Equinix Reports Third-Quarter Results and Raises 2026 Guidance
Equinix Reports Third-Quarter Results and Raises 2026 Guidance • Delivered record annualized gross bookings of $533 million, up 35% year over year, on robust demand and strengthening pricing
• Grew monthly recurring revenue by double digits year over year for the fourth consecutive quarter, reflecting the company’s central role in serving traditional and AI workloads
• Achieved 10% year over year interconnection revenue growth on both an as- reported and a normalized and constant currency basis, with Fabric revenue up 24% year over year on both an as-reported and a normalized and constant currency basis • Accelerated new capacity delivery, with nearly 40% more cabinets planned for delivery in 2026 than initially anticipated • Raised full-year 2026 guidance for the third consecutive quarter based on strong operating and financial performance
(Nasdaq: EQIX), the world’s digital infrastructure company ® , today reported results for the quarter ended September 30, 2026.
“Our Q3 results and raised full-year guidance reflect the differentiated position and growing importance of Equinix,” said Adaire Fox-Martin, CEO and President, Equinix. “We delivered double-digit growth across the key metrics that drive long-term value creation, including interconnection and monthly recurring revenue, and we accelerated capacity to meet broad-based demand. We also unveiled Equinix Fabric One and Equinix Inference Exchange to enable enterprise customers to run, connect, and orchestrate their most critical workloads. Our diverse customer base, expanding ecosystem, and balance sheet strength position us well for sustained, profitable growth and shareholder value.” 1
◦ $2.571 billion, an 11% increase over the same quarter of the previous year on an as-reported basis and a 12% increase on a normalized and constant currency basis driven by strong underlying performance
◦ $600 million, a 27% increase over the same quarter of the previous year, primarily from strong underlying operating performance
• Net Income Attributable to Common Stockholders and Net Income per Share Attributable to Common Stockholders
◦ $489 million, a 31% increase over the same quarter of the previous year, primarily from higher operating income and a non-recurring fee earned in connection with our investment in the atNorth joint venture ◦ $4.93 per share, a 29% increase over the same quarter of the previous year •
◦ $1.321 billion, a 15% increase over the same quarter of the previous year on an as-reported basis, or a 14% increase on a normalized and constant currency basis •
◦ $1.156 billion, a 20% increase over the same quarter of the previous year on an as-reported basis, or a 14% increase on a normalized and constant currency basis excluding the benefit of the atNorth joint venture fee
◦ $11.64 per share, an 18% increase over the same quarter of the previous year on an as-reported basis, or a 12% increase on a normalized and constant currency basis excluding the benefit of the atNorth joint venture fee Equinix uses certain non-GAAP financial measures, which are described further below and reconciled to the most comparable GAAP financial measures after the presentation of our GAAP financial statements.
Equinix does not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation and other components of net income or loss from operations, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant. Equinix intends to calculate the various non-GAAP financial measures in future periods consistent with how they were calculated for the periods presented within this press release.
For the fourth quarter of 2026, the company expects revenues to range between $2.684 and $2.724 billion, an increase of 11 - 13% over the previous year on an as-reported basis, or 12 - 13% on a normalized and constant currency basis. Adjusted EBITDA is expected to range between $1.328 and $1.368 billion, reflecting an adjusted EBITDA margin of 49 - 50%.
For the full year of 2026, total revenues are expected to range between $10.325 and $10.365 billion, an increase of approximately 12% over the previous year on both an as-reported and a normalized and constant currency basis. Adjusted EBITDA is expected to range between $5.290 and $5.330 billion, reflecting an adjusted EBITDA margin of approximately 51%, an approximate 200 basis points expansion over the previous year. AFFO is expected to range between $4.340 and $4.380 billion. AFFO per share is expected to range between $43.71 and $44.11, an increase of 14 - 15% over the previous year on an as-reported basis, or 11 - 12% on a normalized and constant currency basis. Total capital expenditures are expected to range between $5 and $6 billion.
• Introduced Fabric One, an any-to-any connectivity service designed to simplify how enterprises connect distributed cloud, network and AI environments, with AWS and Google Cloud serving as lead integration partners.
• Announced Equinix Inference Exchange, in collaboration with NVIDIA and Together AI, to help enterprises deploy and scale AI inferencing workloads globally through high-performance, interconnected infrastructure.
• Launched Equinix Enhanced Performance Innovation Centers (EPIC), a global network of production-ready liquid cooling environments that enables customers to test, validate and deploy high-density AI infrastructure alongside Equinix experts and leading technology partners.
• Completed the investment in atNorth alongside CPP Investments, strengthening Equinix’s position in the fast-growing Nordic market and expanding its footprint across AI-ready, high-density data center infrastructure powered by renewable energy.
• Advanced Equinix’s leadership on responsible infrastructure growth in Texas, supporting state standards on grid costs, water stewardship, community impact, and transparency while reinforcing more than $1.6 billion in long-term investment across the state. 3 • Established a first-of-its-kind partnership in Georgia that protects ratepayers by having Equinix fund all grid infrastructure costs associated with its Hampton data center project through a 20-year commitment.
Equinix will discuss its quarterly results for the period ended September 30, 2026, along with its future outlook, in its quarterly conference call on Wednesday, October 28, 2026, at 5:30 p.m. ET (2:30 p.m. PT). A simultaneous live webcast of the call will be available on the company’s Investor Relations website at www.equinix.com/investors. To hear the conference call live, please dial 1-517-308-9482 (domestic and international) and reference the passcode EQIX.
A replay of the call will be available one hour after the call through Thursday, December 31, 2026, by dialing 1-800-814-6745 and referencing the passcode 2026. In addition, the webcast will be available at www.equinix.com/investors (no password required).
Equinix has made available on its website a presentation designed to accompany the discussion of Equinix’s results and future outlook, along with certain supplemental financial information and other data. Interested parties may access this information through the Equinix Investor Relations website at www.equinix.com/investors.
Equinix, Inc. (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI—quickly, efficiently and everywhere.
Equinix provides all information required in accordance with generally accepted accounting principles (“GAAP”), but it believes that evaluating its ongoing results of operations may be difficult if limited to reviewing only GAAP financial measures. Accordingly, Equinix also uses non-GAAP financial measures to evaluate its operations.
