v3.26.1
Segment Information
 6 Months Ended
Jun. 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 June 30, 2026Six Months Ended June 30, 2026
AmericasEMEAAsia-PacificTotalAmericasEMEAAsia-PacificTotal
Colocation (1)
$747 $633 $392 $1,772 $1,478 $1,246 $778 $3,502 
Interconnection256 105 92 453 507 211 181 899 
Managed infrastructure56 40 16 112 113 81 33 227 
Other (1)
8 28 4 40 15 57 8 80 
Recurring revenues1,067 806 504 2,377 2,113 1,595 1,000 4,708 
Non-recurring revenues184 39 25 248 229 77 55 361 
Total revenues (2)
1,251 845 529 2,625 2,342 1,672 1,055 5,069 
Less:
Segment cost of revenues343 284 163 790 646 591 318 1,555 
Other segment items (3)
267 105 67 439 539 201 133 873 
Segment adjusted EBITDA$641 $456 $299 $1,396 $1,157 $880 $604 $2,641 
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense$(557)$(1,101)
Stock-based compensation expense(145)(273)
Transaction costs(3)(11)
Restructuring and other exit charges(6)(12)
Impairment charges(17)(19)
Gain (loss) on asset sales(3)17 
Interest income36 77 
Interest expense(151)(299)
Other income (expense)(28)(27)
Gain (loss) on debt extinguishment1 1 
Income before income taxes$523 $994 
(1)Includes some leasing and hedging activities.
(2)Total revenues attributed to the U.S. were $1.1 billion and $2.0 billion during the three and six months ended June 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 six months ended June 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 June 30, 2025 Six Months Ended June 30, 2025
AmericasEMEAAsia-PacificTotalAmericasEMEAAsia-PacificTotal
Colocation (1)
$654 $572 $359 $1,585 $1,290 $1,139 $701 $3,130 
Interconnection231 96 80 407 460 183 157 800 
Managed infrastructure62 38 17 117 125 73 34 232 
Other (1)
4 26 4 34 7 53 8 68 
Recurring revenues951 732 460 2,143 1,882 1,448 900 4,230 
Non-recurring revenues53 35 25 113 123 62 66 251 
Total revenues (2)
1,004 767 485 2,256 2,005 1,510 966 4,481 
Less:
Segment cost of revenues290 264 153 707 580 545 309 1,434 
Other segment items (3)
248 104 68 420 516 201 134 851 
Segment adjusted EBITDA$466 $399 $264 $1,129 $909 $764 $523 $2,196 
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense$(502)$(982)
Stock-based compensation expense(127)(240)
Transaction costs(3)(9)
Restructuring and other exit charges(2)(12)
Impairment charges(1)(1)
Interest income52 99 
Interest expense(135)(257)
Other income (expense)(7)2 
Gain (loss) on debt extinguishment1 1 
Income before income taxes$405 $797 
(1)Includes some leasing and hedging activities.
(2)Total revenues attributed to the U.S. were $871 million and $1.7 billion during the three and six months ended June 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 six months ended June 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 six months ended June 30, 2026 and 2025 (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
Depreciation and amortization:
Americas$282 $272 $569 $541 
EMEA161 134 310 257 
Asia-Pacific108 93 213 180 
Total$551 $499 $1,092 $978 
Capital expenditures:
Americas$872 $642 $1,577 $1,143 
EMEA442 252 771 423 
Asia-Pacific264 95 486 173 
Total$1,578 $989 $2,834 $1,739 
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
June 30,
2026		December 31, 2025June 30,
2026		December 31, 2025
Americas$11,748 $10,840 $362 $340 
EMEA8,835 8,314 366 449 
Asia-Pacific4,639 4,430 568 603 
Total$25,222 $23,584 $1,296 $1,392