irm-20260630

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 June 30, 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

IRON MOUNTAIN INCORPORATED

(Exact Name of Registrant as Specified in Its Charter)


Delaware			23-2588479
(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 class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $.01 par value

IRM

NYSE

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 July 24, 2026, the registrant had 297,702,812 outstanding shares of common stock, $.01 par value.

Table of Contents

IRON MOUNTAIN INCORPORATED

2026 FORM 10-Q QUARTERLY REPORT

TABLE OF CONTENTS


PART I—FINANCIAL INFORMATION

	1	ITEM 1.	Unaudited Condensed Consolidated Financial Statements
		2	Condensed Consolidated Balance Sheets a s of June 30, 2026 and December 31, 2025
		3	Condensed Consolidated Statements of Operations for the Three Months Ended June 30, 2026 and 2025
		4	Condensed Consolidated Statements of Operations for the Six Months Ended June 30, 2026 and 2025
		5	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2026 and 2025
		6	Condensed Consolidated Statements of (Deficit) Equity for the Three and Six Months Ended June 30, 2026
		7	Condensed Consolidated Statements of (Deficit) Equity for the Three and Six Months Ended June 30, 2025
		8	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025
		9	Notes to Condensed Consolidated Financial Statements
	27	ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations
	47	ITEM 4.	Controls and Procedures

PART II—OTHER INFORMATION
	49	ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds
	49	ITEM 5.	Other Information
	49	ITEM 6.	Exhibits
	50	Signatures

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									1

Table of Contents

Part I. 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.


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									2

Table of Contents

Part I. Financial Information

IRON MOUNTAIN INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)


	THREE MONTHS ENDED JUNE 30,
	2026		2025
Revenues:
Storage rental	$	1,134,611	$	1,009,989
Service	894,451		701,959
Total Revenues	2,029,062		1,711,948
Operating Expenses:
Cost of sales (excluding depreciation and amortization)	958,609		754,837
Selling, general and administrative	402,339		390,456
Depreciation and amortization	281,395		252,566
Acquisition and Integration Costs	1,684		4,815
Restructuring and other transformation	—		50,340

Loss (gain) on disposal/write-down of property, plant and equipment, net	11,507		(962)
Total Operating Expenses	1,655,534		1,452,052
Operating Income (Loss)	373,528		259,896
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
Other Expense (Income), Net	29,178		81,877
Net Income (Loss) Before Provision (Benefit) for Income Taxes	120,904		(27,044)
Provision (Benefit) for Income Taxes	14,802		16,296


Net Income (Loss)	106,102		(43,340)
Less: Net Income (Loss) Attributable to Noncontrolling Interests	4,672		1,581
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	101,430	$	(44,921)
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:


Basic	$	0.34	$	(0.15)
Diluted	$	0.34	$	(0.15)
Weighted Average Common Shares Outstanding—Basic	297,741		295,364
Weighted Average Common Shares Outstanding—Diluted	299,849		295,364

The accompanying notes are an integral part of these condensed consolidated financial statements.


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									3

Table of Contents

Part I. Financial Information

IRON MOUNTAIN INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)


	SIX MONTHS ENDED JUNE 30,
	2026		2025
Revenues:
Storage rental	$	2,229,376	$	1,958,365
Service	1,735,835		1,346,112
Total Revenues	3,965,211		3,304,477
Operating Expenses:
Cost of sales (excluding depreciation and amortization)	1,848,412		1,465,041
Selling, general and administrative	775,103		720,193
Depreciation and amortization	549,234		484,720
Acquisition and Integration Costs	4,605		10,638
Restructuring and other transformation	—		105,086

Loss (gain) on disposal/write-down of property, plant and equipment, net	19,099		4,609
Total Operating Expenses	3,196,453		2,790,287
Operating Income (Loss)	768,758		514,190
Interest Expense, Net (includes Interest Income of $2,928 and $7,905 for the six months ended June 30, 2026 and 2025, respectively)	447,267		399,801
Other Expense (Income), Net	24,470		110,365
Net Income (Loss) Before Provision (Benefit) for Income Taxes	297,021		4,024
Provision (Benefit) for Income Taxes	41,920		31,131


Net Income (Loss)	255,101		(27,107)
Less: Net Income (Loss) Attributable to Noncontrolling Interests	10,006		1,862
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	245,095	$	(28,969)
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:


Basic	$	0.82	$	(0.10)
Diluted	$	0.82	$	(0.10)
Weighted Average Common Shares Outstanding—Basic	297,295		294,935
Weighted Average Common Shares Outstanding—Diluted	299,342		294,935

The accompanying notes are an integral part of these condensed consolidated financial statements.


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									4

Table of Contents

Part I. Financial Information

IRON MOUNTAIN INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(IN THOUSANDS) (UNAUDITED)


	THREE MONTHS ENDED JUNE 30,
	2026		2025
Net Income (Loss)	$	106,102	$	(43,340)
Other Comprehensive (Loss) Income:
Foreign Currency Translation Adjustment	(15,000)		139,892
Change in Fair Value of Interest Rate Swaps	2,371		(1,025)

Total Other Comprehensive (Loss) Income	(12,629)		138,867
Comprehensive Income (Loss)	93,473		95,527
Comprehensive Income (Loss) Attributable to Noncontrolling Interests	4,709		1,662
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	88,764	$	93,865


	SIX MONTHS ENDED JUNE 30,
	2026		2025
Net Income (Loss)	$	255,101	$	(27,107)
Other Comprehensive (Loss) Income:
Foreign Currency Translation Adjustment	(54,468)		214,808
Change in Fair Value of Interest Rate Swaps	6,807		(8,018)
Reclassifications from Accumulated Other Comprehensive Items, net	1,207		—
Total Other Comprehensive (Loss) Income	(46,454)		206,790
Comprehensive Income (Loss)	208,647		179,683
Comprehensive Income (Loss) Attributable to Noncontrolling Interests	9,828		2,283
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	198,819	$	177,400

The accompanying notes are an integral part of these condensed consolidated financial statements.


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									5

Table of Contents

Part I. Financial Information

IRON MOUNTAIN INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY

(IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED)


THREE MONTHS ENDED JUNE 30, 2026
			IRON MOUNTAIN INCORPORATED STOCKHOLDERS' (DEFICIT) EQUITY
			COMMON STOCK			ADDITIONAL PAID-IN CAPITAL		(DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS		ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET		NONCONTROLLING INTERESTS		REDEEMABLE NONCONTROLLING INTERESTS
	TOTAL		SHARES	AMOUNTS
Balance, March 31, 2026	$	(938,394)	297,478,818	$	2,975	$	4,717,301	$	(5,532,669)	$	(402,618)	$	276,617	$	63,746
Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation	64,101		183,195	2		64,099		—		—		—		—

Parent cash dividends declared	(258,901)		—	—		—		(258,901)		—		—		—
Other comprehensive (loss) income	(12,666)		—	—		—		—		(12,666)		—		37
Net income (loss)	106,233		—	—		—		101,430		—		4,803		(131)
Noncontrolling interests equity contributions and other	94,775		—	—		40,127		—		—		54,648		—
Noncontrolling interests dividends	(10,153)		—	—		—		—		—		(10,153)		(416)

Balance, June 30, 2026	$	(955,005)	297,662,013	$	2,977	$	4,821,527	$	(5,690,140)	$	(415,284)	$	325,915	$	63,236

SIX MONTHS ENDED JUNE 30, 2026
			IRON MOUNTAIN INCORPORATED STOCKHOLDERS' (DEFICIT) EQUITY
			COMMON STOCK			ADDITIONAL PAID-IN CAPITAL		(DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS		ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET		NONCONTROLLING INTERESTS		REDEEMABLE NONCONTROLLING INTERESTS
	TOTAL		SHARES	AMOUNTS
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	(8,771)		1,873,368	19		(8,790)		—		—		—		—

Parent cash dividends declared	(530,088)		—	—		—		(530,088)		—		—		—
Other comprehensive (loss) income	(46,276)		—	—		—		—		(46,276)		—		(178)
Net income (loss)	255,462		—	—		—		245,095		—		10,367		(361)
Noncontrolling interests equity contributions and other	94,775		—	—		40,127		—		—		54,648		—
Noncontrolling interests dividends	(10,776)		—	—		—		—		—		(10,776)		(648)

Balance, June 30, 2026	$	(955,005)	297,662,013	$	2,977	$	4,821,527	$	(5,690,140)	$	(415,284)	$	325,915	$	63,236

The accompanying notes are an integral part of these condensed consolidated financial statements.


