Equinix and Digital Realty reported third-quarter results a day apart, and both posted record bookings. Equinix reported on Oct. 28 and Digital Realty on Oct. 29. Equinix said its capacity falls short of demand, according to CRE Daily's coverage of its earnings call, and Digital Realty reported a record backlog of leases that have been signed but have not yet started.

Equinix: Record Bookings and a Third Guidance Raise

Equinix's 8-K exhibit, filed with the Securities and Exchange Commission, reports record annualized gross bookings of $533 million for the quarter, up 35% year over year. Revenue was $2.571 billion, up 11%. The company reported operating income of $600 million and net income attributable to Equinix of $489 million, or $4.93 per share. Adjusted EBITDA was $1.321 billion. Adjusted funds from operations (AFFO) was $1.156 billion, or $11.64 per share.

The company raised its full-year 2026 revenue guidance to $10,325 million to $10,365 million, up from the previous range of $10,205 million to $10,285 million. Fourth-quarter revenue guidance is $2,684 million to $2,724 million. In its press release, distributed through PR Newswire, Equinix said this is the third consecutive quarter it has raised guidance. It also said monthly recurring revenue (MRR) grew by double digits year over year for the fourth consecutive quarter.

The filing says interconnection revenue rose 10%, and revenue from Equinix Fabric rose 24%. With the results, Equinix announced two products, Equinix Fabric One and Equinix Inference Exchange, according to the company's release. The release describes Fabric One as an any-to-any connectivity service and says Inference Exchange was announced in collaboration with NVIDIA and Together AI. It gives no revenue figures for either product.

On supply, the 8-K says Equinix now plans to deliver nearly 40% more cabinets in 2026 than it first expected. CRE Daily's coverage on Yahoo Finance adds detail from the quarter. Bookings were up 26% from the second quarter, and pricing on new deals rose 12%. A record 13,000-plus cabinets are scheduled for delivery in the fourth quarter, and more than 20% of them are already pre-sold. About 15% of 2027 capacity is already committed. Utilization at stabilized sites was 83%.

The same coverage says Chief Executive Officer Adaire Fox-Martin told investors on the earnings call that capacity falls short of demand. It also reports that power constraints, regulation and local opposition have slowed some projects, including one in Dubai. CRE Daily put Equinix's quarterly funds from operations (FFO) at $858 million. FFO is a different measure from the $1.156 billion AFFO figure in the company's filing.

Digital Realty: Record Bookings and a $2.5 Billion Backlog

Digital Realty's earnings release and supplement, filed as an 8-K exhibit, report record total bookings. The company expects those bookings to generate $855 million of annualized GAAP base rent at 100% share. At Digital Realty's own share, which the release distinguishes from the 100% figure, the figure is $627 million and was a record. That total includes a record $152 million in the company's 0–1 megawatt plus interconnection category. The supplement breaks that figure into a $130 million contribution from 0–1 MW deployments and a $22 million contribution from interconnection.

The company's backlog of signed but not yet started leases reached a record $2.5 billion of annualized GAAP base rent at 100% share, or $1.8 billion at Digital Realty's share. Rental rates on renewal leases rose 11.8% on a cash basis, according to the release.

Quarterly revenue was $1.9 billion, up 21% year over year. Digital Realty reported net income of $194 million, adjusted EBITDA of $978 million and Core FFO of $2.10 per share. The company raised its 2026 Core FFO per share outlook, excluding net promote, to $8.30 to $8.35.

The supplement also describes the size of the company's footprint. As of Sept. 30, 2026, Digital Realty's portfolio had 311 data centers, including 88 held as investments in unconsolidated entities. The portfolio holds approximately 3.2 gigawatts of IT capacity. The company also reports approximately 9.8 GW of buildable IT capacity under active development and held for future development. The 9.8 GW is not operating capacity.

Reading the Two Reports Together

The two companies report bookings in different ways, so their headline numbers cannot be compared directly. Equinix reports annualized gross bookings. Digital Realty reports annualized GAAP base rent from signed leases, at both 100% share and its own share. Each company describes its figure as a record.

For Equinix, the indicators are in its delivery schedule. According to the CRE Daily account, fourth-quarter cabinets are already being pre-sold and part of next year's capacity is committed. For Digital Realty, the indicator is the backlog: $2.5 billion in annualized base rent from signed leases that have not yet started, alongside a development and future-development pipeline of about 9.8 GW, roughly three times the 3.2 GW of IT capacity in its portfolio.

The record figure in Digital Realty's 0–1 MW plus interconnection category is worth noting for local officials and utilities. It indicates that bookings are not limited to the large single-tenant leases. Smaller deployments also contributed to the record, though the release does not say where those deployments are located.

Neither company's filing states that every project is on schedule. The CRE Daily coverage reports that power constraints, regulation and local opposition have slowed some Equinix projects. Pipeline numbers are not the same as delivered capacity.

What Happens Next

The next milestones the companies have stated come in the fourth quarter. Equinix has guided to fourth-quarter revenue of $2,684 million to $2,724 million. According to CRE Daily's coverage, the company has a record 13,000-plus cabinets scheduled for delivery in that quarter, with more than 20% already pre-sold. Digital Realty has raised its 2026 Core FFO per share outlook, excluding net promote, to $8.30 to $8.35. Neither release cited here gives a date for the next earnings report.

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