Non-GAAP financial measures are not a substitute for financial information prepared in accordance with GAAP. Non-GAAP financial measures should not be considered in isolation, but should be considered together with the most directly comparable GAAP financial measures. As such, Equinix provides a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
Investors should note that the non-GAAP financial measures used by Equinix may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as those of other companies. Investors should therefore exercise caution when comparing non-GAAP financial measures used by Equinix to similarly titled non-GAAP financial measures of other companies.
Equinix’s primary non-GAAP financial measures include Adjusted EBITDA and Adjusted Funds from Operations (“AFFO”) as described below. Equinix presents these measures to provide investors with additional tools to evaluate its results in a manner that focuses on what management believes to be its 4 core, ongoing business operations. These measures exclude items which Equinix believes are generally not relevant to assessing its long-term performance. Both measures eliminate the impacts of depreciation and amortization, which are derived from historical costs and which Equinix believes are not indicative of current or future expenditures, and other items for which the frequency and amount of charges can vary based on the timing and significance of individual transactions. Equinix believes that presenting these non-GAAP financial measures provides consistency and comparability with past reports and that if it did not provide such non-GAAP financial information, investors would not have all the necessary data to analyze the company effectively.
Adjusted EBITDA is used by management to evaluate the operating strength and performance of its core, ongoing business, without regard to its capital or tax structures. It also aids in assessing the performance of, making operating decisions for, and allocating resources to its operating segments. In addition to the uses described above, Equinix believes this measure provides investors with a better understanding of the operating performance of the business and its ability to perform in subsequent periods.
• 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
AFFO is derived from Funds from Operations (“FFO”) calculated in accordance with the standards established by the National Association of Real Estate Investment Trusts. Both FFO and AFFO are non-GAAP measures commonly used in the REIT industry. Although these measures may not be directly comparable to similar measures used by other companies, Equinix believes that the presentation of these measures provides investors with an additional tool for comparing its performance with the performance of other companies in the REIT industry. Additionally, AFFO is a performance measure used in certain of the company’s employee incentive programs, and Equinix believes it is a useful measure in assessing its dividend-paying capacity, as it isolates the cash impact of certain income and expense items and considers the impact of recurring capital expenditures.
Equinix defines FFO as net income attributable to common stockholders excluding:
• adjustments related to unconsolidated joint ventures and non-controlling interests
• an income tax expense adjustment, which represents the non-cash tax impact due to changes in valuation allowances, uncertain tax positions and deferred taxes
• recurring capital expenditures, which represent expenditures to extend the useful life of data centers or other assets that are required to support current revenues
• adjustments from FFO to AFFO related to unconsolidated joint ventures and non- controlling interests
Equinix provides normalized and constant currency growth rates for revenues, adjusted EBITDA, AFFO and AFFO per share. These growth rates assume foreign currency rates remain consistent across comparative periods. Revenue growth rates exclude the impact of net power pass-through, acquisitions, divestitures and the Equinix Metal ® wind-down. Adjusted EBITDA growth rates exclude the impact of acquisitions, divestitures and integration costs. AFFO growth rates exclude the impact of acquisitions and related financing costs, divestitures, integration costs and balance sheet remeasurements. AFFO per share growth rates exclude the impact of integration costs and balance sheet remeasurements.
Equinix presents cash cost of revenues and cash operating expenses (also known as cash selling, general and administrative expenses or cash SG&A). These measures exclude depreciation, amortization, accretion and stock-based compensation, which are not good indicators of Equinix’s current or future operating performance, as described above.
Equinix also presents free cash flow and adjusted free cash flow. Free cash flow is defined as net cash provided by (used in) operating activities plus net cash provided by (used in) investing activities excluding the net purchases of and distributions from equity investments. Adjusted free cash flow is defined as free cash flow excluding any real estate and business acquisitions, net of cash and restricted cash acquired. These measures are presented in order for lenders, investors and the industry analysts who review and report on Equinix to better evaluate Equinix’s cash spending levels relative to its industry sector and competitors. 6
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; increased costs to procure power and the general volatility in the global energy market; the challenges of building and operating IBX ® and xScale ® data centers, including those related to sourcing suitable power and land, and any supply chain constraints or increased costs of supplies; the challenges of developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT; risks related to regulatory inquiries or litigation; and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.
Equinix Media Relations Equinix Investor Relations press@equinix.com invest@equinix.com
September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── Assets Cash and cash equivalents $ 2,362 $ 1,727 Short-term investments 1,235 1,500 Accounts receivable, net 1,203 1,001 Other current assets 957 897 Total current assets 5,757 5,125 Property, plant and 26,282 23,584 equipment, net Operating lease 1,317 1,392 right-of-use assets Goodwill 5,874 5,984 Intangible assets, net 1,146 1,316 Other assets 4,069 2,740 Total assets $ 44,445 $ 40,141 Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity Accounts payable and $ 1,425 $ 1,350 accrued expenses Accrued property, plant and 676 564 equipment Current portion of operating lease 155 155 liabilities Current portion of finance lease 182 168 liabilities Current portion of mortgage and loans 6 17 payable Current portion of senior 1,665 1,299 notes Other current liabilities 343 340 Total current liabilities 4,452 3,893 Operating lease liabilities, less 1,231 1,304 current portion Finance lease liabilities, less current 2,196 2,187 portion Mortgage and loans payable, less current 13 686 portion Senior notes, less current 20,963 16,910 portion Other liabilities 1,037 983 Total liabilities 29,892 25,963 Redeemable non-controlling 25 25 interest Common stockholders' equity: Common stock — — Additional paid-in capital 22,209 21,642 Treasury stock -23 -24 Accumulated dividends -13,748 -12,202 Accumulated other -1,385 -1,359 comprehensive loss Retained earnings 7,484 6,099 Total common stockholders' 14,537 14,156 equity Non-controlling interests -9 -3 Total stockholders' equity 14,528 14,153 Total liabilities, redeemable non-controlling interest $ 44,445 $ 40,141 and stockholders’ equity Ending headcount by geographic region is as follows: Americas headcount 6,021 5,917 EMEA headcount 4,768 4,706 Asia-Pacific headcount 3,253 3,093 Total headcount 14,042 13,716
