v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
While we have one primary line of business, which is the design, build-out and operation of IBX data centers, we have determined that we have three reportable segments comprised of our Americas, EMEA and Asia-Pacific geographic regions. Each of our three reportable segments are managed by regional presidents and require unique strategies due to the varying microeconomic and macroeconomic conditions within each region. Our chief executive officer is our chief operating decision maker and evaluates performance, makes operating decisions and allocates resources primarily based on our revenues and adjusted EBITDA, both on a consolidated basis and for these three reportable segments. Intercompany transactions between segments are excluded for management reporting purposes. Revenues are attributed to countries based on the geographic location of the entity that enters into the contract.
We define adjusted EBITDA, our measure of segment profit or loss, as net income excluding income tax expense, 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. The accounting policies of the three segments are the same as those described in the summary of significant accounting policies, except that segment expenses exclude depreciation, amortization and accretion expense and stock-based compensation expense, consistent with the definition of adjusted EBITDA.
The following tables present segment information, including revenue information disaggregated by product lines and segment adjusted EBITDA, and a reconciliation to total consolidated income before income taxes (in millions):
Year Ended December 31, 2025
Americas EMEAAsia-PacificTotal
Colocation (1)
$2,683 $2,346 $1,446 $6,475 
Interconnection944 385 326 1,655 
Managed infrastructure245 152 69 466 
Other (1)
17 110 16 143 
Recurring revenues3,889 2,993 1,857 8,739 
Non-recurring revenues222 137 119 478 
Total revenues (2)
4,111 3,130 1,976 9,217 
Less:
Segment cost of revenues1,179 1,155 625 2,959 
Other segment items (3)
1,042 414 272 1,728 
Segment adjusted EBITDA$1,890 $1,561 $1,079 $4,530 
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense$(2,066)
Stock-based compensation expense(498)
Transaction costs(18)
Restructuring and other exit charges(33)
Impairment charges(68)
Gain (loss) on asset sales1 
Interest income193 
Interest expense(527)
Other income (expense)(7)
Gain (loss) on debt extinguishment1 
Income before income taxes$1,508 
(1)    Includes some leasing and hedging activities.
(2)    Total revenues attributed to the U.S. were $3.6 billion. There was no other country from which we derived revenues that exceeded 10% of our total revenues and no single customer accounted for 10% or greater of our accounts receivable or revenues as at or for the year ended December 31, 2025.
(3)    Other segment items for each reportable segment are comprised of general and administrative and sales and marketing expenses, excluding stock-based compensation expense and depreciation, amortization and accretion expense.
Year Ended December 31, 2024
Americas EMEAAsia-PacificTotal
Colocation (1)
$2,474 $2,235 $1,349 $6,058 
Interconnection885 340 294 1,519 
Managed infrastructure261 138 68 467 
Other (1)
27 99 14 140 
Recurring revenues3,647 2,812 1,725 8,184 
Non-recurring revenues215 155 194 564 
Total revenues (2)
3,862 2,967 1,919 8,748 
Less:
Segment cost of revenues1,158 1,190 635 2,983 
Other segment items (3)
995 399 274 1,668 
Segment adjusted EBITDA$1,709 $1,378 $1,010 $4,097 
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense$(2,011)
Stock-based compensation expense(462)
Transaction costs(50)
Restructuring and other exit charges(31)
Impairment charges(233)
Gain (loss) on asset sales18 
Interest income137 
Interest expense(457)
Other income (expense)(17)
Gain (loss) on debt extinguishment(16)
Income before income taxes$975 
(1)    Includes some leasing and hedging activities.
(2)    Total revenues attributed to the U.S. were $3.3 billion. There was no other country from which we derived revenues that exceeded 10% of our total revenues and no single customer accounted for 10% or greater of our accounts receivable or revenues as at or for the year ended December 31, 2024.
(3)    Other segment items for each reportable segment are comprised of general and administrative and sales and marketing expenses, excluding stock-based compensation expense and depreciation, amortization and accretion expense.
Year Ended December 31, 2023
Americas EMEAAsia-PacificTotal
Colocation (1)
$2,364 $2,112 $1,289 $5,765 
Interconnection821 308 266 1,395 
Managed infrastructure250 130 72 452 
Other (1)
22 98 13 133 
Recurring revenues3,457 2,648 1,640 7,745 
Non-recurring revenues160 190 93 443 
Total revenues (2)
3,617 2,838 1,733 8,188 
Less:
Segment cost of revenues1,047 1,199 624 2,870 
Other segment items (3)
956 388 272 1,616 
Segment adjusted EBITDA$1,614 $1,251 $837 $3,702 
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense$(1,844)
Stock-based compensation expense(407)
Transaction costs(13)
Gain (loss) on asset sales5 
Interest income94 
Interest expense(402)
Other income (expense)(11)
Income before income taxes$1,124 
(1)    Includes some leasing and hedging activities.
(2)    Total revenues attributed to the U.S. and the United Kingdom were $3.1 billion and $822 million, respectively. There was no other country from which we derived revenues that exceeded 10% of our total revenues and no single customer accounted for 10% or greater of our accounts receivable or revenues as at or for the year ended December 31, 2023.
(3)    Other segment items for each reportable segment are comprised of general and administrative and sales and marketing expenses, excluding stock-based compensation expense and depreciation, amortization and accretion expense.
We provide the following additional segment disclosures for the years ended December 31 (in millions):
202520242023
Depreciation and amortization:
Americas
$1,137 $1,119 $1,001 
EMEA
538 530 501 
Asia-Pacific
375 360 343 
Total$2,050 $2,009 $1,845 
Capital expenditures:
Americas
$2,743 $1,838 $1,627 
EMEA
1,027 808 717 
Asia-Pacific
541 420 437 
Total$4,311 $3,066 $2,781 
Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, were located in the following geographic regions as of December 31 (in millions):
Property, plant and equipment, netOperating lease right-of-use assets
2025202420252024
Americas (1)
$10,840 $9,193 $340 $389 
EMEA8,314 6,405 449 398 
Asia-Pacific4,430 3,651 603 632 
Total$23,584 $19,249 $1,392 $1,419 
(1)Property, plant and equipment, net of $8.5 billion and $7.2 billion and operating lease right-of-use assets of $322 million and $368 million were located in the U.S. as of December 31, 2025 and 2024, respectively.