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Segment Information | 9 Months Ended
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Sep. 30, 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. 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 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, 2025 |  | Nine Months Ended September 30, 2025
| Americas |  | EMEA |  | Asia-Pacific |  | Total |  | Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 682 |  |  | $ | 588 |  |  | $ | 367 |  |  | $ | 1,637 |  |  | $ | 1,972 |  |  | $ | 1,727 |  |  | $ | 1,068 |  |  | $ | 4,767 |
Interconnection | 239 |  |  | 100 |  |  | 83 |  |  | 422 |  |  | 699 |  |  | 283 |  |  | 240 |  |  | 1,222 |
Managed infrastructure | 61 |  |  | 39 |  |  | 18 |  |  | 118 |  |  | 186 |  |  | 112 |  |  | 52 |  |  | 350 |
Other (1) | 5 |  |  | 29 |  |  | 4 |  |  | 38 |  |  | 12 |  |  | 82 |  |  | 12 |  |  | 106 |
Recurring revenues | 987 |  |  | 756 |  |  | 472 |  |  | 2,215 |  |  | 2,869 |  |  | 2,204 |  |  | 1,372 |  |  | 6,445 |
Non-recurring revenues | 48 |  |  | 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 revenues | 297 |  |  | 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 charges |  |  |  |  |  |  | (5) |  |  |  |  |  |  |  |  | (17) |
Impairment charges |  |  |  |  |  |  | (4) |  |  |  |  |  |  |  |  | (5) |
Gain (loss) on asset sales |  |  |  |  |  |  | 1 |  |  |  |  |  |  |  |  | 1 |
Interest income |  |  |  |  |  |  | 53 |  |  |  |  |  |  |  |  | 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.
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
| Americas |  | EMEA |  | Asia-Pacific |  | Total |  | Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 617 |  |  | $ | 566 |  |  | $ | 337 |  |  | $ | 1,520 |  |  | $ | 1,848 |  |  | $ | 1,658 |  |  | $ | 1,004 |  |  | $ | 4,510 |
Interconnection | 224 |  |  | 86 |  |  | 74 |  |  | 384 |  |  | 658 |  |  | 253 |  |  | 215 |  |  | 1,126 |
Managed infrastructure | 66 |  |  | 35 |  |  | 17 |  |  | 118 |  |  | 198 |  |  | 104 |  |  | 50 |  |  | 352 |
Other (1) | 7 |  |  | 26 |  |  | 4 |  |  | 37 |  |  | 20 |  |  | 74 |  |  | 11 |  |  | 105 |
Recurring revenues | 914 |  |  | 713 |  |  | 432 |  |  | 2,059 |  |  | 2,724 |  |  | 2,089 |  |  | 1,280 |  |  | 6,093 |
Non-recurring revenues | 44 |  |  | 30 |  |  | 68 |  |  | 142 |  |  | 139 |  |  | 102 |  |  | 153 |  |  | 394 |
Total revenues (2) | 958 |  |  | 743 |  |  | 500 |  |  | 2,201 |  |  | 2,863 |  |  | 2,191 |  |  | 1,433 |  |  | 6,487 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment cost of revenues | 289 |  |  | 270 |  |  | 173 |  |  | 732 |  |  | 832 |  |  | 874 |  |  | 456 |  |  | 2,162 |
Other segment items (3) | 242 |  |  | 101 |  |  | 78 |  |  | 421 |  |  | 744 |  |  | 293 |  |  | 212 |  |  | 1,249 |
Segment adjusted EBITDA | $ | 427 |  |  | $ | 372 |  |  | $ | 249 |  |  | $ | 1,048 |  |  | $ | 1,287 |  |  | $ | 1,024 |  |  | $ | 765 |  |  | $ | 3,076 |
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense |  |  |  |  |  |  | $ | (494) |  |  |  |  |  |  |  |  | $ | (1,509) |
Stock-based compensation expense |  |  |  |  |  |  | (122) |  |  |  |  |  |  |  |  | (348) |
Transaction costs |  |  |  |  |  |  | (7) |  |  |  |  |  |  |  |  | (12) |
Gain (loss) on asset sales |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 18 |
Interest income |  |  |  |  |  |  | 35 |  |  |  |  |  |  |  |  | 88 |
Interest expense |  |  |  |  |  |  | (117) |  |  |  |  |  |  |  |  | (331) |
Other income (expense) |  |  |  |  |  |  | 7 |  |  |  |  |  |  |  |  | (6) |
Gain (loss) on debt extinguishment |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | (1) |
Income before income taxes |  |  |  |  |  |  | $ | 350 |  |  |  |  |  |  |  |  | $ | 975 |
(1) Includes some leasing and hedging activities. (2) Total revenues attributed to the U.S. were $819 million and $2.4 billion during the three and nine months ended September 30, 2024, 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 three and nine months ended September 30, 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. We provide the following additional segment disclosures for the three and nine months ended September 30, 2025 and 2024 (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and amortization: |  |  |  |  |  |  |
Americas | $ | 298 |  |  | $ | 272 |  |  | $ | 839 |  |  | $ | 848 |
EMEA | 137 |  |  | 132 |  |  | 394 |  |  | 397 |
Asia-Pacific | 95 |  |  | 92 |  |  | 275 |  |  | 266 |
Total | $ | 530 |  |  | $ | 496 |  |  | $ | 1,508 |  |  | $ | 1,511 |
Capital expenditures: |  |  |  |  |  |  |
Americas | $ | 762 |  |  | $ | 412 |  |  | $ | 1,905 |  |  | $ | 1,230 |
EMEA | 217 |  |  | 204 |  |  | 640 |  |  | 541 |
Asia-Pacific | 157 |  |  | 108 |  |  | 330 |  |  | 308 |
Total | $ | 1,136 |  |  | $ | 724 |  |  | $ | 2,875 |  |  | $ | 2,079 |
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, net |  | Operating lease right-of-use assets
| September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
Americas | $ | 10,364 |  |  | $ | 9,193 |  |  | $ | 357 |  |  | $ | 389 |
EMEA | 7,446 |  |  | 6,405 |  |  | 446 |  |  | 398 |
Asia-Pacific | 4,087 |  |  | 3,651 |  |  | 636 |  |  | 632 |
Total | $ | 21,897 |  |  | $ | 19,249 |  |  | $ | 1,439 |  |  | $ | 1,419 |

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- Definition The entire disclosure for reporting segments including data and tables. 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