Iron Mountain Swings to Profit on Strong Revenue Growth

TL;DR

**IRM is back in the black for the quarter, but watch that ballooning debt and massive capex – it's a high-stakes growth play.**

AI Summary

Iron Mountain Inc. reported a significant turnaround in net income for the three months ended September 30, 2025, reaching $86.241 million, a substantial improvement from a net loss of $33.665 million in the same period of 2024. Total revenues increased by 12.6% to $1.754 billion from $1.557 billion year-over-year, driven by a 10.4% rise in storage rental revenue to $1.033 billion and a 16.0% increase in service revenue to $721.196 million. Operating income also saw a healthy increase, climbing to $308.589 million in Q3 2025 from $251.164 million in Q3 2024. However, for the nine months ended September 30, 2025, net income attributable to Iron Mountain Incorporated decreased to $55.321 million from $76.224 million in the prior year, despite total revenues growing to $5.059 billion from $4.569 billion. The company's long-term debt, net of current portion, increased significantly to $15.494 billion as of September 30, 2025, from $13.004 billion at December 31, 2024, indicating increased leverage. Cash and cash equivalents rose to $195.210 million from $155.716 million over the same period, while capital expenditures for the nine months ended September 30, 2025, surged to $1.755 billion from $1.174 billion in 2024, reflecting substantial investments.

Why It Matters

Iron Mountain's return to profitability in Q3 2025, driven by robust revenue growth in both storage and services, signals strong operational execution and demand for its core offerings. This performance, especially the 16% jump in service revenue, suggests the company is effectively expanding its higher-value digital and data center services, crucial for long-term competitiveness against pure-play data center operators. For investors, the increased long-term debt and significant capital expenditures highlight a growth-oriented strategy, but also increased financial risk. Employees and customers benefit from a financially healthier company, potentially leading to more investment in infrastructure and services, while the broader market sees a key player in data management adapting to evolving digital needs.

Risk Assessment

Risk Level: medium — The company's long-term debt, net of current portion, increased by $2.490 billion to $15.494 billion as of September 30, 2025, from $13.004 billion at December 31, 2024. This significant increase in leverage, coupled with substantial capital expenditures of $1.755 billion for the nine months ended September 30, 2025, compared to $1.174 billion in 2024, indicates a heightened financial risk profile despite improved quarterly net income.

Analyst Insight

Investors should closely monitor Iron Mountain's debt management strategies and the return on its substantial capital expenditures. While the quarterly profit swing is positive, the increased leverage and significant investments warrant careful consideration of future cash flow generation and debt servicing capabilities. Evaluate the long-term growth prospects of their data center and digital services to justify the aggressive spending.

Financial Highlights

debt To Equity

N/A

revenue

$1.754B

operating Margin

17.6%

total Assets

$20.633B

total Debt

$16.194B

net Income

$86.241M

eps

$0.28

gross Margin

N/A

cash Position

$195.210M

revenue Growth

+12.6%

Revenue Breakdown

Key Numbers

• $86.241M — Net Income (Q3 2025) (Significant turnaround from a $33.665M net loss in Q3 2024.)
• $1.754B — Total Revenues (Q3 2025) (Increased 12.6% from $1.557B in Q3 2024.)
• $1.033B — Storage Rental Revenue (Q3 2025) (Increased 10.4% from Q3 2024.)
• $721.196M — Service Revenue (Q3 2025) (Increased 16.0% from Q3 2024.)
• $15.494B — Long-term Debt (Sept 30, 2025) (Increased by $2.490B from $13.004B at Dec 31, 2024, indicating higher leverage.)
• $1.755B — Capital Expenditures (9M 2025) (Increased significantly from $1.174B in 9M 2024, reflecting substantial investments.)
• $55.321M — Net Income (9M 2025) (Decreased from $76.224M in 9M 2024, despite revenue growth.)
• $5.059B — Total Revenues (9M 2025) (Increased from $4.569B in 9M 2024.)
• $195.210M — Cash and Cash Equivalents (Sept 30, 2025) (Increased from $155.716M at Dec 31, 2024.)
• $0.28 — Diluted EPS (Q3 2025) (Positive compared to -$0.11 in Q3 2024.)

