AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Evidence
However, in the event of such termination, we generally collect, and record as revenue, Permanent Withdrawal Fees that generally equal or exceed the amount of the unamortized Customer Inducement intangible asset.
Notes: customer inducements and Permanent Withdrawal Fees · Filed 12/02/2026
However, in the event of such termination, we generally collect, and record as revenue, Permanent Withdrawal Fees that generally equal or exceed the amount of the unamortized Customer Inducement intangible asset.
Notes: historical Permanent Withdrawal Fees · Filed 22/02/2024
Volume in and demand for our traditional storage related services has evolved as our customers adopt alternative storage technologies or as retention requirements change, which may require significantly less space than traditional physical records and tape storage; however, volumes in our Global RIM Business segment were relatively steady in 2024 and we expect them to remain relatively consistent in the near term.
Risk factors: relatively steady 2024 Global RIM volumes · Filed 14/02/2025
Volume in and demand for our traditional storage related services has evolved as our customers adopt alternative storage technologies or as retention requirements change, which may require significantly less space than traditional physical records and tape storage; however, volumes in our Global RIM Business segment were relatively steady in 2025 and we expect them to remain relatively consistent in the near term.
Risk factors: relatively steady 2025 Global RIM volumes · Filed 12/02/2026
The future minimum lease payments we expect to receive under non-cancellable data center operating leases for which we are the lessor, excluding month to month leases, for the next five years and thereafter are as follows: YEAR FUTURE MINIMUM LEASE PAYMENTS(1) 2026 $ 628,775 2027 627,803 2028 585,750 2029 570,311 2030 541,514 Thereafter 3,398,163 (1)Future minimum lease payments we expect to receive exclude payments for contingent and variable costs such as taxes, insurance, common area maintenance and power and connectivity, which are included in our total storage revenue.
Notes: non-cancellable data center minimum lease payments · Filed 12/02/2026
These amounts also exclude approximately $3,317,000 in total expected future minimum lease payments for non-cancellable leases that have not yet commenced, which we expect to receive over a weighted average period of 16 years.
Notes: non-cancellable data center leases not yet commenced · Filed 12/02/2026
•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.
MD&A: revenue management and improved data center pricing · Filed 05/08/2026
Our Global Data Center Business features storage rental provided to customers at contractually specified rates over a fixed contractual period.
Notes: contractually specified data center rates and periods · Filed 05/08/2026
A significant shift by our customers to storage of data through non-paper or non-tape-based technologies, whether now existing or developed in the future, could adversely affect our businesses.
Risk factors: substitution away from paper and tape · Filed 12/02/2026
We also compete with numerous data center developers, owners and operators, many of whom own properties comparable to ours in several of the same metropolitan areas where our facilities are located.
Competition: comparable competing data center properties · Filed 12/02/2026
Customer Inducements are treated as a reduction of the transaction price over the associated contract terms, which range from one to 10 years, and are included in storage and service revenue in the accompanying Consolidated Statements of Operations.
Notes: customer inducements reduce transaction prices · Filed 12/02/2026
In addition, the digitization of records may shift our revenue mix from the more predictable storage revenue to service revenue, which is inherently more volatile.
Risk factors: digitization and more volatile revenue mix · Filed 12/02/2026
Today, we are a global leader in information management services, and we are trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds.
Business overview: customer reach and geographic coverage · Filed 12/02/2026
Competition for records and information customers is driven by factors such as pricing, reputation and reliability, the quality and security of storage solutions and the scope and scale of technology.
Competition: reputation, reliability, security and pricing · Filed 12/02/2026
Additionally, we believe our strong brand, global footprint and excellent commercial relationships empower us to compete successfully and provide significant cross-selling opportunities with our existing customer base.
Competition: issuer claims concerning brand and relationships · Filed 12/02/2026
COMPETITION We face competition from numerous storage and information management services providers globally, as well as storage and information management services that are managed and operated internally by organizations.
