Companies: 10,660     total market cap: $140.341 T
โ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$CAD๐Ÿ‡จ๐Ÿ‡ฆ$AUD๐Ÿ‡ฆ๐Ÿ‡บ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$HKD๐Ÿ‡ญ๐Ÿ‡ฐ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
Iron Mountain
IRM
#867
Rank
$28.31 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$95.78
Share price
7.68%
Change (1 day)
-8.16%
Change (1 year)
๐Ÿ’ผ Professional services
Categories
Iron Mountain Inc. is an American enterprise information management services company that provides records management, information destruction, and data backup and recovery services.
  1. Iron Mountain
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q2

Iron Mountain - 10-Q quarterly report FY2025 Q2


Text size:
000102056912/312025Q2falsehttp://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2025#PrepaidExpenseAndOtherAssetsCurrenthttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#PrepaidExpenseAndOtherAssetsCurrent http://www.ironmountain.com/20250630#AssetsNoncurrentExcludingPropertyPlantAndEquipmentNethttp://www.ironmountain.com/20250630#AssetsNoncurrentExcludingPropertyPlantAndEquipmentNethttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent4.8755.25574.8755.254.555.6256.25xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:AUD00010205692025-01-012025-06-3000010205692025-08-0100010205692025-06-3000010205692024-12-310001020569irm:StorageRentalMember2025-04-012025-06-300001020569irm:StorageRentalMember2024-04-012024-06-300001020569us-gaap:ServiceMember2025-04-012025-06-300001020569us-gaap:ServiceMember2024-04-012024-06-3000010205692025-04-012025-06-3000010205692024-04-012024-06-300001020569irm:StorageRentalMember2025-01-012025-06-300001020569irm:StorageRentalMember2024-01-012024-06-300001020569us-gaap:ServiceMember2025-01-012025-06-300001020569us-gaap:ServiceMember2024-01-012024-06-3000010205692024-01-012024-06-3000010205692025-03-310001020569us-gaap:CommonStockMember2025-03-310001020569us-gaap:AdditionalPaidInCapitalMember2025-03-310001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-03-310001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001020569us-gaap:NoncontrollingInterestMember2025-03-310001020569irm:RedeemableNoncontrollingInterestsMember2025-03-310001020569us-gaap:CommonStockMember2025-04-012025-06-300001020569us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-04-012025-06-300001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001020569irm:RedeemableNoncontrollingInterestsMember2025-04-012025-06-300001020569us-gaap:NoncontrollingInterestMember2025-04-012025-06-300001020569us-gaap:CommonStockMember2025-06-300001020569us-gaap:AdditionalPaidInCapitalMember2025-06-300001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-06-300001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001020569us-gaap:NoncontrollingInterestMember2025-06-300001020569irm:RedeemableNoncontrollingInterestsMember2025-06-300001020569us-gaap:CommonStockMember2024-12-310001020569us-gaap:AdditionalPaidInCapitalMember2024-12-310001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-12-310001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001020569us-gaap:NoncontrollingInterestMember2024-12-310001020569irm:RedeemableNoncontrollingInterestsMember2024-12-310001020569us-gaap:CommonStockMember2025-01-012025-06-300001020569us-gaap:AdditionalPaidInCapitalMember2025-01-012025-06-300001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-01-012025-06-300001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300001020569irm:RedeemableNoncontrollingInterestsMember2025-01-012025-06-300001020569us-gaap:NoncontrollingInterestMember2025-01-012025-06-3000010205692024-03-310001020569us-gaap:CommonStockMember2024-03-310001020569us-gaap:AdditionalPaidInCapitalMember2024-03-310001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-03-310001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001020569us-gaap:NoncontrollingInterestMember2024-03-310001020569irm:RedeemableNoncontrollingInterestsMember2024-03-310001020569us-gaap:CommonStockMember2024-04-012024-06-300001020569us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001020569irm:RedeemableNoncontrollingInterestsMember2024-04-012024-06-300001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-04-012024-06-300001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-3000010205692024-06-300001020569us-gaap:CommonStockMember2024-06-300001020569us-gaap:AdditionalPaidInCapitalMember2024-06-300001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-06-300001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001020569us-gaap:NoncontrollingInterestMember2024-06-300001020569irm:RedeemableNoncontrollingInterestsMember2024-06-3000010205692023-12-310001020569us-gaap:CommonStockMember2023-12-310001020569us-gaap:AdditionalPaidInCapitalMember2023-12-310001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-12-310001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001020569us-gaap:NoncontrollingInterestMember2023-12-310001020569irm:RedeemableNoncontrollingInterestsMember2023-12-310001020569us-gaap:CommonStockMember2024-01-012024-06-300001020569us-gaap:AdditionalPaidInCapitalMember2024-01-012024-06-300001020569irm:RedeemableNoncontrollingInterestsMember2024-01-012024-06-300001020569us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-01-012024-06-300001020569us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300001020569us-gaap:AllowanceForCreditLossMember2024-12-310001020569us-gaap:AllowanceForCreditLossMember2025-01-012025-06-300001020569us-gaap:AllowanceForCreditLossMember2025-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMember2024-12-310001020569irm:GlobalDataCenterBusinessMember2024-12-310001020569us-gaap:CorporateAndOtherMember2024-12-310001020569irm:GlobalRecordsandInformationManagementBusinessMember2025-01-012025-06-300001020569irm:GlobalDataCenterBusinessMember2025-01-012025-06-300001020569us-gaap:CorporateAndOtherMember2025-01-012025-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMember2025-06-300001020569irm:GlobalDataCenterBusinessMember2025-06-300001020569us-gaap:CorporateAndOtherMember2025-06-300001020569us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300001020569us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300001020569us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300001020569us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300001020569us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300001020569us-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300001020569us-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300001020569us-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300001020569us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300001020569us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300001020569us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300001020569us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300001020569us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001020569us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310001020569us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310001020569us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310001020569us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001020569us-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310001020569us-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310001020569us-gaap:BankTimeDepositsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310001020569us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001020569us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310001020569us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310001020569us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310001020569irm:BusinessCombinationContingentConsiderationLiabilityMember2024-12-310001020569irm:BusinessCombinationContingentConsiderationLiabilityMember2025-01-012025-06-300001020569irm:BusinessCombinationContingentConsiderationLiabilityMember2025-06-300001020569us-gaap:AccumulatedTranslationAdjustmentMember2025-03-310001020569us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-03-310001020569us-gaap:AccumulatedTranslationAdjustmentMember2024-03-310001020569us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-03-310001020569us-gaap:AccumulatedTranslationAdjustmentMember2025-04-012025-06-300001020569us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-04-012025-06-300001020569us-gaap:AccumulatedTranslationAdjustmentMember2024-04-012024-06-300001020569us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-04-012024-06-300001020569us-gaap:AccumulatedTranslationAdjustmentMember2025-06-300001020569us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-06-300001020569us-gaap:AccumulatedTranslationAdjustmentMember2024-06-300001020569us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-300001020569us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310001020569us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310001020569us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310001020569us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310001020569us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-06-300001020569us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-06-300001020569us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-06-300001020569us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-06-300001020569irm:IntakeCostsMember2025-06-300001020569irm:IntakeCostsMember2024-12-310001020569irm:CommissionsMember2025-06-300001020569irm:CommissionsMember2024-12-3100010205692024-01-010001020569irm:RentalActivitiesMember2025-06-300001020569irm:RentalActivitiesMember2024-12-310001020569irm:StorageRentalMemberirm:GlobalDataCenterBusinessMember2025-04-012025-06-300001020569irm:StorageRentalMemberirm:GlobalDataCenterBusinessMember2024-04-012024-06-300001020569irm:StorageRentalMemberirm:GlobalDataCenterBusinessMember2025-01-012025-06-300001020569irm:StorageRentalMemberirm:GlobalDataCenterBusinessMember2024-01-012024-06-3000010205692025-03-012025-03-010001020569us-gaap:RestrictedStockUnitsRSUMember2025-03-012025-03-010001020569us-gaap:PerformanceSharesMember2025-03-012025-03-010001020569irm:A2014PlanMember2025-05-292025-05-290001020569irm:A2014PlanMember2025-05-280001020569irm:A2014PlanMember2025-05-290001020569irm:FrankfurtJVMember2025-06-300001020569irm:FrankfurtJVMember2024-12-310001020569us-gaap:InterestRateSwapMember2025-06-300001020569us-gaap:InterestRateSwapMember2024-12-310001020569us-gaap:CrossCurrencyInterestRateContractMembercurrency:EURus-gaap:NetInvestmentHedgingMember2025-06-300001020569us-gaap:CrossCurrencyInterestRateContractMembercurrency:EURus-gaap:NetInvestmentHedgingMember2024-12-310001020569us-gaap:CrossCurrencyInterestRateContractMembercurrency:CADus-gaap:NetInvestmentHedgingMember2025-06-300001020569us-gaap:CrossCurrencyInterestRateContractMembercurrency:CADus-gaap:NetInvestmentHedgingMember2024-12-310001020569us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2025-06-300001020569us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2024-12-310001020569us-gaap:CashFlowHedgingMember2025-06-300001020569us-gaap:CashFlowHedgingMember2024-12-310001020569us-gaap:NetInvestmentHedgingMember2025-06-300001020569us-gaap:NetInvestmentHedgingMember2024-12-310001020569irm:CrossCurrencySwapAgreementsExcludedComponentMemberus-gaap:NetInvestmentHedgingMember2025-06-300001020569us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-04-012025-06-300001020569us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-04-012024-06-300001020569us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-06-300001020569us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-06-300001020569us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-04-012025-06-300001020569us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-04-012024-06-300001020569us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-06-300001020569us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-06-300001020569us-gaap:CurrencySwapMemberus-gaap:NondesignatedMember2025-04-012025-06-300001020569us-gaap:CurrencySwapMemberus-gaap:NondesignatedMember2024-04-012024-06-300001020569us-gaap:CurrencySwapMemberus-gaap:NondesignatedMember2025-01-012025-06-300001020569us-gaap:CurrencySwapMemberus-gaap:NondesignatedMember2024-01-012024-06-300001020569us-gaap:InterestRateSwapMember2025-04-012025-06-300001020569us-gaap:InterestRateSwapMember2024-04-012024-06-300001020569us-gaap:InterestRateSwapMember2025-01-012025-06-300001020569us-gaap:InterestRateSwapMember2024-01-012024-06-300001020569us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMember2025-04-012025-06-300001020569us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMember2024-04-012024-06-300001020569us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMember2025-01-012025-06-300001020569us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMember2024-01-012024-06-300001020569us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-06-300001020569irm:RevolvingCreditFacilityNettingMemberus-gaap:LineOfCreditMember2024-12-310001020569irm:TermLoanAMemberirm:TermLoanFacilityMember2025-06-300001020569irm:TermLoanAMemberirm:TermLoanFacilityMember2024-12-310001020569irm:TermLoanBMemberirm:TermLoanFacilityMember2025-06-300001020569irm:TermLoanBMemberirm:TermLoanFacilityMember2024-12-310001020569irm:Virginia3TermLoanMemberirm:TermLoanFacilityMember2025-06-300001020569irm:Virginia3TermLoanMemberirm:TermLoanFacilityMember2024-12-310001020569irm:Virginia4And5TermLoanMemberirm:TermLoanFacilityMember2025-06-300001020569irm:Virginia4And5TermLoanMemberirm:TermLoanFacilityMember2024-12-310001020569irm:Virginia6TermLoanMemberirm:TermLoanFacilityMember2025-06-300001020569irm:Virginia6TermLoanMemberirm:TermLoanFacilityMember2024-12-310001020569irm:Virginia7TermLoanMemberirm:TermLoanFacilityMember2025-06-300001020569irm:Virginia7TermLoanMemberirm:TermLoanFacilityMember2024-12-310001020569irm:AustralianDollarTermLoanMember2025-06-300001020569irm:AustralianDollarTermLoanMember2024-12-310001020569irm:UKBilateralRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-06-300001020569irm:UKBilateralRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-12-310001020569irm:GBPSeniorNotes3.875Percentdue2025Memberus-gaap:SeniorNotesMember2025-06-300001020569irm:GBPSeniorNotes3.875Percentdue2025Memberus-gaap:SeniorNotesMember2024-12-310001020569irm:SeniorNotes4.875Percentdue2027Memberus-gaap:SeniorNotesMember2025-06-300001020569irm:SeniorNotes4.875Percentdue2027Memberus-gaap:SeniorNotesMember2024-12-310001020569irm:SeniorNotes5.25Percentdue2028Memberus-gaap:SeniorNotesMember2025-06-300001020569irm:SeniorNotes5.25Percentdue2028Memberus-gaap:SeniorNotesMember2024-12-310001020569irm:SeniorNotes5PercentDue2028MemberMemberus-gaap:SeniorNotesMember2025-06-300001020569irm:SeniorNotes5PercentDue2028MemberMemberus-gaap:SeniorNotesMember2024-12-310001020569irm:SeniorNotes7PercentDue2029Memberus-gaap:SeniorNotesMember2025-06-300001020569irm:SeniorNotes7PercentDue2029Memberus-gaap:SeniorNotesMember2024-12-310001020569irm:SeniorNotes4.875PercentDue2029Memberus-gaap:SeniorNotesMember2025-06-300001020569irm:SeniorNotes4.875PercentDue2029Memberus-gaap:SeniorNotesMember2024-12-310001020569irm:SeniorNotes525PercentDue2030Memberus-gaap:SeniorNotesMember2025-06-300001020569irm:SeniorNotes525PercentDue2030Memberus-gaap:SeniorNotesMember2024-12-310001020569irm:SeniorNotes45PercentDue2031Memberus-gaap:SeniorNotesMember2025-06-300001020569irm:SeniorNotes45PercentDue2031Memberus-gaap:SeniorNotesMember2024-12-310001020569irm:SeniorNotes5PercentDue2032Memberus-gaap:SeniorNotesMember2025-06-300001020569irm:SeniorNotes5PercentDue2032Memberus-gaap:SeniorNotesMember2024-12-310001020569irm:SeniorNotes5625PercentDue2032Memberus-gaap:SeniorNotesMember2025-06-300001020569irm:SeniorNotes5625PercentDue2032Memberus-gaap:SeniorNotesMember2024-12-310001020569irm:SeniorNotes6.25PercentDue2033Memberus-gaap:SeniorNotesMember2025-06-300001020569irm:SeniorNotes6.25PercentDue2033Memberus-gaap:SeniorNotesMember2024-12-310001020569irm:RealEstateMortgagesFinanceLeaseLiabilitiesAndOtherMember2025-06-300001020569irm:RealEstateMortgagesFinanceLeaseLiabilitiesAndOtherMember2024-12-310001020569irm:AccountsReceivablesSecuritizationProgramMember2025-06-300001020569irm:AccountsReceivablesSecuritizationProgramMember2024-12-310001020569irm:TermLoanAMemberirm:TermLoanFacilityMember2025-06-170001020569irm:TermLoanAMemberirm:TermLoanFacilityMember2025-06-180001020569irm:TermLoanAMemberirm:TermLoanFacilityMember2025-06-182025-06-180001020569irm:AustralianDollarTermLoanMember2025-06-240001020569irm:AustralianDollarTermLoanMember2025-06-250001020569irm:AustralianDollarTermLoanMember2025-06-242025-06-240001020569irm:AustralianDollarTermLoanMember2025-06-252025-06-250001020569irm:AustralianDollarTermLoanMember2025-01-012025-06-300001020569us-gaap:LineOfCreditMember2025-06-3000010205692024-01-012024-03-3100010205692024-07-012024-09-3000010205692024-10-012024-12-3100010205692025-01-012025-03-310001020569us-gaap:SubsequentEventMember2025-08-062025-08-060001020569irm:GlobalRecordsandInformationManagementBusinessMember2025-04-012025-06-300001020569irm:GlobalDataCenterBusinessMember2025-04-012025-06-300001020569us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2025-04-012025-06-300001020569us-gaap:CorporateAndOtherMember2025-04-012025-06-300001020569irm:StorageRentalMemberirm:GlobalRecordsandInformationManagementBusinessMember2025-04-012025-06-300001020569irm:StorageRentalMemberus-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2025-04-012025-06-300001020569irm:StorageRentalMemberus-gaap:CorporateAndOtherMember2025-04-012025-06-300001020569us-gaap:ServiceMemberirm:GlobalRecordsandInformationManagementBusinessMember2025-04-012025-06-300001020569us-gaap:ServiceMemberirm:GlobalDataCenterBusinessMember2025-04-012025-06-300001020569us-gaap:ServiceMemberus-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2025-04-012025-06-300001020569us-gaap:ServiceMemberus-gaap:CorporateAndOtherMember2025-04-012025-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMember2024-04-012024-06-300001020569irm:GlobalDataCenterBusinessMember2024-04-012024-06-300001020569us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2024-04-012024-06-300001020569us-gaap:CorporateAndOtherMember2024-04-012024-06-300001020569irm:StorageRentalMemberirm:GlobalRecordsandInformationManagementBusinessMember2024-04-012024-06-300001020569irm:StorageRentalMemberus-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2024-04-012024-06-300001020569irm:StorageRentalMemberus-gaap:CorporateAndOtherMember2024-04-012024-06-300001020569us-gaap:ServiceMemberirm:GlobalRecordsandInformationManagementBusinessMember2024-04-012024-06-300001020569us-gaap:ServiceMemberirm:GlobalDataCenterBusinessMember2024-04-012024-06-300001020569us-gaap:ServiceMemberus-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2024-04-012024-06-300001020569us-gaap:ServiceMemberus-gaap:CorporateAndOtherMember2024-04-012024-06-300001020569us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2025-01-012025-06-300001020569irm:StorageRentalMemberirm:GlobalRecordsandInformationManagementBusinessMember2025-01-012025-06-300001020569irm:StorageRentalMemberus-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2025-01-012025-06-300001020569irm:StorageRentalMemberus-gaap:CorporateAndOtherMember2025-01-012025-06-300001020569us-gaap:ServiceMemberirm:GlobalRecordsandInformationManagementBusinessMember2025-01-012025-06-300001020569us-gaap:ServiceMemberirm:GlobalDataCenterBusinessMember2025-01-012025-06-300001020569us-gaap:ServiceMemberus-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2025-01-012025-06-300001020569us-gaap:ServiceMemberus-gaap:CorporateAndOtherMember2025-01-012025-06-300001020569us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2025-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMember2024-01-012024-06-300001020569irm:GlobalDataCenterBusinessMember2024-01-012024-06-300001020569us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2024-01-012024-06-300001020569us-gaap:CorporateAndOtherMember2024-01-012024-06-300001020569irm:StorageRentalMemberirm:GlobalRecordsandInformationManagementBusinessMember2024-01-012024-06-300001020569irm:StorageRentalMemberus-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2024-01-012024-06-300001020569irm:StorageRentalMemberus-gaap:CorporateAndOtherMember2024-01-012024-06-300001020569us-gaap:ServiceMemberirm:GlobalRecordsandInformationManagementBusinessMember2024-01-012024-06-300001020569us-gaap:ServiceMemberirm:GlobalDataCenterBusinessMember2024-01-012024-06-300001020569us-gaap:ServiceMemberus-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2024-01-012024-06-300001020569us-gaap:ServiceMemberus-gaap:CorporateAndOtherMember2024-01-012024-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMember2024-06-300001020569irm:GlobalDataCenterBusinessMember2024-06-300001020569us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember2024-06-300001020569us-gaap:CorporateAndOtherMember2024-06-300001020569irm:RecordsManagementMemberirm:GlobalRecordsandInformationManagementBusinessMember2025-04-012025-06-300001020569irm:RecordsManagementMemberirm:GlobalRecordsandInformationManagementBusinessMember2024-04-012024-06-300001020569irm:RecordsManagementMemberirm:GlobalRecordsandInformationManagementBusinessMember2025-01-012025-06-300001020569irm:RecordsManagementMemberirm:GlobalRecordsandInformationManagementBusinessMember2024-01-012024-06-300001020569irm:DataManagementMemberirm:GlobalRecordsandInformationManagementBusinessMember2025-04-012025-06-300001020569irm:DataManagementMemberirm:GlobalRecordsandInformationManagementBusinessMember2024-04-012024-06-300001020569irm:DataManagementMemberirm:GlobalRecordsandInformationManagementBusinessMember2025-01-012025-06-300001020569irm:DataManagementMemberirm:GlobalRecordsandInformationManagementBusinessMember2024-01-012024-06-300001020569irm:InformationDestructionMemberirm:GlobalRecordsandInformationManagementBusinessMember2025-04-012025-06-300001020569irm:InformationDestructionMemberirm:GlobalRecordsandInformationManagementBusinessMember2024-04-012024-06-300001020569irm:InformationDestructionMemberirm:GlobalRecordsandInformationManagementBusinessMember2025-01-012025-06-300001020569irm:InformationDestructionMemberirm:GlobalRecordsandInformationManagementBusinessMember2024-01-012024-06-300001020569irm:DataCenterMemberirm:GlobalRecordsandInformationManagementBusinessMember2025-04-012025-06-300001020569irm:DataCenterMemberirm:GlobalRecordsandInformationManagementBusinessMember2024-04-012024-06-300001020569irm:DataCenterMemberirm:GlobalRecordsandInformationManagementBusinessMember2025-01-012025-06-300001020569irm:DataCenterMemberirm:GlobalRecordsandInformationManagementBusinessMember2024-01-012024-06-300001020569irm:RecordsManagementMemberirm:GlobalDataCenterBusinessMember2025-04-012025-06-300001020569irm:RecordsManagementMemberirm:GlobalDataCenterBusinessMember2024-04-012024-06-300001020569irm:RecordsManagementMemberirm:GlobalDataCenterBusinessMember2025-01-012025-06-300001020569irm:RecordsManagementMemberirm:GlobalDataCenterBusinessMember2024-01-012024-06-300001020569irm:DataManagementMemberirm:GlobalDataCenterBusinessMember2025-04-012025-06-300001020569irm:DataManagementMemberirm:GlobalDataCenterBusinessMember2024-04-012024-06-300001020569irm:DataManagementMemberirm:GlobalDataCenterBusinessMember2025-01-012025-06-300001020569irm:DataManagementMemberirm:GlobalDataCenterBusinessMember2024-01-012024-06-300001020569irm:InformationDestructionMemberirm:GlobalDataCenterBusinessMember2025-04-012025-06-300001020569irm:InformationDestructionMemberirm:GlobalDataCenterBusinessMember2024-04-012024-06-300001020569irm:InformationDestructionMemberirm:GlobalDataCenterBusinessMember2025-01-012025-06-300001020569irm:InformationDestructionMemberirm:GlobalDataCenterBusinessMember2024-01-012024-06-300001020569irm:DataCenterMemberirm:GlobalDataCenterBusinessMember2025-04-012025-06-300001020569irm:DataCenterMemberirm:GlobalDataCenterBusinessMember2024-04-012024-06-300001020569irm:DataCenterMemberirm:GlobalDataCenterBusinessMember2025-01-012025-06-300001020569irm:DataCenterMemberirm:GlobalDataCenterBusinessMember2024-01-012024-06-300001020569irm:RecordsManagementMemberus-gaap:CorporateAndOtherMember2025-04-012025-06-300001020569irm:RecordsManagementMemberus-gaap:CorporateAndOtherMember2024-04-012024-06-300001020569irm:RecordsManagementMemberus-gaap:CorporateAndOtherMember2025-01-012025-06-300001020569irm:RecordsManagementMemberus-gaap:CorporateAndOtherMember2024-01-012024-06-300001020569irm:DataManagementMemberus-gaap:CorporateAndOtherMember2025-04-012025-06-300001020569irm:DataManagementMemberus-gaap:CorporateAndOtherMember2024-04-012024-06-300001020569irm:DataManagementMemberus-gaap:CorporateAndOtherMember2025-01-012025-06-300001020569irm:DataManagementMemberus-gaap:CorporateAndOtherMember2024-01-012024-06-300001020569irm:InformationDestructionMemberus-gaap:CorporateAndOtherMember2025-04-012025-06-300001020569irm:InformationDestructionMemberus-gaap:CorporateAndOtherMember2024-04-012024-06-300001020569irm:InformationDestructionMemberus-gaap:CorporateAndOtherMember2025-01-012025-06-300001020569irm:InformationDestructionMemberus-gaap:CorporateAndOtherMember2024-01-012024-06-300001020569irm:DataCenterMemberus-gaap:CorporateAndOtherMember2025-04-012025-06-300001020569irm:DataCenterMemberus-gaap:CorporateAndOtherMember2024-04-012024-06-300001020569irm:DataCenterMemberus-gaap:CorporateAndOtherMember2025-01-012025-06-300001020569irm:DataCenterMemberus-gaap:CorporateAndOtherMember2024-01-012024-06-300001020569irm:RecordsManagementMember2025-04-012025-06-300001020569irm:RecordsManagementMember2024-04-012024-06-300001020569irm:RecordsManagementMember2025-01-012025-06-300001020569irm:RecordsManagementMember2024-01-012024-06-300001020569irm:DataManagementMember2025-04-012025-06-300001020569irm:DataManagementMember2024-04-012024-06-300001020569irm:DataManagementMember2025-01-012025-06-300001020569irm:DataManagementMember2024-01-012024-06-300001020569irm:InformationDestructionMember2025-04-012025-06-300001020569irm:InformationDestructionMember2024-04-012024-06-300001020569irm:InformationDestructionMember2025-01-012025-06-300001020569irm:InformationDestructionMember2024-01-012024-06-300001020569irm:DataCenterMember2025-04-012025-06-300001020569irm:DataCenterMember2024-04-012024-06-300001020569irm:DataCenterMember2025-01-012025-06-300001020569irm:DataCenterMember2024-01-012024-06-300001020569irm:FrankfurtJVMemberus-gaap:CoVenturerMember2025-04-012025-06-300001020569irm:FrankfurtJVMemberus-gaap:CoVenturerMember2024-04-012024-06-300001020569irm:FrankfurtJVMemberus-gaap:CoVenturerMember2025-01-012025-06-300001020569irm:FrankfurtJVMemberus-gaap:CoVenturerMember2024-01-012024-06-300001020569irm:ProjectMatterhornMember2022-09-012025-06-300001020569irm:ProjectMatterhornMember2025-06-300001020569irm:ProjectMatterhornMember2025-04-012025-06-300001020569irm:ProjectMatterhornMember2024-04-012024-06-300001020569irm:ProjectMatterhornMember2025-01-012025-06-300001020569irm:ProjectMatterhornMember2024-01-012024-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMemberirm:ProjectMatterhornMember2025-04-012025-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMemberirm:ProjectMatterhornMember2024-04-012024-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMemberirm:ProjectMatterhornMember2025-01-012025-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMemberirm:ProjectMatterhornMember2024-01-012024-06-300001020569irm:GlobalRecordsandInformationManagementBusinessMemberirm:ProjectMatterhornMember2022-09-012025-06-300001020569irm:GlobalDataCenterBusinessMemberirm:ProjectMatterhornMember2025-04-012025-06-300001020569irm:GlobalDataCenterBusinessMemberirm:ProjectMatterhornMember2024-04-012024-06-300001020569irm:GlobalDataCenterBusinessMemberirm:ProjectMatterhornMember2025-01-012025-06-300001020569irm:GlobalDataCenterBusinessMemberirm:ProjectMatterhornMember2024-01-012024-06-300001020569irm:GlobalDataCenterBusinessMemberirm:ProjectMatterhornMember2022-09-012025-06-300001020569us-gaap:CorporateAndOtherMemberirm:ProjectMatterhornMember2025-04-012025-06-300001020569us-gaap:CorporateAndOtherMemberirm:ProjectMatterhornMember2024-04-012024-06-300001020569us-gaap:CorporateAndOtherMemberirm:ProjectMatterhornMember2025-01-012025-06-300001020569us-gaap:CorporateAndOtherMemberirm:ProjectMatterhornMember2024-01-012024-06-300001020569us-gaap:CorporateAndOtherMemberirm:ProjectMatterhornMember2022-09-012025-06-300001020569irm:RestructuringMemberirm:ProjectMatterhornMember2024-12-310001020569irm:OtherRestructuringTransformationMemberirm:ProjectMatterhornMember2024-12-310001020569irm:ProjectMatterhornMember2024-12-310001020569irm:RestructuringMemberirm:ProjectMatterhornMember2025-01-012025-06-300001020569irm:OtherRestructuringTransformationMemberirm:ProjectMatterhornMember2025-01-012025-06-300001020569irm:RestructuringMemberirm:ProjectMatterhornMember2025-06-300001020569irm:OtherRestructuringTransformationMemberirm:ProjectMatterhornMember2025-06-30
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2025
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from                        to                       
Commission file number 1-13045
logo_ironmountain.jpg
IRON MOUNTAIN INCORPORATED
(Exact Name of Registrant as Specified in Its Charter)
Delaware23-2588479
(State or other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
    
