# IRON MOUNTAIN INC (IRM) Informational only - not investment advice. CIK: 0001020569 SIC: 6798 Real Estate Investment Trusts SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/) Latest 10-K filed: 2026-02-12 SEC page: https://www.sec.gov/edgar/browse/?CIK=1020569 Filing source: https://www.sec.gov/Archives/edgar/data/1020569/000102056926000013/irm-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-12 · accession 0001020569-26-000013 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001020569.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 6,901,737,000 USD | 2025 | verified | | Net income | 152,254,000 USD | 2025 | verified | | Assets | 21,125,019,000 USD | 2025 | verified | | Free cash flow | -931,629,000 USD | 2025 | computed | | Net margin | 2.21% | 2025 | computed | | Operating margin | 16.86% | 2025 | computed | | Revenue YoY | +12.23% | 2025 | computed | Stockholders' equity was not positive at FY2025 year-end (-981,007,000 USD, as filed); ROE and liabilities / equity are omitted rather than computed. Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). Peer groups: [Real estate investment trusts](/compare/reits/) · SIC 6798 Real Estate Investment Trusts No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including IRM - Real estate investment trusts: [peer review](/compare/reits/) · [market-risk page](/compare/reits/risk/) ### Peer percentile fingerprint | Ratio | IRM | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 2.2% | 16.8% | 24 | 149 | | Operating margin | 16.9% | 23.2% | 29 | 66 | | Revenue growth | 12.2% | 3.7% | 83 | 149 | | FCF margin | -13.5% | 21.8% | 4 | 70 | | ROA | 0.7% | 1.5% | 31 | 155 | | Current ratio | 0.74 | 0.80 | 40 | 11 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 6901737000 | USD | 2025 | 2026-02-12 | | Net income | 152254000 | USD | 2025 | 2026-02-12 | | Assets | 21125019000 | USD | 2025 | 2026-02-12 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001020569.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 3,511,453,000 | 3,845,578,000 | 1,603,306,000 | 1,581,497,000 | 4,147,270,000 | 4,491,531,000 | 5,103,574,000 | 5,480,289,000 | 6,149,909,000 | 6,901,737,000 | | Net income | 107,233,000 | 171,724,000 | 355,131,000 | 268,315,000 | 343,096,000 | 452,725,000 | 562,149,000 | 187,263,000 | 183,666,000 | 152,254,000 | | Operating income | 501,606,000 | 634,051,000 | 808,267,000 | 781,338,000 | 934,785,000 | 854,172,000 | 1,049,871,000 | 921,778,000 | 1,009,519,000 | 1,163,822,000 | | Diluted EPS | 0.42 | 0.64 | 1.23 | 0.93 | 1.19 | 1.55 | 1.90 | 0.63 | 0.61 | 0.49 | | Operating cash flow | 543,895,000 | 720,968,000 | 935,549,000 | 966,655,000 | 987,657,000 | 758,902,000 | 927,695,000 | 1,113,567,000 | 1,196,708,000 | 1,339,999,000 | | Capital expenditures | 328,603,000 | 343,131,000 | 460,062,000 | 692,983,000 | 438,263,000 | 611,082,000 | 875,378,000 | 1,339,223,000 | 1,791,564,000 | 2,271,628,000 | | Dividends paid | 505,871,000 | 439,999,000 | 673,635,000 | 704,526,000 | 716,290,000 | 718,340,000 | 724,388,000 | 737,650,000 | 789,527,000 | 919,388,000 | | Assets | 9,486,800,000 | 10,975,387,000 | 11,857,218,000 | 13,816,816,000 | 14,149,267,000 | 14,450,031,000 | 16,140,514,000 | 17,473,802,000 | 18,717,115,000 | 21,125,019,000 | | Stockholders' equity | 1,936,547,000 | 2,297,438,000 | 1,861,054,000 | 1,463,962,000 | 1,136,729,000 | 855,952,000 | 636,668,000 | 211,648,000 | -503,122,000 | -981,007,000 | | Cash and cash equivalents | 236,484,000 | 925,699,000 | 165,485,000 | 193,555,000 | 205,063,000 | 255,828,000 | 141,797,000 | 222,789,000 | 155,716,000 | 158,535,000 | | Free cash flow | 215,292,000 | 377,837,000 | 475,487,000 | 273,672,000 | 549,394,000 | 147,820,000 | 52,317,000 | -225,656,000 | -594,856,000 | -931,629,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 3.05% | 4.47% | 22.15% | 16.97% | 8.27% | 10.08% | 11.01% | 3.42% | 2.99% | 2.21% | | Operating margin | 14.28% | 16.49% | 50.41% | 49.40% | 22.54% | 19.02% | 20.57% | 16.82% | 16.42% | 16.86% | | Return on assets | 1.13% | 1.56% | 3.00% | 1.94% | 2.42% | 3.13% | 3.48% | 1.07% | 0.98% | 0.72% | | Current ratio | 1.06 | 1.47 | 0.81 | 0.63 | 0.64 | 0.71 | 0.81 | 0.78 | 0.55 | 0.74 | ## As-reported value updates 8 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/IRM/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001020569.