Segment Information (Tables)

9 Months Ended

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