Key Players & Entities

• IRON MOUNTAIN INCORPORATED (company) — Registrant
• $86.241 million (dollar_amount) — Net Income (Loss) for three months ended September 30, 2025
• $33.665 million (dollar_amount) — Net Income (Loss) for three months ended September 30, 2024
• $1.754 billion (dollar_amount) — Total Revenues for three months ended September 30, 2025
• $1.557 billion (dollar_amount) — Total Revenues for three months ended September 30, 2024
• $15.494 billion (dollar_amount) — Long-term Debt, net of current portion as of September 30, 2025
• $13.004 billion (dollar_amount) — Long-term Debt, net of current portion as of December 31, 2024
• $1.755 billion (dollar_amount) — Capital expenditures for nine months ended September 30, 2025
• $1.174 billion (dollar_amount) — Capital expenditures for nine months ended September 30, 2024
• NYSE (regulator) — Exchange where Common Stock is registered

FAQ

Industry Context

Iron Mountain operates in the records and information management industry, facing competition from both established players and emerging digital solutions providers. The industry is undergoing a digital transformation, with a growing emphasis on cloud storage and data analytics, while traditional physical storage remains a significant revenue driver. Companies are investing in technology to offer integrated solutions that span physical and digital assets.

Regulatory Implications

As a company handling sensitive data, Iron Mountain is subject to various data privacy regulations (e.g., GDPR, CCPA) which necessitate robust compliance measures. Changes in data retention laws or cybersecurity standards could impact operational costs and require significant investment in security infrastructure and protocols.

What Investors Should Do

1. Monitor debt levels and interest coverage ratios.
2. Analyze the drivers of increased capital expenditures.
3. Evaluate the sustainability of Q3 2025 net income turnaround.

Glossary

Operating Income (Loss)

Revenue minus operating expenses, excluding interest and taxes. It indicates profitability from core business operations. (Shows the company's ability to generate profit from its primary activities before considering financing costs and taxes.)

Net Income (Loss) Attributable to Iron Mountain Incorporated

The portion of the company's net income or loss that belongs to its shareholders after accounting for noncontrolling interests. (Represents the bottom-line profit or loss available to common stockholders.)

Accumulated other comprehensive items, net

A component of equity that includes unrealized gains and losses on certain investments, foreign currency translation adjustments, and other items not recognized in net income. (Reflects changes in equity from transactions and events that are not part of the normal income statement, such as foreign currency fluctuations.)

Noncontrolling Interests

The portion of equity in a subsidiary that is not attributable to the parent company. It represents the ownership stake of outside shareholders in consolidated entities. (Indicates the extent to which the company's financial results are influenced by partially owned subsidiaries.)

Redeemable Noncontrolling Interests

Represents the equity interest of noncontrolling shareholders that is redeemable at a future date or upon the occurrence of a specific event, often at the option of the holder. (Highlights potential future cash outflows or equity dilution related to these interests.)

Year-Over-Year Comparison

Compared to the prior year, Iron Mountain has demonstrated robust revenue growth, with total revenues increasing by 12.6% in Q3 2025 to $1.754 billion. This growth is supported by strong performance in both storage rental and service revenues. However, the nine-month period shows a decline in net income attributable to shareholders, despite revenue increases, suggesting potential margin pressures or increased operating expenses. The company has also significantly increased its long-term debt and capital expenditures, indicating a period of substantial investment and higher financial leverage.

