IRON MOUNTAIN INC

Listed Company

IRMCIK 0001020569NYSELarge AcceleratedReal Estate Investment TrustsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$6.90B

Net Income

$152.25M

Total Assets

$21.13B

Equity

$-981.01M

Shares Out

297.52M

Op. Cash Flow

$1.34B

Business

IRON MOUNTAIN INC provides information management services that help organizations store, protect and manage physical and digital assets across their lifecycles. It offers records management, data management, secure shredding, media and archive services, consumer storage, Global Digital Solutions for digitization and SaaS access, asset lifecycle management (ALM), fine arts handling, and enterprise-class data center hosting. The company operates through Global Records and Information Management, Global Data Center, and Corporate and Other segments. Its solutions are delivered globally to commercial, legal, financial, healthcare, technology, government and other market verticals.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total Revenues	6,902	6,150	5,480	5,104	4,492
Cost of sales (excluding depreciation and amortization)	3,079	2,697	2,358	2,189	1,887
Selling, general and administrative	1,394	1,340	1,236	1,141	1,023
Depreciation and amortization	1,024	901	776	728	680
Acquisition and Integration Costs	20	36	26	48	13
Restructuring and other transformation	196	161	175	42	206
Loss (gain) on disposal/write-down of property, plant and equipment, net	25	6	−13	−93	−172
Total Operating Expenses	5,738	5,140	4,559	4,054	3,637
Operating Income (Loss)	1,164	1,010	922	1,050	854
Interest Expense, Net (includes Interest Income of $17,127, $14,672 and $12,471 in 2025, 2024 and 2023, respectively)	829	722	586	488	—
Other Expense (Income), Net	123	43	109	−70	−193
Net Income (Loss) Before Provision (Benefit) for Income Taxes	211	245	227	632	629
Provision (Benefit) for Income Taxes	59	61	40	69	176
Net Income (Loss)	152	184	187	562	453
Less: Net income (loss) attributable to noncontrolling interests	8	4	3	5	3
Net Income (Loss) Attributable to Iron Mountain Incorporated	145	180	184	557	450
Basic (in dollars per share)	0.49	0.61	0.63	1.92	1.56
Diluted (in dollars per share)	0.49	0.61	0.63	1.9	1.55
Weighted average common shares outstanding-basic (in shares)	295	293	292	291	289
Weighted average common shares outstanding-diluted (in shares)	298	296	294	292	291

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	159	156	223	142	256
Accounts receivable (less allowances of $107,838 and $86,712 as of December 31, 2025 and 2024, respectively)	1,444	1,291	1,260	1,175	961
Prepaid expenses and other	333	244	253	230	224
Total Current Assets	1,935	1,691	1,736	1,547	1,441
Property, plant and equipment	14,457	11,986	10,374	9,026	8,647
LessAccumulated depreciation	−4,911	−4,354	−4,059	−3,910	−3,979
Property, Plant and Equipment, Net	9,546	7,632	6,315	5,115	4,668
Goodwill	5,286	5,084	5,018	4,883	4,464
Customer and supplier relationships and other intangible assets	1,270	1,275	1,280	1,423	1,181
Operating lease right-of-use assets	2,465	2,490	2,696	2,584	2,314
Other	623	546	430	588	382
Total Other Assets, Net	9,644	9,394	9,423	9,478	8,341
Total Assets	21,125	18,717	17,474	16,141	14,450
Current portion of long-term debt	216	715	121	88	309
Accounts payable	711	679	540	469	369
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities)	1,291	1,367	1,250	1,032	1,033
Deferred revenue	402	327	326	329	307
Total Current Liabilities	2,619	3,087	2,236	1,918	2,019
Long-term Debt, net of current portion	16,216	13,004	11,813	10,481	8,963
Long-term Operating Lease Liabilities, net of current portion	2,300	2,335	2,562	2,429	2,171
Other Long-term Liabilities	450	312	238	317	144
Deferred Income Taxes	184	205	235	263	224
Commitments and Contingencies	—	—	—	—	—
Redeemable Noncontrolling Interests	64	78	178	95	72
Preferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding)	0	0	0	0	0
Common stock (par value $0.01; authorized 400,000,000 shares; issued and outstanding 295,788,645 shares and 293,592,637 shares as of December 31, 2025 and 2024, respectively)	3	3	3	3	3
Additional paid-in capital	4,790	4,647	4,534	4,468	4,413
(Distributions in excess of earnings) Earnings in excess of distributions	−5,405	−4,583	−3,954	−3,392	−3,221
Accumulated other comprehensive items, Net	−369	−570	−371	−442	−338
Total Iron Mountain Incorporated Stockholders (Deficit) Equity	−981	−503	212	637	856
Noncontrolling Interests	272	198	125,000	125,000	1
Total (Deficit) Equity	−709	−305	212	637	857
Total Liabilities and (Deficit) Equity	21,125	18,717	17,474	16,141	14,450

