Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Shrinking overhead, not the buildings, widened the margin
Revenue grew 11.0% while total costs grew 7.0%, and the margin gain came almost entirely from lower administrative spending.
For investorsWhat has to go right for bookings to become revenue
For foundersSelling the neighbours: how a network effect gets priced
Bookings grew 35% against revenue growth of 11.0%, so how fast powered space opens now matters more than demand.
Capital spending exceeded operating cash flow last full year, leaving free cash flow of -$400M, so bonds and joint-venture partners help fund growth.
Interconnection fees, earned when tenants link inside Equinix buildings, equal 25.5% of colocation revenue and deepen each site's pull.
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Business Lens describes Equinix from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