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.66 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.22 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.00 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 1,388,175,000 | 91,391,000 | 0.31 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 1,419,829,000 | 29,194,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 1,476,863,000 | 77,025,000 | 0.25 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 1,534,409,000 | 34,621,000 | 0.12 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 1,557,358,000 | -33,665,000 | -0.11 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 1,581,279,000 | 105,685,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 1,592,529,000 | 16,233,000 | 0.05 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 1,711,948,000 | -43,340,000 | -0.15 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 1,754,093,000 | 86,241,000 | 0.28 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 1,843,167,000 | 93,120,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 1,936,149,000 | 148,999,000 | 0.48 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 2,029,062,000 | 106,102,000 | 0.34 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from IRM's latest 10-K: [/company/IRM/business/](/company/IRM/business/). ## Risk Factors Verbatim Item 1A Risk Factors from IRM's latest 10-K: [/company/IRM/risk-factors/](/company/IRM/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1020569/000102056926000071/irm-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-05 Report date: 2026-06-30 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations for the three and six months ended June 30, 2026 should be read in conjunction with our Condensed Consolidated Financial Statements and Notes thereto for the three and six months ended June 30, 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. [[GREPCENT_TABLE]] [["IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q","","","27"]] [[/GREPCENT_TABLE]] Table of Contents Part I. Financial Information OVERVIEW The following discussions set forth, for the periods indicated, management's discussion and analysis of financial condition and results of operations. Significant trends and changes are discussed for the three and six months ended June 30, 2026 within each section. Trends and changes that are consistent for both the three and six month periods are not repeated and are discussed on a year to date basis only. 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 six months ended June 30, 2026 consists of the following: [[GREPCENT_TABLE]] [["COST OF SALES","","SELLING, GENERAL AND ADMINISTRATIVE EXPENSES"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q","","","28"]] [[/GREPCENT_TABLE]] Table of Contents Part I. Financial Information 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: [[GREPCENT_TABLE]] [["EXCLUDED"],["\u2022Acquisition and Integration Costs (as defined below)\u2022Restructuring and other transformation\u2022Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate)","","\u2022Other expense (income), net\u2022Stock-based compensation expense\u2022Intangible impairments"]] [[/GREPCENT_TABLE]] 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. 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): [[GREPCENT_TABLE]] [["","THREE MONTHS ENDED JUNE 30,","","SIX MONTHS ENDED JUNE 30,"],["","2026","","2025","","2026","","2025"],["Net Income (Loss)","$","106,102","","","$","(43,340)","","","$","255,101","","","$","(27,107)"],["Add/(Deduct):"],["Interest expense, net","223,446","","","205,063","","","447,267","","","399,801"],["Provision (benefit) for income taxes","14,802","","","16,296","","","41,920","","","31,131"],["Depreciation and amortization","281,395","","","252,566","","","549,234","","","484,720"],["Acquisition and Integration Costs(1)","1,684","","","4,815","","","4,605","","","10,638"],["Restructuring and other transformation","\u2014","","","50,340","","","\u2014","","","105,086"],["Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate)","11,507","","","(962)","","","19,099","","","4,609"],["Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures","28,857","","","80,698","","","27,661","","","108,080"],["Stock-based compensation expense","56,787","","","60,354","","","85,044","","","86,448"],["Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures","2,438","","","2,558","","","5,026","","","4,888"],["Adjusted EBITDA","$","727,018","","","$","628,388","","","$","1,434,957","","","$","1,208,294"]] [[/GREPCENT_TABLE]] (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"). [[GREPCENT_TABLE]] [["IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q","","","29"]] [[/GREPCENT_TABLE]] Table of Contents Part I. Financial Information 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: [[GREPCENT_TABLE]] [["EXCLUDED"],["\u2022Acquisition and Integration Costs\u2022Restructuring and other transformation\u2022Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate)\u2022Other expense (income), net","","\u2022Stock-based compensation expense\u2022Non-cash amortization related to derivative instruments\u2022Tax impact of reconciling items and discrete tax