Iron Mountain Incorporated (IRM) SEC Filings & Earnings Calls
EquiReason read 13 Iron Mountain Incorporated SEC filings in the last 12 months. Latest: 10-Q on 2026-08-05 — Iron Mountain reported Q2 2026 total revenue of $2,029M (+18.5% YoY), net income of $106.1M vs a loss of $43.3M, and Adjusted EBITDA of $727M (+15.7% YoY)..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 32.7B
- P/E TTM
- 78.5
- Dividend yield
- 3.1%
- 52-week
- —
- Next earnings
- 5 Nov, in 12 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
5 Aug 202610-QIron Mountain reported Q2 2026 total revenue of $2,029M (+18.5% YoY), net income of $106.1M vs a loss of $43.3M, and Adjusted EBITDA of $727M (+15.7% YoY).earningsopen
Figures in the filing · each found in the filing text
| Total revenues · Q2-2026 | $2.03B | +19% y/y |
| Net income (loss) · Q2-2026 | $106M | -345% y/y |
| Adjusted EBITDA · Q2-2026 | $727M | +16% y/y |
| Adjusted EBITDA Margin · Q2-2026 | 35.8% | |
| Adjusted EPS (fully diluted) · Q2-2026 | $0.60 | +25% y/y |
| FFO (Normalized) · Q2-2026 | $304M | +18% y/y |
| Global RIM Business segment revenue · Global RIM Business · Q2-2026 | $1.43B | +8% y/y |
| Global Data Center Business segment revenue · Global Data Center Business · Q2-2026 | $263M | +39% y/y |
| Global RIM Business Adjusted EBITDA · Global RIM Business · Q2-2026 | $621M | +6% y/y |
| Global Data Center Business Adjusted EBITDA · Global Data Center Business · Q2-2026 | $137M | +43% y/y |
Guidance
FY2026 total capital expenditures expected approximately $2,200.0 million, with $2,050.0 million growth investment and $150.0 million recurring
Management expects continued total revenue and Adjusted EBITDA growth in 2026, with significant data center capex.
Risks flagged
High leverage
“Net total lease adjusted leverage ratio 4.8 Maximum allowable of 7.0” · word for word
Interest expense pressure
“Interest expense, net increased $47.5 million to $447.3 million in the six months ended June 30, 2026 from $399.8 million in the prior year period.” · word for word
Margin pressure from mix shift
“Adjusted EBITDA Margin for the six months ended June 30, 2026 decreased 40 basis points from the same prior year period driven by changes in our revenue mix” · word for word
5 Aug 20268-K · 2.02Total Revenue $2.03B (+18% y/y); Net Income $106M; Adjusted EBITDA $727M (+16% y/y); Guidance: Revenue raised to $7,940-8,010M; adjusted EBITDA raised to $2,945-2,975M; AFFO raised to $1,760-1,780Mearningsopen
Figures in the filing · each found in the filing text
| Total Revenue · Q2-2026 | $2.03B | +19% y/y |
| Net Income · Q2-2026 | $106M | |
| Adjusted EBITDA · Q2-2026 | $727M | +16% y/y |
| AFFO · Q2-2026 | $433M | +17% y/y |
| AFFO per share · Q2-2026 | $1.44 | +16% y/y |
| Data center leasing (YTD) · Data Center · FY2026 | $110.00 |
Guidance
Revenue raised to $7,940-8,010M; adjusted EBITDA raised to $2,945-2,975M; AFFO raised to $1,760-1,780M
Raising full-year guidance driven by strong operational performance and positive outlook.
Risks flagged
Execution risk on data center buildout; margin pressure from service revenue mix.
“Adjusted EBITDA Margin 35.8% vs 36.7% prior year”
26 Jun 20268-K · 1.01, 2.03Iron Mountain issued $1.0B of 6.250% Senior Notes due 2035, increasing leverage via a material definitive agreement and direct financial obligation.open
Risks flagged
Increased leverage from new debt issuance may raise interest expense and financial risk.