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									6

Table of Contents

Part I. Financial Information

IRON MOUNTAIN INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY

(IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED)


THREE MONTHS ENDED JUNE 30, 2025
			IRON MOUNTAIN INCORPORATED STOCKHOLDERS' (DEFICIT) EQUITY
			COMMON STOCK			ADDITIONAL PAID-IN CAPITAL		(DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS		ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET		NONCONTROLLING INTERESTS		REDEEMABLE NONCONTROLLING INTERESTS
	TOTAL		SHARES	AMOUNTS
Balance, March 31, 2025	$	(502,275)	294,968,740	$	2,950	$	4,609,663	$	(4,808,764)	$	(502,369)	$	196,245	$	78,237
Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation	70,981		303,205	3		70,978		—		—		—		—

Parent cash dividends declared	(233,702)		—	—		—		(233,702)		—		—		—
Other comprehensive income (loss)	138,786		—	—		—		—		138,786		—		81
Net (loss) income	(42,575)		—	—		—		(44,921)		—		2,346		(765)
Noncontrolling interests equity contributions	(60)		—	—		(60)		—		—		—		—
Noncontrolling interests dividends	(22)		—	—		—		—		—		(22)		(701)

Balance, June 30, 2025	$	(568,867)	295,271,945	$	2,953	$	4,680,581	$	(5,087,387)	$	(363,583)	$	198,569	$	76,852

SIX MONTHS ENDED JUNE 30, 2025
			IRON MOUNTAIN INCORPORATED STOCKHOLDERS' (DEFICIT) EQUITY
			COMMON STOCK			ADDITIONAL PAID-IN CAPITAL		(DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS		ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET		NONCONTROLLING INTERESTS		REDEEMABLE NONCONTROLLING INTERESTS
	TOTAL		SHARES	AMOUNTS
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	33,328		1,679,308	17		33,311		—		—		—		—

Parent cash dividends declared	(474,982)		—	—		—		(474,982)		—		—		—
Other comprehensive income (loss)	206,369		—	—		—		—		206,369		—		421
Net (loss) income	(26,666)		—	—		—		(28,969)		—		2,303		(441)
Noncontrolling interests equity contributions	(60)		—	—		(60)		—		—		—		—
Noncontrolling interests dividends	(2,182)		—	—		—		—		—		(2,182)		(1,299)

Balance, June 30, 2025	$	(568,867)	295,271,945	$	2,953	$	4,680,581	$	(5,087,387)	$	(363,583)	$	198,569	$	76,852

The accompanying notes are an integral part of these condensed consolidated financial statements.


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									7

Table of Contents

Part I. Financial Information

IRON MOUNTAIN INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS) (UNAUDITED)


	SIX MONTHS ENDED JUNE 30,
	2026		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		—


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 Flows from Operating Activities	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	—		(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 Flows from Investing Activities	(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		—
Equity contribution from noncontrolling interests	95,168		—
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 Flows from Financing Activities	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

The accompanying notes are an integral part of these condensed consolidated financial statements.


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									8

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 six months ended June 30, 2026 is as follows:


Balance as of December 31, 2025	$	107,838
Credit memos charged to revenue	52,676
Allowance for bad debts charged to expense	31,863
Deductions and other(1)	(87,159)
Balance as of June 30, 2026	$	105,218

(1)Primarily consists of the issuance of credit memos, the write-off of accounts receivable and the impact associated with currency translation adjustments.


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									9

Table of Contents

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 June 30, 2026 and December 31, 2025 are as follows:


DESCRIPTION	JUNE 30, 2026		DECEMBER 31, 2025
Assets:
Operating lease right-of-use assets	$	2,437,199	$	2,465,196
Financing lease right-of-use assets, net of accumulated depreciation(1)	502,784		470,803
Liabilities:
Current
Operating lease liabilities	$	332,177	$	319,129
Financing lease liabilities(1)	63,245		56,287
Long-term
Operating lease liabilities	$	2,265,294	$	2,300,448
Financing lease liabilities(1)	490,672		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 lease expense for the three and six months ended June 30, 2026 and 2025 are as follows:


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
DESCRIPTION	2026		2025		2026		2025
Operating lease cost(1)	$	183,433	$	179,831	$	367,802	$	353,139
Financing lease cost:
Depreciation of financing lease right-of-use assets	$	19,582	$	15,246	$	36,951	$	28,978
Interest expense for financing lease liabilities	9,032		7,325		16,398		13,454

(1)Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $48,675 and $97,134 for the three and six months ended June 30, 2026, respectively, and $47,261 and $93,666 for the three and six months ended June 30, 2025, respectively.

Other information: Supplemental cash flow information relating to our leases for the six months ended June 30, 2026 and 2025 is as follows:


	SIX MONTHS ENDED JUNE 30,
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES:	2026		2025
Operating cash flows used in operating leases	$	258,236	$	244,840
Operating cash flows used in financing leases (interest)	16,398		13,454
Financing cash flows used in financing leases	34,265		27,242
NON-CASH ITEMS:
Operating lease modifications and reassessments	$	51,537	$	(21,629)
New operating leases (including acquisitions)	98,356		58,717

In February 2026, we entered into a finance lease that is expected to commence in the fourth quarter of 2026, with an initial lease term of 31 years. The total undiscounted minimum lease payments for this lease are approximately $223,400.


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									10

Table of Contents

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 six months ended June 30, 2026 are as follows:


	GLOBAL RIM BUSINESS		GLOBAL DATA CENTER BUSINESS		CORPORATE AND OTHER		TOTAL 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 adjustments	550		—		(321)		229
Currency effects	(12,042)		(6,557)		(239)		(18,838)
Goodwill balance, net of accumulated amortization, as of June 30, 2026	$	3,961,914	$	476,307	$	828,971	$	5,267,192
Accumulated goodwill impairment balance as of June 30, 2026	$	132,409	$	—	$	26,011	$	158,420


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									11

Table of Contents

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 June 30, 2026 and December 31, 2025 are as follows:


			FAIR VALUE MEASUREMENTS AS OF JUNE 30, 2026 USING
DESCRIPTION	TOTAL CARRYING VALUE AS OF JUNE 30, 2026		QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)(2)
Money Market Funds	$	19,590	$	—	$	19,590	$	—
Time Deposits	3,004		—		3,004		—
Trading Securities	9,346		7,493		1,853		—
Derivative Assets	3,380		—		3,380		—
Derivative Liabilities	54,717		—		54,717		—
Deferred Purchase Obligations(1)	194,310		—		—		194,310


			FAIR VALUE MEASUREMENTS AS OF DECEMBER 31, 2025 USING
DESCRIPTION	TOTAL CARRYING VALUE AS OF 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 Deposits	3,430		—		3,430		—
Trading Securities	8,220		6,400		1,820		—

Derivative Liabilities	71,869		—		71,869		—
Deferred Purchase Obligations(1)	134,142		—		—		134,142

(1)The balance as of June 30, 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 June 30, 2026:


Balance as of December 31, 2025	$	134,142
Additions	—
Payments	—
Other changes, including accretion	60,168
Balance as of June 30, 2026	$	194,310

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 as of June 30, 2026 and December 31, 2025 other than those disclosed in Note 2.p. to Notes to Consolidated Financial Statements included in our Annual Report.