items\u2022Amortization related to the write-off of certain customer relationship intangible assets"]] [[/GREPCENT_TABLE]] 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 [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1020569/000102056926000013/irm-20251231.htm Complete FY 2025 MD&A: /company/IRM/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-12 Report date: 2025-12-31 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion should be read in conjunction with the Consolidated Financial Statements and Notes thereto and the other financial and operating information included elsewhere in this Annual Report. This discussion contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and in other securities laws. See "Cautionary Note Regarding Forward-Looking Statements" on page iii of this Annual Report and "Item 1A. Risk Factors" beginning on page 8 of this Annual Report. [[GREPCENT_TABLE]] [["","IRON MOUNTAIN 2025 FORM 10-K","27"]] [[/GREPCENT_TABLE]] Table of Contents Part II OVERVIEW PROJECT MATTERHORN 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. Project Matterhorn investments focused on transforming our operating model to a global operating model. Project Matterhorn enabled the development of a solution-based sales approach that allowed us to optimize our shared services and best practices to better serve our customers' needs. As part of this, we invested to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We incurred approximately $574.4 million in Restructuring and other transformation costs related to Project Matterhorn since its inception. During the years ended December 31, 2025 and 2024, we incurred approximately $195.9 million and $161.4 million, respectively, in Restructuring and other transformation costs related to Project Matterhorn. Costs 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. 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. Our revenues consist of storage rental revenues and service revenues and are reflected net of sales and value-added taxes. Storage rental revenues, which are considered a key driver of financial performance for the storage and information management services industry, consist primarily of recurring periodic rental charges related to the storage of materials or data (generally on a per unit basis) that are typically retained by customers for many years and of revenues associated with our data center operations. Service revenues include charges for related service activities, the most significant of which include: (1) the handling of records, including the addition of new records, temporary removal of records from storage, refiling of removed records, customer termination and permanent withdrawal fees, project revenues and courier operations, consisting primarily of the pickup and delivery of records upon customer request; (2) secure shredding of sensitive documents and the subsequent sale of shredded paper for recycling, the price of which can fluctuate from period to period; (3) the decommissioning, data erasure, processing and disposition, and recycling or sale of IT hardware and component assets; and (4) digital solutions, including the scanning, imaging and document conversion services of active and inactive records, consulting services and the sale of software as a service, including our Digital Experience Platform. Cost of sales (excluding depreciation and amortization) consists primarily of labor, including wages and benefits for field personnel, facility occupancy costs (including rent and utilities), data center pass-through power costs, transportation expenses (including vehicle leases and fuel), other product cost of sales and other equipment costs and supplies. Of these, labor and facility occupancy costs are the most significant. Selling, general and administrative expenses consist primarily of wages and benefits for management, administrative, IT, sales, account management and marketing personnel, as well as expenses related to communications, travel, professional fees, bad debts, training, office equipment and supplies. [[GREPCENT_TABLE]] [["28","IRON MOUNTAIN 2025 FORM 10-K"]] [[/GREPCENT_TABLE]] Table of Contents Part II Cost of sales (excluding depreciation and amortization) and Selling, general and administrative expenses for the year ended December 31, 2025 consists of the following: [[GREPCENT_TABLE]] [["COST OF SALES","","SELLING, GENERAL AND ADMINISTRATIVE EXPENSES"]] [[/GREPCENT_TABLE]] Trends in facility occupancy costs are impacted by:•the total number of facilities we occupy;•the mix of properties we own versus properties we lease;•fluctuations in per square foot occupancy costs;•the levels of utilization of these properties; and•data center power costs.Trends in total wages and benefits in dollars and as a