v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule 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.
Schedule of Continuing Operations
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 
Schedule of Segment Long-Lived Assets
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.