September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── Finance lease liabilities $ 2,378 $ 2,355 Term loans 5 673 Mortgage payable and other 14 30 loans payable Total mortgage and loans payable 19 703 principal Senior notes 22,628 18,209 Plus: debt issuance costs and debt 192 150 discounts Total senior notes 22,820 18,359 principal Total debt principal $ 25,217 $ 21,417 outstanding
Nine Months September September Ended 30, 2026 30, 2025 ────────────────────────────────────────────────────────────────────────────── Cash flows from operating activities: Net income $ 1,381 $ 1,084 Adjustments to reconcile net income to net cash provided by operating activities: Depreciatio… amortization 1,649 1,515 and accretion Stock-based 414 370 compensation Impairment 25 5 charges (Gain) loss on asset -17 -1 sales Other operating 30 21 activities Changes in operating assets and liabilities: Accounts -210 -180 receivable Income -44 -91 taxes, net Operating lease 119 122 right-of-use assets Operating lease -119 -113 liabilities Accounts payable and 88 -49 accrued expenses Other assets and -289 84 liabilities Net cash provided by 3,027 2,767 operating activities Cash flows from investing activities: Purchases of equity -1,153 -54 investments Distributio… from equity 105 17 investments Purchases of short-term -972 -1,092 investments Maturities and sales of 1,254 770 short-term investments Business acquisition… — -182 net of cash acquired Real estate -234 -391 acquisitions Purchases of other property, -4,392 -2,875 plant and equipment Proceeds from sale of assets, net 415 — of cash transferred Settlement of foreign 101 95 currency hedges Investment in loan — -62 receivable Net cash used in -4,876 -3,774 investing activities Cash flows from financing activities: Proceeds from employee 90 95 equity programs Payment of -1,547 -1,395 dividends Proceeds from public offering of common — 99 stock, net of issuance costs Proceeds from senior notes, net 5,399 2,566 of debt discounts Repayment of finance -129 -111 lease liabilities Contribution from — 3 non-control… interest Repayment of -700 -1,200 senior notes Repayment of -686 -1 other debt Other financing 6 -9 activities Net cash provided by 2,433 47 financing activities Effect of foreign currency exchange rates on -10 43 cash, cash equivalents and restricted cash Net increase (decrease) in cash, cash 574 -917 equivalents and restricted cash Cash, cash equivalents and restricted 1,824 3,082 cash at beginning of period Cash, cash equivalents and $ 2,398 $ 2,165 restricted cash at end of period
Nine Months September September Ended 30, 2026 30, 2025 ────────────────────────────────────────────────────────────────────────────── Free cash $ -801 $ -970 flow(1) Adjusted free cash $ -567 $ -397 flow(2) We define free cash flow as net cash provided by operating activities plus net cash used in (1) investing activities (excluding the net purchases of and distributio… from equity investments) as presented below: Net cash provided by operating $ 3,027 $ 2,767 activities as presented above Net cash used in investing -4,876 -3,774 activities as presented above Less purchases of equity 1,048 37 investments, net of distributio… Free cash $ -801 $ -970 flow We define adjusted free cash flow as free cash flow as defined above, excluding any real (2) estate and business acquisition… net of cash and restricted cash acquired as presented below: Free cash flow (as $ -801 $ -970 defined above) Less business acquisition… net of cash — 182 and restricted cash acquired Less real estate 234 391 acquisitions Adjusted free cash $ -567 $ -397 flow
Full text with the tables
FOR IMMEDIATE RELEASE
Equinix Reports Third-Quarter Results and Raises 2026 Guidance
• Delivered record annualized gross bookings of $533 million, up 35% year over
year, on robust demand and strengthening pricing
• Grew monthly recurring revenue by double digits year over year for the fourth
consecutive quarter, reflecting the company’s central role in serving
traditional and AI workloads
• Achieved 10% year over year interconnection revenue growth on both an as-
reported and a normalized and constant currency basis, with Fabric revenue up
24% year over year on both an as-reported and a normalized and constant currency
basis
• Accelerated new capacity delivery, with nearly 40% more cabinets planned for
delivery in 2026 than initially anticipated
• Raised full-year 2026 guidance for the third consecutive quarter based on
strong operating and financial performance
REDWOOD CITY, Calif. - October 28, 2026
- Equinix, Inc.
(Nasdaq: EQIX), the world’s digital infrastructure company ® , today reported
results for the quarter ended September 30, 2026.
“Our Q3 results and raised full-year guidance reflect the differentiated
position and growing importance of Equinix,” said Adaire Fox-Martin, CEO and
President, Equinix. “We delivered double-digit growth across the key metrics
that drive long-term value creation, including interconnection and monthly
recurring revenue, and we accelerated capacity to meet broad-based demand. We
also unveiled Equinix Fabric One and Equinix Inference Exchange to enable
enterprise customers to run, connect, and orchestrate their most critical
workloads. Our diverse customer base, expanding ecosystem, and balance sheet
strength position us well for sustained, profitable growth and shareholder
value.”
1
Third-Quarter 2026 Results Summary
•
Revenues
◦ $2.571 billion, an 11% increase over the same quarter of the previous year on
an as-reported basis and a 12% increase on a normalized and constant currency
basis driven by strong underlying performance
•
Operating Income
◦ $600 million, a 27% increase over the same quarter of the previous year,
primarily from strong underlying operating performance
• Net Income Attributable to Common Stockholders and Net Income per Share
Attributable to Common Stockholders
◦ $489 million, a 31% increase over the same quarter of the previous year,
primarily from higher operating income and a non-recurring fee earned in
connection with our investment in the atNorth joint venture
◦ $4.93 per share, a 29% increase over the same quarter of the previous year
•
Adjusted EBITDA
◦ $1.321 billion, a 15% increase over the same quarter of the previous year on
an as-reported basis, or a 14% increase on a normalized and constant currency
basis
•
AFFO and AFFO per Share
◦ $1.156 billion, a 20% increase over the same quarter of the previous year on
an as-reported basis, or a 14% increase on a normalized and constant currency
basis excluding the benefit of the atNorth joint venture fee
◦ $11.64 per share, an 18% increase over the same quarter of the previous year
on an as-reported basis, or a 12% increase on a normalized and constant currency
basis excluding the benefit of the atNorth joint venture fee
Equinix uses certain non-GAAP financial measures, which are described further
below and reconciled to the most comparable GAAP financial measures after the
presentation of our GAAP financial statements.
