01—Abstract
Summary
Summary of the 10-Q filed April 30, 2026. Cited figures are marked; the original filing is the authoritative source.
Iron Mountain Incorporated's Form 10-Q for the quarter ended March 31, 2026 reports total revenues of $1.94 billiona, up from $1.59 billion in the prior-year quarter, with storage rental revenue of $1.09 billion and service revenue of $841.4 million.
Operating income rose to $395.2 millionb from $254.3 million, and net income attributable to Iron Mountain Incorporated was $143.7 million, or $0.48 per diluted share, compared with $16.0 million, or $0.05 per diluted share, a year earlier. Adjusted EBITDA was $707.9 million, up from $579.9 million, with Adjusted EBITDA Margin of 36.6% versus 36.4%. Growth was led by the Global Data Center Business, where segment revenue rose to $254.7 million from $173.2 million and segment Adjusted EBITDA reached $132.8 million.
The Global RIM Business segment generated $1.40 billionc of revenue and $617.7 million of Adjusted EBITDA. Investment remained heavy: cash capital expenditures were $518.0 million in the quarter, and management expects total 2026 capital expenditures of approximately $2.2 billion. Long-term debt rose to a carrying amount of $17.10 billion, and interest expense, net increased to $223.8 million from $194.7 million, reflecting higher average debt outstanding.
Total deficit equity was $(938.4) million at March 31, 2026. The company reported operating cash flow of $338.6 milliond, paid $275.6 million in dividends, and declared a quarterly dividend of $0.864 per share on April 30, 2026. Management stated it was in compliance with its debt covenants, with a net total lease adjusted leverage ratio of 4.8 against a maximum allowable of 7.0.
02—Key points
Key Highlights
- Total revenues of $1,936.1 million, up from $1,592.5 million, with storage rental revenue of $1,094.8 million and service revenue of $841.4 million.
- Operating income of $395.2 million versus $254.3 million in the prior-year quarter; net income attributable to Iron Mountain Incorporated of $143.7 million, or $0.48 per diluted share, versus $0.05.
- Adjusted EBITDA of $707.9 million, up 22.1% from $579.9 million; Adjusted EBITDA Margin of 36.6% versus 36.4%.
- Global Data Center Business segment revenue of $254.7 million, up 47.1%, with segment Adjusted EBITDA of $132.8 million.
- Cash capital expenditures of $518.0 million; the company expects total 2026 capital expenditures of approximately $2,200.0 million.
- Long-term debt carrying amount of $17.10 billion at March 31, 2026, with interest expense, net of $223.8 million; the company reports compliance with its leverage and fixed charge coverage covenants.
- Declared a quarterly dividend of $0.864 per share on April 30, 2026, payable July 3, 2026; dividends paid in the quarter totaled $275.6 million.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed April 30, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $1.94B$1.59B | +21.6% |
| SG&A Expenses | $372.76M$329.74M | +13.0% |
| Operating Expenses | $1.54B$1.34B | +15.1% |
| Operating Income | $395.23M$254.29M | +55.4% |
| Net Income | $143.66M$15.95M | +800.6% |
| EPS (Basic) | $0.48$0.05 | +860.0% |
| EPS (Diluted) | $0.48$0.05 | +860.0% |
| Shares Outstanding (Basic) | 296.85M294.51M | +0.8% |
| Shares Outstanding (Diluted) | 298.83M297.26M | +0.5% |
05—Questions
Frequently Asked Questions
How did Iron Mountain's revenue and profitability change in the first quarter of 2026?
Total revenues increased to $1,936.1 million from $1,592.5 million. Operating income rose to $395.2 million from $254.3 million, and net income attributable to Iron Mountain Incorporated was $143.7 million, or $0.48 per diluted share, compared with $16.0 million, or $0.05 per diluted share, in the prior-year quarter.
Which business segment drove the growth?
The Global Data Center Business showed the fastest growth, with segment revenue of $254.7 million, up from $173.2 million, and storage rental revenue up 46.0%. Segment Adjusted EBITDA rose to $132.8 million from $90.8 million. The Global RIM Business also grew, with segment revenue of $1,404.1 million, up from $1,255.9 million.
How much is the company spending on capital expenditures and debt?
Cash capital expenditures were $518.0 million in the quarter. The company expects total capital expenditures of approximately $2,200.0 million for 2026. Long-term debt was $17,102,981 thousand in carrying amount, up from $16,431,959 thousand at December 31, 2025, and interest expense, net increased to $223.8 million from $194.7 million.
What does the balance sheet show about the company's equity position?
Total (deficit) equity was $(938.4) million at March 31, 2026, compared with $(709.3) million at December 31, 2025. Total assets were $21.49 billion. Iron Mountain Incorporated stockholders' deficit equity was $(1,215.0) million.
Is the company meeting its debt covenants and paying dividends?
The company states it is in compliance with its leverage and fixed charge coverage ratios. Its net total lease adjusted leverage ratio was 4.8, against a maximum allowable of 7.0, and its fixed charge coverage ratio was 2.5, against a minimum allowable of 1.5. It paid $275.6 million in dividends during the quarter and declared a $0.864 per share dividend on April 30, 2026.
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