Equinix Inc. (EQIX) 3Q26 Review: Strong bookings, pricing power; raised guidance

EQIX 3Q26 bookings beat, with recurring revenue and EBITDA largely in-line. Annualized gross bookings were a record $533 mn (+35% YoY), well above GSe/consensus of $458 mn, led by new enterprise deals, particularly from financial services firms building hybrid AI infrastructure; neoclouds remain less than 2% of MRR. New deal pricing rose 12% yoy, which EQIX framed as the early stage of durable pricing given limited retail co-location supply, and the stabilized portfolio generated a 27% unlevered cash-on-cash return. 3Q26 Adjusted EBITDA of $1,321 mn missed GSe of $1,335 mn but beat consensus of $1,305 mn. Total revenue of $2,571 mn was below GSe of $2,582 mn but in-line with consensus, with recurring revenue of $2,442 mn just below GS/consensus. AFFO per share of $11.64 beat GSe/consensus of $10.59/$10.56, partly on other income of $54 mn from the atNorth JV investment. EQIX raised 2026 guidance: revenue to $10,325-$10,365 mn, adjusted EBITDA to $5,290-$5,330 mn and AFFO per share to $