Equinix does not provide forward-looking guidance for certain financial data,
such as depreciation, amortization, accretion, stock-based compensation and
other components of net income or loss from operations, and as a result, is not
able to provide a reconciliation of GAAP to non-GAAP financial measures for
forward-looking data without unreasonable effort. The impact of such adjustments
could be significant. Equinix intends to calculate the various non-GAAP
financial measures in future periods consistent with how they were calculated
for the periods presented within this press release.
All per-share results are presented on a fully diluted basis.
2
2026 Guidance Summary
($ in
millio… Prior atNorth Foreign Revised
except FY 2026 Underly… Joint Exchange FY 2026 Q4 2026
per Guidan… Adjustm… Venture Impact Guidan… Guidance
share
data)
$10,205 $10,325
- - $2,684 -
Revenu… 10,285 +$84 +$16 10,365 2,724
11 - ~12% 12 - 13%
12%
Adjust…
EBITDA $5,210 $5,290 $1,328 -
Adjust… - 5,270 +$59 +$11 - 5,330 1,368 49
EBITDA ~51% ~51% - 50%
Margin
%
Recurr…
Capital $290 - $290 - $141 -
Expend… 310 310 161
% of ~3% ~3% 5 - 6%
Revenu…
Non-re…
Capital
Expend…
(Exclu… $4,710 $4,710
xScale - 5,690 -$2 +$2 - 5,690
and
Real
Estate
Acquis…
AFFO $4,240 +$52 +$31 +$7 $4,340
- 4,300 - 4,380
AFFO $42.69 $43.71
per - 43.29 +$0.54 +$0.31 +$0.07 - 44.11
Share 10 - 11 -
(Dilut… 12% 12%
Expect…
Cash ~$2,039 -$2 ~$2,037
Divide…
For the fourth quarter of 2026, the company expects revenues to range between
$2.684 and $2.724 billion, an increase of 11 - 13% over the previous year on an
as-reported basis, or 12 - 13% on a normalized and constant currency basis.
Adjusted EBITDA is expected to range between $1.328 and $1.368 billion,
reflecting an adjusted EBITDA margin of 49 - 50%.
For the full year of 2026, total revenues are expected to range between $10.325
and $10.365 billion, an increase of approximately 12% over the previous year on
both an as-reported and a normalized and constant currency basis. Adjusted
EBITDA is expected to range between $5.290 and $5.330 billion, reflecting an
adjusted EBITDA margin of approximately 51%, an approximate 200 basis points
expansion over the previous year. AFFO is expected to range between $4.340 and
$4.380 billion. AFFO per share is expected to range between $43.71 and $44.11,
an increase of 14 - 15% over the previous year on an as-reported basis, or 11 -
12% on a normalized and constant currency basis. Total capital expenditures are
expected to range between $5 and $6 billion.
Q3 2026 Business Highlights
• Delivered record annualized gross bookings of $533 million.
• Added 6,900 net interconnections.
• Introduced Fabric One, an any-to-any connectivity service designed to simplify
how enterprises connect distributed cloud, network and AI environments, with AWS
and Google Cloud serving as lead integration partners.
• Announced Equinix Inference Exchange, in collaboration with NVIDIA and
Together AI, to help enterprises deploy and scale AI inferencing workloads
globally through high-performance, interconnected infrastructure.
• Launched Equinix Enhanced Performance Innovation Centers (EPIC), a global
network of production-ready liquid cooling environments that enables customers
to test, validate and deploy high-density AI infrastructure alongside Equinix
experts and leading technology partners.
• Completed the investment in atNorth alongside CPP Investments, strengthening
Equinix’s position in the fast-growing Nordic market and expanding its footprint
across AI-ready, high-density data center infrastructure powered by renewable
energy.
• Advanced Equinix’s leadership on responsible infrastructure growth in Texas,
supporting state standards on grid costs, water stewardship, community impact,
and transparency while reinforcing more than $1.6 billion in long-term
investment across the state.
3
• Established a first-of-its-kind partnership in Georgia that protects
ratepayers by having Equinix fund all grid infrastructure costs associated with
its Hampton data center project through a 20-year commitment.
Q3 2026 Results Conference Call and Replay Information
Equinix will discuss its quarterly results for the period ended September 30,
2026, along with its future outlook, in its quarterly conference call on
Wednesday, October 28, 2026, at 5:30 p.m. ET (2:30 p.m. PT). A simultaneous live
webcast of the call will be available on the company’s Investor Relations
website at www.equinix.com/investors. To hear the conference call live, please
dial 1-517-308-9482 (domestic and international) and reference the passcode
EQIX.
A replay of the call will be available one hour after the call through Thursday,
December 31, 2026, by dialing 1-800-814-6745 and referencing the passcode 2026.
In addition, the webcast will be available at www.equinix.com/investors (no
password required).
Investor Presentation and Supplemental Financial Information
Equinix has made available on its website a presentation designed to accompany
the discussion of Equinix’s results and future outlook, along with certain
supplemental financial information and other data. Interested parties may access
this information through the Equinix Investor Relations website at
www.equinix.com/investors.
Additional Resources
• Equinix Investor Relations Resources
About Equinix
Equinix, Inc. (Nasdaq: EQIX) shortens the path to boundless connectivity
anywhere in the world. Its digital infrastructure, data center footprint and
interconnected ecosystems empower innovations that enhance our work, life and
planet. Equinix connects economies, countries, organizations and communities,
delivering seamless digital experiences and cutting-edge AI—quickly, efficiently
and everywhere.
Non-GAAP Financial Measures
Equinix provides all information required in accordance with generally accepted
accounting principles (“GAAP”), but it believes that evaluating its ongoing
results of operations may be difficult if limited to reviewing only GAAP
financial measures. Accordingly, Equinix also uses non-GAAP financial measures
to evaluate its operations.
Non-GAAP financial measures are not a substitute for financial information
prepared in accordance with GAAP. Non-GAAP financial measures should not be
considered in isolation, but should be considered together with the most
directly comparable GAAP financial measures. As such, Equinix provides a
reconciliation of the non-GAAP financial measures to the most directly
comparable GAAP financial measures.
Investors should note that the non-GAAP financial measures used by Equinix may
not be the same non-GAAP financial measures, and may not be calculated in the
same manner, as those of other companies. Investors should therefore exercise
caution when comparing non-GAAP financial measures used by Equinix to similarly
titled non-GAAP financial measures of other companies.
