Equinix

Playbook priorities are consistent: reinvest in high-return metro expansions and upgrade power density, scale interconnection-led services, and return cash via a growing dividend.

In 2026 guidance, total capex is about 4.1 billion dollars, with 280-300 million dollars recurring and the remainder growth, while maintaining AFFO growth and a raised outlook.

The xScale joint ventures deploy third-party capital for hyperscale capacity, preserving balance sheet flexibility for retail interconnection while still participating economically; management highlighted contributing the Hampton asset and a multi-year plan to deploy roughly 15 billion dollars with JV partners.

Equity has been issued opportunistically via a 2024 ATM program, and stock-based compensation is present but not outsized relative to market cap.

Dividends have grown for 11 consecutive years since REIT conversion, raised 10 percent in 2026. Watch items: ensure ROI thresholds on growth capex remain high amid AI enthusiasm and that JV structures do not dilute long-term returns.