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Equinix Reports First-Quarter Results and Raises Full-Year Financial Outlook

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Grew monthly recurring revenue 12% on an as-reported basis and 10% on a normalized and constant currency basis year over year Delivered largest first-quarter annualized gross bookings in company’s history, leading to a record backlog  Increased stabilized assets’ revenues 9% on an as-reported basis and 6% on a constant currency basis year over year, and continued to generate attractive 26% cash-on-cash returnsRaising full-year financial outlook across key metrics

REDWOOD CITY, Calif., April 29, 2026 /PRNewswire/ — Equinix, Inc. (Nasdaq: EQIX), the world’s digital infrastructure company®, today reported results for the quarter ended March 31, 2026.

“Our results reflect continued strength across the business. We delivered double-digit recurring revenue growth whilst improving our margins as we capitalise on robust customer demand for our AI, cloud and networking solutions,” said Adaire Fox-Martin, CEO and President, Equinix. “We are raising our 2026 financial outlook based on the underlying strength of our Q1 performance and disciplined execution by our teams. The essential infrastructure we provide is enabling companies to accelerate innovation and enhancing our market position.”

First-Quarter 2026 Results Summary

Revenues$2.444 billion, a 10% increase over the same quarter of the previous year on an as-reported basis, or an 8% increase on a normalized and constant currency basisOperating Income$577 million, a 26% increase over the same quarter of the previous year, primarily from strong underlying operating performanceNet Income Attributable to Common Stockholders and Net Income per Share Attributable to Common Stockholders$415 million, a 21% increase over the same quarter of the previous year, primarily from higher operating income$4.20 per share, a 20% increase over the same quarter of the previous yearAdjusted EBITDA$1.245 billion, a record adjusted EBITDA margin of 51%, a 17% increase over the same quarter of the previous year on an as-reported basis, or a 13% increase on a normalized and constant currency basisAFFO and AFFO per Share$1.065 billion, a 12% increase over the same quarter of the previous year on an as-reported basis, or an 11% increase on a normalized and constant currency basis driven by strong operating performance$10.79 per share, a 12% increase over the same quarter of the previous year on an as-reported basis, or a 10% increase on a normalized and constant currency basis

Q1 results do not include the xScale® Hampton lease transaction.  Adjusting for the timing of that deal, Q1 results were above the midpoint of the company’s Q1 guidance ranges.

Equinix uses certain non-GAAP financial measures, which are described further below and reconciled to the most comparable GAAP financial measures after the presentation of our GAAP financial statements.

All per-share results are presented on a fully diluted basis.

2026 Annual Guidance Summary

(in millions, except per share data)

Prior FY 2026
Guidance

Guidance
Adjustment

Foreign
Exchange
Impact

Revised FY 2026
Guidance

Q2 2026
Guidance

Revenues

$10,123 – 10,223

+$20

+$1

$10,144 – 10,244

$2,571 – 2,611

Adjusted EBITDA

Adjusted EBITDA Margin %

$5,141 – 5,221

~51%

+$23

+$1

$5,165 – 5,245

~51%

$1,349 – 1,389

52 – 53%

Recurring Capital Expenditures

% of Revenues

$270 – 290

~3%

+$11

($1)

$280 – 300

~3%

$46 – 66

2 – 3%

Non-recurring Capital Expenditures

(Excludes xScale and Land Acquisitions)

$3,385 – 3,865

+$188

($13)

~$3,800

AFFO

$4,158 – 4,238

+$40

($0)

$4,198 – 4,278

AFFO per Share (Diluted)

$41.93 – 42.74

+$0.38

($0.00)

$42.31 – 43.11

Expected Cash Dividends

~$2,036

+$1

$0

~$2,037

Equinix does not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation and other components of net income or loss from operations, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant. 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 second quarter of 2026, the company expects revenues to range between $2.571 and $2.611 billion, an increase of 6% at the midpoint over the previous quarter, on both an as-reported and a normalized and constant currency basis. This guidance includes a $6 million foreign currency benefit when compared to the average FX rates in Q1 2026. Adjusted EBITDA is expected to range between $1.349 and $1.389 billion. This guidance includes a $4 million foreign currency benefit when compared to the average FX rates in Q1 2026. Recurring capital expenditures are expected to range between $46 and $66 million.

For the full year of 2026, total revenues are expected to range between $10.144 and $10.244 billion, an increase of approximately 10 – 11% over the previous year on both an as-reported and a normalized and constant currency basis. This guidance includes a $21 million raise from better-than-expected Q1 operating performance. It also includes a minimal foreign currency benefit when compared to prior guidance. Adjusted EBITDA is expected to range between $5.165 and $5.245 billion, reflecting an adjusted EBITDA margin of 51%, an approximate +2% expansion over the previous year. This guidance includes a $24 million raise from better-than-expected Q1 operating performance. It also includes a minimal foreign currency benefit when compared to prior guidance. AFFO is expected to range between $4.198 and $4.278 billion, an increase of 12 – 14% over the previous year on an as-reported basis, or 10 – 12% on a normalized and constant currency basis. This guidance includes a $40 million raise from better-than-expected Q1 operating performance. This guidance also includes a minimal foreign currency impact when compared to prior guidance rates. AFFO per share is expected to range between $42.31 and $43.11, an increase of 10 – 12% over the previous year on an as-reported basis, or 9 – 11% on a normalized and constant currency basis. Total capital expenditures are expected to be approximately $4.100 billion. Non-recurring capital expenditures, excluding on-balance sheet xScale-related spend, are expected to be approximately $3.800 billion. Recurring capital expenditures are expected to range between $280 and $300 million.

