AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Evidence
Our extensive global footprint spans 280 data centers, in 77 markets in 36 countries.
Business—global footprint · Filed 11/02/2026
With over 10,500 customers, including 2,000+ network service providers and a leading market share of cloud-on ramps, our position is unmatched in the industry.
Business—customer and network ecosystem · Filed 11/02/2026
Over our 27-year history, we have curated a diverse, industry-leading ecosystem of more than 500,000 interconnections.
Business—installed interconnections · Filed 11/02/2026
As more customers choose Equinix for high connectivity and performance reliability at the metro edge, it benefits their suppliers and business partners to colocate in the same data centers and connect directly with each other.
Business—customer and partner adjacency · Filed 29/07/2026
To date, the network neutrality of our IBX data centers and the variety of networks available to our customers has often been a competitive advantage for us.
Competition—historical network-neutrality advantage · Filed 29/07/2026
In certain of our markets, the limited number of carriers available reduces that advantage.
Competition—limited carrier availability · Filed 29/07/2026
As a result, we may need to adapt our key revenue-generating offerings and pricing to be competitive in those markets.
Competition—local offering and pricing adaptation · Filed 29/07/2026
In addition, certain network, cloud and content providers may seek to offer connectivity and interconnection through alternative models that bypass colocation environments, and increased customer adoption of these alternatives could reduce demand for our interconnection offerings.
Competition—alternative interconnection models · Filed 29/07/2026
In addition, if the market was to experience an event of excess data center capacity, capacity originally developed to serve wholesale or hyperscale requirements could be redirected toward the enterprise colocation markets in which we operate, increasing available supply and intensifying competition and pricing pressure in our core business.
Competition—potential redirected wholesale capacity · Filed 29/07/2026
The remaining performance obligations do not include variable consideration related to unsatisfied performance obligations such as the usage of metered power, service fees from xScale® data centers that are based on future events or actual costs incurred in the future, or any contracts that could be terminated without any significant penalties including the majority of interconnection revenues.
Revenue note—termination rights and remaining performance obligation exclusions · Filed 29/07/2026
Most of our revenue contracts have an initial term varying from one to five years, and thereafter automatically renew in one-year increments.
Revenue note—initial terms and automatic renewals · Filed 29/07/2026
Included in the remaining performance obligations are contracts that are either under the initial term or under one-year renewal periods.
Revenue note—contracts in renewal periods · Filed 29/07/2026
Actual amounts and timing of revenue recognition may differ from these estimates due to changes in actual deployment dates, contract modifications, scheduled price increases, renewals and/or terminations.
Revenue note—scheduled price increases and contract changes · Filed 29/07/2026
As power, not space, is a limiting factor in many of our IBX data centers, our ability to fully utilize the space in those IBX data centers may be impacted.
Risk—power as a capacity constraint · Filed 29/04/2026
We are currently experiencing permitting delays in most metros.
Risk—actual permitting delays · Filed 11/02/2026
•Added a record 9,700 net interconnections in the quarter, continuing to extend the company’s interconnection leadership
Q2 2026 results—net interconnection additions · Filed 29/07/2026
•an increase in orders from both our existing customers and new customers during the period.
2024 EMEA revenue discussion—existing and new customer orders · Filed 12/02/2025
These increases were partially offset by a decrease of $30 million in revenues from non-recurring services provided to our joint ventures and net power price decreases in response to the decreased cost of utilities, as noted below under cost of revenues.
2024 EMEA revenue discussion—utility-linked price decreases · Filed 12/02/2025
These increases were partially offset by net power price decreases in response to the decreased cost of utilities, as noted below under cost of revenues.
2024 Asia-Pacific revenue discussion—utility-linked price decreases · Filed 12/02/2025
(in millions, except share and per share data)
(unaudited)
Three Months Ended
Six Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Recurring revenues
$
2,377
$
2,331
$
2,143
$
4,708
$
4,230
Non-recurring revenues
248
113
113
361
251
Revenues
2,625
2,444
2,256
5,069
4,481
Cost of revenues
1,230
1,186
1,084
2,416
2,168
Gross profit
1,395
1,258
1,172
2,653
2,313
Operating expenses:
Sales and marketing
Q2 2026 statements of operations—recurring revenue and gross profit comparisons · Filed 29/07/2026
Condensed Consolidated Statements of Operations
Q1 2026 statements of operations—revenue, gross profit and operating income comparisons · Filed 29/04/2026
1
Second-Quarter 2026 Results Summary
•Revenues
◦$2.625 billion, a 16% increase over the same quarter of the previous year on both an as-reported basis and a normalized and constant currency basis driven by strong underlying performance and one-time xScale® fees
•Operating Income
◦$665 million, a 35% increase over the same quarter of the previous year, primarily from strong underlying operating performance and the impact of one-time xScale fees
Q2 2026 results—revenue and operating income including one-time xScale fees · Filed 29/07/2026
We are experiencing an increase in our costs to procure power and supply chain issues globally.
