Iron Mountain, Inc Overview
Iron Mountain is the world's largest custodian of physical business information, and it is in the late innings of converting that franchise into a diversified enterprise-infrastructure platform. Its records-management estate — over 740 million cubic feet stored across roughly 1,300 facilities in 61 countries, with a 93%+ annual retention rate — is a near-annuity that funds a far more dynamic set of growth engines: a 528 MW global data centre portfolio that is 97% leased and pre-let deep into the next decade; an IT asset lifecycle management (ALM) business scaling on hyperscaler decommissioning; and a digital solutions arm now above $500 million of revenue. The strategic logic is trust arbitrage: 240,000 customers, including approximately 95% of the Fortune 1000, already grant Iron Mountain chain-of-custody over their most sensitive assets, and cross-selling into that base is cheaper than winning it. The offsetting reality is a REIT balance sheet carrying more than $17 billion of debt and a stockholders' deficit.
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total employees (approx.) | — | — | 29,400 |
| US employees (approx.) | — | — | 11,700 |
| Non-US employees (approx.) | — | — | 17,700 |
| Unionised — North America (approx.) | — | — | 400 |
| Unionised — Latin America (approx.) | — | — | 1,100 |
The company's own characterisation
Iron Mountain describes itself in its FY2025 Form 10-K as "a global leader in information management services… trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds." It positions its solution set across five demand vectors: information management, digital transformation, information security, data centre, and asset lifecycle management. It states that it serves "commercial, legal, financial, healthcare, technology, insurance, life sciences, energy, business services, entertainment and government organizations."
The company enumerates six "business attributes" in Item 1 of the FY2025 10-K: a large, global, diversified business (approximately 1,340 locations, ~$6.9bn of FY2025 revenue, no single customer above approximately 3% of revenue); strong positions in large and growing markets; a synergistic business model built on cross-selling; a recurring, durable revenue stream (storage contracts typically one to five years; data centre weighted-average lease expiry of 10.3 years at 31 December 2025); limited revenue cyclicality; and significant real estate ownership (over 98 million square feet operated, over 24 million square feet owned).
Independent characterisation
Iron Mountain is best understood not as a records company that bought data centres, but as a regulated-trust services platform monetising the same customer relationship across four progressively higher-growth asset classes. The economic architecture is as follows.
The annuity core. Physical records storage is a landlord business with the pricing characteristics of a subscription and the churn characteristics of infrastructure. Records Management retention was 93.4% in Q2 2026, and total storage volume has grown, not shrunk, from 732.0 million cubic feet (Q1 2024) to 747.9 million cubic feet (Q2 2026). Storage revenue per square foot rose from $10.83 (Q2 2025) to $12.19 (Q2 2026) — a 12.6% increase driven overwhelmingly by revenue management (pricing) rather than volume. This is the single most important fact about the business: the "melting ice cube" thesis that dominated the equity story until roughly 2020 has not manifested in the volume data. Storage rental gross margin was 69.8% in Q2 2026.
The mix shift. The service side of the P&L has been transformed. Service revenue grew 27.4% year over year in Q2 2026 versus 12.3% for storage rental, and now represents 44.1% of consolidated revenue ($894.5M of $2,029.1M). Growth businesses (data centre, digital, ALM) grew more than 50% year over year in Q2 2026 and, per management's Q2 2026 investor presentation, reached approximately 35% of revenue versus 28% in 2025 and 24% in 2024, with a full-year 2026 expectation of approximately 34% of revenue at the guidance midpoint.
Revenue-model mix. Iron Mountain does not disclose a formal product/service/subscription/licensing split. Approximating from disclosed lines: storage rental (recurring, contracted, real-estate-like) was 55.9% of FY2025 revenue ($4,052.5M of $6,901.7M); service revenue (a blend of recurring courier/shredding/digital subscription and transactional project and remarketing revenue) was 44.1%. Within service revenue, ALM remarketing is the most transactional and commodity-exposed component and the least annuity-like — a structural quality caveat on the growth story.
Value-chain position. In RIM, Iron Mountain is the outsourced custodian sitting between the enterprise and its compliance obligation — an intermediary whose switching costs are physical (records must be moved) and regulatory (chain of custody must be re-certified). In data centres it is a wholesale/hyperscale landlord and, increasingly, a developer. In ALM it is a reverse-logistics processor and secondary-market remarketer, capturing both a service fee and a share of recovered asset value. In digital solutions it is a software-and-services vendor competing against content-services incumbents.
Customer types and end-markets. Highly regulated enterprises and governments dominate: financial services, legal, healthcare and life sciences, insurance, energy, entertainment/media, technology, business services, and public sector. Consumer exposure is limited to the Clutter-branded valet storage offering. Concentration is low at the customer level (no customer above ~3% of revenue) but materially higher within ALM, where the 10-K explicitly warns that "a significant portion of the revenue from our ALM business is derived from a limited number of clients."
Strategy
Stated strategy (verbatim themes, FY2025 10-K)
The 10-K states the strategy plainly: "to be the leading partner to our more than 240,000 customers by providing a broad range of end-to-end solutions leveraging our strong reputation for security and chain of custody, decades-long relationships built on trust, and global footprint and operational scale."
Four named strategic priorities:
-
Records Management — "driving volume growth, while also capitalizing on revenue management opportunities," and enhancing position "in higher-growth markets such as Central and Eastern Europe, Latin America, Asia, the Middle East and Africa."
-
Digital Solutions — "delivering differentiated digital solutions which give transformative results to our customers in terms of revenue, security and cost," supporting customers navigating "a complex regulatory environment" and seeking "access to their dark data," underpinned by Insight DXP.
-
Data Center — "growing our data center operating portfolio by leasing unsold capacity to hyperscale customers across various global markets," and "completing construction and commencing data center leases entered into in prior periods."
-
ALM — "broadening our customer base and increasing our penetration with existing customers through cross-selling initiatives, expanded capabilities and select tuck-in acquisitions."
Project Matterhorn — completed
Announced September 2022 as "a global program designed to accelerate the growth of our business," Matterhorn transformed the operating model from a country-federated structure to a global one, enabling a solution-based sales approach and optimised shared services. The stated financial ambition was to grow revenue from $4.5 billion (FY2021) to $7.3 billion (FY2026) — approximately a 10% CAGR over five years. Total cost since inception: $574.4 million, comprising site consolidation and exit costs, employee severance, and professional/transformation fees. Outcome: exceeded. Management reports a 13% constant-currency revenue CAGR since 2021, and FY2026 guidance of $7,940M–$8,010M sits roughly $700 million above the original $7.3 billion target. Investments were completed in 2025, and the restructuring and other transformation line was zero in both Q1 and Q2 2026, against $105.1M in H1 2025.