Filing Documents

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—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 1 ITEM 1. Unaudited Condensed Consolidated Financial Statements 2 Condensed Consolidated Balance Sheets at September 30, 2025 and December 31, 2024 3 Condensed Consolidated Statements of Operations for the Three Months Ended September 30, 2025 and 2024 4 Condensed Consolidated Statements of Operations for the Nine Months Ended September 30, 2025 and 2024 5 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024 6 Condensed Consolidated Statements of (Deficit) Equity for the Three and Nine Months Ended September 30, 2025 7 Condensed Consolidated Statements of (Deficit) Equity for th e Three and Nine Months Ended September 30, 2024 8 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 9 Notes to Condensed Consolidated Financial Statements 29 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 49 ITEM 4. Controls and Procedure s

—OTHER INFORMATION

PART II—OTHER INFORMATION 51 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 51 ITEM 5. Other Information 51 ITEM 6. Exhibits 52

Signatures

Signatures Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS IRON MOUNTAIN SEPTEMBER 30, 2025 FORM 10-Q 1 Table of Contents

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) (UNAUDITED) SEPTEMBER 30, 2025 DECEMBER 31, 2024 ASSETS Current Assets: Cash and cash equivalents $ 195,210 $ 155,716 Accounts receivable (less allowances of $ 106,587 and $ 86,712 as of September 30, 2025 and December 31, 2024, respectively) 1,371,367 1,291,379 Prepaid expenses and other 314,293 244,127 Total Current Assets 1,880,870 1,691,222 Property, Plant and Equipment: Property, plant and equipment 13,975,948 11,985,997 Less—Accumulated depreciation ( 4,838,448 ) ( 4,354,398 ) Property, Plant and Equipment, Net 9,137,500 7,631,599 Other Assets, Net: Goodwill 5,269,541 5,083,817 Customer and supplier relationships and other intangible assets 1,253,919 1,274,731 Operating lease right-of-use assets 2,455,450 2,489,893 Other 635,573 545,853 Total Other Assets, Net 9,614,483 9,394,294 Total Assets $ 20,632,853 $ 18,717,115 LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt $ 699,320 $ 715,109 Accounts payable 658,138 678,716 Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) 1,151,107 1,366,568 Deferred revenue 347,018 326,882 Total Current Liabilities 2,855,583 3,087,275 Long-term Debt, net of current portion 15,494,236 13,003,977 Long-term Operating Lease Liabilities, net of current portion 2,283,504 2,334,826 Other Long-term Liabilities 389,106 312,199 Deferred Income Taxes 218,223 205,341 Commitments and Contingencies Redeemable Noncontrolling Interests 75,353 78,171 (Deficit) Equity: Iron Mountain Incorporated Stockholders' (Deficit) Equity: Preferred stock (par value $ 0.01 ; authorized 10,000,000 shares; none issued and outstanding) — — Common stock (par value $ 0.01 ; authorized 400,000,000 shares; issued and outstanding 295,504,799 and 293,592,637 shares as of September 30, 2025 and December

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, 2025 2024 Revenues: Storage rental $ 1,032,897 $ 935,701 Service 721,196 621,657 Total Revenues 1,754,093 1,557,358 Operating Expenses: Cost of sales (excluding depreciation and amortization) 791,939 678,390 Selling, general and administrative 335,248 341,929 Depreciation and amortization 262,203 232,240 Acquisition and Integration Costs 5,402 11,262 Restructuring and other transformation 47,346 37,282 Loss (gain) on disposal/write-down of property, plant and equipment, net 3,366 5,091 Total Operating Expenses 1,445,504 1,306,194 Operating Income (Loss) 308,589 251,164 Interest Expense, Net (includes Interest Income of $ 8,061 and $ 949 for the three months ended September 30, 2025 and 2024, respectively) 209,740 186,067 Other (Income) Expense, Net ( 3,986 ) 86,362 Net Income (Loss) Before Provision (Benefit) for Income Taxes 102,835 ( 21,265 ) Provision (Benefit) for Income Taxes 16,594 12,400 Net Income (Loss) 86,241 ( 33,665 ) Less: Net Income (Loss) Attributable to Noncontrolling Interests 1,951 ( 45 ) Net Income (Loss) Attributable to Iron Mountain Incorporated $ 84,290 $ ( 33,620 ) Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $ 0.28 $ ( 0.11 ) Diluted $ 0.28 $ ( 0.11 ) Weighted Average Common Shares Outstanding—Basic 295,771 293,603 Weighted Average Common Shares Outstanding—Diluted 297,981 293,603 The accompanying notes are an integral part of these condensed consolidated financial statements. IRON MOUNTAIN SEPTEMBER 30, 2025 FORM 10-Q 3 Table of Contents