85 New Hampshire Avenue, Suite 150, Portsmouth, New Hampshire 03801
(Address of Principal Executive Offices, Including Zip Code)
(617) 535-4766
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueIRMNYSE
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒
As of August 1, 2025, the registrant had 295,348,225 outstanding shares of common stock, $.01 par value.

Table of Contents

logo_ironmountain_toc.jpg
IRON MOUNTAIN INCORPORATED
2025 FORM 10-Q QUARTERLY REPORT
TABLE OF CONTENTS
Condensed Consolidated Balance Sheets at June 30, 2025 and December 31, 2024





pgdivider_part1.jpg

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
1
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) (UNAUDITED)
 JUNE 30, 2025DECEMBER 31, 2024
ASSETS 
Current Assets: 
Cash and cash equivalents$217,992 $155,716 
Accounts receivable (less allowances of $101,897 and $86,712 as of June 30, 2025 and December 31, 2024, respectively)
1,387,110 1,291,379 
Prepaid expenses and other292,146 244,127 
Total Current Assets1,897,248 1,691,222 
Property, Plant and Equipment: 
Property, plant and equipment13,500,719 11,985,997 
Less—Accumulated depreciation(4,725,996)(4,354,398)
Property, Plant and Equipment, Net8,774,723 7,631,599 
Other Assets, Net: 
Goodwill5,229,943 5,083,817 
Customer and supplier relationships and other intangible assets1,244,957 1,274,731 
Operating lease right-of-use assets 2,414,510 2,489,893 
Other615,408 545,853 
Total Other Assets, Net9,504,818 9,394,294 
Total Assets$20,176,789 $18,717,115 
LIABILITIES AND EQUITY 
Current Liabilities: 
Current portion of long-term debt$777,881 $715,109 
Accounts payable650,906 678,716 
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities)1,227,760 1,366,568 
Deferred revenue342,225 326,882 
Total Current Liabilities2,998,772 3,087,275 
Long-term Debt, net of current portion14,818,175 13,003,977 
Long-term Operating Lease Liabilities, net of current portion 2,254,841 2,334,826 
Other Long-term Liabilities375,971 312,199 
Deferred Income Taxes221,045 205,341 
Commitments and Contingencies
Redeemable Noncontrolling Interests76,852 78,171 
(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 295,271,945 and 293,592,637 shares as of June 30, 2025 and December 31, 2024, respectively)
2,953 2,936 
Additional paid-in capital4,680,581 4,647,330 
(Distributions in excess of earnings) Earnings in excess of distributions(5,087,387)(4,583,436)
Accumulated other comprehensive items, net(363,583)(569,952)
Total Iron Mountain Incorporated Stockholders' (Deficit) Equity(767,436)(503,122)
Noncontrolling Interests198,569 198,448 
Total (Deficit) Equity(568,867)(304,674)
Total Liabilities and (Deficit) Equity$20,176,789 $18,717,115 



The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
2
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
 
THREE MONTHS ENDED JUNE 30,
 20252024
Revenues:  
Storage rental$1,009,989 $919,746 
Service701,959 614,663 
Total Revenues1,711,948 1,534,409 
Operating Expenses:
Cost of sales (excluding depreciation and amortization)754,837 675,971 
Selling, general and administrative390,456 344,838 
Depreciation and amortization252,566 224,501 
Acquisition and Integration Costs4,815 9,502 
Restructuring and other transformation50,340 46,513 
(Gain) loss on disposal/write-down of property, plant and equipment, net
(962)2,790 
Total Operating Expenses1,452,052 1,304,115 
Operating Income (Loss)259,896 230,294 
Interest Expense, Net (includes Interest Income of $4,442 and $0 for the three months ended
June 30, 2025 and 2024, respectively)
205,063 176,521 
Other Expense (Income), Net81,877 5,833 
Net (Loss) Income Before Provision (Benefit) for Income Taxes(27,044)47,940 
Provision (Benefit) for Income Taxes16,296 13,319 
Net (Loss) Income (43,340)34,621 
Less: Net Income (Loss) Attributable to Noncontrolling Interests1,581 (1,162)
Net (Loss) Income Attributable to Iron Mountain Incorporated$(44,921)$35,783 
Net (Loss) Income Per Share Attributable to Iron Mountain Incorporated:  
Basic$(0.15)$0.12 
Diluted$(0.15)$0.12 
Weighted Average Common Shares Outstanding—Basic295,364 293,340 
Weighted Average Common Shares Outstanding—Diluted295,364 295,838 



















