Companies: 10,822     total market cap: $145.952 T
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Iron Mountain
IRM
#668
Rank
$37.21 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$125.07
Share price
-2.10%
Change (1 day)
26.68%
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. Submitted on 2026-04-30

Iron Mountain - 10-Q quarterly report FY


Text size:
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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 March 31, 2026
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 April 24, 2026, the registrant had 297,524,681 outstanding shares of common stock, $.01 par value.

Table of Contents

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IRON MOUNTAIN INCORPORATED
2026 FORM 10-Q QUARTERLY REPORT
TABLE OF CONTENTS
Condensed Consolidated Balance Sheets at March 31, 2026 and December 31, 2025
44
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Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q
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Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) (UNAUDITED)
 MARCH 31, 2026DECEMBER 31, 2025
ASSETS 
Current Assets: 
Cash and cash equivalents$250,710 $158,535 
Accounts receivable (less allowances of $109,363 and $107,838 as of March 31, 2026 and December 31, 2025, respectively)
1,424,635 1,443,669 
Prepaid expenses and other367,738 332,779 
Total Current Assets2,043,083 1,934,983 
Property, Plant and Equipment: 
Property, plant and equipment14,862,169 14,457,335 
Less—Accumulated depreciation(5,023,371)(4,911,010)
Property, Plant and Equipment, Net9,838,798 9,546,325 
Other Assets, Net: 
Goodwill5,274,865 5,285,801 
Customer and supplier relationships and other intangible assets1,231,051 1,269,607 
Operating lease right-of-use assets 2,451,023 2,465,196 
Other647,995 623,107 
Total Other Assets, Net9,604,934 9,643,711 
Total Assets$21,486,815 $21,125,019 
LIABILITIES AND EQUITY 
Current Liabilities: 
Current portion of long-term debt$216,965 $216,074 
Accounts payable782,546 710,662 
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities)1,271,577 1,290,669 
Deferred revenue386,446 402,091 
Total Current Liabilities2,657,534 2,619,496 
Long-term Debt, net of current portion16,886,016 16,215,885 
Long-term Operating Lease Liabilities, net of current portion 2,281,743 2,300,448 
Other Long-term Liabilities355,734 450,083 
Deferred Income Taxes180,436 184,015 
Commitments and Contingencies
Redeemable Noncontrolling Interests63,746 64,423 
(Deficit) Equity:  
Iron Mountain Incorporated Stockholders' (Deficit) Equity:  
Preferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding)
— — 
Common stock (par value $0.01; authorized 400,000,000 shares; issued and outstanding 297,478,818 and 295,788,645 shares as of March 31, 2026 and December 31, 2025, respectively)
2,975 2,958 
Additional paid-in capital4,717,301 4,790,190 
(Distributions in excess of earnings) Earnings in excess of distributions(5,532,669)(5,405,147)
Accumulated other comprehensive items, net(402,618)(369,008)
Total Iron Mountain Incorporated Stockholders' (Deficit) Equity(1,215,011)(981,007)
Noncontrolling Interests276,617 271,676 
Total (Deficit) Equity(938,394)(709,331)
Total Liabilities and (Deficit) Equity$21,486,815 $21,125,019 


The accompanying notes are an integral part of these condensed consolidated financial statements.
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Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
 
THREE MONTHS ENDED MARCH 31,
 20262025
Revenues:  
Storage rental$1,094,765 $948,376 
Service841,384 644,153 
Total Revenues1,936,149 1,592,529 
Operating Expenses:
Cost of sales (excluding depreciation and amortization)889,803 710,204 
Selling, general and administrative372,764 329,737 
Depreciation and amortization267,839 232,154 
Acquisition and Integration Costs2,921 5,823 
Restructuring and other transformation— 54,746 
Loss (gain) on disposal/write-down of property, plant and equipment, net
7,592 5,571 
Total Operating Expenses1,540,919 1,338,235 
Operating Income (Loss)395,230 254,294 
Interest Expense, Net (includes Interest Income of $1,503 and $3,463 for the three months ended
March 31, 2026 and 2025, respectively)
223,821 194,738 
Other (Income) Expense, Net(4,708)28,488 
Net Income (Loss) Before Provision (Benefit) for Income Taxes176,117 31,068 
Provision (Benefit) for Income Taxes27,118 14,835 
Net Income (Loss)148,999 16,233 
Less: Net Income (Loss) Attributable to Noncontrolling Interests5,334 281 
Net Income (Loss) Attributable to Iron Mountain Incorporated$143,665 $15,952 
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:  
Basic$0.48 $0.05 
Diluted$0.48 $0.05 
Weighted Average Common Shares Outstanding—Basic296,848 294,507 
Weighted Average Common Shares Outstanding—Diluted298,834 297,260 


















The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q
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Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(IN THOUSANDS) (UNAUDITED)
 
THREE MONTHS ENDED MARCH 31,
 20262025
Net Income (Loss)$148,999 $16,233 
Other Comprehensive (Loss) Income:  
Foreign Currency Translation Adjustment(39,468)74,916 
Change in Fair Value of Interest Rate Swaps4,436 (6,993)
Reclassifications from Accumulated Other Comprehensive Items, net1,207 — 
Total Other Comprehensive (Loss) Income(33,825)67,923 
Comprehensive Income (Loss)115,174 84,156 
Comprehensive Income (Loss) Attributable to Noncontrolling Interests5,119 621 
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated$110,055 $83,535 
        





















The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q
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Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY
(IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 2026
 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, 2025
$(709,331)295,788,645 $2,958 $4,790,190 $(5,405,147)$(369,008)$271,676 $64,423 
Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation(72,872)1,690,173 17 (72,889)— — — — 
Parent cash dividends declared(271,187)— — — (271,187)— — — 
Other comprehensive (loss) income(33,610)— — — — (33,610)— (215)
Net income (loss)149,229 — — — 143,665 — 5,564 (230)
Noncontrolling interests dividends(623)— — — — — (623)(232)
Balance, March 31, 2026
$(938,394)297,478,818 $2,975 $4,717,301 $(5,532,669)$(402,618)$276,617 $63,746 
THREE MONTHS ENDED MARCH 31, 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 compensation(37,653)1,376,103 14 (37,667)— — — — 
Parent cash dividends declared(241,280)— — — (241,280)— — — 
Other comprehensive income (loss)67,583 — — — — 67,583 — 340 
Net income (loss)15,909 — — — 15,952 — (43)324 
Noncontrolling interests dividends(2,160)— — — — — (2,160)(598)
Balance, March 31, 2025
$(502,275)294,968,740 $2,950 $4,609,663 $(4,808,764)$(502,369)$196,245 $78,237 










The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q
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Table of Contents
Part I. Financial Information
IRON MOUNTAIN INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS) (UNAUDITED)
 
