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Call sheet · Q4'25

Equinix (EQIX)

Q4'25 earnings call · held February 11, 2026 · compared with the Q3'25 call · management-credibility review
11/12
Disclosure score
3 medium, 5 low flags
Financial quality
Bottom line
The sleeper story is power acquisition strategy - they're not just buying land, they're buying electricity contracts and power infrastructure commitments that create a massive competitive moat as utilities become the new gatekeepers. The obvious headline of 42% bookings growth masks the real story: enterprise AI adoption is happening faster than expected (half of AI deals from non-cloud companies), creating sustainable pricing power through density premiums. The binding constraint isn't demand or even capacity delivery - it's powered land acquisition in tier-1 metros where utilities limit data center growth. As Fox-Martin said: 'We are not in the business of surreptitiously buying land if we are not sure that we can power that asset.' My view changes if Q1 xScale lease signing slips again, suggesting hyperscale customers are delaying major commitments, or if churn starts rising despite their AI predictive tools.

The 30-second version

  • The sleeper story: Power acquisition is the new land grab
  • AI workload density is 33% higher but still only 60% of largest deals
  • Q1 2026 guidance includes $100M+ of pre-sales already signed

What changed this quarter

MetricQ3'25Q4'25Change
Revenue$2.32B (+5% YoY)$2.40B (+7% YoY)+200 bps acceleration
Monthly Recurring Revenue Growth8% YoY (constant currency)10% YoY (constant currency)+200 bps acceleration
Adjusted EBITDA Margin~50%49%Slight compression but guided 51% for 2026
Annualized Gross Bookings$394M (+25% YoY)$474M (+42% YoY)+1,700 bps acceleration
Pre-sales Balance$185M cumulative$170M incremental in Q4, $100M+ in Q1Massive Q1 acceleration
AFFO$965M (+12% YoY)$877M (+13% YoY)+100 bps acceleration
Net Interconnections Added7,1007,800+700 quarterly adds
MRR Churn2.3%2.2%10 bps improvement
AI Workload Mix~50% of largest deals60% of largest deals+1,000 bps penetration
AI Workload DensityNot disclosed10 kVA per cabinet (+33% vs non-AI)New disclosure shows premium

Accountability tracked

8 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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