The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
3
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
 SIX MONTHS ENDED JUNE 30,
 20252024
Revenues:  
Storage rental$1,958,365 $1,804,588 
Service1,346,112 1,206,684 
Total Revenues3,304,477 3,011,272 
Operating Expenses:
Cost of sales (excluding depreciation and amortization)1,465,041 1,329,226 
Selling, general and administrative720,193 664,303 
Depreciation and amortization484,720 434,056 
Acquisition and Integration Costs10,638 17,311 
Restructuring and other transformation105,086 87,280 
Loss (gain) on disposal/write-down of property, plant and equipment, net
4,609 3,179 
Total Operating Expenses2,790,287 2,535,355 
Operating Income (Loss)514,190 475,917 
Interest Expense, Net (includes Interest Income of $7,905 and $3,425 for the six months ended
June 30, 2025 and 2024, respectively)
399,801 341,040 
Other Expense (Income), Net110,365 (6,697)
Net Income (Loss) Before Provision (Benefit) for Income Taxes4,024 141,574 
Provision (Benefit) for Income Taxes31,131 29,928 
Net (Loss) Income (27,107)111,646 
Less: Net Income (Loss) Attributable to Noncontrolling Interests1,862 1,802 
Net (Loss) Income Attributable to Iron Mountain Incorporated$(28,969)$109,844 
Net (Loss) Income Per Share Attributable to Iron Mountain Incorporated:  
Basic$(0.10)$0.37 
Diluted$(0.10)$0.37 
Weighted Average Common Shares Outstanding—Basic294,935 293,043 
Weighted Average Common Shares Outstanding—Diluted294,935 295,529 














The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
4
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(IN THOUSANDS) (UNAUDITED)
 
THREE MONTHS ENDED JUNE 30,
 20252024
Net (Loss) Income $(43,340)$34,621 
Other Comprehensive Income (Loss):  
Foreign Currency Translation Adjustment139,892 (31,579)
Change in Fair Value of Interest Rate Swaps(1,025)(488)
Total Other Comprehensive Income (Loss) 138,867 (32,067)
Comprehensive Income (Loss)95,527 2,554 
Comprehensive Income (Loss) Attributable to Noncontrolling Interests1,662 (935)
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated$93,865 $3,489 
        
 
SIX MONTHS ENDED JUNE 30,
 20252024
Net (Loss) Income $(27,107)$111,646 
Other Comprehensive Income (Loss):  
Foreign Currency Translation Adjustment214,808 (98,848)
Change in Fair Value of Interest Rate Swaps(8,018)10,900 
Reclassifications from Accumulated Other Comprehensive Items, net— (2,528)
Total Other Comprehensive Income (Loss)206,790 (90,476)
Comprehensive Income (Loss)179,683 21,170 
Comprehensive Income (Loss) Attributable to Noncontrolling Interests2,283 1,261 
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated$177,400 $19,909 























The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
5
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY
(IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED)
THREE MONTHS ENDED JUNE 30, 2025
 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' (DEFICIT) EQUITY
 COMMON STOCKADDITIONAL
PAID-IN
CAPITAL		(DISTRIBUTIONS
IN EXCESS OF
EARNINGS) EARNINGS IN
EXCESS OF
DISTRIBUTIONS		ACCUMULATED
OTHER
COMPREHENSIVE
ITEMS, NET
NONCONTROLLING
INTERESTS
REDEEMABLE
NONCONTROLLING
INTERESTS
 TOTALSHARESAMOUNTS
Balance, March 31, 2025
$(502,275)294,968,740 $2,950 $4,609,663 $(4,808,764)$(502,369)$196,245 $78,237 
Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation70,981 303,205 3 70,978 — — — — 
Parent cash dividends declared(233,702)— — — (233,702)— — — 
Other comprehensive income (loss)138,786 — — — — 138,786 — 81 
Net (loss) income(42,575)— — — (44,921)— 2,346 (765)
Noncontrolling interests equity contributions(60)— — (60)— — — — 
Noncontrolling interests dividends(22)— — — — — (22)(701)
Balance, June 30, 2025
$(568,867)295,271,945 $2,953 $4,680,581 $(5,087,387)$(363,583)$198,569 $76,852 
SIX MONTHS ENDED JUNE 30, 2025
 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' (DEFICIT) EQUITY
 COMMON STOCKADDITIONAL
PAID-IN
CAPITAL		(DISTRIBUTIONS
IN EXCESS OF
EARNINGS) EARNINGS IN
EXCESS OF
DISTRIBUTIONS		ACCUMULATED
OTHER
COMPREHENSIVE
ITEMS, NET		NONCONTROLLING
INTERESTS		REDEEMABLE
NONCONTROLLING
INTERESTS
 TOTALSHARESAMOUNTS
Balance, December 31, 2024
$(304,674)293,592,637 $2,936 $4,647,330 $(4,583,436)$(569,952)$198,448 $78,171 
Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation33,328 1,679,308 17 33,311 — — — — 
Parent cash dividends declared(474,982)— — — (474,982)— — — 
Other comprehensive income (loss)206,369 — — — — 206,369 — 421 
Net (loss) income(26,666)— — — (28,969)— 2,303 (441)
Noncontrolling interests equity contributions(60)— — (60)— — — — 
Noncontrolling interests dividends(2,182)— — — — — (2,182)(1,299)
Balance, June 30, 2025
$(568,867)295,271,945 $2,953 $4,680,581 $(5,087,387)$(363,583)$198,569 $76,852 










The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
6
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY
(IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED)
THREE MONTHS ENDED JUNE 30, 2024
 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' (DEFICIT) EQUITY
 COMMON STOCKADDITIONAL
PAID-IN
CAPITAL		(DISTRIBUTIONS
IN EXCESS OF
EARNINGS) EARNINGS IN
EXCESS OF
DISTRIBUTIONS		ACCUMULATED
OTHER
COMPREHENSIVE
ITEMS, NET
NONCONTROLLING
INTERESTS
REDEEMABLE
NONCONTROLLING
INTERESTS
 TOTALSHARESAMOUNTS
Balance, March 31, 2024
$18,660 293,085,683 $2,931 $4,518,644 $(4,074,243)$(428,797)$125 $179,222 
Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation37,241 212,782 2 37,239 — — — — 
Changes in equity related to redeemable noncontrolling interests— — — — — — — 7,284 
Parent cash dividends declared(192,139)— — — (192,139)— — — 
Other comprehensive (loss) income(32,294)— — — — (32,294)— 227 
Net income (loss)35,783 — — — 35,783 — — (1,162)
Noncontrolling interests dividends— — — — — — — (710)
Balance, June 30, 2024
$(132,749)293,298,465 $2,933 $4,555,883 $(4,230,599)$(461,091)$125 $184,861 
SIX MONTHS ENDED JUNE 30, 2024
 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' (DEFICIT) EQUITY
 COMMON STOCKADDITIONAL
PAID-IN
CAPITAL		(DISTRIBUTIONS
IN EXCESS OF
EARNINGS) EARNINGS IN
EXCESS OF
DISTRIBUTIONS		ACCUMULATED
OTHER
COMPREHENSIVE
ITEMS, NET		NONCONTROLLING
INTERESTS		REDEEMABLE
NONCONTROLLING
INTERESTS
 TOTALSHARESAMOUNTS
Balance, December 31, 2023
$211,773 292,142,739 $2,921 $4,533,691 $(3,953,808)$(371,156)$125 $177,947 
Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation21,782 1,155,726 12 21,770 — — — — 
Changes in equity related to redeemable noncontrolling interests422 — — 422 — — — 6,862 
Parent cash dividends declared(386,635)— — — (386,635)— — — 
Other comprehensive (loss) income(89,935)— — — — (89,935)— (541)
Net income (loss)109,844 — — — 109,844 — — 1,802 
Noncontrolling interests dividends— — — — — — — (1,209)
Balance, June 30, 2024
$(132,749)293,298,465 $2,933 $4,555,883 $(4,230,599)$(461,091)$125 $184,861 









The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
7
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS) (UNAUDITED)
 
SIX MONTHS ENDED JUNE 30,
 20252024
Cash Flows from Operating Activities: 
Net (Loss) Income $(27,107)$111,646 
Adjustments to reconcile net (loss) income to cash flows from operating activities:  
Depreciation343,013 302,562 
Amortization (includes amortization of deferred financing costs and discounts of $15,659 and $12,243 for the six months ended June 30, 2025 and 2024, respectively)
157,366 143,737 
Revenue reduction associated with amortization of customer inducements and above- and below-market leases 2,976 2,798 
Stock-based compensation expense86,448 43,928 
Provision (benefit) for deferred income taxes2,472 (442)
Loss (gain) on disposal/write-down of property, plant and equipment, net 4,609 3,179 
Foreign currency transactions and other, net46,238 12,655 
(Increase) decrease in assets(135,299)(86,117)
Increase (decrease) in liabilities91,709 (21,731)
Cash Flows from Operating Activities572,425 512,215 
Cash Flows from Investing Activities:  
Capital expenditures (1,231,523)(777,901)
Cash paid for acquisitions, net of cash acquired(34,362)(123,323)
Acquisition of customer intangibles(9,905)(3,457)
Contract costs(41,534)(50,800)
Investments in joint ventures and other investments, net(43,585)(10,190)
Proceeds from sales of property and equipment and other, net10,099 5,923 
Cash Flows from Investing Activities (1,350,810)(959,748)
Cash Flows from Financing Activities:  
Repayment of revolving credit facility, term loan facilities and other debt(7,353,497)(4,896,450)
Proceeds from revolving credit facility, term loan facilities and other debt8,991,334 5,843,362 
Equity distribution to noncontrolling interests (3,481)(1,209)
Parent cash dividends(455,236)(388,709)
Payment of deferred purchase obligations and other deferred payments(240,217)(158,677)
Net (payments) proceeds associated with employee stock-based awards (53,120)(22,146)
Other, net(2,915)(6,880)
Cash Flows from Financing Activities882,868 369,291 
Effect of Exchange Rates on Cash and Cash Equivalents(42,207)(291)
Increase (Decrease) in Cash and Cash Equivalents62,276 (78,533)
Cash and Cash Equivalents, Beginning of Period155,716 222,789 
Cash and Cash Equivalents, End of Period$217,992 $144,256 
Supplemental Information: 
Cash Paid for Interest$386,391 $382,823 
Cash Paid for Income Taxes, Net$60,099 $43,099 
Non-Cash Investing and Financing Activities:  
Financing Leases and Other$141,811 $67,996 
Accrued Capital Expenditures$242,272 $213,636 
Deferred Purchase Obligations and Other Deferred Payments$3,600 $133,813 
Dividends Payable$242,395 $200,318 





The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
8
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data) (Unaudited)
1. GENERAL
The unaudited condensed consolidated financial statements of Iron Mountain Incorporated, a Delaware corporation, and its subsidiaries ("we" or "us"), have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been omitted pursuant to those rules and regulations, but we believe that the disclosures included herein are adequate to make the information presented not misleading. The interim condensed consolidated financial statements are presented herein and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair presentation. Interim results are not necessarily indicative of results for a full year.
The Condensed Consolidated Financial Statements and Notes thereto, which are included herein, should be read in conjunction with the Consolidated Financial Statements and Notes thereto for the year ended December 31, 2024 included in our Annual Report on Form 10-K filed with the SEC on February 14, 2025 (our "Annual Report").
In September 2022, we announced a global program designed to accelerate the growth of our business ("Project Matterhorn"). See Note 10.
We have been organized and have operated as a real estate investment trust for United States federal income tax purposes beginning with our taxable year ended December 31, 2014.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash on hand and cash invested in highly liquid short-term securities, which have remaining maturities at the date of purchase of less than 90 days. Cash and cash equivalents are carried at cost, which approximates fair value.
B. ACCOUNTS RECEIVABLE
We maintain an allowance for doubtful accounts and a credit memo reserve for estimated losses resulting from the potential inability of our customers to make required payments and potential disputes regarding billing and service issues. The rollforward of the allowance for doubtful accounts and credit memo reserves for the six months ended June 30, 2025 is as follows:
Balance as of December 31, 2024
$86,712 
Credit memos charged to revenue47,315 
Allowance for bad debts charged to expense29,610 
Deductions and other(1)
(61,740)
Balance as of June 30, 2025
$101,897 
(1)Primarily consists of the issuance of credit memos, the write-off of accounts receivable and the impact associated with currency translation adjustments.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
9
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. LEASES
We lease facilities for certain warehouses, data centers and office space. We also have land leases, including those on which certain facilities are located.
Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2025 and December 31, 2024 are as follows:
DESCRIPTIONJUNE 30, 2025DECEMBER 31, 2024
Assets:
Operating lease right-of-use assets$2,414,510 $2,489,893 
Financing lease right-of-use assets, net of accumulated depreciation(1)
474,708 359,265 
Liabilities:
Current
Operating lease liabilities$309,960 $315,400 
Financing lease liabilities(1)
134,619 128,397 
Long-term
Operating lease liabilities$2,254,841 $2,334,826 
Financing lease liabilities(1)
371,509 278,444 
(1)Financing lease right-of-use assets, current financing lease liabilities and long-term financing lease liabilities are included within Property, plant and equipment, net, Current portion of long-term debt and Long-term debt, net of current portion, respectively, within our Condensed Consolidated Balance Sheets.
The components of the lease expense for the three and six months ended June 30, 2025 and 2024 are as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
DESCRIPTION2025202420252024
Operating lease cost(1)
$179,831 $172,735 $353,139 $344,481 
Financing lease cost:
Depreciation of financing lease right-of-use assets$15,246 $12,078 $28,978 $23,022 
Interest expense for financing lease liabilities7,325 5,217 13,454 10,438 
(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $47,261 and $93,666 for the three and six months ended June 30, 2025, respectively, and $39,594 and $77,688 for the three and six months ended June 30, 2024, respectively.
Other information: Supplemental cash flow information relating to our leases for the six months ended June 30, 2025 and 2024 is as follows:
SIX MONTHS ENDED JUNE 30,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:20252024
Operating cash flows used in operating leases$244,840 $235,030 
Operating cash flows used in financing leases (interest)13,454 10,438 
Financing cash flows used in financing leases27,242 21,536 
NON-CASH ITEMS:
Operating lease modifications and reassessments$(21,629)$573 
New operating leases (including acquisitions)58,717 80,474 
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
10
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. GOODWILL
Our reporting units as of December 31, 2024 are described in detail in Note 2.l. to Notes to Consolidated Financial Statements included in our Annual Report.
The changes in the carrying value of goodwill attributable to each reportable segment and Corporate and Other (as defined in Note 8) for the six months ended June 30, 2025 are as follows:
GLOBAL RIM BUSINESSGLOBAL DATA CENTER BUSINESSCORPORATE AND OTHERTOTAL CONSOLIDATED
Goodwill balance, net of accumulated amortization, as of December 31, 2024
$3,816,874 $469,461 $797,482 $5,083,817 
Tax deductible goodwill acquired during the period— — 17,423 17,423 
Fair value and other adjustments— — (1,126)(1,126)
Currency effects110,136 16,013 3,680 129,829 
Goodwill balance, net of accumulated amortization, as of June 30, 2025
$3,927,010 $485,474 $817,459 $5,229,943 
Accumulated goodwill impairment balance as of June 30, 2025
$132,409 $— $26,011 $158,420 
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
11
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
E. FAIR VALUE MEASUREMENTS
The assets and liabilities carried at fair value and measured on a recurring basis as of June 30, 2025 and December 31, 2024 are as follows:
  
