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v3.25.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 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):
| 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.
Schedule of Segment Disclosures | 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 |
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 (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 Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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