percentage of total revenue are influenced by:•changes in headcount and compensation levels;•achievement of incentive compensation targets;•workforce productivity; and•variability in costs associated with medical insurance and workers’ compensation. Our depreciation charges result primarily from depreciation related to storage systems, which include buildings, building and leasehold improvements, data center infrastructure, racking structures and computer systems hardware and software. Our amortization charges relate primarily to customer and supplier relationship intangible assets, Contract Costs (as defined below in Critical Accounting Estimates) and data center lease-based intangible assets. Both depreciation and amortization are impacted by the timing of acquisitions. Our consolidated revenues and expenses are subject to the net effect of foreign currency translation related to our operations outside the United States. It is difficult to predict the future fluctuations of foreign currency exchange rates and how those fluctuations will impact our Consolidated Statements of Operations. As a result of the relative size of our international operations, these fluctuations may be material on individual balances. Our revenues and expenses from our international operations are generally denominated in the local currency of the country in which they are derived or incurred. Therefore, the impact of currency fluctuations on our operating income and operating margin is partially mitigated. In order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, we compare the percentage change in the results from one period to another period in this report using constant currency presentation. The constant currency growth rates are calculated by translating the 2024 results at the 2025 average exchange rates. Constant currency growth rates are a non-GAAP measure. [[GREPCENT_TABLE]] [["","IRON MOUNTAIN 2025 FORM 10-K","29"]] [[/GREPCENT_TABLE]] Table of Contents Part II The following table is a comparison of underlying average exchange rates of the foreign currencies that had the most significant impact on our United States dollar-reported revenues and expenses: [[GREPCENT_TABLE]] [["","PERCENTAGE OF UNITED STATES DOLLAR- REPORTED REVENUE FOR THE YEAR ENDED DECEMBER 31,","","AVERAGE EXCHANGE RATES FOR THE YEAR ENDED DECEMBER 31,","","PERCENTAGE (WEAKENING) / STRENGTHENING OF FOREIGN CURRENCY"],["","2025","","2024","","2025","","2024"],["Australian dollar","2.7","%","","2.6","%","","$","0.645","","","$","0.660","","","(2.3)","%"],["British pound sterling","6.8","%","","6.9","%","","$","1.318","","","$","1.278","","","3.1","%"],["Canadian dollar","4.4","%","","4.9","%","","$","0.716","","","$","0.730","","","(1.9)","%"],["Euro","6.8","%","","6.8","%","","$","1.130","","","$","1.082","","","4.4","%"]] [[/GREPCENT_TABLE]] The percentage of United States dollar-reported revenues for all other foreign currencies was 13.0% and 13.6% for the years ended December 31, 2025 and 2024, respectively. [[GREPCENT_TABLE]] [["30","IRON MOUNTAIN 2025 FORM 10-K"]] [[/GREPCENT_TABLE]] Table of Contents Part II 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: [[GREPCENT_TABLE]] [["EXCLUDED"],["\u2022Acquisition and Integration Costs (as defined below)\u2022Restructuring and other transformation\u2022Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate)","\u2022Other expense (income), net\u2022Stock-based compensation expense\u2022Intangible impairments"]] [[/GREPCENT_TABLE]] 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. 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, net income (loss) or cash flows from operating activities. RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (IN THOUSANDS): [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/IRM/mda/fy2025/ All MD&A years: /company/IRM/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/IRM/mda/fy2024/): filed 2025-02-14; accession 0001020569-25-000040 (https://www.sec.gov/Archives/edgar/data/1020569/000102056925000040/irm-20241231.htm) - [FY 2023 MD&A](/company/IRM/mda/fy2023/): filed 2024-02-22; accession 0001020569-24-000040 (https://www.sec.gov/Archives/edgar/data/1020569/000102056924000040/irm-20231231.htm) - [FY 2022 MD&A](/company/IRM/mda/fy2022/): filed 2023-02-23; accession 0001020569-23-000043 (https://www.sec.gov/Archives/edgar/data/1020569/000102056923000043/irm-20221231.htm) - [FY 2021 MD&A](/company/IRM/mda/fy2021/): filed 2022-02-24; accession 0001020569-22-000035 (https://www.sec.gov/Archives/edgar/data/1020569/000102056922000035/irm-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/IRM.md · JSON record: /company/IRM.json · verified financials: /company/IRM/financials.json / /company/IRM/financials.csv · machine TOC for the whole site: /llms.txt