THREE MONTHS ENDED MARCH 31,
 20262025
Cash Flows from Operating Activities: 
Net income (loss)$148,999 $16,233 
Adjustments to reconcile net income (loss) to cash flows from operating activities:  
Depreciation192,125 162,441 
Amortization (includes amortization of deferred financing costs and discounts of $8,048 and $7,856 for the three months ended March 31, 2026 and 2025, respectively)
83,762 77,569 
Revenue reduction associated with amortization of customer inducements and data center above- and below-market leases 1,498 1,317 
Stock-based compensation expense28,257 26,094 
Provision (benefit) for deferred income taxes2,295 (6,408)
Loss (gain) on disposal/write-down of property, plant and equipment, net 7,592 5,571 
Loss (gain) associated with the remeasurement of deferred purchase obligations17,837 — 
Foreign currency transactions and other, net(8,355)20,557 
(Increase) decrease in assets(65,908)(56,083)
(Decrease) increase in liabilities(69,552)(49,992)
Cash Flows from Operating Activities338,550 197,299 
Cash Flows from Investing Activities:  
Capital expenditures (518,013)(674,767)
Cash paid for acquisitions, net of cash acquired— (35,066)
Acquisition of customer intangibles(3,207)(8,925)
Contract costs(13,547)(31,450)
Investments in joint ventures and other investments, net(1,021)(16,748)
Proceeds from sales of property and equipment and other, net4,321 190 
Cash Flows from Investing Activities (531,467)(766,766)
Cash Flows from Financing Activities:  
Repayment of revolving credit facility, term loan facilities and other debt(3,917,052)(2,281,353)
Proceeds from revolving credit facility, term loan facilities and other debt4,575,108 3,390,322 
Equity distribution to noncontrolling interests (855)(2,758)
Parent cash dividends(275,589)(223,479)
Payment of deferred purchase obligations and other deferred payments(6,384)(240,217)
Net (payments) proceeds associated with employee stock-based awards (101,129)(63,747)
Other, net(2,877)64 
Cash Flows from Financing Activities271,222 578,832 
Effect of Exchange Rates on Cash and Cash Equivalents13,870 (9,743)
Increase (Decrease) in Cash and Cash Equivalents92,175 (378)
Cash and Cash Equivalents, Beginning of Period158,535 155,716 
Cash and Cash Equivalents, End of Period$250,710 $155,338 
Supplemental Information: 
Cash Paid for Interest$341,794 $267,214 
Cash Paid for Income Taxes, Net$26,444 $27,751 
Non-Cash Investing and Financing Activities:  
Financing Leases and Other$38,522 $52,284 
Accrued Capital Expenditures$301,901 $321,234 
Deferred Purchase Obligations and Other Deferred Payments$— $2,880 
Dividends Payable$265,161 $240,450 




The accompanying notes are an integral part of these condensed consolidated financial statements.
IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q
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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, 2025 included in our Annual Report on Form 10-K filed with the SEC on February 12, 2026 (our "Annual Report").
We have been organized and have operated as a real estate investment trust ("REIT") for United States federal income tax purposes beginning with our taxable year ended December 31, 2014.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. 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 three months ended March 31, 2026 is as follows:
Balance as of December 31, 2025
$107,838 
Credit memos charged to revenue25,675 
Allowance for bad debts charged to expense16,775 
Deductions and other(1)
(40,925)
Balance as of March 31, 2026
$109,363 
(1)Primarily consists of the issuance of credit memos, the write-off of accounts receivable and the impact associated with currency translation adjustments.
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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)
B. LEASES
We lease facilities for certain warehouses, data centers and office spaces. 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 March 31, 2026 and December 31, 2025 are as follows:
DESCRIPTIONMARCH 31, 2026DECEMBER 31, 2025
Assets:
Operating lease right-of-use assets$2,451,023 $2,465,196 
Financing lease right-of-use assets, net of accumulated depreciation(1)
482,621 470,803 
Liabilities:
Current
Operating lease liabilities$331,902 $319,129 
Financing lease liabilities(1)
61,119 56,287 
Long-term
Operating lease liabilities$2,281,743 $2,300,448 
Financing lease liabilities(1)
467,492 470,912 
(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 months ended March 31, 2026 and 2025 are as follows:
THREE MONTHS ENDED MARCH 31,
DESCRIPTION20262025
Operating lease cost(1)
$184,369 $173,308 
Financing lease cost:
Depreciation of financing lease right-of-use assets$17,369 $13,732 
Interest expense for financing lease liabilities7,366 6,129 
(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $48,459 and $46,405 for the three months ended March 31, 2026 and 2025, respectively.
Other information: Supplemental cash flow information relating to our leases for the three months ended March 31, 2026 and 2025 is as follows:
THREE MONTHS ENDED MARCH 31,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:20262025
Operating cash flows used in operating leases$128,116 $119,511 
Operating cash flows used in financing leases (interest)7,366 6,129 
Financing cash flows used in financing leases17,033 13,348 
NON-CASH ITEMS:
Operating lease modifications and reassessments$13,731 $(85,512)
New operating leases (including acquisitions)77,364 38,417 
In February 2026, we entered into a finance lease that is expected to commence in July 2026, with an initial lease term of 31 years. The total undiscounted minimum lease payments for this lease are approximately $223,400.
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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. GOODWILL
Our reporting units as of December 31, 2025 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 three months ended March 31, 2026 are as follows:
GLOBAL RIM BUSINESSGLOBAL DATA CENTER BUSINESSCORPORATE AND OTHERTOTAL CONSOLIDATED
Goodwill balance, net of accumulated amortization, as of December 31, 2025
$3,973,406 $482,864 $829,531 $5,285,801 
Fair value and other adjustments3,083 — (321)2,762 
Currency effects(8,509)(5,013)(176)(13,698)
Goodwill balance, net of accumulated amortization, as of March 31, 2026
$3,967,980 $477,851 $829,034 $5,274,865 
Accumulated goodwill impairment balance as of March 31, 2026
$132,409 $— $26,011 $158,420 
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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. FAIR VALUE MEASUREMENTS
The assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2026 and December 31, 2025 are as follows:
  