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									12

Table of Contents

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 and six months ended June 30, 2026 and 2025 are as follows:


	THREE MONTHS ENDED JUNE 30, 2026						THREE MONTHS ENDED JUNE 30, 2025
	FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS		DERIVATIVE FINANCIAL INSTRUMENTS		TOTAL		FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS		DERIVATIVE FINANCIAL INSTRUMENTS		TOTAL
Beginning of Period	$	(397,302)	$	(5,316)	$	(402,618)	$	(493,553)	$	(8,816)	$	(502,369)
Other comprehensive (loss) income:
Foreign currency translation and other adjustments	(15,037)		—		(15,037)		139,811		—		139,811
Change in fair value of interest rate swaps	—		2,371		2,371		—		(1,025)		(1,025)

Total other comprehensive (loss) income	(15,037)		2,371		(12,666)		139,811		(1,025)		138,786
End of Period	$	(412,339)	$	(2,945)	$	(415,284)	$	(353,742)	$	(9,841)	$	(363,583)


	SIX MONTHS ENDED JUNE 30, 2026						SIX MONTHS ENDED JUNE 30, 2025
	FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS		DERIVATIVE FINANCIAL INSTRUMENTS		TOTAL		FOREIGN 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	(54,290)		—		(54,290)		214,387		—		214,387
Change in fair value of interest rate swaps	—		6,807		6,807		—		(8,018)		(8,018)
Reclassifications from accumulated other comprehensive items, net	—		1,207		1,207		—		—		—
Total other comprehensive (loss) income	(54,290)		8,014		(46,276)		214,387		(8,018)		206,369
End of Period	$	(412,339)	$	(2,945)	$	(415,284)	$	(353,742)	$	(9,841)	$	(363,583)


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									13

Table of Contents

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)

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 June 30, 2026 and December 31, 2025 are as follows:


	JUNE 30, 2026						DECEMBER 31, 2025
DESCRIPTION	GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION		NET CARRYING AMOUNT		GROSS CARRYING AMOUNT		ACCUMULATED AMORTIZATION		NET CARRYING AMOUNT
Intake Costs and other fulfillment costs asset	$	106,103	$	(59,739)	$	46,364	$	111,923	$	(60,999)	$	50,924
Commissions asset	249,604		(119,248)		130,356		243,966		(110,365)		133,601

Deferred revenue liabilities are reflected in our Condensed Consolidated Balance Sheets as follows:


DESCRIPTION	LOCATION IN BALANCE SHEET	JUNE 30, 2026		DECEMBER 31, 2025(1)
Deferred revenue—Current(2)	Deferred revenue	$	397,974	$	402,091
Deferred revenue—Long-term(3)	Other Long-term Liabilities	170,278		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 $75,000 and $41,600 as of June 30, 2026 and December 31, 2025, respectively.

(3) The long-term deferred revenue accounted for under ASC 842 is approximately $152,800 and $141,100 as of June 30, 2026 and December 31, 2025, respectively.

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 June 30, 2026, approximately $252,000 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 to which 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 and six months ended June 30, 2026 and 2025 is as follows:


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
Storage rental revenue(1)	$	258,892	$	188,279	$	511,397	$	361,224

(1) Revenue associated with variable lease payments, primarily related to power and connectivity, included within storage rental revenue was approximately $56,900 and $116,800 for the three and six months ended June 30, 2026, respectively, and $39,100 and $73,500 for the three and six months ended June 30, 2025, respectively.


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Table of Contents

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)

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 and six months ended June 30, 2026 and 2025 is as follows:


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
Stock-based compensation expense	$	56,787	$	60,354	$	85,044	$	86,448

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 June 30, 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 $152,371.

H. OTHER EXPENSE (INCOME), NET

Other expense (income), net for the three and six months ended June 30, 2026 and 2025 consists of the following:


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
DESCRIPTION	2026		2025		2026		2025
Foreign currency transaction (gains) losses, net(1)	$	(13,901)	$	87,155	$	(38,413)	$	116,818

Other, net(2)	43,079		(5,278)		62,883		(6,453)
Other Expense (Income), Net	$	29,178	$	81,877	$	24,470	$	110,365

(1)The gains for the three and six months ended June 30, 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 and six months ended June 30, 2026 primarily consists of a loss of approximately $41,900 and $59,700, respectively, due to the change in value of our deferred purchase obligations and other deferred payments.


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									15

Table of Contents

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)

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 and six months ended June 30, 2026 and 2025 are as follows:


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026(1)		2025(2)		2026(1)		2025(2)
Effective Tax Rate	12.2	%	60.3	%	14.1	%	773.6	%

(1)The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three and six months ended June 30, 2026 were the (i) benefits derived from the dividends paid deduction, (ii) non-taxable income 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 (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 and six months ended June 30, 2025 were the (i) lack of tax benefits recognized for the foreign exchange losses we recorded in Other expense (income), net, during the period, (ii) disallowed interest expenses of certain entities and (iii) 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%.

J. INCOME (LOSS) PER SHARE—BASIC AND DILUTED

The calculations of basic and diluted income (loss) per share for the three and six months ended June 30, 2026 and 2025 are as follows:


	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)
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)
Weighted-average shares—basic	297,741,000		295,364,000		297,295,000		294,935,000
Effect of potentially dilutive stock options	1,828,000		—		1,766,000		—
Effect of potentially dilutive RSUs and PUs	280,000		—		281,000		—
Weighted-average shares—diluted	299,849,000		295,364,000		299,342,000		294,935,000
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:
Basic	$	0.34	$	(0.15)	$	0.82	$	(0.10)
Diluted	$	0.34	$	(0.15)	$	0.82	$	(0.10)
Antidilutive stock options, RSUs and PUs excluded from the calculation	76,397		2,413,370		153,039		2,632,028


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									16

Table of Contents

Part I. Financial Information

IRON MOUNTAIN INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(In thousands, except share and per share data) (Unaudited)

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 as of June 30, 2026 and December 31, 2025 is as follows:


	JUNE 30, 2026				DECEMBER 31, 2025
	CARRYING VALUE		EQUITY INTEREST		CARRYING VALUE		EQUITY INTEREST
Frankfurt JV	$	78,209	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 ("SOFR"), 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 June 30, 2026 and December 31, 2025, we have approximately $1,032,000 and $1,349,000, respectively, in notional value outstanding on our interest rate swap agreements. As of June 30, 2026, our interest rate swap agreements have maturity dates ranging from August 2026 through June 2029.

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 June 30, 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 June 30, 2026 and December 31, 2025, are as follows:


	JUNE 30, 2026		DECEMBER 31, 2025
Euro	$	504,559	$	509,187
Canadian dollar	350,000		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.