Equinix’s primary non-GAAP financial measures include Adjusted EBITDA and
Adjusted Funds from Operations (“AFFO”) as described below. Equinix presents
these measures to provide investors with additional tools to evaluate its
results in a manner that focuses on what management believes to be its
4
core, ongoing business operations. These measures exclude items which Equinix
believes are generally not relevant to assessing its long-term performance. Both
measures eliminate the impacts of depreciation and amortization, which are
derived from historical costs and which Equinix believes are not indicative of
current or future expenditures, and other items for which the frequency and
amount of charges can vary based on the timing and significance of individual
transactions. Equinix believes that presenting these non-GAAP financial measures
provides consistency and comparability with past reports and that if it did not
provide such non-GAAP financial information, investors would not have all the
necessary data to analyze the company effectively.
Adjusted EBITDA is used by management to evaluate the operating strength and
performance of its core, ongoing business, without regard to its capital or tax
structures. It also aids in assessing the performance of, making operating
decisions for, and allocating resources to its operating segments. In addition
to the uses described above, Equinix believes this measure provides investors
with a better understanding of the operating performance of the business and its
ability to perform in subsequent periods.
Equinix defines adjusted EBITDA as net income excluding:
• income tax expense
• interest income
• interest expense
• other income or expense
• gain or loss on debt extinguishment
• 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
AFFO is derived from Funds from Operations (“FFO”) calculated in accordance with
the standards established by the National Association of Real Estate Investment
Trusts. Both FFO and AFFO are non-GAAP measures commonly used in the REIT
industry. Although these measures may not be directly comparable to similar
measures used by other companies, Equinix believes that the presentation of
these measures provides investors with an additional tool for comparing its
performance with the performance of other companies in the REIT industry.
Additionally, AFFO is a performance measure used in certain of the company’s
employee incentive programs, and Equinix believes it is a useful measure in
assessing its dividend-paying capacity, as it isolates the cash impact of
certain income and expense items and considers the impact of recurring capital
expenditures.
Equinix defines FFO as net income attributable to common stockholders excluding:
• gain or loss from the disposition of real estate assets
• depreciation and amortization expense on real estate assets
• adjustments related to unconsolidated joint ventures and non-controlling
interests
Equinix defines AFFO as FFO adjusted for:
• depreciation and amortization expense on non-real estate assets
• accretion expense
• stock-based compensation expense
• stock-based charitable contributions
• restructuring and other exit charges, as described above
• impairment charges
• transaction costs
5
• impacts of straight-lining installation revenue
• impacts of straight-lining rent expense
• impacts of straight-lining contract costs
• amortization of deferred financing costs and debt discounts and premiums
• gain or loss from the disposition of non-real estate assets
• gain or loss on debt extinguishment
• an income tax expense adjustment, which represents the non-cash tax impact due
to changes in valuation allowances, uncertain tax positions and deferred taxes
• recurring capital expenditures, which represent expenditures to extend the
useful life of data centers or other assets that are required to support current
revenues
• net income or loss from discontinued operations, net of tax
• adjustments from FFO to AFFO related to unconsolidated joint ventures and non-
controlling interests
Equinix provides normalized and constant currency growth rates for revenues,
adjusted EBITDA, AFFO and AFFO per share. These growth rates assume foreign
currency rates remain consistent across comparative periods. Revenue growth
rates exclude the impact of net power pass-through, acquisitions, divestitures
and the Equinix Metal ® wind-down. Adjusted EBITDA growth rates exclude the
impact of acquisitions, divestitures and integration costs. AFFO growth rates
exclude the impact of acquisitions and related financing costs, divestitures,
integration costs and balance sheet remeasurements. AFFO per share growth rates
exclude the impact of integration costs and balance sheet remeasurements.
Equinix presents cash cost of revenues and cash operating expenses (also known
as cash selling, general and administrative expenses or cash SG&A). These
measures exclude depreciation, amortization, accretion and stock-based
compensation, which are not good indicators of Equinix’s current or future
operating performance, as described above.
Equinix also presents free cash flow and adjusted free cash flow. Free cash flow
is defined as net cash provided by (used in) operating activities plus net cash
provided by (used in) investing activities excluding the net purchases of and
distributions from equity investments. Adjusted free cash flow is defined as
free cash flow excluding any real estate and business acquisitions, net of cash
and restricted cash acquired. These measures are presented in order for lenders,
investors and the industry analysts who review and report on Equinix to better
evaluate Equinix’s cash spending levels relative to its industry sector and
competitors.
6
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and
uncertainties. Actual results may differ materially from expectations discussed
in such forward-looking statements. Factors that might cause such differences
include, but are not limited to, risks to our business and operating results
related to the current inflationary environment; foreign currency exchange rate
fluctuations; stock price fluctuations; increased costs to procure power and the
general volatility in the global energy market; the challenges of building and
operating IBX ® and xScale ® data centers, including those related to sourcing
suitable power and land, and any supply chain constraints or increased costs of
supplies; the challenges of developing, deploying and delivering Equinix
products and solutions; unanticipated costs or difficulties relating to the
integration of companies we have acquired or will acquire into Equinix; a
failure to receive significant revenues from customers in recently built out or
acquired data centers; failure to complete any financing arrangements
contemplated from time to time; competition from existing and new competitors;
the ability to generate sufficient cash flow or otherwise obtain funds to repay
new or outstanding indebtedness; the loss or decline in business from our key
customers; risks related to our taxation as a REIT; risks related to regulatory
inquiries or litigation; and other risks described from time to time in Equinix
filings with the Securities and Exchange Commission. In particular, see recent
and upcoming Equinix quarterly and annual reports filed with the Securities and
Exchange Commission, copies of which are available upon request from Equinix.
Equinix does not assume any obligation to update the forward-looking information
contained in this press release.
Equinix Media Relations Equinix Investor Relations
press@equinix.com invest@equinix.com
7
EQUINIX, INC.