Announced strategic initiatives, last 24 months
| Initiative | Date | Detail |
|---|---|---|
| Insight DXP 2.0 launch | October 2025 | Enhanced content management, smart document processing, secure workflow platform with AI agents; positioned to help customers eliminate obsolete and duplicative data |
| AI Center of Excellence | Disclosed in 2026 proxy | Drives enterprise AI strategy and internal efficiency; supported by a formal Technology Review Process and Architecture Review Board for all new AI requests |
| Board-level AI oversight | Current cycle | Formal delegation of AI risk oversight to the Risk & Safety Committee |
| ALM international expansion | FY2025 | Acquisitions in North America and Australia; ALM revenue +63% for the year |
| ALM Fortune 1000 penetration programme | FY2025 | 90 new Fortune 1000 ALM customers added through cross-selling; penetration up more than 30% |
| Cross-selling programme | FY2025 | 15% relative increase in cross-selling engagements; explicit synergies cited between RIM and digital/ALM, and between ALM and data centres |
| Data centre capacity expansion | Ongoing | Total potential capacity raised to 1.34 GW at YE2025 and 1.37 GW at Q2 2026; approximately 400 MW energising over 24 months (stated February 2026), refined to approximately 325 MW of available-to-lease capacity energising over the following 24 months (stated August 2026) |
| Shift away from annual leasing targets | August 2026 | CFO signalled the company will likely stop giving annual megawatt leasing guidance in favour of an energisation schedule, citing the lumpiness of hyperscale deals |
| Dividend growth | Q1 2025 and Q4 2025/Q1 2026 | Quarterly dividend raised 10% to $0.785, then a further 10% to $0.864, against a low-sixties-percent AFFO payout target |
| Debt refinancing | 26 June 2026 | $1.5 billion 6.25% Senior Notes due 2035 issued |
| Net-zero by 2040 | Ongoing | SBTi-validated near- and long-term targets; commitment to cover 100% of global electricity consumption with clean energy by 2040 |
| Volunteering target | Ongoing | 200,000 volunteer hours by 2030 |
Medium-term financial targets and guidance
| Metric | Previous FY2026 guidance | New FY2026 guidance | Approx. YoY change at midpoint | Q3 2026 guidance |
|---|---|---|---|---|
| Total revenue (USD M) | 7825–7925 | 7940–8010 | +16% | ~1980 |
| Adjusted EBITDA (USD M) | 2925–2965 | 2945–2975 | +15% | ~745 |
| AFFO (USD M) | 1735–1755 | 1760–1780 | +15% | ~440 |
| AFFO per share (USD) | 5.79–5.86 | 5.87–5.93 | +14% | ~1.47 |
FY2026 guidance (raised 5 August 2026):
The original FY2026 guidance issued in February 2026 was revenue of $7,625M–$7,775M and Adjusted EBITDA of $2,875M–$2,925M. Management stated that at constant FX the raise represents +$125M revenue, +$25M Adjusted EBITDA and +$35M AFFO at the midpoint, partially offset by dollar strength.
Segment-level guidance: data centre revenue of more than $1 billion in 2026 (more than 25% growth) with segment EBITDA margin up year over year. Leverage target: 4.5x–5.5x net lease-adjusted, currently 4.8x. Dividend payout target: low sixties percent of AFFO, currently 60.0% on a trailing basis. Total addressable market framing from the CEO: "just scratching the surface of the $170 billion total addressable market."
Products & Services
Global RIM Business
Records Management (physical records storage)
Description: Custodial storage of hard-copy business records in secure, environmentally controlled facilities, with indexing, retrieval, refiling, permanent withdrawal, and destruction-at-end-of-retention. Capabilities: over 740 million cubic feet stored at 31 December 2025; 81.6% storage facility capacity utilisation at Q2 2026; 93.4% records management retention rate. Target customer: any regulated enterprise or government with statutory retention obligations — legal, financial services, healthcare, insurance, government. Contract structure: contracted storage rental agreements generally one to five years. Pricing model: recurring rent per cubic foot plus transactional service fees; termination and permanent-withdrawal fees are disclosed separately ($11.3M in Q2 2026). Flagship metric: storage revenue per square foot $12.19 and storage NOI per square foot $9.57 in Q2 2026.
Vital Records Services
Description: Enhanced-protection storage for irreplaceable documents — deeds, wills, patents, master agreements, film negatives — typically in higher-specification vaults with tighter access control and environmental tolerances. Target customer: legal, corporate secretarial, and archival functions. Pricing: premium per-unit storage rate. Not separately reported.
Data Management (media vaulting and backup tape rotation)
Description: Offsite storage and scheduled rotation of backup computer media as part of corporate disaster-recovery programmes, with courier operations, server and computer backup services. Capabilities: bonded courier fleet, media-grade environmental control, chain-of-custody scanning. Target customer: IT and business-continuity functions. Structural note: this is the most secularly challenged line in the portfolio; the FY2025 10-K explicitly warns that "stored records and tapes are becoming less active and more archival," depressing service activity while related costs remain largely fixed.
Global Digital Solutions — Insight Digital Experience Platform (DXP)
Description: Cloud content-services platform combining document capture and digitisation, intelligent/smart document processing, content management, workflow tooling, and AI agents; positioned to help customers access "dark data" and eliminate obsolete and duplicative content. Latest version: DXP 2.0, launched October 2025, adding enhanced content management, smart document processing, workflow tools and AI agents. Predecessor branding: Iron Mountain InSight. Target customer: enterprise digital-transformation, compliance and records leaders. Scale: digital solutions revenue surpassed $500 million for the first time in FY2025, growing double digits. Pricing model: not publicly disclosed in detail; combination of project-based digitisation fees and recurring platform subscription. Supporting capability: an internal AI Center of Excellence drives AI strategy and internal efficiency (2026 proxy).
Secure Shredding / Secure ITAD-adjacent destruction
Description: Scheduled collection of office records from purpose-designed locked consoles and bins, destroyed at fixed shredding plants or by custom-built mobile shredding trucks, with certificates of destruction. Revenue model: recurring service fee plus a commodity-linked component from the sale of shredded paper for recycling. Explicit commodity exposure: the FY2025 10-K identifies declines in recycled paper prices as a revenue and margin risk. Target customer: all office-based enterprises; a natural lifecycle extension of records management.
Media and Archive Services (entertainment and media)
Description: Storage, safeguarding and delivery of physical media of all types for entertainment and media clients, plus digital content repository systems that house, distribute and archive key media assets. Target customer: studios, broadcasters, music labels, sports leagues, archives. Adjacency: the Living Legacy Initiative, the company's cultural-heritage preservation programme.
Consumer Storage — "Clutter by Iron Mountain"
Description: On-demand valet storage for consumers, using data analytics and machine learning for customer acquisition and a "convenient and seamless" pickup-and-return experience. Reported in Global RIM. Scale: consumer storage is folded into "core physical" performance in management commentary; it is not separately quantified.
