Equinix (EQIX) 3Q26 Preview: Inter-connecting the dots

We expect EQIX's 3Q26 results to be positive and largely expected, with potential upside from delivery acceleration; anticipated upside from pricing actions and leasing activity is more likely to emerge in 4Q26 or early FY27. We love EQIX's interconnection moat and are not alone in thinking it is undermonetized. Fabric One, recently rolled out with the goal of simplifying and accelerating network provisioning, builds on the interconnect moat and could create a strong, high-margin flywheel. Per EQIX's delivery schedule, the company is set to deliver more cabinets sequentially, though any corresponding booking bump may be muted as EQIX holds to its mid-20% yield targets by relying on phased lease-ups. The pricing environment for data center capacity remains attractive;