“The Notes and the guarantees will be the Company’s and the Subsidiary Guarantors’ general unsecured senior obligations”
30 Apr 20268-K · 2.02Total Revenue $1.94B (+22% y/y); Net Income $149M; Adjusted EBITDA $708M (+22% y/y); Guidance: Revenue guidance raised to $7.825-$7.925B (from $7.625-$7.775B); EBITDA to $2.925-$2.965B (from $2.875-$2.925B); AFFO to $1.735-$1.755B (from $1.earningsopen
Figures in the filing · each found in the filing text
| Total Revenue · Q1-2026 | $1.94B | +22% y/y |
| Net Income · Q1-2026 | $149M | |
| Adjusted EBITDA · Q1-2026 | $708M | +22% y/y |
| AFFO · Q1-2026 | $426M | +22% y/y |
| AFFO per share · Q1-2026 | $1.43 | +22% y/y |
| Storage Rental Revenue · Q1-2026 | $1.09B | +15% y/y |
| Service Revenue · Q1-2026 | $841M | +31% y/y |
| Adjusted EPS · Q1-2026 | $0.60 | +40% y/y |
| Data center capacity leased (through April) · Data Center · YTD April 2026 | 32 | |
| Data center capacity pipeline · Data Center · Next 24 months | 400 |
Guidance
Revenue guidance raised to $7.825-$7.925B (from $7.625-$7.775B); EBITDA to $2.925-$2.965B (from $2.875-$2.925B); AFFO to $1.735-$1.755B (from $1.705-$1.735B)
Iron Mountain raised full-year 2026 guidance across all key metrics, driven by record Q1 results and strong data center leasing momentum.
Risks flagged
Foreign exchange risk from international operations
“Excluding the impact of foreign currency exchange, total reported revenues increased 18.6%” · word for word
30 Apr 202610-QTotal Revenues $1.94B (+22% y/y); Adjusted EBITDA $708M (+22% y/y); Adjusted EBITDA Margin 36.6; Guidance: FY2026 capex guided ~$2.2B; dividend declared $0.864/shareopen
Figures in the filing · each found in the filing text
| Total Revenues · Q1-2026 | $1.94B | +22% y/y |
| Adjusted EBITDA · Q1-2026 | $708M | +22% y/y |
| Adjusted EBITDA Margin · Q1-2026 | 36.6% | |
| Global Data Center Segment Revenue · Global Data Center Business · Q1-2026 | $255M | +47% y/y |
| Global RIM Segment Revenue · Global RIM Business · Q1-2026 | $1.40B | +12% y/y |
| Net Income · Q1-2026 | $149M | +818% y/y |
| Operating Cash Flow · Q1-2026 | $339M | +72% y/y |
| Total Capital Expenditures (accrual basis) · Q1-2026 | $527M | -20% y/y |
| Data Center Growth Capex · Global Data Center Business · Q1-2026 | $408M | -29% y/y |
| Adjusted EPS · Q1-2026 | $0.60 | +40% y/y |
Guidance
FY2026 capex guided ~$2.2B; dividend declared $0.864/share
Management expects continued revenue and Adjusted EBITDA growth in 2026, with significant data center capex planned.
Risks flagged
Data center margin pressure from pass-through power costs
“a 30 basis point decrease in Adjusted EBITDA Margin reflecting higher pass-through power costs” · word for word
High leverage and interest expense
“Interest expense, net increased $29.1 million to $223.8 million ... primarily due to higher average debt outstanding” · word for word
Revenue mix shift pressuring margins
“changes in our revenue mix” · word for word
24 Mar 2026DEF 14AAnnual proxy statement filed, detailing executive compensation and corporate governance.open
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $6.90B | +12% y/y |
| Adjusted EBITDA · FY2025 | $2.60B | +15% y/y |
| Adjusted EBITDA Margin · FY2025 | 37.3% | |
| AFFO · FY2025 | $1.50B | +15% y/y |
| AFFO per Share · FY2025 | $5.17 | |
| Global RIM Segment Revenue · Global RIM · FY2025 | $5.30B | +6% y/y |
| Data Center Revenue · Data Center · FY2025 | $803M | +30% y/y |
| Data Center Adjusted EBITDA Margin · Data Center · FY2025 | 51.8% | |
| Data Center Total Potential Capacity · Data Center · FY2025 | $1.34 | |
| Data Center Leases Signed · Data Center · FY2025 | $63.00 |
Guidance
Quarterly dividend increased 10% to $0.785 per share in Q1 2025, then further to $0.864 per share in Q1 2026
Strong performance led to dividend increases and positive outlook.
