Segment Information (Tables)

6 Months Ended

Jun. 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 June 30, 2025								Six Months Ended June 30, 2025
	Americas		EMEA		Asia-Pacific		Total		Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	654	$	572	$	359	$	1,585	$	1,290	$	1,139	$	701	$	3,130
Interconnection	231		96		80		407		460		183		157		800
Managed infrastructure	62		38		17		117		125		73		34		232
Other (1)	4		26		4		34		7		53		8		68
Recurring revenues	951		732		460		2,143		1,882		1,448		900		4,230
Non-recurring revenues	53		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 revenues	290		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 charges							(2)								(12)
Impairment charges							(1)								(1)
Interest income							52								99
Interest expense							(135)								(257)
Other income (expense)							(7)								2
Gain (loss) on debt extinguishment							1								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.

	Three Months Ended June 30, 2024								Six Months Ended June 30, 2024
	Americas		EMEA		Asia-Pacific		Total		Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	624	$	543	$	333	$	1,500	$	1,231	$	1,092	$	667	$	2,990
Interconnection	219		84		71		374		434		167		141		742
Managed infrastructure	66		34		16		116		132		69		33		234
Other (1)	7		24		3		34		13		48		7		68
Recurring revenues	916		685		423		2,024		1,810		1,376		848		4,034
Non-recurring revenues	50		36		49		135		95		72		85		252
Total revenues (2)	966		721		472		2,159		1,905		1,448		933		4,286
Less:
Segment cost of revenues	273		299		144		716		543		604		283		1,430
Other segment items (3)	242		98		67		407		502		192		134		828
Segment adjusted EBITDA	$	451	$	324	$	261	$	1,036	$	860	$	652	$	516	$	2,028
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense							$	(490)							$	(1,015)
Stock-based compensation expense							(125)								(226)
Transaction costs							(3)								(5)
Gain (loss) on asset sales							18								18
Interest income							29								53
Interest expense							(110)								(214)
Other income (expense)							(7)								(13)
Gain (loss) on debt extinguishment							—								(1)
Income before income taxes							$	348							$	625

(1)     Includes some leasing and hedging activities.

(2)    Total revenues attributed to the U.S. were $825 million and $1.6 billion during the three and six months ended June 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 six months ended June 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 six months ended June 30, 2025 and 2024 (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Depreciation and amortization:
Americas	$	272	$	269	$	541	$	576
EMEA	134		133		257		265
Asia-Pacific	93		87		180		174
Total	$	499	$	489	$	978	$	1,015
Capital expenditures:
Americas	$	642	$	393	$	1,143	$	818
EMEA	252		146		423		337
Asia-Pacific	95		109		173		200
Total	$	989	$	648	$	1,739	$	1,355

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
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Americas	$	9,817	$	9,193	$	369	$	389
EMEA	7,359		6,405		459		398
Asia-Pacific	4,031		3,651		653		632
Total	$	21,207	$	19,249	$	1,481	$	1,419