Q3 2026 Revenue up 11% year over year to $2.6B · 19¢ of every $1 of revenue kept as net profit · operating margin 23.3%
Equinix made $2.6B in Q3 2026 (+11% Y/Y): Recurring revenues $2.4B, Non-recurring revenues $129M. Operating margin 23.3%, net earnings $489M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
Revenue$2.6B
Year over year+11%
Operating margin23.3%
Net earnings$489M
Operating cash flow$1.2B
Drawing the Sankey…
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What changed this quarter
Revenue was $2.6B in Q3 2026, up 11% year over year and down 2% from the previous quarter. Colocation was the largest line at 71% of revenue. Colocation added $0.19B year over year (up 12%), 74% of the total change. Managed infrastructure declined 8%.
Operating profit was $0.60B, a 23.3% margin (up 2.9 points year over year). Of the extra revenue versus Q3 2025, 49% reached operating profit, above the 20% margin then. Total costs grew 7% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+191%). Net earnings were $0.49B, up 31% year over year. The effective tax rate was 8.9%.
Operating cash flow was $1.2B (up 23% year over year), 254% of net earnings. Non-cash charges added back $0.54B of depreciation and amortization and $0.14B of share-based compensation. Working capital and other items added $0.07B. Capital expenditures of $1.6B exceeded it, leaving free cash flow of −$0.32B.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 28, 2026
$2.6B
+11%
23.3%
$489M
$1.2B
Q2 2026
10-Q
Jul 29, 2026
$2.6B
+16%
25.3%
$477M
$1.1B
Q1 2026
10-Q
Apr 29, 2026
$2.4B
+10%
23.6%
$415M
$717M
Q4 2025
10-K
Feb 11, 2026
$2.4B
+7%
17.4%
$264M
$1.1B
Q3 2025
10-Q
Oct 29, 2025
$2.3B
+5%
20.5%
$374M
$1.0B
Q2 2025
10-Q
Jul 30, 2025
$2.3B
+4%
21.9%
$367M
$944M
Q1 2025
10-Q
Apr 30, 2025
$2.2B
+5%
20.6%
$343M
$809M
Charts
Latest (Q3 2026): Y/Y +11%, Q/Q -2%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $489M, Operating cash flow $1.2B.+11.0% since FY2020: more shares outstanding (issuance, stock pay).Cash $1.7B, short-term investments $1.5B, long-term debt — at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Equinix (Nasdaq: EQIX) is the world's digital infrastructure company, shortening the path to boundless connectivity anywhere in the world to enable the innovations that enrich our work, life and planet. Equinix combines a global footprint of International Business Exchange TM (IBX ® ) and xScale TM data centers in the Americas, Asia-Pacific, and Europe, the Middle East and Africa ("EMEA") regions, infrastructure and interconnection offerings, and digital ecosystems required to serve a large and diverse set of customers around the world.
In its own words, from its 10-K, filed Feb 11, 2026.
Equinix against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +13%. Operating margin: 23.3% against the peers' median 20.6%.