Competition: external providers and internal customer operations · Filed 12/02/2026
A successful breach of the security of our IT systems could lead to theft or misuse of our customers’ proprietary or confidential information or our employees’ personal information and result in third party claims against us, regulatory penalties and reputational harm.
Risk factors: potential cybersecurity and reputational harm · Filed 12/02/2026
Over the past several years, our organic revenue growth has been positively impacted by our ability to effectively introduce, expand and monitor revenue management.
Risk factors: historical favorable revenue management · Filed 22/02/2024
Financial Information REVENUES Total revenues consist of the following (in thousands): THREE MONTHS ENDED JUNE 30, PERCENTAGE CHANGE 2026 2025 DOLLAR CHANGE ACTUAL CONSTANT CURRENCY(1) ORGANIC GROWTH(2) IMPACT OF ACQUISITIONS Storage Rental $ 1,134,611 $ 1,009,989 $ 124,622 12.3 % 11.5 % 11.3 % 0.2 % Service 894,451 701,959 192,492 27.4 % 26.3 % 24.8 % 1.5 % Total Revenues $ 2,029,062 $ 1,711,948 $ 317,114 18.5 % 17.6 % 16.8 % 0.8 % SIX MONTHS ENDED JUNE 30, PERCENTAGE CHANGE 2026 2025 DOLLAR CHANGE ACTUAL CONSTANT CURRENCY(1) ORGANIC GROWTH(2) IMPACT OF ACQUISITIONS Storage Rental $ 2,229,376 $ 1,958,365 $ 271,011 13.8 % 12.0 % 11.8 % 0.2 % Service 1,735,835 1,346,112 389,723 29.0 % 27.0 % 24.6 % 2.4 % Total Revenues $ 3,965,211 $ 3,304,477 $ 660,734 20.0 % 18.1 % 17.0 % 1.1 % (1)Constant currency growth rate, which is a non-GAAP measure, is calculated by translating the 2025 results at the 2026 average exchange rates.
MD&A: 2026 organic storage and service revenue growth · Filed 05/08/2026
Financial Information GLOBAL DATA CENTER BUSINESS (IN THOUSANDS) THREE MONTHS ENDED JUNE 30, PERCENTAGE CHANGE DOLLAR CHANGE ACTUAL CONSTANT CURRENCY ORGANIC GROWTH IMPACT OF ACQUISITIONS 2026 2025 Storage Rental $ 258,892 $ 188,279 $ 70,613 37.5 % 37.4 % 37.4 % — % Service 3,979 1,122 2,857 254.6 % 251.2 % 251.2 % — % Segment Revenue $ 262,871 $ 189,401 $ 73,470 38.8 % 38.7 % 38.7 % — % Segment Adjusted EBITDA $ 137,343 $ 96,266 $ 41,077 Segment Adjusted EBITDA Margin 52.2 % 50.8 % SIX MONTHS ENDED JUNE 30, PERCENTAGE CHANGE DOLLAR CHANGE ACTUAL CONSTANT CURRENCY ORGANIC GROWTH IMPACT OF ACQUISITIONS 2026 2025 Storage Rental $ 511,397 $ 361,224 $ 150,173 41.6 % 40.2 % 40.2 % — % Service 6,199 1,374 4,825 351.2 % 426.7 % 426.7 % — % Segment Revenue $ 517,596 $ 362,598 $ 154,998 42.7 % 41.4 % 41.4 % — % Segment Adjusted EBITDA $ 270,106 $ 187,082 $ 83,024 Segment Adjusted EBITDA Margin 52.2 % 51.6 % SIX MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL DATA CENTER BUSINESS (IN MILLIONS) Storage Rental Revenue Service Revenue Segment Revenue Segment Adjusted EBITDA Primary factors influencing the change in revenue and Adjusted EBITDA Margin in our Global Data Center Business segment for the six months ended June 30, 2026 compared to the prior year period include the following: •organic storage rental revenue growth from leases that commenced during the first six 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 60 basis point increase in Adjusted EBITDA Margin reflecting lease commencements, improved pricing and cost containment, partially offset by higher pass-through power costs.