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									17

Table of Contents

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)

The fair values of derivative instruments recognized in our Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, by derivative instrument, are as follows:


	JUNE 30, 2026				DECEMBER 31, 2025
DERIVATIVE INSTRUMENTS(1)	ASSETS		LIABILITIES		ASSETS		LIABILITIES
Cash Flow Hedges(2)
Interest rate swap agreements	$	—	$	(2,945)	$	—	$	(9,752)
Net Investment Hedges(3)
Cross-currency swap agreements	3,380		(51,772)		—		(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 June 30, 2026, $3,380 is included within Prepaid expenses and other, $2,416 is included within Accrued expenses and other current liabilities and $52,301 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 June 30, 2026, cumulative net losses recorded within Accumulated other comprehensive items, net associated with our interest rate swap agreements are $2,945.

(3)As of June 30, 2026, cumulative net losses recorded within Accumulated other comprehensive items, net associated with our cross-currency swap agreements are $48,392. In addition, we have cumulative net gains of $56,800 related to the excluded component of our cross-currency swap agreements recorded within Accumulated other comprehensive items, net.

Unrealized gains (losses) recognized in Accumulated other comprehensive items, net during the three and six months ended June 30, 2026 and 2025, by derivative instrument, are as follows:


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
DERIVATIVE INSTRUMENTS	2026		2025		2026		2025
Cash Flow Hedges
Interest rate swap agreements	$	2,371	$	(1,025)	$	6,807	$	(8,018)
Net Investment Hedges
Cross-currency swap agreements	3,584		(65,960)		13,725		(91,079)
Cross-currency swap agreements (excluded component)	(5,911)		4,177		(6,807)		8,353

(Losses) gains recognized in Net income (loss) during the three and six months ended June 30, 2026 and 2025, by derivative instrument, are as follows:


	LOCATION OF (LOSS) GAIN	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
DERIVATIVE INSTRUMENTS		2026		2025		2026		2025
Cash Flow Hedges
Interest rate swap agreements	Interest expense	$	—	$	—	$	(1,207)	$	—
Net Investment Hedges
Cross-currency swap agreements (excluded component)	Interest expense	5,911		(4,177)		6,807		(8,353)


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									18

Table of Contents

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:


	JUNE 30, 2026								DECEMBER 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)	$	30,000	$	(7,241)	$	22,759	$	30,000	$	751,500	$	(8,207)	$	743,293	$	751,500
Term Loan A(1)	475,000		—		475,000		475,000		487,500		—		487,500		487,500
Term Loan B(1)	2,011,653		(11,426)		2,000,227		2,021,130		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		(1,645)		208,355		210,000		210,000		(2,633)		207,367		210,000
Virginia 7 Term Loans(2)	293,455		(2,719)		290,736		293,455		275,314		(4,351)		270,963		275,314
Virginia 9 Term Loans(3)	29,595		(7,038)		22,557		29,595		—		—		—		—
Virginia 4/5 Term Loans due 2030(2)	208,224		(3,167)		205,057		208,224		208,224		(3,529)		204,695		208,224
Virginia 3 Term Loans due 2031(3)	433,000		(8,137)		424,863		433,000		—		—		—		—
Australian Dollar Term Loan(2)	267,257		(1,814)		265,443		268,877		262,192		(1,965)		260,227		263,948
UK Revolving Credit Facility(2)	185,405		(1,405)		184,000		185,405		188,385		(2,002)		186,383		188,385
47/8% Notes due 2027(2)(4)	1,000,000		(1,777)		998,223		998,750		1,000,000		(2,488)		997,512		995,000
51/4% Notes due 2028(2)(4)	825,000		(2,067)		822,933		822,938		825,000		(2,657)		822,343		823,969
5% Notes due 2028(2)(4)	500,000		(1,507)		498,493		496,250		500,000		(1,869)		498,131		497,500
7% Notes(2)(4)	1,000,000		(5,495)		994,505		1,016,250		1,000,000		(6,559)		993,441		1,025,000
47/8% Notes due 2029(2)(4)	1,000,000		(4,701)		995,299		976,250		1,000,000		(5,425)		994,575		983,750
51/4% Notes due 2030(2)(4)	1,300,000		(6,142)		1,293,858		1,275,625		1,300,000		(6,894)		1,293,106		1,280,500
41/2% Notes(2)(4)	1,100,000		(5,809)		1,094,191		1,047,750		1,100,000		(6,430)		1,093,570		1,042,250
5% Notes due 2032(2)	750,000		(7,942)		742,058		718,125		750,000		(8,595)		741,405		710,625
55/8% Notes(2)(4)	600,000		(3,533)		596,467		591,750		600,000		(3,823)		596,177		586,500
61/4% Notes(2)(4)	1,200,000		(11,852)		1,188,148		1,210,500		1,200,000		(12,752)		1,187,248		1,206,000
Euro Notes(2)(4)	1,368,929		(15,728)		1,353,201		1,358,662		1,408,825		(16,765)		1,392,060		1,370,082
61/4% Senior Notes due 2035 (the "61/4% Notes due 2035")(4)(5)	1,500,000		(18,220)		1,481,780		1,503,750		—		—		—		—
Real Estate Mortgages, Financing Lease Liabilities and Other	794,087		(1,277)		792,810		794,087		785,497		(1,512)		783,985		785,497
Accounts Receivable Securitization Program	400,500		(1,814)		398,686		400,500		400,000		(404)		399,596		400,000
Total Long-term Debt	17,482,105		(132,456)		17,349,649				16,544,473		(112,514)		16,431,959
Less Current Portion	(220,809)		—		(220,809)				(216,074)		—		(216,074)
Long-term Debt, Net of Current Portion	$	17,261,296	$	(132,456)	$	17,128,840			$	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 June 30, 2026 was $2,707,574 (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 June 30, 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.


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Table of Contents

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)

(4)Collectively, the "Parent Notes". Iron Mountain Incorporated ("IMI") is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior basis, by the Note Guarantors. These guarantees are joint and several obligations of the Note Guarantors. The remainder of our subsidiaries do not guarantee the Parent Notes.

(5)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 is based on a quoted market price for comparable notes on June 30, 2026.

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 June 30, 2026).

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 IMI, 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"). The 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 6.3%. 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.

On June 9, 2026, Iron Mountain Data Centers Virginia 9, LLC, an indirect subsidiary of IMI, entered into a credit agreement that includes a term loan facility (the "Virginia 9 Term Loans") and a letter of credit facility (collectively, the "Virginia 9 Credit Agreement"), under which we have the option to borrow, in the form of term loans, an aggregate outstanding amount not to exceed $298,000. The Virginia 9 Term Loans bear interest at SOFR plus 3.00%. The Virginia 9 Credit Agreement requires the payment of a commitment fee on any unused commitments at a rate of 0.90%. The Virginia 9 Credit Agreement is secured by the equity interests and assets of Iron Mountain Data Centers Virginia 9, LLC and is scheduled to mature on June 9, 2029, at which point all obligations will become due. We have two one-year options that allow us to extend the maturity date, subject to the conditions specified in the Virginia 9 Credit Agreement. As of June 30, 2026, we had $29,595 outstanding on the Virginia 9 Term Loans and the interest rate in effect under the Virginia 9 Credit Agreement was 6.9%.

ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM

On May 28, 2026, we amended the Accounts Receivable Securitization Program (as defined in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report) to (i) include the sale of accounts receivable from certain of our wholly-owned Canadian entities, (ii) increase the maximum borrowing capacity from $400,000 to $450,000 and (iii) extend the maturity date from July 1, 2027 to July 1, 2029, at which point all obligations become due. All other material terms of the Accounts Receivable Securitization Program remain the same as disclosed in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report.

