Iron Mountain Posts Higher Revenue and Operating Income on Both Windows in Interim Filing, With Diluted EPS Flipping From Loss to Profit

Bottom line

- IRON MOUNTAIN INC filed a quarterly report identified as 10-Q covering the fiscal period period-ended-2026-06-30, filed with the SEC under accession 0001020569-26-000071 for CIK 0001020569, with ticker IRM. 15 per diluted share USD/SHARES for the prior-year comparative period the three months ended June 30, 2025. The current window reflects a profit where the prior window reflected a loss, marking a transition from loss to profit on the three-month comparison.

1 per diluted share USD/SHARES for the prior-year comparative period the six months ended June 30, 2025. That comparison also reflects a transition from loss to profit. - Revenue from Contract with Customer, Excluding Assessed Tax is presented at $2,029,062,000 USD for the three-month period the three months ended June 30, 2026 and at $3,965,211,000 USD for the six-month period the six months ended June 30, 2026, each shown against a prior-year comparative of $1,711,948,000 USD and $3,304,477,000 USD, respectively.

Both comparisons reflect a higher level of revenue than the prior period. - Operating Income (Loss) is presented at $373,528,000 USD for the three-month period the three months ended June 30, 2026 and at $768,758,000 USD for the six-month period the six months ended June 30, 2026, each shown against a prior-year comparative of $259,896,000 USD and $514,190,000 USD, respectively. Both windows remain profitable year over year, with the current period higher than the prior period.

- The unaudited condensed consolidated financial statements are presented in thousands, except share and per share data, and are prepared pursuant to SEC interim reporting rules. Management states that interim results are not necessarily indicative of results for a full year and that the interim statements should be read alongside the audited annual statements described in Note 2 and Note 3. - The filing is silent on segment-level breakdown for revenue or operating income.

Segment-level detail is not disclosed for this dimension in the cited notes. - The filing evidence does not attribute the period-over-period changes to any single cause. - For cross-issuer context on identical window dynamics, readers can compare the directional framing in the Lizely Finance Earnings Analysis — UFP TECHNOLOGIES INC Interim Filing: Profit-to-Profit Growth on Both Windows.

Financial performance

- For the three-month reporting period, Revenue from Contract with Customer, Excluding Assessed Tax was $2,029,062,000 USD, higher than $1,711,948,000 USD reported for the prior-year comparative window, direction: increase. Operating Income (Loss) was $373,528,000 USD versus $259,896,000 USD, also higher than the prior year, direction: increase; both periods show a profit. 15 per diluted share USD/SHARES, direction: increase, and the current window is a profit while the prior-year window was a loss — the authorized transition loss to profit.

- For the six-month year-to-date period, Revenue from Contract with Customer, Excluding Assessed Tax was $3,965,211,000 USD versus $3,304,477,000 USD, higher than the prior year, direction: increase. Operating Income (Loss) was $768,758,000 USD versus $514,190,000 USD, also higher, direction: increase, with both windows showing a profit. 1 per diluted share USD/SHARES, direction: increase, and the prior-year window was a loss — the authorized transition loss to profit.

- The three-month and six-month year-to-date windows move in the same direction on revenue, operating income, and diluted EPS: top line and operating result both stepped higher versus the prior year, and diluted EPS flipped from a loss to a profit in both windows. - The reader-facing narrative should rely on the direction labels above rather than any computed percentage, since the catalog does not provide a base figure for arithmetic. The filing evidence does not attribute this change to any single cause.

- Management frames the interim condensed consolidated financial statements as reflecting all adjustments of a normal recurring nature necessary for a fair presentation, and notes that interim results are not necessarily indicative of results for a full year; this is the standard seasonality caveat rather than a forward guidance statement. - No specific numerical or qualitative forward-looking guidance for revenue, operating income, or EPS is reproduced in the quoted narrative; the filing context for this section therefore does not supply a guidance baseline.

The filing evidence does not attribute this change to any single cause. - Segment-level detail for revenue, operating income, or EPS is not disclosed within the quoted evidence for this dimension. The filing evidence does not disclose segment-level detail for this dimension.

- No peer or industry benchmark is contained in the quoted evidence for these three dimensions. The filing evidence contains no peer or industry comparison. - Accounting context relevant to the period: the company states it has been organized and operated as a real estate investment trust ("REIT") for United States federal income tax purposes beginning with the taxable year ended December (omitted), which is a structural baseline against which the loss-to-profit EPS transition is read; the interim statements should be read alongside the annual Consolidated Financial Statements referenced in Note 3 and Note 2, with segment composition discussed in Note 8 and fair-value measurement context in Level 3.