MD&A: data center results, pricing, costs and lease commencements · Filed 05/08/2026
RESULTS OF OPERATIONS COMPARISON OF THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 TO THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 (IN THOUSANDS): THREE MONTHS ENDED JUNE 30, DOLLAR CHANGE PERCENTAGE CHANGE 2026 2025 Revenues $ 2,029,062 $ 1,711,948 $ 317,114 18.5 % Operating Expenses 1,655,534 1,452,052 203,482 14.0 % Operating Income 373,528 259,896 113,632 43.7 % Other Expenses, Net 267,426 303,236 (35,810) (11.8) % Net Income (Loss) 106,102 (43,340) 149,442 344.8 % Net Income (Loss) Attributable to Noncontrolling Interests 4,672 1,581 3,091 195.5 % Net Income (Loss) Attributable to Iron Mountain Incorporated $ 101,430 $ (44,921) $ 146,351 325.8 % Adjusted EBITDA(1) $ 727,018 $ 628,388 $ 98,630 15.7 % Adjusted EBITDA Margin(1) 35.8 % 36.7 % SIX MONTHS ENDED JUNE 30, DOLLAR CHANGE PERCENTAGE CHANGE 2026 2025 Revenues $ 3,965,211 $ 3,304,477 $ 660,734 20.0 % Operating Expenses 3,196,453 2,790,287 406,166 14.6 % Operating Income 768,758 514,190 254,568 49.5 % Other Expenses, Net 513,657 541,297 (27,640) (5.1) % Net Income (Loss) 255,101 (27,107) 282,208 1,041.1 % Net Income (Loss) Attributable to Noncontrolling Interests 10,006 1,862 8,144 437.4 % Net Income (Loss) Attributable to Iron Mountain Incorporated $ 245,095 $ (28,969) $ 274,064 946.1 % Adjusted EBITDA(1) $ 1,434,957 $ 1,208,294 $ 226,663 18.8 % Adjusted EBITDA Margin(1) 36.2 % 36.6 % (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.
MD&A: consolidated operating results and adjusted EBITDA margins · Filed 05/08/2026
COMPARISON OF YEAR ENDED DECEMBER 31, 2025 TO YEAR ENDED DECEMBER 31, 2024 (IN THOUSANDS): YEAR ENDED DECEMBER 31, DOLLAR CHANGE PERCENTAGE CHANGE 2025 2024 Revenues $ 6,901,737 $ 6,149,909 $ 751,828 12.2 % Operating Expenses 5,737,915 5,140,390 597,525 11.6 % Operating Income 1,163,822 1,009,519 154,303 15.3 % Other Expenses, Net 1,011,568 825,853 185,715 22.5 % Net Income (Loss) 152,254 183,666 (31,412) (17.1) % Net Income (Loss) Attributable to Noncontrolling Interests 7,663 3,510 4,153 118.3 % Net Income (Loss) Attributable to Iron Mountain Incorporated $ 144,591 $ 180,156 $ (35,565) (19.7) % Adjusted EBITDA(1) $ 2,573,950 $ 2,236,380 $ 337,570 15.1 % Adjusted EBITDA Margin(1) 37.3 % 36.4 % (1)See "Non-GAAP Measures—Adjusted EBITDA" in this Annual 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.
MD&A: 2025 consolidated operating results and margins · Filed 12/02/2026
CASH FLOWS The following is a summary of our cash balances and cash flows (in thousands) as of and for the six months ended June 30, 2026 2025 Cash Flows from Operating Activities $ 887,813 $ 572,425 Cash Flows from Investing Activities (1,166,365) (1,350,810) Cash Flows from Financing Activities 303,985 882,868 Cash and Cash Equivalents, End of Period 204,793 217,992 A.