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2025 2024 Revenues: Storage rental $ 2,991,262 $ 2,740,289 Service 2,067,308 1,828,341 Total Revenues 5,058,570 4,568,630 Operating Expenses: Cost of sales (excluding depreciation and amortization) 2,256,980 2,007,616 Selling, general and administrative 1,055,441 1,006,232 Depreciation and amortization 746,923 666,296 Acquisition and Integration Costs 16,040 28,573 Restructuring and other transformation 152,432 124,562 Loss (gain) on disposal/write-down of property, plant and equipment, net 7,975 8,270 Total Operating Expenses 4,235,791 3,841,549 Operating Income (Loss) 822,779 727,081 Interest Expense, Net (includes Interest Income of $ 15,966 and $ 4,374 for the nine months ended September 30, 2025 and 2024, respectively) 609,541 527,107 Other Expense (Income), Net 106,379 79,665 Net Income (Loss) Before Provision (Benefit) for Income Taxes 106,859 120,309 Provision (Benefit) for Income Taxes 47,725 42,328 Net Income (Loss) 59,134 77,981 Less: Net Income (Loss) Attributable to Noncontrolling Interests 3,813 1,757 Net Income (Loss) Attributable to Iron Mountain Incorporated $ 55,321 $ 76,224 Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $ 0.19 $ 0.26 Diluted $ 0.19 $ 0.26 Weighted Average Common Shares Outstanding—Basic 295,214 293,229 Weighted Average Common Shares Outstanding—Diluted 297,628 295,912 The accompanying notes are an integral part of these condensed consolidated financial statements. IRON MOUNTAIN SEPTEMBER 30, 2025 FORM 10-Q 4 Table of Contents

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (IN THOUSANDS) (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, 2025 2024 Net Income (Loss) $ 86,241 $ ( 33,665 ) Other Comprehensive (Loss) Income: Foreign Currency Translation Adjustment ( 15,178 ) 107,282 Change in Fair Value of Interest Rate Swaps ( 72 ) ( 34,281 ) Total Other Comprehensive (Loss) Income ( 15,250 ) 73,001 Comprehensive Income (Loss) 70,991 39,336 Comprehensive Income (Loss) Attributable to Noncontrolling Interests 1,742 376 Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated $ 69,249 $ 38,960 NINE MONTHS ENDED SEPTEMBER 30, 2025 2024 Net Income (Loss) $ 59,134 $ 77,981 Other Comprehensive Income (Loss): Foreign Currency Translation Adjustment 199,630 8,434 Change in Fair Value of Interest Rate Swaps ( 8,090 ) ( 23,381 ) Reclassifications from Accumulated Other Comprehensive Items, net — ( 2,528 ) Total Other Comprehensive Income (Loss) 191,540 ( 17,475 ) Comprehensive Income (Loss) 250,674 60,506 Comprehensive Income (Loss) Attributable to Noncontrolling Interests 4,025 1,637 Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated $ 246,649 $ 58,869 The accompanying notes are an integral part of these condensed consolidated financial statements. IRON MOUNTAIN SEPTEMBER 30, 2025 FORM 10-Q 5 Table of Contents