The U.S. dollar exchange rates used for 2026 guidance, taking into consideration the impact of our current foreign currency hedges, have been updated to $1.14 to the Euro, $1.31 to the British Pound, S$1.27 to the U.S. Dollar, ¥159 to the U.S. Dollar, A$1.40 to the U.S. Dollar, R$4.97 to the U.S. Dollar, HK$7.83 to the U.S. Dollar and C$1.37 to the U.S. Dollar. The Q1 2026 global revenue breakdown by currency for the Euro, British Pound, Singapore Dollar, Japanese Yen, Australian Dollar, Brazilian Real, Hong Kong Dollar, and Canadian Dollar is 20%, 9%, 9%, 5%, 3%, 3%, 2% and 2%, respectively.

Business Highlights

Delivered $378 million of annualized gross bookings and record annualized presales of approximately $140 million.Approximately 60% of the company’s largest deals were AI-related.Introduced Equinix Fabric Intelligence™, an industry-leading solution that embeds AI directly into the network to interpret telemetry in real time and autonomously take action to optimize performance and workflows.Launched the Distributed AI Hub, a neutral, low-latency on-ramp to AI model companies, GPU clouds, data platforms and security services that enable companies to build their own AI stacks from best-of-breed providers.Announced definitive agreement with Canada Pension Plan Investment Board to acquire atNorth, a deal that will further enhance the company’s position in the Nordics and is expected to be immediately accretive to AFFO per share upon close.Strengthened position across the AI inferencing ecosystem, with eight of the top 10 AI model providers and four of the top five neoclouds actively expanding with Equinix to enable mission-critical, latency-sensitive elements of their architectures.Published 11th annual sustainability report, detailing the significant investments Equinix is making to expand critical energy infrastructure without burdening residential ratepayers while also achieving new levels of energy efficiency and environmental stewardship across the company’s operations.

Q1 2026 Results Conference Call and Replay Information

Equinix will discuss its quarterly results for the period ended March 31, 2026, along with its future outlook, in its quarterly conference call on Wednesday, April 29, 2026, at 5:30 p.m. ET (2:30 p.m. PT). A simultaneous live webcast of the call will be available on the company’s Investor Relations website at www.equinix.com/investors. To hear the conference call live, please dial 1-517-308-9482 (domestic and international) and reference the passcode EQIX.

A replay of the call will be available one hour after the call through Tuesday, June 30, 2026, by dialing 1-800-308-6785 and referencing the passcode 2026. In addition, the webcast will be available at www.equinix.com/investors (no password required).

Investor Presentation and Supplemental Financial Information

Equinix has made available on its website a presentation designed to accompany the discussion of Equinix’s results and future outlook, along with certain supplemental financial information and other data. Interested parties may access this information through the Equinix Investor Relations website at www.equinix.com/investors.

Additional Resources

Equinix Investor Relations Resources

About Equinix

Equinix, Inc. (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI—quickly, efficiently and everywhere.

Non-GAAP Financial Measures

Equinix provides all information required in accordance with generally accepted accounting principles (“GAAP”), but it believes that evaluating its ongoing results of operations may be difficult if limited to reviewing only GAAP financial measures. Accordingly, Equinix also uses non-GAAP financial measures to evaluate its operations.

Non-GAAP financial measures are not a substitute for financial information prepared in accordance with GAAP. Non-GAAP financial measures should not be considered in isolation, but should be considered together with the most directly comparable GAAP financial measures. As such, Equinix provides a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Investors should note that the non-GAAP financial measures used by Equinix may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as those of other companies. Investors should therefore exercise caution when comparing non-GAAP financial measures used by Equinix to similarly titled non-GAAP financial measures of other companies.

Equinix’s primary non-GAAP financial measures include Adjusted EBITDA and Adjusted Funds from Operations (“AFFO”) as described below. Equinix presents these measures to provide investors with additional tools to evaluate its results in a manner that focuses on what management believes to be its core, ongoing business operations. These measures exclude items which Equinix believes are generally not relevant to assessing its long-term performance. Both measures eliminate the impacts of depreciation and amortization, which are derived from historical costs and which Equinix believes are not indicative of current or future expenditures, and other items for which the frequency and amount of charges can vary based on the timing and significance of individual transactions. Equinix believes that presenting these non-GAAP financial measures provides consistency and comparability with past reports and that if it did not provide such non-GAAP financial information, investors would not have all the necessary data to analyze the company effectively.

Adjusted EBITDA is used by management to evaluate the operating strength and performance of its core, ongoing business, without regard to its capital or tax structures. It also aids in assessing the performance of, making operating decisions for, and allocating resources to its operating segments. In addition to the uses described above, Equinix believes this measure provides investors with a better understanding of the operating performance of the business and its ability to perform in subsequent periods.

Equinix defines adjusted EBITDA as net income excluding:

income tax expenseinterest incomeinterest expenseother income or expensegain or loss on debt extinguishmentdepreciation, amortization and accretion expensestock-based compensation expenserestructuring and other exit charges, which primarily include employee severance, facility closure costs, lease or other contract termination costs and advisory fees related to the realignment of our management structure, operations or products and other exit activitiesimpairment chargestransaction costsgain or loss on asset sales

AFFO is derived from Funds from Operations (“FFO”) calculated in accordance with the standards established by the National Association of Real Estate Investment Trusts. Both FFO and AFFO are non-GAAP measures commonly used in the REIT industry. Although these measures may not be directly comparable to similar measures used by other companies, Equinix believes that the presentation of these measures provides investors with an additional tool for comparing its performance with the performance of other companies in the REIT industry. Additionally, AFFO is a performance measure used in certain of the company’s employee incentive programs, and Equinix believes it is a useful measure in assessing its dividend-paying capacity, as it isolates the cash impact of certain income and expense items and considers the impact of recurring capital expenditures.

