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 Aug 5, 2026 (period ending Jun 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 June 30, 2026 | Three months ended June 30, 2025 |
|---|---|---|
| Revenues: | ||
| Storage rental | 1,134,611 | 1,009,989 |
| Service | 894,451 | 701,959 |
| Total Revenues | 2,029,062 | 1,711,948 |
| Operating Expenses: | ||
| Cost of sales (excluding depreciation and amortization) | 958,609 | 754,837 |
| Selling, general and administrative | 402,339 | 390,456 |
| Depreciation and amortization | 281,395 | 252,566 |
| Acquisition and Integration Costs | 1,684 | 4,815 |
| Restructuring and other transformation | — | 50,340 |
| Loss (gain) on disposal/write-down of property, plant and equipment, net | 11,507 | (962) |
| Total Operating Expenses | 1,655,534 | 1,452,052 |
| Operating Income (Loss) | 373,528 | 259,896 |
| Interest Expense, Net (includes Interest Income of $1,425 and $4,442 for the three months ended June 30, 2026 and 2025, respectively) | 223,446 | 205,063 |
| Other Expense (Income), Net | 29,178 | 81,877 |
| Net Income (Loss) Before Provision (Benefit) for Income Taxes | 120,904 | (27,044) |
| Provision (Benefit) for Income Taxes | 14,802 | 16,296 |
| Net Income (Loss) | 106,102 | (43,340) |
| Less: Net Income (Loss) Attributable to Noncontrolling Interests | 4,672 | 1,581 |
| Net Income (Loss) Attributable to Iron Mountain Incorporated | 101,430 | (44,921) |
| Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: | ||
| Basic | 0.34 | (0.15) |
| Diluted | 0.34 | (0.15) |
| Weighted Average Common Shares Outstanding—Basic | 297,741 | 295,364 |
| Weighted Average Common Shares Outstanding—Diluted | 299,849 | 295,364 |
Condensed Consolidated Balance Sheets (Unaudited)
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | 204,793 | 158,535 |
| Accounts receivable (less allowances of $105,218 and $107,838 as of June 30, 2026 and December 31, 2025, respectively) | 1,487,128 | 1,443,669 |
| Prepaid expenses and other | 411,820 | 332,779 |
| Total Current Assets | 2,103,741 | 1,934,983 |
| Property, Plant and Equipment: | ||
| Property, plant and equipment | 15,426,928 | 14,457,335 |
| Less—Accumulated depreciation | (5,157,107) | (4,911,010) |
| Property, Plant and Equipment, Net | 10,269,821 | 9,546,325 |
| Other Assets, Net: | ||
| Goodwill | 5,267,192 | 5,285,801 |
| Customer and supplier relationships and other intangible assets | 1,235,492 | 1,269,607 |
| Operating lease right-of-use assets | 2,437,199 | 2,465,196 |
| Other | 641,997 | 623,107 |
| Total Other Assets, Net | 9,581,880 | 9,643,711 |
| Total Assets | 21,955,442 | 21,125,019 |
| LIABILITIES AND EQUITY | ||
| Current Liabilities: | ||
| Current portion of long-term debt | 220,809 | 216,074 |
| Accounts payable | 857,182 | 710,662 |
| Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | 1,421,561 | 1,290,669 |
| Deferred revenue | 397,974 | 402,091 |
| Total Current Liabilities | 2,897,526 | 2,619,496 |
| Long-term Debt, net of current portion | 17,128,840 | 16,215,885 |
| Long-term Operating Lease Liabilities, net of current portion | 2,265,294 | 2,300,448 |
| Other Long-term Liabilities | 373,987 | 450,083 |
| Deferred Income Taxes | 181,564 | 184,015 |
| Commitments and Contingencies | ||
| Redeemable Noncontrolling Interests | 63,236 | 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 297,662,013 and 295,788,645 shares as of June 30, 2026 and December 31, 2025, respectively) | 2,977 | 2,958 |
| Additional paid-in capital | 4,821,527 | 4,790,190 |
| (Distributions in excess of earnings) Earnings in excess of distributions | (5,690,140) | (5,405,147) |
