IRON MOUNTAIN INCIRM
IRON MOUNTAIN INC Segments Disclosure
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.
As of December 31, 2025, our two reportable segments are described as follows:
(1)Global Records and Information Management ("Global RIM") Business includes several distinct offerings:
(i)Records Management, which stores physical records and provides information services, vital records services, courier operations, and the collection, handling and disposal of sensitive documents ("Records Management") for customers in 61 countries around the globe.
(ii)Data Management, which provides storage and rotation of backup computer media as part of corporate disaster recovery plans, including service and courier operations, server and computer backup services and related services offerings ("Data Management").
(iii)Global Digital Solutions, which develops, implements and supports comprehensive storage and information management solutions for the complete lifecycle of our customers’ information, including the management of physical records, conversion of documents to digital formats and digital storage of information. In October 2025, we launched version 2.0 of our Digital Experience Platform (also referred to as DXP), which offers enhanced content management and smart document processing, an easy-to-use secure platform with workflow tools and Artificial Intelligence agents, allowing customers to make faster and more insightful decisions as well as eliminate obsolete and duplicative data to save costs.
(iv)Secure Shredding, which includes the scheduled pick-up of office records that customers accumulate in specially designed secure containers we provide and is a natural extension of our hardcopy records management operations, completing the lifecycle of a record. Through a combination of shredding facilities and mobile shredding units consisting of custom built trucks, we are able to offer secure shredding services to our customers.
(v)Media and Archive Services, which includes entertainment and media services, which help industry clients store, safeguard and deliver physical media of all types, and provides digital content repository systems that house, distribute and archive key media assets.
(vi)Consumer Storage, which provides on-demand, valet storage for consumers utilizing data analytics and machine learning to provide effective customer acquisition and a convenient and seamless consumer storage experience.
(2)Global Data Center Business, which provides enterprise-class data center facilities and hyperscale-ready capacity to protect mission-critical assets and ensure the continued operation of our customers’ IT infrastructure, with secure, reliable and flexible data center options.
The remaining activities of our business consist primarily of our ALM and Fine Arts businesses and Corporate and Other.
(i)ALM provides hyperscale and corporate IT infrastructure managers with services and solutions that enable the decommissioning, data erasure, processing and disposition, and recycling or sale of IT hardware and component assets. ALM services are enabled by: secure logistics, chain of custody and complete asset traceability practices, environmentally-responsible asset processing and recycling, and data sanitization and asset refurbishment services that enable value recovery through asset remarketing. In addition, ALM also offers workplace IT asset management services including storage, configuration, deployment, device support, end-of-life disposition and recycling or sale of employee IT devices. Our ALM services focus on protecting and eradicating customer data while maintaining strong, auditable and transparent chain of custody practices.
(ii)Fine Arts provides technical expertise in the handling, installation and storing of art.
(iii)Corporate and Other also includes costs related to executive and staff functions, including finance, human resources and IT, which benefit the enterprise as a whole.
The accounting policies of our reportable segments are the same as those described in Note 2.
The operations associated with acquisitions completed during 2025 have been incorporated into our Global RIM Business and Corporate and Other.
An analysis of our business segment information and reconciliation to the accompanying Consolidated Financial Statements is as follows:
| GLOBAL RIM BUSINESS | GLOBAL DATA CENTER BUSINESS | TOTAL REPORTABLE SEGMENTS | CORPORATE AND OTHER | TOTAL CONSOLIDATED | |||||||||||||||||||||||||
As of and for the Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| Total Revenues | $ | 5,291,481 | $ | 803,429 | $ | 6,094,910 | $ | 806,827 | $ | 6,901,737 | |||||||||||||||||||
| Storage Rental | 3,183,735 | 797,017 | 3,980,752 | 71,758 | 4,052,510 | ||||||||||||||||||||||||
| Service | 2,107,746 | 6,412 | 2,114,158 | 735,069 | 2,849,227 | ||||||||||||||||||||||||
Other Segment Items(1) | 2,927,983 | 387,103 | 3,315,086 | ||||||||||||||||||||||||||
| Adjusted EBITDA | 2,363,498 | 416,326 | 2,779,824 | ||||||||||||||||||||||||||
Total Assets(2) | 10,891,324 | 7,968,990 | 18,860,314 | 2,264,705 | 21,125,019 | ||||||||||||||||||||||||
As of and for the Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| Total Revenues | $ | 4,979,438 | $ | 620,028 | $ | 5,599,466 | $ | 550,443 | $ | 6,149,909 | |||||||||||||||||||
| Storage Rental | 3,009,094 | 606,294 | 3,615,388 | 66,871 | 3,682,259 | ||||||||||||||||||||||||
| Service | 1,970,344 | 13,734 | 1,984,078 | 483,572 | 2,467,650 | ||||||||||||||||||||||||
Other Segment Items(1) | 2,756,321 | 337,515 | 3,093,836 | ||||||||||||||||||||||||||
| Adjusted EBITDA | 2,223,117 | 282,513 | 2,505,630 | ||||||||||||||||||||||||||
Total Assets(2) | 10,408,885 | 6,060,608 | 16,469,493 | 2,247,622 | 18,717,115 | ||||||||||||||||||||||||
As of and for the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| Total Revenues | $ | 4,661,776 | $ | 495,026 | $ | 5,156,802 | $ | 323,487 | $ | 5,480,289 | |||||||||||||||||||
| Storage Rental | 2,834,352 | 474,066 | 3,308,418 | 62,227 | 3,370,645 | ||||||||||||||||||||||||
| Service | 1,827,424 | 20,960 | 1,848,384 | 261,260 | 2,109,644 | ||||||||||||||||||||||||
Other Segment Items(1) | 2,634,739 | 279,081 | 2,913,820 | ||||||||||||||||||||||||||
| Adjusted EBITDA | 2,027,037 | 215,945 | 2,242,982 | ||||||||||||||||||||||||||
Total Assets(2) | 10,876,225 | 4,788,600 | 15,664,825 | 1,808,977 | 17,473,802 | ||||||||||||||||||||||||
(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.