Condensed Consolidated Statements of Operations
(in millions, except share and per share data)
(unaudited)
Three Sept… June Sept… Nine Sept… Septe…
Months 30, 30, 30, Months 30, 30,
Ended 2026 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Rec… $ 2,442 $ 2,377 $ 2,215 $ 7,150 $ 6,445
rev…
Non… 129 248 101 490 352
rev…
Rev… 2,571 2,625 2,316 7,640 6,797
Cost
of 1,257 1,230 1,142 3,673 3,310
rev…
Gro… 1,314 1,395 1,174 3,967 3,487
pro…
Ope…
exp…
Sal…
and 233 239 219 713 669
mar…
Gen…
and 449 462 470 1,355 1,359
adm…
Res…
and
oth… 6 6 5 18 17
exit
cha…
Tra… 20 3 3 31 12
cos…
Imp… 6 17 4 25 5
cha…
(Ga…
loss
on — 3 -1 -17 -1
ass…
sal…
Tot…
ope… 714 730 700 2,125 2,061
exp…
Inc…
from 600 665 474 1,842 1,426
ope…
Int…
and
oth…
inc…
(ex…
Int… 46 36 53 123 152
inc…
Int… -163 -151 -128 -462 -385
exp…
Oth…
inc… 54 -28 — 27 2
(ex…
Gain
(lo…
on — 1 — 1 1
debt
ext…
Tot…
int…
and -63 -142 -75 -311 -230
oth…
net
Inc…
bef… 537 523 399 1,531 1,196
inc…
tax…
Inc…
tax -48 -46 -25 -150 -112
exp…
Net 489 477 374 1,381 1,084
inc…
Net
(in…
loss
att… — 2 — 2 1
to
non…
int…
Net
inc…
att… $ 489 $ 479 $ 374 $ 1,383 $ 1,085
to
com…
sto…
Ear…
(lo…
per
sha…
("E…
att…
to
com…
sto…
Bas… $ 4.95 $ 4.86 $ 3.82 $ 14.03 $ 11.10
EPS
Dil… $ 4.93 $ 4.83 $ 3.81 $ 13.96 $ 11.07
EPS
Wei…
sha…
for
bas… 98,7… 98,641 97,9… 98,6… 97,777
EPS
(in
tho…
Wei…
sha…
for
dil… 99,2… 99,136 98,1… 99,0… 98,037
EPS
(in
tho…
8
EQUINIX, INC.
Condensed Consolidated Balance Sheets
(in millions, except headcount)
(unaudited)
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Cash and cash equivalents $ 2,362 $ 1,727
Short-term investments 1,235 1,500
Accounts receivable, net 1,203 1,001
Other current assets 957 897
Total current assets 5,757 5,125
Property, plant and 26,282 23,584
equipment, net
Operating lease 1,317 1,392
right-of-use assets
Goodwill 5,874 5,984
Intangible assets, net 1,146 1,316
Other assets 4,069 2,740
Total assets $ 44,445 $ 40,141
Liabilities, Redeemable
Non-Controlling
Interest and Stockholders’
Equity
Accounts payable and $ 1,425 $ 1,350
accrued expenses
Accrued property, plant and 676 564
equipment
Current portion of
operating lease 155 155
liabilities
Current portion of finance
lease 182 168
liabilities
Current portion of mortgage
and loans 6 17
payable
Current portion of senior 1,665 1,299
notes
Other current liabilities 343 340
Total current liabilities 4,452 3,893
Operating lease
liabilities, less 1,231 1,304
current portion
Finance lease liabilities,
less current 2,196 2,187
portion
Mortgage and loans payable,
less current 13 686
portion
Senior notes, less current 20,963 16,910
portion
Other liabilities 1,037 983
Total liabilities 29,892 25,963
Redeemable non-controlling 25 25
interest
Common stockholders'
equity:
Common stock — —
Additional paid-in capital 22,209 21,642
Treasury stock -23 -24
Accumulated dividends -13,748 -12,202
Accumulated other -1,385 -1,359
comprehensive loss
Retained earnings 7,484 6,099
Total common stockholders' 14,537 14,156
equity
Non-controlling interests -9 -3
Total stockholders' equity 14,528 14,153
Total liabilities,
redeemable
non-controlling interest $ 44,445 $ 40,141
and
stockholders’ equity
Ending headcount by
geographic region is
as follows:
Americas headcount 6,021 5,917
EMEA headcount 4,768 4,706
Asia-Pacific headcount 3,253 3,093
Total headcount 14,042 13,716
9
EQUINIX, INC.
Summary of Debt Principal Outstanding
(in millions)
(unaudited)
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
Finance lease liabilities $ 2,378 $ 2,355
Term loans 5 673
Mortgage payable and other 14 30
loans payable
Total mortgage and loans
payable 19 703
principal
Senior notes 22,628 18,209
Plus: debt issuance costs
and debt 192 150
discounts
Total senior notes 22,820 18,359
principal
Total debt principal $ 25,217 $ 21,417
outstanding
10
EQUINIX, INC.
Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Nine Months September September
Ended 30, 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Cash flows
from
operating
activities:
Net income $ 1,381 $ 1,084
Adjustments
to reconcile
net income
to net cash
provided by
operating
activities:
Depreciatio…
amortization 1,649 1,515
and
accretion
Stock-based 414 370
compensation
Impairment 25 5
charges
(Gain) loss
on asset -17 -1
sales
Other
operating 30 21
activities
Changes in
operating
assets and
liabilities:
Accounts -210 -180
receivable
Income -44 -91
taxes, net
Operating
lease 119 122
right-of-use
assets
Operating
lease -119 -113
liabilities
Accounts
payable and 88 -49
accrued
expenses
Other assets
and -289 84
liabilities
Net cash
provided by 3,027 2,767
operating
activities
Cash flows
from
investing
activities:
Purchases of
equity -1,153 -54
investments
Distributio…
from equity 105 17
investments
Purchases of
short-term -972 -1,092
investments
Maturities
and sales of 1,254 770
short-term
investments
Business
acquisition… — -182
net of cash
acquired
Real estate -234 -391
acquisitions
Purchases of
other
property, -4,392 -2,875
plant and
equipment
Proceeds
from sale of
assets, net 415 —
of cash
transferred
Settlement
of foreign 101 95
currency
hedges
Investment
in loan — -62
receivable
Net cash
used in -4,876 -3,774
investing
activities
Cash flows
from
financing
activities:
Proceeds
from
employee 90 95
equity
programs
Payment of -1,547 -1,395
dividends
Proceeds
from public
offering of
common — 99
stock, net
of issuance
costs
Proceeds
from senior
notes, net 5,399 2,566
of debt
discounts
Repayment of
finance -129 -111
lease
liabilities
Contribution
from — 3
non-control…
interest
Repayment of -700 -1,200
senior notes
Repayment of -686 -1
other debt
Other
financing 6 -9
activities
Net cash
provided by 2,433 47
financing
activities
Effect of
foreign
currency
exchange
rates on -10 43
cash, cash
equivalents
and
restricted
cash
Net
increase
(decrease)
in cash,
cash 574 -917
equivalents
and
restricted
cash
Cash, cash
equivalents
and
restricted 1,824 3,082
cash at
beginning
of period
Cash, cash
equivalents
and $ 2,398 $ 2,165
restricted
cash at end
of period
11
Nine Months September September
Ended 30, 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Free cash $ -801 $ -970
flow(1)
Adjusted
free cash $ -567 $ -397
flow(2)
We define
free cash
flow as net
cash
provided by
operating
activities
plus net
cash used in
(1) investing
activities
(excluding
the net
purchases of
and
distributio…
from equity
investments)
as presented
below:
Net cash
provided by
operating $ 3,027 $ 2,767
activities
as presented
above
Net cash
used in
investing -4,876 -3,774
activities
as presented
above
Less
purchases of
equity 1,048 37
investments,
net of
distributio…
Free cash $ -801 $ -970
flow
We define
adjusted
free cash
flow as free
cash flow as
defined
above,
excluding
any real
(2) estate and
business
acquisition…
net of cash
and
restricted
cash
acquired as
presented
below:
Free cash
flow (as $ -801 $ -970
defined
above)
Less
business
acquisition…
net of cash — 182
and
restricted
cash
acquired
Less real
estate 234 391
acquisitions
Adjusted
free cash $ -567 $ -397
flow
12
EQUINIX, INC.