FAIR VALUE MEASUREMENTS AT MARCH 31, 2026 USING
DESCRIPTION
TOTAL CARRYING
VALUE AT
MARCH 31, 2026
QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1)		SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)(2)
Money Market Funds$37,985 $— $37,985 $— 
Time Deposits3,286 — 3,286 — 
Trading Securities8,552 6,716 1,836 — 
Derivative Liabilities57,292 — 57,292 — 
Deferred Purchase Obligations(1)
152,061 — — 152,061 
  FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2025 USING
DESCRIPTION
TOTAL CARRYING
VALUE AT
DECEMBER 31, 2025
QUOTED PRICES IN
ACTIVE MARKETS
(LEVEL 1)		SIGNIFICANT OTHER
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)(2)
Money Market Funds$7,149 $— $7,149 $— 
Time Deposits3,430 — 3,430 — 
Trading Securities8,220 6,400 1,820 — 
Derivative Liabilities71,869 — 71,869 — 
Deferred Purchase Obligations(1)
134,142 — — 134,142 
(1)The balance as of March 31, 2026 and December 31, 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).
(2)The following is a rollforward of the Level 3 liabilities presented above for December 31, 2025 through March 31, 2026:
Balance as of December 31, 2025
$134,142 
Additions— 
Payments— 
Other changes, including accretion17,919 
Balance as of March 31, 2026
$152,061 
The level 3 valuations of the deferred purchase obligations were determined utilizing a discounted cash flow model and take into account our forecasted projections as they relate to the underlying performance of the business. The discounted cash flow model incorporates assumptions as to expected results over the achievement period, including adjustments for volatility and timing, as well as discount rates that account for the risk of the arrangement and overall market risks. Any material change to these assumptions may result in a significantly higher or lower fair value of the deferred purchase obligations.
There were no material items that were measured at fair value on a non-recurring basis at March 31, 2026 and December 31, 2025 other than those disclosed in Note 2.p. to Notes to Consolidated Financial Statements included in our Annual Report.
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Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
E. ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET
The changes in Accumulated other comprehensive items, net for the three months ended March 31, 2026 and 2025 are as follows:
THREE MONTHS ENDED MARCH 31, 2026
THREE MONTHS ENDED MARCH 31, 2025
 FOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		DERIVATIVE FINANCIAL
INSTRUMENTS		TOTALFOREIGN
CURRENCY
TRANSLATION AND OTHER
ADJUSTMENTS		DERIVATIVE FINANCIAL
INSTRUMENTS		TOTAL
Beginning of Period$(358,049)$(10,959)$(369,008)$(568,129)$(1,823)$(569,952)
Other comprehensive (loss) income:
Foreign currency translation and other adjustments(39,253)— (39,253)74,576 — 74,576 
Change in fair value of interest rate swaps— 4,436 4,436 — (6,993)(6,993)
Reclassifications from accumulated other comprehensive items, net— 1,207 1,207 — — — 
Total other comprehensive (loss) income(39,253)5,643 (33,610)74,576 (6,993)67,583 
End of Period$(397,302)$(5,316)$(402,618)$(493,553)$(8,816)$(502,369)
F. REVENUES
Certain costs to fulfill or obtain customer contracts and certain initial direct costs of obtaining leases, including the costs associated with the initial movement of customer records into physical storage and certain commission expenses, 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 March 31, 2026 and December 31, 2025 are as follows:
MARCH 31, 2026DECEMBER 31, 2025
DESCRIPTIONGROSS
CARRYING
AMOUNT		ACCUMULATED
AMORTIZATION		NET
CARRYING
AMOUNT		GROSS
CARRYING
AMOUNT		ACCUMULATED
AMORTIZATION		NET
CARRYING
AMOUNT
Intake Costs and other fulfillment costs asset$105,151 $(57,260)$47,891 $111,923 $(60,999)$50,924 
Commissions asset246,296 (113,205)133,091 243,966 (110,365)133,601 
Deferred revenue liabilities are reflected in our Condensed Consolidated Balance Sheets as follows:
DESCRIPTIONLOCATION IN BALANCE SHEETMARCH 31, 2026
DECEMBER 31, 2025(1)
Deferred revenue—Current(2)
Deferred revenue$386,446 $402,091 
Deferred revenue—Long-term(3)
Other Long-term Liabilities157,013 165,804 
(1)    The beginning balance of current and long-term deferred revenue for the year ended December 31, 2025 was $326,882 and $110,601, respectively.
(2)    Approximately half of this revenue is expected to be recognized over the next month, with the remainder expected to be recognized over the next two to 12 months. The current deferred revenue accounted for under Accounting Standards Codification 842, Leases ("ASC 842") is approximately $55,300 and $41,600 as of March 31, 2026 and December 31, 2025, respectively.
(3)    The long-term deferred revenue accounted for under ASC 842 is approximately $138,800 and $141,100 as of March 31, 2026 and December 31, 2025, respectively.
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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)
In addition to our deferred revenue, we have remaining performance obligations related to certain customer contracts that have annual or monthly fixed fees with noncancelable terms. As of March 31, 2026, approximately $261,000 of remaining performance obligations are expected to be recognized as revenue over periods generally ranging from one to five years, with approximately 25% expected to be recognized within the next 12 months. As permitted under ASC 606, we do not disclose the value of remaining performance obligations for contracts as we have applied the "right to invoice" practical expedient (as described in Note 2.s. to Notes to Consolidated Financial Statements included in our Annual Report).
DATA CENTER LESSOR CONSIDERATIONS
Our Global Data Center Business features storage rental provided to customers at contractually specified rates over a fixed contractual period. Our data center revenue contracts are accounted for in accordance with ASC 842. Storage rental revenue associated with our Global Data Center Business for the three months ended March 31, 2026 and 2025 is as follows:
THREE MONTHS ENDED MARCH 31,
20262025
Storage rental revenue(1)
$252,505 $172,945 
(1)    Revenue associated with variable lease payments, primarily related to power and connectivity, included within storage rental revenue was approximately $59,900 and $34,400 for the three months ended March 31, 2026 and 2025, respectively.
G. STOCK-BASED COMPENSATION
Our stock-based compensation expense includes the cost of stock options, restricted stock units ("RSUs") and performance units ("PUs") (together, "Employee Stock-Based Awards").
STOCK-BASED COMPENSATION EXPENSE
Stock-based compensation expense for Employee Stock-Based Awards for the three months ended March 31, 2026 and 2025 is as follows:
THREE MONTHS ENDED MARCH 31,
20262025
Stock-based compensation expense$28,257 $26,094 
On March 1, 2026, we granted approximately 74,000 stock options, 552,000 RSUs and 441,000 PUs under the 2014 Plan (as defined in Note 2.t. to Notes to Consolidated Financial Statements included in our Annual Report).
As of March 31, 2026, unrecognized compensation cost related to the unvested portion of our Employee Stock-Based Awards, inclusive of our estimated achievement of the performance metrics, is $175,388.
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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)
H. OTHER (INCOME) EXPENSE, NET
Other (income) expense, net for the three months ended March 31, 2026 and 2025 consists of the following:
 THREE MONTHS ENDED MARCH 31,
DESCRIPTION20262025
Foreign currency transaction (gains) losses, net(1)
$(24,512)$29,663 
Other, net(2)
19,804 (1,175)
Other (Income) Expense, Net
$(4,708)$28,488 
(1)The gains for the three months ended March 31, 2026 primarily consist of the impact of changes in the exchange rate of the Euro against the United States dollar on our intercompany balances with and between certain of our subsidiaries.
(2)Other, net for the three months ended March 31, 2026 primarily consists of a loss of approximately $17,800 due to the change in value of our deferred purchase obligations and other deferred payments.
I. 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 months ended March 31, 2026 and 2025 are as follows:
 THREE MONTHS ENDED MARCH 31,
2026(1)
2025(2)
Effective Tax Rate15.4 %47.8 %
(1)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended March 31, 2026 were the (i) benefits derived from the dividends paid deduction, (ii) income we recorded in Other (income) expense, net during the period, as well as the differences in the tax rates to which our foreign earnings are subject, partially offset by (iii) disallowed interest expenses of certain entities.
(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 March 31, 2025 were the (i) lack of tax benefits recognized for the ordinary losses, (ii) disallowed interest expenses of certain entities and (iii) losses we recorded in Other expense (income), net during the period, as well as the differences in the tax rates to which our foreign earnings are subject, partially offset by (iv) benefits derived from the dividends paid deduction.
Effective on January 1, 2026, the One Big Beautiful Bill Act increased the maximum allowable value of a REIT’s total assets held in one or more taxable REIT subsidiaries at the end of any quarter from 20% to 25%.
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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)
J. INCOME (LOSS) PER SHARE—BASIC AND DILUTED
The calculations of basic and diluted income (loss) per share for the three months ended March 31, 2026 and 2025 are as follows:
 THREE MONTHS ENDED MARCH 31,
 20262025
Net Income (Loss)$148,999 $16,233 
Less: Net Income (Loss) Attributable to Noncontrolling Interests5,334 281 
Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation)$143,665 $15,952 
Weighted-average shares—basic296,848,000 294,507,000 
Effect of dilutive potential stock options1,704,000 2,162,000 
Effect of dilutive potential RSUs and PUs282,000 591,000 
Weighted-average shares—diluted298,834,000 297,260,000 
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:  
 Basic$0.48 $0.05 
 Diluted$0.48 $0.05 
Antidilutive stock options, RSUs and PUs excluded from the calculation229,681 98,685 
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 at March 31, 2026 and December 31, 2025 is as follows:
MARCH 31, 2026
DECEMBER 31, 2025
CARRYING VALUEEQUITY INTERESTCARRYING VALUEEQUITY INTEREST
Frankfurt JV
$82,641 20 %$85,156 20 %
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, 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.
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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)
As of March 31, 2026 and December 31, 2025, we have approximately $1,010,000 and $1,349,000, respectively, in notional value outstanding on our interest rate swap agreements. As of March 31, 2026, our interest rate swap agreements have maturity dates ranging from August 2026 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 March 31, 2026, our cross-currency swap agreements have maturity dates ranging from November 2026 through February 2029.
The notional values of our cross-currency swaps, by hedged currency, as of March 31, 2026 and December 31, 2025, are as follows:
 MARCH 31, 2026DECEMBER 31, 2025
Euro$504,559 $509,187 
Canadian dollar350,000 350,000 

