EQIX
Not exactly a quiet quarter
Equinix came out swinging for Q1 2026, saying monthly recurring revenue climbed 12% on an as-reported basis and 10% on a normalized, constant-currency basis. Translation: the engine is still humming, even after you strip out the FX noise and accounting quirks.
The backlog is doing the heavy lifting
The company also said it booked the largest first-quarter annualized gross bookings in its history, which helped push backlog to a record. That matters because backlog is basically tomorrow’s revenue wearing a hoodie — it doesn’t hit the P&L today, but it’s a pretty good clue about where the business is headed.
Investors like this kind of problem
Equinix also said stabilized assets’ revenues rose 9% on an as-reported basis and 6% on a constant-currency basis, while cash-on-cash returns stayed a juicy 26%. That’s the kind of math that lets management walk into earnings season, shrug, and say, “Actually, we’d like to raise guidance too.”
The punchline
That’s exactly what happened: Equinix lifted its full-year financial outlook across key metrics. So if you own the stock, you’re looking at a company that’s still benefiting from steady enterprise demand, sticky recurring revenue, and a backlog that keeps the future looking less foggy than usual.
Big picture: for a digital infrastructure giant, this is about as close as you get to a “business is good, please don’t disturb” quarter.