EQUINIX INCEQIX
EQUINIX INC Segments Disclosure
Segment Information
While we have one primary line of business, which is the design, build-out and operation of IBX data centers, we have determined that we have three reportable segments comprised of our Americas, EMEA and Asia-Pacific geographic regions. Each of our three reportable segments are managed by regional presidents and require unique strategies due to the varying microeconomic and macroeconomic conditions within each region. Our chief executive officer is our chief operating decision maker and evaluates performance, makes operating decisions and allocates resources primarily based on our revenues and adjusted EBITDA, both on a consolidated basis and for these three reportable segments. Intercompany transactions between segments are excluded for management reporting purposes. Revenues are attributed to countries based on the geographic location of the entity that enters into the contract.
We define adjusted EBITDA, our measure of segment profit or loss, as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring and other exit charges, impairment charges, transaction costs and gain or loss on asset sales. The accounting policies of the three segments are the same as those described in the summary of significant accounting policies, except that segment expenses exclude depreciation, amortization and accretion expense and stock-based compensation expense, consistent with the definition 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):
| Year Ended December 31, 2025 | |||||||||||||||||||||||
| Americas | EMEA | Asia-Pacific | Total | ||||||||||||||||||||
Colocation (1) | $ | 2,683 | $ | 2,346 | $ | 1,446 | $ | 6,475 | |||||||||||||||
| Interconnection | 944 | 385 | 326 | 1,655 | |||||||||||||||||||
| Managed infrastructure | 245 | 152 | 69 | 466 | |||||||||||||||||||
Other (1) | 17 | 110 | 16 | 143 | |||||||||||||||||||
| Recurring revenues | 3,889 | 2,993 | 1,857 | 8,739 | |||||||||||||||||||
| Non-recurring revenues | 222 | 137 | 119 | 478 | |||||||||||||||||||
Total revenues (2) | 4,111 | 3,130 | 1,976 | 9,217 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Segment cost of revenues | 1,179 | 1,155 | 625 | 2,959 | |||||||||||||||||||
Other segment items (3) | 1,042 | 414 | 272 | 1,728 | |||||||||||||||||||
| Segment adjusted EBITDA | $ | 1,890 | $ | 1,561 | $ | 1,079 | $ | 4,530 | |||||||||||||||
| Reconciliation to income before income taxes: | |||||||||||||||||||||||
| Depreciation, amortization and accretion expense | $ | (2,066) | |||||||||||||||||||||
| Stock-based compensation expense | (498) | ||||||||||||||||||||||
| Transaction costs | (18) | ||||||||||||||||||||||
| Restructuring and other exit charges | (33) | ||||||||||||||||||||||
| Impairment charges | (68) | ||||||||||||||||||||||
| Gain (loss) on asset sales | 1 | ||||||||||||||||||||||
| Interest income | 193 | ||||||||||||||||||||||
| Interest expense | (527) | ||||||||||||||||||||||
| Other income (expense) | (7) | ||||||||||||||||||||||
| Gain (loss) on debt extinguishment | 1 | ||||||||||||||||||||||
| Income before income taxes | $ | 1,508 | |||||||||||||||||||||
(1) Includes some leasing and hedging activities.
(2) Total revenues attributed to the U.S. were $3.6 billion. 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 year ended December 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.
| Year Ended December 31, 2024 | |||||||||||||||||||||||
| Americas | EMEA | Asia-Pacific | Total | ||||||||||||||||||||
Colocation (1) | $ | 2,474 | $ | 2,235 | $ | 1,349 | $ | 6,058 | |||||||||||||||
| Interconnection | 885 | 340 | 294 | 1,519 | |||||||||||||||||||
| Managed infrastructure | 261 | 138 | 68 | 467 | |||||||||||||||||||
Other (1) | 27 | 99 | 14 | 140 | |||||||||||||||||||
| Recurring revenues | 3,647 | 2,812 | 1,725 | 8,184 | |||||||||||||||||||
| Non-recurring revenues | 215 | 155 | 194 | 564 | |||||||||||||||||||
Total revenues (2) | 3,862 | 2,967 | 1,919 | 8,748 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Segment cost of revenues | 1,158 | 1,190 | 635 | 2,983 | |||||||||||||||||||
Other segment items (3) | 995 | 399 | 274 | 1,668 | |||||||||||||||||||
| Segment adjusted EBITDA | $ | 1,709 | $ | 1,378 | $ | 1,010 | $ | 4,097 | |||||||||||||||
| Reconciliation to income before income taxes: | |||||||||||||||||||||||
| Depreciation, amortization and accretion expense | $ | (2,011) | |||||||||||||||||||||
| Stock-based compensation expense | (462) | ||||||||||||||||||||||
| Transaction costs | (50) | ||||||||||||||||||||||
| Restructuring and other exit charges | (31) | ||||||||||||||||||||||
| Impairment charges | (233) | ||||||||||||||||||||||
| Gain (loss) on asset sales | 18 | ||||||||||||||||||||||
| Interest income | 137 | ||||||||||||||||||||||
| Interest expense | (457) | ||||||||||||||||||||||
| Other income (expense) | (17) | ||||||||||||||||||||||
| Gain (loss) on debt extinguishment | (16) | ||||||||||||||||||||||
| Income before income taxes | $ | 975 | |||||||||||||||||||||
(1) Includes some leasing and hedging activities.
