Iron Mountain Incorporated

What they do

Iron Mountain stores physical business records in owned and leased facilities and charges recurring per-unit storage fees, and also sells related services such as record handling, secure shredding, IT asset decommissioning and disposition, and digital scanning and software. It operates 31 data centers across 21 global markets, with 488 MW of existing capacity about 97% leased, and 34 asset lifecycle management facilities across 8 global markets. The company has been organized and operated as a REIT since its taxable year ended December 31, 2014.

Revenue drivers

• Storage rental revenue — Recurring per-unit charges for stored records plus data center rental revenue; Q2 2026 storage rental revenue was $1,135 million, up 12.3% reported and 11.3% organic.
• Service revenue — Record handling, secure shredding and paper recycling, IT asset decommissioning/erasure/disposition, and digital solutions including the Insight Digital Experience Platform; Q2 2026 service revenue was $894 million, up 27.4% reported and 24.8% organic.
• Data center — Leases unsold capacity to hyperscale customers; company reported data center leasing of 110 MW year to date through July 2026, including 13 MW in Q2 2026 and 75 MW in July.
• ALM (asset lifecycle management) — Decommissioning, data erasure, processing and disposition, and recycling or sale of IT hardware; Q2 2026 service revenue included a $24.4 million increase from recent ALM acquisitions.

Recent performance

Q2 2026 total revenue was $2,029.1 million, up 18.5% reported and 16.8% organic versus Q2 2025, with storage rental revenue of $1,134.6 million and service revenue of $894.5 million. Q2 2026 net income attributable to Iron Mountain was $101.4 million, or $0.34 per share, compared with a net loss of $44.9 million in Q2 2025, and Adjusted EBITDA was $727.0 million, up 15.7%. For the six months ended June 30, 2026, revenue was $3,965.2 million, up 20.0%, net income attributable to Iron Mountain was $245.1 million, and Adjusted EBITDA was $1,435.0 million. AFFO for Q2 2026 was $433 million, or $1.44 per share, up 17% year over year. Full-year 2025 revenue was $6.90 billion with net income of $152.3 million and diluted EPS of $0.49.

Strategy

Management's stated priorities are growing physical records management volume and revenue management, expanding digital solutions such as the Insight DXP, leasing data center capacity to hyperscale customers, and broadening the ALM customer base through cross-selling and tuck-in acquisitions. The company completed its Project Matterhorn investments in 2025, a program begun in September 2022 to move to a global operating model and a solution-based sales approach, incurring about $574.4 million in restructuring and other transformation costs since inception, including $195.9 million in 2025. It seeks to expand records management in higher-growth markets including Central and Eastern Europe, Latin America, Asia, the Middle East and Africa. Management said Q2 2026 growth businesses of data center, digital, and ALM collectively grew more than 50% year over year.

Risks

• Execution of the growth plan — The 10-K states that failure to execute the strategic growth plan, including investments in data centers, digital solutions and ALM, may adversely impact financial condition and results of operations.
• Returns on new investments — The 10-K cites failure to achieve satisfactory returns on new product offerings, acquired companies, joint ventures or other growth investments, particularly in markets where the company lacks a substantial presence.
• Leverage and debt covenants — The company had $17.13 billion of long-term debt and $204.8 million of cash at June 30, 2026, and the 10-K flags the inability to structure acquisitions in a manner that complies with debt covenants or is consistent with leverage ratio goals.
• Acquisition integration and management capacity — The 10-K notes increased demands on management, operating systems, internal controls and financial and physical resources, and the inability to identify or complete suitable acquisitions on satisfactory terms.

Outlook

Management increased full-year 2026 financial guidance, citing strong Q2 2026 outperformance and positive outlook, and expects continued total revenue and Adjusted EBITDA growth in 2026. The 10-K says organic storage rental growth should come from revenue management in the Global RIM Business segment and data center lease commencements, while organic service growth should come from digital offerings, traditional records management services and ALM. Volume in the Global RIM Business segment is expected to be relatively stable in the near term.