Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

The following table presents segment revenues, significant segment expenses and segment contribution with a reconciliation to Loss from continuing operations before income taxes for the years ended December 31, 2025, 2024 and 2023:


	Years Ended December 31,
	2025		2024		2023
	(In thousands)
Segment revenues:
Warehouse	$	2,377,116	$	2,416,743	$	2,391,089
Transportation	188,230		209,129		239,670
Third-party managed	36,500		40,669		42,570
Total revenues	2,601,846		2,666,541		2,673,329

Significant Segment Expenses:
Warehouse:
Power	144,347		147,453		147,750
Other facilities costs	237,627		256,910		247,743
Labor	989,630		998,543		1,023,806
Other services costs	206,061		212,124		249,187
Total Warehouse Cost of Operations	1,577,665		1,615,030		1,668,486

Transportation services cost of operations	156,984		172,606		197,630
Third-party managed services cost of operations	27,811		32,178		36,641
Total segment expenses	$	1,762,460	$	1,819,814	$	1,902,757

Segment contribution:
Warehouse	799,451		801,713		722,603
Transportation	31,246		36,523		42,040
Third-party managed	8,689		8,491		5,929
Total segment contribution	839,386		846,727		770,572

Depreciation and amortization expense	(367,362)		(360,817)		(353,743)
Selling, general, and administrative expense	(269,474)		(255,118)		(226,786)
Acquisition, cyber incident, and other, net	(103,893)		(77,169)		(64,087)
Impairment of indefinite and long-lived assets	(47,099)		(33,126)		(236,515)
Net (loss) gain from sale of real estate	(44,324)		3,514		2,254
Interest expense	(147,776)		(135,323)		(140,107)
Loss on debt extinguishment and termination of derivative instruments	—		(116,082)		(2,482)
Loss from investments in partially owned entities	(2,112)		(3,702)		(1,442)
Other, net	6,921		27,919		2,795
Impairment of related party loan receivable	—		—		(21,972)
Loss on put option	—		—		(56,576)
Loss from continuing operations before income taxes	$	(135,733)	$	(103,177)	$	(328,089)