Financial Analysis

"Acquisitions Acquisition of TIM NextGen DC Corporation (the ""TIM Acquisition"") On June 2, 2025, we completed the acquisition of all outstanding shares of TIM NextGen DC Corporation from TIM and ZDRC, consisting of three data centers in the Philippines, for total purchase consideration of $183 million. The TIM Acquisition supports our ongoing expansion to meet customer demand in the Asia-Pacific market. We incurred insignificant transaction costs and recognized insignificant revenues and net income from the TIM Acquisition during the year ended December 31, 2025. Purchase Price Allocation The TIM Acquisition was accounted for as a business combination using the acquisition method of accounting. Under this method, the total purchase price is allocated to the assets acquired and liabilities assumed measured at fair value on the date of acquisition, except where alternative measurement is required under GAAP. During the year ended December 31, 2025, we completed the detailed valuation analysis and the final allocation of purchase price for the TIM Acquisition. A summary of the allocation of total purchase consideration is presented as follows (in millions): TIM Acquisition Total Purchase Consideration $ 183 Identifiable assets acquired and liabilities assumed Property, plant and equipment 42 Intangible assets 21 Other assets 4 Liabilities (11) Total identifiable net assets 56 Goodwill 127 Net assets acquired $ 183 Property, plant and equipment - The fair values of property, pl …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"Commitments and Contingencies Purchase Commitments As a result of our various IBX data center developments, as of December 31, 2025, we were contractually committed for unaccrued capital expenditures, primarily for real estate purchases, IBX infrastructure equipment not yet delivered and labor not yet provided. We also had numerous other, non-capital purchase commitments in place as of December 31, 2025, such as commitments to purchase power in select locations through 2026 and thereafter, and other open purchase orders for goods or services to be delivered or provided during 2026 and thereafter. Certain of our multi-year commitments to purchase power are subject to variable pricing or do not specify a fixed or minimum volume commitment. Due to the indeterminable nature of the spend under these commitments, they are not included in the amounts below. Total future purchase commitments as of December 31, 2025 are as follows (in millions): Years ending: 2026 4,912 2027 1,995 2028 575 2029 184 2030 148 Thereafter 597 $ 8,411 Other Commitments Please refer to Note 5 for information about our equity method investment commitments and Note 9 for our lease commitments. Contingent Liabilities We estimate our exposure on certain liabilities, such as indirect and property taxes, based on the best information available at the time of determination. With respect to real and personal property taxes, we record what we can reasonably estimate based on prior payment history, assessed value by …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt Facilities Mortgage and Loans Payable As of December 31, 2025 and 2024, our mortgage and loans payable balance consisted of the following (in millions): 2025 2024 Term loans $ 673 $ 628 Mortgage payable and other loans payable 30 21 703 649 Less current portion (17) (5) $ 686 $ 644 Senior Credit Facility In 2022, we entered into a credit agreement with a group of lenders for a senior unsecured credit facility, comprised of a $4.0 billion senior unsecured multicurrency revolving credit facility (the ""2022 Revolving Facility"") and a 500 million senior unsecured term loan facility (the ""2022 Term Loan Facility""). As of December 31, 2025, we had 37 irrevocable letters of credit totaling $31 million issued and outstanding under the 2022 Revolving Facility, with approximately $4.0 billion remaining available to borrow under the 2022 Revolving Facility. As of December 31, 2025 and December 31, 2024, unamortized debt issuance costs for the 2022 Revolving Facility of $2 million and $3 million, respectively, were presented in other assets in the consolidated balance sheets. As of December 31, 2025 and 2024, the total amounts outstanding under the 2022 Term Loan Facility, net of debt issuance costs, were $673 million and $625 million, respectively. Senior Notes Our senior notes balance consisted of the following as of December 31 (in millions): 2025 2024 Senior Notes Issuance Date Maturity Date Amount Effective Rate Amount Effective Rate 1.250% Senior Notes due 2025 June 2020 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"Stock-Based Compensation Equity Compensation Plans As of December 31, 2025, our equity compensation plans included: 2004 Employee Stock Purchase Plan (the ""2004 Purchase Plan"") : The 2004 Purchase Plan permits eligible employees to purchase common stock on favorable terms via payroll deductions of up to 15% of the employee's cash compensation, subject to certain share and statutory dollar limits. Two overlapping offering periods commence during each calendar year, on each of