$854,559 $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.
The fair values of derivative instruments recognized in our Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, by derivative instrument, are as follows:
MARCH 31, 2026
DECEMBER 31, 2025
DERIVATIVE INSTRUMENTS(1)
ASSETSLIABILITIESASSETSLIABILITIES
Cash Flow Hedges(2)
  
Interest rate swap agreements$— $(5,316)$— $(9,752)
Net Investment Hedges(3)
Cross-currency swap agreements— (51,976)— (62,117)
(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 March 31, 2026, $4,528 is included within Accrued expenses and other current liabilities and $52,764 is included within Other long-term liabilities. As of December 31, 2025, $63,634 is included within Accrued expenses and other current liabilities and $8,235 is included within Other long-term liabilities.
(2)As of March 31, 2026, cumulative net losses recorded within Accumulated other comprehensive items, net associated with our interest rate swap agreements are $5,316.
(3)As of March 31, 2026, cumulative net losses recorded within Accumulated other comprehensive items, net associated with our cross-currency swap agreements are $51,976. In addition, we have cumulative net gains of $62,711 related to the excluded component of our cross-currency swap agreements recorded within Accumulated other comprehensive items, net.
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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)
Unrealized gains (losses) recognized in Accumulated other comprehensive items, net during the three months ended March 31, 2026 and 2025, by derivative instrument, are as follows:
THREE MONTHS ENDED MARCH 31,
DERIVATIVE INSTRUMENTS20262025
Cash Flow Hedges 
Interest rate swap agreements$4,436 $(6,993)
Net Investment Hedges
Cross-currency swap agreements10,141 (25,119)
Cross-currency swap agreements (excluded component)(896)4,176 
(Losses) gains recognized in Net income (loss) during the three months ended March 31, 2026 and 2025, by derivative instrument, are as follows:
THREE MONTHS ENDED MARCH 31,
DERIVATIVE INSTRUMENTSLOCATION OF (LOSS) GAIN20262025
Cash Flow Hedges
Interest rate swap agreementsInterest expense$(1,207)$— 
Net Investment Hedges
Cross-currency swap agreements (excluded component)Interest expense896 (4,176)
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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:
 MARCH 31, 2026DECEMBER 31, 2025
 
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)
$1,285,000 $(7,724)$1,277,276 $1,285,000 $751,500 $(8,207)$743,293 $751,500 
Term Loan A(1)
481,250 — 481,250 481,250 487,500 — 487,500 487,500 
Term Loan B(1)
2,016,319 (11,885)2,004,434 2,026,313 2,020,957 (12,465)2,008,492 2,031,495 
Virginia 3 Term Loans due 2026
— — — — 271,079 (1,189)269,890 271,079 
Virginia 6 Term Loans(2)
210,000 (2,140)207,860 210,000 210,000 (2,633)207,367 210,000 
Virginia 7 Term Loans(2)
293,455 (3,535)289,920 293,455 275,314 (4,351)270,963 275,314 
Virginia 4/5 Term Loans due 2030(2)
208,224 (3,350)204,874 208,224 208,224 (3,529)204,695 208,224 
Virginia 3 Term Loans due 2031(3)
433,000 (8,583)424,417 433,000 — — — — 
Australian Dollar Term Loan(2)
267,998 (1,915)266,083 269,708 262,192 (1,965)260,227 263,948 
UK Revolving Credit Facility(2)
185,035 (1,684)183,351 185,035 188,385 (2,002)186,383 188,385 
47/8% Notes due 2027(2)
1,000,000 (2,133)997,867 993,750 1,000,000 (2,488)997,512 995,000 
51/4% Notes due 2028(2)
825,000 (2,362)822,638 818,813 825,000 (2,657)822,343 823,969 
5% Notes due 2028(2)
500,000 (1,688)498,312 492,500 500,000 (1,869)498,131 497,500 
7% Notes(2)
1,000,000 (6,027)993,973 1,013,750 1,000,000 (6,559)993,441 1,025,000 
47/8% Notes due 2029(2)
1,000,000 (5,063)994,937 966,250 1,000,000 (5,425)994,575 983,750 
51/4% Notes due 2030(2)
1,300,000 (6,518)1,293,482 1,254,500 1,300,000 (6,894)1,293,106 1,280,500 
41/2% Notes(2)
1,100,000 (6,119)1,093,881 1,023,000 1,100,000 (6,430)1,093,570 1,042,250 
5% Notes due 2032(2)
750,000 (8,268)741,732 701,250 750,000 (8,595)741,405 710,625 
55/8% Notes(2)
600,000 (3,678)596,322 577,500 600,000 (3,823)596,177 586,500 
61/4% Notes(2)
1,200,000 (12,302)1,187,698 1,183,500 1,200,000 (12,752)1,187,248 1,206,000 
Euro Notes(2)
1,380,536 (16,247)1,364,289 1,276,651 1,408,825 (16,765)1,392,060 1,370,082 
Real Estate Mortgages, Financing Lease Liabilities and Other780,096 (1,375)778,721 780,096 785,497 (1,512)783,985 785,497 
Accounts Receivable Securitization Program400,000 (336)399,664 400,000 400,000 (404)399,596 400,000 
Total Long-term Debt17,215,913 (112,932)17,102,981  16,544,473 (112,514)16,431,959 
Less Current Portion(216,965)— (216,965) (216,074)— (216,074) 
Long-term Debt, Net of Current Portion$16,998,948 $(112,932)$16,886,016  $16,328,399 $(112,514)$16,215,885  
(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 March 31, 2026 was $1,452,564 (which represents the maximum availability as of such date). The weighted average interest rate in effect under the Revolving Credit Facility was 5.4% as of March 31, 2026.
(2)Each as defined in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report.
(3)We believe the fair value (Level 2 of the fair value hierarchy described in Note 2.p. to Notes to Consolidated Financial Statements included in our Annual Report) of this debt instrument approximates its carrying value as these borrowings are based on current market interest rates.
See Note 6 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 March 31, 2026).
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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)
DATA CENTER DEBT AGREEMENTS
On January 9, 2026, Iron Mountain Data Centers Virginia 3, LLC and Iron Mountain Data Centers Virginia 3 Intermediate II, LLC, both wholly owned subsidiaries of Iron Mountain Incorporated, entered into a mortgage loan agreement and a mezzanine loan agreement with a total original principal balance of $433,000 (the "Virginia 3 Term Loans due 2031"). Virginia 3 Term Loans due 2031 are secured by the property of Iron Mountain Data Centers Virginia 3, LLC and are scheduled to mature on January 9, 2031, at which point all obligations will become due. The Virginia 3 Term Loans due 2031 bear interest at a weighted average rate of 6.33%. Total net proceeds from the Virginia 3 Term Loans due 2031 were used to repay the Virginia 3 Term Loans due 2026 (defined as the Virginia 3 Term Loans in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report) and a portion of the outstanding borrowings under the Revolving Credit Facility.
LETTERS OF CREDIT
As of March 31, 2026, we have outstanding letters of credit totaling $73,609, of which $12,436 reduce our borrowing capacity under the Revolving Credit Facility. The letters of credit expire at various dates between April 2026 and June 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.
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 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 March 31, 2026. 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.
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Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
7. STOCKHOLDERS' EQUITY MATTERS
DIVIDENDS
In fiscal year 2025 and the three months ended March 31, 2026, our board of directors declared the following dividends:
DECLARATION DATEDIVIDEND
PER SHARE		RECORD DATETOTAL
AMOUNT		PAYMENT DATE
February 13, 2025$0.785 March 17, 2025$231,549 April 4, 2025
May 1, 20250.785 June 16, 2025231,789 July 3, 2025
August 6, 20250.785 September 15, 2025231,972 October 3, 2025
November 5, 20250.864 December 15, 2025255,560 January 6, 2026
February 12, 20260.864 March 16, 2026257,022 April 3, 2026
On April 30, 2026, we declared a dividend to our stockholders of record as of June 15, 2026 of $0.864 per share, payable on July 3, 2026.
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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, 2025 are described in Note 10 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 asset lifecycle management ("ALM") and Fine Arts businesses and other corporate items ("Corporate and Other").
An analysis of our business segment information and reconciliation to the accompanying Condensed Consolidated Financial Statements for the three months ended March 31, 2026 and 2025 is as follows:
GLOBAL RIM BUSINESSGLOBAL
DATA CENTER BUSINESS		TOTAL REPORTABLE SEGMENTSCORPORATE 
AND OTHER 		TOTAL
CONSOLIDATED
For the Three Months Ended March 31, 2026
   