Global Data Center Business
| Market | Facility | Leasable MW | Leased % |
|---|---|---|---|
| Boyers and Western PA | WPA-1 and other | 14.2 | 75.3 |
| Phoenix | AZP-1 | 41.0 | 100.0 |
| Phoenix | AZP-2 | 46.5 | 100.0 |
| Phoenix | AZP-3 (consolidated JV) | 36.0 | 100.0 |
| Scottsdale | AZS-1 | 5.7 | 100.0 |
| Denver | DEN-1 | 11.3 | 85.9 |
| New Jersey | NJE-1 | 20.8 | 100.0 |
| Chicago | CHI-1 | 12.0 | 100.0 |
| Northern Virginia | VA-1 | 12.4 | 100.0 |
| Northern Virginia | VA-2 | 36.0 | 100.0 |
| Northern Virginia | VA-3 | 44.0 | 100.0 |
| Northern Virginia | VA-4/5 (consolidated JV) | 32.0 | 100.0 |
| Northern Virginia | VA-5 (consolidated JV) | 40.0 | 100.0 |
| Northern Virginia | VA-6 (consolidated JV) | 32.0 | 100.0 |
| Northern Virginia | VA-7 (consolidated JV) | 36.0 | 100.0 |
| Amsterdam | AMS-1 | 13.1 | 99.2 |
| London | LON-1 | 8.7 | 58.1 |
| London | LON-2 | 27.0 | 100.0 |
| Frankfurt | FRA-1 (unconsolidated JV) | 27.0 | 100.0 |
| Frankfurt | FRA-2 | 9.8 | 100.0 |
| Singapore | SIN-1 | 6.8 | 100.0 |
| Madrid | MAD-1 | 3.0 | 41.2 |
| India | Web Werks (stabilised + pre-stabilised) | 13.2 | 64.4 |
Description: Wholesale, hyperscale-ready and enterprise colocation capacity, differentiated on compliance depth, physical and cyber security, and clean-energy matching rather than on price.
Portfolio scale and capabilities at Q2 2026: 528.5 MW of leasable capacity across 31 facilities in 21 markets; 97.1% total leased and 97.4% leased on stabilised assets; 160.2 MW under construction (71.2% pre-leased); 684.2 MW held for development; total potential capacity 1,372.9 MW. Weighted average lease expiry 10.2 years; 1,710 leases in place; annualised GAAP TCV rent expiring of $1,044.2M in total, of which 60.1% of megawatts expire after 2033.
Compliance and certification stack (a genuine differentiator, per the FY2025 10-K): ISO 27001, ISO 22301, ISO 9001, SOC 2, PCI-DSS, plus HIPAA, NIST 800-53 and FISMA HIGH in the United States, with enterprise-wide ISO 14001 and ISO 50001 environmental and energy management systems and ISO 14064 greenhouse-gas compliance. Security posture is described as a "Security-in-Depth" strategy overseen by senior security leaders with military and public-sector backgrounds.
Green Power Pass — the flagship named commercial product of the segment. It allows customers to report the power consumed at any Iron Mountain data centre as clean power in their own public reporting. Underpinned by 100% matching of data centre energy consumption with clean energy every year since 2017 and founding-signatory status in the UN Compact on 24/7 Carbon-Free Energy (hour-by-hour matching of local carbon-free energy by 2040).
Named operating assets and capacity (Q2 2026, leasable MW / leased %):
Development pipeline at Q2 2026 (MW under construction / % pre-leased / total expected investment): Amsterdam AMS-1 Phase 4 (10.0 MW, 100%, $156.6M, completion Q2 2027); New Jersey NJE-1 (4.0 MW, 100%, $59.5M); London LON-3 future phases (25.0 MW, $391.9M, completion Q1 2027 — fully leased by the July 2026 25 MW signing); Madrid MAD-2/3 (20.0 MW, $301.2M, completion Q1 2027); Northern Virginia VA-9 Phases 1 and 2 (14.0 MW each, both 100% pre-leased, $173.5M each, completion Q4 2026 and Q1 2027, held in a consolidated JV with construction funded by the JV); Chicago CHI-1 future phases (24.0 MW, 100% pre-leased); Miami MIA-1 (16.0 MW, 100% pre-leased, $193.0M, completion Q4 2026); Virginia future phases (32.0 MW, 100% pre-leased). Held for development: Richmond (216.0 MW), Virginia (195.0 MW), India Web Werks (149.7 MW), Madrid (56.0 MW), New Jersey (28.0 MW), Amsterdam AMS-2 (20.0 MW).
Pricing model: multi-year leases with contracted rent, power and recurring services; disclosed pricing at Q2 2026 was $205/kW/month on new and expansion leases and $382/kW/month on renewals, with cash renewal spreads of +11.8% and GAAP spreads of +13.8% for the quarter (+12.2% and +14.0% year to date).
Corporate and Other
Asset Lifecycle Management (ALM)
Description: End-to-end IT asset disposition for hyperscale and corporate infrastructure managers — decommissioning, secure data erasure, processing and disposition, recycling or resale of IT hardware and components. Enabled by secure logistics, chain of custody and complete asset traceability; environmentally responsible processing and recycling; and data sanitisation and refurbishment enabling value recovery through remarketing. A second module covers workplace IT asset management — storage, configuration, deployment, device support, and end-of-life disposition/recycling/resale of employee IT devices. Footprint: 34 facilities across 8 global markets at 31 December 2025. Scale: FY2025 revenue +63% (40% organic); Q2 2026 revenue $288M, +88% year over year, with enterprise organic growth above 60% and hyperscale decommissioning up more than 100%. Recognition: ITAD Company of the Year at the July 2025 ITAD Summit. Target customer: hyperscalers, Fortune 1000 enterprises (ALM penetration of the Fortune 1000 grew more than 30% in 2025, adding 90 new Fortune 1000 customers through cross-selling), government, education. Pricing model: blended — service and logistics fees plus a share of recovered resale value; hence direct exposure to component prices, scrap metal prices, and Chinese secondary-market demand.
Fine Arts (Crozier)
Description: Technical expertise in the handling, installation and storage of art. Target customer: museums, galleries, auction houses, private collectors, corporate collections. Not separately quantified in disclosure.
Cross-cutting note
Approximately 5% of Iron Mountain's customers currently buy from more than one business unit (FY2025 10-K). Management frames this as the central cross-sell opportunity; it is also, read the other way, evidence that the "synergistic model" remains largely aspirational at the account level. The company reported a 15% relative increase in cross-selling engagements in 2025.
Financial Narrative
Income statement
Notes and reconciliation caveats. FY2021 and FY2022 figures are drawn from the Q4 2022 earnings release comparative table, which presents rounded whole-million values. FY2023 AFFO is on the post-Q4-2023 definition. FY2023 and FY2024 AFFO per share of $4.12 and $4.54 are as published; note that one aggregator (GuruFocus, February 2024) reported FY2023 AFFO as "$1.21 billion, up 5%," consistent with the $4.12 per-share figure. Dividends declared per share are (derived) from the disclosed quarterly rate progression ($0.6185 through Q3 2023; $0.65 from Q4 2023; $0.715 from Q4 2024; $0.785 from Q1 2025; $0.864 from Q4 2025) and cross-check against the disclosed trailing-twelve-month AFFO payout ratio of 62.2% at Q4 2025 ($3.219 ÷ $5.17 = 62.3%). There is a source discrepancy on the timing of the $0.864 rate: the 2026 proxy states it took effect "from the first quarter of 2026," while the Q2 2026 Supplemental shows a Q4 2025 dividend per share of $0.86 and the Q3 2025 earnings release announced the 10% increase. Both readings are noted; the payout-ratio cross-check supports the Q4 2025 effective date.
