Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Analysis of Business Segment Information and Reconciliation

An analysis of our business segment information and reconciliation to the accompanying Consolidated Financial Statements is as follows:


	GLOBAL RIM BUSINESS		GLOBAL DATA CENTER BUSINESS		TOTAL REPORTABLE SEGMENTS		CORPORATE AND OTHER		TOTAL CONSOLIDATED
As of and for the Year Ended December 31, 2025
Total Revenues	$	5,291,481	$	803,429	$	6,094,910	$	806,827	$	6,901,737
Storage Rental	3,183,735		797,017		3,980,752		71,758		4,052,510
Service	2,107,746		6,412		2,114,158		735,069		2,849,227
Other Segment Items(1)	2,927,983		387,103		3,315,086
Adjusted EBITDA	2,363,498		416,326		2,779,824
Total Assets(2)	10,891,324		7,968,990		18,860,314		2,264,705		21,125,019
As of and for the Year Ended December 31, 2024
Total Revenues	$	4,979,438	$	620,028	$	5,599,466	$	550,443	$	6,149,909
Storage Rental	3,009,094		606,294		3,615,388		66,871		3,682,259
Service	1,970,344		13,734		1,984,078		483,572		2,467,650
Other Segment Items(1)	2,756,321		337,515		3,093,836
Adjusted EBITDA	2,223,117		282,513		2,505,630
Total Assets(2)	10,408,885		6,060,608		16,469,493		2,247,622		18,717,115
As of and for the Year Ended December 31, 2023
Total Revenues	$	4,661,776	$	495,026	$	5,156,802	$	323,487	$	5,480,289
Storage Rental	2,834,352		474,066		3,308,418		62,227		3,370,645
Service	1,827,424		20,960		1,848,384		261,260		2,109,644
Other Segment Items(1)	2,634,739		279,081		2,913,820
Adjusted EBITDA	2,027,037		215,945		2,242,982
Total Assets(2)	10,876,225		4,788,600		15,664,825		1,808,977		17,473,802

(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.

Schedule of Reconciliation of Adjusted EBITDA to Income (Loss) From Continuing Operations on a Consolidated Basis

A reconciliation of Adjusted EBITDA for our reportable segments to total Net Income (Loss) Before Provision (Benefit) for Income Taxes for the years ended December 31, 2025, 2024 and 2023 is as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Total Adjusted EBITDA for Reportable Segments	$	2,779,824	$	2,505,630	$	2,242,982
Add/(Deduct):
Corporate and other	(205,874)		(269,250)		(281,305)
Interest expense, net	(829,335)		(721,559)		(585,932)
Depreciation and amortization	(1,024,435)		(900,905)		(776,159)
Acquisition and Integration Costs	(19,545)		(35,842)		(25,875)
Restructuring and other transformation	(195,912)		(161,359)		(175,215)
(Loss) gain on disposal/write-down of property, plant and equipment, net (including real estate)	(24,641)		(6,196)		12,825
Other (expense) income, net, excluding our share of (losses) gains from our unconsolidated joint ventures	(118,473)		(39,159)		(98,891)
Stock-based compensation expense	(140,280)		(118,138)		(73,799)
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures	(10,141)		(8,684)		(11,425)
Total Net Income (Loss) Before Provision (Benefit) for Income Taxes	$	211,188	$	244,538	$	227,206

Schedule of Operations in Different Geographical Areas

Information as to our operations in different geographical areas for the years ended December 31, 2025, 2024 and 2023 is as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Revenues:
United States	$	4,573,462	$	4,008,402	$	3,507,134
United Kingdom	472,611		426,462		393,917
Canada	302,421		303,184		279,325
Remaining Countries	1,553,243		1,411,861		1,299,913

Long-lived Assets:
United States	$	12,284,125	$	11,399,912	$	9,492,911
United Kingdom	1,913,326		1,419,582		1,315,715
Canada	639,904		612,581		498,511
Remaining Countries	4,352,681		3,593,818		4,431,120

Schedule of Revenues By Product and Service Lines

Information as to our revenues by product and service lines by segment for the years ended December 31, 2025, 2024 and 2023 is as follows:


	GLOBAL RIM BUSINESS		GLOBAL DATA CENTER BUSINESS		CORPORATE AND OTHER		TOTAL CONSOLIDATED
For the Year Ended December 31, 2025
Records Management(1)	$	4,208,905	$	—	$	174,290	$	4,383,195
Data Management(1)	504,662		—		—		504,662
Information Destruction(1)(2)(3)	577,914		—		632,537		1,210,451
Data Center(1)	—		803,429		—		803,429

For the Year Ended December 31, 2024
Records Management(1)	$	3,899,109	$	—	$	162,366	$	4,061,475
Data Management(1)	515,306		—		—		515,306
Information Destruction(1)(2)(3)	565,023		—		388,077		953,100
Data Center(1)	—		620,028		—		620,028

For the Year Ended December 31, 2023
Records Management(1)	$	3,625,264	$	—	$	146,389	$	3,771,653
Data Management(1)	520,194		—		—		520,194
Information Destruction(1)(2)(3)	516,318		—		177,098		693,416
Data Center(1)	—		495,026		—		495,026

(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.