Segment information

3 Months Ended

Mar. 31, 2026

Reportable Segments Information

The Company’s business is organized into two reportable segments, Global Warehousing and Global Integrated Solutions. The following table presents segment revenues, segment cost of operations, and segment net operating income (“NOI”), with a reconciliation to Net income (loss) before income taxes. All inter-segment transactions are not significant and have been eliminated in consolidation. Asset information by reportable segment is not presented, as the Company does not produce such information internally and the chief operating decision maker does not use such information to manage the business. Capital expenditures for property, plant, and equipment presented below by segment are inclusive of purchases recorded in Accounts payable and accrued liabilities during each period.


	Three Months Ended March 31,
(in millions)		2026		2025
Global Warehousing revenues		$	985	$	944
Global Integrated Solutions revenues		312		348
Total net revenues		1,297		1,292

Global Warehousing operating costs:
Labor		381		356
Power		54		49
Other warehouse costs		186		179
Total Global Warehousing cost of operations		621		584
Global Integrated Solutions cost of operations (1)		255		291




Global Warehousing NOI		364		360
Global Integrated Solutions NOI		57		57
Total segment NOI		421		417
Reconciling items:
Stock-based compensation expense and related employer-paid payroll taxes in cost of operations		(4)		(1)
General and administrative expense		(141)		(154)
Depreciation expense		(177)		(158)
Amortization expense		(56)		(54)
Acquisition, transaction, and other expense		(4)		(15)

Restructuring, impairment, and gain (loss) on disposals		(3)		21
Equity income (loss), net of tax		(3)		(4)
Gain (loss) on foreign currency transactions, net		3		16
Interest expense, net		(84)		(60)

Other nonoperating income (expense), net		1		—
Net income (loss) before income taxes		$	(47)	$	8

Capital expenditures for property, plant, and equipment:
Global Warehousing capital expenditures		$	144	$	88
Global Integrated Solutions capital expenditures		3		2
Corporate capital expenditures		27		21
Total capital expenditures for property, plant, and equipment		$	174	$	111

(1) Cost of operations in the Global Integrated Solutions segment primarily consists of third-party carrier charges, labor, fuel, and rail and vehicle maintenance.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

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