February 15 and August 15 or such other periods or dates as determined by the Talent, Culture and Compensation Committee of the Board of Directors (the ""Compensation Committee"") from time to time, and the offering periods last up to 24 months with a purchase date every 6 months. The price of each share purchased is 85% of the lower of a) the fair value per share of common stock on the last trading day before the commencement of the applicable offering period or b) the fair value per share of common stock on the purchase date. 2020 Equity Incentive Plan : In 2020, both our Board of Directors and our stockholders approved the 2020 Equity Incentive Plan, which provides for the grant of stock options, including incentive stock options and nonqualified stock options, stock appreciation rights, RSAs, RSUs, other stock-based incentive awards, dividend equivalents, and cash-based incentive awards. The 2020 Equity Incentive Plan's awards may be granted to employees, non-employee members of the Board and consu …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements We perform fair value measurements in accordance with ASC 820, Fair Value Measurement, which establishes three levels of inputs that we use to measure fair value: Level 1: quoted prices in active markets for identical assets or liabilities. Level 2: observable inputs (e.g., spot rates and other data from third-party pricing vendors for our derivative instruments, credit rating and current prices of similar debt instruments that are publicly traded for our debt instruments) other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the assets or liabilities. Level 3: unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities, including indicative pricing from third parties for similar instruments and asset-specific yield adjustments for elements such as credit risk. The fair values of certain financial assets and liabilities as of December 31 were as follows (in millions): 2025 2024 Fair Value Fair Value Measurement Using Fair Value Fair Value Measurement Using Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Money market funds (1) $ 1,333 $ 1,333 $ $ $ 2,401 $ 2,401 $ $ Time deposits (2) 1,271 1,271 642 115 527 U.S. government securities (3) 256 256 Loan receivable (4) 351 351 280 280 Derivative instruments (5) 255 255 591 591 Total $ 3,466 $ 1,333 $ 1,782 $ 351 $ 3,914 $ 2,516 $ 1,118 $ 280 Liabilities: Derivative instru …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Income Taxes Income before income taxes is attributable to the following geographic locations for the years ended December 31 (in millions): 2025 2024 2023 Domestic $ 380 $ 147 $ 278 Foreign 1,128 828 846 Income before income taxes $ 1,508 $ 975 $ 1,124 The tax expenses for income taxes consisted of the following components for the years ended December 31 (in millions): 2025 2024 2023 Current: Federal $ (6) $ 1 $ State and local (2) (3) Foreign (208) (189) (150) Subtotal (216) (191) (150) Deferred: State and local (1) 2 Foreign 57 28 (5) Subtotal 56 30 (5) Income tax expense $ (160) $ (161) $ (155) State and foreign taxes not based on income are included in general and administrative expenses and the aggregate amounts were not significant for the years ended December 31, 2025, 2024 and 2023. We applied ASU 2023-09 on a prospective basis as discussed in Note 1. Accordingly, the disaggregation of rate reconciliation categories in the table below provide the disclosures required by ASU 2023-09 for the year ended December 31, 2025. Income tax benefit (expense) for the year ended December 31, 2025 differed from the amounts computed by applying the U.S. federal income tax rate of 21% to pre-tax income as a result of the following ($ in millions, except percentages): 2025 $ % Federal tax at statutory rate $ (317) 21.0 % State and local taxes (1) (3) 0.2 % Non-deductible or non-taxable items: REIT status/dividends paid deduction (2) 194 (12.9) % Other (2) 0.1 % Change in valuation a …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Leases Significant Lease Transactions The following table summarizes significant lease transactions during the year ended December 31, 2025 (in millions): Net Incremental (2) Lease Quarter Transaction Lease Classification ROU assets Lease liabilities Tokyo 98/99 (""TY98/99"") new data center lease Q4 New lease with a 7-year term (1) Finance Lease $ 100 $ 100 (1) The lease has a maximum term of 21 years with termination options on the seven th and fourteen th anniversaries. As of December 31, 2025, we are reasonably certain to exercise the termination option on the seven th anniversary. (2) The net incremental amounts represent the adjustments to the right-of-use (""ROU"") assets and liabilities recorded during the quarter that the transactions were entered. Lease Expenses The components of lease expenses were as follows (in millions): Years Ended December 31, 2025 2024 2023 Finance lease cost Amortization of right-of-use assets (1) $ 189 $ 181 $ 167 Interest on lease liabilities 121 113 113 Total finance lease cost 310 294 280 Operating lease cost 238 229 243 Variable lease cost 89 79 62 Total lease cost $ 637 $ 602 $ 585 (1) Amortization of right-of-use assets is included within depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in the consolidated statements of operations. In addition, we recorded impairment charges of $38 million on operating lease right-of-use assets in the Asia-Pacific region during …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recent Accounting Pronouncements Accounting Standards Not Yet Adopted In November 2024, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") 2024-03: Disaggregation of Income Statement Expenses (""DISE""). The ASU requires additional disclosure of the nature of expenses included in the income statement. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. We are currently evaluating the extent of the impact of this ASU on disclosures in our consolidated financial statements. In September 2025, the FASB issued ASU 2025-06: Targeted Improvements to the Accounting for Internal-Use Software. The ASU is intended to increase the operability of the recognition guidance for internal-use software considering different methods of software development. The ASU is effective for annual and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The ASU permits prospective, retrospective or modified retrospective application. We are currently evaluating the extent of the impact of this ASU on our consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The ASU is intended to improve the guidance in Topic 270, Inte …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"Related Party Transactions Joint Venture Related Party Transactions Concurrent with the closing of the AMER 2 Joint Venture, we entered into a loan agreement (the ""AMER 2 Loan"") with the AMER 2 Joint Venture, as a lender, with a maximum commitment of $392 million and a maturity date of April 10, 2028. We received an upfront fee of $4 million in connection with the origination of the loan, and earn interest at a contractual rate of 10% per annum on the drawn portion plus an unused commitment fee of 0.75% per annum on the undrawn portion, each payable quarterly. The term of the loan may be extended at the option of the borrower for one additional year subject to an extension fee. The AMER 2 Loan is secured by the assets of the AMER 2 Joint Venture, including the SV12x data center site. The equity partners of the AMER 2 Joint Venture have provided limited guarantees in connection with the AMER 2 Loan, which require payments to the lender proportionately upon certain occurrences, such as a shortfall in capital necessary to complete construction or to make interest payments. Additionally, the equity partners may be liable for repayment of up to the entire debt balance upon the occurrence of certain adverse acts such as a non-permitted transfer of the SV12x data center site. The AMER 2 Loan was negotiated at arm's length. We have assessed the credit risk associated with the AMER 2 Loan to be low and the allowance for credit loss as of December 31, 2025 is insignificant. The maxi …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

"Restructuring and Other Exit Activities Q4 2024 Restructuring Plan In the fourth quarter of 2024, we initiated a restructuring plan to realign the organization and enable further investment in key priority areas (the ""Q4 2024 Restructuring Plan""). We incurred total restructuring and other exit charges of $6 million and $27 million, respectively, under this plan, primarily related to severance and other employee costs, during the years ended December 31, 2025 and 2024. The activities under the Q4 2024 Restructuring Plan were completed by March 31, 2025 with no further costs expected to be incurred. Equinix Metal Wind Down In the fourth quarter of 2024, we announced the decision to make Equinix Metal no longer commercially available as a product and to wind down operations that support this product by June 2026 (the ""Equinix Metal Wind Down""). We incurred total restructuring and other exit charges of $6 million and $4 million, respectively, during the year ended December 31, 2025 and 2024. We expect incremental costs incurred under the Equinix Metal Wind Down to be insignificant and we expect all activities under this initiative to be completed by the end of the fourth quarter of 2026. The actual amounts and timing of incremental costs and cash payments may differ from these estimates should we make further decisions which impact the execution of these activities. The following table summarizes the activity in accrued restructuring and other exit charges, included in other …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Contract Balances The following table summarizes the opening and closing balances of our accounts receivable, net; contract assets, current; contract assets, non-current; deferred revenue, current; and deferred revenue, non-current (in millions): Accounts receivable, net Contract assets, current Contract assets, non-current Deferred revenue, current Deferred revenue, non-current Beginning balances as of January 1, 2025 $ 949 $ 102 $ 113 $ 123 $ 150 Closing balances as of December 31, 2025 1,001 56 126 133 170 Increase (Decrease) $ 52 $ (46) $ 13 $ 10 $ 20 Beginning balances as of January 1, 2024 $ 1,004 $ 52 $ 86 $ 125 $ 154 Closing balances as of December 31, 2024 949 102 113 123 150 Increase (Decrease) $ (55) $ 50 $ 27 $ (2) $ (4) The difference between the opening and closing balances of our accounts receivable, net, contract assets and deferred revenues primarily results from revenue growth and the timing difference between the satisfaction of our performance obligation and the customer's payment. The amounts of revenue recognized during the years ended December 31, 2025, 2024 and 2023 from the opening deferred revenue balance were $101 million, $88 million and $95 million, respectively. For the years ended December 31, 2025, 2024 and 2023, no impairment loss related to contract balances was recognized in the consolidated statements of operations. Contract Costs The ending balances of net capitalized contract costs as of December 31, 2025 and 2024 were $503 millio …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Stockholders' Equity Our authorized share capital is 300,000,000 shares of common stock and 100,000,000 shares of preferred stock, of which 25,000,000 is designated Series A, 25,000,000 is designated as Series A-1 and 50,000,000 is undesignated. As of December 31, 2025 and 2024, we had no preferred stock issued and outstanding. Common Stock In November 2022, we established a program, under which we may, from time to time, offer and sell on a spot or forward basis up to an aggregate of $1.5 billion of our common stock to or through sales agents in ""at the market"" transactions (the ""2022 ATM Program""). The 2022 ATM Program was fully utilized by the end of the third quarter of 2024. In October 2024, we established a program to succeed the 2022 ATM Program, under which we may, from time to time, offer and sell on a spot or forward basis up to an aggregate of $2.0 billion of our common stock to or through sales agents in ""at the market"" transactions (the ""2024 ATM Program""). The forward sale agreements provide three settlement alternatives to us: physical settlement, cash settlement or net share settlement. In accordance with ASC 815, the forward sale agreements are classified as equity for balance sheet purposes. Forward sale activity under the 2022 and 2024 ATM Programs is summarized as follows ($ in millions except per share data; shares in thousands): Contractual Maturity Dates Execution Date Number of Shares (1) Weighted Average Price per Share (2) Settlement Value ( …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

"Subsequent Events Declaration of dividends On February 11, 2026, we declared a quarterly cash dividend of $5.16 per share, which is payable on March 18, 2026 to our common stockholders of record as of the close of business on February 25, 2026. AMER 3 Joint Venture On January 13, 2026, we sold the assets and liabilities of the Hampton data center campus (""Hampton"") located in the greater Atlanta metro area to the AMER 3 Joint Venture for an estimated purchase price of $470 million, subject to adjustments. In connection with the sale, we contributed $146 million in cash to various entities within the AMER 3 Joint Venture structure consistent with our total 25% economic interest in the joint venture."

SubsequentEventsTextBlock

"Commitments and Contingencies Purchase Commitments As a result of our various IBX data center developments, as of June 30, 2026 we were contractually committed for unaccrued capital expenditures, primarily for real estate purchases, IBX infrastructure equipment not yet delivered and labor not yet provided. We also had numerous other non-capital purchase commitments in place as of June 30, 2026, such as commitments to purchase power in select locations through the remainder of 2026 and thereafter, and other open purchase orders for goods or services to be delivered or provided during the remainder of 2026 and thereafter. Certain of our multi-year commitments to purchase power are subject to variable pricing or do not specify a fixed or minimum volume commitment. Due to the indeterminable nature of the spend under these commitments, they are not included in the amounts below. Total future purchase commitments as of June 30, 2026 are as follows (in millions): Years ending: 2026 (6 months remaining) 3,348 2027 2,683 2028 1,203 2029 288 2030 118 Thereafter 599 $ 8,239 Other Commitments On February 26, 2026, we entered into an equity commitment letter with a subsidiary of Canadian Pension Plan Investment Board (""CPPIB"") to contribute up to $963 million in exchange for approximately 40% ownership of the subsidiary, in connection with the subsidiary's planned acquisition of atNorth, a Nordic high-density colocation and built-to-suit data center provider. Our contribution is subjec …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt Facilities Mortgage and Loans Payable Our mortgage and loans payable balance consisted of the following (in millions): June 30, 2026 December 31, 2025 Term loans $ 1 $ 673 Mortgage payable and other loans payable 19 30 20 703 Less current portion (9) (17) $ 11 $ 686 Senior Credit Facility In 