$IRM

IRON MOUNTAIN INC

CIK:0001020569|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total Revenues	$ 2,029,062	$ 1,711,948	$ 3,965,211	$ 3,304,477
Operating Expenses:
Cost of sales (excluding depreciation and amortization)	958,609	754,837	1,848,412	1,465,041
Selling, general and administrative	402,339	390,456	775,103	720,193
Depreciation and amortization	281,395	252,566	549,234	484,720
Acquisition and Integration Costs	1,684	4,815	4,605	10,638
Restructuring and other transformation	0	50,340	0	105,086
Loss (gain) on disposal/write-down of property, plant and equipment, net	11,507	(962)	19,099	4,609
Total Operating Expenses	1,655,534	1,452,052	3,196,453	2,790,287
Operating Income (Loss)	373,528	259,896	768,758	514,190
Interest Expense, Net (includes Interest Income of $1,425 and $4,442 for the three months ended June 30, 2026 and 2025, respectively)	223,446	205,063	447,267	399,801
Other Expense (Income), Net	29,178	81,877	24,470	110,365
Net Income (Loss) Before Provision (Benefit) for Income Taxes	120,904	(27,044)	297,021	4,024
Provision (Benefit) for Income Taxes	14,802	16,296	41,920	31,131
Net Income (Loss)	106,102	(43,340)	255,101	(27,107)
Less: Net Income (Loss) Attributable to Noncontrolling Interests	4,672	1,581	10,006	1,862
Net Income (Loss) Attributable to Iron Mountain Incorporated	$ 101,430	$ (44,921)	$ 245,095	$ (28,969)
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:
Basic (in dollars per share)	$ 0.34	$ (0.15)	$ 0.82	$ (0.10)
Diluted (in dollars per share)	$ 0.34	$ (0.15)	$ 0.82	$ (0.10)
Weighted average common shares outstanding-basic (in shares)	297,741,000	295,364,000	297,295,000	294,935,000
Weighted average common shares outstanding-diluted (in shares)	299,849,000	295,364,000	299,342,000	294,935,000
Storage rental
Revenues:
Total Revenues	$ 1,134,611	$ 1,009,989	$ 2,229,376	$ 1,958,365
Service
Revenues:
Total Revenues	$ 894,451	$ 701,959	$ 1,735,835	$ 1,346,112

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net Income (Loss)	$ 255,101	$ (27,107)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Depreciation	394,971	343,013
Amortization (includes amortization of deferred financing costs and discounts of $16,110 and $15,659 for the six months ended June 30, 2026 and 2025, respectively)	170,373	157,366
Revenue reduction associated with amortization of customer inducements and above- and below-market leases	2,964	2,976
Stock-based compensation expense	85,044	86,448
Provision (benefit) for deferred income taxes	3,468	2,472
Loss (gain) on disposal/write-down of property, plant and equipment, net	19,099	4,609
Loss (gain) associated with the remeasurements of deferred purchase obligations	59,773	0
Foreign currency transactions and other, net	(20,940)	46,238
(Increase) decrease in assets	(196,314)	(135,299)
Increase (decrease) in liabilities	114,274	91,709
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation, Total	887,813	572,425
Cash Flows from Investing Activities:
Capital expenditures	(1,106,206)	(1,231,523)
Cash paid for acquisitions, net of cash acquired	0	(34,362)
Acquisition of customer intangibles	(40,176)	(9,905)
Contract costs	(30,310)	(41,534)
Investments in joint ventures and other investments, net	2,157	(43,585)
Proceeds from sales of property and equipment and other, net	8,170	10,099
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation, Total	(1,166,365)	(1,350,810)
Cash Flows from Financing Activities:
Repayment of revolving credit facility, term loan facilities and other debt	(10,667,709)	(7,353,497)
Proceeds from revolving credit facility, term loan facilities and other debt	10,046,549	8,991,334
Net proceeds from sale of senior note	1,485,000	0
Equity contribution from noncontrolling interests	95,168	0
Equity distribution to noncontrolling interests	(11,424)	(3,481)
Parent cash dividends	(532,742)	(455,236)
Payment of deferred purchase obligations and other deferred payments	(6,914)	(240,217)
Net (payments) proceeds associated with employee stock-based awards	(93,815)	(53,120)
Other, net	(10,128)	(2,915)
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation, Total	303,985	882,868
Effect of Exchange Rates on Cash and Cash Equivalents	20,825	(42,207)
Increase (Decrease) in Cash and Cash Equivalents	46,258	62,276
Cash and Cash Equivalents, Beginning of Period	158,535	155,716
Cash and Cash Equivalents, End of Period	204,793	217,992
Supplemental Information:
Cash Paid for Interest	461,459	386,391
Cash Paid for Income Taxes, Net	60,679	60,099
Non-Cash Investing and Financing Activities:
Financing Leases and Other	90,464	141,811
Accrued Capital Expenditures	298,947	242,272
Deferred Purchase Obligations and Other Deferred Payments	7,880	3,600
Dividends Payable	$ 266,909	$ 242,395

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
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
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
Iron Mountain Incorporated Stockholders' (Deficit) Equity:
Preferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding)	0	0
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