Equinix defines FFO as net income attributable to common stockholders excluding:

gain or loss from the disposition of real estate assetsdepreciation and amortization expense on real estate assetsadjustments for unconsolidated joint ventures’ and non-controlling interests’ share of these items

Equinix defines AFFO as FFO adjusted for:

depreciation and amortization expense on non-real estate assetsaccretion expensestock-based compensation expensestock-based charitable contributionsrestructuring and other exit charges, as described aboveimpairment chargestransaction costsan adjustment to remove the impacts of straight-lining installation revenuean adjustment to remove the impacts of straight-lining rent expensean adjustment to remove the impacts of straight-lining contract costsamortization of deferred financing costs and debt discounts and premiumsgain or loss from the disposition of non-real estate assetsgain or loss on debt extinguishmentan income tax expense adjustment, which represents the non-cash tax impact due to changes in valuation allowances, uncertain tax positions and deferred taxesrecurring capital expenditures, which represent expenditures to extend the useful life of data centers or other assets that are required to support current revenuesnet income or loss from discontinued operations, net of taxadjustments from FFO to AFFO for unconsolidated joint ventures’ and non-controlling interests’ share of these items

Equinix provides normalized and constant currency growth rates for revenues, adjusted EBITDA, AFFO and AFFO per share. These growth rates assume foreign currency rates remain consistent across comparative periods. Revenue growth rates exclude the impact of net power pass-through, acquisitions, divestitures and the Equinix Metal® wind-down. Adjusted EBITDA growth rates exclude the impact of acquisitions, divestitures and integration costs. AFFO growth rates exclude the impact of acquisitions and related financing costs, divestitures, integration costs and balance sheet remeasurements. AFFO per share growth rates exclude the impact of integration costs and balance sheet remeasurements.

Equinix presents cash cost of revenues and cash operating expenses (also known as cash selling, general and administrative expenses or cash SG&A). These measures exclude depreciation, amortization, accretion and stock-based compensation, which are not good indicators of Equinix’s current or future operating performance, as described above.

Equinix also presents free cash flow and adjusted free cash flow. Free cash flow is defined as net cash provided by (used in) operating activities plus net cash provided by (used in) investing activities excluding the net purchases of and distributions from equity investments. Adjusted free cash flow is defined as free cash flow excluding any real estate and business acquisitions, net of cash and restricted cash acquired. These measures are presented in order for lenders, investors and the industry analysts who review and report on Equinix to better evaluate Equinix’s cash spending levels relative to its industry sector and competitors.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; increased costs to procure power and the general volatility in the global energy market; the challenges of building and operating IBX® and xScale® data centers, including those related to sourcing suitable power and land, and any supply chain constraints or increased costs of supplies; the challenges of developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT; risks related to regulatory inquiries or litigation; and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.

EQUINIX, INC.

Condensed Consolidated Statements of Operations

(in millions, except share and per share data)

(unaudited)

Three Months Ended

March 31,
2026

December 31,
2025

March 31,
2025

Recurring revenues

$     2,331

$    2,294

$     2,087

Non-recurring revenues

113

126

138

    Revenues

2,444

2,420

2,225

Cost of revenues

1,186

1,198

1,084

           Gross profit

1,258

1,222

1,141

Operating expenses:

Sales and marketing

241

234

229

General and administrative

444

481

438

Restructuring and other exit charges

6

16

10

Transaction costs

8

6

6

Impairment charges

2

63

—

(Gain) loss on asset sales

(20)

—

—

         Total operating expenses

681

800

683

Income from operations

577

422

458

Interest and other income (expense):

Interest income

41

41

47

Interest expense

(148)

(142)

(122)

Other income (expense)

1

(9)

9

         Total interest and other, net

(106)

(110)

(66)

Income before income taxes

471

312

392

Income tax expense

(56)

(48)

(49)

Net income from continuing operations

415

264

343

Net (income) loss attributable to non-controlling interests

—

1

—

Net income attributable to common stockholders

$       415

$       265

$       343

Earnings (loss) per share (“EPS”) attributable to common stockholders:

Basic EPS

$      4.22

$      2.70

$      3.52

Diluted EPS

$      4.20

$      2.69

$      3.50

Weighted-average shares for basic EPS (in thousands)

98,392

98,200

97,514

Weighted-average shares for diluted EPS (in thousands)

98,727

98,378

97,887

 

EQUINIX, INC.

Condensed Consolidated Balance Sheets

(in millions, except headcount)

(unaudited)

March 31,
2026

December 31,
2025

Assets

Cash and cash equivalents

$     1,362

$     1,727

Short-term investments

1,692

1,500

Accounts receivable, net

1,108

1,001

Other current assets

1,184

897

          Total current assets

5,346

5,125

Property, plant and equipment, net

24,169

23,584

Operating lease right-of-use assets

1,345

1,392

Goodwill

5,931

5,984

Intangible assets, net

1,258

1,316

Other assets

2,849

2,740

          Total assets

$   40,898

$   40,141

Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity

Accounts payable and accrued expenses

$     1,321

$     1,350

Accrued property, plant and equipment

703

564

Current portion of operating lease liabilities

161

155

Current portion of finance lease liabilities

173

168

Current portion of mortgage and loans payable

16

17

Current portion of senior notes

1,876

1,299

Other current liabilities

288

340

          Total current liabilities

4,538

3,893

Operating lease liabilities, less current portion

1,256

1,304

Finance lease liabilities, less current portion

2,126

2,187

Mortgage and loans payable, less current portion

13

686

Senior notes, less current portion

17,715

16,910

Other liabilities

930

983

          Total liabilities

26,578

25,963

Redeemable non-controlling interest

25

25

Common stockholders’ equity:

Common stock

—

—

Additional paid-in capital

21,858

21,642

Treasury stock

(24)

(24)

Accumulated dividends

(12,707)

(12,202)

Accumulated other comprehensive loss

(1,343)

(1,359)

Retained earnings

6,514

6,099

          Total common stockholders’ equity

14,298

14,156

Non-controlling interests

(3)

(3)

          Total stockholders’ equity

14,295

14,153

Total liabilities, redeemable non-controlling interest and stockholders’
equity

$   40,898

$   40,141

Ending headcount by geographic region is as follows:

          Americas headcount

5,964

5,917

          EMEA headcount

4,721

4,706

          Asia-Pacific headcount

3,132

3,093

                    Total headcount

13,817

13,716

 

EQUINIX, INC.

