v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
Our Chief Operating Decision Maker (“CODM”), our President and CEO, uses Adjusted EBITDA as the basis for evaluating the performance of, and allocating resources to, our operating segments. The CODM uses Adjusted EBITDA to ensure that resources, including capital, are allocated strategically to support our strategy.
Our reportable segments as of December 31, 2025 are described in Note 10 to Notes to Consolidated Financial Statements included in our Annual Report. Our reportable segments are as follows:
•Global RIM Business
•Global Data Center Business
The remaining activities of our business consist primarily of our asset lifecycle management ("ALM") and Fine Arts businesses and other corporate items ("Corporate and Other").
An analysis of our business segment information and reconciliation to the accompanying Condensed Consolidated Financial Statements for the three and six months ended June 30, 2026 and 2025 is as follows:
GLOBAL RIM BUSINESSGLOBAL
DATA CENTER BUSINESS		TOTAL REPORTABLE SEGMENTSCORPORATE 
AND OTHER 		TOTAL
CONSOLIDATED
For the Three Months Ended June 30, 2026
Total Revenues$1,433,562 $262,871 $1,696,433 $332,629 $2,029,062 
Storage Rental856,751 258,892 1,115,643 18,968 1,134,611 
Service576,811 3,979 580,790 313,661 894,451 
Other Segment Items(1)
812,811 125,528 938,339 
Adjusted EBITDA620,751 137,343 758,094 
For the Three Months Ended June 30, 2025
Total Revenues$1,323,798 $189,401 $1,513,199 $198,749 $1,711,948 
Storage Rental803,580 188,279 991,859 18,130 1,009,989 
Service520,218 1,122 521,340 180,619 701,959 
Other Segment Items(1)
737,495 93,135 830,630 
Adjusted EBITDA586,303 96,266 682,569 
As of and for the Six Months Ended June 30, 2026
Total Revenues$2,837,648 $517,596 $3,355,244 $609,967 $3,965,211 
Storage Rental1,680,268 511,397 2,191,665 37,711 2,229,376 
Service1,157,380 6,199 1,163,579 572,256 1,735,835 
Other Segments Items(1)
1,599,218 247,490 1,846,708 
Adjusted EBITDA1,238,430 270,106 1,508,536 
Total Assets(2)
10,898,848 8,782,891 19,681,739 2,273,703 21,955,442 
As of and for the Six Months Ended June 30, 2025
Total Revenues$2,579,740 $362,598 $2,942,338 $362,139 $3,304,477 
Storage Rental1,561,088 361,224 1,922,312 36,053 1,958,365 
Service1,018,652 1,374 1,020,026 326,086 1,346,112 
Other Segment Items(1)
1,437,123 175,516 1,612,639 
Adjusted EBITDA1,142,617 187,082 1,329,699 
Total Assets(2)
10,706,096 7,156,801 17,862,897 2,313,892 20,176,789 
(1)Relates to Cost of sales (excluding depreciation and amortization) and Selling, general and administrative expenses for the respective reportable segment. The CODM does not regularly review disaggregated expense information included within “Other Segment Items” for any individual segments but may review consolidated Cost of sales (excluding depreciation and amortization) and consolidated Selling, general and administrative expense information to manage the business.
(2)Excludes all intercompany receivables or payables and investment in subsidiary balances.
A reconciliation of Adjusted EBITDA for our reportable segments to total Net Income (Loss) Before Provision (Benefit) for Income Taxes for the three and six months ended June 30, 2026 and 2025 is as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2026202520262025
Total Adjusted EBITDA for Reportable Segments$758,094 $682,569 $1,508,536 $1,329,699 
Add/(Deduct):
Corporate and other(31,076)(54,181)(73,579)(121,405)
Interest expense, net(223,446)(205,063)(447,267)(399,801)
Depreciation and amortization(281,395)(252,566)(549,234)(484,720)
Acquisition and Integration Costs(1)
(1,684)(4,815)(4,605)(10,638)
Restructuring and other transformation— (50,340)— (105,086)
(Loss) gain on disposal/write-down of property, plant and equipment, net (including real estate)(11,507)962 (19,099)(4,609)
Other (expense) income, net, excluding our share of (losses) gains from our unconsolidated joint ventures(28,857)(80,698)(27,661)(108,080)
Stock-based compensation expense(56,787)(60,354)(85,044)(86,448)
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures(2,438)(2,558)(5,026)(4,888)
Total Net Income (Loss) Before Provision (Benefit) for Income Taxes
$120,904 $(27,044)$297,021 $4,024 
(1)Represents operating expenditures directly associated with the closing and integration activities of our business acquisitions that have closed, or are highly probable of closing, and include (i) advisory, legal and professional fees to complete business acquisitions and (ii) costs to integrate acquired businesses into our existing operations, including move, severance and system integration costs (collectively, "Acquisition and Integration Costs").
Segment revenue by product and service lines for the three and six months ended June 30, 2026 and 2025 is as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2026202520262025
Global RIM Business
Records Management(1)
$1,153,385 $1,055,495 $2,283,486 $2,047,322 
Data Management(1)
123,148 123,946 246,105 246,033 
Information Destruction(1)(2)
157,029 144,357 308,057 286,385 
Data Center(1)
— — — — 
Global Data Center Business
Records Management(1)
$— $— $— $— 
Data Management(1)
— — — — 
Information Destruction(1)
— — — — 
Data Center(1)
262,871 189,401 517,596 362,598 
Corporate and Other
Records Management(1)
$44,642 $45,686 $90,131 $88,473 
Data Management(1)
— — — — 
Information Destruction(1)(3)
287,987 153,063 519,836 273,666 
Data Center(1)
— — — — 
Total Consolidated
Records Management(1)
$1,198,027 $1,101,181 $2,373,617 $2,135,795 
Data Management(1)
123,148 123,946 246,105 246,033 
Information Destruction(1)(2)(3)
445,016 297,420 827,893 560,051 
Data Center(1)
262,871 189,401 517,596 362,598 
(1)Each of these offerings has a component of revenue that is storage rental related and a component that is service related, except for information destruction, which does not have a storage rental component.
(2)Information destruction revenue for our Global RIM Business includes secure shredding services.
(3)Information destruction revenue for Corporate and Other includes product revenue from our ALM business.