability to capture that demand across our global platform.

Previous wording

To serve the needs of the growing hyperscale data center market, including the world's largest cloud service providers and increased demand driven in part by the adoption of AI, we continue to look at attractive opportunities to grow our market share and selectively improve our footprint and offerings. As was the case with our recent expansions and acquisitions, our expansion criteria will be dependent on a number of factors, including but not limited to demand from new and existing customers, power availability and capacity, quality of the design, access to networks, clouds and software partners, capacity availability in the current market location, amount of incremental investment required by us in the targeted property, automation capabilities, developer talent pool, lead-time to break even on a free cash flow basis and in-place customers. Like our recent expansions and acquisitions, the right combination of these factors may be attractive to us. In addition, to serve the growing hyperscale requirements, we have entered into joint venture partnership arrangements across our Americas, EMEA and Asia-Pacific regions to develop and operate xScale data centers. Depending on the circumstances, these transactions may require additional capital expenditures funded by upfront cash payments or through long-term financing arrangements in order to bring these properties up to our standards. Property expansion may be in the form of purchases of real property, long-term leasing arrangements or acquisitions. Future purchases, construction or acquisitions may be completed by us or with partners or potential customers to minimize the outlay of cash, which can be significant.

Current wording

To serve the needs of the growing data center market, including the world's largest cloud service providers and increased demand driven in part by the adoption of AI, we continue to look at attractive opportunities to grow our market share and selectively improve our footprint and offerings. As was the case with our recent expansions and acquisitions, our expansion criteria will be dependent on a number of factors, including but not limited to demand from new and existing customers, power availability and capacity, quality of the design, access to networks, clouds and software partners, capacity availability in the current market location, amount of incremental investment required by us in the targeted property, automation capabilities, developer talent pool, lead-time to break even on a free cash flow basis and in-place customers. Like our recent expansions and acquisitions, the right combination of these factors may be attractive to us. In addition, to serve the growing hyperscale requirements, we have entered into joint venture partnership arrangements across our Americas, EMEA and Asia-Pacific regions to develop and operate xScale data centers. Depending on the circumstances, these transactions may require additional capital expenditures funded by upfront cash payments or through long-term financing arrangements in order to bring these properties up to our standards. Property expansion may be in the form of purchases of real property, long-term leasing arrangements or acquisitions. Future purchases, construction or acquisitions may be completed by us or with partners or potential customers to minimize the outlay of cash, which can be significant.

Previous wording

Our business is primarily based on a recurring revenue model comprised of colocation, interconnection and managed infrastructure offerings. We consider these offerings recurring because our customers are generally billed on a fixed and recurring basis each month for the duration of their contract, which is generally one to five years in length and thereafter automatically renews in one-year increments. Our recurring revenues have comprised more than 90% of our total revenues during the past three years. In addition, during the past three years, more than 90% of our monthly recurring revenue bookings came from existing customers, contributing to our revenue growth. Our largest customer accounted for approximately 2% of our recurring revenues for the three and six months ended June 30, 2026 and 3% for the three and six months ended June 30, 2025. Our 50 largest customers accounted for approximately 36% of our recurring revenues for both the three and six months ended June 30, 2026 and 2025.

Current wording

Our business is primarily based on a recurring revenue model comprised of colocation, interconnection and managed infrastructure offerings. We consider these offerings recurring because our customers are generally billed on a fixed and recurring basis each month for the duration of their contract, which is generally one to five years in length and thereafter automatically renews in one-year increments. Our recurring revenues have comprised more than 90% of our total revenues during the past three years. In addition, during the past three years, more than 90% of our monthly recurring revenue bookings came from existing customers. Our largest customer accounted for approximately 2% of our recurring revenues for the three and nine months ended September 30, 2026 and 3% for the three and nine months ended September 30, 2025. Our 50 largest customers accounted for approximately 35% of our recurring revenues for the three and nine months ended September 30, 2026 and 36% for the three and nine months ended September 30, 2025.

Previous wording

•In the first half of 2026, we issued $2.4 billion of senior notes due between 2030 and 2035. The issuances were denominated in U.S. dollars and Canadian dollars and were translated at the exchange rates in effect on issuance. See Note 8 within the condensed consolidated financial statements.