Revenue CAGR, FY2021–FY2025: 11.3% (derived from $4,492M to $6,901.7M over four years). On a constant-currency basis, management states revenue has grown at a 13% CAGR since 2021, ahead of the approximately 10% Project Matterhorn target.
Balance sheet
FY2025 total debt of $16,544.5M is as stated in the FY2025 10-K risk-factor disclosure; H1 2026 total debt is (derived) as current portion $220.8M plus long-term $17,128.8M plus deferred financing costs $132.5M. FY2025 stockholders' deficit excluding non-controlling interests was $981.0M per the 10-K; the $(709.3)M line above is total deficit equity including non-controlling interests, per the balance sheet.
Cash flow
Capital expenditure detail, half-year comparison (USD thousands, as reported):
Iron Mountain does not operate a share repurchase programme; it is a REIT with a stated dividend-growth commitment and a low-sixties-percent AFFO payout target, and returns capital exclusively through the common dividend. Free cash flow after growth capex has been persistently negative during the data centre build-out, and the funding gap is bridged with debt — the central financial fact of the investment case.
FY2025 financing activities as disclosed in the 10-K: net proceeds of approximately $1,390.7M from the Euro Notes issuance; net proceeds of approximately $1,006.4M primarily from borrowings under the Credit Agreement and data centre credit facilities, used to partially fund data centre construction and offset by repayment of the 3.875% GBP Senior Notes due 2025; $919.4M of common dividends paid; and $240.7M of deferred purchase obligations and other deferred payments (largely acquisition earn-out and holdback settlements).
Ratios
ROE and debt/equity are not meaningful because Iron Mountain carries a stockholders' deficit — a normal consequence of a REIT that has distributed more than cumulative GAAP earnings for a decade while depreciating a large owned real-estate base. Investors should use net lease-adjusted leverage (4.8x at Q2 2026, inside the company's 4.5x–5.5x target band) and AFFO payout, not book-equity ratios. Cash conversion cycle is not publicly disclosed and is not a metric the company reports; inventory is immaterial outside ALM.
Trend commentary and inflections
Revenue. Growth has re-accelerated decisively. From a 7.4% print in FY2023, reported revenue growth reached 12.2% in both FY2024 and FY2025, then 21.6% in Q1 2026 and 18.5% in Q2 2026. Organic revenue growth ran 8–10% through 2024 and the first three quarters of 2025, then stepped to 13.6% in Q4 2025, 17.2% in Q1 2026 and 16.8% in Q2 2026. The inflection is entirely attributable to the growth businesses: organic service revenue growth moved from 9.8% in Q3 2025 to 17.7%, 24.3% and 24.8% in the three quarters since, while organic storage rental growth has been remarkably stable in a 9%–12% band.
Margins. Consolidated Adjusted EBITDA margin expanded from 35.8% (FY2023) to 37.3% (FY2025), driven by Global RIM margin expansion (43.5% to 44.6%) and a dramatic Global Data Center improvement (43.6% to 51.8%) as leases commenced against a largely fixed cost base. In FY2026 the margin has moved the other way — 36.6% in Q1 and 35.8% in Q2, down 90bp year over year — because ALM, growing at 88%, is structurally lower-margin than the mix it is displacing. This is a deliberate trade of margin for growth, and investors should expect margin percentage dilution to continue while ALM outgrows the group.
Earnings. The GAAP earnings line has been the weakest part of the story. Net income fell from $562.1M (FY2022) to $187.3M, $183.7M and $152.3M in the three years since. The drivers are identifiable and largely non-operating: Project Matterhorn restructuring ($175.2M, $161.4M, $195.9M in FY2023–25), rising interest expense ($721.6M to $829.3M), FX losses on intercompany balances (which alone produced a $43M net loss in Q2 2025), and depreciation on the expanding data centre base. The inflection has now arrived. With Matterhorn complete, restructuring expense fell to zero in FY2026; operating income rose 49.5% in H1 2026 to $768.8M, and net income swung from a $27.1M loss to $255.1M.
Interest cost. Interest expense grew 14.9% in FY2025 and 11.9% in H1 2026 as the debt stack expanded to fund construction. Weighted-average interest cost on total long-term debt is 5.6% with a 4.6-year weighted average maturity; the June 2026 issuance priced at 6.25%. Every incremental dollar of growth capex is being funded at a rate materially above the historic cost of the book, which compresses the spread between development yields and cost of capital.
Cash generation. AFFO has compounded at approximately 11.1% annually from $1,012M (FY2021) to $1,541M (FY2025), and AFFO per share from $3.48 to $5.17 (10.4% CAGR), with only 2% cumulative share-count growth — a genuinely clean per-share record. H1 2026 AFFO of $858.8M is up 19.6%.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Segment revenue (USD Mn)
| Segment revenue (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Global RIM Business | 4,661.8 | 4,979.4 | 5,278.0 |
Global Data Center Business | 495.0 | 620.0 | 803.4 |
Corporate and Other | 323.5 | 550.4 | 820.3 |
Total consolidated revenue | 5,480.3 | 6,149.9 | 6,901.7 |
Business Lines
| Line | FY2023 | FY2024 |
|---|---|---|
Global RIM — storage rental | 2,834.4 | 3,009.1 |
Global RIM — service | 1,827.4 | 1,970.3 |
Global Data Center — storage rental | 474.1 | 606.3 |
Global Data Center — service | 21.0 | 13.7 |
Corporate and Other — storage rental | 62.2 | 66.9 |
Corporate and Other — service | 261.3 | 483.6 |