Summary of Debt Principal Outstanding

(in millions)

(unaudited)

March 31,
2026

December 31,
2025

Finance lease liabilities

$     2,299

$     2,355

Term loans

1

673

Mortgage payable and other loans payable

28

30

           Total mortgage and loans payable principal

29

703

Senior notes

19,591

18,209

Plus: debt issuance costs and debt discounts

165

150

          Total senior notes principal

19,756

18,359

Total debt principal outstanding

$   22,084

$   21,417

 

EQUINIX, INC.

Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

Three Months Ended

March 31,
2026

March 31,
2025

Cash flows from operating activities:

Net income

$       415

$       343

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, amortization and accretion

544

480

Stock-based compensation

128

113

Impairment charges

2

—

(Gain) loss on asset sales

(20)

—

Other operating activities

(3)

(1)

Changes in operating assets and liabilities:

Accounts receivable

(106)

(133)

Income taxes, net

(7)

(2)

Operating lease right-of-use assets

41

42

Operating lease liabilities

(35)

(39)

Accounts payable and accrued expenses

(62)

(149)

Other assets and liabilities

(180)

155

Net cash provided by operating activities

717

809

Cash flows from investing activities:

Purchases of equity investments

(146)

(43)

Distributions from equity investments

—

4

Purchases of short-term investments

(784)

(190)

Maturity of short-term investments

595

—

Real estate acquisitions

(123)

(17)

Purchases of other property, plant and equipment

(1,256)

(750)

Proceeds from sale of assets, net of cash transferred

258

—

Settlement of foreign currency hedges

(3)

32

Net cash used in investing activities

(1,459)

(964)

Cash flows from financing activities:

Proceeds from employee equity programs

49

50

Payment of dividends

(519)

(468)

Proceeds from public offering of common stock, net of issuance costs

—

99

Proceeds from senior notes, net of debt discounts

1,492

370

Repayment of finance lease liabilities

(41)

(32)

Repayment of other debt

(674)

—

Other financing activities

42

(4)

Net cash provided by financing activities

349

15

Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash

(6)

20

Net decrease in cash, cash equivalents and restricted cash

(399)

(120)

Cash, cash equivalents and restricted cash at beginning of period

1,824

3,082

Cash, cash equivalents and restricted cash at end of period

$     1,425

$     2,962

Free cash flow (1)

$      (596)

$      (116)

Adjusted free cash flow (2)

$      (473)

$       (99)

(1)

We define free cash flow as net cash provided by operating activities plus net cash used in investing activities
(excluding the net purchases of and distributions from equity investments) as presented below:

Net cash provided by operating activities as presented above

$       717

$       809

Net cash used in investing activities as presented above

(1,459)

(964)

Less purchases of equity investments, net of distributions

146

39

Free cash flow

$      (596)

$      (116)

(2)

We define adjusted free cash flow as free cash flow as defined above, excluding any real estate and business
acquisitions, net of cash and restricted cash acquired as presented below:

Free cash flow (as defined above)

$      (596)

$      (116)

Less real estate acquisitions

123

17

Adjusted free cash flow

$      (473)

$       (99)

 

EQUINIX, INC.

Non-GAAP Measures and Other Supplemental Data

($ in millions, except per share data)

(unaudited)

Three Months Ended

March 31,
2026

December 31,
2025

March 31,
2025

Recurring revenues

$      2,331

$      2,294

$      2,087

Non-recurring revenues

113

126

138

Revenues (1)

2,444

2,420

2,225

Cash cost of revenues (2)

765

773

727

Cash gross profit (3)

1,679

1,647

1,498

Cash operating expenses (4):

Cash sales and marketing expenses

162

160

160

Cash general and administrative expenses

272

301

271

Total cash operating expenses (4)

434

461

431

Adjusted EBITDA (5)

$      1,245

$      1,186

$      1,067

Cash gross margins (6)

69 %

68 %

67 %

Adjusted EBITDA margins (7)

51 %

49 %

48 %

FFO (8)

$         758

$         625

$         647

AFFO (9)(10)

$      1,065

$         877

$         947

Basic FFO per share (11)

$        7.70

$        6.36

$        6.63

Diluted FFO per share (11)

$        7.68

$        6.35

$        6.61

Basic AFFO per share (11)

$      10.82

$        8.93

$        9.71

Diluted AFFO per share (11)

$      10.79

$        8.91

$        9.67

(1)

The geographic split of our revenues on a services basis is presented below:

Americas Revenues:

Colocation

$         731

$         711

$         636

Interconnection

251

245

229

Managed infrastructure

57

59

63

Other

7

5

3

Recurring revenues

1,046

1,020

931

Non-recurring revenues

45

51

70

Revenues

$      1,091

$      1,071

$      1,001

EMEA Revenues:

Colocation

$         613

$         619

$         567

Interconnection

106

102

87

Managed infrastructure

41

40

35

Other

29

28

27

Recurring revenues

789

789

716

Non-recurring revenues

38

47

27

Revenues

$         827

$         836

$         743

Asia-Pacific Revenues:

Colocation

$         386

$         378

$         342

Interconnection

89

86

77

Managed infrastructure

17

17

17

Other

4

4

4

Recurring revenues

496

485

440

Non-recurring revenues

30

28

41

Revenues

$         526

$         513

$         481

Worldwide Revenues:

Colocation

$      1,730

$      1,708

$      1,545

Interconnection

446

433

393

Managed infrastructure

115

116

115

Other

40

37

34

Recurring revenues

2,331

2,294

2,087

Non-recurring revenues

113

126

138

Revenues

$      2,444

$      2,420

$      2,225

(2)

We define cash cost of revenues as cost of revenues less depreciation, amortization, accretion and stock-
based compensation as presented below:

Cost of revenues

$      1,186

$      1,198

$      1,084

Depreciation, amortization and accretion expense

(405)

(409)

(343)

Stock-based compensation expense

(16)

(16)

(14)

Cash cost of revenues

$         765

$         773

$         727

(3)

We define cash gross profit as revenues less cash cost of revenues (as defined above).