Total Revenues$1,404,086 $254,725 $1,658,811 $277,338 $1,936,149 
Storage Rental823,517 252,505 1,076,022 18,743 1,094,765 
Service580,569 2,220 582,789 258,595 841,384 
Other Segment Items(1)
786,407 121,962 908,369 
Adjusted EBITDA617,679 132,763 750,442 
Total Assets(2)
10,941,270 8,276,221 19,217,491 2,269,324 21,486,815 
For the Three Months Ended March 31, 2025
   
Total Revenues$1,255,942 $173,197 $1,429,139 $163,390 $1,592,529 
Storage Rental757,508 172,945 930,453 17,923 948,376 
Service498,434 252 498,686 145,467 644,153 
Other Segment Items(1)
699,628 82,381 782,009 
Adjusted EBITDA556,314 90,816 647,130 
Total Assets(2)
10,263,140 6,641,688 16,904,828 2,457,259 19,362,087 
(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.
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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 Income (Loss) Before Provision (Benefit) for Income Taxes for the three months ended March 31, 2026 and 2025 is as follows:
 THREE MONTHS ENDED MARCH 31,
20262025
Total Adjusted EBITDA for Reportable Segments$750,442 $647,130 
Add/(Deduct):
Corporate and other(42,503)(67,224)
Interest expense, net(223,821)(194,738)
Depreciation and amortization(267,839)(232,154)
Acquisition and Integration Costs(1)
(2,921)(5,823)
Restructuring and other transformation— (54,746)
(Loss) gain on disposal/write-down of property, plant and equipment, net (including real estate)(7,592)(5,571)
Other income (expense), net, excluding our share of (losses) gains from our unconsolidated joint ventures1,196 (27,382)
Stock-based compensation expense(28,257)(26,094)
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures(2,588)(2,330)
Total Net Income (Loss) Before Provision (Benefit) for Income Taxes$176,117 $31,068 
(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").
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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 months ended March 31, 2026 and 2025 is as follows:
THREE MONTHS ENDED MARCH 31,
20262025
Global RIM Business
Records Management(1)
$1,130,101 $991,827 
Data Management(1)
122,957 122,087 
Information Destruction(1)(2)
151,028 142,028 
Data Center(1)
— — 
Global Data Center Business
Records Management(1)
$— $— 
Data Management(1)
— — 
Information Destruction(1)
— — 
Data Center(1)
254,725 173,197 
Corporate and Other
Records Management(1)
$45,489 $42,787 
Data Management(1)
— — 
Information Destruction(1)(3)
231,849 120,603 
Data Center(1)
— — 
Total Consolidated
Records Management(1)
$1,175,590 $1,034,614 
Data Management(1)
122,957 122,087 
Information Destruction(1)(2)(3)
382,877 262,631 
Data Center(1)
254,725 173,197 
(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.


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Part I. Financial Information
IRON MOUNTAIN INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data) (Unaudited)
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 months ended March 31, 2026 and 2025 is as follows (approximately):
 THREE MONTHS ENDED MARCH 31,
20262025
Frankfurt JV Agreements(1)
$436 $— 
(1)Revenue associated with the Frankfurt JV Agreements is presented as a component of our Global Data Center Business segment.
10. RESTRUCTURING AND OTHER TRANSFORMATION
PROJECT MATTERHORN
In 2025, we completed our investments in Project Matterhorn, a global program designed to accelerate the growth of our business ("Project Matterhorn"), which we announced in September 2022. The implementation of Project Matterhorn resulted in Restructuring and other transformation costs which were comprised of: (1) restructuring costs, which included (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 included professional fees such as project management costs and costs for third party consultants who assisted in the enablement of our growth initiatives.
As Project Matterhorn was completed as of December 31, 2025, there were no Restructuring and other transformation costs for the three months ended March 31, 2026. Total Restructuring and other transformation costs for the three months ended March 31, 2025 was $54,746 and consisted of (i) restructuring costs of $21,856 and (ii) other transformation costs of $32,890.



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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 months ended March 31, 2026 should be read in conjunction with our Condensed Consolidated Financial Statements and Notes thereto for the three months ended March 31, 2026, included herein, and our Consolidated Financial Statements and Notes thereto for the year ended December 31, 2025, included in our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission ("SEC") on February 12, 2026 (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 business, 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, and regulatory and contractual requirements under government contracts;
•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;
•fluctuations in commodity prices;
•competition for customers;
•our ability to attract, develop, and retain key personnel;
•deficiencies in our disclosure controls and procedures or internal control over financial reporting;
•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.
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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 months ended March 31, 2026 within each section.
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 driven by new and existing digital offerings, traditional records management services and services in our asset lifecycle management ("ALM") business, all of which we expect to grow in the near term and benefit our organic service revenue growth in 2026.
•We expect continued total revenue and Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") growth in 2026 as a result of our focus on new product and service offerings, cross-selling opportunities, innovation, customer solutions and market expansion in line with our growth strategies.
Cost of sales (excluding depreciation and amortization) and Selling, general and administrative expenses for the three months ended March 31, 2026 consists of the following:
COST OF SALESSELLING, GENERAL AND ADMINISTRATIVE EXPENSES
03_IRM_FINANCIALINFO_COS.jpg
03_IRM_FINANCIALINFO_SGAE.jpg
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NON-GAAP MEASURES
ADJUSTED EBITDA
We define Adjusted EBITDA as net income (loss) 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
•Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate)
•Other (income) expense, 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 income (loss) or cash flows from operating activities.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (IN THOUSANDS):
THREE MONTHS ENDED MARCH 31,
20262025
Net Income (Loss)$148,999 $16,233 
Add/(Deduct):
Interest expense, net223,821 194,738 
Provision (benefit) for income taxes27,118 14,835 
Depreciation and amortization267,839 232,154 
Acquisition and Integration Costs(1)
2,921 5,823 
Restructuring and other transformation— 54,746 
Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate)
7,592 5,571 
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures
(1,196)27,382 
Stock-based compensation expense28,257 26,094 
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures2,588 2,330 
Adjusted EBITDA$707,939 $579,906 
(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").