Current wording

•In the first three quarters of 2026, we issued $5.4 billion of senior notes due between 2029 and 2036. The issuances were denominated in U.S. dollars and Canadian dollars and were translated at the exchange rates in effect on issuance. See Note 8 within the condensed consolidated financial statements.

Previous wording

Americas Revenues. During the three months ended June 30, 2026, Americas revenues increased by $247 million or 25% (24% on a constant currency basis). Growth in Americas revenues was primarily due to:

Current wording

Americas Revenues. During the three months ended September 30, 2026, Americas revenues increased by $113 million or 11% (10% on a constant currency basis). Growth in Americas revenues was primarily due to:

Previous wording

EMEA Revenues. During the three months ended June 30, 2026, EMEA revenues increased by $78 million or 10% (7% on a constant currency basis). Growth in EMEA revenues was primarily due to:

Current wording

EMEA Revenues. During the three months ended September 30, 2026, EMEA revenues increased by $94 million or 12% (11% on a constant currency basis). Growth in EMEA revenues was primarily due to:

Previous wording

Asia-Pacific Revenues. During the three months ended June 30, 2026, Asia-Pacific revenues increased by $44 million or 9% (9% on a constant currency basis). Increase in Asia-Pacific revenues was primarily due to:

Current wording

Asia-Pacific Revenues. During the three months ended September 30, 2026, Asia-Pacific revenues increased by $48 million or 10% (11% on a constant currency basis). Growth in Asia-Pacific revenues was primarily due to:

Previous wording

Americas Cost of Revenues. During the three months ended June 30, 2026, Americas cost of revenues increased by $74 million or 16% (15% on a constant currency basis). The increase in our Americas cost of revenues was primarily due to:

Current wording

Americas Cost of Revenues. During the three months ended September 30, 2026, Americas cost of revenues increased by $53 million or 11% (11% on a constant currency basis). The increase in our Americas cost of revenues was primarily due to:

Previous wording

•$19 million of higher depreciation expense driven by IBX data center expansions; and

Current wording

•$19 million of higher compensation costs;

Previous wording

EMEA Cost of Revenues. During the three months ended June 30, 2026, EMEA cost of revenues increased by $47 million or 12% (9% on a constant currency basis). The increase in our EMEA cost of revenues was primarily due to:

Current wording

EMEA Cost of Revenues. During the three months ended September 30, 2026, EMEA cost of revenues increased by $32 million or 8% (7% on a constant currency basis). The increase in our EMEA cost of revenues was primarily due to:

Previous wording

•$13 million of higher utilities expense, primarily driven by increases in power costs; and

Current wording

•$13 million of higher compensation costs; and

Previous wording

The remainder of the increase was driven by higher costs to provide non-recurring services, consulting costs and property taxes.

Current wording

The remainder of the increase was driven by higher costs across various categories.

Previous wording

Asia-Pacific Cost of Revenues. During the three months ended June 30, 2026, Asia-Pacific cost of revenues increased by $25 million or 10% (10% on a constant currency basis) primarily due to $14 million of higher depreciation expense driven by IBX data expansions. The remainder of the increase was driven by higher compensation costs and utilities expense.

Current wording

Asia-Pacific Cost of Revenues. During the three months ended September 30, 2026, Asia-Pacific cost of revenues increased by $30 million or 12% (13% on a constant currency basis) primarily due to $13 million of higher depreciation expense driven by IBX data expansions. The remainder of the increase was driven by higher costs across various categories.

Previous wording

Americas General and Administrative Expenses. During the six months ended June 30, 2026, Americas general and administrative expenses increased by $13 million or 2% (1% on a constant currency basis). The increase in our Americas general and administrative expenses was primarily due to $11 million of higher compensation costs and office expenses, substantially offset by lower depreciation expense.

Current wording

Americas General and Administrative Expenses. During the three months ended September 30, 2026, Americas general and administrative expenses decreased by $21 million or 6% (6% on a constant currency basis). The decrease in our Americas general and administrative expenses was primarily due to lower depreciation expense.

Previous wording

Impairment Charges. During the three months ended June 30, 2026, we recorded impairment charges of $17 million related to unrecoverable expenditures on a previously impaired asset. We did not record a significant amount of impairment charges during the three months ended June 30, 2025.