Risk—actual power-cost and supply-chain pressure · Filed 11/02/2026
Depreciation, amortization and accretion
1,101
982
Stock-based compensation
273
240
Impairment charges
19
1
(Gain) loss on asset sales
(17)
—
Other operating activities
31
23
Changes in operating assets and liabilities:
Accounts receivable
(258)
(169)
Income taxes, net
(24)
(45)
Operating lease right-of-use assets
79
79
Operating lease liabilities
(77)
(71)
Accounts payable and accrued expenses
(80)
(149)
Other assets and liabilities
(155)
152
Net cash provided by operating activities
1,784
1,753
Cash flows from investing activities:
Purchases of equity investments
(264)
(48)
Distributions from equity investments
33
4
Purchases of short-term investments
(789)
(795)
Maturities and sales of short-term investments
1,054
450
Business acquisitions, net of cash acquired
—
(182)
Real estate acquisitions
(224)
(99)
Purchases of other property, plant and equipment
(2,834)
(1,739)
Proceeds from sale of assets, net of cash transferred
348
—
Settlement of foreign currency hedges
101
50
Investment in loan receivable
—
(45)
Net cash used in investing activities
(2,575)
(2,404)
Cash flows from financing activities:
First-half 2026 cash flows—operating cash generation and investment spending · Filed 29/07/2026
Proceeds from employee equity programs
49
50
Payment of dividends
(1,029)
(928)
Proceeds from public offering of common stock, net of issuance costs
—
99
Proceeds from senior notes, net of debt discounts
2,419
2,066
Repayment of finance lease liabilities
(89)
(72)
Repayment of other debt
(682)
(1)
Repayment of senior notes
(700)
—
Other financing activities
26
(8)
Net cash provided by (used in) financing activities
(6)
1,206
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash
(11)
53
Net increase (decrease) in cash, cash equivalents and restricted cash
(808)
608
Cash, cash equivalents and restricted cash at beginning of period
1,824
3,082
Cash, cash equivalents and restricted cash at end of period
$
1,016
$
3,690
Cash and cash equivalents
$
979
$
3,660
Current portion of restricted cash included in other current assets
1
5
Non-current portion of restricted cash included in other assets
36
25
Total cash, cash equivalents and restricted cash at end of period
$
1,016
$
3,690
See accompanying notes to condensed consolidated financial statements.
First-half 2026 cash flows—financing, dividends and cash balances · Filed 29/07/2026
Material Cash Commitments As of June 30, 2026, our principal commitments were primarily comprised of: •approximately $19.9 billion of principal from our senior notes (gross of debt issuance costs and debt discounts); •approximately $4.5 billion of interest on senior notes, mortgage payable, other loans payable and term loans, based on their respective interest rates and recognized over the life of these instruments, and the credit facility fee for the revolving credit facility; •$20 million of principal from our mortgage payable, other loans payable and term loans (gross of debt issuance costs and debt discounts); •approximately $5.0 billion of total lease payments, which represents lease payments under finance and operating lease arrangements, including renewal options that are reasonably certain to be exercised; 58 Table of Contents •approximately $6.1 billion of unaccrued capital expenditure contractual commitments, primarily for IBX equipment not yet delivered and labor not yet provided in connection with the work necessary to complete construction and open IBX data center expansion projects prior to making them available to customers for installation, the majority of which is payable within the next 12 months; and •approximately $2.1 billion of other non-capital purchase commitments, such as commitments to purchase power in select locations and other open purchase orders, which contractually bind us for goods, services or arrangements to be delivered or provided during the remainder of 2026 and beyond, the majority of which is payable within the next two years.
Liquidity—material cash commitments at June 30, 2026 · Filed 29/07/2026
Our AFFO per share (“AFFO/Share”) was $38.33 per share, a 9% increase over the previous year on both an as-reported basis and a normalized and constant currency basis.
