01—Abstract
Summary
Summary of the 10-Q filed August 5, 2026. Cited figures are marked; the original filing is the authoritative source.
Iron Mountain Incorporated's Form 10-Q for the quarter ended June 30, 2026 reports revenue of $2.03 billiona for the three months ended June 30, 2026, up from $1.71 billion a year earlier, and operating income of $373.5 million versus $259.9 million.
Net income attributable to Iron Mountain was $101.4 millionb, or $0.34 per diluted share, compared with a net loss of $44.9 million, or $0.15 per share, in the prior-year quarter. For the six months, revenue was $3.97 billion and net income attributable to the company was $245.1 million, or $0.82 per diluted share. Adjusted EBITDA rose to $727.0 million for the quarter from $628.4 million, and Adjusted EBITDA margin was 35.8% versus 36.7%.
Global Data Center Business storage rental revenue grew 37.5% in the quarter, while the Global RIM Business segment's Adjusted EBITDA margin declined. Cash flow from operations for the six months was $887.8 millionc, while capital expenditures were $1.11 billion. The company issued $1.5 billion of 6.25% Senior Notes due 2035 in June 2026, which were used to repay part of the revolving credit facility and for general corporate purposes.
Long-term debt totaled $17.35 billiond at June 30, 2026, and total (deficit) equity was negative $955.0 million. The company reports compliance with its Credit Agreement covenants, with a net total lease adjusted leverage ratio of 4.8 against a maximum of 7.0 and a fixed charge coverage ratio of 2.5 against a minimum of 1.5.
The company expects 2026 capital expenditures of approximately $2.2 billion, including about $2.05 billion for growth investment. On August 5, 2026, it declared a quarterly dividend of $0.864 per share, payable October 2, 2026, to stockholders of record as of September 15, 2026.
02—Key points
Key Highlights
- Revenue of $2.03 billion for Q2 2026, up from $1.71 billion, with operating income rising to $373.5 million from $259.9 million.
- Net income attributable to Iron Mountain of $101.4 million ($0.34 per diluted share) versus a net loss of $44.9 million ($0.15 per share) a year earlier.
- Adjusted EBITDA of $727.0 million for Q2 2026, up 15.7%, with Adjusted EBITDA margin of 35.8% compared with 36.7%.
- Global Data Center Business storage rental revenue grew 37.5% for the quarter to $258.9 million, and segment Adjusted EBITDA margin rose to 52.2% from 50.8%.
- Issued $1.5 billion of 6.25% Senior Notes due 2035 in June 2026; net proceeds of approximately $1.48 billion were used to repay part of the revolving credit facility and for general corporate purposes.
- Capital expenditures of $1.11 billion for the six months, with full-year 2026 capital expenditures expected at approximately $2.2 billion.
- Total (deficit) equity of negative $955.0 million at June 30, 2026, and the company reports compliance with its Credit Agreement leverage and fixed charge coverage covenants.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed August 5, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $2.03B$1.71B | +18.5% |
| SG&A Expenses | $402.34M$390.46M | +3.0% |
| Operating Expenses | $1.66B$1.45B | +14.0% |
| Operating Income | $373.53M$259.90M | +43.7% |
| Net Income | $101.43M-$44.92M | +325.8% |
| EPS (Basic) | $0.34$-0.15 | +326.7% |
| EPS (Diluted) | $0.34$-0.15 | +326.7% |
| Shares Outstanding (Basic) | 297.74M295.36M | +0.8% |
| Shares Outstanding (Diluted) | 299.85M295.36M | +1.5% |
05—Questions
Frequently Asked Questions
How did Iron Mountain's profitability change in the second quarter of 2026?
Operating income rose to $373.5 million from $259.9 million, and net income attributable to Iron Mountain was $101.4 million, or $0.34 per diluted share, compared with a net loss of $44.9 million, or $0.15 per share, in the prior-year quarter. Other expense, net was $29.2 million versus $81.9 million a year earlier, primarily reflecting foreign currency transaction gains in 2026.
What drove revenue growth?
Total revenues increased 18.5% to $2.03 billion. Storage rental revenue rose 12.3% to $1.13 billion and service revenue rose 27.4% to $894.5 million. The Global Data Center Business contributed storage rental revenue of $258.9 million, up 37.5%, driven by lease commencements and pricing.
How is the company's debt position and liquidity?
Long-term debt, net of current portion, was $17.13 billion at June 30, 2026, up from $16.22 billion at December 31, 2025. Cash and cash equivalents were $204.8 million. The remaining availability under the Revolving Credit Facility was $2.71 billion, and the weighted average interest rate on the facility was 5.4%. The company states it is in compliance with its leverage and fixed charge coverage covenants.
What is the company's dividend and capital return policy outlook?
The company paid $532.7 million in parent cash dividends in the first six months of 2026. On August 5, 2026, it declared a dividend of $0.864 per share, payable October 2, 2026, to stockholders of record as of September 15, 2026.
What are the main capital spending plans?
For the six months ended June 30, 2026, total capital spend on a cash basis was $1.11 billion, of which $880.1 million was for data centers. The company expects 2026 capital expenditures of approximately $2.2 billion, including about $2.05 billion for growth investment and about $150.0 million for recurring capital expenditures, excluding potential acquisitions.
06—Continue