MAXIMUM AMOUNT

$450,000

OUTSTANDING BORROWING

$400,500

INTEREST RATE

4.7%

As of June 30, 2026


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Table of Contents

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)

JUNE 2026 OFFERING

On June 26, 2026, IMI completed a private offering of:

SERIES OF NOTES

AGGREGATE PRINCIPAL AMOUNT

MATURITY DATE

INTEREST PAYMENT DUE

PAR CALL DATE(1)

61/4% Notes due 2035

1,500,000

January 15, 2035

January 15 and July 15

July 15, 2031

(1)We may redeem the 61/4% Notes due 2035 at any time, at our option, in whole or in part. Prior to the par call date, we may redeem the 61/4% Notes due 2035 at the redemption price or make-whole premium specified in the indenture governing the 61/4% Notes due 2035, together with accrued and unpaid interest to, but excluding, the redemption date. On or after the par call date, we may redeem the 61/4% Notes due 2035 at a price equal to 100% of the principal amount being redeemed, together with accrued and unpaid interest to, but excluding, the redemption date.

The 61/4% Notes due 2035 were issued at par and have a contractual interest rate of 6.25%. The total net proceeds from the issuance, after deducting the initial purchasers' commissions and third-party fees, of approximately $1,481,800 were used to repay a portion of the outstanding borrowings under the Revolving Credit Facility and for general corporate purposes. As of June 30, 2026, we had $1,500,000 outstanding on the 61/4% Notes due 2035.

LETTERS OF CREDIT

As of June 30, 2026, we have outstanding letters of credit totaling $51,395, of which $12,426 reduces our borrowing capacity under the Revolving Credit Facility. The letters of credit expire at various dates between October 2026 and July 2027.

DEBT COVENANTS

The Credit Agreement, certain of 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 certain of 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 June 30, 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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Table of Contents

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 six months ended June 30, 2026, our board of directors declared the following dividends:

DECLARATION DATE

DIVIDEND
PER SHARE

RECORD DATE

TOTAL
AMOUNT

PAYMENT DATE

February 13, 2025

0.785

March 17, 2025

231,549

April 4, 2025

May 1, 2025

0.785

June 16, 2025

231,789

July 3, 2025

August 6, 2025

0.785

September 15, 2025

231,972

October 3, 2025

November 5, 2025

0.864

December 15, 2025

255,560

January 6, 2026

February 12, 2026

0.864

March 16, 2026

257,022

April 3, 2026

April 30, 2026

0.864

June 15, 2026

257,178

July 6, 2026

On August 5, 2026, we declared a dividend to our stockholders of record as of September 15, 2026 of $0.864 per share, payable on October 2, 2026.

NONCONTROLLING INTERESTS

During the quarter ended June 30, 2026, we entered into an agreement with a partner to form our Iron Mountain Data Centers Virginia 9 JV, LP joint venture, which resulted in Noncontrolling interests of approximately $49,900 in our Condensed Consolidated Balance Sheet as of June 30, 2026.


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Table of Contents

Part I. Financial Information

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 and six months ended June 30, 2026 and 2025 is as follows:


	GLOBAL RIM BUSINESS		GLOBAL DATA CENTER BUSINESS		TOTAL REPORTABLE SEGMENTS		CORPORATE AND OTHER		TOTAL CONSOLIDATED
For the Three Months Ended June 30, 2026
Total Revenues	$	1,433,562	$	262,871	$	1,696,433	$	332,629	$	2,029,062
Storage Rental	856,751		258,892		1,115,643		18,968		1,134,611
Service	576,811		3,979		580,790		313,661		894,451
Other Segment Items(1)	812,811		125,528		938,339
Adjusted EBITDA	620,751		137,343		758,094
For the Three Months Ended June 30, 2025
Total Revenues	$	1,323,798	$	189,401	$	1,513,199	$	198,749	$	1,711,948
Storage Rental	803,580		188,279		991,859		18,130		1,009,989
Service	520,218		1,122		521,340		180,619		701,959
Other Segment Items(1)	737,495		93,135		830,630
Adjusted EBITDA	586,303		96,266		682,569
As of and for the Six Months Ended June 30, 2026
Total Revenues	$	2,837,648	$	517,596	$	3,355,244	$	609,967	$	3,965,211
Storage Rental	1,680,268		511,397		2,191,665		37,711		2,229,376
Service	1,157,380		6,199		1,163,579		572,256		1,735,835
Other Segments Items(1)	1,599,218		247,490		1,846,708
Adjusted EBITDA	1,238,430		270,106		1,508,536
Total Assets(2)	10,898,848		8,782,891		19,681,739		2,273,703		21,955,442
As of and for the Six Months Ended June 30, 2025
Total Revenues	$	2,579,740	$	362,598	$	2,942,338	$	362,139	$	3,304,477
Storage Rental	1,561,088		361,224		1,922,312		36,053		1,958,365
Service	1,018,652		1,374		1,020,026		326,086		1,346,112
Other Segment Items(1)	1,437,123		175,516		1,612,639
Adjusted EBITDA	1,142,617		187,082		1,329,699
Total Assets(2)	10,706,096		7,156,801		17,862,897		2,313,892		20,176,789

(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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Table of Contents

Part I. Financial Information

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 and six months ended June 30, 2026 and 2025 is as follows:


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
Total Adjusted EBITDA for Reportable Segments	$	758,094	$	682,569	$	1,508,536	$	1,329,699
Add/(Deduct):
Corporate and other	(31,076)		(54,181)		(73,579)		(121,405)
Interest expense, net	(223,446)		(205,063)		(447,267)		(399,801)
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	—		(50,340)		—		(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)
Total Net Income (Loss) Before Provision (Benefit) for Income Taxes	$	120,904	$	(27,044)	$	297,021	$	4,024

(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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Table of Contents

Part I. Financial Information

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 and six months ended June 30, 2026 and 2025 is as follows:


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
Global RIM Business
Records Management(1)	$	1,153,385	$	1,055,495	$	2,283,486	$	2,047,322
Data Management(1)	123,148		123,946		246,105		246,033
Information Destruction(1)(2)	157,029		144,357		308,057		286,385
Data Center(1)	—		—		—		—
Global Data Center Business
Records Management(1)	$	—	$	—	$	—	$	—
Data Management(1)	—		—		—		—
Information Destruction(1)	—		—		—		—
Data Center(1)	262,871		189,401		517,596		362,598
Corporate and Other
Records Management(1)	$	44,642	$	45,686	$	90,131	$	88,473
Data Management(1)	—		—		—		—
Information Destruction(1)(3)	287,987		153,063		519,836		273,666
Data Center(1)	—		—		—		—





Total Consolidated
Records Management(1)	$	1,198,027	$	1,101,181	$	2,373,617	$	2,135,795
Data Management(1)	123,148		123,946		246,105		246,033
Information Destruction(1)(2)(3)	445,016		297,420		827,893		560,051
Data Center(1)	262,871		189,401		517,596		362,598

(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.

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 and six months ended June 30, 2026 and 2025 is as follows (approximately):


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
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.


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Table of Contents

Part I. Financial Information

IRON MOUNTAIN INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(In thousands, except share and per share data) (Unaudited)

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 and six months ended June 30, 2026. Total Restructuring and other transformation costs for the three and six months ended June 30, 2025 were $50,340 and $105,086, respectively, and consisted of (i) restructuring costs of $18,246 and $40,102, respectively, and (ii) other transformation costs of $32,094 and $64,984, respectively.


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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 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.


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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:


COST OF SALES						SELLING, GENERAL AND ADMINISTRATIVE EXPENSES


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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:



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 expense (income), 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.

