NYSE: IRM
IRON MOUNTAIN INCCIK 0001020569 · SIC 6798 · Real Estate Investment Trusts
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revenue $2.03B, net income $106.1M. Revenue +18.5% YoY; operating income +44%; Project Matterhorn transformation complete
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Iron Mountain raises $1.5B via 6.250% senior notes due 2035 to refinance credit facility
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Iron Mountain shareholders re-elect all 11 directors, approve executive pay at annual meeting
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Iron Mountain reports record Q1 2026: revenue up 22%, raises full-year guidance
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revenue $1.94B, net income $149.0M. Iron Mountain Q1 revenue up 21.6% as data center leases drive 47% segment growth
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Latest financial statements
From 10-Q filed Nov 5, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 |
|---|---|---|
| Revenues: | ||
| Storage rental | 1,149,508 | 1,032,897 |
| Service | 841,109 | 721,196 |
| Total Revenues | 1,990,617 | 1,754,093 |
| Operating Expenses: | ||
| Cost of sales (excluding depreciation and amortization) | 926,648 | 791,939 |
| Selling, general and administrative | 348,765 | 335,248 |
| Depreciation and amortization | 291,796 | 262,203 |
| Acquisition and Integration Costs | 4,547 | 5,402 |
| Restructuring and other transformation | — | 47,346 |
| Loss (gain) on disposal/write-down of property, plant and equipment, net | 8,288 | 3,366 |
| Total Operating Expenses | 1,580,044 | 1,445,504 |
| Operating Income (Loss) | 410,573 | 308,589 |
| Interest Expense, Net (includes Interest Income of $10,262 and $8,061 for the three months ended September 30, 2026 and 2025, respectively) | 216,521 | 209,740 |
| Other Expense (Income), Net | 8,440 | (3,986) |
| Net Income (Loss) Before Provision (Benefit) for Income Taxes | 185,612 | 102,835 |
| Provision (Benefit) for Income Taxes | 56,734 | 16,594 |
| Net Income (Loss) | 128,878 | 86,241 |
| Less: Net Income (Loss) Attributable to Noncontrolling Interests | 4,738 | 1,951 |
| Net Income (Loss) Attributable to Iron Mountain Incorporated | 124,140 | 84,290 |
| Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: | ||
| Basic | 0.42 | 0.28 |
| Diluted | 0.41 | 0.28 |
| Weighted Average Common Shares Outstanding—Basic | 297,986 | 295,771 |
| Weighted Average Common Shares Outstanding—Diluted | 299,994 | 297,981 |
Condensed Consolidated Balance Sheets (Unaudited)
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
| Description | September 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | 188,160 | 158,535 |
| Accounts receivable (less allowances of $103,102 and $107,838 as of September 30, 2026 and December 31, 2025, respectively) | 1,507,674 | 1,443,669 |
| Prepaid expenses and other | 405,025 | 332,779 |
| Total Current Assets | 2,100,859 | 1,934,983 |
| Property, Plant and Equipment: | ||
| Property, plant and equipment | 15,978,288 | 14,457,335 |
| Less—Accumulated depreciation | (5,304,203) | (4,911,010) |
| Property, Plant and Equipment, Net | 10,674,085 | 9,546,325 |
| Other Assets, Net: | ||
| Goodwill | 5,280,352 | 5,285,801 |
| Customer and supplier relationships and other intangible assets | 1,208,451 | 1,269,607 |
| Operating lease right-of-use assets | 2,359,510 | 2,465,196 |
| Other | 700,117 | 623,107 |
| Total Other Assets, Net | 9,548,430 | 9,643,711 |
| Total Assets | 22,323,374 | 21,125,019 |
| LIABILITIES AND EQUITY | ||
| Current Liabilities: | ||
| Current portion of long-term debt | 1,232,903 | 216,074 |
| Accounts payable | 782,400 | 710,662 |
| Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | 1,394,332 | 1,290,669 |
| Deferred revenue | 378,117 | 402,091 |
| Total Current Liabilities | 3,787,752 | 2,619,496 |
| Long-term Debt, net of current portion | 16,739,299 | 16,215,885 |
| Long-term Operating Lease Liabilities, net of current portion | 2,186,718 | 2,300,448 |
| Other Long-term Liabilities | 416,139 | 450,083 |
| Deferred Income Taxes | 194,222 | 184,015 |
| Commitments and Contingencies | ||
| Redeemable Noncontrolling Interests | 62,186 | 64,423 |
| (Deficit) Equity: | ||