Proxy—2025 AFFO per-share outcome · Filed 02/04/2026
In addition, we recorded an impairment charge of $160 million associated with the Equinix Metal Wind Down during the year ended December 31, 2024, as described in Note 17.
2024 results—Equinix Metal impairment · Filed 12/02/2025
Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share ("EPS") for the periods presented ($ in millions except per share data; share data in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net income
$
477
$
367
$
892
$
710
Net (income) loss attributable to non-controlling interests
2
1
2
1
Net income attributable to common stockholders
$
479
$
368
$
894
$
711
Weighted-average shares used to calculate basic EPS
98,641
97,835
98,516
97,674
Effect of dilutive securities:
Employee equity awards
495
215
415
294
Weighted-average shares used to calculate diluted EPS
99,136
98,050
98,931
97,968
EPS attributable to common stockholders:
Basic EPS
$
4.86
$
3.76
$
9.07
$
7.28
Diluted EPS
$
4.83
$
3.75
$
9.04
$
7.26
The following table sets forth potential shares of common stock that are not included in the diluted EPS calculation above because to do so would be anti-dilutive for the periods presented (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Common stock related to employee equity awards
2
219
108
145
Forward equity sale agreements
163
—
55
—
4.
Earnings per share note—first-half 2026 income and dilution · Filed 29/07/2026
31 Table of Contents EQUINIX, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) (Unaudited) Stock-Based Compensation For the six months ended June 30, 2026, the Talent, Culture and Compensation Committee and/or the Stock Awards Committee of our Board of Directors, as the case may be, granted an aggregate of 823,920 restricted stock units ("RSUs") to certain employees, including executive officers.
Stock-based compensation—actual first-half 2026 RSU grants · Filed 29/07/2026
These equity awards are subject to vesting provisions and have a weighted-average grant date fair value of $960.40 per share and a weighted-average requisite service period of 3.67 years.
Stock-based compensation—vesting and service requirements · Filed 29/07/2026
We use revenues and adjusted funds from operations ("AFFO") per share as the performance measurements in the RSUs with both service and performance conditions that were granted in the six months ended June 30, 2026.
Stock-based compensation—revenue and AFFO per-share performance metrics · Filed 29/07/2026
We used total shareholder return ("TSR") as the performance measurement in the RSUs with a service and market condition that were granted in the six months ended June 30, 2026.
Stock-based compensation—TSR performance metric · Filed 29/07/2026
31, 2025. The share numbers in this table represent the number of units that were earned based on actual TSR performance for this period which reflects a payout at 0% of the target level as determined by our Talent, Culture and Compensation Committee on Jan.
Proxy—actual zero payout on completed relative-TSR awards · Filed 02/04/2026
We use consistent one-year financial performance metrics across our annual and long-term incentives because in our highly recurring revenue business, strong short-term financial performance in year one creates a contracted revenue base for future years.
Proxy—one-year financial performance measurement · Filed 02/04/2026
Accordingly, the one-year performance period is followed by a two-year service period to encourage leadership retention and continued performance.
Proxy—subsequent two-year service period · Filed 02/04/2026
In 2024, we achieved an annual average operational PUE of 1.39, a 6% improvement from 2023, despite an expanded portfolio.
Operations—2024 power usage effectiveness improvement · Filed 11/02/2026
The activities under the Q4 2024 Restructuring Plan were completed by March 31, 2025 with no further costs expected to be incurred.
Restructuring—completed Q4 2024 plan · Filed 11/02/2026
With the exception of the Stock Award Committee, all committees consist entirely of independent directors.
Proxy—committee independence · Filed 02/04/2026
For the fiscal year, each of the incumbent directors attended or participated in at least 92% of the aggregate of (i) the total number of meetings of the Board and (ii) the total number of meetings held by all committees of the Board on which each such director served.
Proxy—actual director attendance · Filed 02/04/2026
Such provisions include: •ownership limitations and transfer restrictions relating to our stock that are intended to facilitate our compliance with certain REIT rules relating to share ownership; •authorization for the issuance of "blank check" preferred stock; •the prohibition of cumulative voting in the election of directors; •limits on the persons who may call special meetings of stockholders; •limits on stockholder action by written consent; and •advance notice requirements for nominations to the Board of Directors or for proposing matters that can be acted on by stockholders at stockholder meetings.
Governance risk—takeover and stockholder-action provisions · Filed 29/07/2026
On November 19, 2025, we received correspondence from the SEC indicating that the agency had concluded its investigation and does not intend to recommend an enforcement action.