Results by Segment and Segment Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Global RIM Adjusted EBITDA (USD Mn) | 2,027.0 | 2,223.1 | 2,356.5 |
Global RIM Adjusted EBITDA margin (%) | 43.5 | 44.6 | 44.6 |
Global Data Center Adjusted EBITDA (USD Mn) | 215.9 | 282.5 | 416.2 |
Global Data Center Adjusted EBITDA margin (%) | 43.6 | 45.6 | 51.8 |
Corporate and Other Adjusted EBITDA (USD Mn) | -281.3 | -269.3 | -198.7 |
Consolidated Adjusted EBITDA (USD Mn) | 1,961.7 | 2,236.4 | 2,574.0 |
Consolidated Adjusted EBITDA margin (%) | 35.8 | 36.4 | 37.3 |
Segment Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Global RIM revenue growth YoY (%) | 8.5 | 6.8 | 6.0 |
Global Data Center revenue growth YoY (%) | 23.4 | 25.3 | 29.6 |
Corporate and Other revenue growth YoY (%) | -20.6 | 70.2 | 49.0 |
Global RIM % of total revenue | 85.1 | 81.0 | 76.5 |
Global Data Center % of total revenue | 9.0 | 10.1 | 11.6 |
Corporate and Other % of total revenue | 5.9 | 8.9 | 11.9 |
Segment Margins & Growth (%) (Quarterly)
| Metric | Q2 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|
Global RIM total revenue | 1,323,798 | 1,404,086 | 1,433,562 |
Global RIM Adjusted EBITDA | 586,303 | 617,679 | 620,751 |
Global RIM Adjusted EBITDA margin (%) | 44.3 | 44.0 | 43.3 |
Global Data Center total revenue | 189,401 | 254,725 | 262,871 |
Global Data Center Adjusted EBITDA | 96,266 | 132,763 | 137,343 |
Global Data Center Adjusted EBITDA margin (%) | 50.8 | 52.1 | 52.2 |
Corporate and Other total revenue | 198,749 | 277,338 | 332,629 |
Corporate and Other Adjusted EBITDA | -54,181 | -42,503 | -31,076 |
Consolidated total revenue | 1,711,948 | 1,936,149 | 2,029,062 |
Consolidated Adjusted EBITDA | 628,388 | 707,939 | 727,018 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Storage rental revenue (USD Mn) | 2,870 | 3,034.0 | 3,370.6 | 3,682.3 | 4,052.5 |
Service revenue (USD Mn) | 1,621 | 2,069.6 | 2,109.6 | 2,467.7 | 2,849.2 |
Total revenue (USD Mn) | 4,492 | 5,103.6 | 5,480.3 | 6,149.9 | 6,901.7 |
Revenue growth YoY (%) | 7.5 | 13.6 | 7.4 | 12.2 | 12.2 |
Cost of sales excl. D&A (USD Mn) | — | — | — | 2,696.5 | 3,079.5 |
Gross profit excl. D&A (USD Mn) | — | — | — | 3,453.4 | 3,822.2 |
SG&A (USD Mn) | — | — | — | 1,339.5 | 1,393.9 |
Depreciation and amortisation (USD Mn) | — | — | — | 900.9 | 1,024.4 |
Restructuring and other transformation (USD Mn) | 0 | — | 175.2 | 161.4 | 195.9 |
Operating income (USD Mn) | — | — | — | 1,009.5 | 1,163.8 |
Interest expense, net (USD Mn) | — | — | — | 721.6 | 829.3 |
Pre-tax income (USD Mn) | — | — | — | 244.5 | 211.2 |
Provision for income taxes (USD Mn) | — | — | — | 60.9 | 58.9 |
Net income (USD Mn) | 453 | 562.1 | 187.3 | 183.7 | 152.3 |
Net income attributable to IRM (USD Mn) | — | — | — | 180.2 | 144.6 |
Reported diluted EPS (USD) | 1.55 | 1.90 | 0.63 | 0.61 | 0.49 |
Adjusted EPS (USD) | 1.51 | 1.79 | 1.82 | 1.77 | 2.12 |
Adjusted EBITDA (USD Mn) | 1,635 | 1,827.1 | 1,961.7 | 2,236.4 | 2,574.0 |
Adjusted EBITDA margin (%) | 36.4 | 35.8 | 35.8 | 36.4 | 37.3 |
FFO (Normalized) per share (USD) | — | 2.93 | 3.04 | 3.15 | 3.63 |
AFFO (USD Mn) | 1,012 | 1,110 | 1,214 | 1,344.5 | 1,541.2 |
AFFO per share (USD) | 3.48 | 3.80 | 4.12 | 4.54 | 5.17 |
Dividends declared per share (USD) | 2.474 | 2.474 | 2.506 | 2.665 | 3.219 |
Weighted average diluted shares (M) | — | — | — | 296.2 | 297.8 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansBalance Sheet
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | H1 2026 |
|---|---|---|---|---|---|
Cash and cash equivalents (USD Mn) | — | — | 155.7 | 158.5 | 204.8 |
Accounts receivable, net (USD Mn) | — | — | 1,291.4 | 1,443.7 | 1,487.1 |
Total current assets (USD Mn) | — | — | 1,691.2 | 1,935.0 | 2,103.7 |
Property, plant and equipment, net (USD Mn) | — | — | 7,631.6 | 9,546.3 | 10,269.8 |
Goodwill (USD Mn) | — | — | 5,083.8 | 5,285.8 | 5,267.2 |
Customer/supplier relationships and other intangibles (USD Mn) | — | — | 1,274.7 | 1,269.6 | 1,235.5 |
Operating lease right-of-use assets (USD Mn) | — | — | 2,489.9 | 2,465.2 | 2,437.2 |
Total assets (USD Mn) | 16,140 | 17,470 | 18,717.1 | 21,125.0 | 21,955.4 |
Current portion of long-term debt (USD Mn) | — | — | 715.1 | 216.1 | 220.8 |
Total current liabilities (USD Mn) | — | — | 3,087.3 | 2,619.5 | 2,897.5 |
Long-term debt, net of current portion (USD Mn) | — | — | 13,004.0 | 16,215.9 | 17,128.8 |
Long-term operating lease liabilities (USD Mn) | — | — | 2,334.8 | 2,300.4 | 2,265.3 |
Total long-term liabilities (USD Mn) | — | — | 15,856.3 | 19,150.4 | 19,949.7 |
Redeemable non-controlling interests (USD Mn) | — | — | 78.2 | 64.4 | 63.2 |
Total (deficit) equity (USD Mn) | — | — | -304.7 | -709.3 | -955.0 |
Total debt incl. current portion (USD Mn) | — | — | 13,719.1 | 16,544.5 | 17,482.1 |
Net debt (USD Mn) | — | — | 13,563.4 | 16,386.0 | 17,277.3 |
Working capital (USD Mn) | — | — | -1,396.1 | -684.5 | -793.8 |
Cash Flow
| Metric | FY2024 | FY2025 | H1 2026 |
|---|---|---|---|
Cash flow from operating activities (USD Mn) | — | — | 887.8 |
Total growth capital expenditure (USD Mn) | — | — | 1,044.9 |
Total recurring capital expenditure (USD Mn) | 143.1 | 147.4 | 73.3 |
Total growth and recurring capex (USD Mn) | — | — | 1,118.1 |
Total cash paid for capex (USD Mn) | — | — | 1,106.2 |
Dividends paid on common stock (USD Mn) | — | 919.4 | — |
Payments of deferred purchase obligations (USD Mn) | — | 240.7 | — |
Share repurchases (USD Mn) | 0 | 0 | 0 |
Capex category
| Capex category | H1 2025 | H1 2026 |
|---|---|---|
Growth — data center | 952,982 | 880,086 |
Growth — real estate | 67,980 | 96,485 |
Growth — innovation and other | 49,605 | 68,283 |
Total growth capex | 1,070,567 | 1,044,854 |
Recurring — data center | 8,243 | 8,333 |