Current wording

Impairment Charges. We did not record a significant amount of impairment charges during the three months ended September 30, 2026 and 2025.

Previous wording

Income from Operations. Our income from operations increased by $171 million or 35% during the three months ended June 30, 2026 as compared to the same period in 2025. This increase is driven by the factors described above.

Current wording

Income from Operations. Our income from operations increased by $126 million or 27% during the three months ended September 30, 2026 as compared to the same period in 2025. This increase is driven by the factors described above.

Previous wording

Interest Expense. Interest expense increased to $151 million for the three months ended June 30, 2026 from $135 million for the three months ended June 30, 2025. The increase was primarily due to the issuance of senior notes in 2026 and 2025.

Current wording

Interest Expense. Interest expense increased to $163 million for the three months ended September 30, 2026 from $128 million for the three months ended September 30, 2025. The increase was primarily due to the issuance of senior notes in 2026 and 2025.

Previous wording

During the three months ended June 30, 2026 and 2025, we capitalized $38 million and $14 million, respectively, of interest expense to construction in progress. See Note 8 within the condensed consolidated financial statements.

Current wording

During the three months ended September 30, 2026 and 2025, we capitalized $50 million and $26 million, respectively, of interest expense to construction in progress. See Note 8 within the condensed consolidated financial statements.

Previous wording

Other Income or Expense. We recorded net other expense of $28 million during the three months ended June 30, 2026, primarily related to our equity method investments. See Note 4 within the condensed consolidated financial statements. We did not record a significant amount of other income or expense during the three months ended June 30, 2025.

Current wording

Other Income or Expense. We recorded net other income of $54 million during the three months ended September 30, 2026, primarily related to compensation earned as part of the agreed terms of the atNorth Joint Venture transaction. We did not record a significant amount of other income or expense during the three months ended September 30, 2025. See Note 4 within the condensed consolidated financial statements for additional information related to the atNorth Joint Venture.

Previous wording

Net Income. Our net income increased by $110 million or 30% in the three months ended June 30, 2026 as compared to the same period in 2025. This increase is driven by the factors described above.

Current wording

Net Income. Our net income increased by $115 million or 31% in the three months ended September 30, 2026 as compared to the same period in 2025. This increase is driven by the factors described above.

Previous wording

Americas Adjusted EBITDA. During the three months ended June 30, 2026, Americas adjusted EBITDA increased by $175 million or 38% (37% on a constant currency basis), primarily due to higher revenues, as described above, supported by operating expense management.

Current wording

Americas Adjusted EBITDA. During the three months ended September 30, 2026, Americas adjusted EBITDA increased by $71 million or 15% (14% on a constant currency basis), primarily due to higher revenues, as described above, supported by operating expense management.

Previous wording

EMEA Adjusted EBITDA. During the three months ended June 30, 2026, EMEA adjusted EBITDA increased by $57 million or 14% (11% on a constant currency basis), primarily due to higher revenues, as described above, supported by operating expense management.

Current wording

EMEA Adjusted EBITDA. During the three months ended September 30, 2026, EMEA adjusted EBITDA increased by $72 million or 19% (16% on a constant currency basis), primarily due to higher revenues, as described above, supported by operating expense management.

Previous wording

Asia-Pacific Adjusted EBITDA. During the three months ended June 30, 2026, Asia-Pacific adjusted EBITDA increased by $35 million or 13% (13% on a constant currency basis), primarily due to higher revenues, as described above, supported by operating expense management.

Current wording

Asia-Pacific Adjusted EBITDA. During the three months ended September 30, 2026, Asia-Pacific adjusted EBITDA increased by $30 million or 11% (12% on a constant currency basis), primarily due to higher revenues, as described above, supported by operating expense management.