Regulatory disclosure—SEC investigation closure · Filed 29/07/2026
The stockholder proposal related to lowering the stock ownership threshold required to call a special meeting was not approved.
May 2026 annual meeting results—special-meeting proposal rejected · Filed 15/05/2026
June 30, 2026
December 31, 2025
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
979
$
1,727
Short-term investments
1,245
1,500
Accounts receivable, net of allowance of $13 and $16
1,256
1,001
Other current assets
842
897
Total current assets
4,322
5,125
Property, plant and equipment, net
25,222
23,584
Operating lease right-of-use assets
1,296
1,392
Goodwill
5,912
5,984
Intangible assets, net
1,204
1,316
Other assets
3,120
2,740
Total assets
$
41,076
$
40,141
Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses
$
1,263
$
1,350
Accrued property, plant and equipment
723
564
Current portion of operating lease liabilities
156
155
Current portion of finance lease liabilities
176
168
Current portion of mortgage and loans payable
9
17
Current portion of senior notes
1,170
1,299
Other current liabilities
323
340
Total current liabilities
3,820
3,893
Operating lease liabilities, less current portion
1,211
1,304
Finance lease liabilities, less current portion
2,104
2,187
Mortgage and loans payable, less current portion
11
686
Senior notes, less current portion
18,519
16,910
Other liabilities
1,013
983
Total liabilities
26,678
25,963
Commitments and contingencies (Note 9)
filing-2: condensed consolidated balance sheets, June 30, 2026 and December 31, 2025 · Filed 29/07/2026
Material Cash Commitments As of June 30, 2026, our principal commitments were primarily comprised of: •approximately $19.9 billion of principal from our senior notes (gross of debt issuance costs and debt discounts); •approximately $4.5 billion of interest on senior notes, mortgage payable, other loans payable and term loans, based on their respective interest rates and recognized over the life of these instruments, and the credit facility fee for the revolving credit facility; •$20 million of principal from our mortgage payable, other loans payable and term loans (gross of debt issuance costs and debt discounts); •approximately $5.0 billion of total lease payments, which represents lease payments under finance and operating lease arrangements, including renewal options that are reasonably certain to be exercised; 58 Table of Contents •approximately $6.1 billion of unaccrued capital expenditure contractual commitments, primarily for IBX equipment not yet delivered and labor not yet provided in connection with the work necessary to complete construction and open IBX data center expansion projects prior to making them available to customers for installation, the majority of which is payable within the next 12 months; and •approximately $2.1 billion of other non-capital purchase commitments, such as commitments to purchase power in select locations and other open purchase orders, which contractually bind us for goods, services or arrangements to be delivered or provided during the remainder of 2026 and beyond, the majority of which is payable within the next two years.
filing-2: Material Cash Commitments, June 30, 2026 · Filed 29/07/2026
Depreciation, amortization and accretion
1,101
982
Stock-based compensation
273
240
Impairment charges
19
1
(Gain) loss on asset sales
(17)
—
Other operating activities
31
23
Changes in operating assets and liabilities:
Accounts receivable
(258)
(169)
Income taxes, net
(24)
(45)
Operating lease right-of-use assets
79
79
Operating lease liabilities
(77)
(71)
Accounts payable and accrued expenses
(80)
(149)
Other assets and liabilities
(155)
152
Net cash provided by operating activities
1,784
1,753
Cash flows from investing activities:
Purchases of equity investments
(264)
(48)
Distributions from equity investments
33
4
Purchases of short-term investments
(789)
(795)
Maturities and sales of short-term investments
1,054
450
Business acquisitions, net of cash acquired
—
(182)
Real estate acquisitions
(224)
(99)
Purchases of other property, plant and equipment
(2,834)
(1,739)
Proceeds from sale of assets, net of cash transferred
348
—
Settlement of foreign currency hedges
101
50
Investment in loan receivable
—
(45)
Net cash used in investing activities
(2,575)
(2,404)
Cash flows from financing activities:
filing-2: consolidated cash flows, six months ended June 30, 2026 and 2025, operating and investing activities · Filed 29/07/2026
Proceeds from employee equity programs
49
50
Payment of dividends
(1,029)
(928)
Proceeds from public offering of common stock, net of issuance costs
—
99
Proceeds from senior notes, net of debt discounts
2,419
2,066
Repayment of finance lease liabilities
(89)
(72)
Repayment of other debt
(682)
(1)
Repayment of senior notes
(700)
—
Other financing activities
26
(8)
Net cash provided by (used in) financing activities
(6)
1,206
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash
(11)
53
Net increase (decrease) in cash, cash equivalents and restricted cash
(808)
608
Cash, cash equivalents and restricted cash at beginning of period
1,824
3,082
Cash, cash equivalents and restricted cash at end of period
$
1,016
$
3,690
Cash and cash equivalents
$
979
$
3,660
Current portion of restricted cash included in other current assets
1
5
Non-current portion of restricted cash included in other assets
36
25
Total cash, cash equivalents and restricted cash at end of period
$
1,016
$
3,690
See accompanying notes to condensed consolidated financial statements.