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 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	—		50,340		—		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


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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:



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 expense (income), 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 JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
Reported EPS—Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated	$	0.34	$	(0.15)	$	0.82	$	(0.10)
Add/(Deduct):
Acquisition and Integration Costs	0.01		0.02		0.02		0.04
Restructuring and other transformation	—		0.17		—		0.36

Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate)	0.04		—		0.06		0.02
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures	0.10		0.27		0.09		0.37
Stock-based compensation expense	0.19		0.20		0.28		0.29
Non-cash amortization related to derivative instruments	(0.02)		0.01		(0.02)		0.03
Tax impact of reconciling items and discrete tax items(1)	(0.07)		(0.04)		(0.09)		(0.08)
Income (Loss) Attributable to Noncontrolling Interests	0.02		0.01		0.03		0.01
Impact of weighted average dilutive shares(2)	—		—		—		(0.01)
Adjusted EPS—Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated(3)	$	0.60	$	0.48	$	1.20	$	0.92

(1)The differences between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three and six months ended June 30, 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 and six months ended June 30, 2026 and 2025 was 16.1% and 16.7%, 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. This may result in the current period adjustment plus prior period reported quarterly adjustments not summing to the full year adjustment.

(2)Reflects the impact of dilutive shares of 2,278 and 2,516 for the three and six months ended June 30, 2025, respectively, not included in Reported EPS-Fully Diluted due to our net loss position during the periods.

(3)Columns may not foot due to rounding.


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Part I. Financial Information

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 expense (income), 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 JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
Net Income (Loss)	$	106,102	$	(43,340)	$	255,101	$	(27,107)
Add/(Deduct):
Real estate depreciation	116,734		107,186		228,193		201,333
Loss (gain) on sale of real estate, net of tax	531		(4,981)		1,248		(4,669)
Data center lease-based intangible assets amortization	1,825		1,683		3,667		3,702
Our share of FFO (Nareit) reconciling items from our unconsolidated joint ventures	1,484		1,567		3,082		3,063
FFO (Nareit)	226,676		62,115		491,291		176,322
Add/(Deduct):
Acquisition and Integration Costs	1,684		4,815		4,605		10,638
Restructuring and other transformation	—		50,340		—		105,086
Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate)	10,976		3,809		17,851		9,101
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures(1)	28,857		80,698		27,661		108,080
Stock-based compensation expense	56,787		60,354		85,044		86,448
Non-cash amortization related to derivative instruments	(5,911)		4,177		(6,807)		8,353
Real estate financing lease depreciation	3,996		3,426		7,920		6,574
Tax impact of reconciling items and discrete tax items(2)	(19,279)		(11,671)		(31,025)		(23,344)
Our share of FFO (Normalized) reconciling items from our unconsolidated joint ventures	(54)		(58)		(111)		(183)
FFO (Normalized)	$	303,732	$	258,005	$	596,429	$	487,075

(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 expense (income), 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 (benefit) provision for income taxes of $(7.8) million and $(8.0) million for the three and six months ended June 30, 2026, respectively, and $2.3 million and $2.6 million for the three and six months ended June 30, 2025, respectively.


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Part I. Financial Information

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 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.


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Part I. 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.

(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 six months ended June 30, 2026 compared to the six months ended June 30, 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 $24.4 million due to recent acquisitions in our ALM business.


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Part I. Financial Information

OPERATING EXPENSES

COST OF SALES

Cost of sales (excluding depreciation and amortization) consists of the following expenses (in thousands):


	THREE MONTHS ENDED JUNE 30,						PERCENTAGE CHANGE				% OF TOTAL REVENUES				PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE
	2026		2025		DOLLAR CHANGE		ACTUAL		CONSTANT CURRENCY		2026		2025
Labor	$	328,071	$	292,344	$	35,727	12.2	%	10.9	%	16.2	%	17.1	%	(0.9)	%
Facilities	327,860		293,534		34,326		11.7	%	10.8	%	16.2	%	17.1	%	(0.9)	%
Transportation	51,817		45,942		5,875		12.8	%	11.7	%	2.6	%	2.7	%	(0.1)	%
Product Cost of Sales and Other	250,861		123,017		127,844		103.9	%	102.8	%	12.4	%	7.2	%	5.2	%
Total Cost of sales	$	958,609	$	754,837	$	203,772	27.0	%	25.8	%	47.2	%	44.1	%	3.1	%

	SIX MONTHS ENDED JUNE 30,						PERCENTAGE CHANGE				% OF TOTAL REVENUES				PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE
	2026		2025		DOLLAR CHANGE		ACTUAL		CONSTANT CURRENCY		2026		2025
Labor	$	644,102	$	566,325	$	77,777	13.7	%	11.4	%	16.2	%	17.1	%	(0.9)	%
Facilities	658,507		580,940		77,567		13.4	%	11.3	%	16.6	%	17.6	%	(1.0)	%
Transportation	95,964		89,075		6,889		7.7	%	5.9	%	2.4	%	2.7	%	(0.3)	%
Product Cost of Sales and Other	449,839		228,701		221,138		96.7	%	94.8	%	11.3	%	6.9	%	4.4	%
Total Cost of sales	$	1,848,412	$	1,465,041	$	383,371	26.2	%	23.9	%	46.6	%	44.3	%	2.3	%

Primary factors influencing the change in reported Cost of sales for the six months ended June 30, 2026 compared to the six months ended June 30, 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.


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Part I. Financial Information

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling, general and administrative expenses consists of the following expenses (in thousands):


	THREE MONTHS ENDED JUNE 30,						PERCENTAGE CHANGE				% OF TOTAL REVENUES				PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE
	2026		2025		DOLLAR CHANGE		ACTUAL		CONSTANT CURRENCY		2026		2025
General, Administrative and Other	$	290,053	$	287,051	$	3,002	1.0	%	0.7	%	14.3	%	16.8	%	(2.5)	%
Sales, Marketing and Account Management	112,286		103,405		8,881		8.6	%	7.4	%	5.5	%	6.0	%	(0.5)	%
Total Selling, general and administrative expenses	$	402,339	$	390,456	$	11,883	3.0	%	2.5	%	19.8	%	22.8	%	(3.0)	%

	SIX MONTHS ENDED JUNE 30,						PERCENTAGE CHANGE				% OF TOTAL REVENUES				PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE
	2026		2025		DOLLAR CHANGE		ACTUAL		CONSTANT CURRENCY		2026		2025
General, Administrative and Other	$	564,568	$	529,925	$	34,643	6.5	%	5.5	%	14.2	%	16.0	%	(1.8)	%
Sales, Marketing and Account Management	210,535		190,268		20,267		10.7	%	8.4	%	5.3	%	5.8	%	(0.5)	%
Total Selling, general and administrative expenses	$	775,103	$	720,193	$	54,910	7.6	%	6.3	%	19.5	%	21.8	%	(2.3)	%

Primary factors influencing the change in reported Selling, general and administrative expenses for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 include the following:

•an increase in general, administrative and other expenses, primarily driven by higher compensation expense and professional fees, 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 $52.0 million, or 15.1%, for the six months ended June 30, 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 $12.6 million, or 8.9%, for the six months ended June 30, 2026 compared to the prior year period.

ACQUISITION AND INTEGRATION COSTS

Acquisition and Integration Costs for the six months ended June 30, 2026 and 2025 were approximately $4.6 million and $10.6 million, respectively.

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 six months ended June 30, 2026 and 2025 was approximately $19.1 million and $4.6 million, respectively.