Recurring — real estate | 20,281 | 22,375 |
Recurring — non-real estate | 34,353 | 42,560 |
Total recurring capex | 62,877 | 73,268 |
Margin Analysis (%) and Financial Ratios (x)
| Ratio | FY2024 | FY2025 | H1 2026 (annualised or as reported) |
|---|---|---|---|
Return on assets (%) | 1.0 | 0.8 | 2.4 |
Current ratio (x) | 0.55 | 0.74 | 0.73 |
Net debt / Adjusted EBITDA (x, unadjusted) | 6.1 | 6.4 | 6.1 |
Net lease-adjusted leverage ratio (x, credit-agreement basis) | — | 4.9 | 4.8 |
Adjusted EBITDA / interest expense (x) | 3.1 | 3.1 | 3.3 |
Asset turnover (x) | — | 0.35 | 0.37 |
Adjusted EBITDA margin (%) | 36.4 | 37.3 | 36.2 |
Storage rental gross margin (%) | — | — | 69.3 |
Service gross margin (%) | — | — | 32.5 |
TTM AFFO payout ratio (%) | — | 62.2 | 60.0 |
Credit facility fixed charge coverage (x) | — | — | 2.5 |
Geographic Indicator Details
| Geographic indicator | FY2025 | Source |
|---|---|---|
Countries of operation | 61 | 10-K Item 1 and Item 1A |
Total facilities worldwide (approx.) | 1,340 | 10-K Item 1A |
Facilities in the United States (approx.) | 530 | 10-K Item 1A |
Data centre markets | 21 | 10-K Item 1 |
ALM markets | 8 | 10-K Item 1 |
Share of long-term debt denominated in USD (%) | 85 | Q2 2026 Supplemental |
Markets
| Market | Owned sq ft (000s) |
|---|---|
Northern New Jersey | 1,962 |
Chicago | 1,282 |
Boston | 1,104 |
Dallas | 966 |
Houston | 873 |
Paris, France | 765 |
Montreal, Canada | 552 |
Mexico City, Mexico | 452 |
Toronto, Canada | 434 |
Dubai, United Arab Emirates | 434 |
Share Price & Returns
| Reference point | Price (USD) | Date |
|---|---|---|
Quarter-end share price | 126.31 | 30 Jun 2026 |
All-time high (intraday/close) | 125.26 | Following the Q1 2026 report |
Recent traded price (third-party quote) | 116.86 | 5 Sep 2026 |
Prior-year reference | 105.80 | 15 Oct 2025 |
Prior-year reference | 91.91 | Aug 2025 |
2026 low reference | approximately 70 | April 2026 (derived from the reported 78% rise to the $125.26 high) |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Total enterprise value / Adjusted EBITDA (x) | 19.6 | Trailing twelve months at 30 June 2026 |
Net debt / total enterprise value (%) | 31.5 | 30 Jun 2026 |
Price / AFFO per share (x) | 21.4 | $126.31 ÷ FY2026 guidance midpoint of $5.90 |
Price / FY2025 AFFO per share (x) | 24.4 | $126.31 ÷ $5.17 |
EV / FY2025 revenue (x) | 7.9 | $54,875.0M ÷ $6,901.7M |
EV / FY2026 guided revenue (x) | 6.9 | $54,875.0M ÷ $7,975M midpoint |
Dividend yield (%) | 2.7 | $3.456 annualised ÷ $126.31 |
Source Details
| Source | Analysts | Consensus rating | Average target (USD) | High (USD) | Low (USD) |
|---|---|---|---|---|---|
StockAnalysis | 11 | Buy | 146.10 | not stated | not stated |
TradingView | 12 | Buy | 131.55 | 149.00 | 44.00 |
AlphaStreet (at Q2 2026) | 13 | — | — | — | — (11 buy, 1 hold, 1 sell) |
Effective From Details
| Effective from | Quarterly rate (USD) | Increase |
|---|---|---|
Through Q3 2023 | 0.6185 | — |
Q4 2023 | 0.6500 | +5.1% |
Q4 2024 | 0.7150 | +10.0% |
Q1 2025 | 0.7850 | +9.8% |
Q4 2025 (per Supplemental) / Q1 2026 (per proxy) | 0.8640 | +10.1% |
Credit Ratings
| Agency | Corporate rating | Senior credit facility | Outlook | Latest action |
|---|---|---|---|---|
S&P Global Ratings | BB- | BB | Stable | 5 December 2025 |
Moody's Investors Service | Ba3 | Ba3 | Stable | 3 November 2025 |
Fitch Ratings | not publicly disclosed in company materials reviewed | — | — | — |
Capital Markets
| Item | Value |
|---|---|
Shares outstanding (thousands) | 297,662 |
Share price (USD) | 126.31 |
Total market capitalisation (USD Mn) | 37,597.7 |
Net debt (USD Mn) | 17,277.3 |
Total enterprise value (USD Mn) | 54,875.0 |
Revolver and Term Loan A capacity (USD Mn) | 3,225.0 |
Drawn (USD Mn) | 505.0 |
Letters of credit (USD Mn) | 12.4 |
Remaining capacity (USD Mn) | 2,707.6 |
Revolver maturity | 18 March 2030 |
Interest rate spread over SOFR (%) | 1.75 |
Interest rate spread over Prime (%) | 0.75 |
Weighted average interest rate on revolver (%) | 5.31 |
Weighted average interest rate, total long-term debt (%) | 5.6 |
Weighted average maturity (years) | 4.6 |
Fixed rate debt (%) | 83 |
Floating rate debt (%) | 17 |
USD-denominated debt (%) | 85 |
Undrawn committed asset-level financing, one Northern Virginia data centre (USD Mn) | 268.4 |
Capital Markets Data
| Maturity year | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Amount due (USD Mn) | 76 | 1,556 | 1,581 | 2,516 | 2,191 | 3,461 | 1,350 | 1,200 | 1,392 | 1,500 | 24 |
Analyst Conclusions
Management guidance
FY2026 guidance, raised 5 August 2026: revenue $7,940M–$8,010M (approximately +16% at the midpoint), Adjusted EBITDA $2,945M–$2,975M (approximately +15%), AFFO $1,760M–$1,780M (approximately +15%), and AFFO per share $5.87–$5.93 (approximately +14%). Q3 2026: revenue approximately $1,980M, Adjusted EBITDA approximately $745M, AFFO approximately $440M or $1.47 per share (approximately +11% to +13%). Segment guidance: data centre revenue above $1 billion in 2026, growing more than 25% with segment margin expansion. Structural guidance: approximately 325 MW of leasable capacity energising over the next 24 months; a disclosed backlog supporting $370 million of revenue growth beyond 2026 before the July leasing is counted; leverage maintained within 4.5x–5.5x; and dividend payout in the low sixties percent of AFFO.
A disclosure change to note: the CFO signalled that Iron Mountain will likely cease providing annual megawatt leasing targets, shifting the framing to energisation schedules. This is defensible given the lumpiness demonstrated in July 2026, but it removes a metric against which investors have held management accountable.
