v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
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):
Three Months Ended September 30, 2026Nine Months Ended September 30, 2026
AmericasEMEAAsia-PacificTotalAmericasEMEAAsia-PacificTotal
Colocation (1)
$770 $653 $403 $1,826 $2,248 $1,899 $1,181 $5,328 
Interconnection262 108 95 465 769 319 276 1,364 
Managed infrastructure52 40 16 108 165 121 49 335 
Other (1)
9 30 4 43 24 87 12 123 
Recurring revenues1,093 831 518 2,442 3,206 2,426 1,518 7,150 
Non-recurring revenues55 47 27 129 284 124 82 490 
Total revenues (2)
1,148 878 545 2,571 3,490 2,550 1,600 7,640 
Less:
Segment cost of revenues339 319 172 830 985 910 490 2,385 
Other segment items (3)
249 103 68 420 788 304 201 1,293 
Segment adjusted EBITDA$560 $456 $305 $1,321 $1,717 $1,336 $909 $3,962 
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense$(548)$(1,649)
Stock-based compensation expense(141)(414)
Transaction costs(20)(31)
Restructuring and other exit charges(6)(18)
Impairment charges(6)(25)
Gain (loss) on asset sales— 17 
Interest income46 123 
Interest expense(163)(462)
Other income (expense)54 27 
Gain (loss) on debt extinguishment— 1 
Income before income taxes$537 $1,531 
(1)Includes some leasing and hedging activities.
(2)Total revenues attributed to the U.S. were $989 million and $3.0 billion during the three and nine months ended September 30, 2026. 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 three and nine months ended September 30, 2026.
(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.
Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025
AmericasEMEAAsia-PacificTotalAmericasEMEAAsia-PacificTotal
Colocation (1)
$682 $588 $367 $1,637 $1,972 $1,727 $1,068 $4,767 
Interconnection239 100 83 422 699 283 240 1,222 
Managed infrastructure61 39 18 118 186 112 52 350 
Other (1)
5 29 4 38 12 82 12 106 
Recurring revenues987 756 472 2,215 2,869 2,204 1,372 6,445 
Non-recurring revenues48 28 25 101 171 90 91 352 
Total revenues (2)
1,035 784 497 2,316 3,040 2,294 1,463 6,797 
Less:
Segment cost of revenues297 299 156 752 877 844 465 2,186 
Other segment items (3)
249 101 66 416 765 302 200 1,267 
Segment adjusted EBITDA$489 $384 $275 $1,148 $1,398 $1,148 $798 $3,344 
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense$(533)$(1,515)
Stock-based compensation expense(130)(370)
Transaction costs(3)(12)
Restructuring and other exit charges(5)(17)
Impairment charges(4)(5)
Gain (loss) on asset sales1 1 
Interest income53 152 
Interest expense(128)(385)
Other income (expense)— 2 
Gain (loss) on debt extinguishment— 1 
Income before income taxes$399 $1,196 
(1)Includes some leasing and hedging activities.
(2)Total revenues attributed to the U.S. were $892 million and $2.6 billion during the three and nine months ended September 30, 2025. 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 three and nine months ended September 30, 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.
 We provide the following additional segment disclosures for the three and nine months ended September 30, 2026 and 2025 (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Depreciation and amortization:
Americas$287 $298 $856 $839 
EMEA148 137 458 394 
Asia-Pacific109 95 322 275 
Total$544 $530 $1,636 $1,508 
Capital expenditures:
Americas$945 $762 $2,522 $1,905 
EMEA427 217 1,198 640 
Asia-Pacific186 157 672 330 
Total$1,558 $1,136 $4,392 $2,875 
Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, were located in the following geographic regions (in millions):
Property, plant and equipment, netOperating lease right-of-use assets
September 30, 2026December 31, 2025September 30, 2026December 31, 2025
Americas$12,471 $10,840 $379 $340 
EMEA8,984 8,314 373 449 
Asia-Pacific4,827 4,430 565 603 
Total$26,282 $23,584 $1,317 $1,392