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Part I. Financial Information

OTHER EXPENSES, NET

INTEREST EXPENSE, NET

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. The increase is primarily due to higher average debt outstanding during the six months ended June 30, 2026 compared to the prior year period. Our weighted average interest rate, inclusive of the fees associated with our outstanding letters of credit, was 5.6% and 5.7% as of June 30, 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 EXPENSE (INCOME), NET

Other expense (income), net for the three and six months ended June 30, 2026 and 2025 consists of the following (in thousands):


	THREE MONTHS ENDED JUNE 30,				DOLLAR CHANGE		SIX MONTHS ENDED JUNE 30,				DOLLAR CHANGE
DESCRIPTION	2026		2025				2026		2025
Foreign currency transaction (gains) losses, net(1)	$	(13,901)	$	87,155	$	(101,056)	$	(38,413)	$	116,818	$	(155,231)

Other, net(2)	43,079		(5,278)		48,357		62,883		(6,453)		69,336
Other Expense (Income), Net	$	29,178	$	81,877	$	(52,699)	$	24,470	$	110,365	$	(85,895)

(2)Other, net for the three and six months ended June 30, 2026 primarily consists of a loss of approximately $41.9 million and $59.7 million, respectively, due to the change in value of our deferred purchase obligations and other deferred payments.

PROVISION (BENEFIT) FOR INCOME TAXES


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
Effective Tax Rate	12.2	%	60.3	%	14.1	%	773.6	%

The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three and six months ended June 30, 2026 were the (i) benefits derived from the dividends paid deduction, (ii) non-taxable income 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 (iii) disallowed interest expenses of certain entities.

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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Part I. Financial Information

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 JUNE 30,						DOLLAR CHANGE		PERCENTAGE CHANGE
	2026			2025
Net Income (Loss)	$	106,102		$	(43,340)		$	149,442	344.8	%
Net Income (Loss) as a percentage of Revenue	5.2		%	(2.5)		%
Adjusted EBITDA	$	727,018		$	628,388		$	98,630	15.7	%
Adjusted EBITDA Margin	35.8		%	36.7		%

	SIX MONTHS ENDED JUNE 30,						DOLLAR CHANGE		PERCENTAGE CHANGE
	2026			2025
Net Income (Loss)	$	255,101		$	(27,107)		$	282,208	1,041.1	%
Net Income (Loss) as a percentage of Revenue	6.4		%	(0.8)		%
Adjusted EBITDA	$	1,434,957		$	1,208,294		$	226,663	18.8	%
Adjusted EBITDA Margin	36.2		%	36.6		%



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, offset by favorable overhead management.			↑ INCREASED BY $226.7 MILLION OR 18.8% Adjusted EBITDA


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Part I. Financial Information

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 JUNE 30,								PERCENTAGE CHANGE
							DOLLAR CHANGE		ACTUAL		CONSTANT CURRENCY		ORGANIC GROWTH		IMPACT OF ACQUISITIONS
	2026			2025
Storage Rental	$	856,751		$	803,580		$	53,171	6.6	%	5.6	%	5.4	%	0.2	%
Service	576,811			520,218			56,593		10.9	%	9.8	%	9.1	%	0.7	%
Segment Revenue	$	1,433,562		$	1,323,798		$	109,764	8.3	%	7.3	%	6.8	%	0.5	%
Segment Adjusted EBITDA	$	620,751		$	586,303		$	34,448
Segment Adjusted EBITDA Margin	43.3		%	44.3		%

	SIX MONTHS ENDED JUNE 30,								PERCENTAGE CHANGE
							DOLLAR CHANGE		ACTUAL		CONSTANT CURRENCY		ORGANIC GROWTH		IMPACT OF ACQUISITIONS
	2026			2025
Storage Rental	$	1,680,268		$	1,561,088		$	119,180	7.6	%	5.8	%	5.5	%	0.3	%
Service	1,157,380			1,018,652			138,728		13.6	%	11.6	%	10.7	%	0.9	%
Segment Revenue	$	2,837,648		$	2,579,740		$	257,908	10.0	%	8.0	%	7.6	%	0.4	%
Segment Adjusted EBITDA	$	1,238,430		$	1,142,617		$	95,813
Segment Adjusted EBITDA Margin	43.6		%	44.3		%

SIX MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL RIM 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 RIM Business segment for the six months ended June 30, 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 70 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 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.


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Part I. Financial Information

CORPORATE AND OTHER (IN THOUSANDS)


	THREE MONTHS ENDED JUNE 30,						PERCENTAGE CHANGE
					DOLLAR CHANGE		ACTUAL		CONSTANT CURRENCY		ORGANIC GROWTH		IMPACT OF ACQUISITIONS
	2026		2025
Storage Rental	$	18,968	$	18,130	$	838	4.6	%	4.4	%	4.4	%	—	%
Service	313,661		180,619		133,042		73.7	%	73.0	%	68.8	%	4.2	%
Revenue	$	332,629	$	198,749	$	133,880	67.4	%	66.7	%	63.0	%	3.7	%
Adjusted EBITDA	$	(31,076)	$	(54,181)	$	23,105

	SIX MONTHS ENDED JUNE 30,						PERCENTAGE CHANGE
					DOLLAR CHANGE		ACTUAL		CONSTANT CURRENCY		ORGANIC GROWTH		IMPACT OF ACQUISITIONS
	2026		2025
Storage Rental	$	37,711	$	36,053	$	1,658	4.6	%	3.8	%	3.8	%	—	%
Service	572,256		326,086		246,170		75.5	%	74.1	%	66.7	%	7.4	%
Revenue	$	609,967	$	362,139	$	247,828	68.4	%	67.1	%	60.4	%	6.7	%
Adjusted EBITDA	$	(73,579)	$	(121,405)	$	47,826

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 six months ended June 30, 2026 compared to the prior year period include the following:

•an increase in service revenue of $24.4 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 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. CASH FLOWS FROM OPERATING ACTIVITIES

For the six months ended June 30, 2026, net cash flows provided by operating activities increased by $315.4 million compared to the prior year period, primarily due to an increase in net income (loss) (excluding non-cash charges) of $353.8 million, partially offset by a decrease in cash from working capital of $38.4 million.

B. CASH FLOWS FROM INVESTING ACTIVITIES

Our significant investing activity during the six months ended June 30, 2026 included cash paid for capital expenditures of $1,106.2 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 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).

•Net payments of approximately $621.2 million primarily associated with repayments under the Revolving Credit Facility, partially offset by borrowings under our data center credit facilities, which were used to partially finance the construction of our data centers.

•Payment of dividends in the amount of $532.7 million on our common stock.


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Part I. 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. 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 six months of 2026 and fiscal year 2025.

On August 5, 2026, we declared a dividend to our stockholders of record as of September 15, 2026 of $0.864 per share, payable on October 2, 2026.

