Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026
	Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	731	$	613	$	386	$	1,730
Interconnection	251		106		89		446
Managed infrastructure	57		41		17		115
Other (1)	7		29		4		40
Recurring revenues	1,046		789		496		2,331
Non-recurring revenues	45		38		30		113
Total revenues (2)	1,091		827		526		2,444
Less:
Segment cost of revenues	303		307		155		765
Other segment items (3)	272		96		66		434
Segment adjusted EBITDA	$	516	$	424	$	305	$	1,245
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense							$	(544)
Stock-based compensation expense							(128)
Transaction costs							(8)
Restructuring and other exit charges							(6)
Impairment charges							(2)
Gain (loss) on asset sales							20
Interest income							41
Interest expense							(148)
Other income (expense)							1
Income before income taxes							$	471

(1)Includes some leasing and hedging activities.

(2)Total revenues attributed to the U.S. were $935 million during the three months ended March 31, 2026. 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 months ended March 31, 2026.

(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 March 31, 2025
	Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	636	$	567	$	342	$	1,545
Interconnection	229		87		77		393
Managed infrastructure	63		35		17		115
Other (1)	3		27		4		34
Recurring revenues	931		716		440		2,087
Non-recurring revenues	70		27		41		138
Total revenues (2)	1,001		743		481		2,225
Less:
Segment cost of revenues	290		281		156		727
Other segment items (3)	268		97		66		431
Segment adjusted EBITDA	$	443	$	365	$	259	$	1,067
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense							$	(480)
Stock-based compensation expense							(113)
Transaction costs							(6)
Restructuring and other exit charges							(10)
Interest income							47
Interest expense							(122)
Other income (expense)							9
Income before income taxes							$	392

(1)Includes some leasing and hedging activities.

(2)Total revenues attributed to the U.S. were $873 million during the three months ended March 31, 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 months ended March 31, 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.

Schedule of Segment Disclosures

We provide the following additional segment disclosures for the three months ended March 31, 2026 and 2025 (in millions):

	Three Months Ended March 31,
	2026		2025
Depreciation and amortization:
Americas	$	287	$	269
EMEA	149		123
Asia-Pacific	105		87
Total	$	541	$	479
Capital expenditures:
Americas	$	705	$	501
EMEA	329		171
Asia-Pacific	222		78
Total	$	1,256	$	750

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
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Americas	$	11,185	$	10,840	$	327	$	340
EMEA	8,437		8,314		433		449
Asia-Pacific	4,547		4,430		585		603
Total	$	24,169	$	23,584	$	1,345	$	1,392