(4)

We define cash sales and marketing expense as sales and marketing expense less depreciation, amortization
and stock-based compensation as presented below. We define cash general and administrative expense as
general and administrative expense less depreciation, amortization and stock-based compensation as
presented below. We define cash operating expense as selling, general, and administrative expense less
depreciation, amortization, and stock-based compensation. We also refer to cash operating expense as cash
selling, general and administrative expense or “cash SG&A”.

Sales and marketing expense

$         241

$         234

$         229

Depreciation and amortization expense

(52)

(50)

(47)

Stock-based compensation expense

(27)

(24)

(22)

Cash sales and marketing expense

162

160

160

General and administrative expense

444

481

438

Depreciation and amortization expense

(87)

(92)

(90)

Stock-based compensation expense

(85)

(88)

(77)

Cash general and administrative expenses

272

301

271

Cash operating expense

$         434

$         461

$         431

(5)

We define adjusted EBITDA as net income excluding income tax expense or benefit, interest income, interest
expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization,
accretion, stock-based compensation expense, restructuring and other exit charges, impairment charges,
transaction costs, and gain or loss on asset sales as presented below:

Net income

$         415

$         264

$         343

Income tax expense (benefit)

56

48

49

Interest income

(41)

(41)

(47)

Interest expense

148

142

122

Other (income) expense

(1)

9

(9)

Depreciation, amortization and accretion expense

544

551

480

Stock-based compensation expense

128

128

113

Restructuring and other exit charges

6

16

10

Impairment charges

2

63

—

Transaction costs

8

6

6

(Gain) loss on asset sales

(20)

—

—

Adjusted EBITDA

$      1,245

$      1,186

$      1,067

Americas

516

492

443

EMEA

424

413

365

Asia-Pacific

305

281

259

Adjusted EBITDA

$      1,245

$      1,186

$      1,067

(6)

We define cash gross margins as cash gross profit divided by revenues.

(7)

We define adjusted EBITDA margins as adjusted EBITDA divided by revenues.

(8)

FFO is defined as net income or loss attributable to common stockholders, excluding gain or loss from the
disposition of real estate assets, depreciation and amortization expense on real estate assets
and adjustments for unconsolidated joint ventures’ and non-controlling interests’ share of these items.

Net income

$         415

$         264

$         343

Net (income) loss attributable to non-controlling interests

—

1

—

Net income (loss) attributable to common stockholders

415

265

343

Adjustments:

Real estate depreciation

351

349

297

(Gain) loss on disposition of real estate assets

(20)

—

—

Adjustments for FFO from unconsolidated joint ventures

12

11

7

FFO attributable to common stockholders

$         758

$         625

$         647

(9)

AFFO is defined as FFO adjusted for depreciation and amortization expense on non-real estate assets,
accretion, stock-based compensation, stock-based charitable contributions, restructuring and other exit
charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent
expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts
and premiums, gain or loss from the disposition of non-real estate assets, gain or loss on debt
extinguishment, an income tax expense adjustment, recurring capital expenditures, net income or loss from
discontinued operations, net of tax, and adjustments from FFO to AFFO for unconsolidated joint ventures’
and non-controlling interests’ share of these items.

FFO attributable to common stockholders

$         758

$         625

$         647

Adjustments:

Installation revenue adjustment

8

4

2

Straight-line rent expense adjustment

4

(4)

3

Contract cost adjustment

(15)

(27)

(7)

Amortization of deferred financing costs and debt discounts

7

6

5

Stock-based compensation expense

128

128

113

Non-real estate depreciation expense

138

142

134

(Gain) loss on disposition of non-real estate assets

—

—

2

Amortization expense

52

51

48

Accretion expense adjustment

3

9

1

Recurring capital expenditures

(32)

(139)

(26)

Restructuring and other exit charges

6

16

10

Transaction costs

8

6

6

Impairment charges

2

63

—

Income tax expense adjustment

—

(5)

6

Adjustments for AFFO from unconsolidated joint ventures

(2)

2

3

AFFO attributable to common stockholders

$      1,065

$         877

$         947

(10)

 Following is how we reconcile from adjusted EBITDA to AFFO:

Adjusted EBITDA

$      1,245

$      1,186

$      1,067

Adjustments:

Interest expense, net of interest income

(107)

(101)

(75)

Amortization of deferred financing costs and debt discounts

7

6

5

Income tax expense

(56)

(48)

(49)

Income tax expense adjustment

—

(5)

6

Straight-line rent expense adjustment

4

(4)

3

Contract cost adjustment

(15)

(27)

(7)

Installation revenue adjustment

8

4

2

Recurring capital expenditures

(32)

(139)

(26)

Other income (expense)

1

(9)

9

Adjustments for (gain) loss on asset dispositions

—

—

2

Adjustments for unconsolidated JVs and non-controlling interests

10

14

10

AFFO attributable to common stockholders

$      1,065

$         877

$         947

(11)

The shares used in the computation of basic and diluted FFO and AFFO per share attributable to common
stockholders is presented below:

Shares used in computing basic net income per share, FFO per share
   and AFFO per share (in thousands)

98,392

98,200

97,514

Effect of dilutive securities:

Employee equity awards (in thousands)