NONCONTROLLING INTERESTS

During the quarter ended June 30, 2026, we entered into an agreement with a partner to form our Iron Mountain Data Centers Virginia 9 JV, LP joint venture, which resulted in Noncontrolling interests of approximately $49.9 million in our Condensed Consolidated Balance Sheet as of June 30, 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 June 30, 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 June 30, 2026 is as follows (in thousands):


	JUNE 30, 2026
	DEBT (INCLUSIVE OF DISCOUNT)		UNAMORTIZED DEFERRED FINANCING COSTS		CARRYING AMOUNT
Revolving Credit Facility(1)	$	30,000	$	(7,241)	$	22,759
Term Loan A(1)	475,000		—		475,000
Term Loan B(1)	2,011,653		(11,426)		2,000,227
Virginia 6 Term Loans(2)	210,000		(1,645)		208,355
Virginia 7 Term Loans(2)	293,455		(2,719)		290,736
Virginia 9 Term Loans	29,595		(7,038)		22,557
Virginia 4/5 Term Loans due 2030(2)	208,224		(3,167)		205,057
Virginia 3 Term Loans due 2031	433,000		(8,137)		424,863
AUD Term Loan(2)	267,257		(1,814)		265,443
UK Revolving Credit Facility(2)	185,405		(1,405)		184,000
47/8% Notes due 2027(2)(3)	1,000,000		(1,777)		998,223
51/4% Notes due 2028(2)(3)	825,000		(2,067)		822,933
5% Notes due 2028(2)(3)	500,000		(1,507)		498,493
7% Notes(2)(3)	1,000,000		(5,495)		994,505
47/8% Notes due 2029(2)(3)	1,000,000		(4,701)		995,299
51/4% Notes due 2030(2)(3)	1,300,000		(6,142)		1,293,858
41/2% Notes(2)(3)	1,100,000		(5,809)		1,094,191
5% Notes due 2032(2)	750,000		(7,942)		742,058
55/8% Notes(2)(3)	600,000		(3,533)		596,467
61/4% Notes(2)(3)	1,200,000		(11,852)		1,188,148
Euro Notes(2)(3)	1,368,929		(15,728)		1,353,201
61/4% Senior Notes due 2035 (the "61/4% Notes due 2035")(3)	1,500,000		(18,220)		1,481,780
Real Estate Mortgages, Financing Lease Liabilities and Other	794,087		(1,277)		792,810
Accounts Receivable Securitization Program	400,500		(1,814)		398,686
Total Long-term Debt	17,482,105		(132,456)		17,349,649
Less Current Portion	(220,809)		—		(220,809)
Long-term Debt, Net of Current Portion	$	17,261,296	$	(132,456)	$	17,128,840

(2)Each as defined in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report.

(3)Collectively, the "Parent Notes".

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.


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Part I. Financial Information

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 ("IMI"), 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"). The 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 6.3%. 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.

On June 9, 2026, Iron Mountain Data Centers Virginia 9, LLC, an indirect subsidiary of IMI, entered into a credit agreement that includes a term loan facility (the "Virginia 9 Term Loans") and a letter of credit facility (collectively, the "Virginia 9 Credit Agreement"), under which we have the option to borrow, in the form of term loans, an aggregate outstanding amount not to exceed $298.0 million. The Virginia 9 Term Loans bear interest at SOFR plus 3.00%. The Virginia 9 Credit Agreement requires the payment of a commitment fee on any unused commitments at a rate of 0.90%. The Virginia 9 Credit Agreement is secured by the equity interests and assets of Iron Mountain Data Centers Virginia 9, LLC and is scheduled to mature on June 9, 2029, at which point all obligations will become due. We have two one-year options that allow us to extend the maturity date, subject to the conditions specified in the Virginia 9 Credit Agreement. As of June 30, 2026, we had $29.6 million outstanding on the Virginia 9 Term Loans and the interest rate in effect under the Virginia 9 Credit Agreement was 6.9%.

ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM

On May 28, 2026, we amended the Accounts Receivable Securitization Program (as defined in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report) to (i) include the sale of accounts receivable from certain of our wholly-owned Canadian entities, (ii) increase the maximum borrowing capacity from $400.0 million to $450.0 million and (iii) extend the maturity date from July 1, 2027 to July 1, 2029, at which point all obligations become due. All other material terms of the Accounts Receivable Securitization Program remain the same as disclosed in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report.

JUNE 2026 OFFERING

On June 26, 2026, IMI completed a private offering of (in thousands):

SERIES OF NOTES

AGGREGATE PRINCIPAL AMOUNT

MATURITY DATE

INTEREST PAYMENT DUE

PAR CALL DATE(1)

61/4% Notes due 2035

1,500,000

January 15, 2035

January 15 and July 15

July 15, 2029

The 61/4% Notes due 2035 were issued at par and have a contractual interest rate of 6.25%. The total net proceeds from the issuance, after deducting the initial purchasers' commissions and third-party fees, of approximately $1,481.8 million, were used to repay a portion of the outstanding borrowings under the Revolving Credit Facility and to pay related fees and expenses, and for general corporate purposes. As of June 30, 2026, we had $1,500.0 million outstanding on the 61/4% Notes due 2035.

DEBT COVENANTS


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Part I. Financial Information

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 June 30, 2026 are as follows:


	JUNE 30, 2026	MAXIMUM/MINIMUM ALLOWABLE
Net total lease adjusted leverage ratio	4.8	Maximum allowable of 7.0
Fixed charge coverage ratio	2.5	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 June 30, 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

As of June 30, 2026 and December 31, 2025, we have approximately $1,032.0 million and $1,349.0 million, respectively, in notional value outstanding on our interest rate swap agreements. As of June 30, 2026, our interest rate swap agreements have maturity dates ranging from August 2026 through June 2029.


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Part I. Financial Information

CROSS-CURRENCY SWAP AGREEMENTS

The notional values of our cross-currency swaps, by hedged currency, as of June 30, 2026 and December 31, 2025, are as follows (in thousands):


	JUNE 30, 2026		DECEMBER 31, 2025
Euro	$	504,559	$	509,187
Canadian dollar	350,000		350,000
	$	854,559	$	859,187

INVESTMENTS


	JUNE 30, 2026
	CARRYING VALUE		EQUITY INTEREST
Frankfurt JV	$	78,209	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 June 30, 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 June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


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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 June 30, 2026, nor did we repurchase any shares of our common stock during the three months ended June 30, 2026.

ITEM 5. OTHER INFORMATION

On May 8, 2026, Mr. Greg McIntosh, our Executive Vice President and Chief Commercial Officer, adopted a Rule 10b5-1 trading plan to exercise options to purchase up to 6,839 shares of our common stock and sell up to 66,839 shares of our common stock between August 6, 2026 and July 1, 2027. Mr. McIntosh’s plan will terminate on the earlier of August 31, 2027 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 Securities Exchange Act of 1934.

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						Certificate of Incorporation of the Company, as filed with the Secretary of State of the State of Delaware on June 26, 2014, as corrected by the Certificate of Correction of the Company filed with the Secretary of State of the State of Delaware on June 30, 2014. (Incorporated by reference to Annex B-1 to the Company’s Proxy Statement for a Special Meeting of Stockholders, filed with the SEC on December 23, 2014.)
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 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.)
4.1						Senior Indenture, dated as of June 26, 2026, among the Company, the Subsidiary Guarantors and Computershare Trust Company, N.A., as trustee, relating to the 6.250% Senior Notes due 2035. (Incorporated by reference to Exhibit 4.1 to the Company's Form 8-K filed with the SEC on June 26, 2026.)
10.1						Swiss Employment Agreement, dated April 1, 2026, between the Company and Mark Kidd. (#) (Filed herewith.)
31.1						Rule 13a-14(a) Certification of Chief Executive Officer. (Filed herewith.)
31.2						Rule 13a-14(a) Certification of Chief Financial Officer. (Filed herewith.)
32.1						Section 1350 Certification of Chief Executive Officer. (Furnished herewith.)
32.2						Section 1350 Certification of Chief Financial Officer. (Furnished herewith.)
101.INS						XBRL 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.SCH						Inline XBRL Taxonomy Extension Schema Document.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB						Inline XBRL Taxonomy Label Linkbase Document.
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104						Cover Page Interactive Data File. (Formatted as Inline XBRL and contained in Exhibit 101.)


IRON MOUNTAIN JUNE 30, 2026 FORM 10-Q									49

Table of Contents

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.