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ADJUSTED EPS
We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) 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
•Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate)
•Other (income) expense, 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 INCOME (LOSS) ATTRIBUTABLE TO IRON MOUNTAIN INCORPORATED TO ADJUSTED EPS—FULLY DILUTED FROM NET INCOME (LOSS) ATTRIBUTABLE TO IRON MOUNTAIN INCORPORATED:
THREE MONTHS ENDED MARCH 31,
20262025
Reported EPS—Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated
$0.48 $0.05 
Add/(Deduct):
Acquisition and Integration Costs0.01 0.02 
Restructuring and other transformation— 0.18 
Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate)
0.03 0.02 
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures
— 0.09 
Stock-based compensation expense0.09 0.09 
Non-cash amortization related to derivative instruments— 0.01 
Tax impact of reconciling items and discrete tax items(1)
(0.02)(0.04)
Income (Loss) Attributable to Noncontrolling Interests0.02 — 
Adjusted EPS—Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated(2)
$0.60 $0.43 
(1)The differences between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended March 31, 2026 and 2025 are primarily due to (i) the reconciling items above, which impact our reported Net Income (Loss) 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 months ended March 31, 2026 and 2025 was 15.5% and 17.0%, 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.
(2)Columns may not foot due to rounding.
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FFO (NAREIT) AND FFO (NORMALIZED)
Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net income (loss) 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 income (loss).
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
•Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate)
•Other (income) expense, 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 INCOME (LOSS) TO FFO (NAREIT) AND FFO (NORMALIZED) (IN THOUSANDS):
THREE MONTHS ENDED MARCH 31,
20262025
Net Income (Loss)$148,999 $16,233 
Add/(Deduct):
Real estate depreciation111,459 94,147 
Loss (gain) on sale of real estate, net of tax717 312 
Data center lease-based intangible assets amortization1,842 2,019 
Our share of FFO (Nareit) reconciling items from our unconsolidated joint ventures1,598 1,496 
FFO (Nareit)264,615 114,207 
Add/(Deduct):
Acquisition and Integration Costs2,921 5,823 
Restructuring and other transformation— 54,746 
Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate)
6,875 5,292 
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures(1)
(1,196)27,382 
Stock-based compensation expense28,257 26,094 
Non-cash amortization related to derivative instruments(896)4,176 
Real estate financing lease depreciation3,924 3,148 
Tax impact of reconciling items and discrete tax items(2)
(9,896)(11,673)
Our share of FFO (Normalized) reconciling items from our unconsolidated joint ventures(57)(125)
FFO (Normalized)$294,547 $229,070 
(1)Includes foreign currency transaction (gains) losses, net and other, net. See Note 2.h. to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding the components of Other (income) expense, net.
(2)Represents the tax impact of (i) the reconciling items above, which impact our reported Net Income (Loss) 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 $(0.3) million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively.
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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, 2025.
RESULTS OF OPERATIONS
COMPARISON OF THE THREE MONTHS ENDED MARCH 31, 2026 TO THE THREE MONTHS ENDED MARCH 31, 2025 (IN THOUSANDS):
THREE MONTHS ENDED MARCH 31,DOLLAR
CHANGE		PERCENTAGE
CHANGE
20262025
Revenues$1,936,149$1,592,529$343,620 21.6 %
Operating Expenses1,540,9191,338,235202,684 15.1 %
Operating Income395,230254,294140,936 55.4 %
Other Expenses, Net246,231238,0618,170 3.4 %
Net Income (Loss) 148,99916,233132,766 817.9 %
Net Income (Loss) Attributable to Noncontrolling Interests5,3342815,053 1,798.2 %
Net Income (Loss) Attributable to Iron Mountain Incorporated$143,665$15,952$127,713 800.6 %
Adjusted EBITDA(1)
$707,939$579,906$128,033 22.1 %
Adjusted EBITDA Margin(1)
36.6 %36.4 %
(1)See "Non-GAAP Measures—Adjusted EBITDA" in this Quarterly Report for the definitions of Adjusted EBITDA and Adjusted EBITDA Margin, reconciliation of Net Income (Loss) 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.
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REVENUES
Total revenues consist of the following (in thousands):
THREE MONTHS ENDED MARCH 31,PERCENTAGE CHANGE
20262025DOLLAR
CHANGE		ACTUAL
CONSTANT
CURRENCY(1)
ORGANIC
GROWTH(2)
IMPACT OF
ACQUISITIONS
Storage Rental$1,094,765 $948,376 $146,389 15.4 %12.6 %12.4 %0.2 %
Service 841,384 644,153 197,231 30.6 %27.6 %24.3 %3.3 %
Total Revenues$1,936,149 $1,592,529 $343,620 21.6 %18.6 %17.2 %1.4 %
(1)Constant currency growth rate, which is a non-GAAP measure, is calculated by translating the 2025 results at the 2026 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 three months ended March 31, 2026 compared to the three months ended March 31, 2025 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 growth from new and existing customers in our ALM business; and
•an increase of $16.9 million due to recent acquisitions in our ALM business.
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OPERATING EXPENSES
COST OF SALES
Cost of sales (excluding depreciation and amortization) consists of the following expenses (in thousands):
THREE MONTHS ENDED MARCH 31,PERCENTAGE
CHANGE		% OF TOTAL REVENUESPERCENTAGE
CHANGE
(FAVORABLE)/
UNFAVORABLE
20262025DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		20262025
Labor$316,031 $273,981 $42,050 15.3 %11.8 %16.3 %17.2 %(0.9)%
Facilities330,647 287,406 43,241 15.0 %11.7 %17.1 %18.0 %(0.9)%
Transportation44,147 43,133 1,014 2.4 %(0.2)%2.3 %2.7 %(0.4)%
Product Cost of Sales and Other198,978 105,684 93,294 88.3 %85.6 %10.3 %6.6 %3.7 %
Total Cost of sales$889,803 $710,204 $179,599 25.3 %21.9 %46.0 %44.6 %1.4 %
Primary factors influencing the change in reported Cost of sales for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 include the following:
•an increase in labor costs driven by an increase in service activity, primarily within our Global RIM Business segment;
•an increase in facilities expenses, primarily driven by higher utilities cost in our Global Data Center Business segment, and increases in rent and real estate tax expense; and
•an increase in product cost of sales and other in our ALM business in line with product sales increases from new and existing customers.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses consists of the following expenses (in thousands):
THREE MONTHS ENDED MARCH 31,PERCENTAGE CHANGE% OF TOTAL REVENUESPERCENTAGE
CHANGE
(FAVORABLE)/
UNFAVORABLE
20262025DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		20262025
General, Administrative and Other$274,515 $242,874 $31,641 13.0 %11.2 %14.2 %15.3 %(1.1)%
Sales, Marketing and Account Management98,249 86,863 11,386 13.1 %9.6 %5.1 %5.5 %(0.4)%
Total Selling, general and administrative expenses$372,764 $329,737 $43,027 13.0 %10.8 %19.3 %20.7 %(1.4)%
Primary factors influencing the change in reported Selling, general and administrative expenses for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 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 $29.7 million, or 18.3%, for the three months ended March 31, 2026 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 $6.0 million, or 8.6%, for the three months ended March 31, 2026 compared to the prior year period.
ACQUISITION AND INTEGRATION COSTS
Acquisition and Integration Costs for the three months ended March 31, 2026 and 2025 were approximately $2.9 million and $5.8 million, respectively.
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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 three months ended March 31, 2026 and 2025 was approximately $7.6 million and $5.6 million, respectively.
OTHER EXPENSES, NET
INTEREST EXPENSE, NET
Interest expense, net increased $29.1 million to $223.8 million in the three months ended March 31, 2026 from $194.7 million in the prior year period. The increase is primarily due to higher average debt outstanding during the three months ended March 31, 2026 compared to the prior year period. Our weighted average interest rate, inclusive of the fees associated with our outstanding letters of credit, was 5.5% and 5.7% at March 31, 2026 and 2025, respectively. See Note 5 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding our indebtedness.
OTHER (INCOME) EXPENSE, NET
Other (income) expense, net for the three months ended March 31, 2026 and 2025 consists of the following (in thousands):
THREE MONTHS ENDED MARCH 31,DOLLAR
CHANGE
DESCRIPTION20262025
Foreign currency transaction (gains) losses, net(1)
$(24,512)$29,663 $(54,175)
Other, net(2)
19,804 (1,175)20,979 
Other (Income) Expense, Net$(4,708)$28,488 $(33,196)
(1)The gains for the three months ended March 31, 2026 primarily consist of the impact of changes in the exchange rate of the Euro against the United States dollar on our intercompany balances with and between certain of our subsidiaries.
(2)Other, net for the three months ended March 31, 2026 primarily consists of a loss of approximately $17.8 million due to the change in value of our deferred purchase obligations.
PROVISION (BENEFIT) 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 months ended March 31, 2026 and 2025 are as follows:
 THREE MONTHS ENDED MARCH 31,
20262025
Effective Tax Rate15.4 %47.8 %
The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended March 31, 2026 were the (i) benefits derived from the dividends paid deduction, (ii) income we recorded in Other (income) expense, net during the period, as well as the differences in the tax rates to which our foreign earnings are subject, partially offset by (iii) disallowed interest expenses of certain entities.
Effective on January 1, 2026, the One Big Beautiful Bill Act increased the maximum allowable value of a REIT’s total assets held in one or more taxable REIT subsidiaries at the end of any quarter from 20% to 25%.
Beginning in 2024, we became subject to the Organization for Economic Cooperation and Development (the “OECD”) Global Anti-Base Erosion Model Rules (“Pillar Two”). Pillar Two may impose additional taxes (“Top-Up Taxes”) if the effective tax rate (as defined by the OECD) in a jurisdiction is below 15%. Pillar Two does not apply to “Excluded Entities” and certain subsidiaries of Excluded Entities. We continue to believe that we qualify as an Excluded Entity as a “Real Estate Investment Vehicle.” In the event certain subsidiaries do not qualify as Excluded Entities, available safe harbor rules could apply that would exempt the entities from any Top-Up Taxes. Substantially all of our non-excluded, non-U.S. jurisdictions qualify for one or more of the safe harbor rules.
On January 5, 2026, the OECD announced a comprehensive Side-by-Side safe harbor package (the “SbS Safe Harbor”) that, if enacted, would exempt U.S.-parented multinational companies from certain Top-Up Taxes under Pillar Two beginning January 1, 2026. While the SbS Safe Harbor is not yet enacted in any foreign jurisdiction where we operate, we expect that the SbS Safe Harbor may be adopted prior to the year ended December 31, 2026.
We do not expect the Top-Up Taxes of the remaining non-U.S. jurisdictions that may not qualify for the safe harbor rules, or the Top-Up Taxes from our U.S. income that may be subject to Pillar Two, to have a material impact on our consolidated financial statements.
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NET INCOME (LOSS) AND ADJUSTED EBITDA
The following table reflects the effect of the foregoing factors on our net income (loss) and Adjusted EBITDA (in thousands):
THREE MONTHS ENDED MARCH 31,DOLLAR
CHANGE		PERCENTAGE CHANGE
20262025
Net Income (Loss)$148,999 $16,233 $132,766 817.9 %
Net Income (Loss) as a percentage of Revenue7.7 %1.0 %
Adjusted EBITDA$707,939 $579,906 $128,033 22.1 %
Adjusted EBITDA Margin36.6 %36.4 %