filing-2: consolidated cash flows, six months ended June 30, 2026 and 2025, financing activities and restricted cash reconciliation · Filed 29/07/2026
•depreciation, amortization and accretion expense
•stock-based compensation expense
•restructuring and other exit charges, which primarily include employee severance, facility closure costs, lease or other contract termination costs and advisory fees related to the realignment of our management structure, operations or products and other exit activities
•impairment charges
•transaction costs
•gain or loss on asset sales
The following table presents a reconciliation of Adjusted EBITDA to net income (in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net income
$
477
$
367
$
892
$
710
Income tax expense
46
38
102
87
Interest income
(36)
(52)
(77)
(99)
Interest expense
151
135
299
257
Other (income) expense
28
7
27
(2)
(Gain) loss on debt extinguishment
(1)
(1)
(1)
(1)
Depreciation, amortization, and accretion expense
557
502
1,101
982
Stock-based compensation expense
145
127
273
240
Restructuring and other exit charges
6
2
12
12
Impairment charges
17
1
19
1
Transaction costs
3
3
11
9
(Gain) loss on asset sales
3
—
(17)
—
Adjusted EBITDA
$
1,396
$
1,129
$
2,641
$
2,196
Funds from Operations ("FFO") and AFFO
filing-2: net income to adjusted EBITDA reconciliation, dollars in millions · Filed 29/07/2026
The following tables present reconciliations of FFO and AFFO to net income (in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net income
$
477
$
367
$
892
$
710
Net (income) loss attributable to non-controlling interests
2
1
2
1
Net income attributable to common stockholders
479
368
894
711
Adjustments:
Real estate depreciation
361
312
712
609
(Gain) loss on disposition of real estate assets
3
1
(17)
1
Adjustments for FFO from unconsolidated joint ventures
11
8
23
15
FFO attributable to common stockholders
$
854
$
689
$
1,612
$
1,336
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
FFO attributable to common stockholders
$
854
$
689
$
1,612
$
1,336
Adjustments:
Installation revenue adjustment
8
8
16
10
Straight-line rent expense adjustment
(4)
5
—
8
Contract cost adjustment
(11)
(10)
(26)
(17)
Amortization of deferred financing costs and debt discounts
7
6
14
11
Stock-based compensation expense
145
127
273
240
Stock-based charitable contributions
3
3
3
3
Non-real estate depreciation expense
139
137
277
271
(Gain) loss on disposition of non-real estate assets
—
—
—
2
Amortization expense
51
50
103
98
Accretion expense adjustment
6
3
9
4
Recurring capital expenditures
(49)
(55)
(81)
(81)
(Gain) loss on debt extinguishment
(1)
(1)
(1)
(1)
Restructuring and other exit charges
6
2
12
12
Transaction costs
3
3
11
9
Impairment charges
17
1
19
1
Income tax expense adjustment
(8)
4
(8)
10
Adjustments for AFFO from unconsolidated joint ventures
2
—
—
3
AFFO attributable to common stockholders
$
1,168
$
972
$
2,233
$
1,919
56
Table of Contents
Constant Currency Presentation
filing-2: net income to FFO and AFFO reconciliations, dollars in millions · Filed 29/07/2026
Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share ("EPS") for the periods presented ($ in millions except per share data; share data in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net income
$
477
$
367
$
892
$
710
Net (income) loss attributable to non-controlling interests
2
1
2
1
Net income attributable to common stockholders
$
479
$
368
$
894
$
711
Weighted-average shares used to calculate basic EPS
98,641
97,835
98,516
97,674
Effect of dilutive securities:
Employee equity awards
495
215
415
294
Weighted-average shares used to calculate diluted EPS
99,136
98,050
98,931
97,968
EPS attributable to common stockholders:
Basic EPS
$
4.86
$
3.76
$
9.07
$
7.28
Diluted EPS
$
4.83
$
3.75
$
9.04
$
7.26
The following table sets forth potential shares of common stock that are not included in the diluted EPS calculation above because to do so would be anti-dilutive for the periods presented (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Common stock related to employee equity awards
2
219
108
145
Forward equity sale agreements
163
—
55
—
4.