Liquidity: operating, investing and financing cash flows · Filed 05/08/2026
Financial Information CAPITAL EXPENDITURES The following table presents our capital spend for the six months ended June 30, 2026 and 2025, organized by the type of the spending as described in our Annual Report (in thousands): SIX MONTHS ENDED JUNE 30, NATURE OF CAPITAL SPEND 2026 2025 Growth Investment Capital Expenditures: Data Center $ 880,086 $ 952,982 Real Estate 96,485 67,980 Innovation and Other 68,283 49,605 Total Growth Investment Capital Expenditures 1,044,854 1,070,567 Recurring Capital Expenditures: Data Center $ 8,333 $ 8,243 Real Estate 22,375 20,281 Non-Real Estate 42,560 34,353 Total Recurring Capital Expenditures 73,268 62,877 Total Capital Spend (on accrual basis) $ 1,118,122 $ 1,133,444 Net increase (decrease) in prepaid capital expenditures 5,856 (1,401) Net (increase) decrease in accrued capital expenditures (17,772) 99,480 Total Capital Spend (on cash basis) $ 1,106,206 $ 1,231,523 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.
Capital expenditures: actual spending and 2026 commitments · Filed 05/08/2026
C. CASH FLOWS FROM FINANCING ACTIVITIES Our significant financing activities during the six months ended June 30, 2026 included: •Net proceeds of approximately $1,485.0 million associated with the issuance of the 61/4% Notes due 2035 (as defined below).
Financing activities: senior note issuance · Filed 05/08/2026
•Payment of dividends in the amount of $532.7 million on our common stock.
Financing activities: common stock dividend payments · Filed 05/08/2026
Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) (UNAUDITED) JUNE 30, 2026 DECEMBER 31, 2025 ASSETS Current Assets: Cash and cash equivalents $ 204,793 $ 158,535 Accounts receivable (less allowances of $105,218 and $107,838 as of June 30, 2026 and December 31, 2025, respectively) 1,487,128 1,443,669 Prepaid expenses and other 411,820 332,779 Total Current Assets 2,103,741 1,934,983 Property, Plant and Equipment: Property, plant and equipment 15,426,928 14,457,335 Less—Accumulated depreciation (5,157,107) (4,911,010) Property, Plant and Equipment, Net 10,269,821 9,546,325 Other Assets, Net: Goodwill 5,267,192 5,285,801 Customer and supplier relationships and other intangible assets 1,235,492 1,269,607 Operating lease right-of-use assets 2,437,199 2,465,196 Other 641,997 623,107 Total Other Assets, Net 9,581,880 9,643,711 Total Assets $ 21,955,442 $ 21,125,019 LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt $ 220,809 $ 216,074 Accounts payable 857,182 710,662 Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) 1,421,561 1,290,669 Deferred revenue 397,974 402,091 Total Current Liabilities 2,897,526 2,619,496 Long-term Debt, net of current portion 17,128,840 16,215,885 Long-term Operating Lease Liabilities, net of current portion 2,265,294 2,300,448 Other Long-term Liabilities 373,987 450,083 Deferred Income Taxes 181,564 184,015 Commitments and Contingencies Redeemable Noncontrolling Interests 63,236 64,423 (Deficit) Equity: Iron Mountain Incorporated Stockholders' (Deficit) Equity: Preferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding) — — Common stock (par value $0.01; authorized 400,000,000 shares; issued and outstanding 297,662,013 and 295,788,645 shares as of June 30, 2026 and December 31, 2025, respectively) 2,977 2,958 Additional paid-in capital 4,821,527 4,790,190 (Distributions in excess of earnings) Earnings in excess of distributions (5,690,140) (5,405,147) Accumulated other comprehensive items, net (415,284) (369,008) Total Iron Mountain Incorporated Stockholders' (Deficit) Equity (1,280,920) (981,007) Noncontrolling Interests 325,915 271,676 Total (Deficit) Equity (955,005) (709,331) Total Liabilities and (Deficit) Equity $ 21,955,442 $ 21,125,019 The accompanying notes are an integral part of these condensed consolidated financial statements.