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY (IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, 2025 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' (DEFICIT) EQUITY COMMON STOCK ADDITIONAL PAID-IN CAPITAL (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET NONCONTROLLING INTERESTS REDEEMABLE NONCONTROLLING INTERESTS TOTAL SHARES AMOUNTS Balance, June 30, 2025 $ ( 568,867 ) 295,271,945 $ 2,953 $ 4,680,581 $ ( 5,087,387 ) $ ( 363,583 ) $ 198,569 $ 76,852 Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation 49,996 232,854 2 49,994 — — — — Parent cash dividends declared ( 233,771 ) — — — ( 233,771 ) — — — Other comprehensive (loss) income ( 15,041 ) — — — — ( 15,041 ) — ( 209 ) Net income (loss) 86,862 — — — 84,290 — 2,572 ( 621 ) Noncontrolling interests dividends ( 2,331 ) — — — — — ( 2,331 ) ( 669 ) Balance, September 30, 2025 $ ( 683,152 ) 295,504,799 $ 2,955 $ 4,730,575 $ ( 5,236,868 ) $ ( 378,624 ) $ 198,810 $ 75,353 NINE MONTHS ENDED SEPTEMBER 30, 2025 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' (DEFICIT) EQUITY COMMON STOCK ADDITIONAL PAID-IN CAPITAL (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET NONCONTROLLING INTERESTS REDEEMABLE NONCONTROLLING INTERESTS TOTAL SHARES AMOUNTS Balance, December 31, 2024 $ ( 304,674 ) 293,592,637 $ 2,936 $ 4,647,330 $ ( 4,583,436 ) $ ( 569,952 ) $ 198,448 $ 78,171 Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation 83,324 1,912,162 19 83,305 — — — — Parent cash dividends declared ( 708,753 ) — — — ( 708,753 ) — — — Other comprehensive income (loss) 191,328 — — — — 191,328 — 212 Net income (loss) 60,196 — — — 55,321 — 4,875 ( 1,062 ) Noncontrolling interes

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY (IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, 2024 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' (DEFICIT) EQUITY COMMON STOCK ADDITIONAL PAID-IN CAPITAL (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET NONCONTROLLING INTERESTS REDEEMABLE NONCONTROLLING INTERESTS TOTAL SHARES AMOUNTS Balance, June 30, 2024 $ ( 132,749 ) 293,298,465 $ 2,933 $ 4,555,883 $ ( 4,230,599 ) $ ( 461,091 ) $ 125 $ 184,861 Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation 32,928 126,800 1 32,927 — — — — Changes in equity related to redeemable noncontrolling interests ( 1,036 ) — — ( 54,446 ) — — 53,410 ( 113,964 ) Parent cash dividends declared ( 211,463 ) — — — ( 211,463 ) — — — Other comprehensive income (loss) 72,580 — — — — 72,580 — 421 Net (loss) income ( 33,620 ) — — — ( 33,620 ) — — ( 45 ) Noncontrolling interests equity contributions and related costs 170,952 — — 67,882 — — 103,070 — Noncontrolling interests dividends — — — — — — — ( 736 ) Balance, September 30, 2024 $ ( 102,408 ) 293,425,265 $ 2,934 $ 4,602,246 $ ( 4,475,682 ) $ ( 388,511 ) $ 156,605 $ 70,537 NINE MONTHS ENDED SEPTEMBER 30, 2024 IRON MOUNTAIN INCORPORATED STOCKHOLDERS' (DEFICIT) EQUITY COMMON STOCK ADDITIONAL PAID-IN CAPITAL (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET NONCONTROLLING INTERESTS REDEEMABLE NONCONTROLLING INTERESTS TOTAL SHARES AMOUNTS Balance, December 31, 2023 $ 211,773 292,142,739 $ 2,921 $ 4,533,691 $ ( 3,953,808 ) $ ( 371,156 ) $ 125 $ 177,947 Issuance and net settlement of shares under employee stock purchase and option plans and stock-based compensation 54,710 1,282,526 13 54,697 — — — — Changes in equity related to redeemabl