335

178

373

Shares used in computing diluted net income per share, FFO per share
   and AFFO per share (in thousands)

98,727

98,378

97,887

Basic FFO per share

$        7.70

$        6.36

$        6.63

Diluted FFO per share

$        7.68

$        6.35

$        6.61

Basic AFFO per share

$      10.82

$        8.93

$        9.71

Diluted AFFO per share

$      10.79

$        8.91

$        9.67

 

 

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Pudu Robotics Makes Its IFA Debut, Bringing Its Full Robotics Portfolio to Europe

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37 minutes ago

on

September 5, 2026

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PUDU D7 Makes Its European Debut as Visitors Experience Live Demonstrations Across Service Delivery, Commercial Cleaning, Industrial Delivery and General Embodied AI

BERLIN, Sept. 5, 2026 /PRNewswire/ — Pudu Robotics, a global leader in commercial service robotics, is making its debut at IFA 2026 in Berlin, bringing its full robotics portfolio to one of the world’s leading technology showcases. From commercial service and cleaning robots already deployed at scale to its latest embodied AI solutions, Pudu is demonstrating how intelligent robots are moving beyond controlled environments and into real-world applications across industries.

The exhibition marks the first European appearance of the PUDU D7, Pudu Robotics’ next-generation semi-humanoid intelligent robot. At the booth, visitors can see PUDU D7 in action alongside the PUDU D5, BellaBot Pro, PUDU CC1 Pro, PUDU MT1 Max and PUDU T600, with live demonstrations showcasing capabilities ranging from human-robot interaction and autonomous mobility to service delivery, commercial cleaning and industrial delivery.

PUDU D7 Makes Its European Debut

Designed for real-world physical tasks, PUDU D7 demonstrates how an intelligent robot can perceive its surroundings, interact with people and manipulate objects.

At the Pudu booth, visitors can interact directly with PUDU D7 through a series of live demonstrations. The robot can take photos with visitors, take selfies from its own perspective, respond with a heart-hand gesture and pick up objects on request, turning embodied intelligence into an experience visitors can see and engage with firsthand.

PUDU D7’s European debut also follows its recognition as an IFA Innovation Award Honoree in the IFA NEXT & Emerging Tech category, marking an early highlight of Pudu Robotics’ first appearance at the show.

PUDU D5 Series Demonstrates Mobility Across Challenging Terrain

The PUDU D5 series offers a different demonstration of embodied intelligence, focusing on mobility across challenging physical environments. At the Pudu booth, D5-W navigates stairs, gravel and sandy surfaces, demonstrating autonomous movement across uneven and changing terrain.

Beyond the show floor, this mobility platform is designed to support tasks in environments where conventional wheeled robots can face greater mobility challenges, including industrial warehouses, tunnels and mining sites. Potential applications include autonomous transport and site patrol, extending quadruped robotics beyond structured indoor environments and into more demanding industrial settings.

Together, D7 and D5 offer visitors two distinct demonstrations of embodied intelligence in action — from physical interaction and object manipulation to autonomous mobility across complex terrain.

A Full Robotics Portfolio in Action

While embodied AI represents the next frontier of Pudu Robotics’ technology development, the company’s IFA showcase also highlights the robotics portfolio that has already accumulated extensive real-world deployment experience.

BellaBot Pro represents Pudu’s service delivery portfolio, demonstrating autonomous delivery and interactive capabilities for environments such as restaurants, hotels and retail. The robot combines navigation, delivery and human interaction to support a range of service workflows.

In commercial cleaning, PUDU CC1 Pro and PUDU MT1 Max showcase intelligent cleaning solutions for different environments. CC1 Pro combines sweeping, scrubbing, vacuuming and mopping in one platform, while intelligent perception helps the robot identify cleaning needs and optimize its operations. The CC1 series has already surpassed 20,000 units shipped worldwide.

Designed for larger and more complex environments, PUDU MT1 Max uses 3D perception and autonomous navigation to operate across spaces such as parking facilities, warehouses and industrial areas. Its intelligent cleaning capabilities enable it to respond to different types of debris and floor conditions.

For industrial applications, PUDU T600 demonstrates autonomous material transport with a payload capacity of up to 600 kilograms. Designed for demanding logistics environments, T600 extends autonomous robotic transport into factories, warehouses and other industrial settings.

From 130,000+ Shipments to the Next Generation of Robotics

Pudu Robotics’ IFA showcase builds on substantial real-world deployment experience. The company has shipped more than 130,000 robots across 85+ countries and regions and more than 1,000 cities, with its robots deployed across hospitality, retail, healthcare, manufacturing, logistics, property management and other commercial and industrial environments.

That experience is reflected in the range of robots on display in Berlin. Some are designed for highly specialized tasks such as cleaning or material transport, while newer platforms such as D7 and D5-W are extending robotic capabilities into more dynamic forms of physical interaction and mobility.

By bringing the full portfolio together at IFA, Pudu Robotics is giving European audiences a direct view of how commercial robotics is evolving — from robots already working at scale in real-world environments to a new generation of intelligent robots capable of interacting with people, objects and increasingly complex physical surroundings.

“IFA gives us an opportunity to show robotics not simply as technology, but through what robots can actually do in the real world,” said Shawn Wu, Vice President and General Manager of Embodied Intelligence Business, Pudu Robotics. “From PUDU D7 interacting with visitors to PUDU D5 navigating challenging terrain and our other specialized robots performing service, cleaning and transport tasks, the experience at our booth reflects the breadth of where robotics is heading and the practical value it can already deliver.”

Pudu Robotics is exhibiting at IFA 2026 from Sept. 4 to 8 at Messe Berlin, Hall 25, Stand H25-354. Visitors can experience live demonstrations and interact with Pudu’s latest robotic solutions throughout the exhibition.