Non-GAAP Measures and Other Supplemental Data
($ in millions, except per share data)
(unaudited)
Th… Ni…
Mo… Mo…
En… En…
Se… Ju… Se… Se… Se…
30, 30, 30, 30, 30,
20… 20… 20… 20… 20…
──────────────────────────────────────────────────────────────────────────────
… $ 2… $ 2… $ 2… $ 7… $ 6…
…
… 1… 2… 1… 4… 3…
…
… 2… 2… 2… 7… 6…
…
… 8… 7… 7… 2… 2…
…
…
…
… 1… 1… 1… 5… 4…
…
…
…
…
…
…
… 1… 1… 1… 4… 4…
…
…
…
…
… 2… 2… 2… 8… 8…
…
…
…
… 4… 4… 4… 1… 1…
…
…
… $ 1… $ 1… $ 1… $ 3… $ 3…
…
…
… 68 % 70 % 68 % 69 % 68 %
…
…
… 51 % 53 % 50 % 52 % 49 %
…
… $ 8… $ 8… $ 7… $ 2… $ 2…
… $ 1… $ 1… $ 9… $ 3… $ 2…
…
… $ 8… $ 8… $ 7… $ 2… $ 2…
…
…
…
… $ 8… $ 8… $ 7… $ 2… $ 2…
…
…
…
… $ 1… $ 1… $ 9… $ 3… $ 2…
…
…
…
… $ 1… $ 1… $ 9… $ 3… $ 2…
…
…
13
Th… N…
Mo… M…
En… E…
Se… Ju… S… S… S…
30, 30, 3… 3… 3…
20… 20… 2… 2… 2…
──────────────────────────────────────────────────────────────────────────────
The
ge…
sp…
of
our
re…
(… on
a
se…
ba…
is
pr…
be…
Am…
Re…
Co… $ 770 $ 747 $ 682 $ 2,… $ 1,…
In… 262 256 239 769 699
Ma… 52 56 61 165 186
in…
Ot… 9 8 5 24 12
Re… 1,… 1,… 987 3,… 2,…
re…
No… 55 184 48 284 171
re…
Re… $ 1,… $ 1,… $ 1,… $ 3,… $ 3,…
EM…
Re…
Co… $ 653 $ 633 $ 588 $ 1,… $ 1,…
In… 108 105 100 319 283
Ma… 40 40 39 121 112
in…
Ot… 30 28 29 87 82
Re… 831 806 756 2,… 2,…
re…
No… 47 39 28 124 90
re…
Re… $ 878 $ 845 $ 784 $ 2,… $ 2,…
As…
Re…
Co… $ 403 $ 392 $ 367 $ 1,… $ 1,…
In… 95 92 83 276 240
Ma… 16 16 18 49 52
in…
Ot… 4 4 4 12 12
Re… 518 504 472 1,… 1,…
re…
No… 27 25 25 82 91
re…
Re… $ 545 $ 529 $ 497 $ 1,… $ 1,…
Wo…
Re…
Co… $ 1,… $ 1,… $ 1,… $ 5,… $ 4,…
In… 465 453 422 1,… 1,…
Ma… 108 112 118 335 350
in…
Ot… 43 40 38 123 106
Re… 2,… 2,… 2,… 7,… 6,…
re…
No… 129 248 101 490 352
re…
Re… $ 2,… $ 2,… $ 2,… $ 7,… $ 6,…
We
de…
ca…
co…
of
re…
as
co…
of
(… re…
le…
de…
am…
ac…
and
st…
co…
as
pr…
be…
Co…
of $ 1,… $ 1,… $ 1,… $ 3,… $ 3,…
re…
14
Th… N…
Mo… M…
En… E…
Se… Ju… S… S… S…
30, 30, 3… 3… 3…
20… 20… 2… 2… 2…
──────────────────────────────────────────────────────────────────────────────
De…
am…
and -4… -4… -3… -1… -1…
ac…
ex…
St…
co… -18 -19 -15 -53 -45
ex…
Ca…
co… $ 830 $ 790 $ 752 $ 2,… $ 2,…
of
re…
We
de…
ca…
gr…
pr…
as
re…
(… le…
ca…
co…
of
re…
(as
de…
ab…
We
de…
ca…
sa…
and
ma…
ex…
as
sa…
and
ma…
ex…
le…
de…
am…
and
st…
co…
as
pr…
be…
We
de…
ca…
ge…
and
ad…
ex…
as
ge…
and
ad…
ex…
le…
de…
am…
and
(… st…
co…
as
pr…
be…
We
de…
ca…
op…
ex…
as
se…
ge…
and
ad…
ex…
le…
de…
am…
and
st…
co…
We
al…
re…
to
ca…
op…
ex…
as
ca…
se…
ge…
and
ad…
ex…
or
"c…
SG…
Sa…
and $ 233 $ 239 $ 219 $ 713 $ 669
ma…
ex…
De…
and -51 -51 -50 -1… -1…
am…
ex…
St…
co… -25 -26 -25 -78 -72
ex…
Ca…
sa…
and 157 162 144 481 450
ma…
ex…
Ge…
and 449 462 470 1,… 1,…
ad…
ex…
De…
and -88 -85 -1… -2… -2…
am…
ex…
St…
co… -98 -1… -90 -2… -2…
ex…
Ca…
ge…
and 263 277 272 812 817
ad…
ex…
Ca…
op… $ 420 $ 439 $ 416 $ 1,… $ 1,…
ex…
We
de…
ad…
EB…
as
net
in…
ex…
in…
tax
ex…
or
be…
in…
in…
in…
ex…