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2025 2024 Cash Flows from Operating Activities: Net Income (Loss) $ 59,134 $ 77,981 Adjustments to reconcile net income (loss) to cash flows from operating activities: Depreciation 532,468 466,905 Amortization (includes amortization of deferred financing costs and discounts of $ 24,419 and $ 18,909 for the nine months ended September 30, 2025 and 2024, respectively) 238,874 218,300 Revenue reduction associated with amortization of customer inducements and above- and below-market leases 4,468 4,117 Stock-based compensation expense 118,595 73,491 (Benefit) provision for deferred income taxes ( 9,767 ) ( 9,012 ) Loss on early extinguishment of debt — 5,417 Loss (gain) on disposal/write-down of property, plant and equipment, net 7,975 8,270 Foreign currency transactions and other, net 47,117 100,436 (Increase) decrease in assets ( 155,859 ) ( 45,677 ) (Decrease) increase in liabilities ( 3,004 ) ( 135,100 ) Cash Flows from Operating Activities 840,001 765,128 Cash Flows from Investing Activities: Capital expenditures ( 1,755,383 ) ( 1,173,968 ) Cash paid for acquisitions, net of cash acquired ( 101,625 ) ( 174,445 ) Acquisition of customer intangibles ( 21,204 ) ( 5,820 ) Contract costs ( 59,607 ) ( 84,112 ) Investments in joint ventures and other investments, net ( 43,309 ) ( 9,834 ) Proceeds from sales of property and equipment and other, net 12,869 6,350 Cash Flows from Investing Activities ( 1,968,259 ) ( 1,441,829 ) Cash Flows from Financing Activities: Repayment of revolving credit facility, term loan facilities and other debt ( 12,747,897 ) ( 8,974,574 ) Proceeds from revolving credit facility, term loan facilities and other debt 13,546,589 10,247,884 Net proceeds from sale of senior note 1,390,651 — Equity contributions from noncontrolling interests — 178

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In thousands, except share and per share data) (Unaudited) 1. GENERAL The unaudited condensed consolidated financial statements of Iron Mountain Incorporated, a Delaware corporation, and its subsidiaries ("we" or "us"), have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been omitted pursuant to those rules and regulations, but we believe that the disclosures included herein are adequate to make the information presented not misleading. The interim condensed consolidated financial statements are presented herein and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair presentation. Interim results are not necessarily indicative of results for a full year. The Condensed Consolidated Financial Statements and Notes thereto, which are included herein, should be read in conjunction with the Consolidated Financial Statements and Notes thereto for the year ended December 31, 2024 included in our Annual Report on Form 10-K filed with the SEC on February 14, 2025 (our "Annual Report"). In September 2022, we announced a global program designed to accelerate the growth of our business ("Project Matterhorn"). See Note 10. We have been organized and have operated as a real estate investment trust for United States federal income tax purposes beginning with our taxable year ended December 31, 2014. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand and cash invested in highly liquid short-term securities, which have remaining maturities at the date of p

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (In thousands, except share and per share data) (Unaudited) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. LEASES We lease facilities for certain warehouses, data centers and office space. We also have land leases, including those on which certain facilities are located. Operating and financing lease right-of-use assets and lease liabilities as of September 30, 2025 and December 31, 2024 are as follows: DESCRIPTION SEPTEMBER 30, 2025 DECEMBER 31, 2024 Assets: Operating lease right-of-use assets $ 2,455,450 $ 2,489,893 Financing lease right-of-use assets, net of accumulated depreciation (1) 462,504 359,265 Liabilities: Current Operating lease liabilities $ 326,320 $ 315,400 Financing lease liabilities (1) 54,123 128,397 Long-term Operating lease liabilities $ 2,283,504 $ 2,334,826 Financing lease liabilities (1) 461,446 278,444 (1) Financing lease right-of-use assets, current financing lease liabilities and long-term financing lease liabilities are included within Property, plant and equipment, net, Current portion of long-term debt and Long-term debt, net of current portion, respectively, within our Condensed Consolidated Balance Sheets. The components of the lease expense for the three and nine months ended September 30, 2025 and 2024 are as follows: THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30, DESCRIPTION 2025 2024 2025 2024 Operating lease cost (1) $ 176,591 $ 168,308 $ 529,730 $ 512,789 Financing lease cost: Depreciation of financing lease right-of-use assets $ 16,737 $ 13,907 $ 45,715 $ 36,929 Interest expense for financing lease liabilities 6,994 5,593 20,448 16,031 (1) Operating lease cost, the majority of which is included in Cost of sales, includes variable lease costs of $ 46,221 and $ 139,887 for the three and nine months ended September 30, 2025, respectively, and