Risks flagged
Execution Risk on Data Center Expansion
“We increased our total future capacity to 1.34 gigawatts.” · word for word
Cybersecurity Risk
“The Risk and Safety Committee is responsible for reviewing and monitoring cybersecurity and information security risk.” · word for word
12 Feb 20268-K · 2.02Total Revenues $1.84B (+17% y/y); Net Income $93M (-12% y/y); Adjusted EBITDA $705M (+17% y/y); Guidance: FY2026 revenue $7,625-7,775M (~12% YoY); Adjusted EBITDA $2,875-2,925M (~13% YoY); AFFO $1,705-1,735M (~12% YoY)earningsopen
Figures in the filing · each found in the filing text
| Total Revenues · Q4-2025 | $1.84B | +17% y/y |
| Net Income · Q4-2025 | $93M | -12% y/y |
| Adjusted EBITDA · Q4-2025 | $705M | +17% y/y |
| AFFO · Q4-2025 | $430M | +17% y/y |
| AFFO per share · Q4-2025 | $1.44 | +16% y/y |
| Storage Rental Revenue · Global RIM · Q4-2025 | $1.06B | +13% y/y |
| Service Revenue · Q4-2025 | $782M | +22% y/y |
| Adjusted EPS · Q4-2025 | $0.61 | +22% y/y |
Guidance
FY2026 revenue $7,625-7,775M (~12% YoY); Adjusted EBITDA $2,875-2,925M (~13% YoY); AFFO $1,705-1,735M (~12% YoY)
Strong guidance with double-digit revenue and profit growth; data center capacity pipeline provides visibility.
Risks flagged
Net income declined 12% YoY despite revenue growth; potential for higher interest costs or depreciation from data center investments.
“Net Income $93M vs $106M prior year (-12%)”
12 Feb 202610-KTotal Revenue $6.90B (+12% y/y); Adjusted EBITDA $2.57B (+15% y/y); Adjusted EBITDA Margin 37.3; Guidance: Expects total capital expenditures of approximately $2.2B in 2026, with $2.05B growth investment and $150M recurringopen
Figures in the filing · each found in the filing text
| Total Revenue · Consolidated · FY2025 | $6.90B | +12% y/y |
| Adjusted EBITDA · Consolidated · FY2025 | $2.57B | +15% y/y |
| Adjusted EBITDA Margin · Consolidated · FY2025 | 37.3% | |
| Net Income · Consolidated · FY2025 | $152M | -17% y/y |
| Operating Cash Flow · Consolidated · FY2025 | $1.34B | +12% y/y |
| Free Cash Flow · Consolidated · FY2025 | $-932M | -57% y/y |
| Storage Rental Revenue · Consolidated · FY2025 | $4.05B | +10% y/y |
| Service Revenue · Consolidated · FY2025 | $2.85B | +16% y/y |
| Global Data Center Segment Revenue · Global Data Center Business · FY2025 | $803M | +30% y/y |
| Global Data Center Segment Adjusted EBITDA Margin · Global Data Center Business · FY2025 | 51.8% |
Guidance
Expects total capital expenditures of approximately $2.2B in 2026, with $2.05B growth investment and $150M recurring
Management expects continued strong demand in data center segment, with significant capex planned for 2026 to support growth.
Risks flagged
High Leverage
“Net total lease adjusted leverage ratio 4.9x, maximum allowable of 7.0x.” · word for word
Interest Rate Exposure
“Interest expense, net increased $107.8 million to $829.3 million in the year ended December 31, 2025 from $721.6 million in the prior year period.” · word for word
Foreign Exchange Risk
“We recorded net foreign currency transaction losses of $105.6 million in the year ended December 31, 2025.” · word for word
13 Nov 20258-K · 1.01, 2.03Entered a material definitive agreement (acquisition, partnership, or major contract); took on a material direct financial obligation, increasing leverageopen
Risks flagged
Increased leverage with $200M additional term loans.