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	731	629	526	479	465
Amortization (includes amortization of deferred financing costs and discounts of $32,769, $25,580 and $16,859 in 2025, 2024 and 2023, respectively)	326	297	267	267	232
Revenue reduction associated with amortization of customer inducements and data center above- and below-market leases	6	5	7	8	9
Stock-based compensation expense	140	118	74	57	61
(Benefit) provision for deferred income taxes	−48	−41	−35	−56	29
Loss (gain) associated with the remeasurement of deferred purchase obligations	20	29	0	−94	0
Loss (gain) associated with the remeasurement to fair value of our previously held equity interest	0	0	38	−36	0
Foreign currency transactions and other, net	48	41	103	−20	−7
(Increase) decrease in assets	−263	−78	−70	−225	−174
Increase (decrease) in liabilities	202	6	30	−28	43
Cash Flows from Operating Activities	1,340	1,197	1,114	928	759
Capital expenditures	−2,272	−1,792	−1,339	−875	−611
Cash paid for acquisitions, net of cash acquired	−102	−178	−42	−804	−204
Acquisition of customer intangibles	−75	−62	−6	−8	−6
Contract costs	−96	−113	−95	−70	−59
Investments in joint ventures and other investments, net	−43	−10	−16	−73	−79
Proceeds from sales of property and equipment and other, net	14	18	54	170	278
Cash Flows from Investing Activities	−2,574	−2,137	−1,444	−1,660	−473
Repayment of revolving credit facility, term loan facilities and other debt	−16,003	−14,473	−18,192	−11,593	−5,164
Proceeds from revolving credit facility, term loan facilities and other debt	17,010	14,965	18,386	12,950	4,972
Net proceeds from sales of senior notes	1,391	1,188	990	0	738
Equity contributions from noncontrolling interests	93	231	25	29	0
Equity distribution to noncontrolling interests	−13	−3	−4	−3	−2
Repurchase of noncontrolling interest	0	−35	−400,000	−5	−75
Parent cash dividends	−919	−790	−738	−724	−718
Payment of deferred purchase obligations and other deferred payments	−241	−159	0	0	—
Net (payments) proceeds associated with employee stock-based awards	−37	−12	−9	−5	—
Other, net	−13	−36	−33	−10	4
Cash Flows from Financing Activities	1,268	877	426	639	−221
Effect of Exchange Rates on Cash and Cash Equivalents	−31	−4	−14	−21	−14
Increase (decrease) in Cash and Cash Equivalents	3	−67	81	−114	51
Cash Paid for Interest	825	771	512	483	428
Cash Paid for Income Taxes, Net	122	91	90	100	130
Financing Leases and Other	228	144	135	50	51
Accrued Capital Expenditures	281	342	234	173	88
Deferred Purchase Obligations and Other Deferred Payments	40	269	19	193	0

Filings

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