Adjusted EBITDA Margin for the three months ended March 31, 2026 increased 20 basis points from the same prior year period driven by favorable overhead management, offset by changes in our revenue mix.
↑ INCREASED BY
$128.0 MILLION OR 22.1%
Adjusted EBITDA
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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 MARCH 31,PERCENTAGE CHANGE
DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		ORGANIC
GROWTH		IMPACT OF ACQUISITIONS
20262025
Storage Rental$823,517$757,508$66,009 8.7 %5.9 %5.6 %0.3 %
Service 580,569498,43482,135 16.5 %13.4 %12.5 %0.9 %
Segment Revenue$1,404,086$1,255,942$148,144 11.8 %8.9 %8.3 %0.6 %
Segment Adjusted EBITDA$617,679$556,314$61,365 
Segment Adjusted EBITDA Margin 44.0 %44.3 %
THREE 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 three months ended March 31, 2026 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 30 basis point decrease in Adjusted EBITDA Margin primarily driven by changes in revenue mix, partially offset by favorable overhead management.
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Part I. Financial Information
GLOBAL DATA CENTER BUSINESS (IN THOUSANDS)
THREE MONTHS ENDED MARCH 31,PERCENTAGE CHANGE
DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		ORGANIC
GROWTH		IMPACT OF ACQUISITIONS
20262025
Storage Rental$252,505$172,945$79,560 46.0 %43.1 %43.1 %— %
Service2,2202521,968 781.0 %4,948.3 %4,948.3 %— %
Segment Revenue$254,725$173,197$81,528 47.1 %44.3 %44.3 %— %
Segment Adjusted EBITDA$132,763$90,816$41,947 
Segment Adjusted EBITDA Margin52.1 %52.4 %

THREE 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 three months ended March 31, 2026 compared to the prior year period include the following:
•organic storage rental revenue growth from leases that commenced during the first three months of 2026 and in prior periods, improved pricing and increased customer usage of power;
•an increase in Adjusted EBITDA primarily driven by organic storage rental revenue growth; and
•a 30 basis point decrease in Adjusted EBITDA Margin reflecting higher pass-through power costs, partially offset by ongoing cost management.
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CORPORATE AND OTHER (IN THOUSANDS)
THREE MONTHS ENDED MARCH 31,PERCENTAGE CHANGE
DOLLAR
CHANGE		ACTUALCONSTANT
CURRENCY		ORGANIC
GROWTH		IMPACT OF ACQUISITIONS
20262025
Storage Rental$18,743$17,923$820 4.6 %3.1 %3.1 %— %
Service 258,595145,467113,128 77.8 %75.6 %64.1 %11.5 %
Revenue$277,338$163,390$113,948 69.7 %67.6 %57.4 %10.2 %
Adjusted EBITDA$(42,503)$(67,224)$24,721  
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 three months ended March 31, 2026 compared to the prior year period include the following:
•an increase in service revenue of $16.9 million due to acquisitions in our ALM business;
•organic service revenue growth in our ALM business driven by growth from new and existing customers and improved component pricing trends; and
•an improvement in Adjusted EBITDA driven by service revenue improvement in our ALM business.
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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.
CASH FLOWS
The following is a summary of our cash balances and cash flows (in thousands) as of and for the three months ended March 31,
20262025
Cash Flows from Operating Activities $338,550 $197,299 
Cash Flows from Investing Activities (531,467)(766,766)
Cash Flows from Financing Activities 271,222 578,832 
Cash and Cash Equivalents, End of Period250,710 155,338 
A. CASH FLOWS FROM OPERATING ACTIVITIES
For the three months ended March 31, 2026, net cash flows provided by operating activities increased by $141.3 million compared to the prior year period, primarily due to an increase in net income (loss) (excluding non-cash charges) of $170.7 million, partially offset by a decrease in cash from working capital of $29.4 million.
B. CASH FLOWS FROM INVESTING ACTIVITIES
Our significant investing activity during the three months ended March 31, 2026 included cash paid for capital expenditures of $518.0 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 three months ended March 31, 2026 included:
•Net proceeds of approximately $658.1 million primarily associated with borrowings under the Revolving Credit Facility and our data center credit facilities, which were used to partially finance the construction of our data centers.
•Payment of dividends in the amount of $275.6 million on our common stock.