“incurred incremental term loans in an aggregate principal amount of $200,000,000” · word for word
5 Nov 202510-QIron Mountain reported strong Q3 2025 results with total revenue up 12.6%, Adjusted EBITDA up 16.2%, and data center segment revenue surging 33.2%.earningsopen
Figures in the filing · each found in the filing text
| Total revenues · Q3-2025 | $1.75B | +13% y/y |
| Total revenues · 9M-2025 | $5.06B | +11% y/y |
| Net income (loss) attributable to Iron Mountain Incorporated · Q3-2025 | $84M | +351% y/y |
| Net income (loss) attributable to Iron Mountain Incorporated · 9M-2025 | $55M | -27% y/y |
| Adjusted EBITDA · Q3-2025 | $660M | +16% y/y |
| Adjusted EBITDA · 9M-2025 | $1.87B | +15% y/y |
| Adjusted EBITDA Margin · Q3-2025 | 37.6% | |
| Adjusted EBITDA Margin · 9M-2025 | 36.9% | |
| Adjusted EPS—Fully Diluted · Q3-2025 | $0.54 | +23% y/y |
| Adjusted EPS—Fully Diluted · 9M-2025 | $1.48 | +16% y/y |
Guidance
total capex expected ~$1,950M for FY2025; growth capex ~$1,800M; recurring ~$150M
Management expects continued total revenue and Adjusted EBITDA growth for remainder of 2025 and into 2026, with data center growth capex of ~$1.8B.
Risks flagged
High leverage and debt service costs
“Interest expense, net increased by $82.4 million to $609.5 million in the nine months ended September 30, 2025 from $527.1 million in the prior year period. The increase is primarily due to higher average debt outstanding during the nine months ended September 30, 2025 compared to the prior year period.” · word for word
Restructuring execution risk
“We have incurred approximately $530.9 million in Restructuring and other transformation costs from the inception of Project Matterhorn through September 30, 2025.” · word for word
Foreign exchange volatility
“Foreign currency transaction (gains) losses, net $ (7,203) $ 46,657 $ (53,860)”
5 Nov 20258-K · 2.02Total Revenues $1.75B (+13% y/y); Net Income $86M; Adjusted EBITDA $660M (+16% y/y); Guidance: FY2025 revenue $6.79B-$6.94B; Adjusted EBITDA $2.52B-$2.57B; AFFO $1.505B-$1.53Bearningsopen
Figures in the filing · each found in the filing text
| Total Revenues · Q3-2025 | $1.75B | +13% y/y |
| Net Income · Q3-2025 | $86M | |
| Adjusted EBITDA · Q3-2025 | $660M | +16% y/y |
| Adjusted EBITDA Margin · Q3-2025 | 37.6% | |
| AFFO · Q3-2025 | $393M | +19% y/y |
| AFFO per share · Q3-2025 | $1.32 | +17% y/y |
| Storage Rental Revenue · Storage Rental · Q3-2025 | $1.03B | +10% y/y |
| Service Revenue · Service · Q3-2025 | $721M | +16% y/y |
Guidance
FY2025 revenue $6.79B-$6.94B; Adjusted EBITDA $2.52B-$2.57B; AFFO $1.505B-$1.53B
Reiterated FY2025 guidance with Q4 revenue expected +14% and EBITDA +14%. Strong momentum across all segments, especially growth businesses. Dividend increased 10%.
Government contract awards
federal awards · contract value, often multi-year| Date | Agency | Value | What for |
|---|---|---|---|
| 2026-09-28 | National Archives and Records Administra | $9M | THIS TASK ORDER IS FOR SERVICES TO COORDINATE AND PROVIDE STAFF AND TRANSPORTATION SERVICES TO PERFORM SHELF-TO-SHELF TRANSFER OF FEDERAL RECORDS BETWEEN VARIOUS NARA FACILITIES. |
| 2026-09-11 | Internal Revenue Service | $42M | DIGITALIZATION-AS-A-SERVICE; P00007 - EXERCISE OPTION YEAR 1 |
| 2026-07-01 | Internal Revenue Service | $10M | DIGITALIZATION-AS-A-SERVICE; FUNDING MODIFICATION |
| 2026-03-27 | Internal Revenue Service | $14M | DIGITALIZATION-AS-A-SERVICE, DIGITALIZING PAPER TAX AND INFORMATION RETURNS. P00003 ADDS FUNDING IN THE AMOUNT OF $13,720,718.00 AND CHANGES THE CONTRACTING OFFICER. |
| 2026-03-04 | U.S. Citizenship and Immigration Service | $29M | FY2026 ENTERPRISE DIGITIZATION CONTRACT - PHASE IV |
Iron Mountain Incorporated — questions
- What did Iron Mountain Incorporated file recently?
- 13 SEC filings in the last 12 months. Latest: 10-Q on 2026-08-05 — Iron Mountain reported Q2 2026 total revenue of $2,029M (+18.5% YoY), net income of $106.1M vs a loss of $43.3M, and Adjusted EBITDA of $727M (+15.7% YoY).
Every figure on this page comes from Iron Mountain Incorporated's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.