FAIR VALUE MEASUREMENTS AS OF JUNE 30, 2025 USING
DESCRIPTION
TOTAL CARRYING
VALUE AS OF
JUNE 30, 2025
QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1)		SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)(2)
Money Market Funds$3,335 $— $3,335 $— 
Time Deposits11,650 — 11,650 — 
Trading Securities8,696 6,911 1,785 — 
Derivative Assets993 — 993 — 
Derivative Liabilities77,324 — 77,324 — 
Deferred Purchase Obligations(1)
99,548 — — 99,548 
  FAIR VALUE MEASUREMENTS AS OF DECEMBER 31, 2024 USING
DESCRIPTION
TOTAL CARRYING
VALUE AS OF
DECEMBER 31, 2024
QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1)		SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)(2)
Money Market Funds$2,488 $— $2,488 $— 
Time Deposits9,612 — 9,612 — 
Trading Securities8,144 6,390 1,754 — 
Derivative Assets28,092 — 28,092 — 
Derivative Liabilities5,326 — 5,326 — 
Deferred Purchase Obligations(1)
147,055 — — 147,055 
(1)The balance as of June 30, 2025 primarily relates to the fair value of the deferred purchase obligation associated with the Regency Transaction (as defined in Note 3 to Notes to Consolidated Financial Statements included in our Annual Report). The balance as of December 31, 2024 primarily relates to the fair values of the deferred purchase obligations associated with the Regency Transaction and ITRenew Transaction (as defined in Note 3 to Notes to Consolidated Financial Statements included in our Annual Report).
(2)The following is a rollforward of the Level 3 liabilities presented above for December 31, 2024 through June 30, 2025:
Balance as of December 31, 2024
$147,055 
Additions2,880 
Payments(49,215)
Other changes, including accretion(1,172)
Balance as of June 30, 2025
$99,548 
The level 3 valuation of the deferred purchase obligation was determined utilizing a Monte-Carlo model which takes into account our forecasted projections as they relate to the underlying performance of the business. The Monte-Carlo simulation model incorporates assumptions as to expected revenue over the achievement period, including adjustments for volatility and timing, as well as discount rates that account for the risk of the arrangement and overall market risks. Any material change to these assumptions may result in a significantly higher or lower fair value of the deferred purchase obligation.
There were no material items that were measured at fair value on a non-recurring basis as of June 30, 2025 and December 31, 2024 other than those disclosed in Note 2.p. to Notes to Consolidated Financial Statements included in our Annual Report.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
12
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
F. ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET
The changes in Accumulated other comprehensive items, net for the three and six months ended June 30, 2025 and 2024 are as follows:
THREE MONTHS ENDED JUNE 30, 2025
THREE MONTHS ENDED JUNE 30, 2024
 FOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		DERIVATIVE FINANCIAL
INSTRUMENTS		TOTALFOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		DERIVATIVE FINANCIAL
INSTRUMENTS		TOTAL
Beginning of Period$(493,553)$(8,816)$(502,369)$(440,129)$11,332 $(428,797)
Other comprehensive income (loss):
Foreign currency translation and other adjustments139,811 — 139,811 (31,806)— (31,806)
Change in fair value of interest rate swaps— (1,025)(1,025)— (488)(488)
Total other comprehensive income (loss)139,811 (1,025)138,786 (31,806)(488)(32,294)
End of Period$(353,742)$(9,841)$(363,583)$(471,935)$10,844 $(461,091)
SIX MONTHS ENDED JUNE 30, 2025
SIX MONTHS ENDED JUNE 30, 2024
 FOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		DERIVATIVE FINANCIAL
INSTRUMENTS		TOTALFOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		DERIVATIVE FINANCIAL
INSTRUMENTS		TOTAL
Beginning of Period$(568,129)$(1,823)$(569,952)$(373,628)$2,472 $(371,156)
Other comprehensive income (loss):
Foreign currency translation and other adjustments214,387 — 214,387 (98,307)— (98,307)
Change in fair value of interest rate swaps— (8,018)(8,018)— 10,900 10,900 
Reclassifications from accumulated other comprehensive items, net— — — — (2,528)(2,528)
Total other comprehensive income (loss)214,387 (8,018)206,369 (98,307)8,372 (89,935)
End of Period$(353,742)$(9,841)$(363,583)$(471,935)$10,844 $(461,091)
G. REVENUES
Certain costs to fulfill or obtain customer contracts, including the costs associated with the initial movement of customer records into physical storage and certain commission expenses, and certain initial direct costs of obtaining data center leases are collectively referred to as "Contract Costs". Contract Costs are primarily made up of Intake Costs and Commissions (each as defined in Note 2.s. to Notes to Consolidated Financial Statements included in our Annual Report). Contract Costs as of June 30, 2025 and December 31, 2024 are as follows:
JUNE 30, 2025DECEMBER 31, 2024
DESCRIPTIONGROSS
CARRYING
AMOUNT		ACCUMULATED
AMORTIZATION		NET
CARRYING
AMOUNT		GROSS
CARRYING
AMOUNT		ACCUMULATED
AMORTIZATION		NET
CARRYING
AMOUNT
Intake Costs asset$100,986 $(47,968)$53,018 $89,057 $(43,783)$45,274 
Commissions asset226,090 (96,793)129,297 200,149 (78,955)121,194 
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
13
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Deferred revenue liabilities are reflected in our Condensed Consolidated Balance Sheets as follows:
DESCRIPTIONLOCATION IN BALANCE SHEETJUNE 30, 2025
DECEMBER 31, 2024(1)
Deferred revenue—Current(2)
Deferred revenue$342,225 $326,882 
Deferred revenue—Long-term(3)
Other Long-term Liabilities142,293 110,601 
(1)    The beginning balance of current and long-term deferred revenue for the year ended December 31, 2024 was $325,665 and $100,770, respectively.
(2)    The current deferred revenue accounted for under Accounting Standards Codification 842, Leases ("ASC 842") is approximately $30,700 and $25,500 as of June 30, 2025 and December 31, 2024, respectively.
(3)    The long-term deferred revenue accounted for under ASC 842 is approximately $119,800 and $95,000 as of June 30, 2025 and December 31, 2024, respectively.
DATA CENTER LESSOR CONSIDERATIONS
Our Global Data Center Business features storage rental provided to customers at contractually specified rates over a fixed contractual period, which are accounted for in accordance with ASC 842. Storage rental revenue associated with our Global Data Center Business for the three and six months ended June 30, 2025 and 2024 is as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2025202420252024
Storage rental revenue$188,279 $147,397 $361,224 $287,425 
H. STOCK-BASED COMPENSATION
Our stock-based compensation expense includes the cost of stock options, restricted stock units ("RSUs") and performance units ("PUs") (together, the "Employee Stock-Based Awards").
STOCK-BASED COMPENSATION EXPENSE
Stock-based compensation expense for the Employee Stock-Based Awards for the three and six months ended June 30, 2025 and 2024 is as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2025202420252024
Stock-based compensation expense$60,354 $29,889 $86,448 $43,928 
On March 1, 2025, we granted approximately 83,400 stock options, 497,000 RSUs and 435,100 PUs under the 2014 Plan (as defined in Note 2.t. to Notes to Consolidated Financial Statements included in our Annual Report).
On May 29, 2025, our stockholders approved an amendment to the 2014 Plan, which (i) increases the number of shares of common stock authorized for issuance under the 2014 Plan by 4,600,000, from 20,750,000 to 25,350,000, and (ii) extends the termination date of the 2014 Plan from May 12, 2031 to May 29, 2035.
As of June 30, 2025, unrecognized compensation cost related to the unvested portion of our Employee Stock-Based Awards, inclusive of our estimated achievement of the performance metrics, is $135,386.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
14
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
I. ACQUISITION AND INTEGRATION COSTS
Acquisition and integration costs represent operating expenditures directly associated with the closing and integration activities of our business acquisitions that have closed, or are highly probable of closing, and include (i) advisory, legal and professional fees to complete business acquisitions and (ii) costs to integrate acquired businesses into our existing operations, including move, severance and system integration costs (collectively, "Acquisition and Integration Costs").
Acquisition and Integration Costs for the three and six months ended June 30, 2025 and 2024 are as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2025202420252024
Acquisition and Integration Costs$4,815 $9,502 $10,638 $17,311 
J. (GAIN) LOSS ON DISPOSAL/WRITE-DOWN OF PROPERTY, PLANT AND EQUIPMENT, NET
(Gain) loss on disposal/write-down of property, plant and equipment, net for the three and six months ended June 30, 2025 and 2024 are as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2025202420252024
(Gain) loss on disposal/write-down of property, plant and equipment, net
$(962)$2,790 $4,609 $3,179 
K. OTHER EXPENSE (INCOME), NET
Other expense (income), net for the three and six months ended June 30, 2025 and 2024 consists of the following:
 THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
DESCRIPTION2025202420252024
Foreign currency transaction losses (gains), net(1)
$87,155 $1,013 $116,818 $(15,366)
Other, net(5,278)4,820 (6,453)8,669 
Other Expense (Income), Net
$81,877 $5,833 $110,365 $(6,697)
(1)The losses for the three and six months ended June 30, 2025 primarily consist of the impact of changes in the exchange rate of the British pound sterling and the Euro against the United States dollar on our intercompany balances with and between certain of our subsidiaries.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
15
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
L. INCOME TAXES
We provide for income taxes during interim periods based on our estimate of the effective tax rate for the year. Our effective tax rates for the three and six months ended June 30, 2025 and 2024 are as follows:
 THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2025(1)
2024(2)
2025(1)
2024
Effective Tax Rate60.3 %27.8 %773.6 %21.1 %
(1)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three and six months ended June 30, 2025 were the lack of tax benefits recognized for the foreign exchange losses we recorded in Other expense (income), net, during the period, disallowed interest expenses of certain entities, as well as the differences in the tax rates to which our foreign earnings are subject, partially offset by the benefits derived from the dividends paid deduction.
(2)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended June 30, 2024 were the lack of tax benefits recognized for the year to date ordinary losses of certain entities, the benefits derived from the dividends paid deduction and the differences in the tax rates to which our foreign earnings are subject.
M. (LOSS) INCOME PER SHARE—BASIC AND DILUTED
The calculations of basic and diluted (loss) income per share for the three and six months ended June 30, 2025 and 2024 are as follows:
 THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
 2025202420252024
Net (Loss) Income$(43,340)$34,621 $(27,107)$111,646 
Less: Net Income (Loss) Attributable to Noncontrolling Interests1,581 (1,162)1,862 1,802 
Net (Loss) Income Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation)$(44,921)$35,783 $(28,969)$109,844 
Weighted-average shares—basic295,364,000 293,340,000 294,935,000 293,043,000 
Effect of dilutive potential stock options— 2,068,000 — 1,977,000 
Effect of dilutive potential RSUs and PUs— 430,000 — 509,000 
Weighted-average shares—diluted295,364,000 295,838,000 294,935,000 295,529,000 
Net (Loss) Income Per Share Attributable to Iron Mountain Incorporated: 
 Basic$(0.15)$0.12 $(0.10)$0.37 
 Diluted$(0.15)$0.12 $(0.10)$0.37 
Antidilutive stock options, RSUs and PUs excluded from the calculation2,413,370 506,149 2,632,028 435,957 
3. INVESTMENTS
Our joint venture with AGC Equity Partners (the "Frankfurt JV") is accounted for as an equity method investment and is presented as a component of Other within Other assets, net in our Condensed Consolidated Balance Sheets. The carrying value and equity interest in the unconsolidated Frankfurt JV as of June 30, 2025 and December 31, 2024 are as follows:
JUNE 30, 2025
DECEMBER 31, 2024
CARRYING VALUEEQUITY INTERESTCARRYING VALUEEQUITY INTEREST
Frankfurt JV
$87,748 20 %$61,075 20 %
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
16
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
4. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivative instruments we are party to include: (i) interest rate swap agreements (which are designated as cash flow hedges) and (ii) cross-currency swap agreements (which are designated as net investment hedges).
INTEREST RATE SWAP AGREEMENTS DESIGNATED AS CASH FLOW HEDGES
We utilize interest rate swap agreements designated as cash flow hedges to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness. Certain of our interest rate swap agreements have notional amounts that will increase with the underlying hedged transaction. Under our interest rate swap agreements, we receive variable rate interest payments associated with the notional amount of each interest rate swap, based upon the one-month Secured Overnight Financing Rate ("SOFR"), in exchange for the payment of fixed interest rates as specified in the interest rate swap agreements. Our interest rate swap agreements are marked to market at the end of each reporting period, representing the fair values of the interest rate swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets, while unrealized losses are recognized as liabilities.
As of June 30, 2025 and December 31, 2024, we have approximately $1,687,000 and $1,482,000, respectively, in notional value outstanding on our interest rate swap agreements. As of June 30, 2025, our interest rate swap agreements have maturity dates ranging from October 2025 through May 2027.
CROSS-CURRENCY SWAP AGREEMENTS DESIGNATED AS NET INVESTMENT HEDGES
We utilize cross-currency swaps to hedge the variability of exchange rate impacts between the United States dollar and certain of our foreign functional currencies, including the Euro and the Canadian dollar. As of June 30, 2025, our cross-currency swap agreements have maturity dates ranging from February 2026 through November 2026.
The notional values of our cross-currency swaps, by hedged currency, as of June 30, 2025 and December 31, 2024, are as follows:
 JUNE 30, 2025DECEMBER 31, 2024
Euro$509,187 $509,187 
Canadian dollar350,000 350,000 

$859,187 $859,187 
We have designated these cross-currency swap agreements as hedges of net investments in our Euro and Canadian dollar denominated subsidiaries, and they require an exchange of the notional amounts at maturity. These cross-currency swap agreements are marked to market at the end of each reporting period, representing the fair values of the cross-currency swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets, while unrealized losses are recognized as liabilities. The excluded component of our cross-currency swap agreements is recorded in Accumulated other comprehensive items, net and amortized to interest expense on a straight-line basis.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
17
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
4. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (CONTINUED)
The fair values of derivative instruments recognized in our Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, by derivative instrument, are as follows:
JUNE 30, 2025
DECEMBER 31, 2024
DERIVATIVE INSTRUMENTS(1)
ASSETSLIABILITIESASSETSLIABILITIES
Cash Flow Hedges(2)
  
Interest rate swap agreements$993 $(12,450)$1,887 $(5,326)
Net Investment Hedges(3)
Cross-currency swap agreements— (64,874)26,205 — 
(1)Our derivative assets are included as a component of (i) Prepaid expenses and other or (ii) Other within Other assets, net and our derivative liabilities are included as a component of (i) Accrued expenses and other current liabilities or (ii) Other long-term liabilities in our Condensed Consolidated Balance Sheets. As of June 30, 2025, $993 is included within Prepaid expenses and other, $53,658 is included within Accrued expenses and other current liabilities and $23,666 is included within Other long-term liabilities. As of December 31, 2024, $8,891 is included within Prepaid expenses and other, $19,201 is included within Other assets, and $5,326 is included within Other long-term liabilities.
(2)As of June 30, 2025, cumulative net losses recorded within Accumulated other comprehensive items, net associated with our interest rate swap agreements are $9,841.
(3)As of June 30, 2025, cumulative net losses recorded within Accumulated other comprehensive items, net associated with our cross-currency swap agreements are $9,619, which includes cumulative net gains of $55,255 related to the excluded component of our cross-currency swap agreements.
Unrealized (losses) gains recognized in Accumulated other comprehensive items, net during the three and six months ended June 30, 2025 and 2024, by derivative instrument, are as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
DERIVATIVE INSTRUMENTS2025202420252024
Cash Flow Hedges 
Interest rate swap agreements$(1,025)$(488)$(8,018)$10,900 
Net Investment Hedges
Cross-currency swap agreements(65,960)3,135 (91,079)11,447 
Cross-currency swap agreements (excluded component)4,177 4,177 8,353 8,353 
(Losses) gains recognized in Net (loss) income during the three and six months ended June 30, 2025 and 2024, by derivative instrument, are as follows:
LOCATION OF (LOSS) GAINTHREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
DERIVATIVE INSTRUMENTS2025202420252024
Cash Flow Hedges
Interest rate swap agreementsInterest expense$— $— $— $2,528 
Net Investment Hedges
Cross-currency swap agreements (excluded component)Interest expense(4,177)(4,177)(8,353)(8,353)
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
18
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
5. DEBT
Long-term debt is as follows:
 JUNE 30, 2025DECEMBER 31, 2024
 