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Part I. Financial Information
CAPITAL EXPENDITURES
The following table presents our capital spend for the three months ended March 31, 2026 and 2025, organized by the type of the spending as described in our Annual Report (in thousands):
 THREE MONTHS ENDED MARCH 31,
NATURE OF CAPITAL SPEND20262025
Growth Investment Capital Expenditures:
Data Center$408,084 $575,999 
Real Estate46,936 30,934 
Innovation and Other37,070 21,584 
Total Growth Investment Capital Expenditures492,090 628,517 
Recurring Capital Expenditures:
Data Center$3,377 $3,067 
Real Estate7,778 8,196 
Non-Real Estate24,124 16,820 
Total Recurring Capital Expenditures35,279 28,083 
Total Capital Spend (on accrual basis)$527,369 $656,600 
Net increase (decrease) in prepaid capital expenditures11,370 (2,351)
Net (increase) decrease in accrued capital expenditures(20,726)20,518 
Total Capital Spend (on cash basis)$518,013 $674,767 
    
Excluding capital expenditures associated with potential future acquisitions, we expect total capital expenditures of approximately $2,200.0 million for the year ending December 31, 2026. Of this, we expect capital expenditures for growth investment of approximately $2,050.0 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 three months of 2026 and fiscal year 2025.
On April 30, 2026, we declared a dividend to our stockholders of record as of June 15, 2026 of $0.864 per share, payable on July 3, 2026.

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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 March 31, 2026 are related to cash and cash equivalents held in money market funds. See Note 2.d. 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 March 31, 2026 is as follows (in thousands):
 MARCH 31, 2026
 DEBT (INCLUSIVE OF DISCOUNT)UNAMORTIZED DEFERRED FINANCING COSTSCARRYING AMOUNT
Revolving Credit Facility(1)
$1,285,000 $(7,724)$1,277,276 
Term Loan A(1)
481,250 — 481,250 
Term Loan B(1)
2,016,319 (11,885)2,004,434 
Virginia 6 Term Loans(2)
210,000 (2,140)207,860 
Virginia 7 Term Loans(2)
293,455 (3,535)289,920 
Virginia 4/5 Term Loans due 2030(2)
208,224 (3,350)204,874 
Virginia 3 Term Loans due 2031
433,000 (8,583)424,417 
AUD Term Loan(2)
267,998 (1,915)266,083 
UK Revolving Credit Facility(2)
185,035 (1,684)183,351 
47/8% Notes due 2027(2)
1,000,000 (2,133)997,867 
51/4% Notes due 2028(2)
825,000 (2,362)822,638 
5% Notes due 2028(2)
500,000 (1,688)498,312 
7% Notes(2)
1,000,000 (6,027)993,973 
47/8% Notes due 2029(2)
1,000,000 (5,063)994,937 
51/4% Notes due 2030(2)
1,300,000 (6,518)1,293,482 
41/2% Notes(2)
1,100,000 (6,119)1,093,881 
5% Notes due 2032(2)
750,000 (8,268)741,732 
55/8% Notes(2)
600,000 (3,678)596,322 
61/4% Notes(2)
1,200,000 (12,302)1,187,698 
Euro Notes(2)
1,380,536 (16,247)1,364,289 
Real Estate Mortgages, Financing Lease Liabilities and Other780,096 (1,375)778,721 
Accounts Receivable Securitization Program400,000 (336)399,664 
Total Long-term Debt17,215,913 (112,932)17,102,981 
Less Current Portion(216,965)— (216,965)
Long-term Debt, Net of Current Portion$16,998,948 $(112,932)$16,886,016 
(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 6 to Notes to Consolidated Financial Statements included in our Annual Report.
See Note 6 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.
DATA CENTER DEBT AGREEMENTS
On January 9, 2026, Iron Mountain Data Centers Virginia 3, LLC and Iron Mountain Data Centers Virginia 3 Intermediate II, LLC, both wholly owned subsidiaries of Iron Mountain Incorporated, entered into a mortgage loan agreement and a mezzanine loan agreement with a total original principal balance of $433.0 million (the "Virginia 3 Term Loans due 2031"). Virginia 3 Term Loans due 2031 are secured by the property of Iron Mountain Data Centers Virginia 3, LLC and are scheduled to mature on January 9, 2031, at which point all obligations will become due. The Virginia 3 Term Loans due 2031 bear interest at a weighted average rate of 6.33%. Total net proceeds from the Virginia 3 Term Loans due 2031 were used to repay the Virginia 3 Term Loans due 2026 (defined as the Virginia 3 Term Loans in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report) and a portion of the outstanding borrowings under the Revolving Credit Facility.
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Part I. Financial Information
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 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 March 31, 2026 are as follows:
 MARCH 31, 2026MAXIMUM/MINIMUM ALLOWABLE
Net total lease adjusted leverage ratio4.8 Maximum allowable of 7.0
Fixed charge coverage ratio2.5 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 March 31, 2026. 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 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 the one-month Secured Overnight Financing Rate, 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 March 31, 2026 and December 31, 2025, we have approximately $1,010.0 million and $1,349.0 million, respectively, in notional value outstanding on our interest rate swap agreements. As of March 31, 2026, our interest rate swap agreements have maturity dates ranging from August 2026 through May 2027.
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Part I. Financial Information
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 March 31, 2026, our cross-currency swap agreements have maturity dates ranging from November 2026 through February 2029.
The notional values of our cross-currency swaps, by hedged currency, as of March 31, 2026 and December 31, 2025, are as follows (in thousands):
 MARCH 31, 2026DECEMBER 31, 2025
Euro$504,559 $509,187 
Canadian dollar350,000 350,000 

$854,559 $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 at March 31, 2026 is as follows (in thousands):
MARCH 31, 2026
CARRYING VALUEEQUITY INTEREST
Frankfurt JV
$82,641 20 %
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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 March 31, 2026 (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 March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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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 March 31, 2026, nor did we repurchase any shares of our common stock during the three months ended March 31, 2026.
ITEM 5. OTHER INFORMATION
On February 19, 2026, Mr. Daniel Borges, our Senior Vice President and Chief Accounting Officer, adopted a Rule 10b5-1 trading plan to sell (i) up to 288 shares of our common stock, (ii) 100% of the net shares to be acquired upon vesting of 1,578 gross restricted stock units and (iii) 100% of the net shares to be acquired upon vesting of 9,152 gross performance units, during the period from May 21, 2026 through November 30, 2026. Mr. Borges’ plan will terminate on the earlier of November 30, 2026 and the date that all trades under the plan are completed.
This arrangement was entered into during an open trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
ITEM 6. 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 the 2024 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
10.2
10.3
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.
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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: April 30, 2026
IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q
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