- For a comparable earnings analysis from another interim filer that also posted a loss-to-profit move on diluted EPS, see Lizely Finance Earnings Analysis — UFP TECHNOLOGIES INC Interim Filing: Profit-to-Profit Growth on Both Windows, which frames the same transition pattern across three-month and six-month windows.

Operating drivers and segments

- The condensed consolidated statement of operations in this 10-Q for period-ended-2026-06-30 (accession 0001020569-26-000071, CIK 0001020569, ticker IRM) reports Revenue from Contract with Customer, Excluding Assessed Tax of $2,029,062,000 for the three months ended June 30, 2026, with the prior-year three-month comparative of $1,711,948,000 for the three months ended June 30, 2025. On the six-month basis, the current period revenue is $3,965,211,000 for the six months ended June 30, 2026, against $3,304,477,000 for the six months ended June 30, 2025.

The authorized comparison for revenue is higher than the prior period on both the quarter and the half-year window. - Operating Income (Loss) is shown as $373,528,000 for the three months ended June 30, 2026, against $259,896,000 for the three months ended June 30, 2025. The six-month operating income is $768,758,000 for the six months ended June 30, 2026, versus $514,190,000 for the six months ended June 30, 2025.

Both periods remain profitable on a year-over-year basis, and the authorized direction is higher than the prior period for both windows, while the transition stays profit to profit. - The filing evidence does not disclose segment-level detail for this dimension. The condensed consolidated statements present one consolidated operating result; no separate segment-level revenue or operating-profit lines are broken out in the excerpted financial statements, even though the filing references a Global Data Center Business and the Global RIM Business inside Note 8.

The Data Center Lessor Considerations paragraph describes the storage rental model but does not allocate operating income to that activity. - Management's own commentary in the General note describes the interim statements as reflecting all adjustments of a normal recurring nature necessary for a fair presentation, and warns that interim results are not necessarily indicative of results for a full year. The note also confirms that the statements should be read alongside the Annual Report referenced through Note 2 and Note 3 for full context.

- The REVENUES paragraph distinguishes between physical storage intake costs and commissions treated as Contract Costs under Note 2, and ties the data-center rental revenue stream to ASC (omitted) treatment under the Data Center Lessor Considerations note. The fair-value discussion around deferred purchase obligations notes that the discounted cash flow model incorporates assumptions about expected results over the achievement period, including adjustments for volatility and timing and discount rates that account for risk and overall market risk, and that any material change in those assumptions may result in a significantly higher or lower fair value of the deferred purchase obligations.

That language is management's own characterization of estimation sensitivity rather than an explanation of the quarter's reported operating profit. - Independent reading versus management framing: the authorized comparisons confirm higher revenue and higher operating income than the prior period on both reporting windows, with operating income remaining profitable in both periods. The filing does not, however, provide a management-attributed explanation that ties those movements to a specific driver, and the segment allocation needed to separate data-center performance from records-and-information-management performance is not disclosed at the operating-income level.

Cash flow and capital

- Operating cash generation continued to be the central support of the company's capital plan during the six-month year-to-date period. Net Cash Provided by (Used in) Operating Activities is recorded at $887,813,000 USD for the six months ended June 30, 2026, compared with $572,425,000 USD for the six months ended June 30, 2025. The reported comparison registers a higher result in the current year-to-date window than in the prior-year window, with both periods showing a positive figure.

- Net Cash Provided by (Used in) Investing Activities stood at -$1,166,365,000 USD for the six months ended June 30, 2026 and -$1,350,810,000 USD for the six months ended June 30, 2025. The reported comparison records the current period as a smaller outflow than the prior period, with both periods reported as a use of cash. - Within that investing total, Payments to Acquire Property, Plant, and Equipment are disclosed at $1,106,206,000 USD for the six months ended June 30, 2026, against $1,231,523,000 USD for the six months ended June 30, 2025.

The reported comparison registers a lower level of capital spending in the current window, with both periods reported as positive cash outflows. - Net Cash Provided by (Used in) Financing Activities totalled $303,985,000 USD for the six months ended June 30, 2026 and $882,868,000 USD for the six months ended June 30, 2025. The reported comparison registers a smaller inflow in the current year-to-date window than in the prior-year window, with both periods reported as positive.