2022, we entered into a credit agreement with a group of lenders for a senior unsecured credit facility, comprised of a $4.0 billion senior unsecured multicurrency revolving credit facility (the ""2022 Revolving Facility"") and a 500 million senior unsecured term loan facility (the ""2022 Term Loan Facility""). As of December 31, 2025, the total amount outstanding under the 2022 Term Loan Facility, net of debt issuance costs, was $673 million. We repaid the total amount outstanding under the 2022 Term Loan Facility on March 31, 2026. As of June 30, 2026, we had 22 irrevocable letters of credit totaling $18 million issued and outstanding, with approximately $4.0 billion remaining available to borrow, under the 2022 Revolving Facility. As of June 30, 2026 and December 31, 2025, unamortized debt issuance costs for the 2022 Revolving Facility of $1 million and $2 million, respectively, were presented in other assets in our condensed consolidated balance sheets. Senior Notes Our senior notes balance consisted of the following (in millions): June 30, 2026 December 31, 2025 Amount Effective Rate Amount Effective Rate 1.450% Senior Notes due 2026 1.64 % 700 1.64 % 2.900% Senior Notes due 20 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Fair Value Measurements We perform fair value measurements in accordance with ASC 820, Fair Value Measurement, which establishes three levels of inputs that we use to measure fair value: Level 1: quoted prices in active markets for identical assets or liabilities. Level 2: observable inputs (e.g., spot rates and other data from third-party pricing vendors for our derivative instruments, credit rating and current prices of similar debt instruments that are publicly traded for our debt instruments) other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the assets or liabilities. Level 3: unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities, including indicative pricing from third parties for similar instruments and asset-specific yield adjustments for elements such as credit risk. The fair values of certain financial assets and liabilities were as follows (in millions): June 30, 2026 December 31, 2025 Fair Value Fair Value Measurement Using Fair Value Fair Value Measurement Using Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Money market funds (1) $ 617 $ 617 $ $ $ 1,333 $ 1,333 $ $ Time deposits (2) 1,267 1,267 1,271 1,271 U.S. government securities - held to maturity (3) 5 5 256 256 U.S. government securities - available for sale (4) 5 5 Loan receivable (5) 344 344 351 351 Derivative instruments (6) 115 115 255 255 Total $ 2,353 $ 6 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Leases Lease Expenses The components of lease expenses were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Finance lease cost Amortization of right-of-use assets (1) $ 56 $ 47 $ 107 $ 91 Interest on lease liabilities 29 31 58 61 Total finance lease cost 85 78 165 152 Operating lease cost 57 60 116 118 Variable lease cost 19 19 39 41 Total lease cost $ 161 $ 157 $ 320 $ 311 (1) Amortization of right-of-use assets is included within depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in our condensed consolidated statements of operations. Other Information Other information related to leases is presented in the following tables (in millions): Six Months Ended June 30, 2026 2025 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 56 $ 59 Operating cash flows from operating leases 117 110 Financing cash flows from finance leases 89 72 Right-of-use assets obtained in exchange for lease obligations: (1) Finance leases $ 40 $ 88 Operating leases 2 70 June 30, 2026 December 31, 2025 Weighted-average remaining lease term - finance leases (2) 13 years 13 years Weighted-average remaining lease term - operating leases (2) 12 years 12 years Weighted-average discount rate - finance leases 6 % 6 % Weighted-average discount rate - operating leases 5 % 5 % Finance lease right-of-use assets (3) $ 2,209 $ 2,277 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recent Accounting Pronouncements Accounting Standards Not Yet Adopted In November 2024, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") 2024-03: Disaggregation of Income Statement Expenses (""DISE""). The ASU requires additional disclosure of the nature of expenses included in the income statement. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. We are currently evaluating the extent of the impact of this ASU on disclosures in our condensed consolidated financial statements. In September 2025, the FASB issued ASU 2025-06: Targeted Improvements to the Accounting for Internal-Use Software. The ASU is intended to increase the operability of the recognition guidance for internal-use software considering different methods of software development. The ASU is effective for annual and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The ASU permits prospective, retrospective or modified retrospective application. We are currently evaluating the extent of the impact of this ASU on our condensed consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The ASU is intended to improve