| Accumulated other comprehensive items, net | (415,284) | (369,008) |
| Total Iron Mountain Incorporated Stockholders' (Deficit) Equity | (1,280,920) | (981,007) |
| Noncontrolling Interests | 325,915 | 271,676 |
| Total (Deficit) Equity | (955,005) | (709,331) |
| Total Liabilities and (Deficit) Equity | 21,955,442 | 21,125,019 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(IN THOUSANDS)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash Flows from Operating Activities: | ||
| Net income (loss) | 255,101 | (27,107) |
| Adjustments to reconcile net income (loss) to cash flows from operating activities: | ||
| Depreciation | 394,971 | 343,013 |
| Amortization (includes amortization of deferred financing costs and discounts of $16,110 and $15,659 for the six months ended June 30, 2026 and 2025, respectively) | 170,373 | 157,366 |
| Revenue reduction associated with amortization of customer inducements and above- and below-market leases | 2,964 | 2,976 |
| Stock-based compensation expense | 85,044 | 86,448 |
| Provision (benefit) for deferred income taxes | 3,468 | 2,472 |
| Loss (gain) on disposal/write-down of property, plant and equipment, net | 19,099 | 4,609 |
| Loss (gain) associated with the remeasurements of deferred purchase obligations | 59,773 | — |
| Foreign currency transactions and other, net | (20,940) | 46,238 |
| (Increase) decrease in assets | (196,314) | (135,299) |
| Increase (decrease) in liabilities | 114,274 | 91,709 |
| Cash Flows from Operating Activities | 887,813 | 572,425 |
| Cash Flows from Investing Activities: | ||
| Capital expenditures | (1,106,206) | (1,231,523) |
| Cash paid for acquisitions, net of cash acquired | — | (34,362) |
| Acquisition of customer intangibles | (40,176) | (9,905) |
| Contract costs | (30,310) | (41,534) |
| Investments in joint ventures and other investments, net | 2,157 | (43,585) |
| Proceeds from sales of property and equipment and other, net | 8,170 | 10,099 |
| Cash Flows from Investing Activities | (1,166,365) | (1,350,810) |
| Cash Flows from Financing Activities: | ||
| Repayment of revolving credit facility, term loan facilities and other debt | (10,667,709) | (7,353,497) |
| Proceeds from revolving credit facility, term loan facilities and other debt | 10,046,549 | 8,991,334 |
| Net proceeds from sale of senior note | 1,485,000 | — |
| Equity contribution from noncontrolling interests | 95,168 | — |
| Equity distribution to noncontrolling interests | (11,424) | (3,481) |
| Parent cash dividends | (532,742) | (455,236) |
| Payment of deferred purchase obligations and other deferred payments | (6,914) | (240,217) |
| Net (payments) proceeds associated with employee stock-based awards | (93,815) | (53,120) |
| Other, net | (10,128) | (2,915) |
| Cash Flows from Financing Activities | 303,985 | 882,868 |
| Effect of Exchange Rates on Cash and Cash Equivalents | 20,825 | (42,207) |
| Increase (Decrease) in Cash and Cash Equivalents | 46,258 | 62,276 |
| Cash and Cash Equivalents, Beginning of Period | 158,535 | 155,716 |
| Cash and Cash Equivalents, End of Period | 204,793 | 217,992 |
| Supplemental Information: | ||
| Cash Paid for Interest | 461,459 | 386,391 |
| Cash Paid for Income Taxes, Net | 60,679 | 60,099 |
| Non-Cash Investing and Financing Activities: | ||
| Financing Leases and Other | 90,464 | 141,811 |
| Accrued Capital Expenditures | 298,947 | 242,272 |
| Deferred Purchase Obligations and Other Deferred Payments | 7,880 | 3,600 |
| Dividends Payable | 266,909 | 242,395 |
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 ↗