Balance sheet: debt and shares outstanding · Filed 05/08/2026
2026 PROXY STATEMENT 32 EXECUTIVE COMPENSATION We maintain the following policies and practices that drive our executive compensation programs: WHAT WE DO WHAT WE DON’T DO Align executive pay with performance Ensure proper balance of short- and long-term orientation in our incentive programs with a significant portion of executive target compensation at-risk Maintain meaningful executive stock ownership requirements Include executive clawback policy on all cash- and stock-based incentive compensation Hold an annual “Say-On-Pay” advisory vote Maintain a fully independent Compensation Committee, which retains an independent compensation consultant Cap incentive payouts as a percentage of target awards Assess the design and alignment of incentive plans with enterprise financial goals, strategy and shareholder interests on an annual basis Assess compensation-related risks on an annual basis No change in control “single trigger” equity acceleration provisions No excise tax gross-ups in connection with a change in control No dividends or dividend equivalents paid until vesting No supplemental executive retirement plans No hedging, pledging or unauthorized trading of the Company's securities by our executives or directors No evergreen provision in our long term incentive plan No excessive perquisites or personal benefits 2025 PERFORMANCE AND PAY HIGHLIGHTS In 2025, we continued to execute well against our growth strategy, achieving all-time record results for Revenue, Adjusted EBITDA, and Adjusted Funds from Operations (“AFFO”)(1).
Executive compensation: existing compensation policies and safeguards · Filed 24/03/2026
PERFORMANCE SUMMARY Based on the Company’s 2025 performance, the short-term incentive payout achievement as approved by the Compensation Committee, prior to the application of individual multipliers, was approximately 90.2% as outlined in the table below.
Executive compensation: approved 2025 short-term payout achievement · Filed 24/03/2026
In 2023 our executive team received PU awards that vested in March 2026 (the “2023 PUs”).
Executive compensation: 2023 performance units vested in March 2026 · Filed 24/03/2026
The payout for the 2023 PUs derived from the operational component was based on the Company’s performance against total revenue objectives measured at the conclusion of the three-year performance period ended December 31, 2025, subject to meeting a minimum level of ROIC.
Executive compensation: vested award revenue objectives and ROIC condition · Filed 24/03/2026
The guidelines require each director to own and retain Common Stock, exclusive of unexercised stock options and performance shares or performance units (“PUs”), having a value equal to six times the director’s annual cash retainer earned for serving on the Board.
Governance: director ownership requirement · Filed 24/03/2026
As of March 24, 2026, all of the Company’s non-employee directors are in compliance with the director stock ownership guidelines.
Governance: actual director ownership compliance as of March 24, 2026 · Filed 24/03/2026
The only management member serving as a director is our Chief Executive Officer (CEO) Separate Independent Board Chair and CEO Board committees are 100% independent Executive sessions at each Board and committee meeting Annual assessment of director compensation by independent compensation consultant Ongoing board refreshment, including the addition of three new directors in the past three years Annual Board and committee evaluations overseen by the Nominating and Governance Committee, including periodic engagement with third party advisors Effective board oversight of critical risk areas Annual election of directors with majority voting standard Robust stock ownership guidelines for executives and directors Commitment to transparent reporting on sustainability and corporate responsibility efforts Hedging and pledging of Company stock by directors and executives are prohibited Code of Ethics and Business Conduct No poison pill Proxy access 5 PROXY SUMMARY ▶5-YEAR TOTAL SHAREHOLDER RETURN ON $1 INVESTED AT JANUARY 1, 2021 CLOSE The MSCI US REIT Index is our primary benchmark for tracking our relative Total Shareholder Return (“TSR”) performance.
Governance: independent leadership, committees and shareholder protections · Filed 24/03/2026
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
Independent auditor: effective internal control opinion at December 31, 2025 · Filed 12/02/2026
In 2025, we completed our investments in Project Matterhorn, a global program designed to accelerate the growth of our business, which we announced in September 2022.
Transformation: completion of Project Matterhorn investments · Filed 12/02/2026
We incurred approximately $574,400 in Restructuring and other transformation costs related to Project Matterhorn since its inception.
Transformation: cumulative Project Matterhorn costs · Filed 12/02/2026