DEBT
(INCLUSIVE OF
DISCOUNT)
UNAMORTIZED
DEFERRED
FINANCING
COSTS
CARRYING
AMOUNT
FAIR
VALUE
DEBT
(INCLUSIVE OF
DISCOUNT)
UNAMORTIZED
DEFERRED
FINANCING
COSTS
CARRYING
AMOUNT
FAIR
VALUE
Revolving Credit Facility(1)
$1,086,500 $(9,171)$1,077,329 $1,086,500 $121,000 $(9,253)$111,747 $121,000 
Term Loan A(1)
500,000 — 500,000 500,000 216,016 — 216,016 216,016 
Term Loan B(1)
1,831,699 (13,461)1,818,238 1,841,351 1,840,181 (14,690)1,825,491 1,850,698 
Virginia 3 Term Loans(2)
271,079 (2,145)268,934 271,079 271,079 (3,013)268,066 271,079 
Virginia 4/5 Term Loans(2)
195,547 (1,087)194,460 195,547 76,535 (2,752)73,783 76,535 
Virginia 6 Term Loans(2)
202,125 (3,619)198,506 202,125 137,495 (4,605)132,890 137,495 
Virginia 7 Term Loans(2)
207,920 (6,453)201,467 207,920 32,074 (7,591)24,483 32,074 
Australian Dollar Term Loan(2)
260,150 (1,984)258,166 262,053 175,813 (265)175,548 176,655 
UK Bilateral Revolving Credit Facility(2)(3)
191,997 (984)191,013 191,997 175,503 (1,034)174,469 175,503 
GBP Notes(2)
548,564 (345)548,219 542,393 501,437 (789)500,648 490,155 
47/8% Notes due 2027(2)
1,000,000 (3,199)996,801 991,250 1,000,000 (3,910)996,090 972,500 
51/4% Notes due 2028(2)
825,000 (3,247)821,753 818,813 825,000 (3,838)821,162 804,375 
5% Notes due 2028(2)
500,000 (2,231)497,769 494,375 500,000 (2,592)497,408 481,250 
7% Notes due 2029(2)
1,000,000 (7,623)992,377 1,032,500 1,000,000 (8,686)991,314 1,020,000 
47/8% Notes due 2029(2)
1,000,000 (6,148)993,852 978,750 1,000,000 (6,871)993,129 945,000 
51/4% Notes due 2030(2)
1,300,000 (7,647)1,292,353 1,278,875 1,300,000 (8,399)1,291,601 1,235,000 
41/2% Notes(2)
1,100,000 (7,052)1,092,948 1,043,625 1,100,000 (7,674)1,092,326 1,001,000 
5% Notes due 2032(2)
750,000 (9,247)740,753 716,250 750,000 (9,900)740,100 688,125 
55/8% Notes(2)
600,000 (4,114)595,886 592,500 600,000 (4,404)595,596 570,000 
61/4% Notes(2)
1,200,000 (13,653)1,186,347 1,230,000 1,200,000 (14,517)1,185,483 1,194,000 
Real Estate Mortgages, Financing Lease Liabilities and Other731,216 (1,795)729,421 731,216 614,231 (1,825)612,406 614,231 
Accounts Receivable Securitization Program400,000 (536)399,464 400,000 400,000 (670)399,330 400,000 
Total Long-term Debt15,701,797 (105,741)15,596,056  13,836,364 (117,278)13,719,086 
Less Current Portion(777,881)— (777,881) (715,109)— (715,109) 
Long-term Debt, Net of Current Portion$14,923,916 $(105,741)$14,818,175  $13,121,255 $(117,278)$13,003,977  
(1)Collectively, the “Credit Agreement”. The Credit Agreement consists of a revolving credit facility (the “Revolving Credit Facility”), a term loan A facility (the “Term Loan A”) and a term loan B facility (the "Term Loan B"). The remaining amount available for borrowing under the Revolving Credit Facility as of June 30, 2025 was $1,645,572 (which represents the maximum availability as of such date). The weighted average interest rate in effect under the Revolving Credit Facility was 6.2% as of June 30, 2025.
(2)Each as defined in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
(3)On July 11, 2025, we amended the UK Bilateral Revolving Credit Facility to extend the maturity date from September 24, 2026 to September 24, 2028. All other material terms remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
See Note 7 to Notes to Consolidated Financial Statements included in our Annual Report for additional information regarding our long-term debt, including the direct obligors of each of our debt instruments as well as information regarding the fair value of our debt instruments (including the levels of the fair value hierarchy used to determine the fair value of our debt instruments, which are consistent with the levels of the fair value hierarchy used to determine the fair value of our debt as of June 30, 2025).
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
19
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)    
5. DEBT (CONTINUED)
CREDIT AGREEMENT
On June 18, 2025, we amended the Credit Agreement, which resulted in an increase in the principal amount of the Term Loan A from $218,750 to $500,000. Quarterly principal payments of approximately $6,250 on the Term Loan A will commence in September 2025. All other material terms remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
AUSTRALIAN DOLLAR TERM LOAN
On June 25, 2025, Iron Mountain Australia Group Pty, Ltd., a wholly owned subsidiary of Iron Mountain Incorporated, amended its AUD Term Loan, which resulted in:
•an extension of the maturity date from September 30, 2026 to September 30, 2030,
•an increase in the original principal amount from 350,000 Australian dollars to 400,000 Australian dollars and
•a decrease in the interest rate from BBSY (an Australian benchmark variable interest rate) plus 3.625% to BBSY plus 3.500%.
The amended loan was issued at 99.5% of par. Principal payments on the AUD Term Loan are to be paid in quarterly installments in an aggregate amount of 10,000 Australian dollars per year, with the remaining balance due September 2030. As of June 30, 2025, we had 400,000 Australian dollars (or $262,053, based upon the exchange rate between the United States dollar and the Australian dollar as of June 30, 2025) outstanding on the AUD Term Loan and the interest rate in effect under the AUD Term Loan was 7.2%.
All other material terms of the AUD Term Loan remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
OUTSTANDING BORROWINGS
AU$400,000
7.2%
Interest Rate
As of June 30, 2025
LETTERS OF CREDIT
As of June 30, 2025, we have outstanding letters of credit totaling $74,309, of which $17,928 reduce our borrowing capacity under the Revolving Credit Facility. The letters of credit expire at various dates between August 2025 and May 2027.
DEBT COVENANTS
The Credit Agreement, our bond indentures and other agreements governing our indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict our ability to complete acquisitions, pay cash dividends, incur indebtedness, make investments, sell assets and take other specified corporate actions. The covenants do not contain a rating trigger. Therefore, a change in our debt rating would not trigger a default under the Credit Agreement, our bond indentures or other agreements governing our indebtedness. The Credit Agreement requires that we satisfy a net total lease adjusted leverage ratio and a fixed charge coverage ratio on a quarterly basis, and our bond indentures require that, among other things, we satisfy a leverage ratio (not lease adjusted) or a fixed charge coverage ratio (not lease adjusted) as a condition to taking actions such as paying dividends and incurring indebtedness.

IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
20
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)    
5. DEBT (CONTINUED)
The Credit Agreement uses earnings before interest, taxes, depreciation and amortization and rent expense ("EBITDAR")-based calculations and the bond indentures use earnings before interest, taxes, depreciation and amortization ("EBITDA")-based calculations as the primary measures of financial performance for purposes of calculating leverage and fixed charge coverage ratios. The EBITDAR- and EBITDA-based leverage calculations include our consolidated subsidiaries, other than those we have designated as "Unrestricted Subsidiaries" as defined in the Credit Agreement and bond indentures. Generally, the Credit Agreement and the bond indentures use a trailing four fiscal quarter basis for purposes of the relevant calculations and require certain adjustments and exclusions for purposes of those calculations, which make the calculation of financial performance for purposes of those calculations under the Credit Agreement and bond indentures not directly comparable to Adjusted EBITDA as presented herein. We are in compliance with our leverage and fixed charge coverage ratios under the Credit Agreement, our bond indentures and other agreements governing our indebtedness as of June 30, 2025. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity.
6. COMMITMENTS AND CONTINGENCIES
We are involved in litigation from time to time in the ordinary course of business, including litigation arising from damage to customer assets in our facilities caused by fires and other natural disasters. While the outcome of litigation is inherently uncertain, we do not believe any current litigation will have a material adverse effect on our consolidated financial condition, results of operations or cash flows.
7. STOCKHOLDERS' EQUITY MATTERS
DIVIDENDS
In fiscal year 2024 and the six months ended June 30, 2025, our board of directors declared the following dividends:
DECLARATION DATEDIVIDEND
PER SHARE		RECORD DATETOTAL
AMOUNT		PAYMENT DATE
February 22, 2024$0.6500 March 15, 2024$190,506 April 4, 2024
May 2, 20240.6500 June 17, 2024190,643 July 5, 2024
August 1, 20240.7150 September 16, 2024209,776 October 3, 2024
November 6, 20240.7150 December 16, 2024209,913 January 7, 2025
February 13, 20250.7850 March 17, 2025231,549 April 4, 2025
May 1, 20250.7850 June 16, 2025231,789 July 3, 2025
On August 6, 2025, we declared a dividend to our stockholders of record as of September 15, 2025 of $0.785 per share, payable on October 3, 2025.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
21
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
8. SEGMENT INFORMATION
Our Chief Operating Decision Maker (“CODM”), our President and CEO, uses Adjusted EBITDA as the basis for evaluating the performance of, and allocating resources to, our operating segments. The CODM uses Adjusted EBITDA to ensure that resources, including capital, are allocated strategically to support our strategy.
Our reportable segments as of December 31, 2024 are described in Note 11 to Notes to Consolidated Financial Statements included in our Annual Report. Our reportable segments are as follows:
•Global RIM Business
•Global Data Center Business
The remaining activities of our business consist primarily of our Fine Arts and asset lifecycle management ("ALM") businesses and other corporate items ("Corporate and Other").
The operations associated with acquisitions completed during the first six months of 2025 have been incorporated into Corporate and Other.
An analysis of our business segment information and reconciliation to the accompanying Condensed Consolidated Financial Statements for the three and six months ended June 30, 2025 and 2024 is as follows:
GLOBAL RIM BUSINESSGLOBAL
DATA CENTER BUSINESS		TOTAL REPORTABLE SEGMENTSCORPORATE 
AND OTHER 		TOTAL
CONSOLIDATED
For the Three Months Ended June 30, 2025
   
Total Revenues$1,323,798 $189,401 $1,513,199 $198,749 $1,711,948 
Storage Rental803,580 188,279 991,859 18,130 1,009,989 
Service520,218 1,122 521,340 180,619 701,959 
Other Segment Items(1)
737,495 93,135 830,630 
Adjusted EBITDA586,303 96,266 682,569 
For the Three Months Ended June 30, 2024
   
Total Revenues$1,250,577 $152,702 $1,403,279 $131,130 $1,534,409 
Storage Rental756,358 147,397 903,755 15,991 919,746 
Service494,219 5,305 499,524 115,139 614,663 
Other Segment Items(1)
701,835 86,685 788,520 
Adjusted EBITDA548,742 66,017 614,759 
As of and for the Six Months Ended June 30, 2025
Total Revenues$2,579,740 $362,598 $2,942,338 $362,139 $3,304,477 
Storage Rental1,561,088 361,224 1,922,312 36,053 1,958,365 
Service1,018,652 1,374 1,020,026 326,086 1,346,112 
Other Segments Items(1)
1,437,123 175,516 1,612,639 
Adjusted EBITDA1,142,617 187,082 1,329,699 
Total Assets(2)
10,706,096 7,156,801 17,862,897 2,313,892 20,176,789 
As of and for the Six Months Ended June 30, 2024
Total Revenues$2,460,734 $296,639 $2,757,373 $253,899 $3,011,272 
Storage Rental1,485,342 287,425 1,772,767 31,821 1,804,588 
Service975,392 9,214 984,606 222,078 1,206,684 
Other Segment Items(1)
1,385,724 169,054 1,554,778 
Adjusted EBITDA1,075,010 127,585 1,202,595 
Total Assets(2)
10,518,612 5,311,285 15,829,897 2,137,037 17,966,934 
(1)Relates to Cost of sales (excluding depreciation and amortization) and Selling, general and administrative expenses for the respective reportable segment. The CODM does not regularly review disaggregated expense information included within “Other Segment Items” for any individual segments but may review consolidated Cost of sales (excluding depreciation and amortization) and consolidated Selling, general and administrative expense information to manage the business.
(2)Excludes all intercompany receivables or payables and investment in subsidiary balances.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
22
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
8. SEGMENT INFORMATION (CONTINUED)
A reconciliation of Adjusted EBITDA for our reportable segments to total Net (Loss) Income Before Provision (Benefit) for Income Taxes for the three and six months ended June 30, 2025 and 2024 is as follows:
 THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2025202420252024
Total Adjusted EBITDA for Reportable Segments$682,569 $614,759 $1,329,699 $1,202,595 
Add/(Deduct):
Corporate and other(54,181)(70,398)(121,405)(139,379)
Interest expense, net(205,063)(176,521)(399,801)(341,040)
Depreciation and amortization(252,566)(224,501)(484,720)(434,056)
Acquisition and Integration Costs(4,815)(9,502)(10,638)(17,311)
Restructuring and other transformation(50,340)(46,513)(105,086)(87,280)
Gain (loss) on disposal/write-down of property, plant and equipment, net (including real estate)962 (2,790)(4,609)(3,179)
Other (expense) income, net, excluding our share of (losses) gains from our unconsolidated joint ventures(80,698)(4,532)(108,080)8,578 
Stock-based compensation expense(60,354)(29,889)(86,448)(43,928)
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures(2,558)(2,173)(4,888)(3,426)
Total Net (Loss) Income Before Provision (Benefit) for Income Taxes$(27,044)$47,940 $4,024 $141,574 

IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
23
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
8. SEGMENT INFORMATION (CONTINUED)
Segment revenue by product and service lines for the three and six months ended June 30, 2025 and 2024 is as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2025202420252024
Global RIM Business
Records Management(1)
$1,055,495 $974,480 $2,047,322 $1,911,132 
Data Management(1)
123,946 131,073 246,033 263,123 
Information Destruction(1)(2)
144,357 145,024 286,385 286,479 
Data Center(1)
— — — — 
Global Data Center Business
Records Management(1)
$— $— $— $— 
Data Management(1)
— — — — 
Information Destruction(1)
— — — — 
Data Center(1)
189,401 152,702 362,598 296,639 
Corporate and Other
Records Management(1)
$45,686 $40,996 $88,473 $80,068 
Data Management(1)
— — — — 
Information Destruction(1)(3)
153,063 90,134 273,666 173,831 
Data Center(1)
— — — — 
Total Consolidated
Records Management(1)
$1,101,181 $1,015,476 $2,135,795 $1,991,200 
Data Management(1)
123,946 131,073 246,033 263,123 
Information Destruction(1)(2)(3)
297,420 235,158 560,051 460,310 
Data Center(1)
189,401 152,702 362,598 296,639 
(1)Each of these offerings has a component of revenue that is storage rental related and a component that is service related, except for information destruction, which does not have a storage rental component.
(2)Information destruction revenue for our Global RIM Business includes secure shredding services.
(3)Information destruction revenue for Corporate and Other includes product revenue from our ALM business.
9. RELATED PARTIES
We have agreements with the Frankfurt JV whereby we earn various fees, including (i) special project revenue and (ii) property management and construction and development fees for services we are providing to the Frankfurt JV (the "Frankfurt JV Agreements").
Revenue recognized in the accompanying Condensed Consolidated Statements of Operations under these agreements for the three and six months ended June 30, 2025 and 2024 is as follows (approximately):
 THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2025202420252024
Frankfurt JV Agreements(1)
$— $2,100 $— $2,500 
(1)Revenue associated with the Frankfurt JV Agreements is presented as a component of our Global Data Center Business segment.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
24
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
10. RESTRUCTURING AND OTHER TRANSFORMATION
PROJECT MATTERHORN
In September 2022, we announced Project Matterhorn. Project Matterhorn investments focus on transforming our operating model to a global operating model. Project Matterhorn focuses on the formation of a solution-based sales approach that is designed to allow us to optimize our shared services and best practices to better serve our customers' needs. We are investing to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We have incurred approximately $483,600 in Restructuring and other transformation costs from the inception of Project Matterhorn through June 30, 2025. We expect to incur approximately $150,000 in costs related to Project Matterhorn during the year ended December 31, 2025, at which point the program is expected to be completed. Costs are comprised of (1) restructuring costs, which include (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which include professional fees such as project management costs and costs for third party consultants who are assisting in the enablement of our growth initiatives.
Restructuring and other transformation related to Project Matterhorn included in the accompanying Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024, and from the inception of Project Matterhorn through June 30, 2025, is as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,FROM INCEPTION
THROUGH
JUNE 30, 2025
2025202420252024
Restructuring$18,246 $16,336 $40,102 $27,062 $161,795 
Other transformation32,094 30,177 64,984 60,218 321,798 
Restructuring and other transformation
$50,340 $46,513 $105,086 $87,280 $483,593 
Restructuring costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Condensed Consolidated Statements of Operations, by segment, for the three and six months ended June 30, 2025 and 2024, and from the inception of Project Matterhorn through June 30, 2025, are as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,FROM INCEPTION
THROUGH
JUNE 30, 2025
2025202420252024
Global RIM Business$16,674 $12,643 $37,400 $22,784 $139,335 
Global Data Center Business151 2,572 151 2,576 3,727 
Corporate and Other1,421 1,121 2,551 1,702 18,733 
Total restructuring costs
$18,246 $16,336 $40,102 $27,062 $161,795 
Other transformation costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Condensed Consolidated Statements of Operations, by segment, for the three and six months ended June 30, 2025 and 2024, and from the inception of Project Matterhorn through June 30, 2025, are as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,FROM INCEPTION
THROUGH
JUNE 30, 2025
2025202420252024
Global RIM Business$11,648 $10,374 $22,711 $19,344 $93,318 
Global Data Center Business1,229 1,272 2,512 2,663 12,332 
Corporate and Other19,217 18,531 39,761 38,211 216,148 
Total other transformation costs
$32,094 $30,177 $64,984 $60,218 $321,798 
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
25
Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
10. RESTRUCTURING AND OTHER TRANSFORMATION (CONTINUED)
The rollforward of the accrued restructuring costs and accrued other transformation costs, which are included as components of Accrued expenses and other current liabilities in our Condensed Consolidated Balance Sheets, for December 31, 2024 through June 30, 2025, is as follows:
RESTRUCTURINGOTHER TRANSFORMATIONTOTAL RESTRUCTURING AND OTHER TRANSFORMATION
Balance as of December 31, 2024
$6,974 $13,004 $19,978 
Amount accrued40,102 64,984 105,086 
Payments(33,199)(61,487)(94,686)
Balance as of June 30, 2025
$13,877 $16,501 $30,378 
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
26
Table of Contents
Part I. Financial Information
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations for the three and six months ended June 30, 2025 should be read in conjunction with our Condensed Consolidated Financial Statements and Notes thereto for the three and six months ended June 30, 2025, included herein, and our Consolidated Financial Statements and Notes thereto for the year ended December 31, 2024, included in our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission ("SEC") on February 14, 2025 (our "Annual Report").
FORWARD-LOOKING STATEMENTS
We have made statements in this Quarterly Report that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as "believes", "expects", "anticipates", "estimates", "plans", "intends", "pursue", "commits", "will" or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others:
•our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence) into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy;
•changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space or services activity;
•the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards;
•the impact of attacks on our internal information technology ("IT") systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents;
•our ability to fund capital expenditures;
•the impact of our distribution requirements on our ability to execute our business plan;
•our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes ("REIT");
•changes in the political and economic environments in the countries in which we operate and changes in the global political climate;
•our ability to raise debt or equity capital and changes in the cost of our debt;
•our ability to comply with our existing debt obligations and restrictions in our debt instruments;
•the impact of service interruptions or equipment damage and the cost of power on our data center operations;
•the cost or potential liabilities associated with real estate necessary for our business;
•unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations;
•failures to implement and manage new IT systems;
•other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and
•the other risks described in our periodic reports filed with the SEC, including under the caption "Risk Factors" in Part I, Item 1A of our Annual Report.

Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this report.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
27
Table of Contents
Part I. Financial Information
OVERVIEW
The following discussions set forth, for the periods indicated, management's discussion and analysis of financial condition and results of operations. Significant trends and changes are discussed for the three and six months ended June 30, 2025 within each section. Trends and changes that are consistent for both the three and six month periods are not repeated and are discussed on a year to date basis only.
PROJECT MATTERHORN
In September 2022, we announced a global program designed to accelerate the growth of our business ("Project Matterhorn"). Project Matterhorn investments focus on transforming our operating model to a global operating model. Project Matterhorn focuses on the formation of a solution-based sales approach that is designed to allow us to optimize our shared services and best practices to better serve our customers' needs. We are investing to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We have incurred approximately $483.6 million in Restructuring and other transformation costs from the inception of Project Matterhorn through June 30, 2025. We expect to incur approximately $150.0 million in costs related to Project Matterhorn during the year ended December 31, 2025, at which point the program is expected to be completed. Costs are comprised of (1) restructuring costs, which include (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which include professional fees such as project management costs and costs for third party consultants who are assisting in the enablement of our growth initiatives.
See Note 10 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for more information on Restructuring and other transformation costs.
GENERAL
RESULTS OF OPERATIONS—KEY TRENDS
•Our organic storage rental revenue growth is primarily driven by revenue management in our Global RIM Business segment, where we expect volume to be relatively stable in the near term, as well as by growth in our Global Data Center Business segment, primarily driven by lease commencements.
•Our organic service revenue growth is primarily due to increases in our service activity. We expect organic service revenue growth in 2025 to benefit from our new and existing digital offerings and asset lifecycle management ("ALM") business, as well as our traditional services.
•We expect continued total revenue and Adjusted EBITDA (as defined below) growth in 2025 as a result of our focus on new product and service offerings, innovation, customer solutions and market expansion in line with our Project Matterhorn objectives.
Cost of sales (excluding depreciation and amortization) and Selling, general and administrative expenses for the six months ended June 30, 2025 consists of the following:
COST OF SALESSELLING, GENERAL AND ADMINISTRATIVE EXPENSES
03_PRO013518_pie_general_COS.jpg
03_PRO013518_pie_general_SGA.jpg
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
28
Table of Contents
Part I. Financial Information
NON-GAAP MEASURES
ADJUSTED EBITDA
We define Adjusted EBITDA as net (loss) income before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically:
EXCLUDED
•Acquisition and Integration Costs (as defined below)
•Restructuring and other transformation
•(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate)
•Other expense (income), net
•Stock-based compensation expense
•Intangible impairments
Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We also show Adjusted EBITDA and Adjusted EBITDA Margin for each of our reportable segments under "Results of Operations—Segment Analysis" below.
p27_callout_ProjectedAdjustedEBITDA.jpg
Adjusted EBITDA excludes both interest expense, net and the provision (benefit) for income taxes. These expenses are associated with our capitalization and tax structures, which we do not consider when evaluating the operating profitability of our core operations. Adjusted EBITDA does not include depreciation and amortization expenses, in order to eliminate the impact of capital investments, which we evaluate by comparing capital expenditures to incremental revenue generated and as a percentage of total revenues. Adjusted EBITDA and Adjusted EBITDA Margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with accounting principles generally accepted in the United States of America ("GAAP"), such as operating income (loss), net (loss) income or cash flows from operating activities.
RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA (IN THOUSANDS):
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2025202420252024
Net (Loss) Income $(43,340)$34,621 $(27,107)$111,646 
Add/(Deduct):
Interest expense, net205,063 176,521 399,801 341,040 
Provision (benefit) for income taxes16,296 13,319 31,131 29,928 
Depreciation and amortization252,566 224,501 484,720 434,056 
Acquisition and Integration Costs(1)
4,815 9,502 10,638 17,311 
Restructuring and other transformation50,340 46,513 105,086 87,280 
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate)
(962)2,790 4,609 3,179 
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures
80,698 4,532 108,080 (8,578)
Stock-based compensation expense60,354 29,889 86,448 43,928 
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures2,558 2,173 4,888 3,426 
Adjusted EBITDA$628,388 $544,361 $1,208,294 $1,063,216 
(1)Represents operating expenditures directly associated with the closing and integration activities of our business acquisitions that have closed, or are highly probable of closing, and include (i) advisory, legal and professional fees to complete business acquisitions and (ii) costs to integrate acquired businesses into our existing operations, including move, severance and system integration costs (collectively, "Acquisition and Integration Costs").

IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
29
Table of Contents
Part I. Financial Information
ADJUSTED EPS
We define Adjusted EPS as reported earnings per share fully diluted from net (loss) income attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically:
EXCLUDED
•Acquisition and Integration Costs
•Restructuring and other transformation
•(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate)
•Other expense (income), net
•Stock-based compensation expense
•Non-cash amortization related to derivative instruments
•Tax impact of reconciling items and discrete tax items
•Amortization related to the write-off of certain customer relationship intangible assets
We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods.
RECONCILIATION OF REPORTED EPS—FULLY DILUTED FROM NET (LOSS) INCOME ATTRIBUTABLE TO IRON MOUNTAIN INCORPORATED TO ADJUSTED EPS—FULLY DILUTED FROM NET (LOSS) INCOME ATTRIBUTABLE TO IRON MOUNTAIN INCORPORATED:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2025202420252024
Reported EPS—Fully Diluted from Net (Loss) Income Attributable to Iron Mountain Incorporated
$(0.15)$0.12 $(0.10)$0.37 
Add/(Deduct):
Acquisition and Integration Costs0.02 0.03 0.04 0.06 
Restructuring and other transformation0.17 0.16 0.36 0.30 
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate)
— 0.01 0.02 0.01 
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures
0.27 0.02 0.37 (0.03)
Stock-based compensation expense0.20 0.10 0.29 0.15 
Non-cash amortization related to derivative instruments0.01 0.01 0.03 0.03 
Tax impact of reconciling items and discrete tax items(1)
(0.04)(0.03)(0.08)(0.04)
Income (Loss) Attributable to Noncontrolling Interests0.01 — 0.01 0.01 
Impact of weighted average dilutive shares(2)
— — (0.01)— 
Adjusted EPS—Fully Diluted from Net (Loss) Income Attributable to Iron Mountain Incorporated(3)
$0.48 $0.42 $0.92 $0.85 
(1)The differences between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three and six months ended June 30, 2025 and 2024 are primarily due to (i) the reconciling items above, which impact our reported net (loss) income before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the three and six months ended June 30, 2025 and 2024 was 16.7% and 14.5%, respectively. The Tax impact of reconciling items and discrete tax items is calculated using the current quarter's estimate of the annual structural tax rate. This may result in the current period adjustment plus prior period reported quarterly adjustments not summing to the full year adjustment.
(2)Reflects the impact of dilutive shares of 2,278 and 2,516 for the three and six months ended June 30, 2025, respectively, not included in Reported EPS-Fully Diluted due to our net loss position during the periods.
(3)Columns may not foot due to rounding.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
30
Table of Contents
Part I. Financial Information
FFO (NAREIT) AND FFO (NORMALIZED)
Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net (loss) income excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles ("FFO (Nareit)"). We calculate our FFO measures, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net (loss) income.
We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically:
EXCLUDED
•Acquisition and Integration Costs
•Restructuring and other transformation
•(Gain) loss on disposal/write-down of property, plant and equipment, net (excluding real estate)
•Other expense (income), net
•Stock-based compensation expense
•Non-cash amortization related to derivative instruments
•Real estate financing lease depreciation
•Tax impact of reconciling items and discrete tax items
•Intangible impairments
•(Income) loss from discontinued operations, net of tax
RECONCILIATION OF NET (LOSS) INCOME TO FFO (NAREIT) AND FFO (NORMALIZED) (IN THOUSANDS):
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2025202420252024
Net (Loss) Income$(43,340)$34,621 $(27,107)$111,646 
Add/(Deduct):
Real estate depreciation107,186 97,771 201,333 181,344 
(Gain) loss on sale of real estate, net of tax(4,981)579 (4,669)(615)
Data center lease-based intangible assets amortization1,683 5,571 3,702 11,147 
Our share of FFO (Nareit) reconciling items from our unconsolidated joint ventures1,567 1,112 3,063 1,553 
FFO (Nareit)62,115 139,654 176,322 305,075 
Add/(Deduct):
Acquisition and Integration Costs4,815 9,502 10,638 17,311 
Restructuring and other transformation50,340 46,513 105,086 87,280 
Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate)
3,809 2,211 9,101 4,029 
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures(1)
80,698 4,532 108,080 (8,578)
Stock-based compensation expense60,354 29,889 86,448 43,928 
Non-cash amortization related to derivative instruments4,177 4,177 8,353 8,353 
Real estate financing lease depreciation3,426 3,236 6,574 6,222 
Tax impact of reconciling items and discrete tax items(2)
(11,671)(8,643)(23,344)(12,813)
Our share of FFO (Normalized) reconciling items from our unconsolidated joint ventures(58)(50)(183)(9)
FFO (Normalized)$258,005 $231,021 $487,075 $450,798 
(1)Includes foreign currency transaction losses (gains), net and other, net. See Note 2.k. to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding the components of Other expense (income), net.
(2)Represents the tax impact of (i) the reconciling items above, which impact our reported net (loss) income before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Discrete tax items resulted in a provision (benefit) for income taxes of $2.3 million and $2.6 million for the three and six months ended June 30, 2025, respectively, and ($1.6 million) and ($0.5 million) for the three and six months ended June 30, 2024, respectively.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
31
Table of Contents
Part I. Financial Information
CRITICAL ACCOUNTING ESTIMATES
Our discussion and analysis of our financial condition and results of operations are based upon our Condensed Consolidated Financial Statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. On an ongoing basis, we evaluate the estimates used. We base our estimates on historical experience, actuarial estimates, current conditions and various other assumptions that we believe to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities and are not readily apparent from other sources. Actual results may differ from these estimates. Our critical accounting estimates include the following, which are listed in no particular order:
•Revenue Recognition
•Accounting for Acquisitions
•Impairment of Tangible and Intangible Assets
•Income Taxes
Further detail regarding our critical accounting estimates can be found in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report, and the Consolidated Financial Statements and the Notes included therein. We have determined that no material changes concerning our critical accounting estimates have occurred since December 31, 2024.
RESULTS OF OPERATIONS
COMPARISON OF THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 TO THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 (IN THOUSANDS):
THREE MONTHS ENDED JUNE 30,DOLLAR
CHANGE		PERCENTAGE
CHANGE
20252024
Revenues$1,711,948$1,534,409$177,539 11.6 %
Operating Expenses1,452,0521,304,115147,937 11.3 %
Operating Income259,896230,29429,602 12.9 %
Other Expenses, Net303,236195,673107,563 55.0 %
Net (Loss) Income (43,340)34,621(77,961)(225.2)%
Net Income (Loss) Attributable to Noncontrolling Interests1,581(1,162)2,743 236.1 %
Net (Loss) Income Attributable to Iron Mountain Incorporated$(44,921)$35,783$(80,704)(225.5)%
Adjusted EBITDA(1)
$628,388$544,361$84,027 15.4 %
Adjusted EBITDA Margin(1)
36.7 %35.5 %
SIX MONTHS ENDED JUNE 30,DOLLAR
CHANGE		PERCENTAGE
CHANGE
20252024
Revenues$3,304,477$3,011,272$293,205 9.7 %
Operating Expenses2,790,2872,535,355254,932 10.1 %
Operating Income514,190475,91738,273 8.0 %
Other Expenses, Net541,297364,271177,026 48.6 %
Net (Loss) Income(27,107)111,646(138,753)(124.3)%
Net Income (Loss) Attributable to Noncontrolling Interests1,8621,80260 3.3 %
Net (Loss) Income Attributable to Iron Mountain Incorporated$(28,969)$109,844$(138,813)(126.4)%
Adjusted EBITDA(1)
$1,208,294$1,063,216$145,078 13.6 %
Adjusted EBITDA Margin(1)
36.6 %35.3 %
(1)See "Non-GAAP Measures—Adjusted EBITDA" in this Quarterly Report for the definitions of Adjusted EBITDA and Adjusted EBITDA Margin, reconciliation of Net (Loss) Income to Adjusted EBITDA and a discussion of why we believe these non-GAAP measures provide relevant and useful information to our current and potential investors.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
32
Table of Contents
Part I. Financial Information
REVENUES
Total revenues consist of the following (in thousands):
THREE MONTHS ENDED JUNE 30,PERCENTAGE CHANGE
20252024DOLLAR
CHANGE		ACTUAL
CONSTANT
CURRENCY(1)
ORGANIC
GROWTH(2)
IMPACT OF
ACQUISITIONS
Storage Rental$1,009,989 $919,746 $90,243 9.8 %9.2 %9.2 %— %
Service 701,959 614,663 87,296 14.2 %13.7 %9.7 %4.0 %
Total Revenues$1,711,948 $1,534,409 $177,539 11.6 %11.0 %9.4 %1.6 %
SIX MONTHS ENDED JUNE 30,PERCENTAGE CHANGE
20252024DOLLAR
CHANGE		ACTUAL
CONSTANT
CURRENCY(1)
ORGANIC
GROWTH(2)
IMPACT OF
ACQUISITIONS
Storage Rental$1,958,365 $1,804,588 $153,777 8.5 %9.0 %9.0 %— %
Service1,346,112 1,206,684 139,428 11.6 %12.0 %8.4 %3.6 %
Total Revenues$3,304,477 $3,011,272 $293,205 9.7 %10.2 %8.8 %1.4 %
(1)Constant currency growth rate, which is a non-GAAP measure, is calculated by translating the 2024 results at the 2025 average exchange rates.
(2)Our organic revenue growth rate, which is a non-GAAP measure, represents the year-over-year growth rate of our revenues excluding the impact of business acquisitions, divestitures and foreign currency exchange rate fluctuations. Our organic revenue growth rate includes the impact of acquisitions of customer relationships.
TOTAL REVENUES
Primary factors influencing the change in reported storage rental revenue and reported service revenue for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 include the following:
STORAGE RENTAL REVENUE
•organic storage rental revenue growth driven by revenue management in our Global RIM Business segment and lease commencements and improved pricing in our Global Data Center Business segment.
SERVICE REVENUE
•organic service revenue growth driven by increases in Global Digital Solutions and traditional service activity levels in our Global RIM Business segment and increased volume in our ALM business; and
•an increase of $43.5 million due to recent acquisitions in our ALM business.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
33
Table of Contents
Part I. Financial Information
OPERATING EXPENSES
COST OF SALES
Cost of sales (excluding depreciation and amortization) consists of the following expenses (in thousands):
THREE MONTHS ENDED JUNE 30,PERCENTAGE CHANGE% OF TOTAL REVENUESPERCENTAGE
CHANGE
(FAVORABLE)/
UNFAVORABLE
20252024DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		20252024
Labor$292,344 $264,168 $28,176 10.7 %10.1 %17.1 %17.2 %(0.1)%
Facilities293,534 276,317 17,217 6.2 %5.2 %17.1 %18.0 %(0.9)%
Transportation45,942 44,983 959 2.1 %1.5 %2.7 %2.9 %(0.2)%
Product Cost of Sales and Other123,017 90,503 32,514 35.9 %35.5 %7.2 %5.9 %1.3 %
Total Cost of sales$754,837 $675,971 $78,866 11.7 %10.9 %44.1 %44.1 %— %
SIX MONTHS ENDED JUNE 30,PERCENTAGE CHANGE% OF TOTAL REVENUESPERCENTAGE
CHANGE
(FAVORABLE)/
UNFAVORABLE
20252024DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		20252024
Labor$566,325 $515,499 $50,826 9.9 %10.4 %17.1 %17.1 %— %
Facilities580,940 553,144 27,796 5.0 %5.3 %17.6 %18.4 %(0.8)%
Transportation89,075 90,303 (1,228)(1.4)%(1.1)%2.7 %3.0 %(0.3)%
Product Cost of Sales and Other228,701 170,280 58,421 34.3 %34.6 %6.9 %5.7 %1.2 %
Total Cost of sales$1,465,041 $1,329,226 $135,815 10.2 %10.6 %44.3 %44.1 %0.2 %
Primary factors influencing the change in reported Cost of sales for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 include the following:
•an increase in labor costs driven by an increase in service activity, primarily within our Global RIM Business segment and ALM business;
•an increase in facilities expenses, primarily driven by higher real estate taxes in our Global Data Center Business segment; and
•an increase in product cost of sales and other in our ALM business as a result of higher product volumes.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
34
Table of Contents
Part I. Financial Information
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses consists of the following expenses (in thousands):
THREE MONTHS ENDED JUNE 30,PERCENTAGE CHANGE% OF TOTAL REVENUESPERCENTAGE
CHANGE
(FAVORABLE)/
UNFAVORABLE
20252024DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		20252024
General, Administrative and Other$287,051 $250,570 $36,481 14.6 %14.3 %16.8 %16.3 %0.5 %
Sales, Marketing and Account Management103,405 94,268 9,137 9.7 %8.7 %6.0 %6.1 %(0.1)%
Total Selling, general and administrative expenses$390,456 $344,838 $45,618 13.2 %12.7 %22.8 %22.5 %0.3 %
SIX MONTHS ENDED JUNE 30,PERCENTAGE CHANGE% OF TOTAL REVENUESPERCENTAGE
CHANGE
(FAVORABLE)/
UNFAVORABLE
20252024DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		20252024
General, Administrative and Other$529,925 $485,612 $44,313 9.1 %9.6 %16.0 %16.1 %(0.1)%
Sales, Marketing and Account Management190,268 178,691 11,577 6.5 %6.8 %5.8 %5.9 %(0.1)%
Total Selling, general and administrative expenses$720,193 $664,303 $55,890 8.4 %8.8 %21.8 %22.1 %(0.3)%
Primary factors influencing the change in reported Selling, general and administrative expenses for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 include the following:
•an increase in general, administrative and other expenses, primarily driven by higher compensation expense; and
•an increase in sales, marketing and account management expenses, primarily driven by higher compensation expense and increased marketing costs.
DEPRECIATION AND AMORTIZATION
Depreciation expense increased by $40.5 million, or 13.4%, for the six months ended June 30, 2025 compared to the prior year period. See Note 2.i. to Notes to Consolidated Financial Statements included in our Annual Report for additional information regarding the useful lives over which our property, plant and equipment is depreciated.
Amortization expense increased by $10.2 million, or 7.8%, for the six months ended June 30, 2025 compared to the prior year period.
ACQUISITION AND INTEGRATION COSTS
Acquisition and Integration Costs for the six months ended June 30, 2025 and 2024 were approximately $10.6 million and $17.3 million, respectively.
RESTRUCTURING AND OTHER TRANSFORMATION
Restructuring and other transformation costs for the six months ended June 30, 2025 and 2024 were $105.1 million and $87.3 million, respectively, and related to operating expenses associated with the implementation of Project Matterhorn.
LOSS (GAIN) ON DISPOSAL/WRITE-DOWN OF PROPERTY, PLANT AND EQUIPMENT, NET
Loss (gain) on disposal/write-down of property, plant and equipment, net for the six months ended June 30, 2025 and 2024 was approximately $4.6 million and $3.2 million, respectively.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
35
Table of Contents
Part I. Financial Information
OTHER EXPENSES, NET
INTEREST EXPENSE, NET
Interest expense, net increased by $58.8 million to $399.8 million in the six months ended June 30, 2025 from $341.0 million in the prior year period. The increase is primarily due to higher average debt outstanding during the six months ended June 30, 2025 compared to the prior year period. Our weighted average interest rate, inclusive of the fees associated with our outstanding letters of credit, was 5.7% at both June 30, 2025 and 2024. See Note 5 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding our indebtedness.
OTHER EXPENSE (INCOME), NET
Other expense (income), net for the three and six months ended June 30, 2025 and 2024 consists of the following (in thousands):
THREE MONTHS ENDED JUNE 30,DOLLAR
CHANGE		SIX MONTHS ENDED JUNE 30,DOLLAR
CHANGE
DESCRIPTION2025202420252024
Foreign currency transaction losses (gains), net(1)
$87,155 $1,013 $86,142 $116,818 $(15,366)$132,184 
Other, net(5,278)4,820 (10,098)(6,453)8,669 (15,122)
Other Expense (Income), Net$81,877 $5,833 $76,044 $110,365 $(6,697)$117,062 
(1)The losses for the three and six months ended June 30, 2025 primarily consist of the impact of changes in the exchange rate of the British pound sterling and the Euro against the United States dollar on our intercompany balances with and between certain of our subsidiaries.
PROVISION FOR INCOME TAXES
We provide for income taxes during interim periods based on our estimate of the effective tax rate for the year. Our effective tax rates for the three and six months ended June 30, 2025 and 2024 are as follows:
 THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2025202420252024
Effective Tax Rate60.3 %27.8 %773.6 %21.1 %
The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three and six months ended June 30, 2025 were the lack of tax benefits recognized for the foreign exchange losses we recorded in Other expense (income), net, during the period, disallowed interest expenses of certain entities, as well as the differences in the tax rates to which our foreign earnings are subject, partially offset by the benefits derived from the dividends paid deduction.
On July 4, 2025, President Trump signed into law the reconciliation bill, commonly referred to as the One Big Beautiful Bill Act (“OBBBA”). The OBBBA introduces several changes to U.S. federal income tax law, such as suspending the capitalization and amortization of domestic research and development expenditures and reinstating bonus depreciation. It also modifies the deductions available for global intangible low-taxed income from non-U.S. subsidiaries and changes the limitations on deductible interest. Under the current law, not more than 20% of the value of a REIT’s total assets at the end of any quarter could be represented by securities of one or more taxable REIT subsidiaries; the OBBBA increases this threshold to 25%. The effective dates of the OBBBA provisions range from 2025 through 2027. We are currently assessing the impact of the OBBBA on our consolidated financial statements; however, an estimate of the financial impact cannot be reasonably determined at this time due to the complexity of these tax reform changes.
In addition, by removing the proposed section 899, “Enforcement of Remedies Against Unfair Foreign Taxes,” from the OBBBA, the U.S. Treasury Department reached an agreement with the six other G7 countries (Canada, France, Germany, Italy, Japan, and the UK) under which U.S. companies will be excluded from the imposition of any Pillar Two Income Inclusion Rule or Undertaxed Profits Rule taxes. We will continue to monitor the global legislative actions as well as administrative guidance related to Pillar Two for potential impacts, which are not expected to have a material impact on our financial statements.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
36
Table of Contents
Part I. Financial Information
NET (LOSS) INCOME AND ADJUSTED EBITDA
The following table reflects the effect of the foregoing factors on our net (loss) income and Adjusted EBITDA (in thousands):
THREE MONTHS ENDED JUNE 30,DOLLAR
CHANGE		PERCENTAGE CHANGE
20252024
Net (Loss) Income$(43,340)$34,621 $(77,961)(225.2)%
Net (Loss) Income as a percentage of Revenue(2.5)%2.3 %
Adjusted EBITDA$628,388 $544,361 $84,027 15.4 %
Adjusted EBITDA Margin36.7 %35.5 %
SIX MONTHS ENDED JUNE 30,DOLLAR
CHANGE		PERCENTAGE CHANGE
20252024
Net (Loss) Income$(27,107)$111,646 $(138,753)(124.3)%
Net (Loss) Income as a percentage of Revenue(0.8)%3.7 %
Adjusted EBITDA$1,208,294 $1,063,216 $145,078 13.6 %
Adjusted EBITDA Margin36.6 %35.3 %

Adjusted EBITDA Margin for the six months ended June 30, 2025 increased 130 basis points from the same prior year period driven by favorable overhead management, offset by changes in our revenue mix.
↑ INCREASED BY
$145.1 MILLION OR 13.6%
Adjusted EBITDA
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
37
Table of Contents
Part I. Financial Information
SEGMENT ANALYSIS
See Note 8 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for a description of our reportable segments.
GLOBAL RIM BUSINESS (IN THOUSANDS)
THREE MONTHS ENDED JUNE 30,PERCENTAGE CHANGE
DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		ORGANIC
GROWTH		IMPACT OF ACQUISITIONS
20252024
Storage Rental$803,580$756,358$47,222 6.2 %5.8 %5.8 %— %
Service 520,218494,21925,999 5.3 %4.9 %4.9 %— %
Segment Revenue$1,323,798$1,250,577$73,221 5.9 %5.4 %5.4 %— %
Segment Adjusted EBITDA$586,303$548,742$37,561 
Segment Adjusted EBITDA Margin 44.3 %43.9 %
SIX MONTHS ENDED JUNE 30,PERCENTAGE CHANGE
DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		ORGANIC
GROWTH		IMPACT OF ACQUISITIONS
20252024
Storage Rental$1,561,088$1,485,342$75,746 5.1 %5.7 %5.7 %— %
Service1,018,652975,39243,260 4.4 %5.0 %5.0 %— %
Segment Revenue$2,579,740$2,460,734$119,006 4.8 %5.4 %5.4 %— %
Segment Adjusted EBITDA$1,142,617$1,075,010$67,607 
Segment Adjusted EBITDA Margin44.3 %43.7 %
SIX MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL RIM BUSINESS (IN MILLIONS)
Storage Rental
Revenue		Service
Revenue		Segment
Revenue		Segment Adjusted
EBITDA
288289
Primary factors influencing the change in revenue and Adjusted EBITDA Margin in our Global RIM Business segment for the six months ended June 30, 2025 compared to the prior year period include the following:
•organic storage rental revenue growth driven by revenue management;
•organic service revenue growth primarily driven by increases in our Global Digital Solutions business and growth in our traditional service activity levels; and
•a 60 basis point increase in Adjusted EBITDA Margin primarily driven by ongoing cost containment measures and revenue management.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
38
Table of Contents
Part I. Financial Information
GLOBAL DATA CENTER BUSINESS (IN THOUSANDS)
THREE MONTHS ENDED JUNE 30,PERCENTAGE CHANGE
DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		ORGANIC
GROWTH		IMPACT OF ACQUISITIONS
20252024
Storage Rental$188,279$147,397$40,882 27.7 %26.1 %26.1 %— %
Service1,1225,305(4,183)(78.9)%(79.7)%(79.7)%— %
Segment Revenue$189,401$152,702$36,699 24.0 %22.4 %22.4 %— %
Segment Adjusted EBITDA$96,266$66,017$30,249 
Segment Adjusted EBITDA Margin50.8 %43.2 %
SIX MONTHS ENDED JUNE 30,PERCENTAGE CHANGE
DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		ORGANIC
GROWTH		IMPACT OF ACQUISITIONS
20252024
Storage Rental$361,224$287,425$73,799 25.7 %25.3 %25.3 %— %
Service1,3749,214(7,840)(85.1)%(85.4)%(85.4)%— %
Segment Revenue$362,598$296,639$65,959 22.2 %21.8 %21.8 %— %
Segment Adjusted EBITDA$187,082$127,585$59,497 
Segment Adjusted EBITDA Margin51.6 %43.0 %

SIX MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL DATA CENTER BUSINESS (IN MILLIONS)
Storage Rental
Revenue		Service
Revenue		Segment
Revenue		Segment Adjusted
EBITDA
147148
Primary factors influencing the change in revenue and Adjusted EBITDA Margin in our Global Data Center Business segment for the six months ended June 30, 2025 compared to the prior year period include the following:
•organic storage rental revenue growth from leases that commenced during the first six months of 2025 and in prior periods, improved pricing and increased usage of pass-through power, partially offset by churn of approximately 80 basis points;
•increase in Adjusted EBITDA primarily driven by organic storage rental revenue growth; and
•an 860 basis point increase in Adjusted EBITDA Margin reflecting recent lease commencements, improved pricing and cost containment.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
39
Table of Contents
Part I. Financial Information
CORPORATE AND OTHER (IN THOUSANDS)
THREE MONTHS ENDED JUNE 30,PERCENTAGE CHANGE
DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		ORGANIC
GROWTH		IMPACT OF ACQUISITIONS
20252024
Storage Rental$18,130$15,991$2,139 13.4 %12.2 %12.2 %— %
Service 180,619115,13965,480 56.9 %56.3 %34.5 %21.8 %
Revenue$198,749$131,130$67,619 51.6 %50.9 %31.8 %19.1 %
Adjusted EBITDA$(54,181)$(70,398)$16,217  
SIX MONTHS ENDED JUNE 30,PERCENTAGE CHANGE
DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		ORGANIC
GROWTH		IMPACT OF ACQUISITIONS
20252024
Storage Rental$36,053$31,821$4,232 13.3 %12.8 %12.8 %— %
Service326,086222,078104,008 46.8 %46.9 %27.3 %19.6 %
Revenue$362,139$253,899$108,240 42.6 %42.6 %25.5 %17.1 %
Adjusted EBITDA$(121,405)$(139,379)$17,974 
Primary factors influencing the change in revenue and Adjusted EBITDA in Corporate and Other (as defined in Note 8 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report) for the six months ended June 30, 2025 compared to the prior year period include the following:
•an increase in service revenue of $43.5 million due to recent acquisitions in our ALM business;
•organic service revenue growth in our ALM business driven by increased volume; and
•an improvement in Adjusted EBITDA driven by service revenue improvement in our ALM business.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
40
Table of Contents
Part I. Financial Information
LIQUIDITY AND CAPITAL RESOURCES
GENERAL
We expect to meet our short-term and long-term cash flow requirements through cash generated from operations, cash on hand, borrowings under the Credit Agreement (as defined below), as well as other potential financings (such as the issuance of debt). Our cash flow requirements, both in the near and long term, include, but are not limited to, capital expenditures, the repayment of outstanding debt, shareholder dividends, potential business acquisitions and normal business operation needs.
PROJECT MATTERHORN
As disclosed above, in September 2022, we announced Project Matterhorn. We have incurred approximately $483.6 million in Restructuring and other transformation costs from the inception of Project Matterhorn through June 30, 2025. We expect to incur approximately $150.0 million in costs related to Project Matterhorn during the year ended December 31, 2025, at which point the program is expected to be completed. During the six months ended June 30, 2025 and 2024, we incurred approximately $105.1 million and $87.3 million, respectively, of Restructuring and other transformation costs related to Project Matterhorn, which are comprised of (1) restructuring costs, which include (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which include professional fees such as project management costs and costs for third party consultants who are assisting in the enablement of our growth initiatives.
CASH FLOWS
The following is a summary of our cash balances and cash flows (in thousands) as of and for the six months ended June 30,
20252024
Cash Flows from Operating Activities $572,425 $512,215 
Cash Flows from Investing Activities (1,350,810)(959,748)
Cash Flows from Financing Activities 882,868 369,291 
Cash and Cash Equivalents, End of Period217,992 144,256 
A. CASH FLOWS FROM OPERATING ACTIVITIES
For the six months ended June 30, 2025, net cash flows provided by operating activities increased by $60.2 million compared to the prior year period, primarily due to an increase in cash from working capital of $64.2 million, primarily driven by the timing of accounts payable, partially offset by a decrease in net income (excluding non-cash charges) of $4.0 million.
B. CASH FLOWS FROM INVESTING ACTIVITIES
Our significant investing activity during the six months ended June 30, 2025 included cash paid for capital expenditures of $1,231.5 million. Additional details of our capital spending are included in the "Capital Expenditures" section below.
C. CASH FLOWS FROM FINANCING ACTIVITIES
Our significant financing activities during the six months ended June 30, 2025 included:
•Net proceeds of approximately $1,637.8 million primarily associated with borrowings under the Revolving Credit Facility.
•Payment of dividends in the amount of $455.2 million on our common stock.
•Payment of deferred purchase obligations and other deferred payments of $240.2 million.

IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
41
Table of Contents
Part I. Financial Information
CAPITAL EXPENDITURES
The following table presents our capital spend for the six months ended June 30, 2025 and 2024, organized by the type of the spending as described in our Annual Report (in thousands):
 SIX MONTHS ENDED JUNE 30,
NATURE OF CAPITAL SPEND20252024
Growth Investment Capital Expenditures:
Data Center$952,982 $571,388 
Real Estate67,980 92,957 
Innovation and Other49,605 34,701 
Total Growth Investment Capital Expenditures1,070,567 699,046 
Recurring Capital Expenditures:
Data Center$8,243 $5,366 
Real Estate20,281 23,908 
Non-Real Estate34,353 36,439 
Total Recurring Capital Expenditures62,877 65,713 
Total Capital Spend (on accrual basis)$1,133,444 $764,759 
Net (decrease) increase in prepaid capital expenditures(1,401)(7,537)
Net decrease (increase) in accrued capital expenditures99,480 20,679 
Total Capital Spend (on cash basis)$1,231,523 $777,901 
    
Excluding capital expenditures associated with potential future acquisitions, we expect total capital expenditures of approximately $1,950.0 million for the year ending December 31, 2025. Of this, we expect capital expenditures for growth investment of approximately $1,800.0 million and recurring capital expenditures of approximately $150.0 million.
DIVIDENDS
See Note 7 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for a listing of dividends that we declared during the first six months of 2025 and fiscal year 2024.
On August 6, 2025, we declared a dividend to our stockholders of record as of September 15, 2025 of $0.785 per share, payable on October 3, 2025.

IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
42
Table of Contents
Part I. Financial Information
FINANCIAL INSTRUMENTS AND DEBT
Financial instruments that potentially subject us to credit risk consist principally of cash and cash equivalents (including money market funds and time deposits) and accounts receivable. The only significant concentrations of liquid investments as of June 30, 2025 are related to cash and cash equivalents held in money market funds. See Note 2.e. to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for information on our money market funds and time deposits.
Long-term debt as of June 30, 2025 is as follows (in thousands):
 JUNE 30, 2025
 DEBT (INCLUSIVE OF DISCOUNT)UNAMORTIZED DEFERRED FINANCING COSTSCARRYING AMOUNT
Revolving Credit Facility(1)
$1,086,500 $(9,171)$1,077,329 
Term Loan A(1)
500,000 — 500,000 
Term Loan B(1)
1,831,699 (13,461)1,818,238 
Virginia 3 Term Loans(2)
271,079 (2,145)268,934 
Virginia 4/5 Term Loans(2)
195,547 (1,087)194,460 
Virginia 6 Term Loans(2)
202,125 (3,619)198,506 
Virginia 7 Term Loans(2)
207,920 (6,453)201,467 
Australian Dollar Term Loan(2)
260,150 (1,984)258,166 
UK Bilateral Revolving Credit Facility(2)(3)
191,997 (984)191,013 
GBP Notes(2)
548,564 (345)548,219 
47/8% Notes due 2027(2)
1,000,000 (3,199)996,801 
51/4% Notes due 2028(2)
825,000 (3,247)821,753 
5% Notes due 2028(2)
500,000 (2,231)497,769 
7% Notes due 2029(2)
1,000,000 (7,623)992,377 
47/8% Notes due 2029(2)
1,000,000 (6,148)993,852 
51/4% Notes due 2030(2)
1,300,000 (7,647)1,292,353 
41/2% Notes(2)
1,100,000 (7,052)1,092,948 
5% Notes due 2032(2)
750,000 (9,247)740,753 
55/8% Notes(2)
600,000 (4,114)595,886 
61/4% Notes(2)
1,200,000 (13,653)1,186,347 
Real Estate Mortgages, Financing Lease Liabilities and Other731,216 (1,795)729,421 
Accounts Receivable Securitization Program400,000 (536)399,464 
Total Long-term Debt15,701,797 (105,741)15,596,056 
Less Current Portion(777,881)— (777,881)
Long-term Debt, Net of Current Portion$14,923,916 $(105,741)$14,818,175 
(1)Collectively, the “Credit Agreement”. The Credit Agreement consists of a revolving credit facility (the “Revolving Credit Facility”), a term loan A facility (the “Term Loan A”) and a term loan B facility (the "Term Loan B").
(2)Each as defined in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
(3)On July 11, 2025, we amended the UK Bilateral Revolving Credit Facility to extend the maturity date from September 24, 2026 to September 24, 2028. All other material terms remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
See Note 7 to Notes to Consolidated Financial Statements included in our Annual Report and Note 5 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding our long-term debt.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
43
Table of Contents
Part I. Financial Information
CREDIT AGREEMENT
On June 18, 2025, we amended the Credit Agreement, which resulted in an increase in the principal amount of the Term Loan A from $218.8 million to $500.0 million. Quarterly principal payments of approximately $6.3 million on the Term Loan A will commence in September 2025. All other material terms remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
AUSTRALIAN DOLLAR TERM LOAN
On June 25, 2025, Iron Mountain Australia Group Pty, Ltd., a wholly owned subsidiary of Iron Mountain Incorporated, amended its AUD Term Loan, which resulted in:
•an extension of the maturity date from September 30, 2026 to September 30, 2030,
•an increase in the original principal amount from 350.0 million Australian dollars to 400.0 million Australian dollars and
•a decrease in the interest rate from BBSY (an Australian benchmark variable interest rate) plus 3.625% to BBSY plus 3.500%.
The amended loan was issued at 99.5% of par. Principal payments on the AUD Term Loan are to be paid in quarterly installments in an aggregate amount of 10.0 million Australian dollars per year, with the remaining balance due September 2030. As of June 30, 2025, we had 400.0 million Australian dollars (or $262.1 million, based upon the exchange rate between the United States dollar and the Australian dollar as of June 30, 2025) outstanding on the AUD Term Loan and the interest rate in effect under the AUD Term Loan was 7.2%.
All other material terms of the AUD Term Loan remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
DEBT COVENANTS
The Credit Agreement, our bond indentures and other agreements governing our indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict our ability to complete acquisitions, pay cash dividends, incur indebtedness, make investments, sell assets and take other specified corporate actions. The covenants do not contain a rating trigger. Therefore, a change in our debt rating would not trigger a default under the Credit Agreement, our bond indentures or other agreements governing our indebtedness. The Credit Agreement requires that we satisfy a net total lease adjusted leverage ratio and a fixed charge coverage ratio on a quarterly basis, and our bond indentures require that, among other things, we satisfy a leverage ratio (not lease adjusted) or a fixed charge coverage ratio (not lease adjusted) as a condition to taking actions such as paying dividends and incurring indebtedness.
The Credit Agreement uses earnings before interest, taxes, depreciation and amortization and rent expense ("EBITDAR")-based calculations and the bond indentures use EBITDA-based calculations as the primary measures of financial performance for purposes of calculating leverage and fixed charge coverage ratios. The EBITDAR- and EBITDA-based leverage calculations include our consolidated subsidiaries, other than those we have designated as "Unrestricted Subsidiaries" as defined in the Credit Agreement and bond indentures. Generally, the Credit Agreement and the bond indentures use a trailing four fiscal quarter basis for purposes of the relevant calculations and require certain adjustments and exclusions for purposes of those calculations, which make the calculation of financial performance for purposes of those calculations under the Credit Agreement and bond indentures not directly comparable to Adjusted EBITDA as presented herein. These adjustments can be significant. For example, the calculation of financial performance under the Credit Agreement and certain of our bond indentures includes (subject to specified exceptions and caps) adjustments for non-cash charges and for expected benefits associated with (i) completed acquisitions, (ii) certain executed lease agreements associated with our data center business that have yet to commence, and (iii) restructuring and other strategic initiatives. The calculation of financial performance under our other bond indentures includes, for example, adjustments for non-cash charges and for expected benefits associated with (i) completed acquisitions and (ii) events that are extraordinary, unusual or non-recurring.
Our leverage and fixed charge coverage ratios under the Credit Agreement as of June 30, 2025 are as follows:
 JUNE 30, 2025MAXIMUM/MINIMUM ALLOWABLE
Net total lease adjusted leverage ratio5.0 Maximum allowable of 7.0
Fixed charge coverage ratio2.4 Minimum allowable of 1.5
We are in compliance with our leverage and fixed charge coverage ratios under the Credit Agreement, our bond indentures and other agreements governing our indebtedness as of June 30, 2025. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity.
Our ability to pay interest on or to refinance our indebtedness depends on our future performance, working capital levels and capital structure, which are subject to general economic, financial, competitive, legislative, regulatory and other factors which may be beyond our control. There can be no assurance that we will generate sufficient cash flow from our operations or that future
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
44
Table of Contents
Part I. Financial Information
financings will be available on acceptable terms or in amounts sufficient to enable us to service or refinance our indebtedness or to make necessary capital expenditures.
DERIVATIVE INSTRUMENTS
INTEREST RATE SWAP AGREEMENTS
We utilize interest rate swap agreements designated as cash flow hedges to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness. Certain of our interest rate swap agreements have notional amounts that will increase with the underlying hedged transaction. Under our interest rate swap agreements, we receive variable rate interest payments associated with the notional amount of each interest rate swap, based upon Secured Overnight Financing Rate ("SOFR"), in exchange for the payment of fixed interest rates as specified in the interest rate swap agreements. Our interest rate swap agreements are marked to market at the end of each reporting period, representing the fair values of the interest rate swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets, while unrealized losses are recognized as liabilities.
As of June 30, 2025 and December 31, 2024, we have approximately $1,687.0 million and $1,482.0 million, respectively, in notional value outstanding on our interest rate swap agreements. As of June 30, 2025, our interest rate swap agreements have maturity dates ranging from October 2025 through May 2027.
CROSS-CURRENCY SWAP AGREEMENTS
We utilize cross-currency swaps to hedge the variability of exchange rate impacts between the United States dollar and certain of our foreign functional currencies, including the Euro and the Canadian dollar. As of June 30, 2025, our cross-currency swap agreements have maturity dates ranging from February 2026 through November 2026.
The notional values of our cross-currency swaps, by hedged currency, as of June 30, 2025 and December 31, 2024, are as follows (in thousands):
 JUNE 30, 2025DECEMBER 31, 2024
Euro$509,187 $509,187 
Canadian dollar350,000 350,000 

$859,187 $859,187 
We have designated these cross-currency swap agreements as hedges of net investments in our Euro and Canadian dollar denominated subsidiaries, and they require an exchange of the notional amounts at maturity. These cross-currency swap agreements are marked to market at the end of each reporting period, representing the fair values of the cross-currency swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets, while unrealized losses are recognized as liabilities. The excluded component of our cross-currency swap agreements is recorded in Accumulated other comprehensive items, net and amortized to interest expense on a straight-line basis.
INVESTMENTS
Our joint venture with AGC Equity Partners (the "Frankfurt JV") is accounted for as an equity method investment and is presented as a component of Other within Other assets, net in our Condensed Consolidated Balance Sheets. The carrying value and equity interest in the unconsolidated Frankfurt JV as of June 30, 2025 and December 31, 2024 are as follows (in thousands):
JUNE 30, 2025DECEMBER 31, 2024
CARRYING VALUEEQUITY INTERESTCARRYING VALUEEQUITY INTEREST
Frankfurt JV
$87,748 20 %$61,075 20 %
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
45
Table of Contents
Part I. Financial Information
ITEM 4. CONTROLS AND PROCEDURES
DISCLOSURE CONTROLS AND PROCEDURES
The term "disclosure controls and procedures" is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These rules refer to the controls and other procedures of a company that are designed to ensure that information is recorded, processed, accumulated, summarized, communicated and reported to management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding what is required to be disclosed by a company in the reports that it files under the Exchange Act.
As of June 30, 2025 (the "Evaluation Date"), we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of our disclosure controls and procedures. Based upon that evaluation, our chief executive officer and chief financial officer concluded that, as of the Evaluation Date, our disclosure controls and procedures are effective.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
Our management, with the participation of our principal executive officer and principal financial officer, is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act. Our internal control system is designed to provide reasonable assurance to our management and board of directors regarding the preparation and fair presentation of published financial statements.
There were no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
46

pgxx_partii.jpg

Table of Contents
Part II. Other Information
PART II. OTHER INFORMATION
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
We did not sell any unregistered equity securities during the three months ended June 30, 2025, nor did we repurchase any shares of our common stock during the three months ended June 30, 2025.
ITEM 5. OTHER INFORMATION
During the three months ended June 30, 2025, no director or officer of the Company adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
ITEM 6. EXHIBITS
(A) EXHIBITS
Certain exhibits indicated below are incorporated by reference to documents we have filed with the SEC. Each exhibit marked by a pound sign (#) is a management contract or compensatory plan.
EXHIBIT NO.DESCRIPTION
3.1
3.2
Certificate of Merger, amending the Certificate of Incorporation, effective January 20, 2015. (Incorporated by reference to Exhibit 3.2 to the Company’s Form 8-K filed with the SEC on January 21, 2015.)
3.3
Certificate of Amendment of the Certificate of Incorporation, effective May 31, 2024. (Incorporated by reference to Annex A to the Company's Proxy Statement for an Annual Meeting of Stockholders, filed with the SEC on April 19, 2024.)
3.4
Bylaws of the Company, effective May 9, 2023. (Incorporated by reference to Exhibit 3.1 to the Company's Form 8-K filed with the SEC on May 12, 2023.)
10.1
Fourth Amendment to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan. (#) (Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed with the SEC on June 4, 2025.)
10.2
31.1
31.2
32.1
32.2
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LABInline XBRL Taxonomy Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
104
Cover Page Interactive Data File. (Formatted as Inline XBRL and contained in Exhibit 101.)
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
48
Table of Contents
Part II. Other Information
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
IRON MOUNTAIN INCORPORATED
By:/s/ DANIEL BORGES
Daniel Borges
 Senior Vice President, Chief Accounting Officer
Dated: August 6, 2025
IRON MOUNTAIN JUNE 30, 2025 FORM 10-Q
49

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

DISCLAIMER

CompaniesMarketCap is not associated in any way with CoinMarketCap.com
Stock prices are delayed, the delay can range from a few minutes to several hours.
Company logos are from the CompaniesLogo.com logo database and belong to their respective copyright holders. Companies Marketcap displays them for editorial purposes only.

Contact

For inquiries or if you want to report a problem write to hello@8marketcap.com

Links

- Privacy policy

- Terms and conditions

© 2025 CompaniesMarketcap.com