Equinix

Balance sheet and liquidity are solid for a growth REIT. As of March 31, 2026, total indebtedness including finance leases was about 22.1 billion dollars, cash and short-term investments were about 3.1 billion dollars, shares outstanding were 98.6 million, and the company had an undrawn 4.0 billion dollar revolver.

Net cash from operations was 717 million dollars in Q1 2026. Moody’s upgraded senior unsecured ratings to Baa1 in March 2026. Q1 free cash flow was negative due to heavy growth capex, which is typical at this phase, but AFFO comfortably covered the dividend and management guided to 12-14 percent AFFO growth for 2026 with an adjusted EBITDA margin near 51 percent.

The quarterly dividend was increased to 5.16 dollars per share in February 2026. Interest expense is rising as new notes are issued and legacy maturities ladder in a higher-rate regime, and substantial multi-year capex commitments require continued access to capital, but overall leverage appears manageable for the asset quality and cash generation.