- Within financing, Payments of Ordinary Dividends, Common Stock are presented at $532,742,000 USD for the six months ended June 30, 2026 versus $455,236,000 USD for the six months ended June 30, 2025. The reported comparison registers higher dividend cash outflows in the current period, with both periods disclosed in positive terms. - On the balance sheet as of the balance sheet date of June 30, 2026, the headline working-capital and leverage items carried were Accounts Payable, Current at $857,182,000 USD, Accounts Receivable, after Allowance for Credit Loss, Current at $1,487,128,000 USD, and Long-term Debt, Excluding Current Maturities at $17,128,840,000 USD.

The machine inserts the precise magnitudes on filing. - Reading the four activities together, operating cash inflow remains the largest single source within the year-to-date window, while the investing line continued to absorb cash and the financing line continued to provide cash to fund that activity. The mix is consistent with a company whose main deployment of capital is incremental investment in property, plant, and equipment alongside recurring returns of capital through ordinary dividends and active debt management.

- The filing evidence does not attribute this change to any single cause. - The filing evidence does not disclose segment-level detail for this dimension.

Peer and historical context

- Across both the three-month and six-month windows, IRON MOUNTAIN INC reported higher revenue than the prior-year comparative periods, with the quarter-over-quarter direction an authorized increase and the year-to-date six-month result likewise an authorized increase. - Operating income tracked higher than the prior-year quarter and higher than the prior-year six-month period on both the three-month and six-month frames, with the company remaining in profit across every window and no transition between profit and loss on this line. - Net Cash Provided by (Used in) Operating Activities for the six-month year-to-date period was an authorized increase relative to the prior-year comparative, leaving operating cash generation in positive territory on both sides of the comparison. - The filing does not present any peer or industry benchmark; readers looking for a relative read against other storage, records-management or data-center operators cannot construct one from the cited notes. The filing evidence contains no peer or industry comparison. - No segment-level disclosure is presented in the cited notes for revenue or operating income, so any inference about which business line — Global RIM, Global Data Center, or another grouping — contributed most to the higher top line is not supportable from the filing evidence. The filing evidence does not disclose segment-level detail for this dimension. - The filing language around Contract Costs, intake activity and data-center lessor considerations describes accounting treatment rather than revenue drivers; no quantitative attribution to those activities is given for the period, so the move in revenue cannot be tied to a specific contract-cost or storage-rental driver from the cited material. - The Note 2 discussion of deferred purchase obligations and fair-value inputs notes that "any material change to these assumptions may result in a significantly higher or lower fair value of the deferred purchase obligations," but this is forward-looking sensitivity language and does not explain the period-over-period change in revenue or operating income shown in the income statement. The filing evidence does not attribute this change to any single cause. - Stock-based compensation expense is described in the cited material but not quantified for the period in a way that links to the operating-income movement, so any inference about equity-comp drift between the current and prior-year windows is not supportable from the cited note. The filing evidence does not attribute this change to any single cause. - Readers comparing this interim against the longer historical trajectory of IRON MOUNTAIN INC should rely only on the three-month and six-month figures listed in the source record; no multi-year history is presented in the cited excerpts, so longer-horizon trend calls are not supportable from this section's evidence.

For readers who want a parallel interim read on a different issuer to sense-check how a profit-to-profit comparison reads elsewhere in the Lizely catalog, the REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing insight offers a similarly framed single-issuer interim view, though it is not an industry peer of IRON MOUNTAIN INC.

Scenario analysis

- The central case reads off the authorized year-over-year directions already established for this filing. Revenue from Contract with Customer, Excluding Assessed Tax is authorized as higher for both the three-month reporting period (comparing the three months ended June 30, 2026 with the three months ended June 30, 2025) and the six-month year-to-date period (comparing the six months ended June 30, 2026 with the six months ended June 30, 2025). The current-period revenue values are quoted as $2,029,062,000 and $3,965,211,000 respectively, with the prior comparatives quoted as $1,711,948,000 and $3,304,477,000. - Operating Income (Loss) is authorized as a higher profit on both windows, and Net Cash Provided by (Used in) Operating Activities is authorized as a higher positive outflow for the half-year comparison. Earnings Per Share, Diluted is authorized as an increase with a transition from a loss in the prior year to a profit in the current period on both windows, which is the most consequential directional signal in the central case. - Investing outflows are authorized as higher (a larger negative outflow for Net Cash Provided by (Used in) Investing Activities on the half-year basis), while Payments to Acquire Property, Plant, and Equipment are authorized as lower and Payments of Ordinary Dividends, Common Stock are authorized as higher.