filing-2: Earnings Per Share, six months and three months ended June 30, 2026 and 2025 · Filed 29/07/2026
(unaudited)
Years Ended December 31,
($ in millions except per share data; share data in thousands)
2025
2024
2023
AFFO attributable to common stockholders
$
3,761
$
3,356
$
3,019
AFFO per share
Basic
$
38.42
$
35.16
$
32.24
Diluted
$
38.33
$
35.02
$
32.11
Weighted average shares outstanding - basic
97,883
95,457
93,615
Weighted average shares outstanding - diluted (1)
98,123
95,827
94,009
(1) Reconciliation of weighted-average shares outstanding used in the calculation of diluted AFFO per share:
filing-3: annual AFFO per share and weighted-average shares, 2025–2023 · Filed 02/04/2026
(in millions, except share and per share data)
(unaudited)
Three Months Ended
Six Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Recurring revenues
$
2,377
$
2,331
$
2,143
$
4,708
$
4,230
Non-recurring revenues
248
113
113
361
251
Revenues
2,625
2,444
2,256
5,069
4,481
Cost of revenues
1,230
1,186
1,084
2,416
2,168
Gross profit
1,395
1,258
1,172
2,653
2,313
Operating expenses:
Sales and marketing
239
241
221
480
450
General and administrative
462
444
451
906
889
Restructuring and other exit charges
6
6
2
12
12
Transaction costs
3
8
3
11
9
Impairment charges
17
2
1
19
1
(Gain) loss on asset sales
3
(20)
—
(17)
—
Total operating expenses
730
681
678
filing-7: condensed consolidated statements of operations, recurring and non-recurring revenues · Filed 29/07/2026
Three Months Ended
Six Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Recurring revenues
$
2,377
$
2,331
$
2,143
$
4,708
$
4,230
Non-recurring revenues
248
113
113
361
251
Revenues (1)
2,625
2,444
2,256
5,069
4,481
Cash cost of revenues (2)
790
765
707
1,555
1,434
Cash gross profit (3)
1,835
1,679
1,549
3,514
3,047
Cash operating expenses (4):
Cash sales and marketing expenses
162
162
146
324
306
Cash general and administrative expenses
277
272
274
549
545
Total cash operating expenses (4)
439
434
420
873
851
Adjusted EBITDA (5)
$
1,396
$
1,245
$
1,129
$
2,641
$
2,196
Cash gross margins (6)
70
%
69
%
69
%
69
%
68
%
Adjusted EBITDA margins (7)
53
%
51
%
50
%
52
%
49
%
FFO (8)
$
854
$
758
$
689
$
1,612
$
1,336
AFFO (9)(10)
$
1,168
$
1,065
$
972
$
2,233
$
1,919
Basic FFO per share (11)
$
8.66
$
7.70
$
7.04
$
16.36
$
13.68
Diluted FFO per share (11)
$
8.61
$
7.68
$
7.03
$
16.29
$
13.64
Basic AFFO per share (11)
$
11.84
$
10.82
$
9.94
$
22.67
$
19.65
Diluted AFFO per share (11)
$
11.78
$
10.79
$
9.91
$
22.57
$
19.59
filing-7: quarterly and six-month operating results and FFO/AFFO per share · Filed 29/07/2026
◦$4.83 per share, a 29% increase over the same quarter of the previous year
•Adjusted EBITDA
◦$1.396 billion, a record adjusted EBITDA margin of 53%, representing a 24% increase over the same quarter of the previous year on an as-reported basis, or a 22% increase on a normalized and constant currency basis
•AFFO and AFFO per Share
◦$1.168 billion, a 20% increase over the same quarter of the previous year on an as-reported basis, or a 19% increase on a normalized and constant currency basis driven by strong operating performance and one-time xScale fees
filing-7: second-quarter 2026 results, contribution from one-time xScale fees · Filed 29/07/2026
AFFO is derived from Funds from Operations (FFO) calculated in accordance with the standards established by the National Association of Real Estate Investment Trusts.
filing-2: Nareit basis of FFO underlying issuer AFFO · Filed 29/07/2026
