Equinix — Oct 29, 2025 release

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 2025, the company expects revenues to range between $2.411 and $2.531 billion, an increase of 7% at the midpoint over the previous quarter on both an as-reported basis and a normalized and constant currency basis. This guidance includes a $4 million foreign currency benefit when compared to the average FX rates in Q3 2025. Adjusted EBITDA is expected to range between $1.187 and $1.267 billion. This guidance includes a $3 million foreign currency benefit when compared to the average FX rates in Q3 2025. Recurring capital expenditures are expected to range between $134 and $154 million. For the full year of 2025, total revenues are expected to range between $9.208 and $9.328 billion, an as-reported increase of approximately 5 - 7% over the previous year, or a normalized and constant currency increase of approximately 7 - 8%. This updated guidance maintains prior full-year revenue guidance, offset by a $15 million negative foreign currency impact when compared to the prior guidance rates. Adjusted EBITDA is expected to range between $4.531 and $4.611 billion, reflecting an adjusted EBITDA margin of 49%, an approximate 250 basis-point expansion over the previous year. This updated guidance includes an underlying raise of $21 million from better-than-expected bu