ot…
in…
or
ex…
ga…
or
lo…
on
(… de…
ex…
de…
am…
ac…
st…
co…
ex…
re…
and
ot…
ex…
ch…
im…
ch…
tr…
co…
and
ga…
or
lo…
on
as…
sa…
as
pr…
be…
Net $ 489 $ 477 $ 374 $ 1,… $ 1,…
in…
In…
tax 48 46 25 150 112
ex…
(b…
In… -46 -36 -53 -1… -1…
in…
In… 163 151 128 462 385
ex…
Ot…
(i… -54 28 — -27 -2
ex…
(G…
lo…
on — -1 — -1 -1
de…
ex…
De…
am…
and 548 557 533 1,… 1,…
ac…
ex…
St…
co… 141 145 130 414 370
ex…
Re…
and
ot… 6 6 5 18 17
ex…
ch…
Im… 6 17 4 25 5
ch…
Tr… 20 3 3 31 12
co…
(G…
lo…
on — 3 -1 -17 -1
as…
sa…
Ad… $ 1,… $ 1,… $ 1,… $ 3,… $ 3,…
EB…
Am… 560 641 489 1,… 1,…
EM… 456 456 384 1,… 1,…
As… 305 299 275 909 798
Ad… $ 1,… $ 1,… $ 1,… $ 3,… $ 3,…
EB…
We
de…
ca…
gr…
ma…
(… as
ca…
gr…
pr…
di…
by
re…
15
Th… Ni…
Mo… Mo…
En… En…
Se… Ju… Se… Se… Se…
30, 30, 30, 30, 30,
20… 20… 20… 20… 20…
──────────────────────────────────────────────────────────────────────────────
We
de…
ad…
EB…
ma…
(… as
ad…
EB…
di…
by
re…
FFO
is
de…
as
net
in…
or
lo…
at…
to
co…
st…
ex…
ga…
or
lo…
fr…
the
di…
of
re…
(… es…
as…
de…
and
am…
ex…
on
re…
es…
as…
and
ad…
for
un…
jo…
ve…
and
no…
in…
sh…
of
th…
it…
Net $ 4… $ 4… $ 3… $ 1… $ 1…
in…
Net
(i…
lo…
at… — 2 — 2 1
to
no…
in…
Net
in…
(l…
at… 4… 4… 3… 1… 1…
to
co…
st…
Ad…
Re…
es… 3… 3… 3… 1… 9…
de…
(G…
lo…
on
di… — 3 -1 -… —
of
re…
es…
as…
Ad…
for
FFO
fr… 11 11 10 34 25
un…
jo…
ve…
FFO
at…
to $ 8… $ 8… $ 7… $ 2… $ 2…
co…
st…
AF…
is
de…
as
FFO
ad…
for
de…
and
am…
ex…
on
no…
es…
as…
ac…
st…
co…
st…
ch…
co…
re…
and
ot…
ex…
ch…
im…
ch…
tr…
co…
an
in…
re…
ad…
a
st…
re…
ex…
ad…
a
co…
co…
ad…
am…
of
de…
fi…
co…
and
de…
(… di…
and
pr…
ga…
or
lo…
fr…
the
di…
of
no…
es…
as…
ga…
or
lo…
on
de…
ex…
an
in…
tax
ex…
ad…
re…
ca…
ex…
net
in…
or
lo…
fr…
di…
op…
net
of
ta…
and
ad…
fr…
FFO
to
AF…
re…
to
un…
jo…
ve…
and
no…
in…
FFO
at…
to $ 8… $ 8… $ 7… $ 2… $ 2…
co…
st…
Ad…
In…
re… 8 8 6 24 16
ad…
St…
re… -3 -4 1 -3 9
ex…
ad…
Co…
co… -… -… -8 -… -…
ad…
Am…
of
de…
fi… 8 7 6 22 17
co…
and
de…
di…
St…
co… 1… 1… 1… 4… 3…
ex…
St…
ch… — 3 — 3 3
co…
No…
es… 1… 1… 1… 4… 4…
de…
ex…
(G…
lo…
on
di… — — -3 — -1
of
no…
es…
as…
Am… 52 51 51 1… 1…
ex…
Ac…
ex… 4 6 3 13 7
ad…
Re…
ca… -… -… -… -… -…
ex…
(G…
lo…
on — -1 — -1 -1
de…
ex…
Re…
and
ot… 6 6 5 18 17
ex…
ch…
Tr… 20 3 3 31 12
co…
Im… 6 17 4 25 5
ch…
In…
tax 1 -8 -… -7 -…
ex…
ad…
Ad…
for
AF…
fr… — 2 -2 — 1
un…
jo…
ve…
16
Th… Ni…
Mo… Mo…
En… En…
Se… Ju… Se… Se… Se…
30, 30, 30, 30, 30,
20… 20… 20… 20… 20…
──────────────────────────────────────────────────────────────────────────────
AF…
at…
to $ 1,… $ 1,… $ 9… $ 3… $ 2…
co…
st…
Fo…
is
how
we
(… re…
fr…
ad…
EB…
to
AF…
Ad… $ 1,… $ 1,… $ 1… $ 3… $ 3…
EB…
Ad…
In…
ex…
net -1… -1… -… -… -…
of
in…
in…
Am…
of
de…
fi… 8 7 6 22 17
co…
and
de…
di…
In…
tax -48 -46 -… -… -…
ex…
In…
tax 1 -8 -… -7 -…
ex…
ad…
St…
re… -3 -4 1 -3 9
ex…
ad…
St…
ch… — 3 — 3 3
co…
Co…
co… -11 -11 -8 -… -…
ad…
In…
re… 8 8 6 24 16
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