Property and Equipment—Net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and equipment—net consisted of (in millions):


	March 31, 2026		December 31, 2025
Land	$	636.3	$	592.4
Buildings and improvements	980.8		974.0
Computer equipment and software	374.5		341.0
Leasehold improvements	58.3		58.5
Evaluation units	22.0		24.1
Furniture and fixtures	38.0		36.3
Construction-in-progress	84.7		74.6
Total property and equipment	2,194.6		2,100.9
Less: accumulated depreciation	(503.1)		(481.9)
Property and equipment—net	$	1,691.5	$	1,619.0

During the three months ended March 31, 2026, we purchased certain real estate property in the United States totaling $47.1 million, to be used for future development to expand our data center and office space. The purchase was accounted for under the asset acquisition method, with $45.1 million allocated to land and $2.0 million allocated to buildings and improvements, based on their relative fair values.

Depreciation expense was $29.5 million and $24.0 million during the three months ended March 31, 2026 and 2025, respectively.