About Pudu Robotics

Pudu Robotics is a global leader in commercial service robotics and the industry’s first company to offer a full portfolio spanning specialized, semi-humanoid, and humanoid robots. According to Frost & Sullivan’s latest market report, Pudu Robotics ranks No. 1 globally in commercial service robotics by both revenue and shipment volume. Built on its One Brain, Multiple Embodiments architecture, Pudu offers robots for service delivery, commercial cleaning, industrial delivery, and general embodied AI applications across hospitality, retail, healthcare, manufacturing, education, public services, and more. To date, Pudu Robotics has shipped over 130,000 robots to customers across 85+ countries and regions.

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XCOTTON Joins the Conversation at IFA 2026: Why the Future of Commerce Goes Beyond Checkout

Published

3 hours ago

on

September 5, 2026

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LOS ANGELES and NEW YORK and LAS VEGAS, Sept. 4, 2026 /PRNewswire/ — As the global consumer technology industry gathers in Berlin for IFA 2026, thousands of brands are showcasing what comes next: smarter devices, connected experiences, artificial intelligence, robotics, and technologies designed to change how people live and shop. But behind every new product is another part of the consumer journey that deserves just as much attention: What happens after the customer buys?

The Xcotton team is in Berlin during the event to connect with consumer brands, retailers, technology companies, and potential business partners. The conversations are focused on a broader question for modern commerce: how can brands create a better experience after checkout while reducing the risks that come with delivering products to customers around the world?

The Customer Journey Doesn’t End at Checkout

For years, e-commerce innovation has focused heavily on the path to purchase. Brands optimize advertising to attract shoppers, product pages to increase conversion, checkout flows to reduce abandonment, and promotions to encourage customers to buy.

But the transaction is only one moment in the customer relationship. After payment, the order still needs to be fulfilled, shipped, delivered, and supported. A package can be delayed, lost, stolen, or damaged. A customer may need a replacement or refund. A support team may suddenly have to spend time resolving a problem that had nothing to do with the product itself.

For global e-commerce brands, these challenges become even more important as order volumes increase and businesses expand into new markets. A single delivery problem may affect more than the cost of replacing a product. It can also create customer-service workload, additional shipping costs, refunds, negative reviews, and lost opportunities for repeat purchases.

For the customer, however, the distinction does not always matter. The customer bought from the brand. The delivery experience becomes part of the brand experience. That is why post-purchase experience is becoming an increasingly important part of modern commerce. The opportunity is to think beyond the transaction and manage the entire customer journey:

Purchase → Delivery → Protection → Support → Resolution → Retention

When brands approach these stages as part of one connected experience, post-purchase operations become more than a back-office function. They can become a competitive advantage. A great product can win the first purchase. How a brand handles an unexpected problem can influence whether it earns the next one.

XCOTTON: Turning Post-Purchase Protection Into Business Value

This is where Xcotton comes in. Xcotton helps modern e-commerce brands protect every order after checkout. As a U.S.-based post-purchase protection platform, Xcotton enables merchants to offer shipping protection, product protection, and insurance-backed coverage solutions designed to reduce delivery risk, improve customer experience, and create new revenue opportunities.

Xcotton’s reach extends beyond the U.S. Through its licensed insurance intermediary in France, Xcotton is authorized to provide compliant insurance solutions to merchants and consumers across the European Union. This international capability supports brands as they expand into new markets while helping them offer protection solutions aligned with local regulatory requirements.

The company’s approach is built around a straightforward idea: post-purchase protection should not be viewed only as a way to manage losses. It can also be part of the customer experience. When something goes wrong with an order, customers want to know three things: What happened? What can I do? And how quickly can it be resolved?

A clear protection experience can help answer those questions while giving merchants a structured way to manage unexpected delivery issues. For Xcotton, the goal is simple: Help brands turn post-purchase protection into a better customer experience and a smarter business advantage.

Why Protection Matters for Global E-Commerce

For brands selling across borders, post-purchase protection becomes particularly important as order values, shipping distances, and fulfillment complexity increase.

International shipments can move through multiple carriers, fulfillment centers, customs processes, and last-mile networks before reaching the customer. For higher-value or larger products, a delivery issue can create significant costs for both merchants and shoppers.

Xcotton helps brands address these risks with protection solutions designed around different stages of the customer journey—from shipping protection to product protection and extended warranty coverage.

This gives merchants a more structured way to protect purchases while giving customers greater confidence in the products they are investing in.

Modern Brands Are Selling More Than Products

The same trend can be seen across categories far beyond consumer electronics. Brands increasingly build their businesses around distinctive products, direct relationships, personalization, and customer experience.

LINTICO is a women’s natural-fabric clothing brand known for its linen womenswear. With linen at the heart of its collections, LINTICO focuses on thoughtfully chosen fibers and versatile pieces designed for everyday life, work, travel, and special occasions. Its philosophy, “Linen That Loves You Back,” reflects a focus on comfort, natural materials, and lasting appeal.

Lordhair is a men’s hair system brand serving customers in more than 120 countries. The company designs and manufactures its hair systems in-house, from ready-to-wear pieces to fully customized bases. Localized websites, native-language support, and one-to-one consultations help customers navigate fitting and aftercare while creating a more personalized buying experience.

MICAS represents the growing market for elevated modern womenswear, where product design, brand identity, digital commerce, and customer experience are increasingly interconnected.

Popilush is a global shapewear fashion brand combining fashion and functionality through its signature built-in shapewear designs. Founded by Eve DeMartine, the company creates one-piece dresses and confidence-enhancing apparel for women worldwide, with a strong focus on functional design, inclusive fashion, and body confidence.

These brands illustrate a common reality of modern commerce: Customers are not simply buying a product. They are buying confidence in the brand behind it. That confidence can be influenced by what happens before the purchase—and just as importantly, what happens afterward.

From Cost Center to Business Opportunity

Post-purchase protection has traditionally been associated with risk management.