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (In thousands, except share and per share data) (Unaudited) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) D. GOODWILL Our reporting units as of December 31, 2024 are described in detail in Note 2.l. to Notes to Consolidated Financial Statements included in our Annual Report. The changes in the carrying value of goodwill attributable to each reportable segment and Corporate and Other (as defined in Note 8) for the nine months ended September 30, 2025 are as follows: GLOBAL RIM BUSINESS GLOBAL DATA CENTER BUSINESS CORPORATE AND OTHER TOTAL CONSOLIDATED Goodwill balance, net of accumulated amortization, as of December 31, 2024 $ 3,816,874 $ 469,461 $ 797,482 $ 5,083,817 Tax deductible goodwill acquired during the period — — 17,620 17,620 Non-tax deductible goodwill acquired during the period 38,775 — 13,171 51,946 Fair value and other adjustments — — ( 1,464 ) ( 1,464 ) Currency effects 100,136 13,997 3,489 117,622 Goodwill balance, net of accumulated amortization, as of September 30, 2025 $ 3,955,785 $ 483,458 $ 830,298 $ 5,269,541 Accumulated goodwill impairment balance as of September 30, 2025 $ 132,409 $ — $ 26,011 $ 158,420 IRON MOUNTAIN SEPTEMBER 30, 2025 FORM 10-Q 11 Table of Contents

Financial Information

Part I. Financial Information IRON MOUNTAIN INCORPORATED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (In thousands, except share and per share data) (Unaudited) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) E. FAIR VALUE MEASUREMENTS The assets and liabilities carried at fair value and measured on a recurring basis as of September 30, 2025 and December 31, 2024 are as follows: FAIR VALUE MEASUREMENTS AS OF SEPTEMBER 30, 2025 USING DESCRIPTION TOTAL CARRYING VALUE AS OF SEPTEMBER 30, 2025 QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) (2) Money Market Funds $ 5,125 $ — $ 5,125 $ — Time Deposits 4,272 — 4,272 — Trading Securities 7,814 6,010 1,804 — Derivative Assets 243 — 243 — Derivative Liabilities 68,230 — 68,230 — Deferred Purchase Obligations (1) 114,578 — — 114,578 FAIR VALUE MEASUREMENTS AS OF DECEMBER 31, 2024 USING DESCRIPTION TOTAL CARRYING VALUE AS OF DECEMBER 31, 2024 QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) (2) Money Market Funds $ 2,488 $ — $ 2,488 $ — Time Deposits 9,612 — 9,612 — Trading Securities 8,144 6,390 1,754 — Derivative Assets 28,092 — 28,092 — Derivative Liabilities 5,326 — 5,326 — Deferred Purchase Obligations (1) 147,055 — — 147,055 (1) The balance as of September 30, 2025 primarily relates to the fair value of the deferred purchase obligation associated with the Regency Transaction (as defined in Note 3 to Notes to Consolidated Financial Statements included in our Annual Report). The balance as of December 31, 2024 primarily relates to the fair values of the deferred purchase obligations associated with the Regency Transaction and ITRenew Transaction (as defined in Note 3 to Notes to Consolidated Financial Statements included in our Annual Report). (2) The following is a rollforward of the Lev

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