the guidanc …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"Related Party Transactions We have lease arrangements and provide various services to our equity method investees through multiple agreements, including sales and marketing, development management, facilities management, asset management and procurement service agreements. These transactions are generally considered to have been negotiated at arm's length. The following table presents the income and expenses from these arrangements with equity method investees in our condensed consolidated statements of operations (in millions): Three Months Ended June 30, Six Months Ended June 30, Nature of Transaction 2026 2025 2026 2025 Income (1) $ 161 $ 36 $ 208 $ 104 Expenses (2) 7 7 14 13 (1) Primarily consists of revenues related to service arrangements as described above and also includes interest income earned on the AMER 2 Loan during the three months ended June 30, 2026 and 2025 of $9 million and $7 million, respectively, and during the six months ended June 30, 2026 and 2025 of $18 million and $14 million, respectively. (2) Primarily consists of rent expenses for lease arrangements with equity method investees. We have also sold certain data center facilities to our Joint Ventures and recognized gains or losses on asset sales as described in Note 4. The following table presents the assets and liabilities from related party transactions with the equity method investees in our condensed consolidated balance sheets (in millions): Balance Sheet June 30, 2026 December 31, 2025 Accoun …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Contract Balances The following table summarizes the opening and closing balances of our accounts receivable, net; contract assets, current; contract assets, non-current; deferred revenue, current; and deferred revenue, non-current (in millions): Accounts receivable, net (1) Contract assets, current Contract assets, non-current Deferred revenue, current Deferred revenue, non-current Beginning balances as of January 1, 2026 $ 1,001 $ 56 $ 126 $ 133 $ 170 Closing balances as of June 30, 2026 1,256 84 217 159 215 Increase $ 255 $ 28 $ 91 $ 26 $ 45 (1) The net change in our allowance for credit losses was insignificant during the six months ended June 30, 2026. The difference between the opening and closing balances of our accounts receivable, net, contract assets and deferred revenues primarily results from revenue growth and the timing difference between the satisfaction of our performance obligation and the customer's payment. The amount of revenue recognized during the six months ended June 30, 2026 from the opening deferred revenue balance as of January 1, 2026 was $69 million. The amount of revenue recognized during the six months ended June 30, 2025 from the opening deferred revenue balance as of January 1, 2025 was $55 million. Remaining Performance Obligations Approximately $15.0 billion of revenues, including deferred installation revenues, are expected to be recognized in future periods related to unsatisfied performance obligations as of June 30, 2026. Most of …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Stockholders' Equity Stockholders' Equity Rollforward The following tables provide a rollforward of our stockholders' equity for the three and six months ended June 30, 2026 and 2025 ($ in millions except per share data; share data in thousands): Common Stock Treasury Stock Additional Paid-in Capital Accumulated Dividends AOCI (Loss) Retained Earnings Common Stockholders' Equity Non-controlling Interests Total Stockholders' Equity Shares Amount Shares Amount Balance as of December 31, 2025 98,288 $ (62) $ (24) $ 21,642 $ (12,202) $ (1,359) $ 6,099 $ 14,156 $ (3) $ 14,153 Net income 415 415 415 Other comprehensive income 16 16 16 Issuance of common stock and release of treasury stock for employee equity awards 397 49 49 49 Dividend distribution on common stock, $5.16 per share (508) (508) (508) Settlement of accrued dividends on vested equity awards (1) (1) (1) Accrued dividends on unvested equity awards 4 4 4 Stock-based compensation, net of estimated forfeitures 167 167 167 Balance as of March 31, 2026 98,685 $ (62) (24) 21,858 (12,707) (1,343) 6,514 14,298 (3) 14,295 Net income (loss) 479 479 (2) 477 Other comprehensive loss (31) (31) (2) (33) Change in ownership interest 2 2 (2) Issuance of common stock and release of treasury stock for employee equity awards 46 2 1 2 3 3 Dividend distribution on common stock, $5.16 per share (508) (508) (508) Common Stock Treasury Stock Additional Paid-in Capital Accumulated Dividends AOCI (Loss) Retained Earnings Common Stockholders' Eq …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events Declaration of dividends On July 29, 2026, we declared a quarterly cash dividend of $5.16 per share, which is payable on September 16, 2026 to our common stockholders of record as of the close of business on August 19, 2026. Revolving credit facility On July 27, 2026, we entered into a $5.5 billion senior unsecured multicurrency revolving credit facility, which replaces our existing 2022 Revolving Facility.

SubsequentEventsTextBlock