A shipment is lost. A merchant replaces it.

A package arrives damaged. A refund is issued.

A customer reports a problem. The support team resolves it.

But this reactive model can overlook the larger opportunity. What if protection could be designed as part of the customer journey from the beginning? What if customers knew before they completed their purchase that there was a clear solution if something went wrong?

And what if merchants could use protection not only to reduce the financial impact of delivery problems, but also to improve customer confidence and create additional business value?

This represents a broader shift in how brands can think about post-purchase protection. It is not simply about covering a loss. It is about creating confidence around the purchase. For e-commerce brands competing for repeat customers, that confidence can matter.

XCOTTON Connects With Brands at IFA 2026

IFA 2026 provides an ideal environment for these conversations. The event brings together companies across consumer technology, retail, home appliances, smart home, AI, robotics, and emerging categories. For businesses developing the next generation of consumer products, reaching the customer is only one part of the challenge. Delivering that product successfully—and creating a positive experience afterward—is equally important.

In Berlin, Xcotton connects with:

E-commerce and direct-to-consumer brandsConsumer technology companiesRetailers and distributorsSmart home and connected-device businessesFashion and lifestyle brandsTechnology and logistics partnersCompanies expanding into international markets

The goal is to understand the challenges these businesses face after checkout and explore opportunities to build stronger post-purchase experiences together. The complete journey: Discover. Purchase. Deliver. Protect. Support. Retain.

The Future of Commerce Goes Beyond Checkout

IFA 2026 is showcasing technologies designed to make consumer lives smarter, more connected, and more convenient.

For commerce brands, however, the next evolution may not be limited to smarter products. It may also be about creating smarter experiences around those products. The customer journey does not end when the payment is processed. It continues through fulfillment, delivery, support, returns, protection, and resolution. And when something goes wrong, the response can become one of the most important moments in the relationship between a customer and a brand.

Post-purchase protection is not simply about protecting a package. It is about protecting customer trust. During IFA 2026 in Berlin, Xcotton connects with brands that are looking to explore how better post-purchase experiences can help modern e-commerce businesses reduce delivery risk, strengthen customer relationships, and create lasting value. The future of commerce doesn’t end at checkout. It begins there.

Contact: merchantsupport@xcotton.ai

 

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ToolDance Unveils X1 Smart Desktop CNC Mill at IFA 2026

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5 hours ago

on

September 5, 2026

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BERLIN, Sept. 4, 2026 /PRNewswire/ — ToolDance, a technology company focused on intelligent desktop CNC solutions, officially unveiled its flagship product ToolDance X1 Smart Desktop CNC Mill at IFA 2026 in Berlin, Germany.

On the first day of the exhibition, ToolDance attracted significant attention from professional users, makers, and industry audiences with live demonstrations showcasing the complete workflow from preparation to finished parts. Learn more about the X1 Smart Desktop CNC Mill.

“What has been especially encouraging at IFA is seeing people watch the X1 turn raw material into a finished part and immediately start thinking about how they could use it in their own work,” said Will Wang, Founder and CEO of ToolDance. “Our goal is to bring professional CNC capabilities to makers, engineers, and small businesses in a more accessible desktop format, while retaining the performance required for real manufacturing tasks.”

ToolDance’s participation in IFA 2026 reflects the company’s commitment to making industrial-grade manufacturing capabilities more accessible in personal workspaces.

The X1 features a 1,500W permanent magnet synchronous motor (PMSM) spindle that maintains strong torque at lower spindle speeds for demanding roughing operations and reaches speeds of up to 24,000rpm for precise finishing. It delivers positioning repeatability of ±0.01mm.

Its three-axis work envelope measures 400 × 265 × 180mm, providing room for functional parts such as fixtures, molds, machine plates, and housings, as well as multi-part production in a single setup. Support for tool shanks up to 10mm expands the range of cutters available for heavier material removal and larger tools.

The X1 supports both dry machining and flood-coolant machining across a range of metals, wood, and engineering plastics. Continuous coolant flow helps control heat, clear chips, and support stable cutting in demanding metal applications. Its cast aluminum-alloy frame is reinforced along critical load paths to increase rigidity and reduce vibration, supporting stable machining, consistent accuracy, and clean surface finishes.

On the software side, ToolDance Studio, developed in-house by ToolDance, is designed to lower the barrier to CNC machining through a streamlined three-step workflow from model to finished part.

Its Design for Manufacturability (DFM) analysis checks geometry, tool access, stock, and machining constraints to help users identify potential issues before cutting begins. The Workholding Guidance System recommends workholding setups for each operation based on part geometry and machining parameters, with step-by-step visual guidance. Its image-to-model feature can also generate editable geometry from photographs or reference images.

A nine-tool automatic tool changer (ATC) automates tool changes across operations ranging from roughing and drilling to finishing, chamfering, threading, and engraving, reducing the need for manual tool changes during multi-operation jobs.

The X1 is also designed as an expandable platform. With the optional simultaneous four or five-axis module, it can machine complex parts, curved surfaces, and fine details in a single setup, reducing re-clamping while maintaining alignment and accuracy.

The ToolDance X1 will remain on display at Hall 17, Booth H17-205 at Messe Berlin from Sept. 4–8, 2026, with live machining demonstrations taking place throughout the event. The product is scheduled to launch on Kickstarter in October 2026.

For more information, visit: https://www.tooldance.ai

About ToolDance

ToolDance is a technology company focused on  smart desktop CNC solutions. With the vision of “Your Personal Factory,” ToolDance integrates hardware, software, and automation to make industrial-grade manufacturing capabilities more accessible, helping makers, engineers, professionals, and small businesses turn ideas into physical products more efficiently.

Note: Please translate the content first and provide a preview. The photos will be provided on Sept. 4.

Media Contact: info@tooldance.ai

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