- A constructive read requires the authorized top-line directions to hold alongside the authorized operating cash flow direction, with the diluted-EPS loss-to-profit transition confirmed at the reported values for the three months ended June 30, 2026 and the six months ended June 30, 2026. The constructive path would be reinforced if the fair-value sensitivities referenced under Level 3 for deferred purchase obligations and the Global RIM Business disclosures in Note 8 do not surface a downward revision when the machine substitutes the audited values. - In this scenario, the segment commentary described in Note 3 and the data-center lessor disclosures around ASC treatment are read as continuing to support the authorized operating-income direction on both windows, and the Global Data Center Business rental model described in the filing remains a stable contributor to $2,029,062,000 and $3,965,211,000 without a negative fair-value surprise tied to the lower fair-value tier referenced in the catalog. - A secondary construct would be to compare the magnitude of the revenue step-up at the three-month reporting period against the half-year window; the same authorized direction applies to both, so any incremental signal would have to come from qualitative reading of the cited notes rather than from a numeric recompute. The filing evidence does not attribute this change to any single cause.

- The principal downside pathway begins with the sensitivity language around deferred purchase obligations, where "any material change to these assumptions may result in a significantly higher or lower fair value." A adverse movement under Level 3 would feed directly into the half-year period without an offsetting authorized direction in the catalog, leaving only the authorized Investing-activity direction as a same-signed cushion. - A second adverse pathway would see Payments to Acquire Property, Plant, and Equipment, authorized as lower for the six months ended June 30, 2026 versus the six months ended June 30, 2025, read as capex retrenchment rather than as efficient deployment, which would weigh on the longer-dated Global Data Center Business pipeline. The filing evidence does not attribute this change to any single cause. - A third pathway would challenge the diluted-EPS loss-to-profit transition on both the three months ended June 30, 2026 and the six months ended June 30, 2026 if the contract-cost and data-center revenue recognition treatments in Note 2 interact unfavorably with the disclosed revenue base of $1,711,948,000 and $3,304,477,000. The filing evidence does not attribute this change to any single cause.

Risks and what to watch

Forward-looking risk reading depends almost entirely on whether revenue growth continues to translate from a contract-revenue base that includes deferred and remaining performance obligations referenced in the cited note. The pipeline of fixed-fee, noncancelable customer commitments sits behind the next quarter's results, so the contraction or expansion of that backlog is the single most important thing to track. A useful framing for investors who want to size upcoming periods against peers is the REINSURANCE GROUP OF AMERICA INC revenue and net income filing, which shows how a comparable revenue trajectory can be benchmarked across reporting entities.

Reported facts. Revenue from Contract with Customer, Excluding Assessed Tax is disclosed for both the three-month and six-month reporting periods alongside the prior-year comparatives, giving readers a year-over-year read on the top line of IRON MOUNTAIN INC under 10-Q for period-ended-2026-06-30.

Management explanations. The narrative frames revenue around three mechanics: Contract Costs (Intake Costs and Commissions as defined in the cited note), remaining performance obligations on annual or monthly fixed-fee contracts, and Global Data Center Business storage rental accounted for under the cited standard. Those are the levers management points to when describing how revenue is generated and deferred.

Analyst inference. The authorized machine-owned comparisons describe Revenue from Contract with Customer, Excluding Assessed Tax as higher than the prior period on both the three-month and six-month windows, so the top-line trajectory is constructive on both windows. The remaining performance obligations language is consistent with a recurring-revenue model where backlog visibility, rather than spot pricing, governs near-term results.

Counter-evidence and unknowns. The filing evidence does not break revenue into storage service, data center, or other streams at a segment level, and it does not disclose the dollar size of remaining performance obligations, so the reader cannot tell how much of next quarter is already locked in. The filing evidence does not disclose segment-level detail for this dimension. Stock-based compensation is mentioned as a cost line but its amount and trajectory are not surfaced here, which limits any reading of margin pressure from equity compensation. The cited fair-value level disclosure references Balance presentation without quantifying the Level three position, so mark-to-market exposure on that tier is also undisclosed here. The filing evidence contains no peer or industry comparison. so relative positioning against storage peers cannot be inferred from this filing alone. The filing evidence does not attribute this change to any single cause.

Metrics to watch next period. Revenue from Contract with Customer, Excluding Assessed Tax on the next three-month window versus the comparable prior-year quarter, the change in remaining performance obligations, any disclosure of data-center revenue mix, and the trajectory of stock-based compensation expense relative to revenue. A flat or contracting remaining performance obligations balance would undercut the recurring-revenue narrative even if reported revenue continues to grow.