Previous wording

Revenues. Our revenues for the six months ended June 30, 2026 and 2025 were generated from the following revenue classifications and geographic regions ($ in millions):

Current wording

Revenues. Our revenues for the nine months ended September 30, 2026 and 2025 were generated from the following revenue classifications and geographic regions ($ in millions):

Previous wording

Americas Revenues. During the six months ended June 30, 2026, Americas revenues increased by $337 million or 17% (16% on a constant currency basis). Growth in Americas revenues was primarily due to:

Current wording

Americas Revenues. During the nine months ended September 30, 2026, Americas revenues increased by $450 million or 15% (14% on a constant currency basis). Growth in Americas revenues was primarily due to:

Previous wording

•$124 million of incremental revenues from non-recurring services provided to our joint ventures;

Current wording

•$116 million of incremental revenues from non-recurring services provided to our joint ventures; and

Previous wording

EMEA Revenues. During the six months ended June 30, 2026, EMEA revenues increased by $162 million or 11% (6% on a constant currency basis). Growth in EMEA revenues was primarily due to:

Current wording

EMEA Revenues. During the nine months ended September 30, 2026, EMEA revenues increased by $256 million or 11% (8% on a constant currency basis). Growth in EMEA revenues was primarily due to:

Previous wording

Asia-Pacific Revenues. During the six months ended June 30, 2026, Asia-Pacific revenues increased by $89 million or 9% (7% on a constant currency basis). Growth in Asia-Pacific revenues was primarily due to:

Current wording

Asia-Pacific Revenues. During the nine months ended September 30, 2026, Asia-Pacific revenues increased by $137 million or 9% (8% on a constant currency basis). Growth in Asia-Pacific revenues was primarily due to:

Previous wording

Cost of Revenues. Our cost of revenues for the six months ended June 30, 2026 and 2025 by geographic regions was as follows ($ in millions):

Current wording

Cost of Revenues. Our cost of revenues for the nine months ended September 30, 2026 and 2025 by geographic regions was as follows ($ in millions):

Previous wording

Americas Cost of Revenues. During the six months ended June 30, 2026, Americas cost of revenues increased by $106 million or 12% (10% on a constant currency basis). The increase in our Americas cost of revenues was primarily due to:

Current wording

Americas Cost of Revenues. During the nine months ended September 30, 2026, Americas cost of revenues increased by $159 million or 12% (10% on a constant currency basis). The increase in our Americas cost of revenues was primarily due to:

Previous wording

•$26 million of higher utilities expense, driven by increases in power costs and higher utility usage; and

Current wording

•$43 million of higher utilities expense, driven by increases in power prices and higher utility usage;

Previous wording

•$11 million of higher consulting costs.

Current wording

•$13 million of higher consulting costs; and

Previous wording

The increase was offset by lower costs to provide non-recurring services.

Current wording

The increase was partially offset by lower costs to provide non-recurring services.

Previous wording

EMEA Cost of Revenues. During the six months ended June 30, 2026, EMEA cost of revenues increased by $98 million or 13% (8% on a constant currency basis). The increase in our EMEA cost of revenues was primarily due to:

Current wording

EMEA Cost of Revenues. During the nine months ended September 30, 2026, EMEA cost of revenues increased by $130 million or 11% (7% on a constant currency basis). The increase in our EMEA cost of revenues was primarily due to:

Previous wording

The remainder of the increase was driven by higher costs across various categories including repairs and maintenance and consulting costs, offset by lower property taxes.

Current wording

The remainder of the increase was driven by higher costs across various categories including repairs and maintenance and consulting costs.

Previous wording

Asia-Pacific Cost of Revenues. During the six months ended June 30, 2026, Asia-Pacific cost of revenues increased by $44 million or 9% (7% on a constant currency basis). The increase in our Asia-Pacific cost of revenues was primarily due to:

Current wording

Asia-Pacific Cost of Revenues. During the nine months ended September 30, 2026, Asia-Pacific cost of revenues increased by $74 million or 10% (9% on a constant currency basis). The increase in our Asia-Pacific cost of revenues was primarily due to:

Previous wording

•approximately $16 million of incremental revenues generated from IBX data center expansion projects which were completed within the twelve months ended June 30, 2026; and

Current wording

•$16 million of higher utilities expense, primarily driven by increases in power prices.

Previous wording

The remainder of the increase was driven by higher property taxes, offset by lower costs to provide non-recurring services.

Current wording

The increase was partially offset by lower costs to provide non-recurring services.

Previous wording

Sales and Marketing Expenses. Our sales and marketing expenses for the six months ended June 30, 2026 and 2025 by geographic regions were as follows ($ in millions):

Current wording

Sales and Marketing Expenses. Our sales and marketing expenses for the nine months ended September 30, 2026 and 2025 by geographic regions were as follows ($ in millions):