Consensus expectations
Sell-side consensus clusters around a Buy rating with average price targets ranging from $131.55 (TradingView, 12 analysts) to $146.10 (StockAnalysis, 11 analysts), against a recent price near $117 — implying roughly 12% to 25% upside. Ratings distribution at the Q2 2026 report was 11 buy, 1 hold, 1 sell. Revenue consensus at approximately $7.75bn sat below the raised guidance range of $7,940M–$8,010M, so estimates were still migrating upward as of early September 2026. Truist's August 2026 raise to $155 is the current high-water mark among recent revisions.
Bull case
1. The energisation pipeline is contracted, not speculative. Approximately 325 MW energising over 24 months against a 528.5 MW operating base is a potential 60% expansion of revenue-generating data centre capacity, and 71.2% of the 160.2 MW currently under construction is already pre-leased. Add the disclosed $370 million backlog, the 110 MW leased year to date through July (already above the original 100 MW full-year target), and a portfolio that is 97.1% leased with a 10.2-year weighted average lease expiry. Data centre revenue guided above $1 billion in 2026 at 51.8%+ segment margins means the highest-margin business is also the fastest-growing among the large lines.
2. The RIM annuity is not decaying — it is quietly compounding. This is the most underappreciated element of the story. Storage volume rose from 732.0 to 747.9 million cubic feet over nine quarters; retention is 93.4% and improving; storage revenue per square foot is up 12.6% year over year with NOI per square foot up 10.1%; and the FY2025 10-K softened its own language to say volumes "were relatively steady in 2025 and we expect them to remain relatively consistent in the near term." A business generating approximately $5.3 billion at 44%+ segment margins with flat-to-rising volumes and 11%+ organic pricing is worth far more than a melting ice cube.
3. The GAAP earnings inflection has arrived and is structural. Project Matterhorn's $195.9 million of FY2025 restructuring expense is gone permanently — the line was zero in both Q1 and Q2 2026. H1 2026 operating income rose 49.5% to $768.8M and net income swung from a $27.1M loss to $255.1M. As GAAP earnings normalise, the stock becomes accessible to a broader investor base than the AFFO-literate REIT community, and the AFFO payout ratio at 60.0% and falling supports continued double-digit dividend growth.
Bear case
1. Growth is being bought with debt at a rising price. H1 2026 operating cash flow of $887.8M does not cover $1,118.1M of capital expenditure, before a dividend that consumed $919.4M in FY2025. The gap is closed with borrowing: total debt rose from $13.7bn (FY2024) to $16.5bn (FY2025) to $17.5bn (H1 2026), and the June 2026 issuance priced at 6.25% against a 5.6% weighted-average book cost. Interest expense grew 14.9% in FY2025 and consumed 71% of operating income. Book equity is negative $955.0M and deteriorating. At BB-/Ba3, Iron Mountain is funding a gigawatt-scale build-out at a structural cost-of-capital disadvantage to every investment-grade competitor in the sector.
2. The margin trajectory has turned, and the mix will keep pushing it down. Consolidated Adjusted EBITDA margin fell 90bp year over year in Q2 2026 to 35.8%. Global RIM segment margin fell from 44.3% to 43.3%. Service gross margin fell 240bp to 30.7%. The engine of growth — ALM at +88% — is the lowest-margin business in the portfolio, and it is also the most cyclical, the most commodity-exposed, the most customer-concentrated, and the most exposed to China trade policy, all by the company's own disclosure. The company is trading quality of earnings for quantity of growth, and the market is currently paying up for the quantity.
3. The re-rating has already happened. The stock rose approximately 78% from its April 2026 low to a record $125.26, trades at 19.6x trailing EV/EBITDA and roughly 21x forward AFFO, and the AI-infrastructure narrative is now fully embedded in the price. Iron Mountain remains, by revenue, a 76.5% records-management company. Any of the following would compress the multiple sharply: a lumpy leasing quarter (Q2 2026 delivered just 13 MW before the July surge), a hyperscaler insourcing decision in ALM, a rate back-up, or a cybersecurity incident of the kind the company itself acknowledged being alerted to in 2025 — an event that would strike directly at the trust asset on which everything else rests.
Catalysts and monitorables, next 12 months
| Catalyst / monitorable | Timing | Why it matters |
|---|---|---|
| Q3 2026 results | Late October / early November 2026 | Guided to approximately $1,980M revenue, $745M Adjusted EBITDA, $1.47 AFFO per share; first quarter to include the July leasing economics |
| Annual dividend decision | With Q3 2026 results | Two consecutive 10% raises; payout at 60.0% leaves headroom for a third |
| VA-9 Phase 1 and MIA-1 completion | Q4 2026 | Both 100% pre-leased; on-time delivery validates the development machine |
| LON-3, MAD-2/3, VA-9 Phase 2, AMS-1 Phase 4 completion | Q1–Q2 2027 | $1,449.1M of committed development investment converting to revenue |
| Change in leasing disclosure practice | Q3/Q4 2026 | If annual MW targets are withdrawn, investors lose a key accountability metric |
| ALM growth durability | Every quarter | 88% growth in Q2 2026 is not sustainable; the question is where it settles, and whether hyperscale decommissioning is a cycle or a run rate |
| Global RIM organic growth | Every quarter | 6.8% in Q2 2026, down from 7.6% year to date; a slip below approximately 5% would challenge the annuity thesis |
| Consolidated margin | Every quarter | Adjusted EBITDA margin below 35% would signal mix dilution outrunning operating leverage |
| Interest expense and refinancing | Ongoing | $1,556M matures in 2027; watch the coupon on any new issuance |
| Net lease-adjusted leverage | Every quarter | 4.8x now; above 5.5x would breach the stated target band |
| Rating agency actions | Ongoing | S&P and Moody's both affirmed with stable outlooks in late 2025; an upgrade to BB/Ba2 would be a genuine cost-of-capital catalyst |
| FY2027 guidance | February 2027 | The first guide without Project Matterhorn framing |
| Cybersecurity disclosure | Ongoing | Item 1C and any 8-K materiality determination |
| India and Mumbai execution | 2026–2028 | 51 MW anchor plus 149.7 MW held for development; the largest single geographic bet |
Analyst verdict
Iron Mountain in September 2026 is a company that has genuinely earned its re-rating and is now priced as though the next stage is as certain as the last. The operating record is not in dispute: five consecutive years of record revenue, Adjusted EBITDA and AFFO; a 13% constant-currency revenue CAGR since 2021 against an approximately 10% Project Matterhorn target; AFFO per share compounding at 10.4% with 2% share-count growth; a data centre portfolio 97.1% leased at a 10.2-year weighted average lease expiry with 110 MW signed through July 2026; and an ALM business growing 88% on the back of an AI hardware refresh cycle that has barely begun. The two guidance raises in 2026 were both substantive and both driven by operations rather than currency.
What gives pause is not the operating story but the funding of it. Operating cash flow does not cover capital expenditure, let alone the dividend; the gap has been bridged by roughly $3.8 billion of net new debt in eighteen months at a marginal cost of 6.25%; book equity is negative and widening; and interest already absorbs more than seventy percent of operating income. Iron Mountain is executing an investment-grade strategy on a non-investment-grade balance sheet. That works while leasing demand is insatiable and capital is available. It becomes acutely uncomfortable if either condition changes — and the company's own risk factors identify power constraints, construction inflation, tariffs, hyperscaler insourcing in ALM, and Chinese secondary-market demand as the specific mechanisms by which they might.