A reconciliation of Adjusted EBITDA for our reportable segments to total Net Income (Loss) Before Provision (Benefit) for Income Taxes for the years ended December 31, 2025, 2024 and 2023 is as follows:
| YEAR ENDED DECEMBER 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Total Adjusted EBITDA for Reportable Segments | $ | 2,779,824 | $ | 2,505,630 | $ | 2,242,982 | |||||||||||
| Add/(Deduct): | |||||||||||||||||
| Corporate and other | (205,874) | (269,250) | (281,305) | ||||||||||||||
| Interest expense, net | (829,335) | (721,559) | (585,932) | ||||||||||||||
| Depreciation and amortization | (1,024,435) | (900,905) | (776,159) | ||||||||||||||
| Acquisition and Integration Costs | (19,545) | (35,842) | (25,875) | ||||||||||||||
Restructuring and other transformation | (195,912) | (161,359) | (175,215) | ||||||||||||||
| (Loss) gain on disposal/write-down of property, plant and equipment, net (including real estate) | (24,641) | (6,196) | 12,825 | ||||||||||||||
Other (expense) income, net, excluding our share of (losses) gains from our unconsolidated joint ventures | (118,473) | (39,159) | (98,891) | ||||||||||||||
| Stock-based compensation expense | (140,280) | (118,138) | (73,799) | ||||||||||||||
| Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | (10,141) | (8,684) | (11,425) | ||||||||||||||
| Total Net Income (Loss) Before Provision (Benefit) for Income Taxes | $ | 211,188 | $ | 244,538 | $ | 227,206 | |||||||||||
Information as to our operations in different geographical areas for the years ended December 31, 2025, 2024 and 2023 is as follows:
| YEAR ENDED DECEMBER 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenues: | |||||||||||||||||
| United States | $ | 4,573,462 | $ | 4,008,402 | $ | 3,507,134 | |||||||||||
| United Kingdom | 472,611 | 426,462 | 393,917 | ||||||||||||||
| Canada | 302,421 | 303,184 | 279,325 | ||||||||||||||
| Remaining Countries | 1,553,243 | 1,411,861 | 1,299,913 | ||||||||||||||
| Long-lived Assets: | |||||||||||||||||
| United States | $ | 12,284,125 | $ | 11,399,912 | $ | 9,492,911 | |||||||||||
| United Kingdom | 1,913,326 | 1,419,582 | 1,315,715 | ||||||||||||||
| Canada | 639,904 | 612,581 | 498,511 | ||||||||||||||
| Remaining Countries | 4,352,681 | 3,593,818 | 4,431,120 | ||||||||||||||
Information as to our revenues by product and service lines by segment for the years ended December 31, 2025, 2024 and 2023 is as follows:
| GLOBAL RIM BUSINESS | GLOBAL DATA CENTER BUSINESS | CORPORATE AND OTHER | TOTAL CONSOLIDATED | ||||||||||||||||||||
For the Year Ended December 31, 2025 | |||||||||||||||||||||||
Records Management(1) | $ | 4,208,905 | $ | — | $ | 174,290 | $ | 4,383,195 | |||||||||||||||
Data Management(1) | 504,662 | — | — | 504,662 | |||||||||||||||||||
Information Destruction(1)(2)(3) | 577,914 | — | 632,537 | 1,210,451 | |||||||||||||||||||
Data Center(1) | — | 803,429 | — | 803,429 | |||||||||||||||||||
For the Year Ended December 31, 2024 | |||||||||||||||||||||||
Records Management(1) | $ | 3,899,109 | $ | — | $ | 162,366 | $ | 4,061,475 | |||||||||||||||
Data Management(1) | 515,306 | — | — | 515,306 | |||||||||||||||||||
Information Destruction(1)(2)(3) | 565,023 | — | 388,077 | 953,100 | |||||||||||||||||||
Data Center(1) | — | 620,028 | — | 620,028 | |||||||||||||||||||
For the Year Ended December 31, 2023 | |||||||||||||||||||||||
Records Management(1) | $ | 3,625,264 | $ | — | $ | 146,389 | $ | 3,771,653 | |||||||||||||||
Data Management(1) | 520,194 | — | — | 520,194 | |||||||||||||||||||
Information Destruction(1)(2)(3) | 516,318 | — | 177,098 | 693,416 | |||||||||||||||||||
Data Center(1) | — | 495,026 | — | 495,026 | |||||||||||||||||||
(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.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 14, 2019 | |
| 2017 | Feb 16, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.