(2) Total revenues attributed to the U.S. were $3.3 billion. 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 year ended December 31, 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.
| Year Ended December 31, 2023 | |||||||||||||||||||||||
| Americas | EMEA | Asia-Pacific | Total | ||||||||||||||||||||
Colocation (1) | $ | 2,364 | $ | 2,112 | $ | 1,289 | $ | 5,765 | |||||||||||||||
| Interconnection | 821 | 308 | 266 | 1,395 | |||||||||||||||||||
| Managed infrastructure | 250 | 130 | 72 | 452 | |||||||||||||||||||
Other (1) | 22 | 98 | 13 | 133 | |||||||||||||||||||
| Recurring revenues | 3,457 | 2,648 | 1,640 | 7,745 | |||||||||||||||||||
| Non-recurring revenues | 160 | 190 | 93 | 443 | |||||||||||||||||||
Total revenues (2) | 3,617 | 2,838 | 1,733 | 8,188 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Segment cost of revenues | 1,047 | 1,199 | 624 | 2,870 | |||||||||||||||||||
Other segment items (3) | 956 | 388 | 272 | 1,616 | |||||||||||||||||||
| Segment adjusted EBITDA | $ | 1,614 | $ | 1,251 | $ | 837 | $ | 3,702 | |||||||||||||||
| Reconciliation to income before income taxes: | |||||||||||||||||||||||
| Depreciation, amortization and accretion expense | $ | (1,844) | |||||||||||||||||||||
| Stock-based compensation expense | (407) | ||||||||||||||||||||||
| Transaction costs | (13) | ||||||||||||||||||||||
| Gain (loss) on asset sales | 5 | ||||||||||||||||||||||
| Interest income | 94 | ||||||||||||||||||||||
| Interest expense | (402) | ||||||||||||||||||||||
| Other income (expense) | (11) | ||||||||||||||||||||||
| Income before income taxes | $ | 1,124 | |||||||||||||||||||||
(1) Includes some leasing and hedging activities.
(2) Total revenues attributed to the U.S. and the United Kingdom were $3.1 billion and $822 million, 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 year ended December 31, 2023.
(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.
We provide the following additional segment disclosures for the years ended December 31 (in millions):
| 2025 | 2024 | 2023 | |||||||||||||||
| Depreciation and amortization: | |||||||||||||||||
Americas | $ | 1,137 | $ | 1,119 | $ | 1,001 | |||||||||||
EMEA | 538 | 530 | 501 | ||||||||||||||
Asia-Pacific | 375 | 360 | 343 | ||||||||||||||
| Total | $ | 2,050 | $ | 2,009 | $ | 1,845 | |||||||||||
| Capital expenditures: | |||||||||||||||||
Americas | $ | 2,743 | $ | 1,838 | $ | 1,627 | |||||||||||
EMEA | 1,027 | 808 | 717 | ||||||||||||||
Asia-Pacific | 541 | 420 | 437 | ||||||||||||||
| Total | $ | 4,311 | $ | 3,066 | $ | 2,781 | |||||||||||
Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, were located in the following geographic regions as of December 31 (in millions):
| Property, plant and equipment, net | Operating lease right-of-use assets | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Americas (1) | $ | 10,840 | $ | 9,193 | $ | 340 | $ | 389 | |||||||||||||||
| EMEA | 8,314 | 6,405 | 449 | 398 | |||||||||||||||||||
| Asia-Pacific | 4,430 | 3,651 | 603 | 632 | |||||||||||||||||||
| Total | $ | 23,584 | $ | 19,249 | $ | 1,392 | $ | 1,419 | |||||||||||||||
(1)Property, plant and equipment, net of $8.5 billion and $7.2 billion and operating lease right-of-use assets of $322 million and $368 million were located in the U.S. as of December 31, 2025 and 2024, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.