The most durable part of the business remains the least discussed. A records estate with 93.4% retention, rising volumes, 11%+ organic pricing and 44% segment margins is a rare asset, and it is now roughly three-quarters of revenue. The bull case does not actually require the AI narrative to compound indefinitely; it requires the annuity to hold while the growth businesses convert an already-contracted 325 MW of energising capacity and a disclosed $370 million backlog into revenue.
Verdict: a high-quality, genuinely improving business at a price that now demands the improvement continue. The asymmetry that existed in April 2026 at approximately $70 does not exist near $117. Not a source of downside protection, despite the REIT wrapper and the 2.7% yield.
-
Full income statement and balance sheet line detail for FY2021–FY2023 beyond the summary metrics published in comparative earnings-release tables.
-
Consolidated statement of cash flows detail for FY2021–FY2025 (operating cash flow, total capex, free cash flow), other than the FY2025 financing-activity items and FY2024/FY2025 recurring capex disclosed in the AFFO reconciliation.
-
FY2025 segment storage/service revenue splits.
-
Employee headcount for FY2023 and FY2024.
-
FY2025 compensation for Greg McIntosh and Mithu Bhargava.
-
The proxy's Security Ownership of Certain Beneficial Owners table (top-holder stakes above are from third-party 13F aggregation at varying dates).
-
Aggregate insider ownership as a group.
-
Patent portfolio size and recent grants (not disclosed by the company).
-
Research and development expense (not a reported line item).
-
Named research laboratories or innovation centre locations.
-
MSCI, Sustainalytics and CDP scores (index membership is disclosed; numerical scores are not).
-
Fitch credit rating (not presented in company materials).
-
Current-period valuation multiples for Equinix and Digital Realty; peer FY2025 financials.
-
Numerical one-, three- and five-year total shareholder return percentages.
-
Named counterparties to the data centre joint ventures.
-
Purchase prices for the Wisetek, APCD and 2025 Australian/North American ALM acquisitions.
APPENDIX B — PRIMARY SOURCES RELIED UPON
-
Iron Mountain Incorporated, Annual Report on Form 10-K for the fiscal year ended 31 December 2025, filed 12 February 2026 (accession 0001020569-26-000013).
-
Iron Mountain Incorporated, Definitive Proxy Statement on Schedule 14A, filed 24 March 2026 (accession 0001020569-26-000026).
-
Iron Mountain Incorporated, Current Report on Form 8-K dated 5 August 2026, including the Q2 2026 earnings press release and Supplemental Financial Information (accession 0001020569-26-000068).
-
Iron Mountain Incorporated, Current Report on Form 8-K dated 12 February 2026, including the Q4 and FY2025 earnings press release (accession 0001020569-26-000009).
-
Iron Mountain Incorporated, Q4 2024 Supplemental Financial Information (accession 0001020569-25-000035) and Q4 2023 Supplemental Financial Information (accession 0001020569-24-000038).
-
Iron Mountain Incorporated, Q4 2022 earnings press release and Supplemental Financial Information (accession 0001020569-23-000036).
-
Iron Mountain Incorporated, FY2024 Annual Report to Stockholders (accession 0001020569-25-000096).
-
Iron Mountain Incorporated, Quarterly Report on Form 10-Q for the quarter ended 30 June 2026.
-
Iron Mountain Q2 2026 and Q4 2025 earnings conference call transcripts and investor presentations.
-
Iron Mountain investor relations and media centre press releases, 2023–2026.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Executive Leadership Team
| Executive | Title | Salary | Stock awards | Option awards | Non-equity incentive | All other comp | Total |
|---|---|---|---|---|---|---|---|
William L. Meaney | President and Chief Executive Officer | 1,195,702 | 11,401,832 | 2,099,985 | 2,273,000 | 76,961 | 17,047,480 |
Barry Hytinen | EVP and Chief Financial Officer | 750,002 | 5,269,697 | 0 | 1,015,000 | 17,762 | 7,052,461 |
Mark Kidd | EVP and General Manager, Data Centers and ALM | 575,004 | 5,030,186 | 0 | 622,000 | 795,965 | 7,023,155 |
Greg McIntosh | EVP and Chief Commercial Officer | — | — | — | — | — | — |
Mithu Bhargava | EVP and General Manager, Digital Solutions | — | — | — | — | — | — |
Board of Directors
| Director | Principal occupation | Age | Independent | Tenure (yrs) | Committee roles | Other public boards |
|---|---|---|---|---|---|---|
Pamela M. Arway | Retired President, Japan/Asia Pacific/Australia, American Express International; Independent Chair of the Board | 72 | Yes | 12 | Compensation; Nominating & Governance | DaVita Inc. |
Jennifer Allerton | Retired CIO, F. Hoffmann-La Roche AG | 74 | Yes | 12 | Audit; Risk & Safety | — |
Kent P. Dauten | Chairman, Keystone Capital | 70 | Yes | 29 | Audit; Nominating & Governance; Finance | — |
June Yee Felix | Retired Group CEO, IG Group plc | 69 | Yes | 2 | Audit; Risk & Safety | Hiscox Ltd; RELX plc |
Monte Ford | Principal Partner, CIO Strategy Exchange | 66 | Yes | 7 | Chair, Risk & Safety; Compensation | Akamai; JetBlue; Centene |
Christie Kelly | Retired CFO, Realty Income Corporation | 64 | Yes | 1 | Audit; Finance | Park Hotels & Resorts; Kite Realty Group Trust; Legence |
Robin L. Matlock | Retired CMO, VMware, Inc. | 60 | Yes | 6 | Chair, Compensation; Risk & Safety | MSCI Inc. |
William L. Meaney | CEO, Iron Mountain | 65 | No | 13 | — | State Street Corporation |
Walter C. Rakowich | Retired CEO, Prologis Inc. | 68 | Yes | 13 | Chair, Audit; Nominating & Governance; Finance | Host Hotels & Resorts; Ventas |
Theodore R. Samuels | Retired President, Capital Guardian Trust Company | 71 | Yes | 3 | Chair, Nominating & Governance; Finance | Bristol Myers Squibb; Centene |
Doyle R. Simons | Retired CEO, Weyerhaeuser Co. | 62 | Yes | 6 | Chair, Finance; Compensation | Union Pacific |
Competitive Landscape
Peer Comparison FY2025
| Metric | Iron Mountain (FY2025) | Equinix (FY2024) | Digital Realty (FY2024) |
|---|---|---|---|
Revenue (USD Mn) | 6,901.7 | 8,748 | 5,554 |
Revenue growth YoY (%) | 12.2 | 7.1 | 1.4 |
Adjusted EBITDA margin (%) | 37.3 | 47.0 | — |
Net lease-adjusted leverage (x) | 4.9 | — | — |
Recent Developments
Litigation, regulatory actions, layoffs: *