| Iron Mountain Incorporated Stockholders' (Deficit) Equity: | ||
| Preferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding) | — | — |
| Common stock (par value $0.01; authorized 400,000,000 shares; issued and outstanding 297,793,337 and 295,788,645 shares as of September 30, 2026 and December 31, 2025, respectively) | 2,978 | 2,958 |
| Additional paid-in capital | 4,856,367 | 4,790,190 |
| (Distributions in excess of earnings) Earnings in excess of distributions | (5,825,184) | (5,405,147) |
| Accumulated other comprehensive items, net | (422,368) | (369,008) |
| Total Iron Mountain Incorporated Stockholders' (Deficit) Equity | (1,388,207) | (981,007) |
| Noncontrolling Interests | 325,265 | 271,676 |
| Total (Deficit) Equity | (1,062,942) | (709,331) |
| Total Liabilities and (Deficit) Equity | 22,323,374 | 21,125,019 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(IN THOUSANDS)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| Cash Flows from Operating Activities: | ||
| Net income (loss) | 383,979 | 59,134 |
| Adjustments to reconcile net income (loss) to cash flows from operating activities: | ||
| Depreciation | 606,013 | 532,468 |
| Amortization (includes amortization of deferred financing costs and discounts of $25,365 and $24,419 for the nine months ended September 30, 2026 and 2025, respectively) | 260,382 | 238,874 |
| Revenue reduction associated with amortization of customer inducements and above- and below-market leases | 4,368 | 4,468 |
| Stock-based compensation expense | 115,911 | 118,595 |
| Provision (benefit) for deferred income taxes | 25,576 | (9,767) |
| Loss (gain) on disposal/write-down of property, plant and equipment, net | 27,387 | 7,975 |
| Loss (gain) associated with the remeasurements of deferred purchase obligations | 69,803 | — |
| Foreign currency transactions and other, net | (23,575) | 47,117 |
| (Increase) decrease in assets | (232,477) | (155,859) |
| (Decrease) increase in liabilities | (33,733) | (3,004) |
| Cash Flows from Operating Activities | 1,203,634 | 840,001 |
| Cash Flows from Investing Activities: | ||
| Capital expenditures | (1,724,205) | (1,755,383) |
| Cash paid for acquisitions, net of cash acquired | (8,033) | (101,625) |
| Acquisition of customer intangibles | (41,237) | (21,204) |
| Contract costs | (48,173) | (59,607) |
| Investments in joint ventures and other investments, net | 2,319 | (43,309) |
| Proceeds from sales of property and equipment and other, net | 11,028 | 12,869 |
| Cash Flows from Investing Activities | (1,808,301) | (1,968,259) |
| Cash Flows from Financing Activities: | ||
| Repayment of revolving credit facility, term loan facilities and other debt | (12,423,074) | (12,747,897) |
| Proceeds from revolving credit facility, term loan facilities and other debt | 12,372,027 | 13,546,589 |
| Net proceeds from sale of senior note | 1,485,000 | 1,390,651 |
| Equity contributions from noncontrolling interests | 95,168 | — |
| Equity distributions to noncontrolling interests | (17,418) | (6,481) |
| Parent cash dividends | (789,997) | (687,204) |
| Payment of deferred purchase obligations and other deferred payments | (9,794) | (240,217) |
| Net (payments) proceeds associated with employee stock-based awards | (89,897) | (46,415) |
| Other, net | (10,525) | (7,831) |
| Cash Flows from Financing Activities | 611,490 | 1,201,195 |
| Effect of Exchange Rates on Cash and Cash Equivalents | 22,802 | (33,443) |
| Increase (Decrease) in Cash and Cash Equivalents | 29,625 | 39,494 |
| Cash and Cash Equivalents, Beginning of Period | 158,535 | 155,716 |
| Cash and Cash Equivalents, End of Period | 188,160 | 195,210 |
| Supplemental Information: | ||
| Cash Paid for Interest | 801,904 | 711,517 |
| Cash Paid for Income Taxes, Net | 93,409 | 89,828 |
| Non-Cash Investing and Financing Activities: | ||
| Financing Leases and Other | 133,923 | 193,047 |
| Accrued Capital Expenditures | 329,668 | 247,224 |
| Deferred Purchase Obligations and Other Deferred Payments | 16,676 | 28,137 |
| Dividends Payable | 268,838 | 244,198 |
Amounts as printed on the EDGAR/iXBRL face — (IN THOUSANDS, EXCEPT PER SHARE DATA); (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA); (IN THOUSANDS). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